AMENDMENT TO
EMPLOYMENT AGREEMENT OF XXXXXXX X. XXXXX
THIS AMENDMENT is made and entered into this 21st day of March, 2007, by
and between Universal Insurance Holdings, Inc. ("Company") and Xxxxxxx X. Xxxxx
("Executive").
WHEREAS, the Company and Executive have entered into an Employment
Agreement dated as of August 11, 1999, and the following Addendum thereto: (i)
Addendum No. 3 dated May 4, 2001, (ii) Addendum No. 4 dated January 28, 2002,
(iii) Addendum No. 5 dated June 27, 2002, and (iv) Addendum No. 6 effective as
of December 31, 2003 (collectively, the "Agreement").
WHEREAS, capitalized terms not defined herein shall have the meanings set
forth in the Agreement.
WHEREAS, the Company and Executive desire to modify certain provisions of
the Agreement.
NOW, THEREFORE, the parties hereto intending to be legally bound hereby and
upon receipt of other valuable consideration, the receipt of which is hereby
acknowledged, do hereby agree as follows:
1. Section 6(b) of the Agreement is hereby amended to read in its
entirety as follows:
"ANNUAL BONUS
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Employee shall receive an annual bonus of three (3%) percent of the
Company's pre-tax income up to five million dollars ($5,000,000), and
four (4%) percent of the Company's pre-tax income over five million
dollars ($5,000,000), which shall be computed as at December 31 for
each fiscal year commencing with the fiscal year ending December 31,
1999; PROVIDED, HOWEVER, that in no event shall any bonus due and
owing under this Section 6(b) be paid to Executive later than December
31 of the year following the year in which it was earned; PROVIDED,
FURTHER, that the payment any bonus pursuant to this Section 6(b)
shall be contingent upon the Company's shareholders approving the
bonus formula described in this Section 6(b), and should the Company's
shareholders fail to approve the bonus formula described in this
Section 6(b), Executive shall forfeit his right to such bonus
compensation under this Section 6(b)."
2. Except as expressly amended herein, the terms and conditions of the
Agreement are hereby ratified and affirmed.
WITNESS the due execution hereof as of the date first above written.
UNIVERSAL INSURANCE HOLDINGS, INC.
By: /s/ Xxxxx X. Xxxxx
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Title: Vice President
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/s/ Xxxxxxx X . Xxxxx
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Xxxxxxx X. Xxxxx
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