ADDENDUM NO. 1
This Addendum No. 1, effective as of July 12, 2007, by and between
Universal Insurance Holdings, Incorporated (formerly Universal Heights, Inc.)
(hereinafter the "Company"), and ▇▇▇▇▇ ▇. ▇▇▇▇▇ ("Executive"), modifies and
amends the existing employment agreement ("Agreement") between the Company and
the Executive, and amends provisions of the Agreement only in respect of the
matters set forth herein, and otherwise the Agreement remains in full force and
effect as if this Addendum No. 1 had not been executed:
I. In respect of "Article 3." of the Agreement entitled
"Compensation and Related Matters," subsection (f) is added in its entirety to
provide the following: "From time to time, the Company may grant to Executive
options or warrants to purchase the Company's common stock. The Company shall
enter into an option or warrant agreement for the issuance of such options or
warrants in such event."
IN WITNESS WHEREOF, this Addendum No. 1 has been signed and executed
as on this 12th day of July, 2007.
UNIVERSAL INSURANCE HOLDINGS, INC.
By: /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇ Date: July 12, 2007
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Name:
/s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇
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▇▇▇▇▇ ▇. ▇▇▇▇▇ - Executive