Addendum to Employment Agreement between Universal Insurance Holdings, Inc. and Sean Downes
Universal Insurance Holdings, Inc. and employee Sean Downes have agreed to amend Sean Downes' existing employment agreement. Effective May 1, 2006, his base salary will be increased by $150,000 per year. All other terms of the original agreement and any previous addenda remain unchanged.
Exhibit 10.7
ADDENDUM
This Addendum, dated May 22, 2006, by and between Universal Insurance Holdings, Incorporated (hereinafter the “Company”), and Sean Downes (“Employee”), modifies and amends the existing employment agreement (“Agreement”) and any prior Addenda thereto (“Prior Addenda”) between the Company and the Employee, only in respect of the matters set forth herein, and otherwise the Agreement and Prior Addenda remain in full force and effect as if this Addendum had not been executed:
I. In respect of “Article 6.” of the Agreement entitled “Compensation,” the Employee’s Base Compensation shall be increased by $150,000.00 per annum effective May 1, 2006.
IN WITNESS WHEREOF, this Addendum has been signed and executed as of the first date written above.
| UNIVERSAL INSURANCE HOLDINGS, INCORPORATED | ||
| By: | /s/ James M. Lynch | |
| James M. Lynch | ||
| /s/ Sean Downes | ||
| SEAN DOWNES - Employee | ||
