Board of Directors Resolution Amending Option Awards for Gary Stuart
The Board of Directors of ACE Limited has resolved to amend the expiration dates of stock options previously granted to Gary M. Stuart under the 1995 Outside Directors Plan. The amendment allows Mr. Stuart's outstanding options to be treated as if he remained a board member until the ten-year anniversary of each option's grant date. This change affects several option awards granted between 2001 and 2003, specifying the number of shares and exercise prices for each grant.
Exhibit 10.2
Board of Directors Resolution Amending Option Awards for Gary Stuart
RESOLVED, in accordance with the Nominating & Governance Committee recommendation, the Expiration Date (as defined under the applicable option award agreement) of each of the outstanding options to purchase ACE Limited stock granted to Gary M. Stuart under the 1995 Outside Directors Plan, as set forth below, shall be determined as though Mr. Stuart remained a member of the Board of Directors until the ten-year anniversary of the respective date of grant of the option.
| Grant Date | Shares Initially Covered by Award | Exercise Price | # Vested | ||||
| 11-May-01 | 4,000 | $ | 35.25 | 4,000 | |||
| 11-May-01 | 2,000 | $ | 35.25 | 2,000 | |||
| 16-May-02 | 4,000 | $ | 33.39 | 4,000 | |||
| 15-May-03 | 4,000 | $ | 34.45 | 4,000 | |||
