First Amendment to the James River Group, Inc. 2003 Incentive Plan

Summary

This amendment updates the James River Group, Inc. 2003 Incentive Plan by revising the eligibility criteria for participants who may receive stock options, share purchase awards, or other share-based awards. The amendment clarifies that key officers, employees, consultants, advisors, directors, and certain entities designated by board members may be selected by the Committee to participate. The Committee has discretion to determine participants each year, and selection in one year or for one type of award does not guarantee future selection or eligibility for other awards.

EX-10.2 21 file018.htm FIRST AMENDMENT TO 2003 INCENTIVE PLAN

  FIRST AMENDMENT TO THE JAMES RIVER GROUP, INC. 2003 INCENTIVE PLAN Section 3.1(a) of the James River Group Inc. 2003 Incentive Plan is hereby deleted in its entirety and the following substituted in lieu thereof: 3.1 Awards to Employees, Directors and Others. (a) Participants who receive Options under Articles 4 and 6 hereof (including share appreciation rights under Article 5 ("Optionees"), Share Purchase Awards under Article 7 or Restricted Share Awards or other Share-based awards under Article 8 (in any such case, a "Participant") shall consist of (i) such key officers, employees, consultants, advisors and directors of the Company or any subsidiary or affiliate of the Company, and (ii) in the case of nonqualified stock options, any trust, corporation, partnership, limited liability company or entity of any kind (any such entity, a "Designee Entity") designated by a member of the Board so long as such designating Board member is serving on the Board in his or her fiduciary capacity as a representative of such Designee Entity, in each case as the Committee (hereinafter defined) shall select from time to time. The Committee's designation of an Optionee or Participant in any year shall not require the Committee to designate such Participant to receive Awards or grants in any other year. The designation of an Optionee or Participant to receive Awards or grants under one portion of the Plan shall not require the Committee to include such Optionee or Participant under other portions of the Plan.