First Amendment to Patriot Risk Management, Inc. 2008 Stock Incentive Plan

Summary

This amendment updates the Patriot Risk Management, Inc. 2008 Stock Incentive Plan by increasing the maximum number of shares available for awards and incentive stock options to 1,568,100. It also sets individual annual limits, allowing no more than 800,000 shares per person for options and stock appreciation rights, and caps performance-based awards at 800,000 shares or $1,500,000 in value per participant per year. The amendment ensures the plan's terms are clear and compliant with company policy.

EX-10.56 15 c22948a5exv10w56.htm FIRST AMENDMENT TO 2008 STOCK INCENTIVE PLAN exv10w56

Exhibit 10.56

AMENDMENT NO. 1
TO THE
PATRIOT RISK MANAGEMENT, INC. 2008 STOCK INCENTIVE PLAN

RESOLVED, that Sections 5(a) and (b) of the Patriot Risk Management, Inc. 2008 Stock Incentive Plan be and they hereby are revised to read as follows:

(a) General Limitations. Subject to adjustment as provided in Section 17 of the Plan, the maximum number of Shares reserved for issuance in connection with Awards under the Plan is 1,568,100 Shares. Subject to adjustment as provided in Section 17 of the Plan, the maximum number of Shares reserved for issuance as Incentive Stock Options under the Plan is 1,568,100 Shares.

(b) Individual Limitations. Subject to adjustment as provided in Section 17 of the Plan:

	(i)		the maximum number of Shares with respect to which Options and Stock Appreciation Rights may be granted to any individual during any one calendar year is 800,000 Shares; and

	(ii)		in no event may Qualified Performance-Based Awards be granted to a single Participant in any 12-month period (i) in respect of more than 800,000 Shares (if the Award is denominated in Shares) or (ii) having a maximum payment with a value greater than $1,500,000 (if the Award is denominated in other than Shares).