Amendment No. 3 to United America Indemnity, Ltd. Share Incentive Plan
This amendment, dated March 31, 2006, updates the United America Indemnity, Ltd. Share Incentive Plan. It changes the language regarding forfeiture of shares, clarifying that shares are "forfeited to the Company" rather than "cancelled." It also adds a new performance criterion, allowing awards to be based on targets related to the company's book value, assets, or liabilities. The amendment is made by the company's directors and is effective immediately.
AMENDMENT NO. 3
UNITED AMERICA INDEMNITY, LTD. SHARE INCENTIVE PLAN
This AMENDMENT No. 3 (the “Amendment”) dated 31 March 2006 amends the terms and conditions of the United America Indemnity, Ltd. Share Incentive Plan dated 5 September 2003, as amended (the “Plan”).
WHEREAS, the Directors of United America Indemnity, Ltd., an exempted company incorporated with limited liability under the law of the Cayman Islands, desire to effect the revisions to the Plan set forth herein effective the date hereof.
NOW THEREFORE, the Plan is amended as follows:
1. As defined in Section 1 of the Plan, the “Plan” shall mean the United America Indemnity, Ltd. Share Incentive Plan.
2. The first sentence of the second paragraph of Section 3 of the Plan is hereby amended by deleting the word “cancelled” and inserting in its place the phrase “forfeited to the Company.”
3. The following shall be added to the various “Performance Criteria” listed in Appendix A of the Plan as a new subclause (xii):
“achievement of certain targets with respect to the Company’s book value, assets or liabilities”
