Larry A.
Frakes
President and Chief
Executive Officer
United America
Indemnity, Ltd.
First Amendment
to
the Amended and
Restated Employment Agreement
RECITALS
On May 10, 2007 (the “
Effective Date ”), Larry A. Frakes (“
Executive ”) and United America Indemnity, Ltd. (the
“ Company ”) entered into an agreement regarding
Executive’s employment by the Company in the capacity of
President and Chief Operating Officer (the “ Prior
Agreement ”).
On June 28, 2007, Executive was
promoted to President and Chief Executive Officer of the
Company.
On February 5, 2008 the Company
and Executive amended the Prior Agreement in order to, among other
things, provide for the cancellation and re-grant of certain stock
options previously granted to Executive. The Prior Agreement was
amended and restated in its entirety and superseded in all respects
by an Amended and Restated Employment Agreement dated as of
February 5, 2008 (the “ Amended and Restated
Agreement ”).
On August 14, 2009 the Company
and Executive have executed this first amendment to the Amended and
Restated Agreement in order to, among other things, provide for the
re-set and extended vesting of certain stock options previously
re-granted to Executive and to make other changes by execution of
this First Amendment to the Amended and Restated Agreement (the
“ Amended Agreement ”).
AMENDED
AGREEMENT
