Larry A. Frakes President and Chief Operating Officer United America Indemnity, Ltd.Time Vesting Share Option Agreement • May 10th, 2007 • United America Indemnity, LTD • Fire, marine & casualty insurance • New York
This document sets forth the agreement between Larry A. Frakes (“Executive”) and United America Indemnity, Ltd. (the “Company”) regarding all matters relating to Executive’s employment by the Company, but shall constitute the legally binding agreement of Executive and the Company (the “Agreement”) if and only if it (1) is manually executed by Executive and Saul Fox, in his capacity as chairman of the Board of Directors (the “Board”) of the Company (the “Chairman”) and Chief Executive Officer (the “CEO”), and (ii) is confirmed by the affirmative vote of a majority of the Board or a Committee acting on behalf of the Board.
