X0202 3/A 2006-01-06 2003-12-15 0 0001263813 UNITED AMERICA INDEMNITY, LTD INDM 0001272066 TATE KEVIN LEE C/O UNITED NATIONAL INSURANCE COMPANY THREE BALA PLAZA EAST, SUITE 300 BALA CYNWYD PA 19004 0 1 0 0 CFO Class A Common Shares 26250 D Employee Stock Options 10.00 2004-12-31 2013-09-05 Class A Common Shares 39375 D Employee Stock Options 10.00 2004-12-31 2013-09-05 Class A Common Shares 65625 D Effective December 31, 2005, the vesting schedule relating to the remaining unvested options was amended. The remaining unvested options become exercisable at the rate of 12% on December 31, 2006, 12% on December 31, 2007 and 36% on December 31, 2008. Also, the performance hurdle with respect to accelerated option vesting upon a change of control was eliminated. Effective December 31, 2005, the performance vesting criteria relating to the annual option vesting and catch-up vesting have been eliminated. Also, the performance hurdle with respect to accelerated option vesting upon a change of control was eliminated. The remaining unvested options become exercisable at the rate of 10% on December 31, 2006, 10% on December 31, 2007 and 30% on December 31, 2008. Kevin L. Tate 2006-01-10