X0202 3 2006-03-15 0 0001263813 UNITED AMERICA INDEMNITY, LTD INDM 0001272072 COHEN ROBERT C/O UNITED NATIONAL INSURANCE COMPANY THREE BALA PLAZA EAST, SUITE 300 BALA CYNWYD PA 19004 0 1 0 0 CEO - Penn Independent Corp. 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 Mr. Cohen was previously a reporting person from December 15, 2003 through January 25, 2005. 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. Prior to the amendment, the options were exercisable in five equal installments commencing on December 31, 2004. Mr. Cohen was not a reporting person at the time of this amendment. 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. Prior to the amendment, the options became exercisable in four equal installments based upon the satisfaction of certain specified criteria for each of fiscal years 2004, 2005, 2006 and 2007 . Mr. Cohen was not a reporting person at the time of this amendment. /s/ Robert Cohen 2006-03-15