X0303 4 2009-08-14 0 0001263813 UNITED AMERICA INDEMNITY, LTD INDM 0001396575 Frakes Larry A C/O UNITED AMERICA INDEMNITY GROUP, INC. THREE BALA PLAZA, EAST - SUITE 605 BALA CYNWYD PA 19004 1 1 0 0 President & CEO Stock Options 20.05 2009-08-14 4 D 0 249419 0.00 D 2017-05-17 Class A Common Shares 249419 0 D Stock Options 20.05 2009-08-14 4 D 0 249419 0.00 D 2017-05-17 Class A Common Shares 249419 0 D Stock Options 11.90 2009-08-14 4 A 0 249419 0.00 A 2017-05-17 Class A Common Shares 249419 249419 D Stock Options 11.90 2009-08-14 4 A 0 249419 0.00 A 2017-05-17 Class A Common Shares 249419 249419 D The stock options were to become exercisable in four equal installments commencing on December 31, 2008. The reporting person and the Issuer agreed to new terms concerning the options that were granted on February 5, 2008, which include a lower exercise price and a revised vesting schedule. The stock options were to become exercisable in four equal installments commencing on March 15, 2012, subject to the satisfaction of certain specified performance criteria, provided that such options may become exercisable earlier than such originally scheduled dates upon the satisfaction of performance criteria. The stock options vest as follows: 25% on December 31, 2008, 25% on December 31, 2010, 25% on December 31, 2011 and 25% on December 31, 2012. The stock options provisionally vest as follows: 25% on December 31, 2008, 25% on December 31, 2010, 25% on December 31, 2011 and 25% on December 31, 2012. A determination will be made on each of March 15, 2012, March 15, 2014, March 15, 2015 and March 15, 2016 whether such options will conclusively vest and become exercisable subject to the satisfaction of certain specified performance criteria, provided that such options may become exercisable earlier than such originally scheduled dates upon the satisfaction of additional performance criteria. /s/ J. Nicole Pryor, Attorney-in-fact 2009-08-17