X0101 4 2003-06-23 0000910110 PENN AMERICA GROUP INC PNG 0001244960 SIMON PAUL MARTIN 1 0 0 0 Common Stock 2003-06-20 4 S 0 43500 11.25 D 0 D Non-Qualified Stock Option (right to buy) 6.67 2001-05-09 4 M 0 4500 0 D 2002-05-09 2007-05-09 Common Stock 4500 0 D Non-Qualified Stock Option (right to buy) 5.54 2000-05-07 4 M 0 4500 0 D 2001-05-07 2006-05-07 Common Stock 4500 0 D Non-Qualified Stock Option (right to buy) 7.30 2002-01-02 4 M 0 18000 0 D 2003-01-02 2008-01-02 Common Stock 18000 0 D Non-Qualified Stock Option (right to buy) 10.97 2002-05-15 4 M 0 7500 0 D 2003-05-15 2008-05-05 Common Stock 7500 0 D Non-Qualified Stock Option (right to buy) 7.08 1999-05-19 4 M 0 4500 0 D 2000-05-19 2005-05-19 Common Stock 4500 0 D Non-Qualified Stock Option (right to buy) 9.17 1997-05-12 4 M 0 4500 0 D 1998-05-12 2004-05-12 Common Stock 4500 0 D Non-Qualified Stock Option (right to buy) 12.667 1998-05-20 4 A 0 0 0 D 1999-05-20 2004-05-20 Common Stock 4500 4500 D Non-Qualified Stock Option (right to buy) 10.62 2003-05-14 4 A 0 0 0 D 2004-05-14 2009-05-14 Common Stock 5000 5000 D Adjusted to reflect a three-for-two stock split effected on May 9, 2002. Garland P. Pezzuolo, Power of Attorney 2003-06-23