Document:

Form of Election Form

 EXHIBIT 10.17 
  

			
	ACTION REQUIRED: MUST BE RETURNED BY
                        
		
	

	 	                  Election
Form
 2005 Deferred Compensation Plan

  

			
	  

	 	  

	Name (Last, First, Middle Initial)	 	   Social Security Number

  
 You may use this form to: 

 

	 	•	Indicate the Annual Deferral Amount of your Base Salary, Bonus and Commissions that you wish to defer during the
             Plan Year. 

  

	 	•	Elect to receive a Scheduled Distribution. 

  

	 	•	Select the form of your Retirement Benefit payment, and elect a Change in Control Benefit. 

  

	 	•	Allocate new Annual Deferral Amounts and new discretionary Company Contribution Amounts among the available investment options. 

  

			
	DEFERRAL ELECTION	  	Please select all that apply; fill in the appropriate blanks with whole percentages or whole dollar amounts.
	  ̈ Base Salary
	  	 I elect to defer                     %
or $                         of my Base Salary earned in
        .
 (maximum of 50%)

		
	  ̈ Bonus (for Fiscal Year
ending                      )
	  	 I elect to defer                     %
or $                         of my Bonus earned during the period
                    
 through
                    . (maximum of 100%)

		
	  ̈ Bonus (for Fiscal Year
beginning                      )
	  	 I elect to defer                     %
or $                     of my Bonus earned during the company’s
 fiscal year beginning                     . (maximum of
50%)

		
	  ̈ Commissions
	  	 I elect to defer                     %
or $                         of my Commissions earned in
        .
 (maximum of 50%)

		
	  ̈ Non-Participation
	  	I elect not to participate in the          Plan Year.

	*	The minimum aggregate deferral amount for Base Salary, Bonus and/or Commissions is $5,000. The minimum deferral amount will be pro-rated in accordance with the terms of
the Plan for any Participant who commences participation in the Plan after the first day of a Plan Year.  

  
 PLEASE TURN OVER AND COMPLETE PAGE 2 
  

 1 

			
	ACTION REQUIRED: MUST BE RETURNED BY
                        
		
	

	 	                  Election
Form
 2005 Deferred Compensation Plan

  

			
	OPTIONAL SCHEDULED DISTRIBUTION ELECTION*	  	Please fill in each blank if you wish to receive a Scheduled Distribution.

  

	 ̈	I irrevocably elect to receive a Scheduled Distribution of my              Annual Deferral Amount, as well
as any investment gains or losses attributable to such amounts, payable within 60 days of January 1,                      (must be 2010 or
later). 

  
 Please state the percentage of the
Annual Deferral Amount (and any investment gains or losses) you would like to receive as a Scheduled Distribution:             %. 

	*	If you choose not to elect a Scheduled Distribution, or you elect to receive less than 100% of your Annual Deferral Amount as a Scheduled Distribution, the remainder of your
Annual Deferral Amount, and any related investment gains or losses, will be paid to you along with the rest of your vested Account Balance pursuant to the Plan.  

  

	  	You may make a one-time election to postpone the distribution of a previously designated Scheduled Distribution, provided (i) you submit a properly completed Scheduled
Distribution Change Form to the Committee at least one year prior to your previously designated Scheduled Distribution date, (ii) the new Scheduled Distribution date you select is at least five years after your previously designated Scheduled
Distribution date, and (iii) the election of the new Scheduled Distribution date is not effective until at least one year after the date the election is made. 

  

			
	RETIREMENT BENEFIT DISTRIBUTION ELECTION*	  	Please select lump sum or annual installments; fill in the number of years, if necessary.

  

	x	I elect to receive a Retirement Benefit in the manner indicated below, to the extent allowed by the Plan (select one payment option below). This election will apply to all
Retirement Benefits. 

  

	 	 ̈	A lump sum payment 

  

	 	 ̈	Annual installments for              years (up to 10 years). 

	*	After the initial enrollment, you may make a one-time election to change the form of your Retirement Benefit payment, as long as (i) you submit a properly completed Retirement
Benefit distribution election change form to the Plan Committee at least one year prior to the date on which your Retirement Benefit payments would otherwise commence, (ii) your first Retirement Benefit payment is postponed by at least five years
following the date on which such payment would otherwise commence, and (iii) the election to change the form of your Retirement Benefit payment is not effective until at least one year after the date the election is made. Please note that if
your election to change the form of your Retirement Benefit payment would result in the shortening of the length of such benefit (e.g., a change from annual installments to a lump sum payment; from 10 annual installments to 5 annual installments,
etc.), and the Plan Committee determines such election to be inconsistent with applicable tax law, the election will not be effective. 

  
 PLEASE COMPLETE PAGE 3 AND SIGN 
  

 2 

			
	ACTION REQUIRED: MUST BE RETURNED BY
                        
		
	

	 	                  Election
Form
 2005 Deferred Compensation Plan

  

			
	CHANGE IN CONTROL DISTRIBUTION ELECTION	  	Please select one box below.
		
	  ̈    Change in Control
         Benefit
	  	I irrevocably elect to receive a Change in Control Benefit equal to my vested Account Balance upon the occurrence of a Change in Control.
		
	  ̈    No
Benefit
	  	I irrevocably elect to have my Account Balance remain in the Plan and continue to be subject to the terms and conditions of the Plan upon a Change in Control.

  

			
	NEW DEFERRALS/ DISCRETIONARY CONTRIBUTIONS ALLOCATION ELECTION	  	Please select in whole percentage increments; the total must equal 100%.
	  
 I elect to allocate my new Annual Deferral Amounts and new
company contributions, excluding any Company Matching Amounts that are irrevocably allocated to the SWS Group, Inc. Stock Unit Fund, to the following Measurement Funds:

  

							
	  ̈        MainStay VIP Cash Management
	  	                %	  	  ̈        T. Rowe New American Growth
	  	                %
	  ̈        T. Rowe Limited-Term Bond
	  	                %	  	  ̈        Fidelity VIP Mid Cap: IC
	  	                %
	  ̈        PIMCO VIT Total Return: AC
	  	                %	  	  ̈        MainStay VP Mid Cap Growth
	  	                %
	  ̈        T. Rowe Equity Income
	  	                %	  	  ̈        Royce Micro-Cap
	  	                %
	  ̈        Fidelity VIP Index 500: IC
	  	                %	  	  ̈        Scudder VIT Small Cap Index: CI A
	  	                %
	  ̈        Fidelity VIP Contrafund: IC
	  	                %	  	  ̈        Alger American Small Cap: CI O
	  	                %
	  ̈        T. Rowe Blue Chip Growth
	  	                %	  	  ̈        MainStay VP International Equity
	  	                %
	 	  	 	  	  ̈        SWS Group, Inc. Stock Unit Fund *
	  	                %

	*	Once allocated into the SWS Group, Inc. Stock Unit Fund, the amounts cannot be re-allocated to any other measurement fund. 

  

			
	ACKNOWLEDGED AND AGREED:	 	ACCEPTED:
		
	  

	 	  

	Signature of Participant
                                        
        Date	 	For the Committee
                                        
                Date

  

 3Second Amendment to Equity Participation Plan of SCPIE Holdings, Inc.

 Exhibit 10.78 
  
 SECOND AMENDMENT TO 
 THE 2003 AMENDED AND RESTATED EQUITY PARTICIPATION PLAN OF 
 SCPIE HOLDINGS INC. 
  
 THIS SECOND AMENDMENT TO THE 2003 AMENDED AND RESTATED EQUITY PARTICIPATION
PLAN OF SCPIE HOLDINGS INC. (this “Second Amendment”), dated as of August 3, 2004, is made and adopted by SCPIE HOLDINGS INC., a Delaware corporation (the “Company”). Capitalized terms used but not otherwise defined herein shall
have the meanings ascribed to them in the 2003 Plan (as defined below). 
  
 RECITALS 
  
 WHEREAS, the Company maintains The
2003 Amended and Restated Equity Participation Plan of SCPIE Holdings Inc, as amended by the First Amendment thereto dated as of February 26, 2004 (as amended to date, the “2003 Plan”); 
  
 WHEREAS, the Company desires to amend the 2003 Plan as set forth below;

  
 WHEREAS, pursuant to Section 10.2 of the 2003 Plan, the 2003
Plan may be amended by the Board of Directors of the Company; 
  
 NOW, THEREFORE, in consideration of the foregoing, the Company hereby amends the 2003 Plan as follows: 
  
 1. Section 1.16 is hereby amended to read as follows: 
  
 “1.16 Fair Market Value. “Fair Market Value” of a share of Common Stock as of a given date shall be (i) the closing
price of a share of Common Stock on the principal exchange on which shares of Common Stock are then trading, if any (or as reported on any composite index which includes such principal exchange), on the trading day previous to such date, or if
shares were not traded on the trading day previous to such date, then on the next preceding date on which a trade occurred; or (ii) if Common Stock is not traded on an exchange but is quoted on Nasdaq or a successor quotation system, the mean
between the closing representative bid and asked prices for the Common Stock on the trading day previous to such date as reported by Nasdaq or such successor quotation system; or (iii) if Common Stock is not publicly traded on an exchange and not
quoted on Nasdaq or a successor quotation system, the Fair Market Value of a share of Common Stock as established by the Committee (or the Board, in the case of Options, Restricted Stock, Deferred Stock or Dividend Equivalents granted to Independent
Directors) acting in good faith.” 
  
 2. Section 1.17 is
hereby amended to read as follows: 
  
 “1.17. Grantee. “Grantee” shall mean an Employee or Consultant granted a Performance Award, Dividend Equivalent, Stock Payment or Stock Appreciation Right, or an award of Deferred Stock, under this Plan, or an
Independent Director granted a Dividend Equivalent, or an award of Deferred Stock, under this Plan.” 

 3. Section 1.34 is hereby amended to read as follows: 
  
 “1.34. Termination of Directorship.
“Termination of Directorship” shall mean the time when an Optionee, Grantee or Restricted Stockholder who is an Independent Director ceases to be a Director for any reason, including, but not by way of limitation, a termination by
resignation, failure to be elected, death or retirement. The Board, in its sole and absolute discretion, shall determine the effect of all matters and questions relating to Termination of Directorship with respect to Independent Directors.”

  
 4. Section 7.1 is hereby amended to read as follows:

  
 “7.1. Eligibilty. Subject to the
Award Limit, one or more Performance Awards, Dividend Equivalents, awards of Deferred Stock, and/or Stock Payments may be granted to any Employee whom the Committee determines is a key Employee or any Consultant whom the Committee determines should
receive such an award. In addition, subject to the Award Limit, one or more Dividend Equivalents or awards of Deferred Stock may be granted to any Independent Director whom the Committee determines should receive such an award.” 
  
 5. The first sentence of Section 7.3 is hereby amended to read as follows:

  
 “Any key Employee, Independent Director
or Consultant selected by the Committee may be granted Dividend Equivalents based on the dividends declared on Common Stock, to be credited as of dividend payment dates, during the period between the date an Option, Stock Appreciation Right,
Deferred Stock or Performance Award is granted, and the date such Option, Stock Appreciation Right, Deferred Stock or Performance Award is exercised, vests or expires, as determined by the Committee.” 
  
 6. The first sentence of Section 7.5 is hereby amended to read as follows:

  
 “Any key Employee, Independent Director
or Consultant selected by the Committee may be granted an award of Deferred Stock in the manner determined from time to time by the Committee. Deferred Stock may be granted in exchange for the surrender or cancellation of an Award previously
granted.” 
  
 7. Section 7.9 is hereby amended to read as
follows: 
  
 “7.9 Exercise Upon
Termination. A Performance Award, Dividend Equivalent, award of Deferred Stock and/or Stock Payment is exercisable or payable only while the Grantee is an Employee, Independent Director or Consultant; provided, however, that the
Committee in its sole and absolute discretion may provide that the Performance Award, Dividend Equivalent, award of Deferred Stock and/or Stock Payment may be exercised or paid subsequent to a Termination of Employment following a “change of
ownership or control” (within the meaning of Section 1.162-27(e)(2)(v) or any successor regulation thereto) of the Company; provided, further, that the Committee in its sole and absolute discretion may provide that a Dividend
Equivalent or award of Deferred Stock granted to an Independent Director may be exercised or paid subsequent to a Termination of Directorship; provided, further, that except with respect to Performance Awards granted pursuant to
Section 7.12, the Committee in its sole and absolute discretion may provide that the Performance Awards may be exercised or paid following a Termination of Employment or a Termination of Consultancy without cause, or following a change in control of
the Company, or because of the Grantee’s retirement, death or disability, or otherwise.” 

 8. The third sentence of Section 9.2 is hereby amended to read as follows: 
  
 “Notwithstanding the foregoing, the full Board, acting
by a majority of its members in office, shall conduct the general administration of the Plan with respect to Options, Restricted Stock, Deferred Stock and Dividend Equivalents granted to Independent Directors.” 
  
 9. In each instance in Sections 10.3, 10.5 and 10.7 where the parenthetical
“(or the Board, in the case of Options or Restricted Stock granted to Independent Directors)” appears, such parenthetical shall be replaced with the following: 
  
 “(or the Board, in the case of Options, Restricted Stock, Deferred Stock or Dividend Equivalents granted to Independent
Directors)” 
  
 10. This Second Amendment shall be and is
hereby incorporated in and forms a part of the 2003 Plan. 
  
 11.
All other terms and provisions of the 2003 Plan shall remain unchanged except as specifically modified herein. 
  
 12. The 2003 Plan, as amended by this Second Amendment, is hereby ratified and confirmed. 
  
 I hereby certify that the foregoing Amendment was duly adopted by the Board of Directors of SCPIE Holdings Inc. on August 3,
2004. 
  

			
	 By:
	 	 /s/ JOSEPH P. HENKES

	 Name:
	 	 Joseph P. Henkes

	 Title:
	 	 Secretary

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