Document:

exv10w24

Exhibit
10.24

RETENTION AGREEMENT

     This retention agreement, dated March 15, 2011 (this “Agreement”), is made by and between
Global Indemnity Group Services, LLC (the “Employer”) and David Myers (the “Employee”).
Capitalized terms used but not concurrently defined herein shall have the meanings set forth in
Sections 2 and 4 below.

1. Qualifying Period Employment. Subject to Section 2 below, the Employee agrees to remain
employed by the Employer for the Qualifying Period. Nothing in this Agreement alters or modifies
the Employee’s employment relationship with the Employer. This Agreement does not constitute an
agreement by the Employer to continue to employ the Employee during the entire, or any portion of
the, term of this Agreement.

2. Payment of Bonus. If eligible, the Employee will receive the Bonus on the first regular pay
date following the end of the Qualifying Period. Subject to the provisions of the following
paragraph, payment of the Bonus is contingent upon the Employee’s continued employment with the
Employer for the entire Qualifying Period. Payment of the Bonus is also subject to all applicable
payroll withholdings and deductions.

If the Employee’s employment with the Employer terminates before the end of the Qualifying Period
for any reason, including, without limitation, the death or disability of the Employee, other than
solely resulting from (a) the Employee’s resignation with Good Reason or (b) the termination of the
Employee’s employment without Cause, the Employee will not earn and will not be entitled to receive
the Bonus (or any portion thereof), and the Employer shall have no further obligations under this
Agreement. However, notwithstanding any other provision of this Agreement, if the Employee’s
employment terminates before the end of the Qualifying Period because the Employee resigns for Good
Reason or because the Employee’s employment has been terminated without Cause, the Employee will be
entitled to the payment of the Bonus on the first regular pay date following the end of the
Qualifying Period; provided, however, that the Bonus shall be reduced (but not
below zero) by any cash severance payments made to the Employee due to such termination of
employment pursuant to the terms of the Employee’s employment agreement (if any) with the
Employer as of the date hereof or as it may be amended (the “Employment Agreement”). If the Bonus
is paid hereunder, then following the payment of such Bonus, the Employee agrees that he or she
shall forfeit any right to receive cash severance payments under the Employment Agreement upon any
subsequent termination of employment.

     Solely for purposes of determining the Employee’s Bonus eligibility under the terms of
this Agreement:

     (a) “Cause” shall mean each of the following; provided, however, that written
notice to the Employee of a condition constituting Cause has been delivered by the Employer to the
Employee and such condition remains uncured by the Employee for at least thirty (30) days after
receipt of such notice; provided further that any condition otherwise
constituting Cause hereunder that is described under clauses (i) through (iv) below shall only
constitute Cause to the extent it is reasonably expected to have a material adverse economic impact
on the Employer and Global Indemnity plc (the “Company”) and the Company’s controlled affiliates on
a consolidated

 

 

David Myers

March 15, 2011

Page 2

basis: (i) the engaging by the Employee in any fraud, dishonesty or gross misconduct adverse to the
interests of the Employer or any of its subsidiaries or affiliates; (ii) the material violation by
the Employee of any restrictive covenants contained in the Employment Agreement or any
other agreement with the Employer or any of its subsidiaries or affiliates to which the Employee is
a party; (iii) a breach by the Employee of any material representation or warranty made in the
Employee’s Employment Agreement or any other agreement with the Employer or any of its subsidiaries
or affiliates to which the Employee is a party; (iv) the determination by at least a majority of
the members of the Board of Directors of the Company (the “Board”) that the Employee has exhibited
gross negligence in the performance of the Employee’s duties; (v) receipt of a final written
directive or order of any governmental or regulatory body or authority having jurisdiction over the
Employer requiring the Employee’s termination or removal; or (vi) the Employee being convicted of a
felony or other crime involving moral turpitude.

     (b) “Good Reason” shall mean:

          (i) the Employee’s termination of employment within thirty (30) days following
a written notice from the Employer that its principal executive offices are being relocated more
than thirty (30) miles from their current location or that the Employee’s principal place of
employment is transferred to an office location more than thirty (30) miles from the Employee’s
then current principal place of employment (unless in either case the effect of such relocation
results in the Employee’s principal place of employment being less than twenty (20) miles from the
Employee’s principal residence); 

          (ii) a reduction in the Employee’s annual base salary as in effect on the date hereof or as
the same may be increased from time to time; or

          (iii) the failure by the Employer or its subsidiaries or affiliates to continue to provide
the Employee with benefits substantially similar to those enjoyed by the Employee under any of the
benefit plans in which the Employee participates on the date hereof or as the same may be increased
from time to time.

3. Grantor Trust. Prior to the consummation of a Qualifying Transaction, the Employer shall
contribute an amount equal to the Bonus to an irrevocable “rabbi trust” (which shall be a grantor
trust within the meaning of Sections 671-678 of the United States Internal Revenue Code, as amended
(the “Code”)) for the Employee’s benefit.

4. Definitions. For purposes of this Agreement:

     (a) “Qualifying Transaction” means, whether effected directly or indirectly or in one or a
series of transactions: (i) any merger, amalgamation, scheme of arrangement, consolidation or other
business combination transaction pursuant to which the business, assets or divisions of the
Employer or any direct or indirect parent of the Employer is combined with that of a
third party not affiliated with the Employer or any of its subsidiaries or affiliates; or
(ii) any sale, transfer, exchange or other disposition of 50% or more of the outstanding shares of
capital stock of the Employer, any direct or indirect parent of the Employer, or all or
substantially all of the Employer’s assets or the assets of any direct or indirect parent of the
Employer is transferred to a third party not affiliated with the Employer or any of its
subsidiaries or affiliates, including, without limitation, by means of a purchase or exchange of
capital stock or assets, a merger,

 

 

David Myers

March 15, 2011

Page 3

amalgamation, scheme of arrangement, consolidation, other business combination, a tender or
exchange or takeover offer, a leveraged buy-out, lease or license, the formation of a partnership,
joint or collaborative venture or similar arrangement or otherwise; provided,
however, that the Compensation Committee of the Board (the “Committee”) shall have
sole discretion with respect to the determination as to whether a Qualifying Transaction has
occurred.

     (b) “Bonus” means a cash bonus in the pre-tax amount of US$450,000; and

     (c) “Qualifying Period” means the twelve (12)-month period following the consummation of
a Qualifying Transaction.

5. Governing Law. This Agreement shall be governed by and construed in accordance with the
laws of the State of Pennsylvania, without regard to its conflict of laws provisions;
provided, however, that if the Employee’s Employment Agreement (if any) provides
for a different choice of law, then the provision in the Employee’s Employment Agreement shall
govern this Agreement.

6. Dispute Resolution; Venue. In the event that any disagreement or dispute whatsoever shall arise
between the parties concerning this Agreement, such disagreement or dispute shall be exclusively
submitted to the Judicial and Mediation Services Inc. (“JAMS”) for resolution in a confidential
private arbitration in accordance with the comprehensive rules and procedures of JAMS, including
the internal appeal process provided for in Rule 34 of the JAMS rules with respect to any initial
judgment rendered in an arbitration. Any such arbitration proceeding shall take place in
Philadelphia, Pennsylvania or another location agreed upon in writing by the parties, before a
single arbitrator (rather than a panel of arbitrators). Subject to applicable law, the parties
agree that the arbitrator shall have no authority to award any punitive or exemplary damages and
waive, to the full extent permitted by applicable law, any right to recover such damages in such
arbitration. Each party shall each bear their respective costs (including attorneys’ fees, and
there shall be no award of attorney’s fees) and shall split the fees and expenses of the
arbitrator. Judgment upon the final award rendered by such arbitrator, after giving effect to the
JAMS internal appeal process, may be entered in any court having jurisdiction thereof. If JAMS is
not in business or is no longer providing arbitration services, then the American Arbitration
Association shall be substituted for JAMS for the purposes of the foregoing provisions. Each party
agrees that, except to the extent otherwise required by applicable law, it shall maintain absolute
confidentiality in respect to any dispute between them under this Agreement.

7. Successors. This Agreement shall inure to the benefit of, and be binding upon, any successor or
assign of the Employer, specifically including, without limitation, the purchaser of the stock or
assets of the Employer or the survivor upon any other Qualifying Transaction. In the event of the
Employee’s death, this Agreement shall inure to the benefit of, and be binding upon, any executor,
personal representative or heirs of the Employee and, in the event of the Employee’s Disability,
this Agreement shall inure to the benefit of, and be binding upon, any personal representative or
guardian of the Employee.

8. Entire Agreement; Amendment; Termination; Waiver, etc. This Agreement contains all the
terms and conditions of the Employee’s Agreement. The Employee’s

 

 

David Myers

March 15, 2011

Page 4

signature below acknowledges that the Employee has not relied on any promises or representations
concerning the subject matter hereof not contained in this Agreement. No provision of this
Agreement may be amended or modified, in whole or in part, nor any waiver or consent given, unless
approved in writing by the Employer and the Employee in the case of an amendment or modification or
by the party to be charged in the case of a waiver or consent, which writing specifically refers to
this Agreement and the provision so amended or modified or for which such waiver or consent is
given. This Agreement and all of the rights, benefits and obligations hereunder shall terminate
and be of no further force and effect if a Qualifying Transaction has not been effected or entered
into within two years from the date of this Agreement; provided that if a
Qualifying Transaction is entered into within such two-year period, and after the cessation of such
two-year period such Qualifying Transaction is not subsequently consummated, this Agreement and all
of the rights, benefits and obligations hereunder shall terminate and be of no further force and
effect; provided further that the Committee may terminate this Agreement
prior to a Qualifying Transaction upon the recommendation of the Chief Executive Officer of the
Company.

9. Other Matters. The invalidity or unenforceability of any provision of this Agreement shall not
affect the validity or enforceability of any other provisions of this Agreement, which shall remain
in full force and effect. It is understood and agreed that no failure or delay by a party in
exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any
single or partial exercise thereof preclude any other or further exercise thereof or the exercise
of any right, power or privilege hereunder. This Agreement may be executed in counterparts, each
such counterpart shall be deemed an original and all such counterparts shall together constitute
one instrument. The headings contained in this Agreement are for reference purposes only and shall
not modify, expand, define or otherwise affect, in any way, the meaning or interpretation of the
terms and provisions of this Agreement.

10. Section 280G. Notwithstanding any other provisions of this Agreement, in the event that any
payment or benefit received or to be received by the Employee (including any payment or benefit
received or to be received in connection with a Qualifying Transaction or the termination of the
Employee’s employment, whether pursuant to the terms of this Agreement or any other plan,
arrangement or agreement) (all such payments and benefits being hereinafter referred to as the
“Total Payments”) would be subject (in whole or part), to any excise tax imposed under Section 4999
of the Code (the “Excise Tax”), then, after taking into account any reduction in the Total Payments
provided by reason of Section 280G of the Code in such other plan, arrangement or agreement, the
cash Total Payments that do not constitute deferred compensation within the meaning of Section 409A
of the Code (“Section 409A”) shall first be reduced, all other Total Payments that do not
constitute deferred compensation within the meaning of Section 409A shall be next reduced, and all
other Total Payments that do constitute deferred compensation within the meaning of Section 409A
shall thereafter be reduced (beginning with those payments last to be paid), to the extent
necessary so that no portion of the Total Payments is subject to the Excise Tax but only if (a) the
net amount of such Total Payments, as so reduced (and after subtracting the net amount of foreign,
federal, state and local income taxes on such reduced Total Payments and after taking into account
the phase out of itemized deductions and personal exemptions attributable to such reduced Total
Payments) is greater than or equal to (b) the net amount of such Total Payments without such
reduction (but after subtracting the net amount of foreign, federal, state and local income taxes
on such Total Payments and the amount of Excise Tax to which the

 

 

David Myers

March 15, 2011

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Employee would be subject in respect of such unreduced Total Payments and after taking into account
the phase out of itemized deductions and personal exemptions attributable to such unreduced Total
Payments).

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IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first set
forth above.

GLOBAL INDEMNITY GROUP SERVICES, LLC

	 	 	 	 	 
	 	 	 
	 	By:  	/s/ Linda C. Hohn
 	 
	 	 	Name:  	Linda C. Hohn 	 
	 	 	Title:  	Vice President 	 
	 

	 	 	 	 	 
	 	EMPLOYEE

 	 
	 	/s/ David J. Myers
 	 
	 	David Myersexv10w26

Exhibit 10.26

FOX PAINE & COMPANY, LLC

3500 Alameda de las Pulgas, Suite 150

Menlo Park, California 94025

March 16, 2011

United America Indemnity, Ltd.

Global Indemnity (Cayman) Limited

c/o Global Indemnity Group, Inc.

Three Bala Plaza East

Suite 300

Bala Cynwyd, Pennsylvania 19004

Ladies and Gentlemen:

We refer to the Management Agreement (the “Original Agreement”), dated September 5, 2003, by and
between United America Indemnity, Ltd., formerly Vigilant International, Ltd., an exempted company
formed with limited liability under the laws of the Cayman Islands (“UAIL”), Fox Paine & Company,
LLC, a Delaware limited liability company (“Fox Paine”), as amended by Amendment No. 1 thereto,
dated May 25, 2006 (the “Amendment” and together with the Original Agreement, the “Management
Agreement”). Capitalized terms used but not defined herein shall have the meanings given to them
in the Amendment.

Management Services

Effective as of the date first set forth above, UAIL hereby assigns and transfers the Management
Agreement and the Indemnification Letter and all of its rights and obligations thereunder to Global
Indemnity (Cayman) Limited (the “Global Indemnity Cayman”), and Global Indemnity Cayman hereby
accepts such assignment and transfer and agrees to perform the obligations of Global Indemnity
Cayman under the Management Agreement and the Indemnification Letter. Fox Paine hereby consents to
such assignment and transfer. For the avoidance of doubt, unless the Management Agreement, as
amended hereby, is terminated in accordance with its terms, Global Indemnity Cayman will hereafter
be obligated to make payments of the Annual Service Fees, with the next such Annual Service Fee
being due September 5, 2011 and payable on or before November 1, 2011. In connection
with such assignment, Global Indemnity Cayman agrees to pay to (or settle by intercompany account
with) UAIL $710,958.90, representing the remainder of the current year’s prepaid Annual Service
Fee.

In addition, upon the consummation of a Change of Control (as defined herein), Global Indemnity
Cayman will immediately pay Fox Paine a lump sum payment of $10,000,000 million (the “Termination
Fee”), and upon receipt of the Termination Fee, Global Indemnity Cayman and Fox Paine agree that
Fox Paine’s obligation to provide the Services and Global Indemnity Cayman’s obligation to pay the
Annual Service Fee shall thereupon immediately terminate. Nothing herein shall affect the
obligation of Global

 

 

Indemnity Cayman to reimburse Fox Paine for its and its affiliates’ out-of-pocket expenses in
connection with the provision of Services pursuant to the Management Agreement in respect of
periods prior to the consummation of a Change of Control, and nothing herein shall affect the
obligations of Global Indemnity Cayman under the Indemnification Letter.

Notwithstanding anything in the Management Agreement to the contrary, no Annual Service Fee payable
in respect of any year shall be paid on an applicable Payment Date if Global Indemnity Group, Inc.
(“GIGI”), and UAIL and Global Indemnity Cayman, as guarantors, fail to make payment in full on any
amounts due on the Senior Notes. Any Annual Service Fees not paid as a result of the preceding
sentence, together with interest thereon accruing from the applicable Payment Date at the “base” or
“prime” rate from time to time announced by Citibank, N.A., in New York, New York shall be deferred
and shall be payable from time to time in accordance with the following sentence. Any such
deferred Annual Service Fee shall be paid at such times as GIGI, UAIL and/or Global Indemnity
Cayman makes payment in full, inclusive of any late payment charges and/or fees on the Senior
Notes.

As used herein, the term “Change of Control” shall mean, whether effected directly or
indirectly or in one or a series of transactions, in each case other than to or with Fox Paine and
its affiliates or the Funds (as defined in the Original Agreement) (Fox Paine and its affiliates
and the Funds, collectively, the “Fox Paine Entities”):

(a) any sale of all or substantially all of the consolidated assets of Global Indemnity plc
(“Global Indemnity”) taken together with its consolidated subsidiaries;

(b) any sale of the outstanding shares of voting stock of Global Indemnity which
immediately following thereof (i) the Fox Paine Entities, directly or indirectly, together
with the shareholders of Global Indemnity immediately prior to such transaction or series of
transactions not affiliated with the Fox Paine Entities, cease to own shares of voting stock
of Global Indemnity representing at least a majority of the voting power of Global
Indemnity, (ii) the voting power of the Fox Paine Entities in Global Indemnity relative to
the voting power in Global Indemnity of the shareholders immediately prior to such
transaction or series of transactions not affiliated with the Fox Paine Entities is no
greater than the relative voting power of the Fox Paine Entities in Global Indemnity as
compared to the voting power of such shareholders not affiliated with the Fox Paine
Entities immediately prior to such transaction or series of transactions, (iii) the Fox
Paine Entities, directly or indirectly, together with the shareholders of Global Indemnity
immediately prior to such transaction or series of transactions not affiliated with the Fox
Paine Entities, cease to own at least a majority of the outstanding shares of voting stock
of Global Indemnity, and (iv) the shareholders of Global Indemnity not affiliated with the
Fox Paine Entities immediately prior to such transaction or series of transactions
participate on a proportional basis with and are entitled to receive at least the same
consideration as the Fox Paine Entities (without regard to class or series of shares owned)
in such transaction or series of transactions; or

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(c) any other transaction or series of transactions in which immediately following thereof
either:

(i) (A) the Fox Paine Entities, directly or indirectly, together with the
shareholders of Global Indemnity immediately prior to such transaction or series of
transactions not affiliated with the Fox Paine Entities, cease to own shares of
voting stock of Global Indemnity representing at least a majority of the voting
power of Global Indemnity, (B) the voting power of the Fox Paine Entities in Global
Indemnity relative to the voting power in Global Indemnity of the shareholders
immediately prior to such transaction or series of transactions not affiliated with
the Fox Paine Entities is no greater than the relative voting power of the Fox Paine
Entities in Global Indemnity as compared to the voting power of such shareholders
not affiliated with the Fox Paine Entities immediately prior to such transaction or
series of transactions, (C) the Fox Paine Entities, directly or indirectly, together
with the shareholders of Global Indemnity immediately prior to such transaction or
series of transactions not affiliated with the Fox Paine Entities, cease to own at
least a majority of the outstanding shares of voting stock of Global Indemnity and
(D) the shareholders of Global Indemnity not affiliated with the Fox Paine Entities
immediately prior to such transaction or series of transactions participate on a
proportional basis with and are entitled to receive at least the same consideration
as the Fox Paine Entities (without regard to class or series of shares owned) in
such transaction or series of transactions; or

(ii) Global Indemnity no longer holds a majority of the outstanding shares of voting
stock of subsidiaries that together own substantially all of the consolidated assets
of Global Indemnity taken together with its consolidated subsidiaries,

in each case, including, without limitation, by means of a merger, amalgamation,
scheme of arrangement, consolidation or other business combination, a tender or
exchange offer, a leveraged buy-out, lease or license, the formation of a
partnership, joint or collaborative venture or similar arrangement.

In the event a transaction or a series of transactions is consummated that would otherwise have
been a “Change of Control” (as such term is defined above), but for any such transaction or series
of transactions being to or with one or more of the Fox Paine Entities (and thus no Termination Fee
or Transaction Fee (as defined below) being then due and payable), notwithstanding anything to the
contrary in the Management Agreement, as amended hereby, (a) the parties agree that the
consummation of any such transaction or series of transactions shall not terminate the terms of the
Management Agreement, as amended hereby, including the right of Fox Paine to receive the Annual
Service Fee and (b) the Annual Service Fee shall continue until the earlier of (i) such time as the
Fox Paine Entities no longer hold an indirect equity investment in Global Indemnity or any
successor thereto and (ii) such time as Fox Paine and the Company agree in writing to modify or
terminate the arrangements contemplated hereby.
For purposes of interpreting the definition of “Change of Control”, the phrase “series of
transactions” shall mean and refer to a plan of disposition adopted and approved by the Board of
Directors of Global Indemnity or the applicable company.
Except as expressly amended, modified or supplemented herein, all other provisions of the
Management Agreement shall remain in full force and effect.

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Advisory Services

In addition, Global Indemnity Cayman also confirms the arrangements under which Fox Paine agrees to
provide to Global Indemnity Cayman and its affiliates financial advice and assistance in the event
of a possible Change of Control transaction, including, as appropriate, advice and assistance with
respect to defining objectives, performing valuation analyses and structuring, planning and
negotiating any such transaction (the “Advisory Services”). Global Indemnity Cayman understands
that Fox Paine would not be providing (nor would Global Indemnity Cayman and its affiliates be
relying on it for) tax, regulatory, legal or accounting advice in connection with a Change of
Control and that Fox Paine is not rendering any formal opinions to Global Indemnity Cayman with
respect to the Advisory Services.

If a Change of Control is consummated, Global Indemnity Cayman agrees to pay Fox Paine, upon the
consummation of the Change of Control an amount in cash equal to the product of (a) 1.0% times (b)
the Transaction Value (the “Transaction Fee”). “Transaction Value” means with respect to a Change
of Control involving (i) the voting stock of Global Indemnity, the total value of (A) the
consideration paid per Global Indemnity voting share of each class multiplied by the total number
of Global Indemnity voting shares of each class outstanding (including the number of voting shares
that would be outstanding upon exercise, conversion, redemption or exchange of any in-the-money
securities, including options, warrants, convertible debt and convertible preferred stock) of
Global Indemnity but net of any proceeds received by Global Indemnity upon the exercise of any
options or warrants and (B) any capital distribution to the shareholders of Global Indemnity,
including extraordinary dividends, share repurchases, self tender offers or other forms of
returning capital to shareholders, that is expressly provided for in the Change of Control
documentation and is conditioned upon the consummation of the Change of Control (or, conversely,
the Change of Control is conditioned upon completion of such return of capital), and (ii) any sale
of assets or any other transaction not involving the voting stock of Global Indemnity, the total
value of (A) all cash, securities, assets and other property paid, directly or indirectly, by a
buyer to Global Indemnity or, if applicable, a subsidiary of Global Indemnity in connection with a
Change of Control or, in the case of a partnership, joint or collaborative venture or similar
arrangement, the total value of all cash, securities, assets and other property, directly or
indirectly, paid or contributed by Global Indemnity or, if applicable, a subsidiary of Global
Indemnity to such venture, excluding any subsequent capital contributions to fund such venture’s
operations and (B) any capital distribution to the shareholder(s) of Global Indemnity or, if
applicable, a subsidiary of Global Indemnity, including extraordinary dividends, share repurchases,
self tender offers or other forms of returning capital to shareholders, that is expressly provided
for in the Change of Control documentation and is conditioned upon the completion of the Change of
Control (or, conversely, the Change of Control is conditioned upon completion of such return of
capital). For purposes of
determining the Transaction Fee, the Audit Committee of the Board of Directors of Global Indemnity
shall reasonably determine the Transaction Value so as not to “double count” the proceeds of any
transaction or series of transactions that has been consummated prior to the consummation of a
Change of Control transaction. Notwithstanding anything in this letter agreement to the contrary,
in no event shall more than one Change of Control Fee be payable under the terms of this letter
agreement.

The provisions of the Indemnification Letter shall apply to the Advisory Services. Except as may
be required by applicable law or regulation or in connection with any proceeding, inquiry or
request by or before, or a filing with or submission to, a court, governmental or judicial
authority, regulatory or administrative body or securities exchange, none of Global Indemnity
Cayman, Global Indemnity or

4

 

any of their respective subsidiaries will disclose to any third party,
or publicly refer to, any written or oral advice provided by Fox Paine pursuant to this letter
agreement, without the prior written consent of Fox Paine. The Advisory Services provided by Fox
Paine hereunder are intended solely for the benefit and use of the senior management and the Board
of Directors of each of Global Indemnity Cayman, Global Indemnity and their respective
subsidiaries, are not on behalf of, and are not intended to confer rights or remedies upon, any
shareholder of Global Indemnity, any employee or creditor of Global Indemnity Cayman, Global
Indemnity
or any of their respective subsidiaries or any other person, and may not be used or
relied upon for any other purpose.

All amounts payable to Fox Paine hereunder shall be paid free and clear of all deductions or
withholdings unless the deduction or withholding is required by applicable law, in which event
Global Indemnity Cayman shall pay such additional amounts as shall be necessary to ensure that the
net amount received by Fox Paine will equal the full amount that would otherwise have been received
by Fox Paine had no such deduction or withholding been made. Payments made by Global Indemnity
Cayman pursuant to this letter agreement shall be made by wire transfer of immediately available
funds to such account as Fox Paine shall designate to Global Indemnity Cayman in writing from time
to time.

Concurrently herewith, each of GIGI, Wind River Reinsurance Company, Ltd., and UAIL are executing a
separate Guaranty in favor of Fox Paine with respect to the Management Agreement, as amended
hereby, and the Indemnification Letter.

[Remainder of page intentionally left blank]

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     Please confirm the foregoing is in accordance with your understanding and agreement with Fox
Paine by signing a copy of this letter agreement in the space provided below.

	 	 	 	 	 
	 	Very truly yours,

FOX PAINE & COMPANY, LLC

 	 
	 	By:  	/s/ Saul A. Fox
 	 
	 	 	Name:  	Saul A. Fox 	 
	 	 	Title:  	Managing Member 	 
	 

Agreed and accepted:

	 	 	 	 	 	 	 	 	 	 	 

	UNITED AMERICA INDEMNITY, LTD.	 	 	 	GLOBAL INDEMNITY (CAYMAN) LIMITED	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	/s/ Larry A. Frakes
 

Name: Larry A. Frakes
	 	 
	 	By:
	 	/s/ Thomas M. McGeehan
 

Name: Thomas M. McGeehan
	 	 
	 

	 	Title: Director
	 	 	 	 	 	Title: Director

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