Document:

EX-4.3

 Exhibit 4.3 

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITARY
NAMED BELOW OR A NOMINEE OF THE DEPOSITARY, WHICH MAY BE TREATED BY THE COMPANY, THE TRUSTEE AND ANY AGENT THEREOF AS OWNER AND HOLDER OF THIS SECURITY FOR ALL PURPOSES. 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (THE “DEPOSITARY”) TO THE
COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY (AND ANY
PAYMENT HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE
REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN
WHOLE, BUT NOT IN PART, TO NOMINEES OF THE DEPOSITARY, TO THE DEPOSITARY OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE. 

			
	 No. [            ]
	  	 $[            ]

 CUSIP: [            ] 

ISIN NUMBER: [            ] 

The Home Depot, Inc. 
 Dated:
[            ], 2014 

[            ]% Senior Note due
[            ], 2045 
 The Home Depot, Inc., a Delaware
corporation (the “Company”), for value received hereby promises to pay to Cede & Co. or registered assigns the principal sum of [            ]
($[            ]) at the Company’s office or agency for said purpose in the City of New York, on [            ], 2045 (the
“Maturity”), in such coin or currency of the United States of America as at the time of payment shall be legal tender for the payment of public and private debts, and to pay interest, semiannually on
[            ] and [            ] (each an “Interest Payment Date”) of each year, commencing on
[            ], 2014, on said principal sum in like coin or currency at the rate per annum set forth above at said office or agency from the most recent Interest Payment Date to which
interest on the Securities of this series has been paid or duly provided for or, if no interest on the Securities of this series has been paid or duly provided for, from
[            ], 2014. The interest so payable on any Interest Payment Date will, except as otherwise provided in the Indenture referred to on the reverse hereof, be paid to the person
in whose name this Security is registered at the close of business on the [            ] or [            ], as the case may be,
immediately preceding the relevant Interest Payment Date (the “Regular Record Date”) whether or not such day is a Business Day, provided that interest may be paid, at the option of the Company, by mailing a check therefor payable to
the registered holder entitled thereto at such holder’s last address as it appears on the Security Register or by wire transfer, in immediately available funds, to such bank or other entity in the continental United States as shall be
designated in writing by such holder prior to the relevant Regular Record Date and shall have appropriate facilities for such purpose. If and for so long as all of the Securities of this series are represented by Securities in global form, the
principal of, premium, if any, and interest on this Global Security shall be paid in same day funds to the Depositary, or to such name or entity as is requested by an authorized representative of the Depositary. 

Reference is made to the further provisions set forth on the reverse hereof. Such further provisions shall for all purposes
have the same effect as though fully set forth at this place. 
 This Security shall not be valid or obligatory until the
certificate of authentication hereon shall have been duly signed by the Trustee acting under the Indenture. 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed.

  

			
	 THE HOME DEPOT, INC.

		
	 By:
	 	  

	 Name:
	 	 Dwaine A. Kimmet

	 Title:
	 	 Treasurer and Vice President –

Financial Services

 REVERSE OF SECURITY 

The Home Depot, Inc. 

[            ]% Senior Note due
[            ], 2045 
 This Security is one of a duly
authorized issue of debt securities of the Company, issued or to be issued in one or more series pursuant to an indenture dated as of May 4, 2005 (the “Indenture”), duly executed and delivered by the Company to The Bank of New
York Mellon Trust Company, N.A. (formerly known as The Bank of New York Trust Company, N.A.), as Trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture). Reference is hereby made to the
Indenture and all indentures supplemental thereto for a description of the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Company and the holders (the words “holders” or
“holder” meaning the registered holders or registered holder) of the Securities of this series. 
 This
Security will bear interest until final Maturity at the rate per annum shown above. If any Interest Payment Date, redemption date or the Maturity of this Security is not a Business Day, then payment of principal, premium, if any, and interest will
be made on the next succeeding Business Day. No interest will accrue on the amount so payable for the period from such Interest Payment Date, redemption date or Maturity, as the case may be, to the date payment is made. Interest will be computed on
the basis of a 360-day year consisting of 12 months of 30 days each. The Company will pay interest on overdue principal of, premium, if any, and to the extent lawful, interest on overdue installments of interest on this Security, at the same rate.
The Company hereby initially designates the Corporate Trust Office of the Trustee in the City of New York as the office or agency to be maintained by it where this Security may be presented for payment, registration of transfer, or exchange and
where notices or demands to or upon the Company in respects of this Security or the Indenture may be served. 
 In case an
Event of Default, as defined in the Indenture, shall have occurred and be continuing with respect to this series of Securities, the principal of all the outstanding Securities of this series may be declared due and payable, in the manner and with
the effect, and subject to the conditions, provided in the Indenture. The Indenture provides that in certain events such declaration and its consequences may be waived by the holders of a majority in aggregate principal amount of the Securities of
this series then outstanding and that, prior to any such declaration, such holders may waive any past default under the Indenture and its consequences except a default in the payment of principal of, premium, if any, or interest on any of the
Securities of this series. Any consent or waiver by the holder of this Security (unless revoked as provided in the Indenture) shall be conclusive and binding upon such holder and upon all future holders and owners of this Security and any Security
of this series which may be issued in exchange or substitution herefor, whether or not any notation thereof is made upon this Security or such other Securities of this series. 

The Indenture permits, with certain exceptions as therein provided, the Company and the Trustee, with the consent of the
holders of at least a majority in aggregate principal amount of the Securities at the time outstanding, evidenced as provided in the Indenture, to execute supplemental indentures adding any provisions to or changing in any manner or eliminating any
of the provisions of the Indenture or of any supplemental indenture or modifying in any manner the rights of the holders of the Securities. 

Notwithstanding the foregoing, without the consent of any holder of Securities of this series, the Company and the Trustee may
amend or supplement the Indenture or the Securities of this series to cure any ambiguity, defect or inconsistency, to provide for uncertificated Securities of this series in addition to or in place of certificated Securities of this series, to
provide for the assumption of the Company’s obligations to holders of Securities of this series in the case of a transaction described in Section 10.01 of the Indenture, to evidence and provide for the acceptance of appointment by a
successor trustee and to add to or change any of the provisions of the Indenture necessary to provide for or facilitate the administration of the trusts by more than one trustee, to make any change that would provide any additional rights or
benefits to the holders of Securities of this series or that does not adversely affect the legal rights under the Indenture of any such holder, or to comply with requirements of the Commission in order to maintain the qualification of the Indenture
under the Trust Indenture Act. 

 No reference herein to the Indenture and no provision of this Security shall
alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of, premium, if any, and interest on this Security at the place, times, and rate, and in the currency, herein prescribed. 

The Securities of this series are issuable only as registered Securities without coupons in denominations of $2,000 and any
multiple of $1,000 in excess thereof. 
 At the office or agency of the Company referred to on the face hereof and in the
manner and subject to the limitations provided in the Indenture and this Security, Securities of this series may be exchanged for a like aggregate principal amount of Securities of this series of other authorized denominations. 

Upon due presentment for registration of transfer of this Security at the above-mentioned office or agency of the Company, a
new Security or Securities of this series of authorized denominations, for a like aggregate principal amount, will be issued to the transferee as provided in the Indenture. No service charge shall be made for any such transfer, but the Company may
require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto. 

Default in the performance, or breach, of the covenant set forth under “Offer to Repurchase Upon a Change of
Control” will be an “Event of Default” under Section 5.01 of the Indenture, and the covenant set forth under such section will be subject to defeasance in accordance with Section 12.03 of the Indenture. 

The Company, the Trustee, and any authorized agent of the Company or the Trustee, may deem and treat the registered holder
hereof as the absolute owner of this Security (whether or not this Security shall be overdue and notwithstanding any notation of ownership or other writing hereon made by anyone other than the Company, the Trustee or any authorized agent of the
Company or the Trustee), for the purpose of receiving payment of, or on account of, the principal hereof and premium, if any, and interest hereon and for all other purposes, and none of the Company, the Trustee nor any authorized agent of the
Company or the Trustee shall be affected by any notice to the contrary. 
 The Securities of this series are subject to
defeasance as described in the Indenture. 
 No recourse shall be had for the payment of the principal of, premium, if any,
or the interest on this Security, for any claim based hereon, or otherwise in respect hereof, or based on or in respect of the Indenture or any Indenture supplemental thereto, against any incorporator, shareholder, officer or director, as such,
past, present or future, of the Company or of any successor corporation, either directly or through the Company or any successor corporation, whether by virtue of any constitution, statute or rule of law or by the enforcement of any assessment or
penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the issue hereof, expressly waived and released. 

The Indenture is hereby incorporated by reference and, to the extent of any conflict between the provisions hereof and the
Indenture, the Indenture shall control. Terms used but not defined herein have the meanings assigned to such terms in the Indenture. 

This Security shall be deemed to be a contract under the laws of the State of New York, and for all purposes shall be
construed in accordance with the laws of said State, except as may otherwise be required by mandatory provisions of law. 
 Optional
Redemption 
 The Securities of this series are redeemable in whole or in part, at the option of the Company at any time
and from time to time, on not less than 30 nor more than 60 days’ prior notice mailed to the holders of the Securities. Prior to [            ], 2044 (six months prior to the date of
Maturity of the Securities of this series) the Securities of this series will be redeemable at a redemption price, plus accrued interest to the date of redemption, equal to the greater of (1) 100% of the principal amount of the Securities of
this series to be redeemed or (2) the sum of the present values of the remaining scheduled payments of principal and interest on the Securities of this series to be redeemed that would be due if the Securities of this series matured on the Par
Call Date (except that, if such redemption date is not an Interest Payment Date, the amount of the next succeeding scheduled interest payment will be reduced (solely for the purpose of this 

 
calculation) by the amount of interest accrued thereon to the redemption date), discounted to the redemption date (using the discount rate set forth below) on a semiannual basis (assuming a
360-day year consisting of twelve 30-day months). The discount rate for the Securities of this series will be the Treasury Rate plus [            ] basis points. 

At any time on or after [            ], 2044 (six months prior to
the date of Maturity of the Securities of this series), the Securities of this series are redeemable, in whole or in part at any time and from time to time, at the Company’s option at a redemption price equal to 100% of the principal amount of
the Securities of this series to be redeemed plus accrued interest thereon to the date of redemption. 
 “Comparable
Treasury Issue” means the United States Treasury security selected by an Independent Investment Banker that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate
debt securities of comparable maturity to the remaining term of the Securities of this series. “Independent Investment Banker” means one of the Reference Treasury Dealers appointed by the Company. 

“Comparable Treasury Price” means, with respect to any redemption date, (1) the average of the Reference
Treasury Dealer Quotations for such redemption date, after excluding the highest and lowest of such Reference Treasury Dealer Quotations, or (2) if the Company obtains fewer than four such Reference Treasury Dealer Quotations, the average of
all Reference Treasury Dealer Quotations obtained, or (3) if only one Reference Treasury Dealer Quotation is obtained, such Reference Treasury Dealer Quotation. 

“Par Call Date” means, the date that is six months prior to the date of Maturity of the Securities of this
series. 
 “Reference Treasury Dealer” means Barclays Capital Inc., J.P. Morgan Securities LLC, Merrill
Lynch, Pierce, Fenner & Smith Incorporated and Morgan Stanley & Co. LLC and their successors and two other nationally recognized investment banking firms that are Primary Treasury Dealers specified from time to time by the Company,
except that if any of the foregoing ceases to be a primary U.S. Government securities dealer in New York City (a “Primary Treasury Dealer”), the Company shall be required to designate as a substitute another nationally recognized
investment banking firm that is a Primary Treasury Dealer. 
 “Reference Treasury Dealer Quotations” means,
with respect to each Reference Treasury Dealer and any redemption date, the average, as determined by the Company, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted
in writing to the Company by such Reference Treasury Dealer as of 3:30 p.m., New York City time, on the third Business Day preceding such redemption date. 

“Treasury Rate” means, with respect to any redemption date, the rate per annum equal to the semiannual
equivalent yield to maturity (computed as of the second Business Day immediately preceding such redemption date) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount)
equal to the Comparable Treasury Price for such redemption date. 
 Prior to any redemption date, the Company shall be
required to deposit with a paying agent money sufficient to pay the redemption price of, and accrued interest on, the Securities of this series to be redeemed on such date. If the Company is redeeming less than all the Securities of this series, the
Trustee must select the Securities to be redeemed, either pro rata, by lot or by such other method as the Trustee deems fair and appropriate; provided, that so long as the Securities of this series are represented by one or more global securities,
interests in such Securities will be selected for redemption by the Depositary in accordance with its standard procedures therefor. Subject to payment by the Company of a sum sufficient to pay the amount due on redemption, interest on this Security
(or portion hereof if this Security is redeemed in part) shall cease to accrue upon the date duly fixed for redemption of this Security (or portion hereof if this Security is redeemed in part). In the event of redemption of this Security in part
only, a new Security or Securities of this series for the unredeemed portion hereof will be issued in the name of the holder hereof upon the cancellation hereof. On the redemption date, the Company shall deliver to the

 
Trustee an Officers’ Certificate stating the redemption price. The Trustee shall have no responsibility for determining the redemption price. Notwithstanding Section 11.02 of the
Indenture, the notice of such redemption need not set forth the redemption price but only the manner of calculation thereof if such redemption price is not then ascertainable. 

Offer to Repurchase Upon a Change of Control 

If a Change of Control Triggering Event (as defined below) occurs, unless the Company has exercised its right to redeem the
Securities of this series as described above, holders of the Securities of this series will have the right to require the Company to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess thereof) of their Securities
pursuant to the offer described below (the “Change of Control Offer”). In the Change of Control Offer, the Company will be required to offer payment in cash equal to 101% of the aggregate principal amount of Securities of this
series repurchased plus accrued and unpaid interest, if any, on the Securities of this series repurchased, to the date of purchase (the “Change of Control Payment”). Within 30 days following any Change of Control Triggering Event,
the Company will be required to mail a notice to holders of the Securities of this series describing the transaction or transactions that constitute the Change of Control Triggering Event and offering to repurchase such Securities on the date
specified in the notice, which date will be no earlier than 30 days and no later than 60 days from the date such notice is mailed (the “Change of Control Payment Date”), pursuant to the procedures described herein and in such
notice. The Company must comply with the requirements of Rule 14e-1 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and any other securities laws and regulations thereunder to the extent those laws and
regulations are applicable in connection with the repurchase of the Securities of this series as a result of a Change of Control Triggering Event. To the extent that the provisions of any securities laws or regulations conflict with the Change of
Control provisions herein, the Company will be required to comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under the Change of Control provisions herein by virtue of such conflicts.

 On the Change of Control Payment Date, the Company will be required, to the extent lawful, to (i) accept for payment
all Securities of this series or portions of such Securities properly tendered pursuant to the Change of Control Offer; (ii) deposit with the paying agent an amount equal to the Change of Control Payment in respect of all Securities of this
series or portions of such Securities properly tendered; and (iii) deliver or cause to be delivered to the Trustee the Securities of this series properly accepted together with an Officers’ Certificate stating the aggregate principal
amount of Securities of this series or portions of such Securities being purchased. 
 “Below Investment Grade
Rating Event” means the Securities of this series are rated below an Investment Grade Rating by each of the Rating Agencies (as defined below) on any date from the date of the public notice of an arrangement that could result in a Change of
Control until the end of the 60-day period following public notice of the occurrence of the Change of Control (which 60-day period shall be extended so long as the rating of the Securities of this series is under publicly announced consideration for
possible downgrade by any of the Rating Agencies). 
 “Change of Control” means the occurrence of any of
the following: (i) the direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the properties or assets of the
Company and its Subsidiaries taken as a whole to any Person other than the Company or one of its Subsidiaries; (ii) the consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any
Person becomes the beneficial owner, directly or indirectly, of more than 50% of the then outstanding number of shares of the Company’s voting stock; or (iii) the first day on which a majority of the members of the Company’s Board of
Directors are not Continuing Directors. 
 “Change of Control Triggering Event” means the occurrence of
both a Change of Control and a Below Investment Grade Rating Event. 
 “Continuing Directors” means, as of
any date of determination, any member of the Board of Directors of the Company who (i) was a member of such Board of Directors on the date of original issue of 

 
this Security; or (ii) was nominated for election or elected to such Board of Directors with the approval of a majority of the Continuing Directors who were members of such Board of
Directors at the time of such nomination or election (either by a specific vote or by approval of the Company’s proxy statement in which such member was named as a nominee for election as a director, without objection to such nomination). 

“Fitch” means Fitch Ratings. 

“Investment Grade Rating” means a rating equal to or higher than BBB- (or the equivalent) by Fitch, Baa3 (or
the equivalent) by Moody’s and BBB- (or the equivalent) by S&P. 
 “Moody’s” means
Moody’s Investors Service, Inc. 
 “Person” means any individual, partnership, corporation, limited
liability company, joint stock company, business trust, trust, unincorporated association, joint venture or other entity, or a government or political subdivision or agency thereof. 

“Rating Agencies” means (i) each of Fitch, Moody’s and S&P; and (ii) if any of Fitch,
Moody’s or S&P ceases to rate the notes or fails to make a rating of the notes publicly available for reasons outside of the Company’s control, a “nationally recognized statistical rating organization” within the meaning of
Rule 15c3-1(c)(2)(vi)(F) under the Exchange Act, selected by the Company (as certified by a Board Resolution) as a replacement agency for Fitch, Moody’s or S&P, or all of them, as the case may be. 

“S&P” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies,
Inc. 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 

 

			
	 THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,

	     as Trustee

		
	 By:
	 	  

		 	 Authorized Signatory

Date:                     

 FORM OF TRANSFER NOTICE 

FOR VALUE RECEIVED the undersigned registered holder hereby sell(s), assign(s) and transfer(s) unto 

Insert Taxpayer Identification No.: 

Please print or typewrite name and address including zip code of assignee of the within Security: 

and all rights thereunder, hereby irrevocably constituting and appointing
                     to transfer said Security on the books of the Company with full power of substitution in the premises. 

 

			
	  

	 By:
	 	
	 Date:
	 	

 SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY 

The following increases or decreases in this Global Security have been made: 

 

									
	 Date of Increase

or Decrease
	 	 Amount of decrease

in Principal Amount
 of the
Global
 Security
	 	 Amount of increase

in Principal Amount
 of this
Global
 Security
	 	 Principal Amount of

this Global Security

following such
 decrease or
increase
	 	 Signature of

authorized signatory of
Trustee or Securities
CustodianEX-10.1

 Exhibit 10.1 

PROPOSAL TEN: APPROVAL OF THE GLOBAL INDEMNITY PLC SHARE INCENTIVE PLAN 

On February 9, 2014, our Board adopted, subject to shareholder approval, the Global Indemnity plc Share Incentive Plan (the “Share
Incentive Plan”). If the Share Incentive Plan is approved by our shareholders, all officer, employee, consultant and non-employee director equity grants after the Annual General Meeting will be from the Share Incentive Plan. The Global
Indemnity plc 2003 Share Incentive Plan expired pursuant to its terms on September 5, 2013 (the “2003 Share Incentive Plan”). 

The primary purpose of the Share Incentive Plan is to provide Global Indemnity a competitive advantage in attracting, retaining and motivating
officers, employees, consultants and non-employee directors, and to provide Global Indemnity with a share plan providing incentives linked to the financial results of the Company’s business and increases in shareholder value. 

We are asking shareholders to approve the Share Incentive Plan in order to comply with applicable requirements of The NASDAQ Stock Market and,
to the extent permitted by law, to preserve the tax deductible status for certain awards granted under the Share Incentive Plan. The Share Incentive Plan would authorize performance-based stock awards that would give the Company the flexibility to
structure stock-based awards as performance-based within the meaning of Section 162(m) of the Internal Revenue Code of `1986, as amended (the “Code”). 

A total of 2,000,000 A ordinary shares are reserved for issuance under the Share Incentive Plan. Of these shares, the Company has already made
contingent grants to directors and employees of approximately 117,789 restricted A ordinary shares and options to acquire 25,000 A ordinary shares subject to shareholder approval of the Share Incentive Plan at the Annual General Meeting. Therefore,
if the Share Incentive Plan is approved, these contingent grants will be effective. If shareholder approval is not obtained, then these grants will not be effective. After taking into consideration these contingent grants, there would be
approximately 1,857,211 A ordinary shares remaining for future grants under the Share Incentive Plan. 
 The total number of shares issuable
under awards we have granted under the 2003 Share Incentive Plan, as a percentage of our annual weighted average A ordinary Shares outstanding (the “burn rate”) has been on average 1.57% over the last three completed fiscal years, which is
below the Institutional Shareholder Services, Inc. industry cap for Non-Russell 3000 companies of 2.58%. As applicable for the award, this calculation is based on the number of shares issuable at the target level of performance under awards as of
the dates they were granted. Assuming all 2,000,000 A ordinary shares of the Company are to be available under the Share Incentive Plan pursuant to this proposal were fully dilutive as of April 7, 2014, the dilutive effect on all outstanding A
ordinary shares would be approximately 15.2%. This dilution level includes, as of April 7, 2014 437,500 options outstanding (with a weighted average exercise price of $18.93 and weighted average term of 7.45 years) and 117,766 A ordinary shares
of full value awards outstanding. 
 If the Share Incentive Plan is approved, this will result in the effectiveness of the contingent grants
described above, which will be distributed as follows: 
 New Plan Benefits 

Share Incentive Plan 
  

									
	 Name and Position
	  	Dollar
Value ($)	 	 	Number
of
A Ordinary
Shares	 
	 Cynthia Y. Valko, Chief Executive Officer
	  	 	300,000	  	 	 	11,857	  
	 Thomas M. McGeehan, Executive Vice President and Chief Financial Officer
	  	 	175,000	  	 	 	6,916	  
	 Joseph R. Lebens, Executive Vice President and Chief Underwriting and Actuary Officer of Global Indemnity Group
	  	 	150,000	(1)  	 	 	5,928	(1) 
	 William J. Devlin, Jr., Executive Vice President and Chief Claims and Operations Officer of Global Indemnity Group
	  	 	125,000	  	 	 	4,940	  
	 Matthew B. Scott, Executive Vice President and Chief Marketing Officer of Global Indemnity Group
	  	 	150,000	  	 	 	5,928	  
	 Executive Group
	  	 	900,000	  	 	 	60,569	  
	 Non-Executive Director Group
	  	 	947,258	  	 	 	27,766	  
	 Non-Executive Officer Employee Group
	  	 	1,378,000	  	 	 	54,454	  

  

	(1)	Excludes options to acquire 25,000 A ordinary shares with an estimated fair value of $8.60 per option. For a discussion of the options, see “Long-Term Equity Incentives and Annual Bonus Incentives – 2013 Bonus
Opportunity – Equity Bonus Opportunity” below. 

 Other than the contingent grants identified in the above table, the benefits that will be awarded
or paid under the Share Incentive Plan cannot currently be determined. The number of awards (if any) that an employee or director may receive under the Share Incentive Plan is in the discretion of the Compensation and Benefits Committee and the
committee has not determined future awards or who receive them except as set forth in the table above. The Share Incentive Plan provides for the issuance of stock options, restricted shares and other share-based awards and performance-based
compensation awards (collectively the “Awards”). The Share Incentive Plan is not subject to the Employee Retirement Income Security Act of 1974, as amended. On April 7, 2014, the market value of the shares underlying contingent awards
made under the Share Incentive Plan and the shares available for future grants under the Share Incentive Plan was $51,100,000. 
 The
following is a summary of the material terms of the Share Incentive Plan, and does not include all of the provisions of the Share Incentive Plan. For further information about the Share Incentive Plan, we refer you to a complete copy of the Share
Incentive Plan, which is attached as Exhibit A to this Proxy Statement. 
 Administration 

The Share Incentive Plan provides that it will be administered by the Compensation & Benefits Committee of our Board, or another
committee of the Board constituted so as to permit awards under the Share Incentive Plan to comply with the “non-employee director” provisions of Rule 16b-3 under the Exchange Act and the “outside director” requirements of
Section 162(m) of the Code, or, absent a committee to administer the Share Incentive Plan, the Board. The administrator is empowered to select who may participate in the Share Incentive Plan; determine whether and to what extent Awards are
granted; determine the number of A ordinary shares covered by each Award; determine the terms and conditions of any Award, including vesting; subject to the terms of the Share Incentive Plan, modify, amend or adjust the terms and conditions of any
Award, including to reduce the exercise price of an outstanding stock option or other share-based award or to cancel and replace stock options with a below Fair Market Value exercise price; determine to what extent and under what circumstances
awards or payments thereunder shall be deferred; adopt, alter and repeal administrative rules for the Share Incentive Plan; interpret the terms and provisions of the Share Incentive Plan and any Award issued; adopt any sub-plans as deemed necessary;
and otherwise supervise and administer the Share Incentive Plan. 
 A Ordinary Shares Subject to the Share Incentive Plan; Equity Restructuring
Transactions and Acquisition Events 
 The Share Incentive Plan makes available the number of A ordinary shares described above, subject
to adjustments. If any outstanding Award is terminated without being exercised or forfeited, the shares subject to such Awards will again be available for distribution in connection with Awards under the Share Incentive Plan. In addition, in
determining the number of A ordinary shares available for Awards other than Incentive Stock Options (“ISOs”), if A ordinary shares have been delivered or exchanged by a participant as full or partial payment to the Company for payment of
the exercise price, or for payment of withholding taxes, or if the number of A ordinary shares otherwise deliverable has been reduced for payment of the exercise price or for payment of withholding taxes, the number of A ordinary shares exchanged or
reduced as payment in connection with the exercise or for withholding shall again be available for purposes of Awards other than ISOs. 

The total number of A ordinary shares subject to any option which may be granted under the Share Incentive Plan to any participant is 100,000
during each fiscal year of Global Indemnity and shall be cumulative; that is, to the extent that A ordinary shares for which options are permitted to be granted during a fiscal year to a participant are not covered by a grant of an option, such A
ordinary shares available for grants to such a participant automatically increase in subsequent fiscal years during the term of the Share Incentive Plan until used. The total number of other share based awards, as defined in the Share Incentive
Plan, contingent upon the attainment of performance goals granted to any participant in any fiscal year shall not exceed 50,000. 

 In the event any merger, reorganization, consolidation, recapitalization, spin-off, stock
dividend, share split, reverse share split, extraordinary distribution with respect to the A ordinary shares, any sale or transfer of all or part of the Company’s assets or business or other change in corporate structure affecting the A
ordinary shares occurs or is proposed (such an event, an “Equity Restructuring”), the administrator shall make such substitution or adjustment in the aggregate number and kind of shares or other property reserved for issuance under the
Plan or any limitations under the Plan, in the number, kind and exercise price of shares or other property subject to outstanding Awards, as applicable, and/or such other substitution or adjustments, in each case as the administrator shall determine
in its discretion to be appropriate, such that the value of the adjusted shares or other property immediately prior to the Equity Restructuring is the same as the value of such adjusted shares or other property immediately following the Equity
Restructuring, provided that, in no case shall such determination adversely affect in any material respect the rights of a participant. In connection with any Equity Restructuring, the administrator may provide, in its sole discretion, for the
cancellation of any outstanding stock option and payment in cash or other property in exchange therefor in an amount equal to the excess at such time, if any, of the fair market value of the underlying A ordinary shares over the per share exercise
price for such stock options. 
 In the event of a merger or consolidation in which the Company is not the surviving entity or in the event
of any transaction that results in the acquisition of substantially all of the Company’s outstanding A ordinary shares by a single person or entity or by a group of persons and/or entities acting in concert, or in the event of the sale or
transfer of all or substantially all of the Company’s assets (all of the foregoing being referred to as “Acquisition Events”), then the administrator may, in its sole discretion, terminate all outstanding stock options, subject to
certain notice and acceleration provisions set forth in the Share Incentive Plan. 
 Participants 

Persons who are (a) Global Indemnity’s officers, directors, employees and consultants, (b) at the time of grant may be
performing services for Global Indemnity, including officers, directors, employees and affiliates (a “Fox Paine Participant”) of Fox Paine; and (c) non-employee directors of Global Indemnity, are eligible to be granted Awards under
the Share Incentive Plan. As of April 7, 2014, approximately 32 employees, including all of our executive officers, would be eligible to participate in the programs approved under the Share Incentive Plan. In addition, a small number of
other service providers that we may engage from time-to-time and the non-employee members of the Board would be eligible to receive Awards under the Share Incentive Plan.  

Stock Options 
 A stock option granted
under the Share Incentive Plan permits the holder to purchase from Global Indemnity a stated number of A ordinary shares at an exercise price established by the administrator. Stock Options shall be evidenced by an option agreement and are subject
to the terms of the Share Incentive Plan. Options will be designated as either nonstatutory stock options or incentive stock options. The exercise price of an option may not be less than the fair market value of an A Ordinary Share on the date of
the grant. The exercise price of ISOs granted to a 10% or greater shareholder may not be less than 110% of the fair market value on the date of grant. The term of each stock option shall be determined by the administrator on the date of the grant,
but may not exceed ten years (or, in the case of an ISO granted to a 10% or greater shareholder, five years). Stock options are non-transferable other than by will or by laws of descent and distribution or as otherwise permitted to a family member,
under the holder’s option agreement and, if such holder of stock options is a party to the Management Shareholders Agreement, subject to the restrictions in the Management Shareholders Agreement dated as of September 5, 2003, as amended
and/or restated, among Global Indemnity and certain Fox Paine affiliates (the “Management Shareholders Agreement”). The Management Shareholders Agreement contains certain restrictions on the transferability of the Award, and a right of
first refusal and purchase right in favor of Global Indemnity with respect to the Award. Payment of the exercise price of stock options may be made by certified or bank check or such other instrument or method of payment as the administrator may
accept. Unless otherwise provided in the award agreement, payment may also be made in the form of fully vested A ordinary shares under specified circumstances. Unless otherwise provided in the applicable award agreement, exercise of a stock option
through a broker’s cashless exercise or through “net settlement” in A ordinary shares is also permitted. After termination for any reason other than Cause, as defined in the Share Incentive Plan, including death or disability, of a
participant, he or she may exercise his or her option, to the extent vested, for the period of time specified in the option agreement. In the absence of a specified time in the 

 
option agreement, the option will remain exercisable for ninety (90) days following a termination. However, an option generally may not be exercised later than the expiration of its term. If
a participant is terminated for Cause, or at the time the such participant voluntarily terminates employment within ninety (90) days after the occurrence of an event that would be grounds for a termination for Cause, the option will be
cancelled immediately upon such termination, and will not then be exercisable by such participant. 
 Restricted Shares 

Restricted share awards are A ordinary shares that vest in accordance with terms and conditions established by the administrator. The
administrator shall determine to whom and the time at which grants of restricted shares will be awarded, the number of shares to be awarded to any participant, the purchase price, the vesting conditions, the times within which such awards may be
subject to cancellation, repurchase and transfer restrictions and any other terms and conditions of the awards, in addition, with respect to each Fox Paine Participant, to those contained in the Management Shareholders Agreement and the Articles of
Association. The terms and conditions of each award shall be evidenced by a restricted share agreement. Unless otherwise specified in the restricted share agreement, upon a participant’s termination for any reason during the relevant
restriction period, all unvested restricted shares shall be forfeited. 
 Other Share-Based Awards 

The administrator is authorized to grant other share-based awards that are payable in, valued in whole or in part by reference to, or otherwise
based on or related to A ordinary shares and to set the terms and conditions of such grants in accordance with the Share Incentive Plan. Other share-based awards may include, but are not limited to, A ordinary shares awarded purely as a bonus and
not subject to any restrictions or conditions, A ordinary shares in payment of the amounts due under an incentive or performance plan, share appreciation rights, share equivalent units, and awards valued by reference to book value of A ordinary
shares. Unless otherwise provided in the applicable award agreement, the recipient of share-based awards will be entitled to receive, currently or on a deferred basis, dividends or dividend equivalents with respect to the number of A ordinary shares
covered by the Award, as determined at the time of the award by the administrator, in its sole discretion. 
 Performance Criteria 

The administrator may design any Award so that the amounts or A ordinary shares payable thereunder are treated as “qualified
performance-based compensation” within the meaning of Section 162(m) of the Code. Performance goals established for purposes of an award of performance-based awards intended to comply with Section 162(m) of the Code shall be based on
one or more of the following performance criteria: (i) the attainment of certain target levels of, or a specified percentage increase in, revenues, income before taxes and extraordinary items, net income, operating income, earnings before
income tax, earnings before interest, taxes, depreciation and amortization or a combination of any or all of the foregoing; (ii) the attainment of certain target levels of, or a percentage increase in, after-tax or pre-tax profits including,
without limitation, that attributable to continuing and/or other operations; (iii) the attainment of certain target levels of, or a specified increase in, operational cash flow; (iv) the achievement of a certain level of, reduction of, or
other specified objectives with regard to limiting the level of increase in, all or a portion of, the Company’s bank debt or other long-term or short-term public or private debt or other similar financial obligations of the Company, which may
be calculated net of such cash balances and/or other offsets and adjustments as may be established by the Committee; (v) earnings per share or the attainment of a specified percentage increase in earnings per share or earnings per share from
continuing operations; (vi) the attainment of certain target levels of, or a specified increase in return on capital employed or return on invested capital; (vii) the attainment of certain target levels of, or a percentage increase in,
after-tax or pre-tax return on shareholders’ equity; (viii) the attainment of certain target levels of, or a specified increase in, economic value added targets based on a cash flow return on investment formula; (ix) the attainment of
certain target levels in the fair market value of the shares of the Company’s ordinary shares; (x) the growth in the value of an investment in the Company’s ordinary shares assuming the reinvestment of dividends; (xi) the
attainment of a certain level of, reduction of, or other specified objectives with regard to limiting the level in or increase in, all or a portion of controllable expenses or costs or other expenses or costs or a reduction of the loss ratio,
expense ratio, or combined ratio; (xii) achievement of certain targets with respect to the Company’s book value, assets or liabilities. 

 Performance goals may be based upon the attainment of specified levels of Global Indemnity
performance under one or more measures described above relative to the performance of other companies. To the extent permitted by Section 162(m) of the Code, the administrator may designate additional business criteria on which performance
goals may be based or adjust, modify or amend the aforementioned business criteria. 
 Term, Amendment and Termination 

The Share Incentive Plan expires on February 9, 2019, five years from its adoption by the Board. Awards outstanding as of such date shall
not be affected or impaired by the expiration of the Share Incentive Plan and shall remain subject to the Share Incentive Plan’s terms. 

Subject to applicable law, the Share Incentive Plan may, at any time, be amended, suspended or terminated, prospectively or retroactively, by
the administrator; provided, however, that no amendment, suspension or termination shall be made that is adverse to the rights of a participant under an Award without such participant’s consent unless otherwise provided by law or in the Share
Incentive Plan. In addition, shareholder approval may be required to satisfy tax rules applicable to performance-based compensation under Section 162(m) of the Code or to subsequent grants of incentive stock options, or to satisfy other
applicable legal or regulatory requirements including exchange listing requirements. 
 Unfunded Status of Plan 

It is intended that the Share Incentive Plan constitute an “unfunded” plan for incentive and deferred compensation. 

General Provisions 
 Restricted A ordinary
shares and A ordinary shares issued upon exercise of stock options shall be evidenced in such manner as the Committee may deem appropriate, including book entry registration or issuance of one or more share certificates. Any certificate issued shall
be registered and shall bear the appropriate legends, if any. 
 A participant shall make the necessary arrangements to satisfy any payment
or withholding of applicable US federal, state, local or foreign taxes, including, if approved by the administrator, by paying with A ordinary shares, including any A ordinary shares that are part of an Award giving rise to the withholding
requirement. 
 The Share Incentive Plan and all Awards shall be governed by and construed and enforced in accordance with the laws of the
State of Delaware. 
 No fractional shares shall be issued under the Share Incentive Plan and no cash settlements shall be made with respect
to fractional shares eliminated by rounding. 
 To the extent required by the administrator, the participant may be required to execute and
deliver a shareholder’s agreement or such other documentation as a condition to the receipt of an Award, which shall set forth certain restrictions on transferability of the Award, a right of first refusal of Global Indemnity with respect to
the Award, the right of Global Indemnity to purchase the Award and other such terms as the administrator shall establish from time to time. 

No Award shall be granted, deferred, accelerated, extended, paid out or modified under the Share Incentive Plan in a manner that would result
in the imposition of an additional tax under Section 409A of the Code upon a participant. If it is reasonably determined by the administrator that, as a result of Section 409A of the Code, payments or deliveries of A ordinary shares
awarded under the Share Incentive Plan may not be made at the time without causing the participant to be subject to taxation under Section 409A of the Code, Global Indemnity will make such payment or delivery of A ordinary shares on the first
day that would not result in the participant incurring any tax liability under Section 409A of the Code. 

 U.S. Federal Income Tax Consequences 

Stock option grants under the Share Incentive Plan may be intended to qualify as incentive stock options under Section 422 of the Code or
may be non-qualified stock options. Generally, no federal income tax is payable by a participant upon the grant of a stock option and no deduction is taken by the Company. Under current tax laws, if a participant exercises a non-qualified stock
option, he or she will have taxable income equal to the difference between the fair market value of the common stock on the exercise date and the stock option exercise price. Global Indemnity will be entitled to a corresponding deduction on its
income tax return. A participant will have no taxable income upon exercising an incentive stock option provided that the applicable periods for holding the resulting shares of stock are satisfied (except that alternative minimum tax may apply), and
Global Indemnity will receive no deduction when an incentive stock option is exercised. The tax treatment for a participant of a disposition of shares acquired through the exercise of an option depends on how long the shares were held and on whether
the shares were acquired by exercising an incentive stock option or a non-qualified stock option. Global Indemnity may be entitled to a deduction in the case of a disposition of shares acquired under an incentive stock option before the applicable
holding periods have been satisfied. 
 For restricted stock awards, no taxes are due when the award is initially made (unless the recipient
makes a timely election under Section 83(b) of the Code), but the award becomes taxable when it is no longer subject to a “substantial risk of forfeiture” (i.e., becomes vested or transferable). Income tax is paid at ordinary rates on
the value of the stock when the restrictions lapse, and then at capital gain rates when the shares are sold. 
 Awards granted under the
Share Incentive Plan may qualify as “performance-based compensation” under Section 162(m) of the Code in order to preserve federal income tax deductions by Global Indemnity with respect to annual compensation required to be taken into
account under Section 162(m) that is in excess of $1 million and paid to Global Indemnity’s Chief Executive Officer or any of the three other most highly compensated executive officers (excluding the Chief Financial Officer). The
Compensation Committee may grant awards that are not intended to qualify as “performance-based compensation” under Section 162(m) of the Code, which awards would be subject to the $1 million deductibility limit of Code
Section 162(m). 
 The Share Incentive Plan has been drafted with the intention of avoiding the application of taxes under
Section 409A of the Code to any participant on account of the grant, vesting, or settlement of awards. 
 The directors and executive
officers of Global Indemnity has an interest in this Proposal Ten as the directors and executive officers of Global Indemnity will receive grants under the Share Incentive Plan if approved. For a discussion of the grants directors and officers will
receive under the Share Incentive Plan, please see the New Benefits Plan table in this section above, the disclosure related to director compensation under “Director Compensation” below and the disclosure related to executive compensation
under “Executive Compensation-Compensation Discussion and Analysis” below. 
 UPON APPROVAL OF THE SHARE INCENTIVE PLAN BY THE SHAREHOLDERS,
THE COMPANY INTENDS TO REGISTER UNDER THE SECURITIES ACT OF 1933 THE 2,000,000 SHARES OF A ORDINARY SHARES AUTHORIZED FOR ISSUANCE UNDER THE SHARE INCENTIVE PLAN.

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