Document:

exv10w1

 

Exhibit
10.1

COMPENSATION OF THE NON-EMPLOYEE MEMBERS OF

THE BOARD OF TRUSTEES

ANNUAL RETAINERS

Annual Cash Retainer Fee

$20,000 annual fee, payable in the amount of $5,000 quarterly to all non-employee trustees.

Annual Equity Retainer Awards

Annual grants of restricted shares with a value of $25,000. Vesting is in three equal
annual installments, with full accelerated vesting at the time the trustee leaves the
board. These grants will be made on the date of each annual meeting to those non-employee
trustees who are members of the Board immediately after the annual meeting. The number of
restricted shares will be equal to $25,000 divided by the closing price of the common shares on the date of the annual meeting.

ANNUAL RETAINERS TO CHAIRMEN — (in addition to annual retainers above)

Chairman of the Board Annual Retainer Fee

$20,000 annual fee to the Chairman of the Board of Trustees, payable in stock in the amount
of $5,000 quarterly.

Chairman of the Audit Committee Annual Retainer Fee

$15,000 annual fee to the Chairman of the Audit Committee, payable in stock in the amount
of $3,750 quarterly.

Chairman of the Finance Committee Annual Retainer Fee

$15,000 annual fee to the Chairman of the Finance Committee, payable in stock in the amount
of $3,750 quarterly.

 

 

Chairman of Other Standing Committees Annual Retainer Fee

$10,000 annual fee to the Chairman of the Compensation Committee, the Chairman of the
Corporate Governance Committee and any other standing committee established by the Board,
payable in stock in the amount of $2,500 quarterly.

PER MEETING FEES (in addition to all annual fees listed above)

Board Meeting Fees

$2,000 per board meeting to all non-employee board members.

Committee Fees

$2,000 per committee meeting to all non-employee board members.

NEW TRUSTEE AWARDS

Equity Awards to New Trustees

Upon initial appointment or election to the board, a new non-employee trustee will receive
a one-time grant of restricted shares with a value of $50,000 to $75,000 (as selected by
the Board) that would vest over a three-year period. The number of restricted shares will
be equal to the value selected by the Board divided by the closing price of the common shares on the date the new trustee is first appointed or elected the Board.

ELECTION TO RECEIVE SHARES

Each non-employee trustee shall have the right to elect to receive common shares in lieu of
any cash payments that the trustee is entitled to receive under the trustee compensation
programs.exv10w2

 

EXECUTION COPY

AMENDMENT TO EXECUTIVE EMPLOYMENT AGREEMENT

     WHEREAS, United America Indemnity Group, Inc. (the “Company”) is party to an executive
employment agreement dated as of February 15, 2006 (the “Agreement”) with Joseph Morris (the
“Executive”);

     WHEREAS, Section 5.03 of the Agreement provides that the Agreement may be amended pursuant to
a written instrument signed by the Company and the Executive; and

     WHEREAS, the Company and the Executive desire that scrivener’s errors in Section 1.03.4 be
corrected; and

     WHEREAS, the actions contemplated herein on behalf of the Company have been duly and validly
authorized by all necessary action and no other proceedings on the part of the Company are
necessary to consummate the actions contemplated herein.

     NOW THEREFORE, the Agreement is hereby amended as follows:

     1. All references to “April 1” in Section 1.03.4 shall be replaced with “February 15.”

     2. In all other respects the Agreement shall continue in full force and effect.

     INTENDED TO BE LEGALLY BOUND, the signatories hereto have caused this amendment to be executed
as of the February 15, 2006.

	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	UNITED AMERICA INDEMNITY GROUP, INC.	 	EXECUTIVE	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	/s/ Kevin Tate
	 	 	 	By:
	 	/s/ Joseph Morris	 	 
	 

	 	 
	 	 	 	 	 	 	 	 
	Name: Kevin Tate	 	 	 	Name: Joseph Morris	 	 
	Title: Sr. VP and Chief Financial Officerexv10w2

 

Exhibit 10.2

STOCK REPURCHASE AGREEMENT

          THIS STOCK REPURCHASE AGREEMENT (“Agreement”) is made and entered into as of May 9, 2006 (the
“Effective Date”), by and among Advanta Corp., a Delaware corporation (the “Company”), Dennis Alter
(“Alter”), Dennis J. Alter, Trustee U/I/T dated December 15, 2003 (the “2003 GRAT”) and the Dennis
J. Alter, Trustee U/I/T dated May 24, 2004 (the “2004 GRAT”, and collectively with Alter and the
2003 GRAT, the “Sellers”).

          WHEREAS, each Seller owns the number of shares of Class B Common Stock of the Company set
forth next to such Seller’s name on Exhibit A hereto (the “Shares”).; and

          WHEREAS, the Company desires to repurchase from each Seller the Seller’s Shares and each
Seller desires to sell, assign and transfer to the Company each of the Seller’s Shares, upon the
terms and subject to the conditions set forth in this Agreement.

          NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants contained
herein, the parties hereto, intending to be legally bound, agree as follows:

          1. Purchase of the Shares, Purchase Price. Subject to the terms and conditions
contained in this Agreement, each of the Sellers hereby sells, assigns and transfers the Shares set
forth next to such Seller’s name on Exhibit A hereto to the Company for a purchase price of $38.67
per Share, payable by wire transfer of immediately available funds.

          2. Delivery of Stock Powers. Contemporaneously with the execution of this Agreement,
each of the Sellers is delivering to the Company one or more irrevocable stock powers relating to
all of the Shares being sold by such Seller hereunder, in the form attached hereto as Exhibit B.

          3. Representations, Warranties and Covenants of Sellers.

          a. Each Seller hereby represents, warrants and covenants:

          i. such Seller is the lawful owner, both beneficially and of record, of the
Shares set forth next to such Seller’s name on Exhibit A hereto. Such Seller owns
such Shares free and clear of all liens, encumbrances, restrictions and claims of
every kind;

          ii. such Seller has the legal right, power and authority to
enter into this Agreement and to consummate the
transactions contemplated herein;

          iii. such Seller hereby transfers to the Company good and
valuable title to each of the Shares set forth next to
Seller’s name on Exhibit A hereto, free and clear of
all liens, encumbrances, and claims of every kind. As
soon as reasonably practicable after the Effective
Date, such Seller shall deliver such Shares set forth
next to such Seller’s name on Exhibit A hereto to the

 

 

          Company;

          iv. such Seller is not subject to or a party to any lien,
agreement, contract, law, regulation, order, judgment
or decree, or any other restriction of any kind or
character, that would prevent consummation of the
transactions contemplated by this Agreement or that
would otherwise restrict such Seller’s ability to
transfer marketable title to the Shares set forth next
to Seller’s name on Exhibit A hereto in accordance with
the terms hereof; and

          v. this Agreement is binding upon such Seller and enforceable in accordance
with its terms.

     b. The 2003 GRAT represents and warrants that it is duly established and
validly existing under the laws of the Commonwealth of Pennsylvania.

     c. The 2004 GRAT represents and warrants that it is duly established and
validly existing under the laws of the Commonwealth of Pennsylvania.

          4. Representations and Warranties of the Company. The Company represents,
warrants and covenants, as of the Effective Date:

     a. This Agreement is binding upon the Company and enforceable in accordance
with its terms;

     b. The execution and delivery of this Agreement, and the purchase of the Shares
from Seller pursuant to this Agreement, do not violate any court order or decree or
any rule or regulation of any government agency to which the Company may be subject;
and

     c. The Company has the legal right, power and authority to execute and deliver
this Agreement and to consummate the transactions contemplated herein.

          5. Further Actions. In connection with the transactions contemplated hereunder and as
a further consideration, each of the parties to this Agreement agrees that after the Closing it
will, from time to time, as requested by any other party, furnish such further instruments and
documents as may be necessary or proper to perfect or further evidence the sale, assignment and
transfer by Sellers to the Company of the Shares sold pursuant to this Agreement.

          6. Indemnification. Each party shall indemnify, defend and hold harmless the other
parties from and against any claim, loss or expense (including attorneys’ fees) arising out of (a)
any breach by such party of any representation or warranty contained in this Agreement; or (b) any
default by such party in the performance of any of the covenants and agreements contained in this
Agreement. These rights of indemnification shall survive the Closing.

- -

 

          7. Entire Agreement. This Agreement constitutes the entire agreement and
understanding between the parties with respect to the subject matter contained herein, and shall
supersede and cancel all other agreements and understandings, written or oral, related to the
subject matter herein. No amendment or modification of this Agreement shall be valid unless made
in writing and signed by all of the parties hereto.

          8. Interpretation and Governing Law. The section headings contained in this Agreement
are inserted solely for convenience and shall have no effect on the interpretation of this
Agreement. This Agreement shall be construed and enforced in accordance with the laws of the State
of Delaware.

          9. Assignment. This Agreement shall be binding upon and inure to the benefit of the
parties hereto and their respective heirs, successors and assigns, and shall not be assignable by
any party without the prior written consent of each of the other parties hereto.

          10. Counterparts. This Agreement may be executed in multiple counterparts, each of
which shall be deemed an original, and all of which shall constitute one and the same document.

[SIGNATURE PAGE FOLLOWS]

- -

 

     IN WITNESS WHEREOF, the parties have caused this Agreement to be executed as of the day and
year first written above.

	 	 	 	 	 
	 

	 	 	 	 
	THE COMPANY
	 	 
	 
	 	 	 	 
	Advanta Corp.	 	 
	 
	 	 	 	 
	By:

	 	/s/ Elizabeth H. Mai	 	 
	 

	 	 	 	 
	Name: Elizabeth H. Mai	 	 
	Title: Senior Vice President, Chief Administration Officer, General Counsel and Secretary	 	 
	 
	 	 	 	 
	SELLERS
	 	 
	 
	 	 	 	 
	/s/ Dennis Alter	 	 
	 	 	 
	Dennis Alter	 	 
	 
	 	 	 	 
	Dennis J. Alter, Trustee U/I/T dated December 15, 2003	 	 
	 
	 	 	 	 
	By:

	 	/s/ Dennis Alter	 	 
	 

	 	 	 	 
	Name: Dennis Alter	 	 
	Title: Trustee	 	 
	 
	 	 	 	 
	Dennis J. Alter, Trustee U/I/T dated May 24, 2004	 	 
	 
	 	 	 	 
	By:

	 	/s/ Dennis Alter	 	 
	 

	 	 	 	 
	Name: Dennis Alter	 	 
	Title: Trustee	 	 

- -

 

EXHIBIT A

	 	 	 	 	 
	Seller	 	Number of Shares	 
	Dennis Alter
	 	 	874,587	 
	2003 GRAT
	 	 	66,756	 
	2004 GRAT
	 	 	53,657	 

- -

 

EXHIBIT B

IRREVOCABLE STOCK OR BOND POWER

obtain one power for each certificate/bond

                                        

     FOR VALUE RECEIVED, the undersigned does (do) hereby sell, assign and transfer unto:

	 	 	 	 	 
	 
	 
	 	 	 	 
	 

	 	 
	 	SS#                                        
	 
	 	 	 	 
	                    
	 	 	{	 
	Whose Social Security # or Federal Tax ID # is
	 	 	 	 
	 

	 	
	 	Tax ID#                                        
	 
	 	 	 	 
	                    
	 	 	 	 

	 	 	 	 	 
	IF STOCK,

	 	 
	 	                                         shares of the                               
          
	COMPLETE

	 	 
	 	stock of                                                                        
                             
	THIS

	 	{
	 	                    
	PORTION

	 	 
	 	represented by Certificate(s)
No(s).                                                             
	 

	 	 	 	inclusive, standing in the name of the undersigned on the books of
	 

	 	 	 	Company.

	 	 	 	 	 
	IF BONDS,

	 	 
	 	                                                             bonds of the                                                             
	COMPLETE
	 	 	 	 
	THIS
	 	 	 	 
	PORTION

	 	{
	 	                                                                                                                                                                
	 
	 	 	 	 
	 

	 	 	 	in the principal amount of $
                                         , No(s).                            
             
	 

	 	 	 	inclusive, standing in the name of the undersigned on the books of Company.

- -

 

The undersigned does (do) hereby irrevocably constitute and appoint    attorney
to transfer the said stock or bond(s), as the case may be, on the books of Company, with full power
of substitution in the premises. Should any of this Power be incomplete in any necessary respect
at the time of execution, the undersigned herby authorizes the completion of this document.

	 	 	 
	Dated:                                        
	 	 
	 
	 	 
	                     (SEAL)

	 	X                                                            
	 
	 	 
	                     (SEAL)

	 	X                                                            

- -

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00103-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00103-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00103-of-00352.parquet"}]]