Document:

EX-10.49

Exhibit
10.49

AMENDMENT NO. 6

TO THE

SPECIALTY UNDERWRITERS’ ALLIANCE, INC.

PARTNER AGENT PROGRAM AGREEMENT

This amendment (“Amendment”) is made and entered into as of October 15, 2008 by and between
American Team Managers (“ATM”) and Specialty Underwriters’ Alliance, Inc. and its wholly owned
subsidiary SUA Insurance Company (collectively, the “Company”), and amends the Partner Agent
Program Agreement (“Agreement”) entered into by the parties on May 1, 2004, as amended. Any terms
defined in the Agreement and used herein shall have the same meaning in this Amendment as in the
Agreement. In the event that any provision of this Amendment and any provision of the Agreement
are inconsistent or conflicting, the inconsistent or conflicting provision of this Amendment shall
be and constitute an amendment of the Agreement and shall control, but only to the extent that such
provision is inconsistent or conflicting with the Agreement. Any capitalized terms not defined
herein shall be defined as in the Agreement.

Now, therefore, in accordance with Section IX, D of the Agreement and in consideration of the
mutual agreements and covenants hereinafter set forth, the parties wish to amend the Agreement as
follows:

1.     Upon the complete execution of this Amendment, the Maximum Rate of Commission, as listed in
Exhibit A, Section A shall be deleted in its entirety and replaced with the following:

	 	 	 	 	 	 	 
	Program Description	 	Line of Business	 	Maximum Rate of Commission effective upon execution
	Artisan and General
Contractor in the states
specifically described in
the underwriting guidelines
of the Company

	 	General Liability and
Commercial Automobile
Liability and Physical Damage
	 	 	20	%
	 
	 	 	 	 	 	 
	E-Comp. in the states
specifically described in the
underwriting guidelines of
the Company

	 	Workers’ Compensation
	 	 	18	%
	 
	 	 	 	 	 	 
	Transportation operations
in the territories specifically
defined in the
underwriting guidelines

	 	Commercial General Liability
Commercial Automobile
Liability and Physical Damage
	 	 	20	%

2.     Upon the complete execution of this Amendment, in exchange for consideration of one hundred
thousand dollars ($100,000), Partner Agent hereby forfeits its rights to annual profit share for
all Profit Sharing Years preceding and including Profit Sharing Year 2008.

3.     Beginning with Profit Sharing Year 2009, Partner Agent shall forfeit to Company its right to 25%
of all annual profit sharing, with such forfeiture terminating only when the annual profit sharing
forfeited amounts to one hundred thousand dollars ($100,000).

 

 

In witness whereof, the parties hereto have caused this Amendment to be executed on their
behalf by their duly authorized officers as of the day, month and year above written.

	 	 	 	 	 
	SPECIALTY UNDERWRITERS’ ALLIANCE, INC.

SUA INSURANCE COMPANY

 	 	 
	By:  	/s/ Daniel A. Cacchione
 	 	 
	Name:  	Daniel A. Cacchione 	 	 
	Title:  	Vice President and
Chief Underwriting Officer 	 	 
	 

	 	 	 	 	 
	AMERICAN TEAM MANAGERS

 	 	 
	By:  	/s/ Chris Michaels
 	 	 
	Name:  	Chris Michaels 	 	 
	Title:  	CEOEX-10.50

Exhibit 10.50

DESCRIPTION OF

2009 OFFICER BONUS PROGRAM

The following is a description of the 2009 cash bonus program (the “Bonus Program”) for the
officers of Specialty Underwriters’ Alliance, Inc., including its subsidiary SUA Insurance Company
(the “Company”).

The Bonus Program is designed to reward officers for their contribution to the overall success of
the Company. The Bonus Program includes two components:

1. Individual Performance

Individual performance goals are established for each of the officers as follows: (1) for the Chief
Executive Officer (the “CEO”), by the Compensation Committee; and (2) for the Executive Vice
President (the “EVP”), the Senior Vice Presidents (each an “SVP”) and the Vice Presidents (each a
“VP”), by the Compensation Committee with input from the Chief Executive Officer.

Each officer is eligible for a discretionary cash bonus related to individual performance of up to
a specific percentage of his base salary. The CEO, EVP and each SVP
is eligible for a
discretionary cash bonus of up to 25% of his base salary relating to individual performance and
each VP is eligible for a discretionary cash bonus of up to 20% of his base salary
relating to individual performance. Each discretionary cash bonus relates to individual
performance and is based on an evaluation of the achievement or lack of achievement of such
individual’s performance goals and of such officer’s overall contribution to the success of the
Company during 2009. The Company’s financial results for 2009
will be considered by the Compensation Committee when bonus
determinations are made under the Bonus Program.

2. Company Performance

The Compensation Committee has determined that the most significant portion of the Bonus Program
should be dependent upon the results of operations of the Company during 2009, as measured by the
Company’s after-tax return on equity (“ROE”) for that year. ROE is one of the most common and
accepted measurements used by investors in assessing the efficacy of their investments and the
effectiveness of deployed capital. For 2009, the Company’s ROE will be calculated by dividing the
after-tax net income earned by the Company in 2009 by its beginning equity of approximately $136
million at January 1, 2009.

Each officer is eligible for a discretionary cash bonus related to Company performance of up to a
specific percentage of his base salary that is tied to specified levels of ROE for the Company
for fiscal year 2009. The CEO, EVP and each the SVP is eligible for a discretionary cash
bonus of up to 75% of his base salary relating to Company performance
and each VP is
eligible for a discretionary cash bonus of up to 55% of his base salary relating to Company
performance.

 

 

In considering whether or not any of the ROE targets have been met, the Compensation Committee
shall have the discretion to consider whether such ROE targets should be adjusted to take into
consideration any unplanned or unforeseen events, including, without limitation:

	 	•	 	the effects of implementing new accounting pronouncements and changes in
accounting policies or methods;
	 
	 	•	 	the effects of extraordinary items or other significant, unforeseen special
items on the Company’s income statement or balance sheet;
	 
	 	•	 	the effects of any gains or losses from asset sales; and
	 
	 	•	 	changes in the Company’s capitalization, such as the effects of a spin-off or
special dividend distribution.

Discretionary Nature of the Bonus Program

All bonuses under the Bonus Program, whether based upon individual or Company performance, shall be
entirely discretionary and may or may not be paid, based on whether or not any or all of the
applicable individual performance goals or Company performance targets are met.

Administration of the Bonus Program

Performance achievement and bonus determinations, if any, for 2009 will be reviewed and approved by
the Compensation Committee, with input from the Chief Executive Officer, as soon as practicable
after the financial results for 2009 are available. Any bonus payments will be made no later than
April 15, 2010.

Other Items

If the Company is required to prepare an accounting restatement due to the material noncompliance
of the Company which is the result of an Officers misconduct with any financial reporting
requirement under the securities laws, such Officer shall reimburse the Company for any bonus
received by such Officer under this 2009 Officer Bonus Program.EX-10.51

Exhibit 10.51

FIRST AMENDMENT

TO THE

CHANGE IN CONTROL AGREEMENT

     This First Amendment to the Change in Control Agreement (“Amendment”) is made and entered into
as of March 3, 2009 by and between Specialty Underwriters’ Alliance, Inc., a Delaware corporation,
and its subsidiaries and affiliates (the “Company”) and Daniel A. Cacchione (the “Employee”), and
amends the Change in Control Agreement (“Agreement”) entered into by the parties on April 7, 2008.
Any terms defined in the Agreement and used herein shall have the same meaning in this Amendment as
in the Agreement. In the event that any provision of this Amendment and any provision of the
Agreement are inconsistent or conflicting, the inconsistent or conflicting provision of this
Amendment shall be and constitute an amendment of the Agreement and shall control, but only to the
extent that such provision is inconsistent or conflicting with the Agreement. Any capitalized
terms not defined herein shall be defined as in the Agreement.

RECITALS

     WHEREAS, the Employee received a promotion from Vice President to Senior Vice President
January 1, 2009; and

     WHEREAS, the Company has different terms for its change in control agreements with its Senior
Vice Presidents than it does with its Vice Presidents; and

     WHEREAS, the Company desires to conform the Employee’s Agreement to its other change in
control agreements entered into with other Senior Vice Presidents;

     NOW THEREFORE, in consideration of the mutual agreements and covenants set forth herein, the
parties wish to amend the Agreement as follows:

	1.	 	Section (A)(i) shall be deleted in its entirety and replaced with the following:
	 
	 	 	“The Company shall pay to the Employee an amount equal to the sum of (a) two times the
Employee’s annual base salary and (b) any unreimbursed business expenses or other amounts
due to the Employee from the Company as of the Employee’s date of termination.”

	2.	 	No Right to Employment. No provision of this Amendment shall give Employee any right
to continue in the employ of the Company or any of its Affiliates, create any inference as to
the length of employment of Employee, affect the right of the Company or its Affiliates to
terminate the employment of Employee, with or without cause, or give Employee any right to
participate in any employee welfare or benefit plan or other program of the Company or any of
its Affiliates.

	3.	 	Governing Law. This Amendment will be governed by, and construed and enforced in
accordance with, the laws of the State of Illinois without giving effect to any principles of
conflict of laws. Each party hereby irrevocably submits to the non-exclusive jurisdiction of
the state and federal courts sitting in the State of Illinois, for the adjudication of any
dispute hereunder or in connection herewith or with any transaction contemplated hereby or
discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action
or proceeding, any claim that it is not personally subject to the jurisdiction of any such
court, that such suit, action or proceeding is brought in an inconvenient forum or that the
venue of such suit, action or proceeding is improper. Each party hereby irrevocably waives
personal service of process and consents to process being served in any such suit, action or
proceeding by mailing a copy thereof to such party at the

 

 

	 	 	address for such notices to it under this Amendment and agrees that such service shall
constitute good and sufficient service of process and notice thereof. Nothing contained
herein shall be deemed to limit in any way any right to serve process in any manner
permitted by law.
	 
	4.	 	Binding Effect. This Amendment will be binding upon and inure to the benefit of
Employee, the Company, and their respective successors and permitted assigns. The Company
will be entitled to assign its rights and duties under this Amendment provided that the
Company will remain liable to Employee should such assignee fail to perform its obligations
under this Amendment.
	 
	5.	 	No Strict Construction. The language used in this Amendment will be deemed to be the
language chosen by the parties to express their mutual intent, and no rule of strict
construction will be applied against any person.
	 
	 	 	IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed on their
behalf by their duly authorized officers as of the day, month and year above written.

	 	 	 	 	 
	SPECIALTY UNDERWRITERS’ ALLIANCE, INC.	 	 
	 
	 	 	 	 
	By:

	 	 
 

	 	 
	Name:

	 	Courtney C. Smith	 	 
	Title:

	 	President & Chief Executive Officer	 	 
	 
	 	 	 	 
	EMPLOYEE	 	 
	 
	 	 	 	 
	By:

	 	 
 

	 	 
	Name:

	 	Daniel Cacchione	 	 
	Title:

	 	Senior Vice President &
 Chief Underwriting Officer	 	 

2

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