AMERICAN SAFETY INSURANCE GROUP, LTD. NON-INCENTIVE STOCK OPTION AGREEMENTNon-Incentive Stock Option Agreement • July 21st, 2003 • American Safety Insurance Group LTD • Insurance agents, brokers & service
This Option is granted pursuant to that certain Employment Letter Agreement dated September 30, 1997 and the term of this Option has been extended from five years to ten years from the date of grant pursuant to the Minutes of Action of Executive Committee of the Board of Directors of the Company effective October 23, 2000, a copy of which is set forth on Exhibit C attached hereto and incorporated herein by reference. Furthermore, this Option having been initially granted prior to the implementation of the Company's 1998 Incentive Stock Option Plan, as amended (the "Plan") is not within the numerical authorization set forth in the Plan nor are any other provisions of the Plan applicable to this Option. Option. The Company hereby grants to the Employee the Option to purchase all or any part of the aggregate of such number of Shares as set forth on Exhibit A attached hereto and incorporated herein by reference. Non-transferable Option. This Option and all rights hereunder are neither
