Edgar Filing: Frakes Larry A

Ownership Submission

FORM 4

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person ^*

Frakes Larry A

2. Issuer Name and Ticker or Trading Symbol
Global Indemnity plc [GBLI]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

__X__ Director	_____ 10% Owner
__X__ Officer (give title below)	_____ Other (specify below)
President & CEO

(Last)

(First)

(Middle)

C/O GLOBAL INDEMNITY GROUP, INC., THREE BALA PLAZA, EAST - SUITE 605

3. Date of Earliest Transaction (Month/Day/Year)
05/17/2007

(Street)

BALA CYNWYD, PA 19004

4. If Amendment, Date Original Filed(Month/Day/Year)

6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

(City)

(State)

(Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security
(Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code
(Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date
(Month/Day/Year)

7. Title and Amount of Underlying Securities
(Instr. 3 and 4)

8. Price of Derivative Security
(Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)

11. Nature of Indirect Beneficial Ownership
(Instr. 4)

Code

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Options to Purchase Class A Common Shares (right to buy)

$ 25.32

05/17/2007

197,473

⁽¹⁾

05/17/2017

Class A Common Shares

197,473

$ 0

197,473

Options to Purchase Class A Common Shares (right to buy) ⁽²⁾

$ 25.32

02/05/2008

D⁽²⁾

197,473

⁽¹⁾

05/17/2007

Class A Common Shares

197,473

$ 0

Options to Purchase Class A Common Shares (right to buy)

$ 20.05

02/05/2008

A⁽²⁾

249,419

⁽³⁾

02/05/2018

Class A Common Shares

249,419

$ 0

249,419

Options to Purchase class A Common Shares (right to buy) ⁽⁴⁾

$ 20.05

08/14/2009

D⁽⁴⁾

249,419

⁽³⁾

02/05/2018

Class A Common Shares

249,419

$ 0

Options to Purchase Class A Common Shares (right to buy)

$ 11.9

08/14/2009

A⁽⁴⁾

249,419

⁽⁵⁾

09/14/2019

Class A Common Shares

249,419

$ 0

249,149

Reporting Owners

Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
Frakes Larry A C/O GLOBAL INDEMNITY GROUP, INC. THREE BALA PLAZA, EAST - SUITE 605 BALA CYNWYD, PA 19004	X		President & CEO

Signatures

/s/ Linda Hohn - Attorney In Fact		03/25/2011
^**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	Options granted pursuant to Mr. Frakes employment agreement that vest in four installments: 25% on December 31, 2007, 25% on December 31, 2008, 25% on December 31, 2009, and 25% December 31, 2010
(2)	Options cancelled and new options reissued to modify the aggregate amount of options and the exercise price.
(3)	Options granted pursuant to Mr. Frakes employment agreement that vest in four installments: 25% on December 31, 2008, 25% on December 31, 2009, 25% on December 31, 2010, and 25% on December 31, 2011
(4)	Options cancelled and reissued to modify exercise price and vesting schedule.
(5)	Options granted pursuant to Mr. Frakes employment agreement that vest in four installments: 25% on September 14, 2009, 25% on December 31, 2010, 25% on December 31, 2011, and 25% on December 31, 2012. As a result of the July 2, 2010 reverse stock split, Mr. Frakes currently holds 124709 options to purchase Class A Ordinary shares with an exercise price of $23.80 per share.

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