ZENITH NATIONAL INSURANCE CORP
EXHIBIT 10.14
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Exhibit 10.14 </FONT></P>

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NAME="li2024_amendment_no._2_to_zenith_nati__ame02990"> </A>
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<BR></FONT><FONT SIZE=2><B>AMENDMENT NO. 2<BR>  TO<BR>  ZENITH NATIONAL INSURANCE CORP.<BR>  1996 EMPLOYEE STOCK OPTION PLAN    <BR>  </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZENITH NATIONAL INSURANCE CORP. (the "Company") hereby amends the 1996 Employee Stock Option Plan (the "Plan") with reference to the following facts: </FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;On
March&nbsp;7, 1996, the Board of Directors of the Company (the "Board") adopted the Plan subject to the approval of the stockholders of the Company, which approval
was obtained on May&nbsp;22, 1996. Upon such approval, a total of 2,176,000 shares of the common stock of the Company, par value $1 per share (the "Common Stock") were initially reserved for
issuance under the Plan. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;On
December&nbsp;8, 1998, the Board adopted Amendment No.&nbsp;1 to the Plan, subject to the approval of the stockholders of the Company, which approval was obtained
on May&nbsp;20, 1999. Pursuant to Amendment No.&nbsp;1 to the Plan, 250,000 shares were added to the number of shares of Common Stock reserved for issuance for awards under the Plan. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;On
February&nbsp;13, 2001, the Board adopted, subject to the approval of the stockholders of the Company, Amendment No.&nbsp;2 to the Plan, which approval was
obtained on May&nbsp;24, 2001. </FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Now,
therefore, Section&nbsp;3 of the Plan is hereby further amended by increasing the total number of shares of Common Stock reserved and available for grant pursuant to new awards
under the Plan by an additional 250,000 shares, so that an aggregate of 2,676,000 shares are reserved for issuance under the Plan. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>In Witness Whereof</B></FONT><FONT SIZE=2>, the Company has executed this Amendment No.&nbsp;2 to the Plan as of this 24th day of May&nbsp;2001. </FONT></P>

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<TD COLSPAN=3><FONT SIZE=2>ZENITH NATIONAL INSURANCE CORP.</FONT></TD>
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&nbsp;</FONT></TD>
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By:</FONT></TD>
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/s/ Stanley R. Zax</FONT><HR NOSHADE><FONT SIZE=2> Stanley R. Zax<BR>
Chairman and President.</FONT></TD>
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