August 1, 2008
Exhibit 4.8
August 1, 2008
Xxxxxxxx & Xxxxxxxxx, Incorporated
000 Xxxx Xxxx Xxxxxx, 00xx Xxxxx
Xxxxxxxx, Xxxxxxxx 00000
GunnAllen Financial, Inc.
0000 Xxxx Xxxxxx Xxxxxx
Xxxxx, Xxxxxxx 00000
Ladies and Gentlemen:
Reference is made to the Warrant Agreement, dated July 30, 2008, between Homeowners Choice, Inc. (the “Company”) and Xxxxxxxx & Xxxxxxxxx, Incorporated (the “A&S Warrant Agreement”) and the Warrant Agreement, dated July 30, 2008, between the Company and GunnAllen Financial, Inc. (the “GunnAllen Warrant Agreement”).
The terms of the A&S Warrant Agreement and the GunnAllen Warrant Agreement are identical except for the names and addresses of the parties thereto and the number of warrants to be issued pursuant thereto. Both the A&S Warrant Agreement and the GunnAllen Warrant Agreement provide that, under the circumstances and pursuant to the terms set forth in Section 5 of such agreement, the Company may, at its option, cancel any outstanding warrants.
The Company hereby waives any and all of its rights:
| a. | pursuant to Section 5 of the A&S Warrant Agreement, to cancel, or to give notice of cancellation of, any warrants sold to Xxxxxxxx & Strudwick, Incorporated or its assigns pursuant to the A&S Warrant Agreement; and |
| b. | pursuant to Section 5 of the GunnAllen Warrant Agreement, to cancel, or to give notice of cancellation of, any warrants sold to GunnAllen Financial, Inc. or its assigns pursuant to the GunnAllen Warrant Agreement. |
If the foregoing is in accordance with your understanding of our agreement, please sign and return to us a counterpart hereof, whereupon this instrument, along with all counterparts, will become a binding agreement between you and us in accordance with its terms.
| Very truly yours, | ||
| Homeowners Choice, Inc. | ||
| By: | /s/ Xxxxxxx XxXxxxxx, III | |
| Xxxxxxx XxXxxxxx, III | ||
| Chief Executive Officer | ||
The foregoing Letter Agreement is hereby confirmed and accepted as of the date first above written.
| Xxxxxxxx & Xxxxxxxxx, Incorporated | ||
| By: | /s/ X. XxXxxxxx Downs, III | |
| X. XxXxxxxx Xxxxx, III | ||
| Senior Vice President | ||
2
The foregoing Letter Agreement is hereby confirmed and accepted as of the date first above written.
| GunnAllen Financial, Inc. | ||
| By: | /s/ Xxxxx X. Xxxxx | |
| Xxxxx X. Xxxxx | ||
| Senior Managing Director | ||
3
