Exhibit 10.5
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AMERINST INSURANCE COMPANY
MANAGEMENT AGREEMENT WITH VERMONT INSURANCE MANAGEMENT, INC.
MANAGEMENT FEE ADDENDUM
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Effective July 1, 1998:
COMPANY will:
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(1) Compensate MANAGER at the rate of $91,160 per annum as management fees for
the services to be provided as set out in the AGREEMENT and schedule of
which the Addendum is a part.
(2) Cause the above fee to be paid in quarterly installments in advance at the
beginning of each calendar quarter.
WITNESS: VERMONT INSURANCE MANAGEMENT, INC.
By: /s/ Xxxxxx Xxxxxxxx
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Xxxxxx Xxxxxxxx, President
WITNESS: AMERINST INSURANCE COMPANY
By: /s/ Xxxxxx X. Xxxxxxxxxx
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Its duly authorized agent
