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AMENDMENT
TO MANAGEMENT AGREEMENT
THIS AMENDMENT amends as of September 25, 1996 the Management Agreement
("Agreement") made October 23, 1991, as amended, by and between Philadelphia
Insurance Company and ("PIC") and Xxxxxxx Insurance Agency, Inc. ("Xxxxxxx").
WITNESSETH:
WHEREAS, Xxxxxxx performs a variety of services for PIC under the
Agreement;
WHEREAS, PIC and Xxxxxxx desire to modify certain terms of the
Agreement;
NOW, THEREFORE, PIC and Xxxxxxx, intending to be legally bound hereby,
agree as follows:
1. It is acknowledged that the compensation for services provided
by Xxxxxxx, beginning in 1994 and for each year thereafter,
per "Amendment No. 1 to Management Agreement" were based upon
budgeted expenses. To the extent these expenses deviate
materially from actual expenses the parties agree to
reasonably adjust the compensation.
2. The due date for premium remittance from Xxxxxxx to PIC as
stated in Paragraph 2J of the Agreement shall be 90 days after
the end of the month for the "All Other Class" of business.
3. The term of the Agreement as stated in Paragraph 8 is extended
for an additional five (5) years.
4. The authority, right, duty or obligation of Xxxxxxx to arrange
for reinsurance on behalf of PIC is terminated.
IN WITNESS WHEREOF, the parties hereto have hereunto set their hands
and seals as of the day and year first above written.
PHILADELPHIA INSURANCE COMPANY
By: /s/ Xxxxx X. Xxxxxxx
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Xxxxx X. Xxxxxxx, President
Attest: /s/ Xxxx X. Xxxxxxx
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Xxxx X. Xxxxxxx, Senior Vice President
XXXXXXX INSURANCE AGENCY, INC
By: /s/ Xxxxx X. Xxxxxxx
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Xxxxx X. Xxxxxxx, President
Attest: /s/ Xxxx X. Xxxxxxx
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Xxxx X. Xxxxxxx, Senior Vice President
