AMENDMENT NO. 6 TO THE SPECIALTY UNDERWRITERS’ ALLIANCE, INC. PARTNER AGENT PROGRAM AGREEMENT
Exhibit
10.49
This amendment (“Amendment”) is made and entered into as of October 15, 2008 by and between
American Team Managers (“ATM”) and Specialty Underwriters’ Alliance, Inc. and its wholly owned
subsidiary SUA Insurance Company (collectively, the “Company”), and amends the Partner Agent
Program Agreement (“Agreement”) entered into by the parties on May 1, 2004, as amended. Any terms
defined in the Agreement and used herein shall have the same meaning in this Amendment as in the
Agreement. In the event that any provision of this Amendment and any provision of the Agreement
are inconsistent or conflicting, the inconsistent or conflicting provision of this Amendment shall
be and constitute an amendment of the Agreement and shall control, but only to the extent that such
provision is inconsistent or conflicting with the Agreement. Any capitalized terms not defined
herein shall be defined as in the Agreement.
Now, therefore, in accordance with Section IX, D of the Agreement and in consideration of the
mutual agreements and covenants hereinafter set forth, the parties wish to amend the Agreement as
follows:
1. Upon the complete execution of this Amendment, the Maximum Rate of Commission, as listed in
Exhibit A, Section A shall be deleted in its entirety and replaced with the following:
| Program Description | Line of Business | Maximum Rate of Commission effective upon execution | ||||
Artisan and General
Contractor in the states
specifically described in
the underwriting guidelines
of the Company
|
General Liability and Commercial Automobile Liability and Physical Damage | 20 | % | |||
E-Comp. in the states
specifically described in the
underwriting guidelines of
the Company
|
Workers’ Compensation | 18 | % | |||
Transportation operations
in the territories specifically
defined in the
underwriting guidelines
|
Commercial General Liability Commercial Automobile Liability and Physical Damage | 20 | % | |||
2. Upon the complete execution of this Amendment, in exchange for consideration of one hundred
thousand dollars ($100,000), Partner Agent hereby forfeits its rights to annual profit share for
all Profit Sharing Years preceding and including Profit Sharing Year 2008.
3. Beginning with Profit Sharing Year 2009, Partner Agent shall forfeit to Company its right to 25%
of all annual profit sharing, with such forfeiture terminating only when the annual profit sharing
forfeited amounts to one hundred thousand dollars ($100,000).
In witness whereof, the parties hereto have caused this Amendment to be executed on their
behalf by their duly authorized officers as of the day, month and year above written.
| SPECIALTY UNDERWRITERS’ ALLIANCE, INC. SUA INSURANCE COMPANY |
||||
| By: | /s/ Xxxxxx X. Xxxxxxxxx | |||
| Name: | Xxxxxx X. Xxxxxxxxx | |||
| Title: | Vice President and Chief Underwriting Officer | |||
| AMERICAN TEAM MANAGERS |
||||
| By: | /s/ Xxxxx Xxxxxxxx | |||
| Name: | Xxxxx Xxxxxxxx | |||
| Title: | CEO | |||
