ADDENDUM No. 7
Exhibit 10.7.8
ADDENDUM No. 7
THIS ADDENDUM to the Broker Agreement dated March 26, 1999 between Hull & Company, Inc. (“Broker) and USF&G Specialty Insurance Company (“Company”) as amended by addenda dated July 1, 2000, April 1, 2001, July 1, 2001, September 1, 2001, and July 1, 2002 (the “Agreement”) is entered into as of the 6th day of June, 2005.
WHEREAS, the majority ownership of the assets of the Broker changed effective March 1, 2005; and
WHEREAS, the Company and Broker desire the Agreement to remain in full force and effect and not terminated as provided by Section 8 (d) of the Agreement; and
WHEREAS, the Company and Broker desire to assign the Agreement to the Broker’s successor in interest consistent with the requirements of Section 14 (d) of the Agreement; and
WHEREAS, the parties desire to amend the contact information for the Company when information sent concerns the monthly reports.
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Broker and the Company agree to amend the Agreement as follows:
1. The Company and Broker agree that notwithstanding the sale and change in majority ownership of the assets of the Broker, the Agreement shall not terminate as provided by Section 8 (d) of the Agreement.
2. The Company understands that the assets of the Broker were acquired by Xxxxx & Xxxxx, Inc. and that, as a result of such acquisition, the assets previously owned by the Broker were transferred to a new entity known as Hull & Company, Inc. with FEIN# 00-0000000. Pursuant to Section 14 (d) of the Agreement, the Company consents to the assignment and transfer of all of the Broker’s rights and interest in, and all of its duties and obligations under the Agreement to Hull & Company, Inc. with FEIN# 00-0000000.
3. The Broker hereby assigns to and Hull & Company, Inc. with FEIN # 00-0000000 hereby accepts and assumes all of the Broker’s rights and interests in, and all of its duties and obligations under the Agreement.
4. The contact information provided under Section 6 (c) for the Company when information concerns the monthly reports shall be changed to:
USF&G Specialty Insurance Company
0000 Xxxxxxxx Xxxxxx Xxxxx
Xxxxx 000
Xxxxxxxxx, XX 00000
Attention: Xxxxx X. Xxxxxxxx, Vice President
With a copy to:
USF&G Specialty Insurance Company
0000 Xxxxx Xxx.
Xxxxx 000
Xxxxxxxxx, XX 00000
Attention: Xxxxxxxx Xxxxx, Counsel
All other notices provided to the Company pursuant to Section 6 (c) of the Agreement shall be sent to the same location but to the attention of Xxxx Xxxxxxx with a copy to Xxxxx Xxxxx, Assistant Vice President – Legal.
| 5. | All other terms and conditions in the Agreement, as previously amended, shall remain unchanged and in full force and effect. |
| 6. | The effective date of this Addendum shall be March 1, 2005. |
IN WITNESS WHEREOF, the parties have duly authorized, executed and delivered this Addendum as of the date set forth above in the first paragraph.
| USF&G SPECIALTY INSURANCE COMPANY | ||
| By: | /s/ Xxxxx X. Xxxxxxxx | |
| Name: | Xxxxx X. Xxxxxxxx | |
| Title: | Vice President | |
| HULL & COMPANY, INC. (FEIN # 00-0000000) | ||
| By: | /s/ Xxxxx X. Xxxxxx | |
| Name: | Xxxxx X. Xxxxxx | |
| Title: | S.V.P. | |
| HULL & COMPANY, INC. (FEIN #00-0000000) | ||
| By: | /s/ Xxxxx X. Xxxxxx | |
| Name: | Xxxxx X. Xxxxxx | |
| Title: | S.V.P. | |
