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TERMINATION AGREEMENT
This writing will serve as a mutual agreement to terminate the Managing General
Agency Agreement ("Agency Agreement") between Generali- U.S. Branch ("Generali")
and Seibels Xxxxx & Company and Agency Specialty of Kentucky, Inc. (collectively
"Seibels Xxxxx") pursuant to Article IX, Paragraph I of the Agency Agreement
except as herein specified. Termination shall be effective on the date of
execution noted below (the "Effective Date").
It is hereby agreed that, as of the Effective Date: (1) As verbally mutually
agreed, Generali and Seibels Xxxxx will continue to write business pursuant to
the terms of the Agency Agreement until February 1, 1998 unless the parties
mutually agree to shorten such period- (2) Generali and Seibels Xxxxx will
forward a joint letter to be agreed upon by both parties to all subproducers
appointed pursuant to Article 1, Paragraph 7 of the Agency Agreement advising of
the termination of the Agency Agreement- (3) As previously verbally mutually
agreed, irrespective of the 180 day period referred to in Article LX, Paragraph
I of the Agency Agreement, both parties may engage in the commercial lines
business with other parties in the territories specified in Addendum #1 of the
1996 Agency Agreement immediately following the effective date (i.e. the parties
may compete)- (4) Generali, or any managing agents appointed by it, shall be
permitted to utilize some or all of the subproducers appointed pursuant to
Article 1, Paragraph 7 of the Agency Agreement and to write business with
customers of such subproducers immediately following the effective date-, (5)
Seibels Xxxxx shall be permitted to write business with other carriers or
affiliates in the territories specified in Addendum 91 of the 1996 Agency
Agreement immediately following the effective date; (6) Seibels Xxxxx will
handle, to conclusion, the run-off of any administrative duties and final
resolution of all open or subsequently reported claims on policies issued under
the terms of the Agency Agreement in the manner specified in the Agency
Agreement except as may be otherwise mutually agreed- (7) As of the Effective
Date, Article X of the Agency Agreement ("Confidentiality") is eliminated.
IN WITNESS WHEREOF, GENERALI AND SEIBELS XXXXX HAVE EXECUTED THIS MUTUAL
TERMINATION AGREEMENT.
GENERALI - U.S. BRANCH SEIBELS XXXXX & COMPANY
BY: BY:
DATE: Aug. 26, 1977 DATE: Aug. 27, 1997
WITNESS: WITNESS:
BY: BY:
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DATE: 7/26/97 DATE: 8/27/97
Termination Agreement between Generali and Seibels Xxxxx (signature line
continued)
AGENCY SPECIALTY OF KENTUCKY, INC.
BY:
DATE:
WITNESS
BY: @/
DATE:
