AMENDMENT TO SEVERANCE/BENEFITS AGREEMENT
Whereas, on or about August 10, 1993, MEEMIC Insurance Company
(formerly, the Michigan Educational Employees Mutual Insurance Company) and Xxxx
X. Xxxxxxxxxx ("Employee") entered into a Severance/Benefits Agreement; and
WHEREAS, as of July 1, 2000, MEEMIC Insurance Company ("MEEMIC"),
MEEMIC Holdings, Inc. and Employee entered into a Change of Control Agreement;
and
WHEREAS, the parties believe it appropriate to clarify the
circumstances under which each agreement controls,
NOW THEREFORE, in consideration of the mutual promises contained
herein, the sufficiency of which is hereby acknowledged, MEEMIC and Employee
hereby agree as follows:
1. NO DUPLICATION OF BENEFITS. In the event that Employee is
entitled to receive benefits pursuant to the Change of Control Agreement
effective July 1, 2000, MEEMIC and Employee hereby agree that Employee is not
entitled to receive any of the severance benefits contained in the
Severance/Benefits Agreement dated August 10, 1993, including but not limited to
severance pay.
2. TERMINATION OF THE SEVERANCE/BENEFITS AGREEMENT. In the event
that Employee continues to be employed by MEEMIC or its successor on the date
that Employee reaches the age of sixty five (65), or on the date when the
Employee voluntarily elects to retire pursuant to MEEMIC's retirement plan, the
parties agree that the Severance/Benefits Agreement shall be terminated, and
that no benefits shall be due and payable pursuant to such Agreement. Nothing in
this paragraph shall be construed,
however, to limit in any way Employee's benefits determined in accordance with
MEEMIC's retirement, survivor's benefits, insurance and other applicable
programs of MEEMIC then in effect.
3. Except as expressly stated herein, the Severance/Benefits
Agreement shall continue in full force and effect.
4. This Agreement shall be effective as of July 1, 2000,
regardless of the date upon which it is signed.
MEEMIC INSURANCE COMPANY
By: /s/ R. Xxxxx Xxxxxxx
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Its: President and Chief Executive Officer
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XXXX X. XXXXXXXXXX
/s/ Xxxx X. Xxxxxxxxxx
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