EXTENSION OF EMPLOYMENT AGREEMENT
Xxxxxxx
Xxxxxx, III (“Employee”) and
FPIC Insurance Group, Inc. (“Employer”) are parties to an Amended and Restated
Employment Agreement dated as of December 14, 2005 (the “Employment
Agreement”). The Employment Agreement provides for employment for a
term beginning July 26, 2004 and ending December 31, 2006 by Employee and
further provides that the term of Employee’s employment thereunder may be
extended for additional one-year terms prior to the end of each calendar
year.
Pursuant
to Section 1(a) of the
Employment Agreement, Employer, acting through its President and Chief Executive
Officer, hereby notifies Employee that the term of Employee’s employment under
the Employment Agreement has been extended for one additional year, and,
therefore, the term of Employee’s employment under the Employment Agreement
shall continue through December 31, 2009. Furthermore, Employer
hereby notifies Employee that Employee’s annual salary provided for in Section
2(a) of the Employment Agreement shall be $365,000 for 2008.
IN
WITNESS WHEREOF, this Extension of
Employment Agreement has been executed this 10th day of December
2007.
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Accepted: |
FPIC
INSURANCE GROUP, INC.
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/s/ Xxxxxxx Xxxxxx, III |
By:
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/s/ Xxxx
X. Xxxxx
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Xxxxxxx
Xxxxxx, III
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Xxxx
X. Xxxxx
President
and Chief Executive Officer
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