EXTENSION OF EMPLOYMENT AGREEMENT
EXTENSION
OF EMPLOYMENT AGREEMENT
Xxxxxx
X. Xxxxx, Xx. (“Employee”) and FPIC Insurance Group, Inc. (“Employer”) are
parties to an Employment Agreement dated as of November 1, 2002 (the “Employment
Agreement”). The Employment Agreement provides for employment for a term
beginning November 1, 2002 and ending December 31, 2004 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. The term
of
Employee’s employment under the Employment Agreement has been so extended and
currently continues through December 31, 2007.
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, 2008. Furthermore,
Employer hereby notifies Employee that Employee’s annual salary provided for in
Section 2(a) of the Employment Agreement shall be $420,000 for
2007.
IN
WITNESS WHEREOF, this Extension of Employment Agreement has been executed this
14th
day of December 2006.
| Accepted: | FPIC INSURANCE GROUP, INC. | |
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| /s/ Xxxxxx X. Xxxxx, Xx. | By | /s/ Xxxx X. Xxxxx |
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Xxxxxx X. Xxxxx, Xx. |
Xxxx X. Xxxxx President and Chief Executive Officer
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