AMENDATORY AGREEMENT
Exhibit 10.3
AMENDATORY AGREEMENT
This Amendatory Agreement (the “Agreement”) is entered into as of January 1, 2004, between Bristol West Holdings, Inc., a Delaware Corporation (formerly BRW Acquisition, Inc.) (the “Company”) and Xxxxxx Capital Corp., LLC (“Xxxxxx Capital”).
WHEREAS the Company and Xxxxxx Capital entered into a letter agreement dated as of July 9, 1998 (the “Letter Agreement”), whereunder Xxxxxx Capital agreed to provide management, consulting and financial services to the Company and the Company agreed to retain Xxxxxx Capital to provide such services pursuant to the terms contained therein (including the payment by the Company to Xxxxxx Capital of a fee (the “Fee”) equal to $250,000 per calendar year to Xxxxxx Capital in consideration of its provision of such services);
WHEREAS, effective September 1, 2000, Xxx Xxxxxx, Managing Member of Xxxxxx Capital, commenced performing services for the Company in the capacity of Acting Chief Executive Officer thereof, and in consideration thereof, the Company agreed to increase the fee to $600,000 per calendar year, retroactive to January 1, 2000.
WHEREAS, effective January 1, 2002, in consideration of Xxx Xxxxxx, Managing Member of Xxxxxx Capital, performing services for the Company in the capacity of Acting Chief Executive Officer thereof, the Company agreed to increase the fee to $700,000 per calendar year, effective from January 1, 2002.
WHEREAS, giving effect to Xxxxx X. Xxxxxx in his capacity as Chief Executive Officer being compensated directly by the Company as an employee of the Company effective as of January 1, 2004, and in consideration of the remaining members of Xxxxxx Capital continuing to provide management, consulting and financial services to the Company, the Company and Xxxxxx Capital agree to reduce the fee to $95,000 per calendar year, effective January 1, 2004.
NOW THEREFORE, to implement the foregoing and for good and valuable consideration, the parties to this Agreement agree as follows:
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Paragraph 1 of the Letter Agreement is amended by replacing the phrase “seven hundred thousand dollars ($700,000)” with the phrase “ninety-five thousand dollars ($95,000)”, commencing as of January 1, 2004. |
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As amended by this Agreement, the Letter Agreement shall continue in full force and effect in accordance with the terms thereof. |
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XXXXXX CAPITAL CORP., LLC |
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BRISTOL WEST HOLDINGS, INC. |
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By: |
/s/ Xxxxx X. Xxxxxx |
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By: |
/s/ Xxxxxxx X. Xxxxxx |
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Name: |
Xxxxx X. Xxxxxx |
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Name: |
Xxxxxxx X. Xxxxxx |
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Title: |
Managing Member |
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Title: |
President & Chief Operating Officer |
This Termination Agreement (the “Termination Agreement”) is entered into by and between Bristol West Holdings, Inc., a Delaware corporation formerly known as BRW Acquisition, Inc. (“Bristol West”), and Xxxxxx Capital Corp., LLC (which we refer to as “Xxxxxx Capital”).
WHEREAS, Bristol West and Xxxxxx Capital entered into a contract in the form of a letter agreement dated July 9, 1998 (the “Letter Agreement”);
WHEREAS, Bristol West and Xxxxxx Capital entered into an Amendatory Agreement dated as of December 18, 2000 (the “First Amendment”);
WHEREAS, Bristol West and Xxxxxx Capital entered into an Amendatory Agreement dated as of January 1, 2002 (the “Second Amendment”);
WHEREAS, Bristol West and Xxxxxx Capital entered into an Amendatory Agreement dated as of January 1, 2004 (the “Third Amendment” and collectively with the Letter Agreement, the First Amendment and the Second Amendment, the “Xxxxxx Capital Contract”); and
WHEREAS, Bristol West and Xxxxxx Capital have agreed to terminate the Xxxxxx Capital Contract.
NOW THEREFORE, in consideration of the foregoing and the mutual agreements set forth below, the sufficiency and mutuality of which the parties hereby acknowledge, Bristol West and Xxxxxx Capital do hereby agree as follows:
The Xxxxxx Capital Contract is hereby terminated by mutual agreement effective as of December 31, 2006, in accordance with Section 8 of the Letter Agreement.
IN WITNESS WHEREOF, Bristol West and Xxxxxx Capital have executed and delivered this Termination Agreement effective on the latest date written below.
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BRISTOL WEST HOLDINGS, INC., |
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XXXXXX CAPITAL CORP. LLC |
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By: |
/s/ Xxxxxxx X. Xxxxxx |
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By: |
/s/ Xxxxx X. Xxxxxx |
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Name: |
Xxxxxxx X. Xxxxxx |
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Name: |
Xxxxx X. Xxxxxx |
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Title: |
President and Chief Executive Officer |
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Title: |
Managing Member |
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Date: |
November 7, 2006 |
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Date: |
November 7, 2006 |
