EXHIBIT 10(c)(2)
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Amendment No. 1 dated as of April 1, 1986 to Management
Agreement dated as of January 1, 1985 (the "Management
Agreement") between Lion Insurance Company Ltd., a Bermuda
corporation ("Lion") and Maritime Overseas Corporation, a New
York corporation ("MOC").
WITNESSETH:
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WHEREAS, Lion and MOC desire to amend the Management
Agreement as hereinafter set forth;
NOW, THEREFORE, the parties hereto do mutually agree as
follows:
1. Section 5(a) of the Management Agreement is hereby
amended by added the words "and equity interests in the
operations of subsidiaries and affiliated companies" after the
word "fee" at the end of the second sentence thereof.
2. Section ll(a) of the Management Agreement is hereby
deleted in its entirety and the following is substituted
therefor:
"(a) This Agreement shall continue to and including
December 31, 1988 and shall be automatically
renewed for successive terms of 5 years each,
provided however, that (i) Lion may elect by
written notice to MOC, given at least 12 months
prior to the end of any calendar year, to
terminate this Agreement at the end of such year,
and (ii) at least twelve months prior to the
expiration of the initial term or the then
current renewal term, MOC may give written notice
to Lion electing to terminate this Agreement at
the expiration then current term."
3. Except as hereby amended, the Management Agreement shall
remain unaltered and continue in full force and effect.
IN WITNESS WHEREOF, the parties hereto have caused this
Amendment No. 1 to be executed and delivered as of the day and
year first above written.
LION INSURANCE COMPANY LTD. MARITIME OVERSEAS CORPORATION
By: S/XXXXXX X. XXXXXX By: S/XXXX XXXXX
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