ADDENDUM TO THE CAPTIVE INSURANCE COMPANY MANAGEMENT SERVICES AGREEMENT BETWEEN USA RISK GROUP (BERMUDA), LTD. (“USABDA”) AND AMERINST INSURANCE COMPANY, LTD. (“THE COMPANY”) EFFECTIVE: January 1, 2005
Exhibit 10.20
ADDENDUM TO THE
CAPTIVE INSURANCE COMPANY MANAGEMENT SERVICES AGREEMENT
BETWEEN
USA RISK GROUP (BERMUDA), LTD. (“USABDA”)
AND
AMERINST INSURANCE COMPANY, LTD. (“THE COMPANY”)
EFFECTIVE: January 1, 2005
Management Agreement Addendum
| 1) | It is hereby agreed that, the Company will compensate USABDA at a rate of $205,000 per annum beginning 1/1/05, $215,000 per annum beginning 1/1/06 and $225,000 per annum beginning 1/1/07 and ending 12/31/07. |
| 2) | Cause the above fee to be paid in quarterly installments in advance at the beginning of each calendar quarter. |
| 3) | Reimburse USABDA for reasonable out-of-pocket expenses incurred during the management of the COMPANY including; courier and express mail service; long distance telephone calls; travel and meeting expenses incurred at the request of the COMPANY; costs of COMPANY stationery; filing fees; and similar expenses. |
COMPANY agrees that special projects will be invoiced separately at agreed upon fees or rates.
IN WITNESS WHEREOF, the parties have duly executed this Addendum this 1st day of January, 2005.
| By: | /s/Xxxxxx Xxxxxxxx | |
| USA Risk Group (Bermuda), Ltd. | ||
| By: | /s/ Xxxxxx X. Xxxxx | |
| AmerInst Insurance Company, Ltd. | ||
