AMENDMENT No. 1 To EMPLOYMENT AGREEMENT
EXHIBIT 10.6
Paragraph 3 of the Employment Agreement made as of October 1, 2006, by and between BICUS Services
Corporation, a Pennsylvania corporation, Xxxxxx Insurance Group, Inc., a Pennsylvania corporation,
Xxxxxx Insurance Company, a Pennsylvania corporation, and Xxxx X. Xxxxxxx, is hereby amended and
extended in its entirety to read as follows:
3. Term of Agreement. The Executive’s employment under this Agreement shall commence
on the date of this Agreement and, except as otherwise provided herein, shall continue until March
31, 2010; provided, however, that commencing on March 31, 2008 and each March 31 thereafter, the
term of this Agreement shall automatically be extended for one additional year beyond the term
otherwise established unless, prior to such March 31st date, the Company shall not have given a
Notice of Extension in the form attached hereto as Exhibit A.
As of January 1, 2007, the annual Base Compensation for Xxxx X. Xxxxxxx pursuant to Paragraph 5 of
the aforementioned agreement is $203,846.
In witness whereof, the parties have executed this Notice of Extension as of the date noted below.
Xxxx
X. Xxxxxxx
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BICUS Service Corporation | Xxxxxx Insurance Group, Inc. | |||||||||
By:
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Attest:
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Attest: | |||||||||
Xxxxxx Insurance Company | ||||||||||
By: |
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Attest: |
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Date: March 15, 2007