Service Agreement Amendment
Agreement effective July 1, 2000, by and between Penn Independent
Corporation, 000 X. Xxxx Xxxx, Xxxxxxx, Xxxxxxxxxxxx, 00000 ("PIC") and
Penn-America Group, Inc., 000 X. Xxxx Xxxx, Xxxxxxx, Xxxxxxxxxxxx, 00000
("PAGI").
WHEREAS, the parties hereto are parties to a Service Agreement dated August
20, 1993, as most recently amended effective January 1, 2000 (the "Service
Agreement"); and,
WHEREAS, the Service Agreement currently provides for the payment by PAGI
to PIC of a monthly expense estimate, which estimate consists of PAGI's share of
(a) telephone, insurance and building rental; and, (b) expenses for the salaries
of Xxxxx Xxxxxxxx, Human Resources and office services and facilities management
expenses; and,
WHEREAS, the parties to this Amended Service Agreement desire to clarify
that the monthly expense estimate in the Service Agreement refers to PAGI's
share of the telephone, insurance, building rental, facilities management
expenses and salaries of Xxxxx Xxxxxxxx, Human Resources and Office Services
personnel in connection with their services for PAGI; and,
WHEREAS, the parties to this Amended Service Agreement desire to confirm
the amount of the monthly expense estimate owed by PAGI to PIC effective July 1,
2000 through December 31, 2000;
NOW, THEREFORE, in consideration of the foregoing, the parties, intending
to be legally bound, agree that effective July 1, 2000 through December 31,
2000, PAGI will pay to PIC $16,700 as a monthly expense estimate, which estimate
constitutes PAGI's share of monthly expenses for the telephone, insurance,
building rental, facilities management expenses and salaries of Xxxxx Xxxxxxxx,
Human Resources, and Office Services personnel.
IN WITNESS WHEREOF, the parties have entered into this Agreement as of the
date first above written.
PENN INDEPENDENT CORPORATION PENN-AMERICA GROUP, INC.
BY: /s/ Xxxxx X. Xxxxxxx BY: /s/ Xxxxxxx X. Xxxxxxxx
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V.P. Finance & CFO Secretary & General Counsel
