EXHIBIT 10.5
MANAGEMENT AGREEMENT ADDENDUM
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Addendum to the Management Agreement effective July 1, 1994, between Risk
Retention Management, Inc. and AmerInst Insurance Company.
I. The Management Fee Addendum portion of the Addenda to Agreement is hereby
amended to read in its entirety as follows:
MANAGEMENT FEE ADDENDUM
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COMPANY will:
(1) Effective July 1, 1996, the COMPANY will compensate MANAGER at the rate of
$82,687.50 per annum.
(2) Cause the above agreement to be paid in quarterly installments in advance
at the beginning of each calendar quarter.
(3) Reimburse MANAGER 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.
COMPANY also agrees that Xxxxxxx X. Xxxxxx' attendance at Board meetings is only
required twice a year. Xxxxxxx X. Xxxxxx' attendance at Board meetings more
than twice a year will incur a fee of $1,200 per attendance.
IN WITNESS WHEREOF, the parties have duly executed this Addendum this 26th day
of August, 1996.
USA RISK SERVICES, INC. (Formerly
WITNESS: RISK RETENTION MANAGEMENT, INC.)
/s/ Xxxxxxx X. Xxxxxxxxx By: /s/ Xxxxxxx X. Xxxxxx
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Xxxxxxx X. Xxxxxx
Vice President
WITNESS: AMERINST INSURANCE COMPANY
/s/ Xxxxxxxxx Xxxxxxxxxx By: /s/ Xxxxxx Xxxxxxxxxx
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Xxxxxx Xxxxxxxxxx, President
/s/ Xxxxxxxx X. Xxxxx By: /s/ Xxxxxx X. Xxxxx
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Xxxxxx X. Xxxxx, Treasurer
