Service Agreement Amendment
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Agreement effective January 1, 2003, 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, 2002 (the
"Service Agreement"); and,
WHEREAS, the Service Agreement provides for the payment by PAGI to PIC
of a monthly expense estimate, which estimate consists of PAGI's share of the
telephone, insurance, building rental, facilities management expenses and
salaries of the Chairman of the Board, Human Resources and Office Services
personnel in connection with their services for PAGI; and,
WHEREAS, the parties to this Amended Service Agreement desire to
establish the amount of the monthly expense estimate owed by PAGI to PIC
effective January 1, 2003 through December 31, 2003;
NOW, THEREFORE, in consideration of the foregoing, the parties,
intending to be legally bound, agree that effective January 1, 2003 through
December 31, 2003, PAGI will pay to PIC $18,333.00 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 the Chairman of the Board, 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: ____________________________ BY: ____________________________
