AGREEMENT ---------Management Agreement • November 13th, 2002 • Fpic Insurance Group Inc • Life insurance • New York
Physicians Reciprocal Insurers ("PRI") and Administrators for the Professions, Inc. ("AFP") are parties to an Amended and Restated Management Agreement dated as of January 1, 1999 (the "Management Agreement"). By separate instrument, PRI and AFP are amending the Management Agreement as indicated on exhibit A (attached). In connection with such amendment to the Management Agreement, AFP and PRI are entering into the agreements set forth herein in order to implement the deletion of the sharing of Net Income or Net Loss pursuant to Section 7 of the Management Agreement and to take into account any future events that may have resulted in a redetermination of the profit share amounts previously earned by AFP with respect to the years 1999, 2000, and 2001 had the sharing of Net Income or Net Loss continued in effect. In addition, in connection with such amendment, AFP has agreed to pay simple interest of 6% per annum on amounts earned pursuant to the sharing Net Loss Income or Net Loss under
