AMERICAN PHYSICIANS SERVICE GROUP, INC. Common Stock UNDERWRITING AGREEMENTUnderwriting Agreement • June 18th, 2007 • American Physicians Service Group Inc • Accident & health insurance • Florida
American Physicians Service Group, Inc., a Texas corporation (the “Company”), proposes, subject to the terms and conditions stated herein, to issue and sell to the several Underwriters named in Schedule I hereto (the “Underwriters”), and a certain shareholder of the Company named in Schedule II hereto (the “Selling Shareholder”) proposes, subject to the terms and conditions stated herein, to sell to the Underwriters, an aggregate of Two Million Three Hundred Thousand (2,300,000) shares of the Company’s Common Stock, par value $.10 per share (the “Common Stock”), of which (a) Two Million (2,000,000) shares are to be issued and sold by the Company, and (b) Three Hundred Thousand (300,000) shares are to be sold by the Selling Shareholder. The aggregate of 2,300,000 shares to be purchased from the Company and the Selling Shareholder are called the “Firm Shares.” In addition, the Company has agreed to sell to the Underwriters, upon the terms and conditions stated herein, up to an additional
