EXTENSION OF EMPLOYMENT AGREEMENT
Xxxx
X. Xxxxx (“Employee”) and FPIC
Insurance Group, Inc. (“Employer”) are parties to an Employment Agreement dated
January 1, 1999, as amended by an Amendment to Employment Agreement dated
December 14, 2001 (the “Employment Agreement”). The Employment
Agreement provides for a three-year term of employment by Employee and further
provides that the term of Employee’s employment thereunder may be extended for
additional one-year terms prior to the end of each calendar year. The
term of Employee’s employment under the Employment Agreement has been so
extended each year and currently continues through December 31,
2009.
Pursuant
to Section 1(a) of the
Employment Agreement, Employer, acting through its Chairman, hereby notifies
Employee that the term of Employee’s employment under the Employment Agreement
has been extended for one additional year, and, therefore, the term of
Employee’s employment under the Employment Agreement shall continue through
December 31, 2010. Furthermore, Employer hereby notifies Employee
that Employee’s annual salary provided for in Section 2(a) of the Employment
Agreement shall be $723,000 for 2008.
IN
WITNESS WHEREOF, this Extension of
Employment Agreement has been executed this 7th day of December
2007.
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Accepted: |
FPIC
INSURANCE GROUP, INC.
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/s/ Xxxx X. Xxxxx |
By:
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/s/
Xxxxxxx X. Xxxxxxxxx
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Xxxx
X. Xxxxx
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Xxxxxxx
X. Xxxxxxxxx
Chairman
of the Board
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