Exhibit 10(xxi)
CONFORMED COPY
August 12, 1997
Xx. X. Xxxxxxx Xxxxxx
Chairman
Orion Capital Corporation
0 Xxxx Xxxxxxx Xxxx
Xxxxxxxxxx, XX 00000
Dear Xx. Xxxxxx:
This letter amends the Letter Agreement dated September 13, 1993 amended on
February 14, 1995 (as so amended, the "Agreement") between Intercargo Corpor-
ation (the "Company") and Orion Capital Corporation ("Orion") with respect to
Orion's ownership of shares of the Company's common stock. For purposes of
this amendment, the definitions as set forth in the original Agreement shall
have the same meanings in this letter.
By this letter the Company and Orion agree that the Agreememt is amended as
follows:
1. The "Percentage Limitation" referred to in Section 5(a) of the Agreement
is increased to "35%".
2. The reference to "December 31, 1998 in Section 5(a) and Section 5(b) of
the Agreement is changed to "June 30, 2000".
3. All other terms and conditions of the Agreement remain unchanged.
Sincerely,
INTERCARGO CORPORATION
By:/s/ Xxxxxxx X. Xxxxx
--------------------
Xxxxxxx X. Xxxxx
Vice President and
Chief Financial Officer
Accepted and agreed to on the date written above.
ORION CAPITAL CORPORATION
By: /s/ X. Xxxxxxx Xxxxxx
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X. Xxxxxxx Xxxxxx
Chairman
