FIRST AMENDMENT TO PROGRAM MANAGER’S AGREEMENT
FIRST
AMENDMENT TO PROGRAM MANAGER’S AGREEMENT
This
AMENDMENT to the Program Manager’s Agreement of January 1, 2004 (the
“AGREEMENT”) made between Professional Medical Administrators, L.L.C., (the
“Manager”) and Physicians’ Reciprocal Mangers, Inc. (the
“Company”).
Manager
and Company agree that, as of July 1, 2005, Section A of Article V of the
AGREEMENT is changed to read as follows:
Production
and Administration Commission:
Manager shall be entitled to receive a production and administration commission
of 17% of Net Written Premium received by the Company on Policies bound or
written under this Agreement. (Net = Gross less D.D.R. reserve).
The
Manager and Company, intending to be bound, have executed this AMENDMENT in
duplicate, each of which shall serve as an original:
PHYSICIANS’
RECIPROCAL MANAGERS, INC.
/s/
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President
Physicians’
Reciprocal Managers, Inc.
PROFESSIONAL
MEDICAL ADMINISTRATORS, L.L.C.
/s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
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President
Professional
Medical Administrators, L.L.C.