October 27, 2004 Martha Warren, PresidentThe LTC Exchange, Ltd.55 Madison Avenue, Suite 120Morristown, New Jersey 07960 Dear Ms. Warren:Penn Treaty American Corp • November 15th, 2004 • Accident & health insurance
This letter will confirm, in writing, the terms of our agreement and mutual understanding regarding the exclusive marketing arrangement between Penn Treaty Network America Insurance Company for itself and on behalf of its affiliated insurance companies (hereinafter collectively referred to as “PTNA”) and The LTC Exchange, Ltd. (“LTCX”), a Colorado corporation. This Letter of Agreement (“LOA”) is intended to summarize the principal terms and conditions upon which PTNA and LTCX have agreed thus far, and shall serve as the basis for further discussion as PTNA and LTCX work toward a more definitive agreement. If the parties fail to execute a definitive agreement within sixty (60) days of the date of this LOA, the LOA shall serve as the definitive agreement. The principal terms and conditions of this LOA are as follows:
