Exhibit 10-7-vii
Service Agreement Amendment
Agreement effective January 1, 2001, by and between Penn Independent
Corporation, ▇▇▇ ▇. ▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇ ("PIC") and
Penn-America Group, Inc., ▇▇▇ ▇. ▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇
("PAGI").
WHEREAS, the parties hereto are parties to a Service Agreement dated
August 20, 1993, as most recently amended effective July 1, 2000 (the "Service
Agreement"); and,
WHEREAS, the Service Agreement provides for the payment by PAGI to PIC
of a monthly expense estimate, which estimate consists of PAGI's share of the
telephone, insurance, building rental, facilities management expenses and
salaries of ▇▇▇▇▇ ▇▇▇▇▇▇▇▇, Human Resources and Office Services personnel in
connection with their services for PAGI; and,
WHEREAS, the parties to this Amended Service Agreement desire to
establish the amount of the monthly expense estimate owed by PAGI to PIC
effective January 1, 2001 through December 31, 2001;
NOW, THEREFORE, in consideration of the foregoing, the parties,
intending to be legally bound, agree that effective January 1, 2001 through
December 31, 2001, PAGI will pay to PIC $17,708.33 as a monthly expense
estimate, which estimate constitutes PAGI's share of monthly expenses for the
telephone, insurance, building rental, facilities management expenses and
salaries of ▇▇▇▇▇ ▇▇▇▇▇▇▇▇, Human Resources, and Office Services personnel.
IN WITNESS WHEREOF, the parties have entered into this Agreement as of
the date first above written.
PENN INDEPENDENT CORPORATION PENN-AMERICA GROUP, INC.
BY: ____________________________ BY: ____________________________