Exhibit 10.4
Service Agreement Amendment
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Agreement effective January 1, 2002, 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 January 1, 2001 (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, 2002 through December 31, 2002;
NOW, THEREFORE, in consideration of the foregoing, the parties,
intending to be legally bound, agree that effective January 1, 2002 through
December 31, 2002, PAGI will pay to PIC $19,167.00 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: /s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ BY: /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
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