Looking for an agreement? Search from over 1 million agreements now.

Addendum To Consulting Agreement

This is an actual contract by Symons International Group.
Browse the agreement preview below and buy the entire agreement for $35

Sectors: Insurance
Effective Date: January 01, 1998
Search This Document
ADDENDUM TO CONSULTING AGREEMENT


This Addendum is entered into as of the 1st day of January, 1998 by and between Goran Capital, Inc. ("Goran"), Symons International Group, Inc. ("SIG"), Granite Reinsurance Company Ltd. ("Granite Re"), Goran Management Bermuda Ltd. ("Goran Bermuda") and G. Gordon Symons (the "Chairman") with respect to the following:


A. The Chairman is the Chairman of the Board of Directors of Goran and SIG
and the Chairman of the Board and President of Granite Re;


B. Granite Re and Goran Bermuda have heretofore entered into that certain
Consulting Agreement dated January 1, 1995 (as amended from time to
time, the "Consulting Agreement") whereby an annual sum of Two Hundred
Fifty Thousand Dollars ($250,000) (the "Annual Sum") is paid by Granite
Re to Goran Bermuda;


C. Granite Re desires to ensure that it continues to receive the benefit
it currently derives from the Consulting Agreement;


D. Goran desires to ensure that its wholly owned subsidiary, Granite Re,
continues to receive the benefit it currently derives from the
Consulting Agreement; and


E. The parties to the Consulting Agreement desire to amend such Consulting
Agreement consistent with the terms contained herein (including, but
not limited to, the provisions of this Addendum dealing with
non-competition) and otherwise ratify and affirm the Consulting
Agreement.


NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Goran, Granite Re, Goran Bermuda and the Chairman agree as follows:


1. RATIFICATION AND AMENDMENT. Granite Re and Goran Bermuda hereby
reaffirm and modify the Consulting Agreement, and hereby ratify all
existing terms of the Consulting Agreement and also amend the
provisions of the Consulting Agreement to provide that, upon the
occurrence of a Triggering Event (as defined herein), the sum of One
Million Eight Hundred Seventy-F
-- End of Preview --
Home| About Us| FAQ| Subscription | Contact Us |