Exhibit 10.11 



COLLATERAL ADDENDUM
 To
JANUARY 1, 2002 PAID
LOSS WC
DEDUCTIBLE FINANCE
AGREEMENT (“Agreement”) 




Between 



Gevity HR, Inc.
(“Insured”, formerly Staff Leasing, Inc.)
And
Continental Casualty
Company (“Insurer”) 






Effective as of June 30, 2004, the
January 1, 2002 Paid Loss WC Deductible Finance Agreement entered into between the Insured
and the Insurer is amended as set forth herein to reflect a change in the Collateral
required to be maintained by the Insured to secure the Insured’s Obligations under
the terms of the Agreement. 



     I.    
          Paragraph A of Article 7 (“Collateral/Experience Account”) of the
          Agreement is amended as follows: 



          	 	A. 	
               The Insured’s Obligations under the Agreement with respect to the Insurance
               Plans (as defined in Article 4. of the Agreement) will be secured as follows: 


               



               	 	1. 	
                    On or before September 30, 2004, the Insured shall provide the Insurer with
                    Collateral to secure the Insured’s Obligations in the form of a Deductible
                    Liability Protection Policy (“DLP Policy”) issued by National Union
                    Fire Insurance Company of Vermont, an AIG member company, with limits of
                    $1,000,000 per occurrence and aggregate limits of $173,519,448 covering all of
                    the unreimbursed Insured’s Obligations as of July 1, 2004 and thereafter.
                    The DLP Policy will be for the sole benefit of the Insurer and may not be
                    assigned or pledged to any third party and the assets comprising the experience
                    account of said DLP Policy shall be kept free of any liens, encumbrances or
                    adverse claims. In addition, the wording of the DLP Policy, which will be
                    assigned to the Insurer, will be subject to the Insurer’s approval and will
                    have a cut through whereby, in the event of insolvency, the Insurer (as the
                    Insured’s assignee of loss payments under the DLP Policy), can go directly
                    to National Union Fire Insurance Company of Pittsburgh, Pennsylvania for all
                    outstanding and/or unpaid reimbursements to be made under the DLP Policy; and in
                    such an event, National Union Fire Insurance Company of Pittsburgh, Pennsylvania
                    will carry out in total all of the obligations of National Union Fire Insurance
                    Company of Vermont under the DLP Policy subject to the terms and conditions of
                    the DLP Policy. 


                    



               	 	2. 	
                    In addition to the DLP Policy, the Insured shall continue to maintain its
                    current Collateral with the Insurer in the form of deductible reimbursement
                    and/or exposure buyback policies issued by North Rock Insurance Company Limited;
                    provided, however, said North Rock policies will be amended to provide
                    indemnification coverage for the amount of $9,000,000 in excess of $1,000,000
                    only with respect to the Insured’s Obligations covered under such policies. 


                    






               	 	3. 	
                    The Insurer and the Insured mutually consent to the withdrawal of assets from
                    and the termination of the “Direct Collateral Trust Account”
                    established by the Insured (as Grantor) as partial Collateral for the benefit of
                    the Insurer (as Beneficiary) with Wells Fargo Bank Illinois N.A. (as Trustee).
                    Any investment risk associated with or resulting from the withdrawal of assets
                    from and termination of the Direct Collateral Trust shall be borne solely by the
                    Insured and the Insured agrees to hold harmless and indemnify the Insurer for
                    any such risk of loss as the result of such termination of the Direct Collateral
                    Trust Account. Disposition of the Trust assets shall be made as directed by the
                    Insured. 


                    



               	 	4. 	
                    The Insurer and the Insured mutually consent to the withdrawal of assets from
                    and the termination of the “Consolidated Collateral Trust Account” and
                    all sub-accounts thereof established by North Rock Insurance Company Limited (as
                    Grantor, with respect to its deductible reimbursement and/or exposure buyback
                    policies) as partial Collateral for the benefit of the Insurer (as Beneficiary)
                    with JP Morgan Chase Bank (formerly, The Chase Manhattan Bank, as Trustee). Any
                    investment risk associated with or resulting from the withdrawal of assets from
                    and termination of the Consolidated Collateral Trust shall be borne solely by
                    the Insured and the Insured agrees to hold harmless and indemnify the Insurer
                    for any such risk of loss as the result of such termination of the Consolidated
                    Collateral Trust Account.. Disposition of the Trust assets shall be made as
                    directed by North Rock Insurance Company Limited and the Insured. 


                    



II.     Article
4 (“Loss Reimbursement”) is amended as follows:  



               	 	1. 	
                    The “Consolidated Loss Fund” funded by the Insured and maintained by
                    the Insurer as set forth in Article 4.A. of the Agreement shall be closed and
                    the proceeds shall be transferred to the loss fund escrow account established
                    pursuant to paragraph 2 below. 


                    



               	 	2. 	
                    The Insured and the Insurer agree that the “Working Loss Fund”
                    required to be maintained pursuant to Article 4.B. of the Agreement has served
                    its intended purpose and is no longer required. In lieu of said Working Loss
                    Fund, a loss fund escrow account will be continued in force for the payment of
                    claims by RSKCo, the Insured’s Claims Administrator. The funding of the
                    loss fund escrow account for claim payments is the sole responsibility of the
                    Insured and the funding methodology must be mutually agreed upon by the Insured
                    and the Insurer. If escrow or service fees are involved, additional agreements
                    may be required and must be consented to by the Insurer. 


                    







III.     Continuing
Obligations 



	 	
Insured
shall continue to remain liable to indemnify the Insurer and its affiliates (including,
but not limited to, North Rock Insurance Company Limited) for all of the Insured’s
Obligations to the Insurer and its affiliates under the Policies, the deductible
reimbursement and/or exposure buyback policies (and related agreements, including but not
limited to the Expense Payment and Indemnity Agreements), the Insurance Plans and the
Agreement to the extent such obligations are not covered by the Deductible Liability
Protection Policy and Indemnity Agreement provided by the Insured to the Insurer as
substitute Collateral pursuant to the terms of this Collateral Addendum. 






In all other respects, the terms and
conditions of the Agreement shall remain unchanged and in full force and effect. 



IN WITNESS WHEREOF, the Insured and
the Insurer have caused this Collateral Addendum to be duly executed by their duly
authorized representatives effective as stated herein. 



GEVITY HR, INC. (Formerly, STAFF
LEASING, INC.) 


			
	By: /s/ Peter C Grabowski
		
	Title: Senior Vice President,
Chief Financial Officer
		
	Date: October 6, 2004
		




CONTINENTAL CASUALTY COMPANY, on behalf

of itself and its Subsidiaries and Affiliates 


			
	By: /s/ David A Murray
		
	Title: Senior Vice President
		
	Date: October 11, 2004