Document:

Employment Letter dated May 5, 2004

 Exhibit 10.24 
  
 May 5, 2004 
  
 VIA EMAIL AND FEDERAL EXPRESS 
  
 Dan Weiner 
 7601 E. Treasure Drive, #919 
 N. Bay Village, FL 33141 
 dlweiner@bellsouth.net 
  
 Dear Dan: 
  
 On behalf of Pharsight Corporation (“Pharsight” or the “Company”) and in conjunction with Execustaff, Inc.
(“Execustaff”), I am pleased to offer you the position of Senior Vice President, Business Development, reporting directly to me, with a start date of June 2, 2004. 
  
 We are confident that you will make an outstanding addition to our team. There are many professional and technical challenges and the
company is still small enough and growing rapidly enough to provide ample opportunity for professional development and an increasing role in the leadership of the firm. Pharsight also offers you the opportunity to participate in the company’s
growth, on both a financial and intellectual basis. 
  
 Base Salary and Bonus
Potential 
  
 Your base salary will be $250,000 annually, and will be paid
semi-monthly. In FY2005 (which began April 1, 2004) and for subsequent years, you will be eligible for an annual performance bonus, pursuant to the terms and conditions of the Company’s Management Incentive Bonus Program, targeted at
thirty-five (35%) percent of your base salary, with total compensation targeted at $337,500. This bonus is tied to company corporate performance goals as well as specific goals to be determined based upon your individual responsibilities, and will
be pro-rated from your date of hire for FY2005 to reflect the date on which you joined the Company as Senior Vice President, Business Development. The Company’s Compensation Committee will determine in its sole discretion whether you have
earned an annual bonus, and the amount of any earned annual bonus, provided that you are employed by Pharsight and in good standing at the time of annual payment. 
  
 The Company may modify your compensation from time to time as it deems necessary. 
  
 Relocation 
  
 As we discussed, we expect that you will relocate to Cary, North Carolina, and Pharsight will assist with such relocation. Upon your
submission of appropriate documentation (including receipts), which shall be submitted no later than December 31, 2004, and in accordance with the Company’s expense reimbursement policies and practices, Pharsight will reimburse you for your
reasonable relocation expenses, up to a maximum reimbursement amount of $25,000. This reimbursement will cover your reasonable local rental housing costs for up to three (3) months, as well as the cost of relocating your personal property from
Miami, Florida to Cary, North Carolina. 
  

 Offer Letter for Daniel Weiner 
 May 5, 2004 
 Page 2 
  

 Employee Benefits 
  
 You will be eligible for Pharsight’s employee benefits programs, including health, dental, life and disability insurance and 401(k) plan. 
  
 Stock Options 
  
 In addition, I will recommend to the Board that you be granted an option to purchase two hundred thousand (200,000) shares of Pharsight
common stock with an exercise price equal to the fair market value of such shares in accordance with the terms of the Company’s 2000 Equity Incentive Plan. Such options will vest over a four (4) year period as follows: 25% will vest on the
first anniversary date of grant and the remainder will vest in equal monthly installments thereafter until fully vested (“Vesting Schedule”). However, upon a Change of Control (as defined in the Company’s 2000 Equity Incentive Plan),
the Vesting Schedule will accelerate by one (1) year (“Accelerated Vesting”). Accelerated Vesting will immediately vest upon a Change of Control, the number of options equal to the amount, which would have vested one year from the
occurrence of such event. Accelerated Vesting described herein will supplement, but not supersede section 12(c) of the Company’s 2000 Equity Incentive Plan as amended and restated. 
  
 Proprietary Information and Inventions Agreement; Company Policies and Procedures 
  
 As a condition of your employment with Pharsight, you will be required to sign the
Company’s Proprietary Information and Inventions Agreement, two originals of which are enclosed. Please sign both originals and return one to me with your acceptance of this offer. 
  
 The Company acknowledges that the training materials that you independently developed for private and public PK/PD training courses are your
property and will not be deemed Proprietary Information or Inventions (both defined in the Company’s Proprietary Information and Inventions Agreement) of the Company. In addition, the Company consents to your teaching PK/PD training courses, so
long as such activity does not conflict with your employment obligations at Pharsight. 
  
 In order to comply with Federal labor law requirements (IRCA), you will be required to provide the Company documentary evidence of your identity and eligibility for employment in the United States. Such documentation must be provided to us
within three (3) business days of your date of hire, or our employment relationship with you may be terminated. 
  
 In addition, you will continue to be required to abide by the Company’s policies and procedures, as may be in effect from time to time and as reflected in the
Company’s Employee Handbook. 
  
 At-Will Employment Relationship

  
 Your employment continues to be terminable at-will, and either you or the
Company may terminate your employment relationship at any time, with or without Cause (defined below) or advance notice. 
  
 Severance Benefits 
  
 In the event that your employment is involuntarily terminated by the Company without Cause, as your sole severance benefits, the Company will continue to pay your base salary and health care benefits in effect on the
termination date for six (6) months (the “Severance Payments”). As a condition of your receipt of the Severance Payments, you must first enter into a separation agreement with the Company 

  

 Offer Letter for Daniel Weiner 
 May 5, 2004 
 Page 3 
  

 
that includes your general release of all known and unknown claims, in a form provided by the Company. The Severance Payments will be paid on the
Company’s normal payroll schedule and will be subject to standard deductions and withholdings. 
  
 For the purposes of this letter, “Cause” for your termination shall mean: (a) your conviction of any felony or of any crime involving dishonesty; (b) your participation in any fraud or act of dishonesty
against the Company; (c) the material breach of your duties to the Company, including persistent unsatisfactory performance of job duties; (d) your intentional damage to, or willful misappropriation of, any property of the Company; (e) your material
breach of any written agreement with the Company (including this Agreement or your Proprietary Information Agreement); or (f) conduct, that in the good faith and reasonable determination of the Board demonstrates gross unfitness to serve.

  
 In addition, if, within six (6) months of a Change in Control (defined below),
you resign from your employment with the Company and such resignation qualifies as a Resignation for Good Reason (defined below), you shall be entitled to receive the Severance Benefits, provided that you must first enter into a separation
agreement with the Company that includes your general release of all known and unknown claims, in a form provided by the Company. 
  
 For the purposes of this letter, the occurrence of either of the following events shall constitute a “Change in Control”: (a) the sale or lease of all or
substantially all of the assets of the Company; or (b) an acquisition of the Company by another corporation or entity by consolidation, merger or other reorganization in each case in which the holders of the Company’s outstanding voting stock
immediately prior to such transaction own, immediately after such transaction, securities representing less than fifty percent (50%) of the voting power of the corporation or other entity purchasing such assets or surviving such transaction.

  
 For purposes of this letter, a “Resignation for Good Reason” shall
mean a resignation by you due to any of the following events which occur after and as a direct result of a Change in Control: (1) a material reduction in compensation, unless such a reduction is applied, by resolution of the Board of Directors, to
all members of the Company’s officers; (2) a material adverse change in your title due to a demotion; (3) a material adverse reduction in your role and responsibilities; or (4) a requirement for you to relocate as a part of your position.

  
 You will not be eligible for any severance benefits in the event of a
termination with Cause or any resignation that does not qualify as a Resignation for Good Reason. 
  
 If the relationship between Execustaff and the Company is terminated for any reason, you will agree that the Company will become solely responsible as your employer for all payroll, workers’ compensation and
benefits, including severance and vacation pay, and you will agree to seek the same only from the Company. 
  
 I am providing two originals of this letter. Please sign and return one to indicate your acceptance. This offer is valid through May 12, 2004. We are excited about the prospect of having you on the Pharsight team.

  

	
	Sincerely,
	PHARSIGHT CORPORATION
	
	/s/ Shawn O’Connor
	 Shawn O’Connor

	 President and Chief Executive Officer

  

 Offer Letter for Daniel Weiner 
 May 5, 2004 
 Page 4 
  

 I accept employment with Pharsight Corporation subject to the terms and conditions hereof. I understand that the
terms set forth in this letter supersede all oral discussions I may have had with anyone in the Company. 
  

	
	ACCEPTED:
	
	/s/ Daniel Weiner
	 Daniel Weiner

	
	
	 May 6, 2004

	 DateEscrow Agreement for deposit of subscription payments pending closing

 EXHIBIT 10.2 
  
 ESCROW AGREEMENT 
  
 Fremont Michigan InsuraCorp, Inc. 
 Stock Offering 
  
 THIS ESCROW AGREEMENT
(“Agreement”) is made and entered into as of June,         , 2004, by and among Fremont Michigan InsuraCorp, Inc., a Michigan corporation (“Company”), Centennial Securities
Company, Inc. (“Centennial”) and The Huntington National Bank (“Bank” or “Escrow Agent”). 
  
 RECITALS 
  
 All capitalized terms not defined in this Agreement shall have the meaning as defined in the Prospectus attached to the Registration Statement. 
  
 A. The Company, which is the proposed holding company for Fremont Mutual Insurance Company (“Insurance Company”), proposes to
sell, with the assistance of Centennial, up to 920,000 shares of its common stock (“Shares”) pursuant to a surplus note exchange offering, subscription offering, and a community offering (collectively, “Offerings”). The Offerings
are being conducted in connection with the conversion of the Insurance Company from mutual to stock form and the simultaneous acquisition of the capital stock of the Insurance Company by the Company pursuant to a Plan of Conversion
(“Plan”) adopted by the Board of Directors of each of the Insurance Company and the Company on August 25, 2003 (“Conversion”). 
  
 B. The Company intends to offer the Shares pursuant to a Registration Statement on Form S-1 filed with the Securities and Exchange Commission on February 2, 2004, as
amended (“Registration Statement”). 
  
 C. The Company desires to
establish an escrow account in which Series B Surplus Note certificates (“Note Certificates”) received from persons subscribing for Shares in the surplus note exchange offering and funds received from persons subscribing for or purchasing
Shares in the Offerings will be deposited pending completion of the Offerings. The Bank agrees to serve as the Escrow Agent to hold such Note Certificates and funds from, or on behalf of, subscribers or purchasers in accordance with the terms and
conditions of this Agreement. The Company and Centennial agree to assist the Escrow Agent in administering the Escrow Account (defined below) and distributing the Note Certificates and funds held in the Escrow Account. 
  
 D. The Offerings will be completed if, among other things, the Company receives Stock Order
Forms for between 680,000 and 920,000 Shares. 
  
 E. All monies held in the Escrow
Account are referred to as the “Escrow Amount.” 
  
 F. The Note
Certificates and monies held in the Escrow Account will be distributed as provided in this Agreement or returned to the subscribers or purchasers. In the event of an oversubscription to the Subscription Offering as described in the Plan and
prospectus, the Escrow Agent will follow the instructions of the Company and Centennial in such event in making partial returns of funds to the subscribers. 
  
 NOW, THEREFORE, in consideration of the foregoing, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto, intending legally to be bound, agree as follows: 
  

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	I.	ESCROW AGENT. 

  
 Subject to the terms and conditions hereof, the Company hereby appoints the Bank as Escrow Agent. The Bank hereby accepts such appointment and represents that: 
  
 (a) It is a state chartered bank or federally chartered bank or holding company, which is
regulated by a state regulatory banking authority, the Federal Reserve, or the Office of the Comptroller of the Currency; 
  
 (b) Its domicile and principal place of business are in the United States; 
  
 (c) Its deposits are insured by the FDIC; 
  
 (d) It will hold and administer the Note Certificates and escrowed funds pursuant to the terms of this Agreement; and 
  
 (e) It is neither affiliated with, nor a major creditor of, the Company, though the Escrow
Agent, not in its capacity as agent, but as a bank, may from time to time provide banking services to the Company and extend credit pursuant to a line of credit with the Company. 
  

	II.	ESTABLISHMENT OF ESCROW ACCOUNT. 

  
 On or prior to the date of the commencement of the Offerings, the parties shall establish an escrow account with the Escrow Agent (“Escrow Account”). The
Company, through the prospectus or otherwise, will instruct subscribers or purchasers to make checks or money orders for subscriptions or purchases payable to the Escrow Agent, for deposit into the Escrow Account and shall return to subscribers for
correction of any non-conforming instruments or reject the deposits and cause the return of funds to such subscribers or purchasers. Escrow Agent agrees to hold all Note Certificates and funds received by it in escrow for the subscriber or purchaser
desiring to purchase Shares in the Offerings until such time as the conditions for release of the Note Certificates and funds are met. It is understood that all checks or money orders received by the Escrow Agent are subject to clearance time, and
the funds represented thereby cannot be drawn upon or invested until such time as the same constitute good and collected funds. It is also understood that should any checks be returned to the Escrow Agent as uncollectible, the Escrow Agent is
authorized and instructed to charge expenses incurred by the Escrow Agent on such uncollected checks to the Company, and the Company hereby agrees to pay to the Escrow Agent all such expenses. The Escrow Agent shall redeposit such checks(s) for
collection only upon the verbal or written instruction of the Company; however, in no instance shall the checks(s) be presented for collection more than two (2) times. Should the check(s) be uncollectible after the second presentation, the Escrow
Agent shall promptly notify the Company and hold said check(s) until the subscriber or purchaser has replaced the same with a cashier’s check or money order or such other form of draft that the Company and the Escrow Agent approve, at which
time the Escrow Agent shall as soon as reasonably practicable return said uncollectible check(s) to the subscriber or purchaser. In lieu thereof, the Company may reject the tendered subscription or purchase. In the event the subscriber or purchaser
does not promptly replace said check(s) with a cashier’s check or money order or such other form of draft acceptable to the Escrow Agent and the Company or the Company rejects the tender, the Escrow Agent, at the instruction of the Company,
shall return the check(s) to such subscriber or purchaser, accompanied by correspondence approved by the Company. 
  

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	III.	ADMINISTRATION OF NOTE CERTIFICATES AND FUNDS HELD IN ESCROW. 

  
 Centennial shall receive all stock order forms, checks or money orders made payable to the Bank, and Note Certificates from subscribers or purchasers and shall keep such
appropriate books and records as are required to perform its functions described herein. Centennial will deliver the Note Certificates, checks and money orders to the Escrow Agent before noon of the next business day following receipt at such office
of the Escrow Agent as designated by the Escrow Agent for deposit into the Escrow Account together with a copy of the subscriber’s or purchaser’s Stock Order Form which sets forth, among other things, the subscriber’s or
purchaser’s name, address, social security number, telephone number, number of Shares purchased and the amount paid therefor. The Escrow Agent is hereby authorized and instructed to forward each check or money order for collection, deposit the
check or money order in the Escrow Account and after allowing for collection of the proceeds of each check or money order in accordance with Federal Reserve Board regulations, invest the Escrow Amount in accordance with the terms hereof. Escrow
Agent is hereby authorized and instructed to hold the Note Certificates in accordance with this Agreement. Centennial will maintain all subscriber records until the completion or termination of the Offerings. 
  
 The Escrow Agent shall receive all subscription and purchase payments for Shares and shall
hold all such payments in the Escrow Account, together with all investments thereof and all interest accumulated thereon and proceeds therefrom, in escrow upon the terms and conditions set forth in this Agreement and shall not disburse Note
Certificates or funds from the Escrow Account except as provided by the terms of this Agreement. Escrow Agent shall invest the Escrowed Assets pursuant to written instructions from the Company, and in the absence of such instructions, the Escrow
Agent agrees to only invest the Escrowed Assets in investments permissible under Rule 15c2-4 of the Securities and Exchange Act of 1934, as amended, and the interpretations thereof set forth in the NASD Notice to Members 84-7, as reissued or
amended. In its instructions to the Escrow Agent, the Company may only specify investment in: (1) bank accounts, (2) bank money-market accounts, (3) short-term certificates of deposit issued by a bank, or (4) short-term securities issued or
guaranteed by the U.S. Government. Subject to the terms of this Agreement, any income, earnings, proceeds or other gain received on any amounts invested hereunder shall be deposited into the Escrow Account, will be added to and increase the Escrow
Amount and may be subsequently reinvested in accordance with the terms hereof, and any losses on any amounts invested hereunder shall decrease the Escrow Amount. 
  

	IV.	REJECTION OF PURCHASE ORDERS. 

  
 The Registration Statement provides that the purchase of Shares in the Community Offering is subject to the Company’s approval. The Company agrees to notify the
Escrow Agent of which stock orders are being rejected by delivering to the Escrow Agent written instructions pertaining thereto. If a stock order is rejected, any funds held in the Escrow Account in connection with such purchase order shall, upon
receipt of the written confirmation from the Company set forth in, and otherwise in accordance with, Section VII, be promptly returned to the purchaser, without interest, and without deduction, penalties or expense to the purchaser. Unless a
certificate rejecting a stock order is delivered to the Escrow Agent from the Company pursuant to this Section IV, all stock orders received in the Community Offering shall be deemed accepted by the Company. 
  

	V.	RELEASE OF ESCROW AMOUNT AND NOTE CERTIFICATES. 

  
 If on the date of closing of the Offerings (as more fully described in the Registration Statement) the Escrow Agent has received from the Company and Centennial a
certificate stating that the Company has received subscriptions or purchase orders for at least 680,000 Shares and that the Offerings have closed, then the Escrow Agent: 
  
 (a) is authorized and instructed to release all Note Certificates to the Company for cancellation in exchange for the issuance of Shares.

  

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 (b) is authorized and instructed to pay to the Company the Escrow Amount held by the Escrow Agent in the Escrow Account,
less those amounts specified in subsections (c) through (e) below; 
  
 (c) shall,
upon receipt of the written confirmation from Centennial or the Company set forth in, and otherwise in accordance with, Section VII, distribute to purchasers in the Subscription Offering and the Community Offering out of the Escrow Amount deposited
amounts with respect to stock orders which the Company has rejected in accordance with Section IV, or to subscribers in the event of an oversubscription in the Subscription Offering in accordance with instructions provided by the Company and
Centennial; 
  
 (d) shall be entitled to retain amounts from the Escrow Amount
owing to it pursuant to Section XI; and 
  
 (e) shall, subject to receipt by the
Escrow Agent of a written confirmation signed by both Centennial and the Company as to the agreed amount due, pay to Centennial out of the Escrow Amount an amount equal to Centennial’s fees as the Sales Agent for the offering as described in
the Registration Statement and a Sales Agent Agreement between Centennial and the Company. 
  
 The Escrow Agent shall not be required to interpret the Sales Agent Agreement, the Registration Statement or any other agreement as to the proper amounts due to be paid under (e) above, but shall rely solely upon the
written confirmations described therein. The Escrow Agent’s obligation to make distributions under this Section is limited to the actual amounts on deposit in the Escrow Account. 
  

	VI.	CANCELLATION OF OFFERINGS. 

  
 If the Company and Centennial give the Escrow Agent written notice that the Offerings have been canceled, the Escrow Agent shall, upon receipt of the written confirmation from Centennial and the Company in accordance
with Section VII, promptly return the Note Certificates to the registered holders of the Note Certificates and refund to each subscriber or purchaser the amount received from the subscriber or purchaser, without deduction, penalty or expense to the
subscriber or purchaser, and Escrow Agent shall notify the Company and Centennial, in writing, of its distribution of such Note Certificates and funds. The amounts returned to each subscriber or purchaser shall be free and clear of any and all
claims of the Escrow Agent, the Company or Centennial, or any creditors of any of them. In such event, notwithstanding any other provision of this Agreement to the contrary, the Company shall alone be responsible for and pay any amounts owing to the
Escrow Agent pursuant to Section XI. 
  

	VII.	DELIVERY OF PAYMENTS OR REFUNDS. 

  
 Upon receiving written confirmation from the Company and Centennial of the amount due to any subscriber or purchaser, the Escrow Agent shall prepare the necessary checks
or money orders. All payments or refunds to be made by the Escrow Agent to a subscriber or purchaser pursuant to Sections IV, V or VI shall be forwarded, by first-class mail, to the last known address of the subscriber or purchaser, as communicated
in writing to the Escrow Agent by the Company, Centennial or the subscriber or purchaser. All payments to be made by the Escrow Agent to the Company pursuant to Section V shall be issued to such account as the Company shall direct, in writing.

  

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	VIII.	THE COMPANY NOT ENTITLED TO ESCROW AMOUNT IN ESCROW UNTIL RELEASED. 

  
 Until a portion of the Escrow Amount is distributed to it pursuant to Section V, the Company acknowledges that (i) it is not entitled to any portion of the Escrow Amount
and (ii) no amounts deposited in the Escrow Account shall become the property of the Company or be subject to the liabilities of the Company. 
  

	IX.	INTEREST. 

  
 Interest, as used in Sections IV, V, VI, VII, and IX of this Agreement, shall mean investment income, if any, earned on the Escrow Amount, as invested in accordance with the terms hereof. Interest accrued on the
Escrow Amount shall be paid out to the Company in the amounts calculated promptly after such interest is credited to the Escrow Account. 
  

	X.	ESCROW AMOUNT MAY NOT SECURE LOAN. 

  
 Until released in accordance herewith, the Escrow Amount shall at no time be used directly or indirectly as security for a loan or any other obligation of the Company
and, except as otherwise expressly provided in Section XI hereof, shall be subject to no right, charge, security interest, lien, setoff or claim of any kind in favor of the Escrow Agent or any person claiming through the Escrow Agent. 
  

	XI.	AUTHORITY OF ESCROW AGENT AND LIMITATION OF LIABILITY. 

  
 (a) In acting hereunder, Escrow Agent shall have only such duties as are specified herein and no implied duties shall be read into this Agreement, and Escrow Agent shall
not be liable for any act done, or omitted to be done, by it in the absence of its negligence or willful misconduct. 
  
 (b) Escrow Agent may act in reliance upon any writing, instrument, notice or instruction or signature which it, in good faith, believes to be genuine, and may assume the
validity and accuracy of any statement or assertion contained in such a writing, instrument, notice or instruction and may assume that any person purporting to give any writing, instrument, notice, advice or instruction in connection with the
provisions hereof has been duly authorized so to do. 
  
 (c) Escrow Agent shall
not be required to use its own funds in the performance of any of its obligations or duties or the exercise of any of its rights or powers, and shall not be required to take any action which, in Escrow Agent’s sole and absolute judgment, could
involve it in expense or liability unless furnished with security and indemnity which it deems, in its sole and absolute discretion, to be satisfactory. 
  
 (d) The Company agrees to pay to Escrow Agent compensation for its services hereunder in accordance with the schedule of fees set forth on Exhibit A attached hereto. In
the event Escrow Agent renders any extraordinary services in connection with the Escrow Account, Escrow Agent shall be entitled to additional compensation therefore provided both the Company and Centennial have requested the services and Escrow
Agent has informed the Company, in writing, of the additional charge prior to incurring such expense. Escrow Agent shall have a first lien against the Company’s rights in and to the funds in the Escrow Account to secure the obligations of the
Company hereunder. The terms of this paragraph shall survive termination of this Agreement. 
  
 (e) The Company hereby agrees to indemnify Escrow Agent and hold it harmless from any and against all liabilities, losses, actions, suits or proceedings at law or in equity, and any other expenses, fees or charges of
any character or nature, including, without limitation, attorney’s fees and expenses, which 
  

 5 

 Escrow Agent may incur or with which it may be threatened by reason of its acting as Escrow Agent under this Agreement or
arising out of the existence of the Escrow Account, except to the extent the same shall be caused by Escrow Agent’s gross negligence or willful misconduct. Escrow Agent shall have a first lien against the Company’s rights in and to the
funds in the Escrow Account to secure the obligations of the Company hereunder. The terms of this paragraph shall survive termination of this Agreement. 
  
 (f) Whenever Escrow Agent is unable to decide between alternative courses of action permitted or required by the terms of this Agreement, is unsure as to the application,
intent, interpretation or meaning of any provision of this Agreement, or otherwise determines instruction to be necessary or desirable, Escrow Agent shall promptly give notice (in such form as shall be reasonable under the circumstances) to the
Company requesting instruction as to the course of action to be adopted, and, to the extent Escrow Agent acts in good faith in accordance with any such instruction received, Escrow Agent shall not be liable on account of such action to any person.
In the event Escrow Agent receives conflicting instructions under this paragraph or any other provision of this Agreement, Escrow Agent shall be fully protected in refraining from acting until such conflict is resolved to the reasonable satisfaction
of Escrow Agent. 
  
 (g) Escrow Agent may resign as Escrow Agent by giving notice
in writing of such resignation to the Company, which notice shall specify a date upon which such resignation shall take effect. The Company shall, within sixty (60) business days after receiving the foregoing notice from Escrow Agent, designate a
substitute escrow agent (“Substitute Escrow Agent”), which Substitute Escrow Agent shall, upon its designation and notice of such designation to Escrow Agent, succeed to all of the rights, duties and obligations of Escrow Agent hereunder.
The Escrow Agent’s resignation shall not be effective until the Substitute Escrow Agent has been designated. In the event the Company shall not have delivered to Escrow Agent a written designation of Substitute Escrow Agent within the
aforementioned sixty (60) day period, together with the consent to such designation by the Substitute Escrow Agent, the Escrow Agent may apply to a court of competent jurisdiction to appoint a Substitute Escrow Agent, and the costs of obtaining such
appointment shall be reimbursable from the Company and from the Escrow Amount. Upon the Escrow Agent’s effective resignation, the Escrow Agent shall be discharged from any and all further duties and obligations under this Agreement 

 

	XII.	NOTICES. 

  
 Except as otherwise provided herein, any notice, instruction, instrument or other document to be delivered hereunder shall be in writing and shall be effective upon receipt at the addresses set forth on the signature
page hereof or at such other address specified in writing by the addressee, or upon actual receipt via facsimile or telecopier transmission at the number set forth on the signature page hereof or at such other number specified in writing by the
addressee. 
  

	XIII.	AMENDMENT. 

  
 This Agreement may not be amended, modified, supplemented or otherwise altered except by an instrument in writing signed by the parties hereto. 
  

	XIV.	TERMINATION. 

  
 This Agreement will terminate upon the disbursement of all Note Certificates and funds in the Escrow Account, as provided above, by the Escrow Agent. 
  

 6 

	XV.	GOVERNING LAW. 

  
 This Agreement shall be governed by and construed in accordance with Michigan law in all respects without regard to principles of conflict of laws. 
  

	XVI.	COUNTERPARTS. 

  
 This Agreement may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original, and such counterparts together shall constitute and be one and the same instrument.

  
 IN WITNESS WHEREOF, the parties hereto have caused their names to be hereto
subscribed by their respective officer as of the day and year first above written. 
  

			
	 FREMONT MICHIGAN INSURACORP, INC.

		
	By:	 	 
	 	 	 Richard E. Dunning
 Title: President
 Address: 933 E. Main St.,
 Fremont MI.
49412-9751
 Fax: (231) 924-0880

	
	 THE HUNTINGTON NATIONAL BANK
 as Escrow Agent

		
	By:	 	 
	 	 	 Name:
 Title:
 Address:
 Fax:

	
	 CENTENNIAL SECURITIES COMPANY, INC.

		
	By:	 	 
	 	 	 Name:
 Title:
 Address: 3075 Charlevoix Dr. SE,
 P.O. Box
6217,
 Grand Rapids, MI 49516-6217
 Fax:
(616) 942-6389

  

 7

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