Document:

Director Compensation Summary

 Exhibit 10.5 
 DIRECTOR COMPENSATION SUMMARY 
 The annual retainer for the directors is
$20,000. Of this amount, $10,000 is paid in common shares of the Company. 
 In addition to the annual retainer, the directors
are also paid $700 per half day for each board meeting and $175 per hour for each committee meeting attended during the calendar year. Directors are entitled to receive compensation and reimbursement for expenses incurred in attending board or
committee meetings or when otherwise acting on our behalf. The chairman of the board, as well as the chairman of the audit committee, receive an additional annual retainer of $10,000. The chairmen of all other committees receive an additional
retainer of $5,000.Addendum to Management Agreement

 Exhibit 10.13 
 ADDENDUM #3 TO THE 
 CAPTIVE INSURANCE COMPANY MANAGEMENT SERVICES
AGREEMENT 
 BETWEEN 
 CEDAR MANAGEMENT LIMITED (“CEDAR”) 
 USA RISK GROUP (BERMUDA),
LTD. (“USABDA”) 
 (and their affiliated companies) (hereafter collectively “MANAGER”) 

AND 

AMERINST INSURANCE COMPANY, LTD. (“COMPANY”) 
 EFFECTIVE: January 1, 2012 
 Management Agreement Addendum 

 

	 	1)	It is hereby agreed that with effect from 1/1/2012 that USABDA be removed from the Management Agreement as a MANAGER and that CEDAR will be the sole MANAGER for the
Company. 

 IN WITNESS WHEREOF, the parties have duly executed this Addendum this 9th day of December, 2011. 

 

			
	 By:
	 	 /s/ THOMAS R. MCMAHON

		 	Cedar Management Limited (itself and on behalf of its affiliated companies)
		
	 By:
	 	 /s/ THOMAS R. MCMAHON

		 	USA Risk Group (Bermuda), Ltd. (itself and on behalf of its affiliated companies)
		
	 By:
	 	 /s/ STUART H. GRAYSTON

		 	AmerInst Insurance Company, Ltd.

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