Document:

exv10w41

 

Exhibit
10.41

CONTINUING GUARANTY

     The
undersigned,                      , an individual (herein called “Guarantor”), at the solicitation
of SYNTAX GROUPS CORPORATION, a California corporation, and SYNTAX CORPORATION, a Nevada
corporation (herein, individually and collectively, called “Borrower”), requests PREFERRED BANK, a
California banking corporation (herein called “Lender”), to extend Credit to Borrower. In order to
induce Lender to extend Credit to Borrower, and in consideration of Credit heretofore, now or
hereafter granted to Borrower by Lender, Guarantor agrees as follows:

     1. The term “Credit” is used throughout this Continuing Guaranty (“Guaranty”) in its most
comprehensive sense and means and includes, without limitation, any and all loans, advances, debts,
obligations and liabilities of any kind or nature owed by Borrower to Lender, heretofore, now, or
hereafter made, incurred or created, arising from the Loan Documents as defined in the Business
Loan and Security Agreement dated as of September 28, 2005, as amended, between Borrower and Lender
(“Agreement”), whether due or not due, absolute or contingent, liquidated or unliquidated,
determined or undetermined, secured or unsecured, whether on original, renewed, extended or revised
terms (including, without limitation, those evidenced by new or additional instruments or
agreements or those changing the applicable rate of interest or which release any obligor with
respect thereto), whether principal, interest, fees, or expenses, whether Borrower may be liable
individually or jointly with others, whether recovery upon such indebtedness may be or hereafter
becomes barred by any statute of limitations, and whether such indebtedness may be or hereafter
becomes invalid or otherwise unenforceable. In the event a petition under the United States
Bankruptcy Code is filed by or against Borrower, the term “Borrower” shall also mean and include
Borrower in its status as a debtor, debtor-in-possession and/or reorganized debtor under the United
States Bankruptcy Code.

     2.      (a) If there is more than a single entity or person included in the terms “Guarantor” or
“Borrower,” respectively, each reference herein to such terms shall mean any and all, and one or
more of such entities and persons both jointly and severally, and (b) if more than one person or
entity executes this Guaranty, the obligations and liabilities hereunder of Guarantors are and
shall be both joint and several. If Borrower is a corporation, partnership, limited liability
company or association, each reference herein to the term “Borrower” shall include any successor
entity to Borrower. If there is more than one guaranty of the obligations of Borrower, the
liabilities of all Guarantors are joint and several. As used in this Guaranty, neuter terms include
the masculine and feminine, and vice versa.

     3. Guarantor’s liability hereunder shall be limited to Eighteen Million Dollars
($18,000,000.00). In addition to any liability hereunder, Guarantor agrees to bear and be liable to
Lender for the interest and expenses enumerated in paragraph 21 hereof. Notwithstanding the
foregoing, Lender, at its discretion, may allow Credit to exceed Guarantor’s maximum liability
hereunder. Any payment by Guarantor shall not reduce the maximum obligation of Guarantor hereunder
unless written notice to that effect is actually received by Lender at or prior to the time of such
payment. Any payment received by Lender from Borrower, from any other person or from proceeds of
collateral granted by Borrower or any other person shall not reduce Guarantor’s maximum liability
hereunder.

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     4. Subject to any maximum dollar limitation on Guarantor’s liability as may be specified in
this Guaranty, Guarantor unconditionally guarantees and agrees to pay to Lender, on demand, in
lawful money of the United States of America, an amount equal to the amount of the Credit, and to
otherwise perform any obligations of Borrower undertaken pursuant to any Credit. This Guaranty is a
guaranty of payment and not of collection. No payment received by Lender from Borrower or any other
person or from proceeds of collateral granted by Borrower or any other person shall reduce
Guarantor’s maximum liability hereunder.

     5. Either before or after revocation hereof, Guarantor authorizes Lender at its sole
discretion, with or without notice, and without affecting Guarantor’s continuing liability
hereunder, from time to time to (a) change the time or manner of payment of any Credit by
modification, renewal, extension, acceleration or otherwise, (b) amend or change any other
provision of any Credit including the rate of interest thereon, (c) accept partial payment on any
Credit, (d) accept new or additional instruments, agreements or documents relative to any Credit,
(e) release, substitute or add one or more endorsers, cosigners or guarantors for any Credit, (f)
enter into forbearances with Borrower even though the result of such forbearance is to increase the
amount of accrued and unpaid interest, cost, fees and/or expenses attributable to the Credit, (g)
amend or modify the terms of any guaranty executed by a co-guarantor, including the maximum
liability thereunder, (h) obtain collateral for the payment of any Credit and/or any guaranty
thereof, (i) waive, release, exchange, substitute, or modify, in whole or in part, existing,
after-acquired or later acquired collateral securing payment of the Credit or any guaranty therefor
on such terms as Lender at its sole discretion shall determine, (j) subordinate payment of all or
any part of the Credit to other creditors of Borrower or other persons on such terms as Lender
deems appropriate, (k) apply any sums received from Borrower, any other guarantor, endorser or
cosigner or from the sale or collection of collateral or its proceeds to any indebtedness
whatsoever in any order and regardless of whether or not such indebtedness is guaranteed hereby, is
secured by collateral, or is due and payable, (1) without limiting the foregoing, apply any sums
received from Guarantor or from the sale of collateral granted by Guarantor to any, all, or any
portion of the Credit in any order regardless of whether or not the Credit is secured by collateral
or is due and payable, and (m) exercise any right or remedy it may have with respect to any Credit
or any collateral securing any Credit, this Guaranty or any other guaranty, including, without
limitation, bidding and purchasing at any sale of any such collateral, and compromising, collecting
or otherwise liquidating any collateral or any Credit.

     6. Guarantor acknowledges that Guarantor may have certain rights under applicable law which,
if not waived by Guarantor, might provide Guarantor with defenses against Guarantors’ liability
under this Guaranty. Among those rights, are certain rights of subrogation, reimbursement,
indemnification and contribution, and rights provided in sections 2787 to 2855, inclusive, of the
California Civil Code. Guarantor waives all of Guarantor’s rights of subrogation, reimbursement,
indemnification, and contribution, and any other rights and defenses that are or may become
available to Guarantor by reason of any or all of California Civil Code sections 2787 to 2855,
inclusive, including, without limitation, Guarantor’s rights:

          (a) To require Lender to notify Guarantor of any default by Borrower, provide Guarantor with
notice of any sale or other disposition of security for any Credit, disclose information with
respect to the Credit, Borrower, or any other guarantor, co-signer or endorser, or with respect to
any collateral;

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          (b) That Guarantor’s obligation under this Guaranty must be commensurate with that of
Borrower;

          (c) To be discharged based upon the absence of any liability of Borrower, at any time, by
virtue of operation of law, or otherwise, or due to any other disability or defense of Borrower or
any other guarantor, endorser or co-signer;

          (d) To be discharged if any of the terms, conditions or provisions of the Credit are altered
in any respect;

          (e) To be discharged upon acceptance by Lender of anything in partial satisfaction of the
Credit, and/or if Lender designates the portion of the Credit to be satisfied;

          (f) To be discharged upon any modification of the Credit or the release by Lender of Borrower
or any other guarantor, endorser or co-signer;

          (g) To require Lender to proceed against Borrower, or any other guarantor, endorser,
co-signer, or other person, or to pursue or refrain from pursuing any other remedy in Lender’s
power;

          (h) To receive the benefit of or participate in any and all security for repayment and/or
performance of the Credit;

          (i) To have any security for the Credit first applied to satisfy or discharge the Credit;

          (j) That any arbitration award rendered against Borrower not constitute an award against
Guarantor;

          (k) To be discharged based upon any failure by Lender to perfect or continue perfection of any
lien, use due diligence to collect all or any part of any Credit, or if recovery against Borrower
becomes barred by any statute of limitations, or if Borrower is not liable for any deficiency after
Lender realizes upon any collateral; and

          (l) To be discharged due to the release or discharge of any collateral for any Credit or
guaranty, or relating to the validity, value or enforceability of any collateral.

     7. Guarantor also waives all rights and defenses that Guarantor may have because the
Borrower’s debt is secured by real property. This means, among other things: (1) Lender may collect
from Guarantor without first foreclosing on any real or personal property collateral pledged or
assigned by Borrower; (2) If Lender forecloses on any real property collateral pledged by the
Borrower: (A) The amount of the debt may be reduced only by the price for which that collateral is
sold at the foreclosure sale, even if the collateral is worth more than the sale price, (B) Lender
may collect from Guarantor even if Lender, by foreclosing on the real property collateral, has
destroyed any right Guarantor may have to collect from Borrower. This is an unconditional and
irrevocable waiver of any rights and defenses Guarantor may have because Borrower’s debt is secured
by real property. These rights and defenses include, but are not

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limited to, any rights or defenses directly or indirectly based upon Section 580a, 580b, 580d,
or 726 of the California Code of Civil Procedure.

     8. Guarantor also waives all rights and defenses arising out of an election of remedies by
Lender, even though that election of remedies, such as a nonjudicial foreclosure with respect to
security for a guaranteed obligation, has destroyed Guarantor’s rights of subrogation and
reimbursement against the principal by the operation of Section 580d of the California Code of
Civil Procedure or otherwise.

     9. Guarantor waives all presentments, demands for performance, notices of nonperformance,
protests, notices of protest, notices of dishonor, notices of acceptance, notices of the existence,
creation or increase of any new or additional credit, notice of sale in regard to judicial or non
judicial foreclosure of real or personal property collateral and all other notices and demands of
any kind or nature whatsoever except as expressly set forth herein.

     10. Notwithstanding any foreclosure of the lien of any security agreements, deeds of trust,
mortgages or other security instruments, with respect to the Credit or any other guaranty, whether
by the exercise of the power of sale contained therein, by any action for judicial foreclosure, or
by any acceptance of a deed or other transfer in lieu of foreclosure, whether or not such method of
foreclosure or transfer in lieu of foreclosure was for a consideration equal to or greater than the
fair market value of the security property, Guarantor shall remain bound under this Guaranty for
the obligations of Borrower to Lender and shall be liable to Lender for any and all of the Credit
remaining unpaid after any such foreclosure.

     11. Guarantor represents and warrants to Lender that: (a) Lender has made no representation to
Guarantor in regard to Borrower, the Credit or any matters pertaining thereto, upon which Guarantor
is relying in giving this Guaranty; and (b) Guarantor has established adequate means and assumes
the responsibility for being and keeping informed of the financial condition of Borrower and of all
other circumstances bearing upon the risk of nonpayment of the credit which diligent inquiry would
reveal, and Lender shall have no duty to advise Guarantor of information known to Lender regarding
such condition or any such circumstance.

     12. In addition to all liens upon and rights of setoff against the money, securities or other
property of Guarantor given to Lender by law or otherwise as security for this Guaranty, Guarantor
hereby pledges to Lender and grants to Lender a security interest in, and Lender shall have a right
of setoff against, all money, securities and other property of Guarantor now or hereafter in the
possession of or on deposit with Lender, whether held in a general or special account or deposit or
for safekeeping or otherwise; and each such security interest or right of setoff may be exercised
without demand upon, or notice to, Guarantor. No action or lack of action by Lender with respect to
any security interest or right of setoff or otherwise shall be deemed a waiver thereof, and every
right of setoff or security interest or otherwise shall continue in full force and effect until
specifically released by Lender in writing. The security interests created hereby shall secure all
of Guarantor’s obligations to Lender under this Guaranty or any subsequent guaranty executed by
Guarantor.

     13. Any and all indebtedness of Borrower now or hereafter owed to Guarantor and all claims of
Guarantor against Borrower, whenever arising, are hereby subordinated to the Credit

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and assigned to Lender as additional collateral. If Lender so requests, any note or other
instrument evidencing such indebtedness and all claims of Guarantor against Borrower shall be
delivered to Lender, and such indebtedness and all claims of Guarantor against Borrower shall be
collected, enforced and received by Guarantor as trustee for Lender and be paid over to Lender on
account of the Credit but without reducing or affecting in any manner the liability of Guarantor
hereunder. Should Guarantor fail to collect proceeds of debt owed to it by Borrower and pay the
proceeds to Lender, Lender, as Guarantor’s attorney-in-fact may do such acts and sign such
documents in Guarantor’s name as Lender considers necessary, at its discretion, to effect such
collection, and Guarantor hereby irrevocably appoints Lender as Guarantor’s attorney-in-fact for
such purposes. If Borrower is a corporation, limited liability company or partnership, Guarantor
will not withdraw or accept, without Lender’s prior written consent, any return of any capital
invested or equity interest in Borrower.

     14. Guarantor agrees that to the extent Borrower makes a payment or payments or is credited
for any payment or payments made for the account of or on behalf of Borrower to Lender, which
payment or payments, or any part thereof, are subsequently invalidated, determined to be fraudulent
or preferential, voided, set aside and/or required to be repaid to any trustee, receiver, assignee
or any other party whether under any Bankruptcy, State or Federal Law, common law or equitable
cause or otherwise, then to the extent thereof, the obligation or part thereof intended to be
satisfied thereby, together with the guaranty thereof hereunder, shall be revived, reinstated and
continued in full force and effect as if said payment or payments had not originally been made by
or for the account of or on behalf of Borrower.

     15. Guarantor agrees that to the extent Guarantor makes a payment or payments or is credited
for any payment or payments made for the account of or on behalf of Guarantor to Lender, which
payment or payments, or any part thereof, are subsequently invalidated, determined to be fraudulent
or preferential, voided, set aside and/or required to be repaid to any trustee, receiver, assignee
or any other party whether under any Bankruptcy, State or Federal Law, common law or equitable
cause or otherwise, then to the extent thereof, the obligation or part thereof intended to be
satisfied thereby, shall be revived, reinstated and continued in full force and effect as if said
payment or payments had not originally been made by or for the account of or on behalf of
Guarantor.

     16. Guarantor’s obligations hereunder are not contingent upon and are independent of the
obligations of Borrower, or any other guarantor or surety of the Credit. This Guaranty is not made
in consideration of the liability of any other guarantor or surety of the Credit. The release or
death of any guarantor of the Credit or the revocation of any guaranty shall not release or
otherwise affect the liability of any other non-revoking guarantor. A separate action or actions
may be brought and prosecuted against Guarantor whether action is brought against Borrower or any
other guarantor or whether Borrower or any other guarantor be joined in any such action or actions.

     17. To the maximum extent permitted by law, Guarantor specifically waives the benefit of the
statute of limitations affecting its liability hereunder or the enforcement hereof, or the
collection of any Credit, including, without limiting the foregoing, any and all special statutes
of limitations arising out of California Code of Civil Procedure sections 580a or 726(b). Any

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partial payment by Borrower which operates to toll any statute of limitations as to Borrower
shall likewise toll the statute of limitations as to Guarantor.

     18. Any married person who signs this Guaranty expressly agrees that recourse may be had
against his/her separate property as well as all community property over which that person has a
power of management and control, for all of his/her obligations hereunder.

     19. Should any one or more provisions of this Guaranty be determined to be illegal or
unenforceable, all other provisions shall remain effective.

     20. Lender may, with or without notice, assign this Guaranty in whole or in part. This
Guaranty shall inure to the benefit of Lender, its successors and assigns, and shall bind Guarantor
and Guarantor’s heirs, executors, administrators, representatives, successors and assigns.

     21. Guarantor agrees to pay to Lender, on demand, reasonable attorneys’ fees and all other
costs and expenses which may be incurred by Lender in the collection or attempted collection from
Borrower of any Credit and/or in the interpretation, enforcement or attempted enforcement by Lender
of this Guaranty or any collateral therefor, including, but not limited to, proceedings in any
bankruptcy or other insolvency case or other proceedings touching the Credit or this Guaranty, or
both, in any manner, whether or not legal proceedings or suit are instituted, together with
interest thereon at the rate applicable to the Credit and including, without limitation, all
attorneys’ fees and related costs of enforcement of any and all judgments and awards and upon any
appeal relating thereto.

     22. Guarantor warrants and represents to Lender that:

          (a) All financial statements and other financial information furnished or to be furnished to
Lender by Guarantor are or will be true and correct and do and will fairly represent the financial
condition of Guarantor (including all contingent liabilities) as of the dates thereof; and

          (b) There has been no material adverse change in Guarantor’s financial condition since the
dates of the financial statements and other information furnished to Lender, except as previously
disclosed to Lender in writing.

     23. Lender may declare Guarantor in default under this Guaranty upon the occurrence of any of
the following events:

          (a) Guarantor fails to pay or perform any of Guarantor’s obligations under this Guaranty; or

          (b) Any representation or warranty made or given by Guarantor to Lender proves to be false or
misleading in any material respect; or

          (c) A petition or action for relief shall be filed by or against Guarantor, pursuant to the
Federal Bankruptcy Code (Title 11, U.S. Codes) in effect from time to time, or under any other law
relating to bankruptcy, insolvency, reorganization, moratorium, creditor

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composition, arrangement or other relief from debts; the appointment of a receiver, trustee,
custodian or liquidator of or for any property of Guarantor; or upon the death, incapacity,
insolvency, dissolution, or termination of the business of Guarantor; or

          (d) Guarantor revokes or attempts to revoke this Guaranty.

     24. If Borrower is a corporation, limited liability company or partnership, Lender need not
inquire into the power of Borrower or the authority of its officers, directors, partners, agents,
members or managers acting or purporting to act in its behalf, and any Credit granted in reliance
upon the purported exercise of such power or authority is guaranteed hereunder.

     25. Receipt of a true copy of this Guaranty is hereby acknowledged by each Guarantor.
Guarantor understands and agrees that Lender’s acceptance of this Guaranty shall not constitute a
commitment of any nature whatsoever by Lender to extend, renew or hereafter extend credit to
Borrower. Guarantor agrees that this Guaranty shall be effective with or without notice from Lender
of its acceptance of this Guaranty.

     26. If Guarantor has executed more than one Guaranty of any or all indebtedness of Borrower
owed to Lender, any limits of liability thereunder and hereunder shall be cumulative, and a
subsequent guaranty executed by Guarantor shall not supersede or replace this Guaranty unless such
subsequent guaranty so provides.

     27. GUARANTOR WAIVES ALL RIGHTS TO TRIAL BY JURY IN ANY ACTION OR PROCEEDING INSTITUTED BY
LENDER OR GUARANTOR WHICH PERTAINS DIRECTLY OR INDIRECTLY TO THIS GUARANTY, THE CREDIT, THE
COLLATERAL THEREFOR OR ANY MATTER ARISING THEREFROM OR RELATING HERETO OR THERETO.

     28. Guarantor waives all rights to interpose any setoffs or counterclaims of any nature in any
action or proceeding instituted by Lender with respect to this Guaranty, the collateral therefor,
or any matter arising therefrom or relating thereto and the posting of any bond which may otherwise
be required, and waives any and all benefits of cross-demands pursuant to section 431.70 of the
California Code of Civil Procedure.

     29. Guarantor hereby irrevocably submits and consents to the jurisdiction of any federal or
state court of competent jurisdiction within California in connection with any action or proceeding
arising out of or relating to this Guaranty. In any such litigation, Guarantor consents to service
of process by any means authorized by California or federal law or as otherwise agreed in writing
between Lender and Guarantor.

     30. All rights, remedies, powers and benefits granted to Lender under this Guaranty, the
Credit, any oral or other written agreement or applicable law whether expressly granted or implied
in law or otherwise, are cumulative and not exclusive, and are enforceable alternatively,
successively, or concurrently on any one or more occasions at Lender’s discretion.

     31. Lender shall not, by any act, delay, omission or otherwise be deemed to have expressly or
impliedly waived any security interest granted to Lender hereunder or Lender’s rights, powers
and/or remedies hereunder (including any right of setoff) unless such waiver shall

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be in writing and signed by an authorized officer of Lender. Any such waiver shall be
enforceable only to the extent specifically set forth therein. A waiver by Lender of any default,
right, power and/or remedy on any one occasion shall not be construed as a bar to or waiver of any
such default, right, power and/or remedy which Lender would otherwise have on any future occasion
whether similar in kind or otherwise. Any failure by Lender to file or enforce a claim against the
estate (whether in administration, bankruptcy, probate or other proceeding) of Borrower or of any
others, shall not affect Guarantor’s liability hereunder.

     32. Neither this Guaranty nor any related agreement, document or instrument nor any provision
hereof or thereof shall be amended, modified or discharged orally or by course of conduct, but only
by a written agreement signed by an authorized officer of Lender expressly referring to this
Guaranty and to the provisions so amended, modified or discharged.

     33. Lender’s books and records showing the account(s) between Lender and Borrower shall be
admissible in evidence in any action or proceeding as prima facie proof of the items set forth
therein. Lender’s statements rendered to Borrower, to the extent to which no objection is made
within thirty (30) days after date thereof, shall be deemed conclusively correct and constitute an
account stated absent manifest error, which shall be binding on Guarantor whether or not Guarantor
receives a copy of any such statement or notice thereof.

     34. This is a continuing guaranty of the Credit, including those arising after any repayment
and reborrowing and under any successive and future transactions which may increase, renew or
continue the original Credit. Revocation of this Guaranty, if permitted by applicable law, shall be
effective only upon the close of the next business day after written notice thereof is received by
an officer of Lender by certified or registered mail, return receipt requested at 601 South
Figueroa Street, 20th Floor, Los Angeles, California 90017, or at any other office of Lender
designated in a written notice mailed by Lender to Guarantor at its address set forth below. Any
such revocation shall be effective only as to the revoking party and shall not affect that party’s
obligations with respect to Credit existing before the revocation became effective or as to any
renewals, extensions or modifications of any Credit, whether such renewal, extension or
modification is made prior to or after revocation, including those evidenced by a new or additional
instrument or agreement or which change the rate of interest on any Credit, or for post-revocation
interest and collection expenses accruing or incurred by Lender with respect thereto.
Notwithstanding any revocation hereof, this Guaranty shall not be terminated until Lender has
received indefeasible payment in full of all Credit which is guaranteed hereby and, in regard to
which Credit, Lender no longer has an outstanding commitment to lend. Credit existing before
revocation becomes effective shall be deemed to include, without limitation, all Credit or advances
which Lender has committed to make to Borrower in reliance upon this Guaranty, even though the
amount of such Credit or advances has not been advanced as of the effective date of revocation, and
even though Lender may have defenses or defaults which would relieve it of such commitment, if
asserted.

     35. The provisions of this Guaranty shall be construed and interpreted and all rights and
obligations hereunder determined in accordance with the laws of the State of California.

     36. GUARANTOR ACKNOWLEDGES THAT LENDER HAS OR MAY IN THE FUTURE EXTEND CREDIT TO BORROWER IN
RELIANCE ON GUARANTOR’S

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UNCONDITIONAL PROMISE TO REPAY ANY AND ALL CREDIT AND LENDER IS RELYING ON THE WAIVERS,
WARRANTIES AND PROMISES MADE BY GUARANTOR IN THIS GUARANTY. GUARANTOR AGREES THAT EACH OF THE
WAIVERS, WARRANTIES AND PROMISES SET FORTH IN THIS GUARANTY ARE MADE WITH GUARANTOR’S UNDERSTANDING
OF THEIR SIGNIFICANCE AND CONSEQUENCES AND THAT THEY ARE REASONABLE. IF ANY WAIVERS, WARRANTIES AND
PROMISES ARE DETERMINED TO BE CONTRARY TO ANY APPLICABLE LAW OR PUBLIC POLICY, SUCH WAIVERS,
WARRANTIES AND PROMISES SHALL BE EFFECTIVE TO THE MAXIMUM EXTENT PERMITTED BY LAW. BEFORE SIGNING
THE GUARANTY, GUARANTOR HAS EITHER SOUGHT THE ADVICE OF COUNSEL TO EXPLAIN THE WAIVERS OF ITS
RIGHTS AND DEFENSES AS STATED HEREIN AND THE EFFECT THEREOF, OR HAS HAD THE OPPORTUNITY TO SEEK
SUCH COUNSEL, AND IN ANY EVENT, INTENDS THIS GUARANTY TO BE AS UNRESTRICTED AS POSSIBLE. GUARANTOR
THEREFORE HAS CONSCIOUSLY AND INTENTIONALLY WAIVED ALL DEFENSES OF GUARANTOR AND RIGHTS WHICH COULD
EXONERATE GUARANTOR HEREUNDER TO THE FULL EXTENT PERMITTED BY THE LAWS OF THE STATE OF CALIFORNIA,
WHETHER OR NOT EACH AND EVERY DEFENSE, RIGHT OR WAIVER IS EXPLAINED OR DESCRIBED IN DETAIL IN THIS
GUARANTY.

     37. GUARANTOR ACKNOWLEDGES THAT NEITHER LENDER NOR ANY OF LENDER’S OFFICERS OR EMPLOYEES HAVE
MADE ANY PROMISE OR REPRESENTATION, NOT INCORPORATED HEREIN, WHETHER ORAL, WRITTEN OR IMPLIED, TO
CAUSE GUARANTOR TO SIGN THIS GUARANTY. GUARANTOR IS NOT SIGNING THIS GUARANTY IN RELIANCE ON ANY
PROMISE, CONDITION OR THE ANTICIPATION OF THE OCCURRENCE OF ANY EVENT, AND THERE ARE NO ORAL
UNDERSTANDINGS, STATEMENTS OR AGREEMENTS WHICH HAVE NOT BEEN INCLUDED IN THIS GUARANTY. GUARANTOR
UNDERSTANDS THAT LENDER HAS THE RIGHT TO ENFORCE PAYMENT OF THE CREDIT AGAINST BORROWER OR
GUARANTOR IN ANY ORDER AND LENDER IS NOT OBLIGATED TO OBTAIN ANY OTHER OR ADDITIONAL GUARANTORS OF
THE CREDIT OR TO TAKE ANY OTHER COURSE OF ACTION.

     38. This Guaranty constitutes the entire agreement between the parties with respect to the
subject matter of this Guaranty, and any and all previous or contemporaneous correspondence,
statements, or agreements by or between the parties hereto with respect to the subject matter of
this Guaranty (but not previous or other guarantees given to Lender by Guarantor) are superseded
hereby. This Guaranty may be modified only by a written instrument signed by the parties hereto.

[Signature Page Follows]

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     IN WITNESS WHEREOF, the Guarantor has executed this Continuing Guaranty as of the 31st day of
January 2006.

	 	 	 	 	 	 	 	 	 
	 	 	GUARANTOR:	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Social Security No.:	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	Address:
	 	 	 	 	 	 
	 	 	 	 	 
	 	 	Telephone: (        
   )	 

(ALL SIGNATURES MUST BE ACKNOWLEDGED)

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Schedule of Signatories to Form of Continuing Guaranty

James Ching Hua Li

Thomas Man Kit Chow

Michael K. Chan

Roger Kao

11Exhibit 10(oooo)

    Exhibit
      10(oooo)

     

     

    

     Member
      Companies of FPIC Insurance Group, Inc. 

    including
      

    First
      Professionals Insurance Company, Inc.

    Jacksonville,
      Florida

    Anesthesiologists’
      Professional Assurance Company

    Coral
      Gables, Florida

    and

    Intermed
      Insurance Company

    Springfield,
      Missouri

    

    Medical
      Professional Liability Excess of Loss Reinsurance Contract

    Effective:
      January 1, 2006

    

    

    Reinsurance
      Confirmation

    

    

    

    

    Business
      Reinsured

     

    
      	A.    	
              By
                this Contract the Reinsurer agrees to reinsure the excess liability
                which
                may accrue to the Company under its policies, contracts and binders
                of
                insurance or reinsurance (hereinafter called “policies”) issued or renewed
                on or after the effective date hereof and classified by the Company
                as
                follows:

            

    

     

    
      
        	
              	1.   	
                Professional
                  Liability business and ancillary coverages, covering physicians,
                  surgeons,
                  dentists, chiropractors, podiatrists and other allied medical
                  practitioners and their professional
                  associations;

              

      

    

     

    
      	
            	2. 	
              Health
                Care Facilities Liability and ancillary coverages, including employed
                medical technicians, partnerships, corporations and limited liability
                companies;

            

    

     

         
subject
      to the terms, conditions and
      limitations hereinafter set forth.

     

    
      	B.    	
              Coverage
                hereunder may include prior acts coverage and/or extended discovery
                or
                reporting coverage when provided on original policies.
                

            

    

    

    
      	C.    	
              Notwithstanding
                the provisions of paragraph A, the Reinsurer agrees to reinsure the
                excess
                liability which may accrue to the Company resulting
                from:

            

    

    

    
      	
            	1.  	
              Claims
                first made to the Company during the underwriting year on occurrence
                form
                policies issued by Intermed Insurance Company prior to January 1,
                2000;
                and 

            

    

    

    
      	
            	2.  	
              Claims
                first made to the Company during the underwriting year on Extended
                Reporting Endorsements on claims made policies issued by Intermed
                Insurance Company prior to January 1,
                2000;

            

    

    

    subject
      to the terms, conditions and limitations hereinafter set forth.

    

    
      
        
        

      

      
        Page
          1

        
          

        

      

      
        
        

      

    

    Commencement
      and Termination

     

    
      	A.    	
              This
                Contract shall become effective on January 1, 2006, with respect to
                claims made against or reported to the Company on or after that date.
                This
                is with respect to new and renewal policies incepting during underwriting
                years commencing on or after that date and with respect to business
                covered under paragraph C of the Business Reinsured Article. This
                coverage
                shall continue in force thereafter until
                terminated.

            

    

    

    
      	B.    	
              Either
                party may terminate this Contract on any December 31 by giving the
                other party not less than 90 days prior written notice by certified
                mail.

            

    

    

    
      	C.    	
              Nothwithstanding
                the provisions of paragraph B above, the Company may terminate a
                Subscribing Reinsurer’s percentage share in this Contract at any time by
                giving not less than 30 days written notice to the Subscribing Reinsurer
                in the event any of the following circumstances
                occur:

            

    

    

    
      	
            	1.  	
              The
                Subscribing Reinsurer’s policyholders’ surplus at the inception of any
                underwriting year has been reduced by more than 25.0% of the amount
                of
                surplus 12 months prior to that date;
                or

            

    

    

    
      	
            	2.  	
              The
                Subscribing Reinsurer’s policyholders’ surplus at any time during any
                underwriting year has been reduced by more than 25.0% of the amount
                of
                surplus at the date of the Subscribing Reinsurer’s most recent financial
                statement filed with regulatory authorities and available to the
                public as
                of the inception of this Contract;
                or

            

    

    

    
      	
            	3.  	
              The
                Subscribing Reinsurer’s A.M. Best’s rating has been assigned or downgraded
                below A- and/or Standard & Poor’s Financial Strength rating is
                assigned or downgraded below A-; or

            

    

    

    
      	
            	4.  	
              A
                State Insurance Department or other legal authority has ordered the
                Subscribing Reinsurer to cease writing business;
                or

            

    

    

    
      	
            	5.  	
              The
                Subscribing Reinsurer has become insolvent or has been placed into
                liquidation or receivership (whether voluntary or involuntary) or
                proceedings have been instituted against the Subscribing Reinsurer
                for the
                appointment of a receiver, liquidator, rehabilitator, conservator
                or
                trustee in bankruptcy, or other agent known by whatever name, to
                take
                possession of its assets or control of its operations;
                or

            

    

    
       

      
        	
              	6.  	
                The
                  Subscribing Reinsurer has ceased assuming new and renewal property
                  and
                  casualty treaty reinsurance
                  business.

              

      

       

    

    
      	D.    	
              Unless
                the Company elects to reassume the unearned reinsurance premium in
                force
                on the effective date of termination, and so notifies the Reinsurer
                prior
                to or within 30 days after the effective date of termination, reinsurance
                hereunder on business in force on the effective date of termination
                shall
                remain in full force and effect until expiration, cancellation or
                next
                premium anniversary of such business, whichever first occurs, but
                in no
                event beyond 12 months, plus odd time (not to exceed 18 months in
                total) and plus any extension of coverage for extended discovery
                or
                reporting coverage, following the effective date of
                termination.

            

    

    

    
      	E.    	
              Notwithstanding
                the provisions of paragraph D above, in the event that any policy
                subject
                to this Contract is required by statute, regulation, or by order
                of an
                insurance department to be continued in force, the Reinsurer agrees
                to
                extend reinsurance coverage hereunder with respect to such policy
                until
                such policy may be canceled or non-renewed by the Company.
                

            

    

    

    
      	F.    	
              Any
                claims made under the extended reporting coverage provision shall
                be
                deemed to have been made on the date the original policy expired
                or was
                cancelled. Premium for such extended reporting coverage shall be
                considered fully earned by the reinsurer on the last date the original
                policy was in force.

            

    

     

    
      
        
        

      

      
        Page
          2

        
          

        

      

      
        
        

      

    

    Territory
      (BRMA
      51D)

     

    This
      Contract shall be world-wide in its geographic scope.

    

    

    Exclusions

    

    See
      attached.

    

    

    Retention
      and Limit

     

    A.   Coverage
      A:

    

    
      	 	
              1.

            	
              As
                respects all business covered hereunder, the Company shall retain
                and be
                liable for the first $500,000 of ultimate net loss each insured,
                each
                claim or occurrence. The Reinsurer shall then be liable for the amount
                by
                which such ultimate net loss exceeds the Company’s retention, but the
                liability of the Reinsurer shall not exceed $2,500,000 as respects
                each
                insured, each claim or occurrence.

            

    

    

    
      	
            	2.   	
              The
                Company shall purchase or be deemed to have purchased inuring excess
                reinsurance to limit its ultimate net loss subject hereto from any
                one
                coverage any one policy (exclusive of loss in excess of policy limits
                or
                extra contractual obligations) to $1,000,000 per claim or
                occurrence.

            

    

    

    
      	
            	3.   	
              As
                respects extra contractual obligations and/or loss in excess of policy
                limits, the maximum amount of ultimate net loss (as defined in paragraph
                A
                of Definitions) recoverable by the Company hereunder shall be $15,000,000
                for any one underwriting year. 

            

    

     

    B.  Coverage
      B:

     

    
      	
            	1.   	
              As
                respects all business covered hereunder with policy limits exceeding
                $1,000,000 (excepting business covered under paragraph C of the Business
                Reinsured Article), the Company shall retain and be liable for the
                first
                $1,000,000 of ultimate net loss each insured, each claim or occurrence.
                The Reinsurer shall then be liable for the amount by which such ultimate
                net loss exceeds the Company’s retention, but the liability of the
                Reinsurer shall not exceed the
                following:

            

    

    

    
      	a.  	
              $4,000,000
                as respects each insured, each claim or occurrence,
                for:

            

    

    

    
      	1)  	
              Health
                Care Facilities Liability and ancillary coverages, including employed
                medical technicians, partnerships, corporations and limited liability
                companies, and

            

    

    

    
      	2)  	
              Dentists
                and their professional associations,
                and

            

    

    

    
      	3)  	
              Physicians
                and surgeons in Arkansas and their professional
                associations.

            

    

    

    
      	b.  	
              $1,000,000
                as respects each insured, each claim or occurrence, for business
                reinsured
                not included in (a) above.

            

    

    

    
      	
            	2.   	
              Provided
                that a policy cession has been made to Coverage B, a separate limit
                shall
                be payable by the Reinsurer for extra contractual obligations (‘ECO’) and
                loss in excess of policy limits (‘XPL’), without an additional retention
                by the Company (other than its 10.0% co-participation as respects
                ECO and
                XPL losses hereunder). 

            

    

    

    
      
        
        

      

      
        Page
          3

        
          

        

      

      
        
        

      

    

    
      	
            	
              3.   

            	
              The
                Company shall purchase or be deemed to have purchased inuring excess
                reinsurance to limit its ultimate net loss subject hereto from any
                one
                coverage, any one policy (exclusive of loss in excess of policy limits
                or
                extra contractual obligations) to $5,000,000 each insured, each claim
                or
                occurrence, and to $7,000,000 each insured in the annual
                aggregate.

            

    

    

    
      	C.  	
              As
                respects any declaratory judgment action regarding a claim on a policy
                subject hereto, if the Company is successful or settles prior to
                judgment,
                the Company shall retain the first $70,000 of declaratory judgment
                expense
                and the Reinsurer shall be liable for 80.0% of the amount excess
                of the
                Company’s retention. However, the liability of the Reinsurer for
                successful declaratory judgment expense shall not exceed $1,000,000
                arising out of policies allocated to any one underwriting
                year.

            

    

    

    
      	D.  	
              Coverage
                B shall inure to the benefit of Coverage
                A.

            

    

     

    
      	E.  	
              As
                respects business written in the State of Kansas, the Company’s
                retention shall be deemed to include coverage provided by the Healthcare
                Stabilization Fund.

            

    

    

    

    Definitions

    

    See
      attached. 

    

     

    Claims
      and
      Loss Adjustment Expense

     

    
      	A.  	
              Whenever
                a claim is reserved by the Company for an amount greater than $250,000
                and/or whenever a claim appears likely to result in a claim under
                this
                Contract, the Company shall notify the Reinsurer. All cases of serious
                injury which, regardless of considerations of liability or coverage,
                shall
                be reported to the Reinsurer, including, but not limited to the
                following:

            

    

    

    
      	
            	  1.  	
              Brain
                injury with significant cognitive, behavioral or physical residual
                damages;

            

    

     

    
      	
            	  2.  	
              Quadriplegia
                or paraplegia including Cauda Equina
                Syndrome;

            

    

     

    
      	
            	  3.  	
              Fatalities
                or significantly diminished life expectancy of wage earners or parents
                with minor children;

            

    

     

    
      	
            	  4.  	
              Any
                claim where the Company sustains a verdict for loss in excess of
                the
                policy limit and/or any action alleging extra contractual or bad
                faith
                obligations against the Company;

            

    

     

    
      	
            	  5.  	
              Any
                declaratory judgment action brought by or against the Company where
                the
                expense amount is greater than $50,000.

            

    

     

    
      	
            	 	
               
The
                Company will provide individual claim reports on reported claims
                to the
                Reinsurer and will provide updates as
                needed.

            

    

    
      	B.  	
              The
                Reinsurer shall have the right to participate, at its own expense,
                in the
                defense of any claim or suit involving this
                reinsurance.

            

    

    

    
      	C.  	
              All
                claim settlements made by the Company, provided they are within the
                terms
                of this Contract, shall be binding upon the Reinsurer, and the Reinsurer
                agrees to pay all amounts for which it may be liable upon receipt
                of
                reasonable evidence of the amount paid by the
                Company.

            

    

    

    
      
        
        

      

      
        Page
          4

        
          

        

      

      
        
        

      

    

    
      	D.  	
              In
                the event of loss hereunder, loss adjustment expense incurred by
                the
                Company in connection therewith which does not reduce the Company’s limit
                of liability under the policy involved shall be shared by the Company
                and
                the Reinsurer in the proportion the ultimate net loss paid or payable
                by
                the Reinsurer bears to the total loss paid or payable by the Company,
                prior to any reinsurance recoveries, but after deduction of all salvage,
                subrogation and other recoveries. However, if a verdict or judgment
                is
                reduced by any process other than by the trial court, resulting in
                an
                ultimate saving to the Reinsurer, or a judgment is reversed outright,
                the
                expenses incurred in securing such reduction or reversal shall be
                shared
                by the Company and the Reinsurer in the proportion that each benefits
                from
                such reduction or reversal, and the expenses incurred up to the time
                of
                the original verdict or judgment which do not reduce the Company’s limit
                of liability under the policy involved shall be shared in proportion
                to
                each party’s interest in such original verdict or judgment. The
                Reinsurer’s liability for such loss adjustment expense shall be in
                addition to its liability for ultimate net
                loss.

            

    

     

    Reinsurance
      Premium

     

    
      A.  Coverage
        A: 

    

    

    
      	 	
              1.  

            	
              As
                premium for the reinsurance provided under Coverage A, the Company
                shall pay the Reinsurer 10.0% of the Company’s gross net written premium
                applicable to subject business for each underwriting
                year.

            

    

    

    
      	
            	   2.	
              The
                Company shall pay the Reinsurer an annual deposit premium of $24,000,000
                in four equal installments of $6,000,000 on January 1, April 1, July
                1 and
                October 1 of each underwriting year. In the event this Contract is
                terminated prior to any December 31, no deposit premium installments
                shall
                be due after the effective date of
                termination.

            

    

    

    
      	
            	   3.   	
              As
                respects Coverage A, within 60 days after the end of each underwriting
                year, the Company shall provide a report to the Reinsurer setting
                forth
                the premium due hereunder for the underwriting year, computed in
                accordance with the paragraphs above, and any additional premium
                due the
                Reinsurer shall be paid by the Company with its report, and any return
                premium due the Company shall be remitted promptly. In the event
                this
                Contract is terminated prior to any December 31, premium due shall
                be pro
                rated accordingly.

            

    

    

    B.   Coverage
      B:

     

    
      	
            	1.  	
              As
                premium for the reinsurance provided under Coverage B, the Company
                shall pay the Reinsurer 100% of its excess limits gross net written
                premium applicable to subject business, less ceding commission thereon
                for
                each underwriting year.

            

    

     

    
      	
            	2.   	
              As
                respects Coverage B, within 30 days following the end of each calendar
                quarter, the Company shall report its excess limits gross net written
                premium applicable to subject business. The premium due the Reinsurer,
                less any commission thereon, shall be paid by the Company with its
                report.

            

    

    

    
      	C.  	
              Regardless
                of the option chosen by the Company at expiration or cancellation
                in
                accordance with the provisions of the Commencement and Termination
                Article, in the event the Company is bound by statute or regulation
                to
                continue coverage, the Reinsurer shall continue to receive premium
                as set
                forth above on such policies quarterly as
                written.

            

    

    

    
      	D.  	
              “Gross
                net written premium” as used herein is defined as gross written premium of
                the Company for primary policy limits of $1,000,000 each claim or
                less for
                the classes of business reinsured hereunder, less cancellations and
                return
                premiums, and less premiums ceded by the Company for inuring facultative
                reinsurance, if any.

            

    

    

    
      	E.  	
              “Excess
                limits gross net written premium” as used herein is defined as the portion
                of the full gross written premium charged by the Company to its original
                insureds and allocated to the subject policy limit greater than $1,000,000
                each claim for the classes of business reinsured hereunder, less
                cancellations and return premiums, and less premiums ceded by the
                Company
                for inuring facultative reinsurance, if
                any.

            

    

    

    
      
        
        

      

      
        Page
          5

        
          

        

      

      
        
        

      

    

    

    Ceding
      Commission

     

    
      	A.  	
              As
                respects Coverage B, the Reinsurer shall allow the Company a 17.5%
                commission on all premiums ceded to the Reinsurer hereunder. The
                Company
                shall allow the Reinsurer return commission on return premiums at
                the same
                rate. 

            

    

    

    
      	B.  	
              It
                is expressly agreed that the ceding commission allowed the Company
                includes provision for all dividends, commissions, taxes, assessments,
                and
                all other expenses of whatever nature, except loss adjustment expense
                and
                successful declaratory judgment
                expense.

            

    

     

    

    Profit
      Sharing

     

    
      	A.  	
              As
                respects Coverage A, the Reinsurer shall pay the Company profit sharing
                equal to 35.0% of the net profit, if any, in accordance with the
                provisions of paragraphs B and C hereunder, accruing to the Reinsurer
                for each underwriting year. The Reinsurer’s net profit for each
                underwriting year shall be calculated in accordance with the following
                formula, it being understood that a positive balance equals net profit
                and
                a negative balance equals net loss:

            

    

    

    
      	
            	  1.  	
              Premiums
                earned for policies allocated to the underwriting year; less
                

            

    

    

    
      	
            	  2.  	
              Expenses
                incurred by the Reinsurer at 30.0% of premiums earned for policies
                allocated to the underwriting year;
                less

            

    

    

    
      	
            	  3.  	
              Losses
                incurred for policies allocated to the underwriting year;
                less

            

    

    

    
      	
            	  4.  	
              Incurred
                but not reported loss reserves (“IBNR”) as original (to correspond with
                IBNR funding by Letter of Credit);
                less

            

    

    

    
      	
            	  5.  	
              The
                Reinsurer’s net loss, if any, from the immediately preceding underwriting
                year of this Contract and/or the Reinsurer’s net loss, if any, carried
                forward from the following
                agreements:

            

    

    

    
      	
            	      a.  	
              First
                Professionals Insurance Company Casualty Excess of Loss Reinsurance
                Agreement CXS-3014(1994) for calendar years 1994 and 1995;
                and/or

            

    

    

    
      	
            	      b.  	
              First
                Professionals Insurance Company Physicians, Dentists, and Chiropractors
                Casualty First through Fourth and Clash Excess of Loss Reinsurance
                Agreement AR 4302 for calendar year 1996;
                and/or

            

    

    

    
      	
            	      c.  	
              First
                Professionals Insurance Company Physicians, Dentists, and Chiropractors
                Casualty First through Fourth and Clash Excess of Loss Reinsurance
                Agreement AR 4373 for calendar years 1997 through 1999;
                and/or

            

    

    

    
      	
            	      d.  	
              FPIC
                Insurance Group Medical Malpractice and Lawyers Professional Liability
                Excess of Loss Reinsurance Agreement AR 12427 for calendar years
                2000,
                2001, 2002 and 2003 and the Medical Excess of Loss Reinsurance Contract
                for calendar years 2004 and 2005; less

            

    

    

    
      	
            	  6.  	
              The
                Reinsurer’s net loss, if any, from Coverage B of this Contract, calculated
                as follows:

            

    

    

    
      	
            	      a.  	
              Premiums
                earned for policies allocated to the underwriting year;
                less

            

    

    

    
      
        
        

      

      
        Page
          6

        
          

        

      

      
        
        

      

    

    
      	
            	
                    b.  

            	
              Ceding
                commission allowed on (a) above; less

            

    

    

    
      	
            	      c.  	
              Expenses
                incurred by the Reinsurer at 30.0% of net premiums earned (premiums
                earned
                less ceding commission thereon) for policies allocated to the underwriting
                year; less

            

    

    

    
      	
            	      d.  	
              Losses
                incurred for policies allocated to the underwriting year;
                less

            

    

    

    
      	
            	      e.  	
              IBNR
                as original (to correspond with IBNR funding by Letter of Credit);
                less

            

    

     

    
      	
            	      f.  	
              The
                Reinsurer’s net loss, if any, from the immediately preceding underwriting
                year (beginning with the Medical Malpractice Liability Excess of
                Loss
                Reinsurance Agreement, effective January 1, 2003, as respects the
                second
                layer of coverage therein). It is understood that the net loss, if
                any,
                from an underwriting year shall be carried forward to
                extinction.”

            

    

    

    
      	B.  	
              The
                Company shall calculate and report the Reinsurer’s net profit within 45
                days after 24 months following the end of each underwriting year, and
                within 45 days after the end of each 12-month period thereafter until
                all
                losses subject hereto have been finally settled. Profit sharing shall
                be
                payable upon receipt and verification of the profit sharing statement,
                based on the following schedule: 

            

    

     

    
      	
            	  1.  	
              At
                the first calculation, one-third of the profit sharing shown to be
                due the
                Company will be payable by the
                Reinsurer.

            

    

    

    
      	
            	  2.  	
              At
                the second calculation, (first recalculation), two-thirds (less any
                amount
                previously paid) will be payable by the
                Reinsurer.

            

    

    

    
      	
            	  3.  	
              At
                the third and subsequent calculations, the full amount (less any
                amounts
                previously paid) will be payable by the
                Reinsurer.

            

    

     

    
      	  
	
              Any
                return profit sharing shown to be due the Reinsurer shall be paid
                by the
                Company with its report.

            

    

    

    
      	C.  	
              “Premiums
                earned” as used herein shall mean the ceded written premiums for policies
                (or endorsements) allocated to the underwriting year, less the unearned
                portion thereof as of the effective date of calculation, it being
                understood that all premium from policies (or endorsements) allocated
                to
                an underwriting year shall be credited to that underwriting year,
                unless
                this Contract is terminated on a “cutoff” basis and the Company reassumes
                the unearned premium as of the effective date of
                termination.

            

    

    

     

    Other
      Reinsurance

     

    
      	A.  	
              The
                Company may purchase individual facultative reinsurance, which may
                inure
                to the benefit of this Contract. Premiums for inuring reinsurance,
                if any,
                shall be deducted from the subject
                premiums.

            

    

    

    
      	B.  	
              Recoveries
                under any insurance or reinsurance which indemnifies or protects
                the
                Company against claims for loss in excess of policy limits or extra
                contractual obligations and any contribution or subrogation under
                such
                insurance or reinsurance shall inure to the benefit of this
                Contract.

            

    

    

    
      
        
        

      

      
        Page
          7

        
          

        

      

      
        
        

      

    

    

     

    Other
      Provisions

    

    Subrogation
      (see attached)

    Offset
      (BRMA 36C)

    Access
      to Records (BRMA 1A)

    Net
      Retained Lines (BRMA 32E)

    Errors
      and Omissions (BRMA 14F)

    Liability
      of the Reinsurer (see attached)

    Currency
      (BRMA 12A)

    Taxes
      (BRMA 50B)

    Unauthorized
      Reinsurers (Evergreen LOC, Outstanding Losses/LAE and IBNR) (see
      attached)

    Insolvency
      (see attached)

    Arbitration
      (see attached)

    Late
      Payments for Inactive Reinsurers (see attached)

    Service
      of Suit (BRMA 49E)

    Federal
      Excise Tax (see attached)

    Agency
      Agreement (see attached)

    Intermediary
      (BRMA 23A) 

    Governing
      Law (BRMA 71B) - Florida

    

    Brokerage

     

    10.0%
      of ceded premiums as respects Coverage A (Domestic Placement)

    10.0%
      of net ceded premiums as respects Coverage B (Domestic Placement)

    12.5%
      of ceded premiums as respects Coverage A (London and Europe
      Placement)

    10.0%
      of net ceded premiums as respects Coverage B (London and Europe
      Placement)

    
      
        

        

         

        
        

      

      
        Page
          8

        
          

        

      

      
        
        

      

    

    Exclusions

    

    
      	A.  	
              This
                Contract does not apply to and specifically excludes the
                following:

            

    

     

    
      	
            	  1.  	
              Reinsurance
                assumed by the Company other than:

            

    

    

    
      	
            	      a.  	
              Intra-company
                reinsurance; and

            

    

     

    
      	
            	      b.  	
              Policies
                underwritten by the Company but issued by another carrier at the
                Company’s
                request and reinsured 100% by the
                Company.

            

    

    

    
      	
            	  2.  	
              Business
                produced and underwritten by
                others.

            

    

    

    
      	
            	  3.  	
              Hospital
                Professional Liability and related General Liability Business.
                

            

    

    

    
      	
            	  4.  	
              Occurrence
                form policies except for those policies noted in paragraph C of the
                Business Reinsured Article.

            

    

    

    
      	
            	  5.  	
              Insureds
                written under the Company’s Non-Standard Medical and Dental Malpractice
                Quota Share Reinsurance Agreement (or replacement thereof).
                

            

    

    

    
      	
            	  6.  	
              Nuclear
                risks as defined in the “Nuclear Incident Exclusion Clause -
                Liability - Reinsurance” attached to and forming part of this
                Contract.

            

    

    

    
      	
            	  7.  	
              All
                liability of the Company arising by contract, operation of law, or
                otherwise, from its participation or membership, whether voluntary
                or
                involuntary, in any insolvency fund. “Insolvency fund” includes any
                guaranty fund, insolvency fund, plan, pool, association, fund or
                other
                arrangement, however denominated, established or governed, which
                provides
                for any assessment of or payment or assumption by the Company of
                part or
                all of any claim, debt, charge, fee or other obligation of an insurer,
                or
                its successors or assigns, which has been declared by any competent
                authority to be insolvent, or which is otherwise deemed unable to
                meet any
                claim, debt, charge, fee or other obligation in whole or in
                part.

            

    

    

    
      	
            	  8.  	
              Liability
                as a member, subscriber or reinsurer of any Pool, Syndicate or
                Association.

            

    

    

    
      	B.  	
              Business
                falling within the scope of one or more of the exclusions set forth
                in
                paragraph A or not within the terms, conditions or limitations of
                this
                Contract may be submitted to the Reinsurer for special acceptance
                and, if
                accepted by the Reinsurer, shall be subject to all the terms of this
                Contract except as modified by the special
                acceptance.

            

    

    

    

    
      
        
        

      

      
        Page
          9

        
          

        

      

      
        
        

      

    

    

    

     

    Definitions

     

    
      	A.  	
              “Ultimate
                net loss” as used herein is defined as the sum or sums (including
                deductibles of $250,000 or less paid by the Company or the insured,
                loss
                in excess of policy limits, extra contractual obligations and any
                loss
                adjustment expense, as hereinafter defined, which reduces the Company’s
                limit of liability under the policy involved) paid or payable by
                the
                Company in settlement of claims and in satisfaction of judgments
                rendered
                on account of such claims, after deduction of all salvage, all recoveries
                and all claims on inuring insurance or reinsurance, whether collectible
                or
                not. Nothing herein shall be construed to mean that losses under
                this
                Contract are not recoverable until the Company’s ultimate net loss has
                been ascertained.

            

    

    

    
      	B.  	
              “Loss
                in excess of policy limits” and “extra contractual obligations” as used
                herein shall be defined as follows:

            

    

    

    
      	
            	  1.  	
              “Loss
                in excess of policy limits” shall mean 90.0% of any amount paid or payable
                by the Company in excess of its policy limits, but otherwise within
                the
                terms of its policy, such loss in excess of the Company’s policy limits
                having been incurred because of, but not limited to, failure by the
                Company to settle within the policy limits or by reason of the Company’s
                alleged or actual negligence, fraud or bad faith in rejecting an
                offer of
                settlement or in the preparation of the defense or in the trial of
                an
                action against its insured or reinsured or in the preparation or
                prosecution of an appeal consequent upon such an
                action.

            

    

    

    
      	
            	  2.  	
              “Extra
                contractual obligations” shall mean 90.0% of any punitive, exemplary,
                compensatory or consequential damages paid or payable by the Company,
                not
                covered by any other provision of this Contract and which arise from
                the
                handling of any claim on business subject to this Contract, such
                liabilities arising because of, but not limited to, failure by the
                Company
                to settle within the policy limits or by reason of the Company’s alleged
                or actual negligence, fraud or bad faith in rejecting an offer of
                settlement or in the preparation of the defense or in the trial of
                an
                action against its insured or reinsured or in the preparation or
                prosecution of an appeal consequent upon such an action. An extra
                contractual obligation shall be deemed, in all circumstances, to
                have
                occurred on the same date as the loss covered or alleged to be covered
                under the policy.

            

    

    

    Notwithstanding
      anything stated herein, this Contract shall not apply to any loss in excess
      of
      policy limits or any extra contractual obligation incurred by the Company as
      a
      result of any deliberately fraudulent and/or criminal act by any officer or
      director of the Company acting individually or collectively or in collusion
      with
      any individual or corporation or any other organization or party involved in
      the
      presentation, defense or settlement of any claim covered hereunder.

    

    If
      any
      provision of this paragraph B shall be rendered illegal or unenforceable by
      the
      laws, regulations or public policy of any state, such provision shall be
      considered void in such state, but this shall not affect the validity or
      enforceability of any other provision of this Contract or the enforceability
      of
      such provision in any other jurisdiction.

    

    
      	C.  	
              “Insured”
                as used herein shall mean any party or parties provided with a separate
                policy limit by the Company. 

            

    

     

    
      	D.  	
              “Claim”
                and “occurrence” shall have the same meaning as the term occurrence,
                claim, medical incident, wrongful act or such similar term, as applicable,
                under the Company’s policy forms.

            

    

    

    
      	E.  	
              “Loss
                adjustment expense” as used herein shall mean expenses assignable to the
                appraisal, adjustment, settlement, litigation, investigation, defense
                and/or appeal of specific claims, regardless of how such expenses
                are
                classified for statutory reporting purposes. Loss adjustment expense
                shall
                include, but not be limited to interest on judgments, legal expenses
                and
                expenses associated with unsuccessful declaratory judgment actions,
                but
                shall not include office expenses or salaries of the Company’s regular
                employees.

            

    

    

    
      
        
        

      

      
        Page
          10

        
          

        

      

      
        
        

      

    

    
      	F.  	
              “Declaratory
                judgment expense” as used herein shall mean all court costs, attorney’s
                fees and expense incurred by the Company in contesting insurance
                coverage
                on policies reinsured hereunder. Declaratory judgment expenses shall
                be
                deemed to have occurred on the same date as the loss covered or alleged
                to
                be covered under the policy.

            

    

    

    
      	G.  	
              “Losses
                incurred” as used herein shall mean ceded losses and loss adjustment
                expense paid as of the effective date of calculation, plus the Company’s
                ceded reserves for losses and loss adjustment expense outstanding
                as of
                the same date, it being understood and agreed that all losses and
                related
                loss adjustment expense under policies allocated to an underwriting
                year
                shall be charged to that underwriting year, regardless of the date
                said
                losses actually occur, unless this Contract is terminated on a “cutoff”
                basis, in which event the Reinsurer shall have no liability for claims
                made or occurrences commencing after the effective date of
                termination.

            

    

    

    
      	H.  	
              “Underwriting
                year” as used herein shall mean the period from January 1, 2006
                through December 31, 2006, and each subsequent 12-month period
                thereafter shall be a separate underwriting year, unless this Contract
                is
                terminated, in which event the final underwriting year shall be from
                the
                beginning of the then current underwriting year through the date
                of
                termination. All premiums and all claims or losses from new and renewal
                policies incepting during a given underwriting year shall be credited
                or
                charged, respectively, to such underwriting year, regardless of the
                date
                said premiums earn or such claims are made or losses occur (subject
                to the
                “cutoff” provisions of the Commencement and Termination
                Article).

            

    

    

    

    

    

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    
      
        

        

         

        
        

      

      
        Page
          11

        
          

        

      

      
        
        

      

    

    Other
      Provisions (Non-BRMA)

     

    Subrogation

     

    The
      Reinsurer shall be credited with recoveries from subrogation (i.e. reimbursement
      obtained or recovery made by the Company, less the actual cost, excluding
      salaries of officials and employees of the Company and sums paid to attorneys
      as
      retainer, of obtaining such reimbursement or making such recovery) on account
      of
      claims and settlements involving reinsurance hereunder. Recoveries therefrom
      shall always be used to reimburse the excess reinsurers in the reverse order
      of
      their priority according to their participation before being used in any way
      to
      reimburse the Company for its initial retained loss in accordance with the
      Retention and Limit Article. The Company hereby agrees to enforce its rights
      to
      subrogation relating to any loss, a part of which loss was sustained by the
      Reinsurer, and to prosecute all claims arising out of such rights.

    

     

    Liability
      of the Reinsurer

     

    
      	A.  	
              The
                liability of the Reinsurer shall follow that of the Company in every
                case
                and be subject in all respects to all the general and specific
                stipulations, clauses, waivers and modifications of the Company’s policies
                and any endorsements thereon. However, in no event shall this be
                construed
                in any way to provide coverage outside the terms and conditions set
                forth
                in this Contract.

            

    

    

    
      	B.  	
              Nothing
                herein shall in any manner create any obligations or establish any
                rights
                against the Reinsurer in favor of any third party or any persons
                not
                parties to this Contract.

            

    

    

    

    Unauthorized
      Reinsurers

     

    
      	A.  	
              If
                the Reinsurer is unauthorized in any state of the United States of
                America
                or the District of Columbia, the Reinsurer agrees to fund its share
                of the
                Company’s ceded United States unearned premium and outstanding loss and
                loss adjustment expense reserves (including incurred but not reported
                loss
                reserves) by:

            

    

     

    
      	
            	   1.  	
              Clean,
                irrevocable and unconditional letters of credit issued and confirmed,
                if
                confirmation is required by the insurance regulatory authorities
                involved,
                by a bank or banks meeting the NAIC Securities Valuation Office credit
                standards for issuers of letters of credit and acceptable to said
                insurance regulatory authorities;
                and/or

            

    

     

    
      
        	
              	   2.  	
                Escrow
                  accounts for the benefit of the Company;
                  and/or

              

      

    

     

    
      	
            	   3.  	
              Cash
                advances;

            

    

     

    if,
      without such funding, a penalty would accrue to the Company on any financial
      statement it is required to file with the insurance regulatory authorities
      involved.  The Reinsurer, at its sole option, may fund in other than cash
      if its method and form of funding are acceptable to the insurance regulatory
      authorities involved.

     

    
      	B.  	
              With
                regard to funding in whole or in part by letters of credit, it is
                agreed
                that each letter of credit will be in a form acceptable to insurance
                regulatory authorities involved, will be issued for a term of at
                least one
                year and will include an “evergreen clause,” which automatically extends
                the term for at least one additional year at each expiration date
                unless
                written notice of non-renewal is given to the Company not less than
                30 days prior to said expiration date.  The Company and the
                Reinsurer further agree, notwithstanding anything to the contrary
                in this
                Contract, that said letters of credit may be drawn upon by the Company
                or
                its successors in interest at any time, without diminution because
                of the
                insolvency of the Company or the Reinsurer, but only for one or more
                of
                the following purposes:

            

    

     

    
      
        
        

      

      
        Page
          12

        
          

        

      

      
        
        

      

    

    
      	
            	
                  1.  

            	
              To
                reimburse itself for the Reinsurer’s share of unearned premiums returned
                to insureds on account of policy cancellations, unless paid in cash
                by the
                Reinsurer;

            

    

     

    
      	
            	    2.  	
              To
                reimburse itself for the Reinsurer’s share of losses and/or loss
                adjustment expense paid under the terms of policies reinsured hereunder,
                unless paid in cash by the
                Reinsurer;

            

    

     

    
      	
            	    3.  	
              To
                reimburse itself for the Reinsurer’s share of any other amounts claimed to
                be due hereunder, unless paid in cash by the
                Reinsurer;

            

    

     

    
      	
            	    4.  	
              To
                fund a cash account in an amount equal to the Reinsurer’s share of any
                ceded unearned premium and/or outstanding loss and loss adjustment
                expense
                reserves (including incurred but not reported loss reserves) funded
                by
                means of a letter of credit which is under non-renewal notice, if
                said
                letter of credit has not been renewed or replaced by the Reinsurer
                10 days prior to its expiration
                date;

            

    

     

    
      	
            	    5.  	
              To
                refund to the Reinsurer any sum in excess of the actual amount required
                to
                fund the Reinsurer’s share of the Company’s ceded unearned premium and/or
                outstanding loss and loss adjustment expense reserves (including
                incurred
                but not reported loss reserves), if so requested by the
                Reinsurer.

            

    

     

    In
      the
      event the amount drawn by the Company on any letter of credit is in excess
      of
      the actual amount required for B(1), B(2) or B(4), or in the case of B(3),
      the
      actual amount determined to be due, the Company shall promptly return to the
      Reinsurer the excess amount so drawn.

    

    

    Insolvency

     

    
      	A.  	
              In
                the event of the insolvency of one or more of the reinsured companies,
                this reinsurance shall be payable directly to the company or to its
                liquidator, receiver, conservator or statutory successor on the basis
                of
                the liability of the company without diminution because of the insolvency
                of the company or because the liquidator, receiver, conservator or
                statutory successor of the company has failed to pay all or a portion
                of
                any claim.  It is agreed, however, that the liquidator, receiver,
                conservator or statutory successor of the company shall give written
                notice to the Reinsurer of the pendency of a claim against the company
                indicating the policy or bond reinsured which claim would involve
                a
                possible liability on the part of the Reinsurer within a reasonable
                time
                after such claim is filed in the conservation or liquidation proceeding
                or
                in the receivership, and that during the pendency of such claim,
                the
                Reinsurer shall have the right to participate, at its own expense,
                in the
                defense of any claim or suit involving this
                reinsurance.

            

    

    

    
      	B.  	
              It
                is further understood and agreed that, in the event of the insolvency
                of
                one or more of the reinsured companies, the reinsurance under this
                Contract shall be payable directly by the Reinsurer to the company
                or to
                its liquidator, receiver or statutory successor, except as provided
                by
                Section 4118(a) of the New York Insurance Law or except
                (1) where this Contract specifically provides another payee of such
                reinsurance in the event of the insolvency of the company or
                (2) where the Reinsurer with the consent of the direct insured or
                insureds has assumed such policy obligations of the company as direct
                obligations of the Reinsurer to the payees under such policies and
                in
                substitution for the obligations of the company to such
                payees.

            

    

    

    
      
        
        

      

      
        Page
          13

        
          

        

      

      
        
        

      

    

    

    Arbitration

     

    
      	A.  	
              As
                a condition precedent to any right of action hereunder, in the event
                of
                any dispute or difference of opinion hereafter arising with respect
                to
                this Contract, it is hereby mutually agreed that such dispute or
                difference of opinion shall be submitted to arbitration. One Arbiter
                shall
                be chosen by the Company, the other by the Reinsurer, and an Umpire
                shall
                be chosen by the two Arbiters before they enter upon arbitration,
                all of
                whom shall be active or retired disinterested executive officers
                of
                insurance or reinsurance companies or Lloyd’s London Underwriters. In the
                event that either party should fail to choose an Arbiter within
                30 days following a written request by the other party to do so, the
                requesting party may choose two Arbiters who shall in turn choose
                an
                Umpire before entering upon arbitration. If the two Arbiters fail
                to agree
                upon the selection of an Umpire within 30 days following their
                appointment, each Arbiter shall nominate three candidates within
                10 days thereafter, two of whom the other shall decline, and the
                decision shall be made by drawing
                lots.

            

    

    

    
      	B.  	
              Each
                party shall present its case to the Arbiters within 30 days following
                the date of appointment of the Umpire. The Arbiters shall consider
                this
                Contract as an honorable engagement rather than merely as a legal
                obligation and they are relieved of all judicial formalities and
                may
                abstain from following the strict rules of law. The decision of the
                Arbiters shall be final and binding on both parties; but failing
                to agree,
                they shall call in the Umpire and the decision of the majority shall
                be
                final and binding upon both parties. Judgment upon the final decision
                of
                the Arbiters may be entered in any court of competent
                jurisdiction.

            

    

    

    
      	C.  	
              If
                more than one reinsurer is involved in the same dispute, all such
                reinsurers shall constitute and act as one party for purposes of
                this
                Article and communications shall be made by the Company to each of
                the
                reinsurers constituting one party, provided, however, that nothing
                herein
                shall impair the rights of such reinsurers to assert several, rather
                than
                joint, defenses or claims, nor be construed as changing the liability
                of
                the reinsurers participating under the terms of this Contract from
                several
                to joint.

            

    

    

    
      	D.  	
              Each
                party shall bear the expense of its own Arbiter, and shall jointly
                and
                equally bear with the other the expense of the Umpire and of the
                arbitration. In the event that the two Arbiters are chosen by one
                party,
                as above provided, the expense of the Arbiters, the Umpire and the
                arbitration shall be equally divided between the two
                parties.

            

    

    

    
      	E.  	
              Any
                arbitration proceedings shall take place at a location mutually agreed
                upon by the parties to this Contract, but notwithstanding the location
                of
                the arbitration, all proceedings pursuant hereto shall be governed
                by the
                law of the State of Florida.

            

    

    

    
      	F.  	
              In
                the event that any Subscribing Reinsurer has ceased assuming new
                and
                renewal property and casualty treaty reinsurance business and fails
                to pay
                any amount claimed to be due hereunder, the Company may, at its sole
                option, by giving not less than 30 days written notice to the Subscribing
                Reinsurer, elect to bypass this Article, and the Reinsurer hereby
                expressly waives the requirements of this Arbitration
                Article.

            

    

    

    

    Late
      Payments for Inactive Reinsurers

     

    
      	A.  	
              In
                the event any payment due the Company is not received by the Intermediary
                by the payment due date, the Inactive Reinsurer agrees to pay, an
                interest
                penalty on the amount past due calculated for each such payment on
                the
                last day of each month as follows:

            

    

     

    
      	 	
              1.

            	
              The
                number of full days which have expired since the due date or the
                last
                monthly calculation, whichever the lesser;
                times

            

    

    

    
      	 	
              2.

            	
              1/365ths
                of the LIBOR monthly rate, plus (1%) one percent, on the first day
                of the
                month for which the calculation is made;
                times

            

    

     

     

    
      
        
        

      

      
        Page
          14

        
          

        

      

      
        
        

      

    

    

    3.    The
      amount past due, including accrued interest.

    

    It
      is
      agreed that interest shall accumulate until payment of the original amount
      due
      plus interest penalties have been received by the Intermediary.

    

    For
      purposes of this Article, the “due date” for any payment due the Company
      hereunder shall be deemed due (30) thirty days after the proof of loss or demand
      for payment is transmitted to the Inactive Reinsurer. If such payment is not
      received within the (30) thirty days, interest will accrue on the payment or
      amount overdue in accordance with this Article, from the date the proof of
      loss
      or demand for payment was transmitted to the Inactive Reinsurer. The active
      or
      inactive status of a reinsurer on the date a proof of loss or demand for payment
      was transmitted to such reinsurer shall not affect the due date or the
      calculation of the interest penalty as defined in this Article.

    

    
      	B.  	
              For
                purposes of this Article, an Inactive Reinsurer is a reinsurer who
                has
                ceased assuming new and renewal property and casualty treaty reinsurance
                business.

            

    

    

    

    Federal
      Excise Tax 

     

    
      	
              A.

            	
              The
                Reinsurer has agreed to allow for the purpose of paying the Federal
                Excise
                Tax the applicable percentage of the premium payable hereon as imposed
                under Section 4371 of the Internal Revenue Code to the extent such
                premium is subject to the Federal Excise
                Tax.

            

    

    

    
      	B.  	
              In
                the event of any return of premium becoming due hereunder the Reinsurer
                will deduct the applicable percentage from the return premium payable
                hereon and the Company or its agent should take steps to recover
                the tax
                from the United States Government.

            

    

    

     

    Agency
      Agreement

     

    If
      more
      than one reinsured company is named as a party to this Contract, the first
      named
      company shall be deemed the agent of the other reinsured companies for purposes
      of sending or receiving notices required by the terms and conditions of this
      Contract, and for purposes of remitting or receiving any monies due any
      party.

    

    
      
        

        

         

        
        

      

      
        Page
          15

        
          

        

      

      
        
        

      

    

    

    

    Reinsurance
      Confirmation Signing Page

    

    

    Company:   FPIC
      Insurance Group, Inc.

    

    Contract:    
      Medical
      Professional Liability Excess of Loss Reinsurance
      Contract

    

    Reinsurer:   Ace
      Tempest Re USA LLC

    

    

    

    On
      the
      basis of the terms outlined in Benfield Inc.’s Reinsurance Confirmation dated
      December 21, 2005, the undersigned reinsurer confirms its agreement to accept
      a
      share(s) in the contract(s) listed below effective January
      1, 2006:

    

    
      	
               

               

              Contract

            	
               

              Coverage

              Percent

            	
               

               

              Limit

            	
               

               

              Retention

            	
              Your

              Part.

              Percent

            	
              Your

              Dollar

              Line

            	
              Your

              Reference

              No.

            
	
               

              Coverage
                A

            	
               

                      100%      
                

            	
               

                $2,500,000

            	
               

                      $500,000    

            	
               

                      7.5%    

            	
               

                  $187,500    

            	
               

               10483-05

            
	
               

              Coverage
                B

            	
               

              100%      

            	
               

                $4,000,000

            	
               

              $1,000,000    

            	
               

              7.5%    

            	
               

              $300,000    

            	
               

               10483A-04

            

    

    

     

     

    
      
        	 

                Comments

              	 
	 	 
	 	 

      

      
         

      

    

    
      Brokerage

    

     

    10.0%
      of ceded premiums as respects Coverage A (Domestic Placement)

    10.0%
      of net ceded premiums as respects Coverage B (Domestic Placement)

    12.5%
      of ceded premiums as respects Coverage A (London and Europe
      Placement)

    10.0%
      of net ceded premiums as respects Coverage B (London and Europe
      Placement)

    

     

    
      	
              Signed:

            	 /s/
              David C. Riek
	 	
               ACE
                Tempest Re USA LLC

               

            
	Date: 	 December
              28, 2005

    

    
 

    

    Please
      sign and return one copy.

    

    
      
        

        

         

         

        
        

      

      
        Page
          16

        
          

        

      

      
        
        

      

    

     

     

    Reinsurance
      Confirmation Signing Page

    

    

    Company:   FPIC
      Insurance Group, Inc.

    

    Contract:    
      Medical
      Professional Liability Excess of Loss Reinsurance Contract

    

    Reinsurer:   Everest
      Reinsurance Company

    

    

    

    On
      the
      basis of the terms outlined in Benfield Inc.’s Reinsurance Confirmation dated
      December 21, 2005, the undersigned reinsurer confirms its agreement to accept
      a
      share(s) in the contract(s) listed below effective January 1, 2006:

    

    
      	
               

               

              Contract

            	
               

              Coverage

              Percent

            	
               

               

              Limit

            	
               

               

              Retention

            	
              Your

              Part.

              Percent

            	
              Your

              Dollar

              Line

            	
              Your

              Reference

              No.

            
	
               

              Layer
                1

            	
               

                      100%    

            	
               

               $2,500,000

            	
               

                      $500,000    

            	
               

                      5%    

            	
               

                      $125,000    

            	 
	
               

              Layer
                2

            	
               

              100%    

            	
               

               $4,000,000

            	
               

              $1,000,000    

            	
               

              5%    

            	
               

              $200,000    

            	 

    

    

    

    

    
      	
              Comments

            	 
	 	 
	 	 

    

    

    Brokerage

     

    10.0%
      of ceded premiums as respects Coverage A (Domestic Placement)

    10.0%
      of net ceded premiums as respects Coverage B (Domestic Placement)

    12.5%
      of ceded premiums as respects Coverage A (London and Europe
      Placement)

    10.0%
      of net ceded premiums as respects Coverage B (London and Europe
      Placement)

    

    
       

      
        	
                Signed:

              	 /s/
                Mark B. Elberg
	 	
                 Everest Reinsurance
                  Company

                 

              
	Date: 	 December
                27, 2005

      

      

    

    Please
      sign and return one copy.

    

    
      
        

        

         

        
        

      

      
        Page
          17

        
          

        

      

      
        
        

      

    

    Reinsurance
      Confirmation Signing Page

    

    

    Company:    FPIC
      Insurance Group, Inc.

    

    Contract:     
      Medical
      Professional Liability Excess of Loss Reinsurance Contract

    

    Reinsurer:    Hannover
      Re

    

    

    On
      the
      basis of the terms outlined in Benfield Inc.’s Reinsurance Confirmation dated
      December 21, 2005, the undersigned reinsurer confirms its agreement to accept
      a
      share(s) in the contract(s) listed below effective January 1, 2006:

    

    
      	
               

               

              Contract

            	
               

               

              Reinsurer

            	
               

               

              Limit

            	
               

               

              Retention

            	
              Your

              Part.

              Percent

            	
              Your

              Dollar

              Line

            	
              Your

              Reference

              No.

            
	
               

              Coverage
                A

            	
               

              Hannover
                Re

            	
               

                  $2,500,000    

            	
               

                      $500,000    

            	
               

              30.0%    

            	
               

                  $750,000    

            	
               

                LY13140B

            
	
               

              Coverage
                B

            	
               

              Hannover
                Re

            	
               

                  $4,000,000

            	
               

              $1,000,000    

            	
               

              30.0%    

            	
               

              $1,200,000    

            	
               

                LY13339A

            
	
               

              Coverage
                A Total

            	 	 	 	
               

              30.0%    

            	 	 
	
               

              Coverage
                B Total

            	 	 	 	
               

              30.0%    

            	 	 

    

    

    

    
      	
              Comments

            	 
	 	 
	 	 

    

    

     

    
       

      
        	
                 Hannover, Germany,
                  January 6, 2006

                 

              
	 Hannover
                re
	
                 Hannover
                  Ruckversicherung AG

                 

              
	 /s/
                Carola VonHeimburg
	 North
                American Treaty Department

      

      

    

                                

    
 

                                            

      
        
          

          

           

           

          
          

        

        
          Page
            18

          
            

          

        

        
          
          

        

      

    

    

    Reinsurance
      Confirmation Signing Page

    

    

    Company:    
      FPIC
      Insurance Group, Inc.

    

    Contract:     
      Medical
      Professional Liability Excess of Loss Reinsurance Contract

    

    Reinsurer:    Odyssey
      America Reinsurance Corporation

    

    

    

    On
      the
      basis of the terms outlined in Benfield Inc.’s Reinsurance Confirmation dated
      December 21, 2005, the undersigned reinsurer confirms its agreement to accept
      a
      share(s) in the contract(s) listed below effective January 1, 2006:

    

    
      	
               

               

              Contract

            	
               

              Coverage

              Percent

            	
               

               

              Limit

            	
               

               

              Retention

            	
              Your

              Part.

              Percent

            	
              Your

              Dollar

              Line

            	
              Your

              Reference

              No.

            
	
               

              Coverage
                A

            	
               

                      100%    

            	
               

                $2,500,000

            	
               

                      $500,000    

            	
               

                      3.5%    

            	
               

                      $87,500    

            	 
	
               

              Coverage
                B

            	
               

              100%    

            	
               

                $4,000,000

            	
               

              $1,000,000    

            	
               

              3.5%    

            	
               

              $140,000    

            	 

    

    

    

    

    
      	
              Comments

            	 
	 	 
	 	 

    

    

    Brokerage

     

    10.0%
      of ceded premiums as respects Coverage A (Domestic Placement)

    10.0%
      of net ceded premiums as respects Coverage B (Domestic Placement)

    12.5%
      of ceded premiums as respects Coverage A (London and Europe
      Placement)

    10.0%
      of net ceded premiums as respects Coverage B (London and Europe
      Placement)

     

     

    
       

      
        	
                Signed:

              	 /s/ Patrick
                Gentile
	 	
                 Odyssey America
                  Reinsurance Corporation

                 

              
	Date: 	 December
                28, 2005

      

      

 

    

    

    

    Please
      sign and return one copy.

    

    
      
        

        

         

         

        
        

      

      
        Page
          19

        
          

        

      

      
        
        

      

    

    

    

    Reinsurance
      Confirmation Signing Page

    

    

    Company:    FPIC
      Insurance Group, Inc.

    

    Contract:     
      Medical
      Professional Liability Excess of Loss Reinsurance Contract

    

    Reinsurer:    Partner
      Reinsurance Company of the U.S.

    

    

    

    On
      the
      basis of the terms outlined in Benfield Inc.’s Reinsurance Confirmation dated
      December 21, 2005, the undersigned reinsurer confirms its agreement to accept
      a
      share(s) in the contract(s) listed below effective January 1, 2006:

    

    
      	
               

               

              Contract

            	
               

              Coverage

              Percent

            	
               

               

              Limit

            	
               

               

              Retention

            	
              Your

              Part.

              Percent

            	
              Your

              Dollar

              Line

            	
              Your

              Reference

              No.

            
	
               

              Coverage
                A

            	
               

                      100%    

            	
               

                $2,500,000

            	
               

                      $500,000    

            	
               

                      10%    

            	
               

                     $250,000    

            	
               

               T201558

            
	
               

              Coverage
                B

            	
               

              100%    

            	
               

                $4,000,000

            	
               

              $1,000,000    

            	
               

              10%    

            	
               

              $400,000    

            	
               

               T201559

            

    

    

    

    

    
      	
              Comments

            	 
	 	 
	 	 

    

    

    Brokerage

     

    10.0%
      of ceded premiums as respects Coverage A (Domestic Placement)

    10.0%
      of net ceded premiums as respects Coverage B (Domestic Placement)

    12.5%
      of ceded premiums as respects Coverage A (London and Europe
      Placement)

    10.0%
      of net ceded premiums as respects Coverage B (London and Europe
      Placement)

     

     

    
       

      
        	
                Signed:

              	 /s/ Guiseppe
                A. Ruggieri
	 	
                 Partner
                  Reinsurance Company of the U.S.

                 

              
	Date: 	 December
                21, 2005

      

      

    

    
 

    

    Please
      sign and return one copy.

    

    
      
        

        

         

         

        
        

      

      
        Page
          20

        
          

        

      

      
        
        

      

    

    

    

    Reinsurance
      Confirmation Signing Page

    

    

    Company:    
      FPIC
      Insurance Group, Inc.

    

    Contract:     
      Medical
      Professional Liability Excess of Loss Reinsurance Contract

    

    Reinsurer:    Platinum
      Underwriters Reinsurance, Inc.

    

    

    

    On
      the
      basis of the terms outlined in Benfield Inc.’s Reinsurance Confirmation December
      21, 2005, the undersigned reinsurer confirms its agreement to accept a share(s)
      in the contract(s) listed below effective January 1, 2006:

    

    
      	
               

               

              Contract

            	
               

              Coverage

              Percent

            	
               

               

              Limit

            	
               

               

              Retention

            	
              Your

              Part.

              Percent

            	
              Your

              Dollar

              Line

            	
              Your

              Reference

              No.

            
	
               

              Coverage
                A

            	
               

                      100%    

            	
               

                $2,500,000

            	
               

                      $500,000    

            	
               

                      3.5%    

            	
               

                      $87,500    

            	
               

               TBD

            
	
               

              Coverage
                B

            	
               

              100%    

            	
               

                $4,000,000

            	
               

              $1,000,000    

            	
               

              3.5%    

            	
               

                  $140,000    

            	
               

               TBD

            

    

    

    

    

    
      	
              Comments

            	 
	 	 
	 	 

    

    

    Brokerage

     

    10.0%
      of ceded premiums as respects Coverage A (Domestic Placement)

    10.0%
      of net ceded premiums as respects Coverage B (Domestic Placement)

    12.5%
      of ceded premiums as respects Coverage A (London and Europe
      Placement)

    10.0%
      of net ceded premiums as respects Coverage B (London and Europe
      Placement)

     

     

    
       

      
        	
                Signed:

              	 /s/ Man-Hyu
                Hur
	 	
                 Platinum
                  Underwriters Reinsurance, Inc.

                 

              
	Date: 	 December
                28, 2005

      

      
 

    

    

    Please
      sign and return one copy.

    

    
      
        

        

         

         

        
        

      

      
        Page
          21

        
          

        

      

      
        
        

      

    

    

    

    Reinsurance
      Confirmation Signing Page

    

    

    Company:   FPIC
      Insurance Group, Inc.

    

    Contract:     Medical
      Professional Liability Excess of Loss Reinsurance Contract

    

    Reinsurer:   Transatlantic
      Reinsurance Company

    

    

    

    On
      the
      basis of the terms outlined in Benfield Inc.’s Reinsurance Confirmation dated
      December 21, 2005, the undersigned reinsurer confirms its agreement to accept
      a
      share(s) in the contract(s) listed below effective January 1, 2006:

    

    
      	
               

               

              Contract

            	
               

              Coverage

              Percent

            	
               

               

              Limit

            	
               

               

              Retention

            	
              Your

              Part

              Percent

            	
              Your

              Dollar

              Line

            	
              Your

              Reference

              No.

            
	
               

              Coverage
                A

            	
               

                      100%    

            	
               

                $2,500,000

            	
               

                      $500,000    

            	
               

                      20%    

            	
               

                    $500,000    

            	
               

               910204594

            
	
               

              Coverage
                B

            	
               

              100%    

            	
               

                $4,000,000

            	
               

              $1,000,000    

            	
               

              20%    

            	
               

              $800,000    

            	
               

               910204594

            

    

    

    

    

    
      	
              Comments

            	 
	 	 
	 	 

    

    

    Brokerage

     

    10.0%
      of ceded premiums as respects Coverage A (Domestic Placement)

    10.0%
      of net ceded premiums as respects Coverage B (Domestic Placement)

    12.5%
      of ceded premiums as respects Coverage A (London and Europe
      Placement)

    10.0%
      of net ceded premiums as respects Coverage B (London and Europe
      Placement)

     

     

    
       

      
        	
                Signed:

              	 /s/ Nick
                Tzaneteas
	 	
                 Transatlantic
                  Reinsurance Company

                 

              
	Date: 	 December
                21, 2005

      

      

    

    
      
 

    

    Please
      sign and return one copy.

    

    
      
        
        

      

      
        Page
          22

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00097-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00097-of-00352.parquet"}]]