Document:

<PAGE>

EXHIBIT 10(BB)
                               SEVERANCE AGREEMENT
                                     BETWEEN
                           FPIC INSURANCE GROUP, INC.
                                       AND
                                 PAMELA D. DEYO

         THIS AGREEMENT, effective as of the 22nd day of December 2000, is
between FPIC Insurance Group, Inc., a Florida corporation (the "Company"), and
PAMELA D. DEYO, an individual (the "Officer").

                               W I T N E S E T H:

         WHEREAS, the Officer is a valuable employee of the Company and an
integral part of its management; and

         WHEREAS, the Company wishes to encourage the Officer to continue her
career and services with the Company for the period during and after an actual
or threatened Change in Control (as hereinafter defined);

         NOW THEREFORE, it is hereby agreed by and between the parties hereto as
follows:

         1. Definitions.

                  a. "Board" shall mean the Board of Directors of the Company.

                  b. "Cause" shall mean the Officer's fraud or dishonesty that
         has resulted or is likely to result in material economic damage to the
         Company, or the Officer's willful nonfeasance if such nonfeasance is
         not cured within ten days of written notice from the Company, as
         determined in good faith by a vote of at least two-thirds of the
         non-employee directors of the Company at a meeting of the Board at
         which the Officer is provided an opportunity to be heard.

                  c. "Change in Control" shall mean the earlier of the following
         events:

                           (i) either (A) receipt by the Company of a report on
                  Schedule 13D, or an amendment to such a report, filed with the
                  Securities and Exchange Commission pursuant to Section 13(d)
                  of the Securities Exchange Act of 1934 (the "1934 Act"),
                  disclosing that any person (as such term is used in Section
                  13(d) of the 1934 Act) ("Person"), is the beneficial owner,
                  directly or indirectly, of twenty-five percent or more of the
                  outstanding stock of the Company, or (B) actual knowledge by
                  the Company of facts on the basis of which any Person is
                  required to file such a report on Schedule 13D, or to file an
                  amendment to such a report, with the SEC (or would be required
                  to file such a report or amendment upon the lapse of the
                  applicable period of time specified in Section 13(d) of the
                  1934 Act) disclosing that such Person is the beneficial owner,
                  directly or indirectly, of twenty-five percent or more of the
                  outstanding stock of the Company;

                           (ii) the purchase by any Person, other than the
                  Company or a wholly owned subsidiary of the Company, of shares
                  pursuant to a tender or exchange offer to acquire any stock of
                  the Company (or securities convertible into stock) for cash,
                  securities or any other consideration provided that, after
                  consummation of the offer, such Person is the beneficial owner
                  (as defined in Rule 13d-3 under the 1934 Act regardless of
                  whether the Company or such Person would otherwise be subject
                  to the 1934 Act), directly or indirectly, of twenty-five
                  percent or more of the outstanding stock of the Company
                  (calculated as provided in paragraph (d) of Rule 13d-3 under
                  the 1934 Act in the case of rights to acquire stock regardless
                  of whether the Company or such Person would otherwise be
                  subject to the 1934 Act);

                           (iii) either (A) the filing by any Person acquiring,
                  directly or indirectly, twenty-five percent or more of the
                  outstanding stock of the Company of a statement with the
                  Florida Department of Insurance pursuant to Section 628.461 of
                  Florida Statutes or a successor statutory provision, or (B)
                  actual knowledge by the Company of facts on the basis of which
                  any Person acquiring, directly or indirectly, twenty-five
                  percent or more of the outstanding stock of the Company or a
                  controlling company is required to file such a statement
                  pursuant to Section 628.461 of Florida Statutes or a successor
                  provision.
<PAGE>

                           (iv) (A) any consolidation or merger of the Company
                  in which the Company is not the continuing or surviving
                  corporation or pursuant to which shares of stock of the
                  Company would be converted into cash, securities or other
                  property, other than a consolidation or merger of the Company
                  in which holders of its stock immediately prior to the
                  consolidation or merger have substantially the same
                  proportionate ownership of common stock of the surviving
                  corporation immediately after the consolidation or merger as
                  immediately before, or (B) any consolidation or merger in
                  which the Company is the continuing or surviving corporation
                  but in which the common shareholders of the Company
                  immediately prior to the consolidation or merger do not hold
                  at least a majority of the outstanding common stock of the
                  continuing or surviving corporation (except where such holders
                  of common stock hold at least a majority of the common stock
                  of the corporation that owns all of the common stock of the
                  Company), or (C) any sale, lease, exchange or other transfer
                  (in one transaction or a series of related transactions) of
                  all or substantially all the assets of the Company, or (D) any
                  merger or consolidation of the Company where, after the merger
                  or consolidation, one Person owns 100% of the shares of stock
                  of the Company (except where the holders of the Company's
                  common stock immediately prior to such merger or consolidation
                  own at least 90% of the outstanding stock of such Person
                  immediately after such merger or consolidation); or

                           (v) a change in the majority of the members of the
                  Board within a 24-month period unless the election or
                  nomination for election by the Company's shareholders of each
                  new director was approved by the vote of at least two-thirds
                  of the directors then still in office who were in office at
                  the beginning of the 24-month period.

                  d. "Code" shall mean the Internal Revenue Code of 1986, as
         amended.

                  e. "Constructive Discharge" shall mean any (i) material change
         by the Company of the Officer's position, functions, or duties to an
         inferior position, functions, or duties from that in effect on the date
         of this Agreement or (ii) assignment or reassignment by the Company of
         the Officer without the Officer's consent to another place of
         employment more than 50 miles from the Officer's current place of
         employment.

                  f. "Coverage Period" shall mean the period beginning December
         22, 2000 and ending December 21, 2002.

         2.       Term.

         This Agreement shall be effective during the Coverage Period and shall
terminate upon the termination thereof.

         3.       Severance Benefit.

                  a. If at any time during the Coverage Period the Officer's
employment is terminated by the Company for any reason other than Cause, death
or disability, then the Company shall thereafter continue to pay to the Officer
her then base salary for an additional twelve month period, payable in the same
manner as prior to her termination of employment. In the event that during the
Coverage Period a Constructive Discharge occurs following a Change of Control,
the Officer shall have the right for a three month period following such
Constructive Discharge to terminate her employment with the Company by providing
not less than 90 days written notice thereof (specifying the event relied upon
for the Constructive Discharge) to the Company (which notice period may be
shortened by the Company at any time in its discretion resulting in an earlier
termination date) and following such termination the Company shall thereafter
continue to pay to the Officer her then base salary for an additional twelve
month period, payable in the same manner as prior to her termination of
employment. In the event of the termination of the Officer's employment as
provided in this paragraph 3(a), the Officer shall be 100% vested in all of the
Company's stock options held by the Officer. The Officer's termination of
employment with the Company to become an employee of a corporation that owns
100% of the Company shall not be considered a termination of employment for
purposes of this Agreement. The subsequent termination of the Officer's
employment from such corporation shall be considered a termination of employment
for purposes of this Agreement.

                  b. The Company and the Officer, upon mutual written agreement,
may waive any of the provisions in paragraph 1(e) that would otherwise
constitute a Constructive Discharge. Within ten days of receiving such written
notice from Officer, the Company may cure the event that constitutes a
Constructive Discharge.

                  c. In the event of any termination of the Officer's employment
described in paragraph 3(a), the Officer shall be under no obligation to seek
other employment, and there shall be no offset against amounts due the Officer
under this Agreement on account of any remuneration attributable to any
subsequent employment.

<PAGE>

         4.       Source of Payments.

         All payments provided for in paragraph 3 above shall be paid in cash
from the general funds of the Company; provided, however, that such payments
shall be reduced by the amount of any payments made to the Officer or her
dependents, beneficiaries or estate from any trust or special or separate fund
established by the Company to assure such payments. The Company shall not be
required to establish a special or separate fund or other segregation of assets
to assure such payments, and, if the Company shall make any investments to aid
it in meeting its obligations hereunder, the Officer shall have no right, title
or interest whatever in or to any such investments except as may otherwise be
expressly provided in a separate written instrument relating to such
investments. Nothing contained in this Agreement, and no action taken pursuant
to its provisions, shall create or be construed to create a trust of any kind,
or a fiduciary relationship between the Company and the Officer or any other
person. To the extent that any person acquires a right to receive payments from
the Company pursuant to this Agreement, such right shall be no greater than the
right of an unsecured creditor of the Company.

         5.       Mediation and Arbitration.

         Any dispute or controversy arising out of or in relation to this
Agreement shall first be submitted to mediation in the City of Jacksonville,
Florida in accordance with the Commercial Mediation Rules of the American
Arbitration Association. If mediation fails to resolve such dispute or
controversy, then such dispute or controversy shall be determined and settled by
arbitration in the City of Jacksonville, Florida, in accordance with the
Commercial Arbitration Rules of the American Arbitration Association then in
effect, and judgment upon the award rendered by the arbitrator may be entered in
any court of competent jurisdiction. The parties hereto agree to use good faith
efforts to select a mediator and, if mediation fails to resolve such dispute or
controversy, an arbitrator. If the parties cannot agree upon a mediator or
arbitrator, such mediator or arbitrator shall be selected in accordance with the
relevant Commercial Rules of the American Arbitration Association then in
effect. Whenever any action is required to be taken under this Agreement within
a specified period of time and the taking of such action is materially affected
by a matter submitted to mediation or arbitration, such period shall
automatically be extended by the number of days plus ten that are taken for the
determination of that matter by the parties through mediation or otherwise by
the arbitrator.

         6.       Income Tax Withholding.

         The Company may withhold from any payments made under this Agreement
all federal, state or other taxes as shall be required pursuant to any law or
governmental regulation or ruling.

         7.       Entire Understanding.

         This Agreement contains the entire understanding between the Company
and the Officer with respect to the subject matter hereof and supersedes any
prior agreements or understandings between the Company and the Officer with
respect thereto.

         8.       Severability.

         If, for any reason, any one or more of the provisions or part of a
provision contained in this Agreement shall be held by a court of competent
jurisdiction to be invalid, illegal or unenforceable in any respect, such
invalidity, illegality or unenforceability shall not affect any other provision
or part of a provision of this Agreement not held so invalid, illegal or
unenforceable, and each other provision or part of a provision shall to the full
extent consistent with law continue in full force and effect.

         9.       Consolidation, Merger, or Sale of Assets.

                  If the Company consolidates or merges into or with, or
transfers all or substantially all of its assets to, another corporation, the
term "Company" as used herein shall mean such other corporation and this
Agreement shall continue in full force and effect.

         10.      Notices.

         All notices, requests, demands and other communications required or
permitted hereunder shall be given in writing and shall be deemed to have been
duly given if hand delivered or mailed, postage prepaid, certified or
registered, first class as follows:

         a.       to the Company:

                  FPIC Insurance Group, Inc.
                  Attention:  Chief Executive Officer
                  225 Water Street, Suite 1400
                  Jacksonville, Florida 32202
<PAGE>

         b.       to the Officer:

                  Pamela D. Deyo
                  3654 Hedrick Street
                  Jacksonville, Florida 32205

or to such other address as either party shall have previously specified in
writing to the other.

         11.      No Attachment.

         Except as required by law, no right to receive payments under this
Agreement shall be subject to anticipation, commutation, alienation, sale,
assignment, encumbrance, charge, pledge or hypothecation or to execution,
attachment, levy or similar process or assignment by operation of law, and any
attempt, voluntary or involuntary, to effect any such action shall be null, void
and of no effect.

         12.      Binding Agreement.

         This Agreement shall be binding upon, and shall inure to the benefit
of, the Officer and the Company and their respective permitted successors and
assigns.

         13.      Modification and Waiver.

         This Agreement may not be modified or amended except by an instrument
in writing signed by the parties hereto. No term or condition of this Agreement
shall be deemed to have been waived, nor shall there be any estoppel against the
enforcement of any provision of this Agreement except by written instrument
signed by the party charged with such waiver or estoppel. No such written waiver
shall be deemed a continuing waiver unless specifically stated therein, and each
such waiver shall operate only as to the specific term or condition waived and
shall not constitute a waiver of such term or condition for the future or as to
any act other than that specifically waived.

         14.      Headings of No Effect.

         The paragraph headings contained in this Agreement are included solely
for convenience of reference and shall not in any way affect the meaning or
interpretation of any of the provisions of this Agreement.

         15.      Governing Law.

         This Agreement and its validity, interpretation, performance, and
enforcement shall be governed by the laws of the State of Florida without giving
effect to the choice of law provisions in effect in such State.

         IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed as of the date first above written.

                                                     FPIC INSURANCE GROUP, INC.

                                                     By:
                                                        -----------------------
                                                              John R. Byers

                                                        -----------------------
                                                              Pamela D. Deyo<PAGE>

Exhibit 10(cc)

        =================================================================

        =================================================================

                             WAIVER AND MODIFICATION
                                    AGREEMENT

                           DATED AS OF MARCH 30, 2001,

                                  BY AND AMONG

                           FPIC INSURANCE GROUP, INC.,

                            THE BANKS LISTED HEREIN,

                                       AND

                        SUNTRUST BANK , AS ISSUING BANK,
                  ADMINISTRATIVE AGENT AND AS COLLATERAL AGENT
        =================================================================

        =================================================================

<PAGE>

                        WAIVER AND MODIFICATION AGREEMENT
                        ---------------------------------

         THIS WAIVER AND MODIFICATION AGREEMENT (this "Agreement" or "Waiver and
Modification Agreement") made and entered into as of March 30, 2001, by and
among FPIC INSURANCE GROUP, INC., a Florida corporation (the "Borrower"), FIRST
UNION NATIONAL BANK, COMPASS BANK, BANK LEUMI LE-ISRAEL, B.M. and SUNTRUST BANK,
as Administrative Agent (in such capacity, the "Administrative Agent"), as
Collateral Agent (in such capacity, the "Collateral Agent"), and as Issuing Bank
(in such capacity, the "Issuing Bank").

                                   WITNESSETH:

         WHEREAS, SunTrust Bank, First Union National Bank, Compass Bank, Bank
Leumi Le-Israel, B.M. (collectively, the "Banks") and the Borrower are parties
to that certain Credit Agreement dated as of January 4, 1999, as modified by
that certain Amended and Restated Credit Agreement dated as of March 31, 1999
and effective as of April 1, 1999 (the "Existing Agreement"); and

         WHEREAS, the parties to the Existing Agreement have agreed: (i) that
certain defaults in the performance of financial covenants set forth in Section
7.13 and Section 7.15 of the Existing Agreement are to be waived as of December
31, 2000 and (ii) that certain provisions of the Existing Agreement are to be
modified as set forth herein.

         NOW, THEREFORE, the parties hereto agree as follows:

                                   ARTICLE 1.
                                   DEFINITIONS
                                   -----------

SECTION 1.1     DEFINITIONS IN EXISTING AGREEMENT. All capitalized terms not
                ---------------------------------
otherwise defined herein shall have the meanings specified in the Existing
Agreement.

SECTION 1.2     OTHER DEFINITIONAL TERMS. The words "hereof", "herein" and
                ------------------------
"hereunder" and words of similar import when used in this Waiver and
Modification Agreement shall refer to this Waiver and Modification Agreement as
a whole and not to any particular provision of this Waiver and Modification
Agreement. References to "Article", "Section", "Schedule", "Exhibit", "Annex"
and like references are to this Waiver and Modification Agreement unless
otherwise specified.

<PAGE>

                                   ARTICLE 2.
                                     WAIVER
                                     ------

    SECTION 2.1     WAIVER. The Banks hereby waive as of December 31, 2000, the
                    ------
following defaults with respect to financial covenants specified (the "FY 2000
Financial Covenant Defaults"):

        (a) The Borrower's ratio of EBIT to Interest (rolling four quarters) was
0.9:1 at December 31, 2000, rather than the ratio of greater than 4.0:1 provided
in Section 7.13 of the Existing Agreement.

        (b) Florida Physicians Insurance Company, Inc.'s ratio of Total Adjusted
Capital to Authorized Control Level Risk-Based Capital was 3.6:1 at December 31,
2000, rather than the ratio of greater than 4.0:1 provided in Section 7.15 of
the Existing Agreement.

        (c) Interlex Insurance Company's ratio of Total Adjusted Capital to
Authorized Control Level Risk-Based Capital was 3.0:1 at December 31, 2000,
rather than the ratio of greater than 4.0:1 provided in Section 7.15 of the
Existing Agreement.

    SECTION 2.2     CONTINUING EFFECT. Except as provided in Section 2.1 above
                    -----------------
with respect to a waiver of the FY 2000 Financial Covenant Defaults, nothing
contained in this Waiver and Modification Agreement shall act as a waiver of any
other defaults by the Borrower or any of its Subsidiaries under or with respect
to the Existing Agreement or any of the other Loan Documents. The Banks reserve
the right to accelerate the obligations of the Borrower and the Guarantors under
the Existing Agreement and the other Loan Documents and to exercise all other
remedies available to the Collateral Agent and the Banks under the Existing
Agreement and the other Loan Documents by reason of any other defaults.

                                   ARTICLE 3.
                                  MODIFICATIONS
                                  -------------

    SECTION 3.1     APPLICABLE MARGIN. Annex III to the Existing Agreement is
                    -----------------
hereby modified in its entirety as provided in Annex III - A attached hereto and
by this reference incorporated herein. From and after the date hereof, all
calculations of "Applicable Margin" shall be made with reference to such Annex
III - A at the same intervals and in the same manner as was previously made with
reference to Annex III to the Existing Agreement.

    SECTION 3.2     EBIT TO INTEREST.  Section 7.13 of the Existing Agreement is
                    ----------------
 hereby modified in its entirety to provide:

          "For each four quarter period commencing with the four quarter period
          ending March 31, 2001, the Borrower's ratio of EBIT to Interest
          Expense shall not be less than 2.50:1.00 as of the end of any fiscal
          quarter; provided, however, that in calculating the foregoing ratio,
          the following items shall be added to EBIT with

                                       2
<PAGE>

          respect to the fiscal quarter indicated to the extent any such item
          was deducted in determining EBIT in accordance with GAAP: (a) second
          quarter of 2000 -- $300,000.00 (severance charges), (b) third quarter
          of 2000 -- $1,514,536.00 (severance charges), (c) fourth quarter of
          2000 -- $20,814,244.00 (reserve strengthening), (d) fourth quarter of
          2000 -- $2,497,511.00 (premium adjustments with respect to Physicians'
          Reciprocal Insurers contracts) and (e) fourth quarter of 2000 --
          $500,000.00 (restructuring one of the Borrower's third party
          administrators)."

                                   ARTICLE 4.
                                 REPRESENTATIONS
                                 ---------------

         The Borrower represents and warrants to the Bank that:

    SECTION 4.1     ORGANIZATION, POWERS, ETC. The Borrower (i) is a corporation
                    -------------------------
duly organized, validly existing and in good standing under the laws of the
State of Florida, (ii) has all requisite power and authority, and otherwise, to
own its properties and assets and to carry on its business as now conducted and
proposed to be conducted, (iii) is duly qualified to do business and is in good
standing in every jurisdiction in which such qualification is necessary, and
(iv) has all requisite power and authority to execute and deliver, and to
perform its obligations under the Loan Documents.

    SECTION 4.2     AUTHORIZATION OF LOANS, ETC. The execution, delivery and
                    ---------------------------
performance of this Waiver and Modification Agreement by the Borrower (a) have
been duly authorized by all requisite action and (b) will not (i) violate (A)
any provision of law, any governmental rule or regulation, any order of any
court or other agency of government or the articles of incorporation or by-laws
of them Borrower or (B) any provision of any indenture, agreement or other
instrument to which the Borrower is a party or by which it or any of its
properties or assets are bound, (ii) be in conflict with, result in a breach of
or constitute (with due notice or lapse of time or both) a default under any
such indenture, agreement or other instrument, or (iii) result in the creation
or imposition of any lien, charge or encumbrance of any nature whatsoever upon
any of the properties or assets of the Borrower other than as permitted by the
terms hereof.

    SECTION 4.3     AGREEMENTS, ETC. Except for the FY 2000 Financial Covenant
                    ---------------
Defaults referred to in Section 2.1 above, neither the Borrower nor any of its
Subsidiaries is in default in the performance, observance or fulfillment of any
of its obligations, covenants or conditions contained in the Existing Agreement
or any of the Loan Documents to which it is a party. Neither the Borrower not
any Guarantor has any claim, defense or set-off against the Administrative Agent
nor any of the Banks with respect to the Obligations, which are due and payable
in accordance with their terms.

                                       3
<PAGE>

                                   ARTICLE 5.
                                 MISCELLANEOUS
                                 -------------

    SECTION 5.1     EFFECTIVE DATE; WAIVER/MODIFICATION FEE. This Waiver and
                    ---------------------------------------
Modification Agreement shall become effective as of March 30, 2001 upon (a) the
payment by the Borrower to the Administrative Agent of a waiver/modification fee
in the amount of $150,000.00 (the "Waiver/Modification Fee") and (b) the
execution and delivery of this Waiver and Modification Agreement by the Borrower
and the Required Banks. Each of the Banks has been given until Noon on March 29,
2001 (the "Approval Deadline"), to execute and deliver this Waiver and
Modification Agreement. The Waiver/Modification Fee shall be allocated by the
Administrative Agent among each of those Banks which have executed and delivered
this Waiver and Modification Agreement by the Approval Deadline (each, an
"Approving Bank" and, collectively, the "Approving Banks") in accordance with
the following formula: the Approving Bank's Commitment divided by the Approving
                                                       ----------
Banks' Commitments times $150,000.00.
                   -----

    SECTION 5.2     GOVERNING LAW.
                    --------------

        (a) THIS AGREEMENT AND THE NOTES AND THE RIGHTS AND OBLIGATIONS OF THE
PARTIES HEREUNDER AND THEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND BE
GOVERNED BY THE LAW OF THE STATE OF FLORIDA WITHOUT REGARD TO CONFLICTS OF LAW.

        (b) ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT OR ANY
OTHER LOAN DOCUMENT MAY BE BROUGHT IN THE COURTS OF THE STATE OF FLORIDA OR OF
THE UNITED STATES FOR THE MIDDLE DISTRICT OF FLORIDA AND, BY EXECUTION AND
DELIVERY OF THIS AGREEMENT, EACH OF THE BORROWER AND ITS SUBSIDIARIES HEREBY
IRREVOCABLY ACCEPTS FOR ITSELF AND IN RESPECT OF ITS PROPERTY, GENERALLY AND
UNCONDITIONALLY, THE JURISDICTION OF THE AFORESAID COURTS. EACH OF THE BORROWER
AND ITS SUBSIDIARIES HEREBY IRREVOCABLY WAIVES ANY CLAIM THAT ANY SUCH COURTS
LACK JURISDICTION OVER SUCH PARTY, AND AGREES NOT TO PLEAD OR CLAIM, IN ANY
LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT OR ANY OTHER LOAN
DOCUMENT BROUGHT IN ANY OF THE AFORESAID COURTS, THAT ANY SUCH COURT LACKS
JURISDICTION OVER THE BORROWER OR SUBSIDIARY. EACH OF THE BORROWER AND ITS
SUBSIDIARIES IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS OUT OF ANY OF THE
AFOREMENTIONED COURTS IN ANY SUCH ACTION OR PROCEEDING BY THE MAILING OF COPIES
THEREOF BY REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID, AT ITS ADDRESS FOR
NOTICES PURSUANT TO SECTION 12.03, SUCH SERVICE TO BECOME EFFECTIVE 30 DAYS
AFTER SUCH MAILING. EACH OF THE BORROWER AND ITS SUBSIDIARIES HEREBY IRREVOCABLY
WAIVES ANY OBJECTION TO SUCH SERVICE OF PROCESS AND FURTHER IRREVOCABLY WAIVES
AND AGREES NOT TO PLEAD OR CLAIM IN ANY ACTION OR PROCEEDING

                                       4
<PAGE>

COMMENCED HEREUNDER OR UNDER ANY OTHER LOAN DOCUMENT THAT SERVICE OF PROCESS WAS
IN ANY WAY INVALID OR INEFFECTIVE. NOTHING HEREIN SHALL AFFECT THE RIGHT OF THE
ADMINISTRATIVE AGENT, ANY BANK OR THE HOLDER OF ANY NOTE TO SERVE PROCESS IN ANY
OTHER MANNER PERMITTED BY LAW OR TO COMMENCE LEGAL PROCEEDINGS OR OTHERWISE
PROCEED IN ANY OTHER JURISDICTION.

        (c) EACH OF THE BORROWER AND ITS SUBSIDIARIES HEREBY IRREVOCABLY WAIVES
ANY OBJECTION WHICH ANY OF THEM MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE
OF ANY OF THE AFORESAID ACTIONS OR PROCEEDINGS ARISING OUT OF OR IN CONNECTION
WITH THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT BROUGHT IN THE COURTS REFERRED TO
IN CLAUSE (b) ABOVE AND HEREBY FURTHER IRREVOCABLY WAIVES AND AGREES NOT TO
PLEAD OR CLAIM IN ANY SUCH COURT THAT ANY SUCH ACTION OR PROCEEDING BROUGHT IN
ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.

    SECTION 5.3     COUNTERPARTS. This Agreement may be executed in any number
                    ------------
of counterparts and by the different parties hereto on separate counterparts,
each of which when so executed and delivered shall be an original, but all of
which shall together constitute one and the same instrument.

    SECTION 5.4     HEADINGS DESCRIPTIVE. The headings of the several sections
                    --------------------
and subsections of this Agreement are inserted for convenience only and shall
not in any way affect the meaning or construction of any provision of this
Agreement.

    SECTION 5.5     WAIVER OF JURY TRIAL. EACH OF THE PARTIES TO THIS AGREEMENT
                    --------------------
HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING
OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE OTHER LOAN
DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.

    SECTION 5.6     ENTIRE AGREEMENT. This Agreement contains the entire
                    ----------------
understanding between the parties relating to the subject matter of this
Agreement, and supercedes all prior agreements, understandings, negotiations and
discussions, whether verbal or written, of the parties, relating to that subject
matter. This Agreement may be amended, modified or supplemented only by a
writing executed by each of the parties.

    SECTION 5.7     NO THIRD PARTY BENEFICIARIES. It is the intent and agreement
                    ----------------------------
of the parties hereto that this Agreement is solely for the benefit of the
parties hereto and no person not a party hereto shall have any rights or
privileges hereunder.

    SECTION 5.8     BORROWER ACKNOWLEDGMENT. The Borrower hereby acknowledges
                    -----------------------
that neither the Administrative Agent nor any Bank has any fiduciary
relationship with or

                                       5
<PAGE>

fiduciary duty to the Borrower arising out of or in connection with this
Agreement or any of the other Loan Documents, and the relationship between the
Administrative Agent and the Banks, on the one hand, and the Borrower, on the
other hand, on connection herewith and therewith is solely that of debtor and
creditor.

         IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly executed and delivered by their duly authorized officers as of the day and
year first above written.

                                         FPIC INSURANCE GROUP, INC., as Borrower

                                         By:
                                            ------------------------------------
                                         John R. Byers
                                         President and Chief Executive Officer

                                         By:
                                            ------------------------------------
                                         Kim D. Thorpe
                                         Executive Vice President and Chief
                                         Financial Officer

                                         Address for Notices:
                                         --------------------
                                         c/o FPIC Insurance Group, Inc.
                                         225 Water Street
                                         Jacksonville, Florida 32202
                                         Attn: Kim D. Thorpe
                                         Telefax: (904) 633-9579

                                         SUNTRUST  BANK,  as  Issuing  Bank,
                                         Administrative  Agent  and  as
                                         Collateral Agent

                                         By:
                                            ------------------------------------
                                         C. William Buchholz
                                         Vice President

                                         Address for Notices:
                                         --------------------
                                         SunTrust Bank
                                         200 West Forsyth Street
                                         Jacksonville, Florida  32202
                                         Attn:  C. William Buchholz
                                         Telefax: (904) 632-2874

                                       6
<PAGE>

                                         FIRST UNION NATIONAL BANK, as
                                         Documentation Agent and as a Bank

                                         By:
                                            ------------------------------------
                                         Tom Stitchberry
                                         Senior Vice President

                                         Address for Notices:
                                         -------------------
                                         First Union National Bank
                                         301 South College Street, 6th Floor
                                         Charlotte, North Carolina 28288-0735
                                         Attn:  Butch Mayer
                                         Telefax: (704) 383-7611

                                         COMPASS BANK, as a Bank

                                         By:
                                            ------------------------------------
                                         C. French Yarborough
                                         Vice President

                                         ADDRESS FOR NOTICES:
                                         -------------------
                                         Compass Bank
                                         10060 Skinner Lake Drive
                                         Jacksonville, Florida  32246
                                         Attn:  C. French Yarborough
                                         Telefax:  (904) 564-8906

                                         BANK LEUMI LE-ISRAEL, B.M., as a Bank

                                         By:
                                            ------------------------------------
                                         Stephen Hanas
                                         Vice President

                                         ADDRESS FOR NOTICES:
                                         -------------------
                                         Bank Leumi Le-Israel, B.M.
                                         800 Brickell Avenue, Suite 1400
                                         Miami, Florida 33130
                                         Attn:  Stephen Hanas
                                         Telefax:  (305) 377-6544

                                       7
<PAGE>

                                  ANNEX III - A

<TABLE>
<CAPTION>

=================================== =================================================================================
                                                              APPLICABLE MARGINS AND FEES
                                                               THROUGH SEPTEMBER 30, 2001

           FUNDED DEBT
            TO CAPITAL             --------------------------- --------------------------- --------------------------
                                    LIBOR ADVANCES              BASE RATE ADVANCES          COMMITMENT FEE

---------------------------------- --------------------------- --------------------------- --------------------------
<S>                                 <C>                         <C>                         <C>
<20%                                1.250%                      0.000%                      0.200%
---------------------------------- --------------------------- --------------------------- --------------------------
 20% and <25%                       1.375%                      0.000%                      0.250%
---------------------------------- --------------------------- --------------------------- --------------------------
 25% and  30%                       1.500%                      0.000%                      0.300%

================================== =================================================================================

</TABLE>

<TABLE>
<CAPTION>

=================================== =================================================================================
                                                              APPLICABLE MARGINS AND FEES
                                                               THROUGH SEPTEMBER 30, 2001

           FUNDED DEBT
            TO CAPITAL             --------------------------- --------------------------- --------------------------
                                    LIBOR ADVANCES              BASE RATE ADVANCES          COMMITMENT FEE

---------------------------------- --------------------------- --------------------------- --------------------------
<S>                                 <C>                         <C>                         <C>
<20%                                1.500%                      0.000%                      0.200%
---------------------------------- --------------------------- --------------------------- --------------------------
 20% and <25%                       1.625%                      0.000%                      0.250%
---------------------------------- --------------------------- --------------------------- --------------------------
 25% and  30%                       1.750%                      0.000%                      0.300%
---------------------------------- --------------------------- --------------------------- --------------------------

</TABLE>

                                       8

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