Document:

EXHIBIT 10 (d)

                         FIRST MODIFICATION AGREEMENT

      This MODIFICATION AGREEMENT ("Modification") is entered into this  27th
 day of June, 2001 by and  among Hallmark Finance Corporation as seller  (the
 "Seller"), and FPF, Inc., ("FPF").

 WITNESSETH;

      WHEREAS, pursuant to that certain  Sale and Assignment Agreement  dated
 as of  November  18,  1999  by  and  among  the  FPF  and  the  Seller  (the
 "Agreement"), FPF agrees  to purchase, and  Seller agrees  to sell  Eligible
 Premium; and

      WHEREAS, Seller has  delivered to FPF  the Cut-Through Agreement  dated
 June 27, 2001; and.

      WHEREAS, all capitalized terms used herein and not otherwise defined in
 the Agreement shall have the meaning set forth herein; and

      WHEREAS, Seller and  FPF desire to  modify and amend  the Agreement  as
 hereinafter set forth.

      NOW, THEREFORE,  in  consideration  of the  covenants,  conditions  and
 agreements contained in the  Agreement, the parties  hereto intending to  be
 legally bound, hereby agree as follows:

      1.   Maximum  Purchase  Commitment.     The   term  "Maximum   Purchase
           Commitment" as defined in the Agreement  is hereby amended in  its
           entirety to read as follows:

                     "Maximum Purchase Commitment" means $12,500,000.00.

      2.   Agreement Ratification.   All terms, conditions  and covenants  of
      the Agreement, not otherwise modified  hereby, are hereby ratified  and
      confirmed and this Modification, when  executed by the parties  hereto,
      shall become a part of the Agreement and shall have the same force  and
      effect  as  if  the  terms   and  conditions  hereof  were   originally
      incorporated in the Agreement prior to the execution thereof.

      IN WITNESS  WHEREOF, this  Modification Agreement  is executed  by  the
 undersigned parties as of the day and year first set forth above.

                               FPF, INC.

                               By:_______________________________
                                    Bruce I. Lundy
                                    President

                               SELLER:

                               HALLMARK FINANCIAL CORPORATION

                               By:_________________________________

                               Printed Name:  Linda H. Sleeper
                               Title:  President & Chief Executive OfficerEXHIBIT 10 (e)

                             FOURTH AMENDMENT TO
                       EXECUTIVE COMPENSATION AGREEMENT

      This Fourth Amendment to  Executive Compensation Agreement (the  AThird
 Amendment@) is made and entered  into effective as of  June 1, 2001, by  and
 between RAMON D. PHILLIPS (the AExecutive@) and HALLMARK FINANCIAL SERVICES,
 INC. (the ACompany@).

                                  Recitals:

      WHEREAS, the  Company  and Executive  have  entered into  an  Executive
 Compensation Agreement dated August  24, 1994, which Executive  Compensation
 Agreement has   been  amended by  a First  Executive Compensation  Agreement
 Amendment  dated  August   24,  1995,  a   Second  Amendment  to   Executive
 Compensation Agreement  dated November  30,  1995, letter  agreements  dated
 December 29, 1998 and December 14, 1999, and a Third Amendment to  Executive
 Compensation  Agreement   dated  November   15,   2000  (as   amended,   the
 AAgreement@); and

      WHEREAS,  the  Company  and  Executive  desire  to  further  amend  the
 Agreement as set forth herein;

      NOW, THEREFORE, for and in consideration of the premises and the mutual
 covenants contained herein, and other  good and valuable consideration,  the
 receipt and sufficiency  of which is  hereby acknowledged,  the Company  and
 Executive hereby agree as follows:

                                  Amendment:

      1.   Amendment of Article  I.   Article I  of the  Agreement is  hereby
 deleted in its entirety and a new Article I substituted therefor which shall
 read as follows:

                                  ARTICLE I

                           DUTIES AND COMPENSATION

                               Title and Duties

           1.01 (a)  Until December 31, 2001, or such earlier time as he
      resigns or is removed,  the Executive shall  serve as Chairman  of
      the Board of Directors of the Company and shall perform all duties
      and  functions  reasonably  appurtenant   to  such  position,   as
      reasonably  directed  by  the Board of  Directors of  the Company.
      During  such period, the Executive shall  devote his full  working
      time to the performance of such duties, but shall not be  required
      to devote more than 104 hours per calendar quarter to such duties.

                (b)  Commencing  January 1,  2002, or  upon his  earlier
      resignation or removal as Chairman of the Board of Directors,  the
      Executive shall cease to be an  executive officer of the  Company,
      but shall continue to be employed  by the Company as a  management
      consultant and advisor.  In such capacity, the Executive shall  be
      reasonably available to  consult with the  Board of Directors  and
      executive officers of the  Company for a maximum  of 65 hours  per
      calendar quarter.

                (c)   The Executive   need  not maintain  any  specified
      working  hours  or  days  while  performing  any  of  his   duties
      hereunder.   The  Company  acknowledges  that  the  Executive  may
      perform a significant portion of his duties from his home.

                                 Base Salary

           1.02 During the  period of  employment  of Executive  by  the
      Company,  the  Board   of  Directors  of   the  Company,  or   the
      Compensation Committee thereof, shall determine the base salary of
      Executive.   Commencing November  15, 2000,  and continuing  until
      June 1, 2001, the annualized base salary of Executive shall be not
      less than $252,495.  Commencing June 1, 2001, and continuing until
      December 31, 2002,  the annualized  base salary  of the  Executive
      shall be not less than $89,000,  plus $200.00 per hour devoted  to
      his duties in excess of the requirements set forth in Section 1.01
      above.

                                   Bonuses

           1.03 In addition  to  his  base salary,  Executive  shall  be
      entitled to  such  cash  bonuses  as  the  Board  or  Compensation
      Committee shall from time to time determine.

                              Expense Allowances

           1.04 In addition to  his base salary  and bonuses,  Executive
      shall be provided an automobile allowance of $250 per month.   The
      Company shall  also  reimburse  Executive  for  all  ordinary  and
      necessary business expenses incurred on  behalf of the Company  in
      the course of  Executive's duties.   Such  ordinary and  necessary
      business  expenses   shall   include,  without   limitation,   all
      reasonable  expenses incurred  in  connection  with  equipping  an
      office in Executive's home.

                       Stock Options and Other Benefits

           1.05 Executive shall be entitled to participate in all  stock
      option  and  other  incentive compensation  plans of  the Company.
      Awards to Executive  pursuant to such  stock option and  incentive
      compensation plans shall be in such  amounts as the Board, or  the
      Stock Option Committee  or Compensation  Committee thereof,  shall
      determine  in  its  sole  discretion.   Executive  shall  also  be
      entitled  to  participate  in  all  other  programs  and  benefits
      provided by  the Company  to the  same extent  as other  executive
      officers of the Company.

      2.   Amendment of Article IV.   Article IV of  the Agreement is  hereby
 deleted in its  entirety and  a new  Article IV  substituted therefor  which
 shall read as follows:

                                  ARTICLE IV

                                     TERM

           4.01 The term of  this Agreement shall  commence on the  date
      hereof and shall continue until December 31, 2002.

      5.   Affirmation of Agreement.  Except as expressly provide herein, all
 terms and  conditions of  the Agreement  shall continue  in full  force  and
 effect.

      EXECUTED to be effective as of the date first set forth above.

 COMPANY:                                EXECUTIVE:

 Hallmark Financial Services, Inc.
                                         _________________________
                                         Ramon D. Phillips
 By:    ______________________

 Name:  ______________________

 Title: ______________________EXHIBIT 10 (f)

 August 3, 2001

 Dorinco Reinsurance Company
 1320 Waldo Avenue, Suite 200
 Midland, Michigan  48642

 Attention:  David E. Chamberlain

 RE:  Loan Agreement dated  March 10, 1997,  and amended by  Amendment No.  1
      executed August 14, 1998, Amendment No.  2 effective March 5, 1999  and
      Amendment No.  3 effective  November 19,  1999 (as  amended, the  "Loan
      Agreement") between Hallmark Financial Services, Inc. ("Borrower")  and
      Dorinco Reinsurance Company ("Lender")

 Dear Mr. Chamberlain:

 The purpose of this letter is  to obtain written acknowledgment of  Lender's
 waiver of the "triggering events" under Subsections 3.a and 3.b. of the Loan
 Agreement for the quarter ended June 30, 2001.

 As you  know,  effective  July 1,  2000,  Borrower's  insurance  subsidiary,
 American Hallmark  Insurance Company  of Texas  ("AH"), entered  into a  new
 reinsurance agreement  with  Lender  which  altered  several  terms  of  the
 previous reinsurance arrangement  between the parties.  Among other  things,
 the new reinsurance  agreement provides that  policy fees are  ceded on  the
 same basis as  premiums rather  than retained by  AH as  provided under  the
 prior arrangement. This change in treatment  of policy fees has  predictably
 had an adverse impact on AH's statutory accounting Loss Ratio (as defined in
 the Loan  Agreement).   Effective  April 1,  2001,  AH and  Dorinco  further
 amended the reinsurance  agreement to include  a loss  corridor on  policies
 written effective April 1, 2001.  Thus, for losses that fall within the loss
 corridor AH  assumes 100%  of the  risk.   Additionally, during  the  second
 quarter ended  June  30,  2001, AH  incurred  extraordinary  weather-related
 losses principally  in  connection with  a  catastrophic flood  in  Houston,
 Texas.   Finally, although  AH has  implemented  premium rate  increases  of
 approximately 30%  during  the last  eighteen  month period,  a  significant
 portion of earned premiums as reflected  in financial statements ended  June
 30, 2001, are still at depressed rates.

 The Combined Ratio and the Loss Ratio of  AH for the six month period  ended
 June 30, 2001, exceeded the respective thresholds of 83% and 107% set  forth
 in Subsections 3.a and 3.b. of the Loan Agreement. AH's Loss Ratio was  101%
 and the Combined Ratio was  115%.  However, in the  absence of the change in
 treatment of policy fees, the addition of  the  loss corridor  and  weather-
 related  claims (particularly the Houston flood which significantly impacted
 the  loss  corridor),  the  Combined Ratio  and Loss Ratio for the six month
 period ended June 30,  2001, would have been  89.1% and 77.9%, respectively.
 Further,  the change in  treatment of policy  fees favorably  impacted  AH's
 premium to surplus  ratio, as intended.  The premium to surplus ratio was at
 an acceptable 2.85:1 on  reported surplus of  $6.3 million at June 30, 2001.
 Therefore,  Borrower  requests  a  waiver  of  the "triggering events" under
 Subsections  3.a. and 3.b.  of the Loan  Agreement for  the six month period
 ended June 30, 2001.

 Please acknowledge Lender's consent to the requested waiver by executing and
 returning to the undersigned the enclosed duplicate original of this letter.
 Thank you for your courtesy and cooperation in this matter.

 Very truly yours,

 Linda H. Sleeper
 President and CEO

 CONSENTED TO AND AGREED AS OF __________________, 2001:

 DORINCO REINSURANCE COMPANY

 By:  ______________________________

      Name:_________________________

      Title:________________________

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