Document:

Warrant to Purchase Common Stock of Allion Healthcare, Inc.

 Exhibit 10.33 
 THE ISSUANCE OF THIS WARRANT AND THE OFFER AND SALE OF THE SHARES OF COMMON STOCK ISSUABLE HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE “ACT”) NOR UNDER ANY STATE SECURITIES LAW AND THIS WARRANT
AND ANY SUCH SHARES OF COMMON STOCK MAY NOT BE PLEDGED, SOLD, ASSIGNED OR OTHERWISE TRANSFERRED UNTIL A (1) REGISTRATION STATEMENT UNDER THE ACT AND ANY APPLICABLE STATE SECURITIES LAW HAS BECOME EFFECTIVE WITH RESPECT THERETO, OR (2) RECEIPT BY THE
COMPANY OF AN OPINION OF COUNSEL ACCEPTABLE TO THE COMPANY (IF SO REQUESTED) TO THE EFFECT THAT REGISTRATION UNDER THE ACT OR APPLICABLE STATE SECURITIES LAW IS NOT REQUIRED IN CONNECTION WITH THE PROPOSED TRANSFER. 
 Void after 5:00 p.m. Eastern Standard Time, on April 1, 2013. 
 Warrant to Purchase 5,000 Shares of Common Stock. 
 WARRANT TO PURCHASE COMMON STOCK 
 OF 
 ALLION HEALTHCARE, INC. 
 This is to certify that, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, John Pappajohn Trustee of the
John Pappajohn Revocable Trust dated March 27, 1994, as restated on February 22, 1999 (“Holder”) is entitled to purchase, subject to the provisions of this Warrant, from Allion Healthcare, Inc., a Delaware corporation
(“Company”), FIVE THOUSAND (5,000) fully paid, validly issued and nonassessable shares of Common Stock, $0.001 par value per share, of the Company (“Common Stock”) at a price initially set at Five Dollars
($5.00) per share at any time or from time to time during the period from the date hereof to expiration, but not later than 5:00 p.m. Eastern Standard Time, on April 1, 2013. The number of shares of Common Stock to be received upon the exercise
of this Warrant and the price to be paid for each share of Common Stock may be adjusted from time to time as hereinafter set forth. The shares of Common Stock deliverable upon such exercise, and as adjusted from time to time, are hereinafter
sometimes referred to as “Warrant Shares” and the exercise price of a share of Common Stock in effect at any time and as adjusted from time to time is hereinafter sometimes referred to as the “Exercise Price”.

  

	 	(a)	EXERCISE OF WARRANT. 

  

	 	(1)	This Warrant may be exercised in whole or in part at any time or from time to time on or after the date hereof and until 5:00 p.m Eastern Standard Time on April 1, 2013;
provided, however, that if either such day is a day on which banking institutions in the State of New York are authorized by law to close, then on the next succeeding day which shall not be such a day. This Warrant may be exercised by presentation
and 

 surrender hereof to the Company at its principal office, or at the office of its stock transfer agent,
if any, with the Purchase Form annexed hereto duly executed and accompanied by payment of the Exercise Price for the number of Warrant Shares specified in such form. As soon as practicable after each such exercise of this Warrant, but not later than
seven (7) days from the date of such exercise, the Company shall issue and deliver to the Holder a certificate for the Warrant Shares issuable upon such exercise, registered in the name of the Holder or its designee. If this Warrant should be
exercised in part only, the Company shall, upon surrender of this Warrant for cancellation, execute and deliver a new Warrant evidencing the rights of the Holder thereof to purchase the balance of the Warrant Shares purchasable thereunder. Upon
receipt by the Company of this Warrant at its office, or by the stock transfer agent of the Company, if any, at its office, in proper form for exercise together with payment in full of the exercise price for the Warrant Shares to be purchased, the
Holder shall be deemed to be the holder of record of the shares of Common Stock issuable upon such exercise, notwithstanding that the stock transfer books of the Company shall then be closed or that certificates representing such shares of Common
Stock shall not then be physically delivered to the Holder. 
  

	 	(2)	In lieu of delivering the Exercise Price in cash or check, the Holder may elect to receive shares equal to the value of the Warrant or portion thereof being exercised (“Net
Issue Exercise”). If the Holder wishes to elect the Net Issue Exercise, the Holder shall notify the Company of its election in writing at the time it delivers the Purchase Form to the Company. In the event the Holder shall elect Net Issue
Exercise, the Holder shall receive the number of shares of Common Stock equal to the product of (a) the number of shares of Common Stock purchasable under the Warrant, or portion thereof being exercised, and (b) the current market value,
as defined in paragraph (c) below, of one share of Common Stock minus the Exercise Price, divided by (c) the current market value, as defined in paragraph (c) below, of one share of Common Stock. 

  

	 	(b)	RESERVATION OF SHARES. The Company shall at all times reserve for issuance and/or delivery upon exercise of this Warrant such number of shares of its Common Stock as shall be
required for issuance and delivery upon exercise of this Warrant. 

  

	 	(c)	FRACTIONAL SHARES. No fractional shares or scrip representing fractional shares shall be issued upon the exercise of this Warrant. With respect to any fraction of a share
called for upon any exercise hereof, the Company shall pay to the Holder an amount in cash equal to such fraction multiplied by the current market value of a share, determined as follows: 

  

	 	(1)	If the Common Stock is listed on a national securities exchange or admitted to unlisted trading privileges on such exchange or listed for 

  

 -2- 

 trading on the NASDAQ system, the current market value shall be the last reported sale price of the
Common Stock on such exchange or system on the last business day prior to the date of exercise of this Warrant or if no such sale is made on such day, the mean of the last reported bid and asked prices for such day on such exchange or system; or

  

	 	(2)	If the Common Stock is not so listed or admitted to unlisted trading privileges, the current market value shall be the mean of the last reported bid and asked prices reported by the
National Quotation Bureau, Inc. on the last business day prior to the date of the exercise of this Warrant; or 

  

	 	(3)	If the Common Stock is not so listed or admitted to unlisted trading privileges and bid and asked prices are not so reported, the current market value of a share of Common Stock
shall be an amount, not less than book value thereof as at the end of the most recent fiscal year of the Company ending prior to the date of the exercise of the Warrant, determined in such reasonable manner as may be prescribed by the Board of
Directors of the Company. 

  

	 	(d)	EXCHANGE, TRANSFER, ASSIGNMENT OR LOSS OF WARRANT. Subject to the restrictions noted at the beginning of this Warrant, this Warrant is exchangeable, without expense, at the
option of the Holder, upon presentation and surrender hereof to the Company or at the office of its stock transfer agent, if any, for other warrants of different denominations entitling the holder thereof to purchase in the aggregate the same number
of shares of Common Stock purchasable hereunder. Upon surrender of this Warrant to the Company at its principal office or at the office of its stock transfer agent, if any, with the Assignment Form annexed hereto duly executed and funds sufficient
to pay any transfer tax, the Company shall, without charge, execute and deliver a new Warrant in the name of the assignee named in such instrument of assignment and this Warrant shall promptly be cancelled. This Warrant may be divided or combined
with other warrants which carry the same rights upon presentation hereof at the principal office of the Company or at the office of its stock transfer agent, if any, together with a written notice specifying the names and denominations in which new
Warrants are to be issued and signed by the Holder hereof. The term “Warrant” as used herein includes any Warrants into which this Warrant may be divided or exchanged. Upon receipt by the Company of evidence satisfactory to it of
the loss, theft, destruction or mutilation of this Warrant, and (in the case of loss; theft or destruction) of reasonably satisfactory indemnification, and upon surrender and cancellation of this Warrant, if mutilated, the Company will execute and
deliver a new Warrant of like tenor and date. Any such new Warrant executed and delivered shall constitute an additional contractual obligation on the part of the Company, whether or not this Warrant so lost, stolen, destroyed, or mutilated shall be
at any time enforceable by anyone. 

  

	 	(e)	RIGHTS OF THE HOLDER. The Holder shall not, by virtue hereof, be entitled to any rights of a shareholder in the Company, either at law or equity, and the rights of the Holder
are limited to those expressed in the Warrant and are not enforceable against the Company except to the extent set forth herein. 

  

 -3- 

	 	(f)	ANTI-DILUTION AND ADJUSTMENT’ PROVISIONS. The Exercise Price in effect at any time and the number of securities purchasable upon the exercise of the Warrant shall be
subject to adjustment from time to time upon the happening of certain events as follows: 

  

	 	(1)	In case the Company shall (i) declare a dividend or make a distribution on its outstanding shares of Common Stock in shares of Common Stock, (ii) subdivide or reclassify
its outstanding shares of Common Stock into a greater number of shares, or (iii) combine or reclassify its outstanding shares of Common Stock into a smaller number of shares, the Exercise Price in effect at the time of the record date for such
dividend or distribution, or of the effective date of such subdivision, combination or reclassification shall be adjusted so that it shall equal the price determined by multiplying the Exercise Price by a fraction, the denominator of which shall be
the number of shares of Common Stock outstanding after giving effect to such action, and the numerator of which shall be the number of shares of Common Stock outstanding immediately prior to such action. Such adjustment shall be made successively
whenever any event listed above shall occur. 

  

	 	(2)	In case the Company shall fix a record date for the issuance of rights or warrants to all holders of its Common Stock entitling them to subscribe for or purchase shares of Common
Stock (or securities convertible into Common Stock) at a price (the “Subscription Price”) (or having a conversion price per share) less than the Exercise Price on such record date, the Exercise Price shall be adjusted so that the
same shall equal the price determined by multiplying the Exercise Price in effect immediately prior to the date of issuance by a fraction, the numerator of which shall be the sum of the number of shares outstanding on the record date mentioned above
and the number of additional shares of Common Stock which the aggregate offering price of the total number of shares of Common Stock so offered (or the aggregate conversion price of the convertible securities so offered) would purchase at the
Exercise Price in effect immediately prior to the date of such issuance, and the denominator of which shall be the sum of the number of shares of Common Stock outstanding on the record date mentioned above and the number of additional shares of
Common Stock offered for subscription or purchase (or into which the convertible securities so offered are convertible). Such adjustment shall be made successively whenever such rights or warrants are issued and shall become effective immediately
after the record date for the determination of shareholders entitled to receive such rights or warrants; and to the extent that shares of Common Stock are not delivered (or securities convertible into Common Stock are not delivered) after the
expiration of such rights or warrants, the Exercise Price shall be readjusted 

  

 -4- 

 to the Exercise Price which would then be in effect had the adjustments made upon the issuance of such
rights or warrants been made upon the basis of delivery of only the number of shares of Common Stock (or securities convertible into Common Stock) actually delivered. 
  

	 	(3)	In case the Company shall hereafter distribute to the holders of its Common Stock evidences of its indebtedness or assets (excluding cash dividends or distributions and dividends or
distributions referred to in Subsection (1) above) or subscription rights or warrants (excluding those referred to in Subsection (2) above), then in each such case the Exercise Price in effect thereafter shall be determined by multiplying
the Exercise Price in effect immediately prior thereto by a fraction, the numerator of which shall be the total number of shares of Common Stock outstanding multiplied by the current market price per share of Common Stock (as defined in Section
(c) above), less the fair market value (as determined by the Company’s Board of Directors) of said assets or evidences of indebtedness so distributed or of such rights or warrants, and the denominator of which shall be the total number of
shares of Common Stock outstanding multiplied by such current market price per share of Common Stock. Such adjustment shall be made successively whenever such a record date is fixed. Such adjustment shall be made whenever any such distribution is
made and shall become effective immediately after the record date for the determination of shareholders entitled to receive such distribution. 

  

	 	(4)	Whenever the Exercise Price payable upon exercise of each Warrant is adjusted pursuant to Subsections (1), (2), and (3) above, the number of Shares purchasable upon exercise of
this Warrant shall simultaneously be adjusted by multiplying the number of Shares initially issuable upon exercise of this Warrant by the Exercise Price in effect on the date hereof and dividing the product so obtained by the Exercise Price, as
adjusted. 

  

	 	(5)	In the case of the issuance of securities convertible into or exchangeable for shares of Common Stock, the aggregate consideration received therefor shall be deemed to be the
consideration received by the Company for the issuance of such securities plus the additional minimum consideration, if any, to be received by the Company upon the conversion or exchange thereof the consideration in each case to be determined in the
same manner as provided in clauses (A) and (B) of this Subsection (5). 

  

	 	(6)	No adjustment in the Exercise Price shall be required unless such adjustment would require an increase or decrease of at least five cents ($0.05) in such price; provided, however,
that any adjustments which by reason of this Subsection (6) are not required to be made shall be carried forward and taken into account in any subsequent adjustment required to be made hereunder. All calculations under this Section
(f) shall be made to the nearest cent or to the nearest one-hundredth of a share, as the case 

  

 -5- 

 may be. Anything in this Section (f) to the contrary notwithstanding, the Company shall be
entitled, but shall not be required, to make such changes in the Exercise Price, in addition to those required by this Section (f), as it shall determine, in its sole discretion, to be advisable in order that any dividend or distribution in shares
of Common Stock, or any subdivision, reclassification or combination of Common Stock, hereafter made by the Company shall not result in any federal income tax liability to the holders of Common Stock or securities convertible into Common Stock
(including Warrants). 
  

	 	(7)	The Company may retain a firm of independent certified public accountants selected by the Board of Directors (who may be the regular accountants employed by the Company) to make any
computation required by this Section (f), and a certificate signed by such firm shall be conclusive evidence of the correctness of such adjustment. 

  

	 	(8)	In the event that at any time, as a result of an adjustment made pursuant to Subsection (1) above, the Holder of this Warrant thereafter shall become entitled to receive any
shares of the Company, other than Common Stock, thereafter the number of such other shares so receivable upon exercise of this Warrant shall be subject to adjustment from time to time in a manner and on terms as nearly equivalent as practicable to
the provisions with respect to the Common Stock contained in Subsections (1) to (6) inclusive above. 

  

	 	(9)	Irrespective of any adjustments in the Exercise Price or the number or kind of shares purchasable upon exercise of this Warrant, Warrants theretofore or thereafter issued may
continue to express the same price and number and kind of shares as are stated in the similar Warrants initially issuable pursuant to this Agreement. 

  

	 	(g)	OFFICER’S CERTIFICATE. Whenever the Exercise Price shall be adjusted as required by the provisions of Section (f), the Company shall promptly and in no event later than
20 days after the effective date of adjustment cause to be mailed by certified mail to each Holder at his last address appearing in the Warrant Register and shall forthwith file, in the custody of its Secretary or an assistant Secretary at its
principal office and with its stock transfer agent, if any, an officer’s certificate showing the adjusted Exercise Price determined as herein provided, setting forth in reasonable detail the facts requiring such adjustment, including a
statement of the number of additional shares of Common Stock, if any, and such other facts as shall be necessary to show the reason for and the manner of computing such adjustment. Each such officer’s certificate shall be made available at all
reasonable times for inspection by the Holder or any holder of a Warrant executed and delivered pursuant to Section (a). 

  

	 	(h)	NOTICES TO WARRANT HOLDERS. So long as this Warrant shall be outstanding, (i) if the Company shall pay any dividend or make any distribution 

  

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 upon the Common Stock or (ii) if the Company shall offer to the holders of Common Stock for
subscription or purchase by them any share of any class or any other rights or (iii) if any capital reorganization of the Company, reclassification of the capital stock of the Company, consolidation or merger of the Company with or into another
corporation, sale, lease or transfer of all or substantially all of the property and assets of the Company to another corporation, or voluntary or involuntary dissolution, liquidation or winding up of the Company shall be effected, then in any such
case, the Company shall cause to be mailed by certified mail to the Holder, at least fifteen days prior to the date specified in (x) or (y) below, as the case may be, a notice containing a brief description of the proposed action and
stating the date on which (x) a record is to be taken for the purpose of such dividend, distribution or rights, or (y) such reclassification, reorganization, consolidation, merger, conveyance, lease, dissolution, liquidation or winding up
is to take place and the date, if any is to be fixed, as of which the holders of Common Stock or other securities shall receive cash or other property deliverable upon such reclassification, reorganization, consolidation, merger, conveyance,
dissolution, liquidation or winding up. 
  

	 	(i)	RECLASSIFICATION REORGANIZATION OR MERGER. In case of any reclassification, capital reorganization or other change of outstanding shares of Common Stock of the Company, or in
case of any consolidation or merger of the Company with or into another corporation (other than a merger with a subsidiary in which merger the Company is the continuing corporation and which does not result in any reclassification, capital
reorganization or other change or outstanding shares of Common Stock of the class issuable upon exercise of this Warrant) or in case of any sale, lease or conveyance to another corporation of the property of the Company as an entirety, the Company
shall, as a condition precedent to such transaction, cause effective provisions to be made so that the Holder shall have the right thereafter by exercising this Warrant at any time prior to the expiration of the Warrant, to purchase the kind and
amount of shares of stock and other securities and property receivable upon such reclassification, capital reorganization and other change, consolidation, merger, sale or conveyance by a holder of the number of shares of Common Stock which might
have been purchased upon exercise of this Warrant immediately prior to such reclassification, change, consolidation, merger, sale or conveyance. Any such provision shall include provision for adjustments which shall be as nearly equivalent as may be
practicable to the adjustments provided for in this Warrant. The foregoing provisions of this Section (i) shall similarly apply to successive reclassifications, capital reorganizations and changes of shares of Common Stock and to successive
consolidations, mergers, sales or conveyances. In the event that in connection with any such capital reorganization or reclassification, consolidation, merger, sale or conveyance, additional shares of Common Stock shall be issued in exchange,
conversion, substitution or payment, in whole or in part, for a security of the Company other than Common Stock, any such issue shall be treated as an issue of Common Stock covered by the provisions of Subsection (1) of Section (f) hereof.

  

 -7- 

	 	(j)	RESTRICTIVE LEGEND. Each Warrant Share, when issued, shall include a legend in substantially the following form: THE ISSUANCE OF THESE SHARES HAS NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933 (THE “ACT”) NOR UNDER ANY STATE SECURITIES LAW AND THESE SHARES MAY NOT BE PLEDGED, SOLD, ASSIGNED OR OTHERWISE TRANSFERRED UNTIL A (1) REGISTRATION STATEMENT UNDER THE ACT AND ANY APPLICABLE STATE
SECURITIES LAW HAS BECOME EFFECTIVE WITH RESPECT THERETO, OR (2) RECEIPT BY THE COMPANY OF AN OPINION OF COUNSEL ACCEPTABLE TO THE COMPANY (IF SO REQUESTED) TO THE EFFECT THAT REGISTRATION UNDER THE ACT OR APPLICABLE STATE SECURITIES LAW IS NOT
REQUIRED IN CONNECTION WITH THE PROPOSED TRANSFER. 

  

	 	(k)	NO IMPAIRMENT. The Company will not, by amendment of its charter or through reorganization, consolidation, merger, dissolution, sale of assets or any other voluntary action,
avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such action as may be necessary or appropriate in
order to protect the rights of the holder of this Warrant against impairment. 

  

	 	(l)	NO OTHER WARRANTS OF THE COMPANY PURSUANT TO THESE TERMS AND CONDITIONS. Upon exercise of this Warrant, the Holder hereby: confirms that this Warrant supersedes and replaces
any other warrant which may have been either lost or inadvertently misplaced to purchase shares of the Company on the terms and conditions contained herein; agrees to surrender immediately any prior warrant containing these terms and conditions
without requiring any consideration therefor and relinquishes all right, title and interest in any such warrant. Any such warrant that comes into existence or is found by the Holder or any of its affiliates will be void. 

 [signature page follows] 
  

 -8- 

 Dated: April 1, 2003 
  

			
	ALLION HEALTHCARE, INC.
		
	By:	 	 /s/ Michael P. Moran

	Name:	 	Michael P. Moran
	Title:	 	President & CEO

  

 -9- 

 PURCHASE FORM 
 Dated                          
 The undersigned hereby irrevocably elects to exercise the within Warrant to the extent of purchasing
             shares of Common Stock and hereby makes payment of
                     in payment of the actual exercise price thereof. In lieu of payment of the actual exercise price, the undersigned may
direct the Company to net issue such shares of Common Stock in accordance with Section (a)(2) of the within Warrant by writing “net issue” in the space after “payment” of in the preceding sentence. 
 INSTRUCTIONS FOR REGISTRATION OF STOCK 
  

					
	Name                                      
                                        
                                        
               	 	
	(Please typewrite or print in block letters)	 	
		
	Address                                     
                                        
                                        
            	 	
			
	            Signature	 	  
	 	

  

 -10- 

 ASSIGNMENT FORM 
 FOR VALUE RECEIVED;
                                        
             hereby sells, assigns and transfers unto 
  

					
	Name                                      
                                        
                                       	 	
	(Please typewrite or print in block letters)	 	
		
	Address                                     
                                        
                                    	 	

 the right to purchase Common Stock represented by this Warrant to the extent of
             shares as to which such right is exercisable and does hereby irrevocably constitute and appoint
                             attorney, to transfer the same on the books of the Company with full
power of substitution in the premises. 
 Date
                        , 200     
  

			
	 Signature
	 	  

  

 -11-Managing General Agency Agreement

 Exhibit 10.31 
 MANAGING GENERAL AGENCY AGREEMENT 
 Between 
 AMERICAN PHYSICIANS INSURANCE AGENCY, INC. 
 (hereinafter called “AGENT”)

 and 
 AMERICAN PHYSICIANS
INSURANCE EXCHANGE 
 (hereinafter called “COMPANY”) 
 Effective Date: May 29, 1996 
 Section 1.     AGENCY
APPOINTMENT 
  

	a.	COMPANY hereby appoints AGENT as its agent to perform the duties set forth herein and vests in AGENT full authority to accomplish, effect and execute such duties upon the terms and
conditions set forth below. The authority of AGENT shall be limited to the territory and the kinds of insurance specified in Addendum A. 

  

	b.	Term. This Agreement shall remain in effect unless terminated as provided by Section 6 of this Agreement. 

 Section 2.    AGENT’S RELATIONSHIP TO COMPANY 
 This Agreement is not a contract of employment and nothing herein contained shall be construed to create the relationship of employer and employee
between COMPANY and AGENT. AGENT is an independent contractor and shall be free to exercise judgment and discretion with regard to the conduct of business as agent for COMPANY. 
 Section 3.    AUTHORITY AND DUTIES OF AGENT 
  

	a.	Appointment of Producers. Subject to requirements imposed by law and the terms of this Agreement, AGENT has authority to have supervisory responsibility for local agency and
field operations of COMPANY in Texas including the appointment, termination and direction of local recording agents within Texas as well as determination of commissions.] 

  

	b.	Legal Compliance. AGENT shall comply in all respects with all applicable laws. 

  

	c.	Maintenance of Records. AGENT shall keep complete records and accounts of all transactions pertaining to agents appointed or terminated under this Agreement. Such records
shall be kept current and shall be readily identifiable. 

  

	d.	 Advertising. AGENT shall enter Agreements with local recording agents that provides that agents shall not insert any advertisement referring to COMPANY or
issue or cause to have issued any letter, circular, pamphlet or other publication or statement referring to 

	 	 
COMPANY, without the prior written consent of COMPANY. Such consent shall not be construed as any agreement by COMPANY to bear any part of the expense of
advertisement. 

  

	e.	Ownership of Printed Matter. It is expressly understood that any policies, forms and other supplies furnished to AGENT by COMPANY shall remain the property of COMPANY and
shall be returned to COMPANY promptly upon demand. It is expressly understood that any policies, forms and other supplies furnished to COMPANY by AGENT shall remain the property of AGENT and shall be returned to AGENT promptly on demand.

  

	f.	Expenses. COMPANY shall pay all marketing expenses in respect to the performance of AGENT’s duties under this Agreement, including but not limited to rentals,
transportation facilities, clerical expense, postage, advertising, or personal local license fees. AGENT shall be responsible for commissions to local recording agents. Unless otherwise specified in writing in advance by COMPANY, AGENT shall not
charge or commit COMPANY to any expense, agreement, payment, debt, or obligation other than the insurance expressly described herein which AGENT is authorized to write. 

 Section 4.    COMPENSATION 
 As full compensation for services rendered under this Agreement, AGENT agrees to accept and COMPANY agrees that agent is entitled to the amounts specified in Addendum B. 
 Section 5.    SUSPENSION OF AGENTS AUTHORITY 
 If AGENT is delinquent either in accounting for or payment of any funds due to COMPANY, or is otherwise in default under this Agreement, COMPANY may, by written notice to AGENT, suspend or otherwise limit AGENT’s
authority in whole or in part or may condition the exercise of such authority on any appropriate condition. 
 For the purposes of this Section, AGENT is not
delinquent because of routine differences in the accounting records of the AGENT and the COMPANY which are minor in amount and do not involve funds willfully withheld by the AGENT. 
 Upon the occurrence of any of the events described in Section 6(a), AGENT’S authority under this Agreement, including such authority and duties described in Section 3 shall automatically be suspended
and shall be terminated upon termination of this Agreement. 
 Section 6.    TERMINATION

  

	a.	Termination. The term of this Agreement shall expire and this Agreement shall terminate in accordance with subsection b. of this section upon the occurrence of any of the
following events: 

  

	 	1)	Upon the effective date of the suspension, revocation or termination of either party’s license by appropriate authority and after exhausting any appeals to which either party
is entitled. 

	 	2)	The insolvency of either party, the inability to pay debts as they mature, the making of an assignment for the benefit of creditors, the dissolution of either party, the appointment
of a receiver or liquidator for either party or for a substantial part of either party’s property, or the institution of bankruptcy, reorganization, arrangement, insolvency or similar proceedings by or against either party under the laws of any
jurisdiction. 

  

	 	3)	Misappropriation of funds or property of COMPANY or funds received for it by AGENT; the failure of AGENT to remit to COMPANY the funds due promptly upon demand; the commission by
AGENT of any fraud against COMPANY or any conduct injurious to COMPANY’s standing or good name. 

  

	 	4)	Misappropriation of funds or property of AGENT or funds received for it by COMPANY; the failure of COMPANY to remit to AGENT the funds due promptly upon demand; the commission by
COMPANY of any fraud against AGENT or any conduct injurious to AGENT’s standing or good name. 

  

	 	5)	Either party may terminate this Agreement at any time upon giving one hundred eighty (180) days written notice prior to the effective date of such termination.

 Section 7.    INDEMNIFICATION 
  

	a.	COMPANY agrees to indemnify, defend and hold AGENT harmless from and against any and all claims, suits, actions, liability, expense, losses as a result of AGENT acting in the course
and scope of its authority and responsibilities to COMPANY, provided such liability does not arise because of the gross negligence, bad faith, fraudulent intent or willful misfeasance of the AGENT or any of its employees. 

Section 8.    GENERAL PROVISIONS 
  

	a.	Assignment. Neither party shall assign, delegate, transfer, encumber or otherwise dispose of this Agreement, any interest therein, or any rights or obligations hereunder
without the prior written consent of the other party and any purported assignment, transfer, encumbrance or other disposition without such consent shall be void. Except that, the merger, consolidation or other corporate reorganization of COMPANY, or
the assignment, or other transfer of this Agreement to a subsidiary or affiliate of the COMPANY, shall not be deemed a violation of this subsection a. 

  

	b.	No Waiver. The failure of COMPANY or AGENT to insist on strict compliance with this Agreement, or to exercise any right or remedy hereunder, shall not constitute a waiver of
any rights contained herein nor estop the parties from thereafter demanding full and complete compliance therewith nor prevent the parties from exercising such remedy in the future. 

  

	c.	Notices. Any notice required or permitted to be given under this Agreement shall be in writing and shall be deemed duly given if delivered personally, by registered or
certified mail or by telefax to the party for whom it is intended at the following address or such other address as the recipient may designate from time to time. 

	d.	Full Agreement. This Agreement supersedes and makes null and void any and all previous agency agreements, whether written or oral, between COMPANY and AGENT with respect to
the type of business to be serviced hereunder and constitutes the full agreement between the parties. No amendment to this Agreement shall be valid unless in writing and signed by the parties. 

  

	e.	Severability. If any provision of this Agreement should be invalid under or in conflict with the laws of any state, this Agreement shall be deemed amended to comply with the
minimum requirements of such laws without affecting the remaining provisions of this Agreement; provided, however, if either party believes that the voiding of any provision hereof materially affects the whole Agreement, such party by written
notice, may terminate this Agreement forthwith. 

  

	f.	Choice of Law. This Agreement shall be interpreted under and pursuant to the laws of the State of Texas. 

  

	g.	Third Parties. The provisions of this Agreement are for the sole benefit of the parties and shall not be enforceable for the benefit of any one who is not a party to this
Agreement, except as expressly provided herein. 

 IN WITNESS WHEREOF, the parties intending to be bound have caused this Agreement to be
effective this 29th day of May, 1996. 
  

									
	For AGENT:	 	 AMERICAN PHYSICIANS INSURANCE
                         AGENCY, INC.

					
		 		 		 	By:	 	 /s/ Jay R. Tidey

		 		 		 	Title:	 	 Treasurer

		
	For COMPANY:	 	AMERICAN PHYSICIANS INSURANCE EXCHANGE
					
		 		 		 	By:	 	 /s/ Duane Boyd

		 		 		 	Title:	 	 President

 ADDENDUM A 
 TO MANAGING GENERAL AGENCY AGREEMENT 
 Between 
 AMERICAN PHYSICIANS INSURANCE AGENCY, INC. 
 (“AGENT”) 
 and 
 AMERICAN PHYSICIANS INSURANCE EXCHANGE

 (“COMPANY”) 
 Effective Date: May 29, 1996 
 The parties agree that: 
 The AGENT is authorized to be the managing agent for COMPANY for the following kind(s) of business: 
 All standard Medical Malpractice Professional Liability insurance for Texas health care providers and such other policies authorized in writing by the
COMPANY from time to time in any state where AGENT is properly licensed. 

 ADDENDUM B 
 TO MANAGING GENERAL AGENCY AGREEMENT 
 Between 
 AMERICAN PHYSICIANS INSURANCE AGENCY, INC., as AGENT 
 and 
 AMERICAN PHYSICIANS INSURANCE EXCHANGE 
 (“COMPANY”) 
 Effective Date: May 29, 1996 
  

	1.	The parties agree that, for business described in Addendum A, AGENT shall be entitled a commission equal to 100% of the amounts of commissions paid to local recording agents,
solicitors, or producing agents appointed by AGENT. 

  

	2.	Commissions on any other business shall be determined on a case-by-case basis. 

 ADDENDUM C 
 TO MANAGING GENERAL AGENCY AGREEMENT 
 Between 
 AMERICAN PHYSICIANS INSURANCE AGENCY, INC. 
 (“AGENT”) 
 and 
 AMERICAN PHYSICIANS INSURANCE EXCHANGE

 (“COMPANY”) 
 Dated
November 15, 1999 
 The parties agree that: 
 Section 6. TERMINATION is amended as follows: 
  

	 	a.	Termination. The term of this Agreement shall expire and this Agreement shall terminate upon the occurrence of any of the following events: 

  

	 	1)	Upon the effective date of the suspension, revocation or termination of either party’s license by appropriate authority and after exhausting any appeals to which either party
is entitled. 

  

	 	2)	The insolvency of either party, the inability to pay debts as they mature, the making of an assignment for the benefit of creditors, the dissolution of either party, the appointment
of a receiver or liquidator for either party or for a substantial part of either party’s property, or the institution of bankruptcy, reorganization, arrangement, insolvency or similar proceedings by or against either party under the laws of any
jurisdiction. 

  

	 	3)	Misappropriation of funds or property of COMPANY or funds received for it by AGENT; the failure of AGENT to remit to COMPANY the funds due promptly upon demand; the commission by
AGENT of any fraud against COMPANY or any conduct injurious to COMPANY’s standing or good name. 

  

	 	4)	Misappropriation of funds or property of AGENT or funds received for it by COMPANY; the failure of COMPANY to remit to AGENT the funds due promptly upon demand; the commission by
COMPANY of any fraud against AGENT or any conduct injurious to AGENT’s standing or good name. 

	 	5)	Either party may terminate this Agreement at any time upon giving one hundred eighty (180) days written notice prior to the effective date of such termination.

 MEMORANDUM 
 OF 
 AGREEMENT 
 This Agreement is by and between American Physicians Insurance Exchange (“API”) and American Physicians Insurance Agency, Inc. (“Agency”). 
 WHEREAS, API has a Reinsurance Agreement with Florida Physicians Insurance Company, Inc. (“FPIC”) whereby API in effect is responsible for
certain expenses incurred by FPIC since API receives a net premium; and 
 WHEREAS APS Facilities Management, Inc. (“APSFMI”), the
attorney-in-fact for API, has agreed to be responsible for 50% of all commissions paid to producers representing API; and 
 WHEREAS, Agency
receives commissions from FPIC for business reinsured by API; and 
 WHEREAS, the parties desire to clarify and continue the business
relationship between API and the Agency; 
 NOW, THEREFORE, in consideration of the mutual covenants, promises and agreements contained
herein, API and Agency agree as follows: 
  

	 	1.	Agency will reimburse API on an annual basis an amount equal to the lesser of the following: 

  

	 	(a)	50% of the amount of commissions paid by Agency to producers relating to business reinsured by API from FPIC. 

  

	 	(b)	$375,000 less amounts due to API from APSFMI relating to commissions under paragraph III of the Management Agreement between API and APSFMI. 

 All amounts paid herein shall not be considered as commissions, but an amount to reflect the proper allocation of costs for continuation of the
relationship between the parties. 
  

	 	2.	This agreement shall remain in effect so long as the Managing General Agency Agreement between API, FPIC and Agency is effective and also as long as the Management Agreement between
API and APSFMI is in effect. 

 EXECUTED ON THE     [12th]     DAY OF NOVEMBER, 1998. 
  

									
	 AMERICAN PHYSICIANS
 INSURANCE AGENCY, INC.
	 		 	 AMERICAN PHYSICIANS
 INSURANCE EXCHANGE

					
	By:	 	 /s/ Duane Boyd
	 		 	 By:
	 	 /s/ Norris C. Knight, Jr., M.D.

									
	Title:	 	 President
	 		 	 Title:
	 	 Chairman – Board of Directors

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