Document:

Exhibit 10.20 Aetna

EXHIBIT 10.20 

Aetna.Inc 

Financial
Conditions

Gevity
H.R. PH Number: 100583
Effective January 1, 2003 
Group Number: 205202

	 	
The
quotation presented in this package is based on the assumptions outlined below. We reserve
the right to add charges, make adjustments to the charges shown and make other adjustments
to the quotation if there are deviations from these assumptions. If additional information
related to this quotation is made available to Aetna at a later date, we reserve the right
to revise this quotation based upon analysis of that information. We reserve the right to
withdraw any portion of this quotation that relates to new plans or extension of existing
plans to new locations. We have made every effort to include information in a manner that
reflects existing and expected business practices for the policy period that you have
chosen. However, nearly all of the matters addressed in this rating are dynamic and
subject to change before or after the effective date. 

	 	
Prior
to finalizing rates and open enrollment occurring, Gevity H.R. will provide Aetna with
full disclosure of open enrollment materials, including employee contribution rates for
all plan options, eligibility definitions for all plans (retiree, part-time employees),
and other carrier plan designs for all sites where our insured product is offered. After
open enrollment, Gevity H.R. will provide Aetna with a revised census on all benefit
eligible employees (including waivers) showing gender, date of birth, tier, plan
selection, zip code and group identifiers for retirees and COBRA individuals. 

	 	
The
quoted rates are valid for a twelve-month period commencing January 1, 2003. Where
required by state law, a change in the final filed and approved premium rates may result
in an increase or decrease to the quoted rates. Rates may also be changed due to a change
in the factors bearing on the risk we assume: 

          	 	1. 	
               Employer contributes at least 75% of the employee only rate tier or 50% of the
               total cost at each rate tier. In addition, where Aetna is offered as an option,
               the contribution strategy does not favor other health product offerings over the
               Aetna plans. The monthly employee contribution for the Aetna HMO versus the cost
               of other plan offerings in the same location is not greater than $20 for a
               single rate, $40 for a couple rate, or $60 for a family rate. Failure to meet
               these requirements may result in termination or non-renewal. 

               

          	 	2. 	
               At least 75% of eligible employees participate in the employer’s plan, or
               at least 50% when excluding those providing proof of enrollment in a
               spouse’s plan. Failure to meet this requirement may result in termination
               or non-renewal. If fewer than five employees enroll in the Aetna plan in any one
               site, we may charge an additional administrative fee. 

               

          	 	3. 	
               The demographic and/or geographic mix of the enrolled group in any site with at
               least 100 enrolled subscribers does not change during the term in a way that in
               our discretion would increase the per capita premium by more than 5% versus that
               assumed when developing final rates. 

               

          	 	4. 	
               The plan of benefits will be extended to all groups included in our current
               eligibility files. Our rates assume that coverage will not be extended to any
               additional groups of employees without additional information and underwriting
               approval and that the total groups of enrolled employees will not increase or
               decrease by more than 10% in any site with at least 100 enrolled subscribers. 

               

          	 	5. 	
               a. The Aetna plan(s) will be offered as a full replacement to employees residing
               in all network service areas. b. If Aetna QPOS is offered in any location, we
               assume no competitor HMOs will be offered as an option in that location. 

               

          	 	6. 	
               Aetna plan designs cannot be significantly different from any other plan
               offering if the differences have the potential to create for adverse selection.
               (For example, Aetna will offer Advanced Reproductive Technology (ART) benefits
               only if all other competing options also offer ART at a similar coverage level). 

               

 

Aetna.Inc 

Financial
Conditions

Gevity
H.R. PH Number: 100583
Effective January 1, 2003 
Group Number: 205202

          	 	7. 	
               Mutualized rates are offered under the condition that Aetna plans are offered on
               a sole replacement basis or any competitors’ rates are mutualized over
               exactly the same service areas as Aetna’s. The site-specific contribution
               strategy must not financially disfavor the Aetna plan. The Aetna plan will be
               offered in all sites included in the mutualized rates. If actual enrollment
               differs from that assumed in calculating the mutualized rate, we reserve the
               right to recalculate the rates based upon the site-by-site enrollment. 

               

          	 	8. 	
               Aetna reserves the right to reallocate the premium rate ratios due to changes in
               the composition of the enrolled census. Aetna assumes that rate tier structure
               and rate ratios for the Aetna plans are the same as for any competitor plans
               offered in the same location. 

               

          	 	9. 	
               Failure to offer the Aetna HMO to employees in each of these locations, or
               actual enrollment level below that which we assumed, may result in a rate
               adjustment due to a decrease in expected total enrollment in the Aetna HMO
               plans. 

               

          	 	10. 	
               Any changes in the plan of benefits offered, claim payment requirements,
               procedures, or account structures initiated by Gevity H.R. or required because
               of legislative or regulatory action may result in a rate revision. 

               

          	 	11. 	
               Retirees comprise less than 10% of the enrolled group. If this plan is offered
               as an option to another plan and if pre-65 retirees will be offered Aetna
               coverage, pre-65 retirees must be eligible for coverage from all other competing
               benefit plans. 

               

          	 	12. 	
               Cobra enrollment is less than 10% of the enrolled group. 

               

 

Aetna.Inc 

Additional Financial
Information

Gevity
H.R. PH Number: 100583
Effective January 1, 2003 
Group Number: 205202

	 	
Listed
in this section are brief descriptions of some of the important features of the Aetna HMO
based plans quoted in this package. Statements made in this package are based on facts, as
they exist today. Statements made in this package are not intended to serve as a
substitute for the contracts and are not intended as legal representations or warranties.
This renewal is not intended to serve as a substitute for your Group Agreement and/or
Group Insurance Policy. Our obligations to one another will be limited to the terms of the
contracts. 

	 	o 	
Renewal — Our contract provides for automatic renewal upon the completion of each
contract period unless either party invokes the termination provision. This provision may
be invoked in accordance with its terms at any time during the continuance of the contract
(i.e., is not just limited to termination occurring on the renewal date). Aetna may also
decline to provide a renewal offer for a number of reasons stated in the contract. These
may include Aetna no longer offering coverage or a specific product in the market and the
plan no longer meeting the contribution or participation requirements described in this
package. 

	 	o 	
Premium Payments – Failure of Gevity H.R. to make required premium payments in
accordance with provisions of the contract will result in plan termination. The amount due
is payable on the 1st day of the monthly coverage period covered by the invoice. If the
amount due is not paid in full within 30 days, the contract and plan coverage will
terminate. We also have the right to assess late premium payment and costs of collection
charges. 

	 	o 	
Prospective Rating Basis — The enclosed insured medical rates are offered on a
prospectively rated basis. No policy year accounting balance will be calculated for these
coverages. 

	 	o 	
Network Service Areas – We have quoted rates specific to certain networks; provider
directories may include networks that were not quoted. 

	 	o 	
Out-of-Network — The
out-of-network indemnity contract situs for (QPOS) is assumed to be Texas. 

	 	o 	
Service Center –Claim administration and member services will be provided regionally
for each network location. Network management, including provider relations and
utilization management, will be performed locally. 

	 	o 	
Open Enrollment — The quoted rates assume that there will be one predetermined annual
enrollment period when all eligible employees have a choice of enrolling in any of the
available plans. Aetna representatives will have the opportunity to provide plan
information to members during the open enrollment period. 

	 	o 	
Eligibility Transmission –Our contract provides that we will receive eligibility
information monthly, or more frequently, from one Gevity H.R. location by tape, paper or
electronic connectivity. Costs associated with any custom programming necessary to accept
Gevity H.R. eligibility information are not included in the rate quotation. 

	 	o 	
Run-Off Claim Processing — Our rates reflect an incurred (mature) claim base and take
into account the expenses associated with the processing of run-off claims following
cancellation, subject to the conditions of our financial guarantee. 

	 	o 	
Plan Design — Aetna standard provisions contract wording and claim settlement
practices will apply for items not specifically outlined in the plan design section. 

 

Aetna.Inc 

Additional Financial
Information

Gevity
H.R. PH Number: 100583
Effective January 1, 2003 
Group Number: 205202

o Permanent full-time employees work
a minimum of 25 hours per week on a regularly scheduled basis. 

	 	o 	
The quoted plan is only for active employees and pre-65 retirees. It is assumed that
retirees age 65 and over are not eligible for this plan. 

	 	o 	
Dependents — Eligible dependents include an employee’s spouse and unmarried
children up to the limiting age of the plan. 

	 	o 	
Assumed Dependent Eligibility – Dependent coverage to age 19 or 25 if student or
handicapped. Texas Dependent coverage mandates Student and Non-Student to age 25.
Tennessee Dependent coverage mandates Non-Student to age 24. 

	 	o 	
Prescription Drug Benefit – Prescription drug benefits are included and will be
provided through Aetna Pharmacy Management. 

	 	o 	
Patient Management Programs – For the Aetna HMO based products, Patient Management
services for Gevity H.R. will be handled by the local Patient Management Center. The
following is a summary of the patient management programs that have been included in the
pricing. 

						
						
	 	o	Inpatient Precertification	 	o	Behavioral Health
	 	o	Concurrent Review	 	o	National Medical Excellence
	 	o	Discharge Planning	 	o	Disease Management
	 	o	Case Management	 	o	Moms to Babies Maternity Program
	 	o	Ambulatory Review	 	o	Informed Health (1-800 Number)

	 	o 	
HIPAA — Aetna will be providing Health Insurance Portability and Accountability Act
(HIPAA) certifications of coverage for terminated employees. 

	 	o 	
Additional Products and Services — Costs for special services rendered, which are not
included or assumed in the pricing will be direct billed. For example, Gevity H.R. would
be subject to additional charges for customized communication materials, as well as costs
associated with custom reporting, programming, etc. The costs for these types of services
would depend upon the actual services performed and would be determined at the time the
service is requested. 

 

Aetna.Inc 

  Financial Conditions:
Open Choice, Traditional Choice

Gevity
H.R. PH Number: 100583
Effective January 1, 2003 
Group Number: 205202

	 	
The
quotation presented in this package is based on the assumptions outlined below. We reserve
the right to add charges, make adjustments to the charges shown and make other adjustments
to the quotation if there are deviations from these assumptions. If additional information
related to this quotation is made available to Aetna at a later date, we reserve the right
to revise this quotation based upon analysis of that information. We reserve the right to
withdraw any portion of this quotation that relates to new plans or extension of existing
plans to new locations. We have made every effort to include information in a manner that
reflects existing and expected business practices for the policy period that you have
chosen. However, nearly all of the matters addressed in this rating are dynamic and
subject to change before or after the effective date. 

	 	
Prior
to finalizing rates and open enrollment occurring, Gevity HR will provide Aetna with full
disclosure of open enrollment materials, including employee contribution rates and
eligibility definitions for all plans (retiree, part-time employees) for all sites where
our insured product is offered. After open enrollment, Gevity HR will provide Aetna with a
revised census on all benefit eligible employees (including waivers) showing gender, date
of birth, tier, plan selection, zip code and group identifiers for retirees and COBRA
individuals. 

	 	
The
quoted rates are valid for a twelve-month period commencing January 1, 2003. Where
required by state law, a change in the final filed and approved premium rates may result
in an increase or decrease to the quoted rates. Rates may also be changed due to a change
in the factors bearing on the risk we assume: 

          	 	1. 	
               Employer contributes at least 75% of the employee only rate tier or 50% of the
               total plan cost at each rate tier. Failure to meet this requirement may result
               in termination or non-renewal. 2. At least 75% of eligible employees participate
               in the employer’s plan, or at least 50% when excluding those providing
               proof of enrollment in a spouse’s plan. Failure to meet this requirement
               may result in termination or non-renewal. 

               

          	 	3. 	
               The demographic and/or geographic mix of the enrolled group in any site does not
               change during the term in a way that in our discretion would increase the per
               capita premium by more than 5% versus that assumed when developing final rates. 

               

          	 	4. 	
               The proposed plan of benefits will be extended to the employee groups included
               in our current eligibility files. Our rates assume that coverage will not be
               extended to any additional groups of employees without additional information
               and underwriting approval and that the total groups of enrolled employees will
               not increase or decrease by more than 10%. We have assumed that approximately
               1,300 employees will be enrolled. 

               

          	 	5. 	
               The Aetna plan(s) will only be offered as a full replacement, with no competing
               plan options. No competitor’s consumer directed healthcare plan (e.g. high
               deductible indemnity or PPO coverage together with a “spending
               account” feature) is offered to employees where these Aetna insured medical
               plans are offered. 

               

          	 	6. 	
               Aetna reserves the right to reallocate the premium rate ratios due to changes in
               the composition of the enrolled census. 

               

 

Aetna.Inc 

  Financial Conditions:
Open Choice, Traditional Choice

Gevity
H.R. PH Number: 100583
Effective January 1, 2003 
Group Number: 205202

          	 	7. 	
               Any changes in the plan of benefits offered, claim payment requirements,
               procedures, or account structures initiated by Gevity HR or required because of
               legislative or regulatory action may result in a rate revision. Our quotation
               assumes that our standard contract provisions and claim settlement practices
               will apply, as well as all applicable government regulations and state mandates. 

               

          	 	8. 	
               Retirees comprise less than 10% of the enrolled group. 

               

          	 	9. 	
               COBRA enrollees comprise less than 10% of the enrolled group. 

               

 

Aetna.Inc 

  Financial Conditions:
Open Choice, Traditional Choice

Gevity
H.R. PH Number: 100583
Effective January 1, 2003 
Group Number: 205202

Listed in this section are brief
descriptions of some of the important features of the Aetna Traditional Choice/Open Choice
based plans quoted in this package. Statements made in this package are based on facts, as
they exist today. Statements made in this package are not intended to serve as a
substitute for the policy and are not intended as legal representations or warranties.
This renewal is not intended to serve as a substitute for your Group Insurance Policy. Our
obligations to one another will be limited to the terms of the Group Insurance Policy. 

	 	o 	
Renewal — Our policy provides for automatic renewal upon the completion of each
policy year unless either party invokes the termination provision. This provision may be
invoked in accordance with its terms at any time during the continuance of the policy
(i.e., is not just limited to termination occurring on the renewal date). Aetna may also
decline to provide a renewal offer for a number of reasons stated in the contract. These
may include Aetna no longer offering coverage or a specific product in the market and the
plan no longer meeting the contribution or participation requirements described in this
package. 

	 	o 	
Premium Payments – Failure of Gevity HR to make required premium payments in
accordance with provisions of the contract will result in plan termination. The amount due
is payable on the 1st day of the monthly coverage period covered by the invoice. If the
amount due is not paid in full within 30 days, the contract and plan coverage will
terminate. We also have the right to assess late premium payment and costs of collection
charges. 

	 	o 	
Retrospective Rating Basis — The enclosed insured medical rates are offered on a
retrospectively rated basis. An annual accounting package will be produced to determine
either a deficit or surplus accounting balance. Deficit balances will be carried forward
and will be recovered from any future policy year surplus balance(s). Surplus accounting
balances will be deposited into a Premium Stabilization Reserve (PSR) where voluntary
funds will generate interest and risk-reduction credits. 

	 	o 	
Network Service Areas – We have quoted rates specific to certain networks; provider
directories may include networks that were not quoted. 

	 	o 	
Contract Situs — The contract
situs is Florida. 

	 	o 	
Effective Date –The effective date
of the policy is January 1, 2003. 

	 	o 	
Open Enrollment — The quoted rates assume that there will be one predetermined annual
enrollment period when all eligible employees have a choice of enrolling in any of the
available plans. Aetna representatives will have the opportunity to provide plan
information to members during the open enrollment period. 

	 	o 	
Eligibility Transmission –Our contract provides that we will receive eligibility
information monthly, or more frequently, from one Gevity HR location by tape, paper or
electronic connectivity. Costs associated with any custom programming necessary to accept
Gevity HR eligibility information are not included in the rate quotation. 

 

Aetna.Inc 

  Financial Conditions:
Open Choice, Traditional Choice

Gevity
H.R. PH Number: 100583
Effective January 1, 2003 
Group Number: 205202

	 	o 	
Run-Off Claim Processing — Our rates reflect an incurred (mature) claim base and take
into account the expenses associated with the processing of run-off claims following
cancellation, subject to the conditions of our financial guarantee. 

	 	o 	
Commissions — Commissions have
been excluded from our quoted rates. 

	 	o 	
Plan Eligibility — Plan eligibility is limited to permanent full-time employees that
work a minimum of 25 hours per week on a regularly scheduled basis. Eligible dependents
are limited to an employee’s spouse and unmarried children up to the limiting age of
the plan. No coverage is provided for liability arising under applicable Workers’
Compensation laws or work related injuries and diseases. All employees eligible for this
plan are assumed to be covered by Workers’ Compensation insurance. 

	 	o 	
Dependent Eligibility — Dependent coverage to age 19 or 25 if student or handicapped.
Texas Dependent coverage mandates Student and Non-Student to age 25. Tennessee Dependent
coverage mandates Non-Student to age 24. 

	 	o 	
Prescription Drug Benefit — Prescription drug benefits are included and will be
provided through Aetna Pharmacy Management. 

	 	o 	
Mental health/Substance Abuse Benefits — Our quotation assumes that mental
health/chemical dependency benefits are included. 

	 	o 	
Medical ID Cards and Directories — Our medical rates include the cost for standard
medical ID cards and directories. Each enrolled family member will receive a plastic ID
card that includes a toll-free number for accessing member services, a claim submission
address and important information customized to the member’s benefit plan. A bulk
supply of standard Aetna provider directories is included for 100% of the eligible
employee population plus 20% of the enrolled employee population per year. 

	 	o 	
HIPAA — Aetna will be providing Health Insurance Portability and Accountability Act
(HIPAA) certifications of coverage for terminated employees. 

	 	o  	Pre-Existing
Conditions Underwriting Rule -Waived. 

	 	
Only
waived for individuals who become covered under this plan, exclusive of any probationary
period, within 90 days following their termination of coverage under a prior plan of
“creditable” coverage. It does not apply to pregnancies, newborns covered within
31 days of birth, and adopted children covered within 31 days of placement for adoption.
The lookback period for determining a pre-existing condition is 90 days prior to the
enrollment date. The maximum exclusion period is 365 days after enrollment date. 

	 	o 	
National Advantage Hospital/Facility Program – This program is automatically included
with our prospective insured Open Choice plans and offers lower contracted rates for many
Indemnity and out-of-network claims. The fee for the National Advantage program is 25% of
savings and is accounted for as a claim cost. The fee is only charged when contracted
rates are applied. 

	 	o 	
External Review — External Review is included with the insured Open Choice plans.
External review utilizes outside vendors who coordinate a medical review through their
network of outside physician reviewers. In some states, External Review is provided
through a state regulated mechanism. 

 

Aetna.Inc 

Additional Financial Information

Gevity
H.R. PH Number: 100583
Effective January 1, 2003 
Group Number: 205202

	 	o 	
Medicare Direct — Over 65 retirees will be enrolled in Medicare and participating in
the Medicare Direct program. If this program is not offered to Over 65 retirees, an
additional administration charge will apply to the monthly per employee, per month fees.
Patient Management programs are excluded for over 65 retirees. If Gevity HR would like
Aetna to market this program directly to their retirees, an additional charge will apply. 

	 	o 	
Data Transfer at Termination — Upon contract termination, we agree to cooperate with
succeeding administrators in producing and transferring required claim and enrollment
data. Data will be transferred within 30 days after determination of Gevity HR’s
specific format and content requirements, subject to a charge that is based on direct
labor cost and data processing time. 

	 	o 	
Medical EOB Suppression – Unless required by state or federal law, we do not produce
EOBs for PPO claims when there is no member liability. 

	 	o 	
Additional Products and Services — Costs for special services rendered, which are not
included or assumed in the pricing will be direct billed. For example, Gevity HR would be
subject to additional charges for customized communication materials, as well as costs
associated with custom reporting, programming, etc. The costs for these types of services
would depend upon the actual services performed and would be determined at the time the
service is requested. 

 

Aetna.Inc 

Additional Financial Information

Gevity
H.R. PH Number: 100583
Effective January 1, 2003 
Group Number: 205202

Services and Programs 

We have provided a list, by product,
of those services and programs that are available to Gevity HR. Please note the following: 

	 	|_| 	Services
and programs included in our quoted pricing are identified with a 4  

	 	|_|	Services
and programs that are optional are noted as such and those that require an additional
expense charge are identified with a $ 

	 	|_| 	Services
and programs that are not available for a particular product are identified as n/a  

	 	Categories	PPO	Managed

Indemnity
				
	 	General Administration	 	 
	1	Implementation Services	4 	4 
	2	Account Management	4 	4 
	3	Customer Team Services	4 	4 
	4	Banking (SFGP only)	n/a	n/a
	5	Communication Materials	4 	4 
	6	Eligibility	4 	4 
	7	Standard Reporting	4 	4 
	8	Fitness Program	4 	4 
	9	Alternative Healthcare Program	4 	4 
	10	Vision One Program	4 	4 
	11	Claim Fiduciary & External Review	4 	4 
	12	HIPAA Administration	4 	4 
	13	Conversion Policy (add. charge	4 	4 
	 	for retrospective)	 	 
	14	Medicare Direct	4 	4 
	15	Claims Subrogation	4 	4 
	 	Network Administration	 	 
	1	Network Management	4 	n/a
	2	Provider Relations	4 	n/a
	3	National Advantage Program	 	 
	 	Hospital/Facility	4 	4 
	 	Hospital/Facility/Physician	n/a	$   

 

Aetna.Inc 

Additional Financial Information

Gevity
H.R. PH Number: 100583
Effective January 1, 2003 
Group Number: 205202

	 	Categories	PPO	Managed

Indemnity
				
	 	Claim & Member Services	 	 
	1	Claim Administration	4 	4 
	2	Member Services	4 	4 
	 	Patient Management	 
	1	Precertification	4 	4 
	2	Case Management	4 	4 
	3	Concurrent Review	4 	4 
	4	Discharge Planning	4 	4 
	5	National Medical Excellence	4 	4 
	6	Behavioral Health	n/a	n/a
	7	Focused Psychiatric Review	4 	4 
	8	Healthy Outlook Programs
	 	Caring for Asthma	$   	$   
	 	Caring for Diabetes	$   	$   
	 	Caring for Heart Failure	$   	$   
	 	Caring for Low Back Pain	$   	$   
	 	Caring for CAD	$   	$   
	9	Informed Healthline	4 	4 
	10	Maternity Management Program	4 	4 

				
				
	 	Internet Services	 	 
	1	Aetna Navigator	 
	 	Public Site	4 	4 
	 	Secure Site (log in)	4 	4 
	2	DocFind	4 	4 
	3	Intelihealth	4 	4 
	4	e.PSM Reporting (USQA)	 
	 	Level I Reporting	4 	4 
	 	Level II Reporting	n/a	n/a
	 	Level III Reporting	n/a	n/a
	5	Internet Eligibility	4 	4 

 

Aetna.Inc 

Additional Financial Information

Gevity
H.R. PH Number: 100583
Effective January 1, 2003 
Group Number: 205202

	 	o	
The administrative expense component of the enclosed rates is mature and includes the
administrative cost of processing plan runoff at termination. Aetna may recalculate the
administrative expense component of the rate if, for any product, there is a 15% decrease
in the number of employees from our total Non-HMO medical point in scale enrollment
assumptions across all Aetna Non-HMO medical plans, or from any subsequently reset
enrollment assumptions. The total point in scale assumption for Aetna Non-HMO medical
enrollment is 1,300.Exhibit 10.21 AIG contract 2003

Exhibit 10.21 

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED

 BY AN ASTERISK AND BRACKETS,
HAS BEEN OMMITTED AND FILED SEPARATELY
 WITH THE SECURITIES AND EXCHANGE COMMISSION
PURSUANT TO RULE 24b-2 OF
 THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED

AIG Risk Management, Inc 

A Member Company of
American International Group, Inc 

Gevity HR, Inc. 

1/1/04-05 

Final Bound Workers

Compensation/Employers Liability Proposal 

AIG

Prepared by Thomas
Agnello
12/31/03 

 

AIG Risk Management
80 PINE STREET, THIRD
FLOOR 
NEW YORK, NEW YORK 10005
(212) 770-3708/ Fax (212)
480-2239
 

 

The following item is a Final Bound
Proposal prepared by AIG Risk Management, which describes the coverages, terms and
conditions that AIG Risk Management and Gevity HR intend to implement in the context of
Gevity HR’s Workers Compensation Risk Management Program effective 1/1/2004. 

The Final Bound Proposal contemplates
the following terms: 

     	 	1. 	
          Based on unmodified manual premium of $118,108,735 with corresponding modified
          premium of $141,227,738. Rates outlined within this proposal will be applied to
          unmodified manual premium. Our manual rating contemplated rates as of 10/1/03
          for Florida which includes a 14% rate decrease. 

          

	 	• 	
With respects rate changes & potential impact to Gevity: Rate changes made during the
course of an in force policy would not apply until the renewal of the
subsequent policy term unless there is an anniversary rating date. 

     	 	2. 	
          Receipt of first installment due prior to inception. 

     	 	3. 	
          Annual manual premium growth of no more than [ * ]% in the
          states of CA, GA , TX, or FL ([ * ]% as respects FL)
          individually and no more than [ * ]% in the aggregate. If
          calculated at monthly audit [ * ]% or greater premiums are
          found for states other than FL (FL is [ * ]%), we would retain
          the right to immediately increase and bill excess premium and collateral by 1.25
          times the relative exposure in the applicable states above the trigger. 

     	 	4. 	
          If actual surcharges including NY second injury exceed the deposit indicated
          below, Gevity will be responsible for the additional cost. 

     	 	5. 	
          Continued Compliance with monthly voluntary audits. 

     	 	6. 	
          This quote contemplates that there are no material changes between the date of
          this quote and expiration. If a material change should occur, we reserve the
          right to re-price account immediately and change our collateral requirements.
          Material change is defined as inclusive but not limited to: changes in
          management team, changes in manual rate profile of Gevity, deterioration in
          either Gevity’s financials or projected losses under the current program,
          acquisitions or transfer in whole or in part of another similar organization or
          book of business, any breach of our current contract. 

     	 	7. 	
          This proposal is net of brokerage commission. 8. This quote will expire on
          12/31/03 unless extended by AIG. 

     	 	8. 	
         This quote will expire on
          12/31/03 unless extended by AIG. 

Estimated Exposures 

$3,255,418,561 estimated payroll
excluding monopolistic states 

Retained Amount 

					
					
	Workers' Compensation and Employers'	 	**$2,000,000 	 	Each accident or each
	Liability under state Law	 	  	 	person for Disease
	Workers' Compensation and Employers'	 	$2,000,000 	 	Each Accident or each
	Liability under Federal Law	 	  	 	person for Disease

** Minnesota $1,440,000 

*    THIS CONFIDENTIAL INFORMATION HAS BEEN OMMITTED AND FILED SEPARATELY
WITH THE SECURITIES AND EXCHANGE COMMISSION 

2 

Treatment of Allocated –
“Pro-Rata” in accordance with the following definition: 

“Allocated Loss Adjustment
Expenses” or “ALAE” means all court costs and court expenses;
pre- and post-judgement interest; fees for service of process; attorneys’ fees; cost
of undercover operative and detective services, costs of employing experts; costs for
legal transcripts; costs for copies of any public records; costs of depositions and
court-reported or recorded statements; costs and expenses of subrogation; and any similar
fee, cost or expense reasonably chargeable to the investigation, negotiation, settlement
or defense of a loss or a claim or suit against you, or to the protection and perfection
of your or our subrogation rights. 

“ALAE” shall
not include: 

	1.  	  	 Fees
payable to the Claims Service Provider as set forth in its fee schedules
          payable by us, nor;  

	2.  	  	the
salary, employee benefits, or overhead of any of our           employees, nor  

	3.  	  	the
fees of any attorney who is our employee or under our           permanent retainer; nor  

	4.  	  	the
fees of any attorney we retain to provide counsel           to us about our obligations,
if any, under any policy issued by  us or our affiliated company(ies), with respect to a
claim or suit against you.  

	  	
“Allocated
Loss Adjustment Expenses” Included as Reimbursable Amount or Subject Loss 

All or
a part of ALAE calculated according to the following formula: 

	          a)  	       
       If
we have NO obligation under the Policies to pay damages, benefits or           indemnity,
all ALAE up to the applicable Deductible or Loss Limit and           100% of all
ALAE in excess thereof; or  

	           b)  	       
       If
our obligation to pay damages, benefits or indemnity under the Policies           exceeds
zero ($0), all ALAE times the amount of our
          obligation to pay damages, benefits or indemnity up to the applicable
Deductible           or Loss Limit, divided by the total amount of
our           obligation to pay damages, benefits or indemnity.  

Program Components 

					
					
	Total Pay-In	 	 	$118,971,136	 
	Pay-In Loss Provision	 	 	$ 96,563,498	 
	Pay-In Insurance Company Expenses(1)	 	 	$ 22,407,638	 
	  • Profit and Administration	$[ *	]	 	 
	  • Excess Premium	$[ *	]	 	 
	  • Claims Administration	$[ *	]	 	 
	  • Tax/RMLs/ Board & Bureaus	$[ *	]	 	 
	  • NY State Assessment Charge	$[ *	]	 	 
	Estimated Workers Compensation
 Surcharges based upon audited premium	 		$    488,409

	(In addition to Total Pay-In above)Adjustable
		 	 	 	 
	Annual Unmodified Manual Premium	 	 	$118,108,735	 
	Estimated Monthly Unmodified Manual Premium	 	 	$  9,842,395	1/12th of estimated annual
	
Aggregate Stop  - Not applicable for this quote option	 	 	 

     	(1)	
          Does not include potential premium taxes on deductible reimbursements except for
          those states identified in the schedule to the Payment Agreement. If a
          determination is made by any state regulatory authority that deductible
          reimbursements are taxable as premium or subject to assessments, you will be
          charged for said taxes and assessments. 

*    THIS CONFIDENTIAL INFORMATION HAS BEEN OMMITTED AND FILED SEPARATELY
WITH THE SECURITIES AND EXCHANGE COMMISSION 

3 

     	(2)	
          Claims Administration Expense Payin = $[ * ]. Predicated on
          assumption of [ * ]% LCF off Incurred Losses limited to
          $1,000,000 per occurrence. To be adjusted annually based on calculation of
          ultimate loss using LDFs identified within the proposal times applicable LCF. 

          

	 	
Our
proposal contemplates Gevity successful elimination of F.E.T. – Should F.E.T. be
assessed this charge will be passed along to Gevity. 

     	(3)	
          The Tax Amount show above reflects our estimate of taxes, Risk Market Loads
          (RML’s) and Board & Bureau Charges in effect currently for all states.
          We will continue to review Florida Taxes and Assessments and finalize this
          accordingly prior to inception of this program. 

          

Monthly/Quarterly Premium
Adjustment 

We will require Monthly voluntary
payroll audits, supplemented with quarterly physical audits: 

	•  	       
If
calculated premium at quarterly audit 10+% greater than projection - additional premium
due immediately. 

	•  	       
If calculated premium at quarterly audit 15+% greater than
projection – premium due immediately and institute monthly physical
audits. 

	•   	       
Premium
to be paid-in in accordance with installment schedule shown below. The original
calculation of the premium is subject to the following:  

	• 	       
       Unmodified
Standard Premium is within 20% of the original estimated amount. If the variance is
greater an entirely new analysis will be performed.  

	• 	       
       P&A
and Excess Premium are subject to a 90% minimum based on the original calculation of
program costs or $[ *  ]. No further reduction in these
costs will be made.  

	•   	       
(New
Monthly Unmodified Manual Premium less $9,842,395) x.100.7 = A/P or R/P is subject to the
following:  

	•   	       
The
change in pay-in premium from the resulting unmodified manual premium will be allocated
81.2% to loss provision and 18.8% to insurance company expenses.  

	•   	       
The
monthly adjustment is subject to a minimum loss provision of $6,839,914 (85% of
Anticipated Loss Provision) and minimum expenses as detailed below. If cancelled
prior to end of a full annual term either by GEVITY or AIG – an interim adjustment
will be conducted based on unmodified manual premium on YTD basis (subject to expense
minimum as outlined below).  

	•   	       
The
additional/return unmodified premium will be calculated in accordance with the monthly
underwriting information provided by GEVITY. The additional/return premium will be
applied to the following monthly installment.  

	• 	       
If
the total amount of claims we shall have paid on your behalf exceeds the loss provision
funding collected for (3) consecutive billing periods within the first twelve months, we
may require you to pay us additional funds.  

*    THIS CONFIDENTIAL INFORMATION HAS BEEN OMMITTED AND FILED SEPARATELY
WITH THE SECURITIES AND EXCHANGE COMMISSION 

4

Insurance Company Expense
Annual Adjustment 

At premium audit, approximately 18
months from inception of the program, the following expenses will be adjusted. Premiums
shown below represent pay-in premiums as outlined on page 3. 

	•  	       
Taxes
- $[    *    ]. Adjustable off the Unmodified Manual Premium at a rate of [    *    ]%. 

	•  	       
NY
State Assessment Charge of $[ * ] will be subject to audit based on the
final Standard WC Premium.  

	•  	       
Claims
Administration — $[ * ] pay-in  

	• 	       LCF
option selected multiplied by Ultimate Loss as calculated annually using the LDFs
contained within the proposal.  

	•  	       
Excess
Premiums and Profit and Administration = $[ * ] 

	• 	       Audited
Unmodified Manual Premium times [ * ]%; subject to 90% minimum.  

	• 	       
Surcharges
and Assessments = $488,409 

[Surcharge table to
follow] 

Loss Provision Annual
Adjustment 

The losses will be adjusted based on
losses valued at eighteen months after inception and annually thereafter. There is no
Minimum or Maximum Loss Provision. 

        The
Additional/Return Loss Provision will be:
           The
difference between (Ultimate Losses) and (Loss Provision amount collected during the
policy period) 

        The
formula for the ultimate losses is as follows:  

	  	
Ultimate
Losses = Incurred Losses capped at the retention for the period of 1/1/04-1/1/05, valued
as of 7/1/05 x loss development factor. The loss development factors are as follows:  

	  	  	  	  	  	                           @  	  	18
months      [ * ] 

	  	  	  	  	  	                           @  	  	30
months      [ * ] 

	  	  	  	  	  	                           @  	  	42
months      [ * ] 

	  	  	  	  	  	                           @  	  	54
months      [ * ] 

	  	  	  	  	  	                           @  	  	66
months      [ * ] 

	  	  	  	  	  	                           @  	  	78
months      [ * ] 

Determination of loss provision
adjustment after 78 months will be addressed in the Payment Agreement. 

*    THIS CONFIDENTIAL INFORMATION HAS BEEN OMMITTED AND FILED SEPARATELY
WITH THE SECURITIES AND EXCHANGE COMMISSION 

5

Installments 

The premium and surcharges are due
and payable according to the following schedule: 

Due 1/1/04: $10,393,555 and 11 equal
installments of $9,915,090 due 2/1/04 through 12/1/04. 

If the first installment is not
received prior to the inception date coverage will not incept. 

If the remaining payments are not
received prior to the due date the policies will be cancelled for nonpayment of premium. 

Surcharges of $488,409 will be paid
in the first installment. 

Collateral Requirement

The current collateral requirement
for 1/1/04-05 will be $96,563,498. This is our original assessment of loss pick. We will
apply the buffer collateral of $17,000,000 received during the 1/1/03-04 policy term to
both years. The collateral requirement for 1/1/04-05 can be provided through a RCAMP and a
combination of any other AIG approved Alternative Collateral 

The collateral will be reviewed on a
annual basis. 

Security will be on a depleting
basis. Using RCAMP as collateral, retained losses will be paid our of RCAMP funds. No
monthly loss billings will go to the insured. 

The captive collateral pay-in during
the 1/1/04 – 1/1/05 period will be adjusted on a quarterly basis during the policy
period based on the following formula: 

	  	
Annual
unmodified manual premium x.8176 = Total Captive Collateral Requirement 

Please note the Total Captive
Collateral requirement is subject to a minimum of $82,000,000 [approximately 85% of
collateral amount above] until the first loss provision annual adjustment at 18 months
after inception for 2004-05 program year. The minimum is not the minimum collateral amount
AIG must hold at any given time over the first eighteen months, but instead the amount
that must be paid in over the first year. IN other words, if the unmodified manual premium
after the twelfth monthly adjustment is so low that it triggers the minimum $82,000,000,
AIG will compare the minimum to what was submitted in collateral over the year, in lieu of
to what was on hand after depletion for paid losses. 

If the program does not renew, then
the collateral will be adjusted annually in accordance with the terms outlined in the
Payment Agreement and there will be no return of collateral until 30 months from
inception. 

The Hybrid RCAMP portion of this deal
will be structured as follows: 

We will issue You Deductible
Policies. Your captive, in turn, will issue You a Deductible Reimbursement Policy
providing coverage for the same liabilities referenced in the policies we issue to you for
the first $2,000,000 per occurrence. 

Under the Hybrid RCAMP collateral
option, You assign your rights under the captive issued Deductible Reimbursement to Us.
Furthermore, We will reinsure Your captive for liabilities it assumes under the Deductible
Reimbursement Policy. 

*    CERTAIN CONFIDENTIAL
INFORMATION IN THIS DOCUMENT, MARKED BY AN ASTERISK AND BRACKETS HAS BEEN OMMITTED
AND FILED SEPARATELY
WITH THE SECURITIES AND EXCHANGE COMMISSION. 

6

This deal will be documented via an
Assignment Agreement, Reinsurance Quota Share Agreement and the Payment
Agreement/Schedule of Policies &Payments. The Assignment Agreement and the cash
premium received via this reinsurance transaction will service to collateralized Your
Deductible Obligations to Us.  

The Captive has two Investment
Selection options at its disposal which are referenced below: 

Investment Selection
Options 

1. One-Year rate 

Under this option, We would guarantee
a fixed rate of return on the Reinsurance Premium set at an enhanced spread of [ *
] basis points over the 6-month U.S. Constant Maturity Treasury yield as it
reads the day we are in receipt of the first installment of the Reinsurance Premium. The
interest rate will reset annually based on then current market conditions. Should the
Captive cancel the Reinsurance Quota Share Agreement at any time prior to January 1, 2005,
it is understood and agreed that interest will be deemed to have accrued from the date the
premium is delivered to us, to the date of cancellation, at the 3-month U.S. Constant
Maturity Treasury yield as it read the day we were in receipt of the first installment of
Reinsurance Premium. 

     2.    
          Interest rate payable until all claims are closed 

Under this option, We would guarantee
a fixed rate of return on the Reinsurance Premium set an enhanced spread of [
* ] basis points over the 3-year U.S. Constant Maturity Treasury yield as
it reads the day we are in receipt of the first installment of the Reinsurance Premium.
Said rate would be in effect until all claims were closed. Should the Captive cancel the
Reinsurance Quota Share Agreement at any time, it is understood and agreed that interest
will be deemed to have accrued from the date the premium is delivered to us, to the date
of cancellation, at the applicable interest rate as per the following Interest Rate
Penalty Schedule. 

The aforementioned [ *
] basis point spread over the 3-year U.S. Constant Maturity Treasury yield may
increase to a maximum spread of [ * ] basis points over the 3-year U.S.
Constant Maturity Treasury yield. We will make the final determination of the guaranteed
spread at such time as the first installment of the Reinsurance Premium is received. 

Interest Rate Penalty
Schedule 

	Cancellation Date  	  	
                                   Interest Rate** 

	Prior to
January 1, 2005  	  	                             3-Month CMT 

	January 1,
2005 - January 1, 2006  	  	                    6-Month CMT 

	January 1,
2006 - January 1, 2007   	  	                   1-Year CMT 

	January 1,
2007 - January 1, 2008  	  	                    (1-Year CMT + 2-Year CMT)/2 

	January 1,
2008 - January 1, 2009  	  	                    2-Year CMT 

	January 1,
2009 - January 1, 2010  	  	                    2-Year CMT 

	January 1,
2010 - January 1, 2011  	  	                    (2-Year CMT + 3-Year CMT)/2 

	January 1,
2011 - January 1, 2012  	  	                    (2-Year CMT + 3-Year CMT)/2 

	January 1,
2012 - January 1, 2013  	  	                    3-Year CMT 

	January 1,
2013 - January 1, 2014  	  	                    3-Year CMT 

	January 1,
2014 until All Claims Closed               	  	 3-Year CMT + 30 basis points 

**  as each read, the day the first
installment of the Reinsurance Premium is received 

*    THIS CONFIDENTIAL INFORMATION HAS BEEN OMMITTED AND FILED SEPARATELY
WITH THE SECURITIES AND EXCHANGE COMMISSION 

7

Under either Investment Selection
Option, the Captive will receive a monthly accrued interest statement, detailing the
opening fund balance, less losses paid in each particular month, along with interest
earned on the average investable balance. This quotation contemplates that We will
not collect Escrow. Therefore, the monthly accrued interest statement will evidence losses
being paid at the mid-point of each month. 

Should the Federal Reserve lower the
targeted Federal Funds rate at any time prior to the receipt of the first installment of
the reinsurance premium, both investment selection options will become null and void. 

Underwriting Guidelines 

At a minimum we will not provide
coverage for the following [ * ] 

The following classes must be
referred to AIG for approval [ * ] 

Referral Items 

	  	  	•  	  	Policy
Issuance and Weekly reporting Information  

	  	  	•  	  	4
years including current policy period currently valued hard copy loss information 

	  	  	• 	  	Historical
Payroll Information  

	  	  	•  	  	Application  

Policy Issuance and
Weekly Reporting Information Guidelines 

Client name 
Mailing address

Schedule of working locations

Governing class or SIC code

Description of Operations

Payroll by classification Code by
State 

Current Experience modification

 Bureau file number

Anniversary rating date

 Federal
Unemployment ID number

 Head count by location / total leased, total by employer

 Effective
date of added/terminated client

 Indiana Unemployment Id # (7 digit, numeric)

 Minnesota
Unemployment Id# (7 digit, numeric)

 New Jersey Unemployment Id# (7 digit, numeric)

New
York Unemployment Id# (7 digit, numeric)

 Vermont Unemployment Id# (7 digit, numeric)

 New
Mexico Unemployment Id# (7 digit, numeric)

New Hampshire and New Mexico phone numbers per
locations

 New Hampshire and New Mexico Contact Name per Location

 New York Contact Name per
Location

 Alaska Contact Named per Location

Department of Labor # for the state of Hawaii 

*    THIS CONFIDENTIAL INFORMATION HAS BEEN OMMITTED AND FILED SEPARATELY
WITH THE SECURITIES AND EXCHANGE COMMISSION. 

8

Special Conditions 

You must execute and return an
original executed copy of both the Payment Agreement and the Schedule, and any other
documents we deem necessary to adequately document the terms of the program, to us at our
address shown above within 30 days after the Effective Date above. 

If not so returned and delivered, we
may void the Finance Plan summarized herein and set forth in detail in the Payment
Agreement. Upon our notice of our voiding of the Finance Plan to you at your address shown
above, the entire amount of the “Estimated Total Cost” specified under FINANCE
PLAN herein will become immediately due and payable to us in cash at our address shown
above. Failure to pay such amount within 10 days thereafter shall entitle us to cancel the
insurance and any reinsurance and to terminate all services under this Program by notice
to you when not less than 10 days thereafter the cancellation and termination shall become
effective. 

Claims Administration 

Claims will be handled by AIG Claims
Services, Inc. The claims administration pricing is included in the insurance company
expenses. Rehabilitation and managed care services are billed separately at prevailing
rates. Claim Investigations conducted by the Investigative Services Division to assist the
claims adjusters are an allocated expense and charged to the file at Prevailing Time &
Expense. Fraud investigations conducted for the purpose of criminal prosecution are not
billed to the file and considered part of the overall claim fee. 

The claims administration charges
include four intellirisk setups and 12 monthly tape to tape triangles to Marsh STARS
system. If the program does not renew, AIG agrees to continue to provide access to
Intellirisk setups and monthly tapes as long as Gevity requires, at prevailing rates. Also
if the program does not renew, AIG will continue to grant access to data and tape to tape
triangles to Marsh at prevailing rates. 

Allocated loss adjustment expenses,
as defined above, are not included in the Insurance Company expenses. 

Loss Control Services 

We understand that Gevity HR’s loss
control professionals are providing ongoing loss control services to your clients and that
additional loss control services have not been requested as part of the AIG program. Only
those loss control surveys needed for underwriting purposes and those services mandated by
state regulatory requirements will be included in the AIG program. Of course, additional
loss control services can be provided on an unbundled basis at any point during the policy
year. 

AIG Consultants will provide a
Technical Services Manager — [ * ] — to manage the delivery of
all services. We maintain a nationwide network of loss control consultants to provide
service at your key clients’ facilities, which can serve as a cost effective
complement to the work done by Gevity’s field risk consultants. AIG Consultants, Inc.
can provide personnel with experience and expertise commensurate with the services needed.
Ergonomic and/or industrial hygiene specialists can be provided as appropriate. Consultant
training and/or specialty training in industrial hygiene/ergonomics can be provided to
your field risk consultants. To ensure readily available competent consultants near our
clients various locations, we maintain a complement of approved subcontractor consultants
to supplement our internal loss control professionals. These subcontractors are subject to
our Quality Management System approval process as a requirement of AIG Consultant’s
Inc. ISO 9000 certification. 

*    THIS CONFIDENTIAL INFORMATION HAS BEEN OMMITTED AND FILED SEPARATELY
WITH THE SECURITIES AND EXCHANGE COMMISSION. 

9

Coverages 

A specimen policy will be prepared
for the MCP states with all appropriate forms attached and this will serve as the master
sample for each of those states where multiple policies are required. All endorsements may
not be approved for use in all states and we can only include those endorsements where
they are approved. 

Named insured will include all Gevity
HR, Inc. affiliated or subsidiary entities for which payroll is reported to AIG Risk
Management shown as follows: 

	  	  	Gevity  	  	HR,
Inc.  

	  	  	Staff  	  	Leasing,LLC  

	  	  	Gevity  	  	HR
ASO, LLC.  

	  	  	           Concorda  	  	Insurance
Company Limited  

	  	  	 Gevity 	  	
HR Gevity HR II, L.P. 

	  	  	 Gevity 	  	
HR II, L.P. 

	  	  	Gevity  	  	HR
III, L.P.  

	  	  	Gevity  	  	HR
IV, L.P.  

	  	  	Gevity  	  	HR
V, L.P.  

	  	  	        Gevity  	  	HR
VI, L.P. 

	  	  	        Gevity  	  	HR
VII, L.P. 

	  	  	        Gevity  	  	HR
VIII, L.P. 

	  	  	        Gevity  	  	HR
IX, L.P 

	  	  	        Gevity  	  	HR,
X , L.P. 

	  	  	        Gevity  	  	HR
XI, L.P. 

	  	  	        Gevity  	  	HR
XII, L.P. 

	A.	Workers' Compensation	                           Statutory

	B.	Employers Liability Limits	$2,000,000 per Occurrence/Accident

$2,000,000 Policy Limit Disease

$2,000,000 each Employee Disease

   	C.	Stop Gap Employers Liability applies

in Monopolistic States, Canada &

Puerto Rico	 

 

$2,000,000 per Occurrence/Accident

$2,000,000 Policy Limit Disease

$2,000,000 each Employee Disease

	D.	Other States Coverage All States,

excluding Ohio, West Virginia, North

Dakota, and Washington (for the

1992 form delete Part three, A.4).	

	E.	USL&H	$2,000,000 per Occurrence/Accident

CERTAIN CONFIDENTIAL
INFORMATION IN THIS DOCUMENT, MARKED BY AN ASTERISK AND BRACKETS HAS BEEN OMMITTED
AND FILED SEPARATELY
WITH THE SECURITIES AND EXCHANGE COMMISSION. 

10

Extensions of Coverage - in addition
to all State required endorsements 

	1)  	  	-
 Voluntary Compensation: (WC 60904 8/94)
               Applies All States except
Monopolistic States
               Designated Law: State of Hire
          -    Foreign
Voluntary Compensation:  (This coverage applies to U.S. citizens and non-US citizen and

residents of the U.S.               injured outside the U.S.) 

	  	              Limit:  	  	(Annual
Reinstatement) 

	  	              Any One
Employee:  	  	                      $2,000,000 

	  	              Policy Limit:  	  	
                         $2,000,000 

	  	              Designated Law:  	  	
                       State of Hire 

	  	              Covers B.I. from Endemic Disease  	  	
 

	  	              Includes Repatriation
Expenses 	  	            $25,000 each employee 

	2)  	  	Alternate
Employer Endorsement – blanket basis using the following wording:           All
employee leasing clients of Gevity HR and as respects the “State”          – any
state listed in item 3.A. of the information Page” and           “Contract” – All
agreements between Gevity HR and their employee           leasing clients.  

	3)  	  	Waiver
of Subrogation -against third parties where clients required it (on           approval
basis). It is understood and agreed that notwithstanding anything to           the
contrary contained in the policy, the company waives the right of           subrogation
as respects the insured’s right of recovery against any person           to which
the insured has agreed to waive subrogation.  

	      4)  	  	United
States Longshoremen and Harbor Workers Act (WC 00 01 06 A)  

	5)  	  	Notice
of           Occurrence  

	6)  	  	Knowledge
of Occurrence  

	7)  	  	Maritime
Coverage (Jones Act) is           included in Employers Liability Limits  

	8)  	  	Voluntary
Compensation Maritime           Coverage  

	9)  	  	Outer
Continental Shelf Lands Act Coverage  

	10)  	  	Sole
Proprietors,           Partners, Officers and Other Coverages  

	11)  	  	Cancellation
and Non-renewal Notice – cancellation for non-payment 10 days           and for
cancellation other than non-payment and non-renewal 120 days.  

	12)  	  	Federal
Employers Liability Act Coverage — $2,000,000 each           occurrence/$2,000,000
aggregate 

	 13)  	  	Unintentional
Non-Disclosure of Hazards  

	14)  	  	Florida
Employment and Wage information and Release Endorsement  

	15)  	  	Designated
          Workplace Endorsements where required  

	16)  	  	New
York, Missouri and Massachusetts           limit of Liability endorsements  

	17)  	  	Ohio
Employers Liability Coverage           Endorsement  

	18)  	  	All
State required Employers Liability Coverage endorsements  

	19)  	  	Amendatory
Endorsement — Insurance applies to B.I. to “corporate           employees” of
the named insured (not ‘clients employees’, i.e.           work site employees
leased to clients) participating in any recreation           activities sponsored by or
with the permission of the Named Insured.  

	20)  	  	Texas
employee provider/client company endorsement (if needed)  

	21)  	  	Texas
exempt           employees coverage endorsement  

	22)  	  	Texas
employee leasing client endorsement 

	23)  	  	New
Hampshire Sole Representative endorsement  

	24)  	  	Rhode
Island Direct Liability           Statute & Safety Inspection endorsements.  

	25)  	  	S.
Dakota Direct Action           Statute endorsement.  

	26)  	  	New
Mexico Safety Device Coverage endorsement.  

	27)  	  	Massachusetts,
Missouri and Oklahoma Construction Classified Adjustment           endorsements.  

CERTAIN CONFIDENTIAL
INFORMATION IN THIS DOCUMENT, MARKED BY AN ASTERISK AND BRACKETS HAS BEEN OMMITTED
AND FILED SEPARATELY
WITH THE SECURITIES AND EXCHANGE COMMISSION. 

11

	28)  	  	Oklahoma
Fraud Warning endorsement.  

	29)  	  	State
Safety Workplace           endorsements.  

	30)  	  	S.
Dakota Managed Care endorsement.  

	31)  	  	Wisconsin
– Guaranteed Cost policy subject to $2,000,000 retention.  

	32)  	  	Maine
inspection Immunity Endorsement  

	33)  	  	Missouri
Property and Casualty           Guaranty Association Endorsement  

All State
required/mandatory endorsements 

Note Defense Base Act Coverage will
be provided by AIG WorldSource on a separate policy at no additional charge if the
exposure is incidental or “if any” basis. However if it is determined that there
is significant exposure to Defense Base Act Coverage , we will advise you of the
additional charge. 

This final bound proposal contains a
broad outline of coverage and does not include all the terms, conditions and exclusions of
the policy (or policies) that may be issued to you. The policy (or policies) contain the
full and complete agreement with regard to coverage. Please review the policy (or
policies) thoroughly upon receipt and notify us promptly in writing if you have any
questions. In the event of any inconsistency between the final bound proposal and the
policy, the policy language shall control unless the parties agree to an amendment. 

This Final Bound Proposal is intended
to be a statement of the mutual interest of the parties with respect to the Workers
Compensation Risk Management program described above and is subject to execution and
delivery of a mutually satisfactory Payment Agreement , RCAMP Agreement, and Collateral
Trust Agreement. The parties will become legally obligated with respect to the Workers
Compensation Risk Management program described above only in accordance with the terms
contained in the Payment Agreement, RCAMP Agreement and Collateral Trust Agreement
relating thereto if, as and when such document has been executed and delivered by the
parties. 

SIGNATURES 

	Acknowledged on behalf of

AIG Risk Management, Inc.

	 	Acknowledged on behalf of

Gevity HR, Inc.
	Signed by:        /s/ Thomas Agnello
	 	Signed by:        /s/ Wade Latham

	Thomas Agnello

Regional Manager, National Accounts

Dated:   December 31, 2003

	 	Wade Latham

Vice President, Risk Management

Dated:   December 31, 2003
			

CERTAIN CONFIDENTIAL
INFORMATION IN THIS DOCUMENT, MARKED BY AN ASTERISK AND BRACKETS HAS BEEN OMMITTED
AND FILED SEPARATELY
WITH THE SECURITIES AND EXCHANGE COMMISSION. 

12

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