Binding Term Sheet for Joint Venture Between NuAxess 2, Inc. and Mammoth Life and ReInsurance LLC

Summary

NuAxess 2, Inc., a subsidiary of Quad M Solutions, Inc., and Mammoth Life and ReInsurance LLC have agreed to form a joint venture. Under this binding term sheet, NuAxess will receive 60% and Mammoth 40% of the profits from stop loss captive underwriting related to Quad M’s business brought to Mammoth. Quad M will use Mammoth as a stop loss and group life insurance provider for its insurance plans. Mammoth will also receive standard referral fees for new business. Definitive agreements will be finalized in the future.

EX-10.11 2 ex10-11.htm

 

Exhibit 10.11

 

NuAxess 2, Inc., a wholly owned subsidiary of Quad M Solutions, Inc., enters
into a Binding Term Sheet with Mammoth Life and ReInsurance LLC . for a Joint Venture;
Definitive Closing Agreements to Follow

 

Quad M Solutions, Inc., through its wholly owned subsidiary, Nu Axess 2, Inc. (the “Company”), has entered into a Binding Term Sheet with Mammoth Life and ReInsurance LLC (“Mammouth”). Pursuant to the Binding Term Sheet, the Company is to receive 60 % and Mammoth is to receive 40 % of the stop loss captive underwriting profitability of all Quad M and its subsidiaries’ business that Quad M brings to Mammoth throughout the prior year. For example, all revenue coming from any business conducted between the two companies less referral fees given to mammoth, and prior to any reinsurance fees given to mammoth less operating expense and less medical claims.

 

Quad M Solutions, Inc. will contract with Mammoth Life and ReInsurance LLC. to be either a full or partial stop loss provider and group life insurance provider to Quad M Solutions, Inc. and subsidiary’s insurance plans.

 

Mammoth shall be paid NuAxess’s standard referral rate for new business.

 

Signatures

 

/s/: Joseph Frontiere, CEO   /s/: Paul Ford, CEO
Quad M Solutions Inc.   Mammoth Life and Reinsurance LLC

 

Dated: September 25, 2021