Notice of Termination of Investment Advisory Agreement between Penn-America Insurance Companies and Northern Trust Quantitative Advisors
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Summary
Penn-America Insurance Company and Penn-Star Insurance Company have notified Northern Trust Quantitative Advisors that they are terminating their Investment Advisory Agreement, effective July 1, 2000. The letter confirms that fees for services provided up to June 30, 2000, will be paid according to the agreement's terms. This notice fulfills the contractual requirement for written termination and thanks Northern Trust for its service.
EX-10.9(IV) 3 file003.txt Rosemary R. Ferrero Direct Dial: 215 ###-###-#### Vice President and Chief Financial Officer Fax: 215 ###-###-#### June 2, 2000 Via Certified Mail, Returned Receipt Requested Mr. Carl J. Domino C/o Northern Trust Quantitative Advisors, Inc. Northern Trust Value Investors 580 Village Boulevard, Suite 225 West Palm Beach, Fla. 33409 RE: Investment Advisory Agreement dated September 1, 1997 Dear Carl: Pursuant to paragraph 6 of the Investment Advisory Agreement ("the Agreement") dated September 1, 1997, between and among Penn-America Insurance Company, Penn-Star Insurance Company (hereinafter collectively referred to as "Penn-America") and Northern Trust Quantitative Advisors (pursuant to assignment dated April 7, 2000), this letter constitutes written notice that Penn-America hereby terminates the Agreement effective July 1, 2000. Fees for services rendered through June 30, 2000, shall be generated pursuant to paragraph 6 and Addendum C. Should you have any questions, please feel free to give me a call. PENN-AMERICA INSURANCE COMPANY March 26, 2001 Page 2 Thank you for your years of service. Sincerely, /s/ Rosemary R. Ferrero - ------------------------------ VP and Chief Financial Officer RRF:gpp Bcc: Robert Lear
