Asset Management Fee Confirmation Letter between Penn-America Insurance Company and New England Asset Management, Inc.
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Penn-America Insurance Company confirms with New England Asset Management, Inc. (NEAM) the annual management fee for additional assets, specifically U.S. Treasury Bills and Preferred Stock, transferred from Madison Monroe, Inc. to NEAM. NEAM will receive an annual fee of 0.05% of the market value of each asset class, effective December 1, 2000, unless otherwise notified. The agreement is confirmed by NEAM's signature and acceptance of asset management responsibilities under the existing Investment Management Agreement.
EX-10.9(V) 4 file004.txt Garland P. Pezzuolo Direct Dial Number: (215) 443-3649 Secretary & General Counsel Direct Fax Number: (215) 443-3603 November 13, 2000 Via Fax Transmittal Gerard T. Lynch, President General Re - New England Asset Management, Inc. Pond View Corporate Center 76 Batterson Park Road Farmington, CT 06032 RE: Additional Assets for Management with NEAM Dear Gerry: You will by now have received a copy of the November 7th letter that Jim Mack forwarded to you in connection with the transfer of management of certain Preferred Stock and U.S. Treasury Bills from Madison Monroe, Inc. to NEAM. I just wanted to confirm with you that the annual fee to which NEAM will be entitled for the management of these assets will be as follows: .05% of the market value of the U.S. Treasury Bills, currently valued at approx. $10,000,000 and .05% of the market value of the Preferred Stock, currently valued at approx. $17,700,000 If our understanding of the additional annual fees to which you will be entitled is incorrect, please let me know. Otherwise, we will assume this fee will go into effect December 1, 2000. Your signature on the line provided can serve as confirmation of our understanding, and your acceptance of the management of these additional assets pursuant to Section 1 of the Investment Management Agreement. PENN-AMERICA INSURANCE COMPANY March 26, 2001 Page 2 I appreciate your time and attention to this matter. Please give me a call with any questions. Otherwise, I look forward to receiving a signed copy of this letter from you. Sincerely, /s/ Garland P. Pezzuolo Garland P. Pezzuolo GPP:s Cc: Joe Morris, Sr. Vice President and CFO Jim Mack, Vice President, Treasurer and Controller ACCEPTED: By: /s/ Gerry Lynch Date: 12/20/00 ------------------------------------ ------------------------------ New England Asset Management, Inc.
