Financial Assets of Insurance Agency Business

Sale of assets of Floyd's Insurance Agency Inc. ("Seller"). The seller is an independent insurance agency that has an agency relationship with the following insurance companies (“Insurance Companies”): (a) Halifax Mutual Insurance Company; (b) National General Insurance; (c) NC Joint Underwriting Association; (d) Dairyland Insurance; (e) Discovery Insurance Company; (f) UPC Insurance.

The sale assets includes Floyds’ book of business with the above Insurance Companies consisting of the following as to each Insurance Company (the “Book of Business”):

• Floyds’ complete and entire paper and electronic files, customer lists, customer account records, and all other usual and customary records in connection therewith and used by Floyds in connection with the operation of its agency business with the Insurance Company(s) and its insurance customers;
• The file cabinets containing those files intact that are in paper;
• Transfer of the right to use the telephone number(s) presently used by Floyds;
• Any and all agency agreements which Floyds now has with the Insurance Company(s), to the extent that they are transferrable, including any right to receive all so-called contingent bonus or profit sharing commissions, if any, pursuant to the agency agreements or any other agreement in effect between Floyds and the Insurance Companies which it represents (the Buyer herein acknowledges that none of the agency agreements are assignable without the consent of the Insurance Companies); and
• Goodwill associated with each of the assets described above.