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OPCMR AMENDMENT No. I OF PROFESSIONAL SERVICES CONTRACT To Contract No. PO29LTGT19 THIS AMENDMENT made as of the day of _____________, 2020 in the Territory of the Virgin Islands, by and between the Government of the Virgin Islands DEPARTMENT OF PROPERTY AND PROCUREMENT, on behalf of the Office of the Lieutenant Governor, Division of Banking, Insurance and Financial Regulation (hereinafter referred to as “Government”) and INS Repulatoy Insurance Services, Inc.. whose address is 419 South Street, New Market Suite 206, Philadelphia, PA 19147 (hereinafter referred to as “Contractor”). Both parties witness to being duly authorized to execute this agreement and will attest accordingly when and where necessary. WITNESSETH WHEREAS, pursuant to Contract No. PO29LTGT19 approved by the Governor on April 25, 2019 (which constitutes and is hereinafter referred to as the “Contract”), the Government contracted with Contractor to: (I) provide financial, information technology and actuarial services to conduct financial condition examinations; and (2) to provide financial and actuarial services to conduct financial analyses of both of Guardian Insurance Company (“Guardian”), located at the Guardian Building, 2nd Floor, St. Thomas, VI 00802, and Dorchester Insurance Company, located at 5180 Dronningens Gade, Suite 202, St. Thomas, \I 00802; and WHEREAS, the Contract expires pursuant to its terms on April 04, 2022; and WHEREAS, the parties desire to amend the Contract, to change the Scope of Services in Addendum I, to expand the scope of the financial examination of Guardian to a full-scope coordinated statutory financial examination, where the Virgin Islands will serve as the lead state, and the state of Illinois will participate, and to further move up the anticipated start date of the examination to August 24, 2020, and increase the compensation stated in Addendum II by Eighty-One Thousand, Eight Hundred and Seventy Five Dollars and 00/100 (S 81,875.00); and NOW THEREFORE, for mutual and valuable consideration, the receipt and sufficiency of which is hereby ackirnwledged, the parties hereto agree as follows: TERMS AND CONDITIONS I. SERVICES The Contractor will provide additional services as described in in AMENDED ADDENDUM I (AMENDED SCOPE OF SERVICES) as attached hereto and made a part of this Agreement. Contract No. PO29LTGTJ9 Initials MBK 15th October P001LTGT21 Amends -.qo OPCMR Amendment No I to Contract Number PO29LTGT?9 0.1/ice ofthe Lieutenant Governor & INS Regulatoty Services 2. COMPENSATION Paragraph No. 3 — Compensation is hereby amended to increase the compensation by Eighty One Thousand, Eight Hundred and Seventy Five (S 81,875.00) for a total amount not to exceed Three Hundred Fifteen Thousand and Three Hundred Fifty and 00/100 Dollars ($315,350.00) by deleting all of the existing language contained therein and replacing it with new language as follows: “The Government, in consideration of the satisfactory performance ofthe services described in Amended Addendum I (Amended Scope of Services) agrees to pay Contracs’or an amount not to exceed Three Hundred Fifteen Thousand and Three Hundred Ffty and 00100 Dollars ($315, 350.00) in accordance with the provisions setforth in Amended Addendum I! attached hereto and made a part ofthis Contract. 3. TRAVEL Paragraph 4 Travel Expenses, which is inclusive of the compensation for services that is specified in Paragraph 3 — Compensation, is hereby amended to increase the travel expenses by Four Thousand Five Hundred and 00/1 00 Dollars ($4,500.00) by deleting all of the existing language contained therein and replacing it with new language as follows: “Inclusive of the compensation as specied in Paragraph 3 (Compensation) of the Contract’, the Government agrees to pay Contractor for documented transportation, subsistence, lodging and other travel expenses, while in travel status, for (rips which have been authorized in writing, in advance, by the Government. These Cost’s shall be advanced or reimbursed on the same basis as is applicable to non-contract employees of(he Government, or as agreed to by an addendum to this Contract, however, said costs and expenses for the examination shall not exceed FORTY SIX THOUSAND FIVE HUNDRED AND 00’IOO DOLLARS ($46,500.00). 4. This Amendment is subject to the approval of the Commissioner of the Department of Property and Procurement of the Virgin Islands and to the appropriation and availability of funds. 5. Except as expressly amended in this Amendment, all terms of the Contract remain in full force and effect. 6. FASCIMILE, ELECTRONIC & DIGITAL SIGNATURES A facsimile, electronic or digital signature on this Amendment shall be deemed an original and binding upon the Parties hereto. 2 Contract No. PO29LTGTI9 Initials: MBK P001LTGT21 Amends OPCMR Amendment No. Ito Contract Nwuber PO29LTGTI9 Qfflce of the Lieutenant Governor & IVS ReguIator Services IN WITNESS WHEREOF, the Parties have hereunto set their hands on the day and year first above written. WITNESSES GOVERM+NT OF THE VIRGIN ISLANDS Tr%epIa /1oach, Es ., Lt. Covernor/ C4ni*iissioner of Insurance Office of the Lieutenant Governor AnthonyD Thomas, Commissioner Department of Property & Procurement CONTRACTOR $.-fl. i%4; A Michael B. Kogut, CPA Chief Operating Officer INS Regulatory Insurance Services Date 9-23-20 Date APPROVED AS TO LEGAL SUFFIC DEPARTMENT OF JUSTICE BY: 10/15/2020 PURCHASE ORDER NO. 3 Contract No. PO29LTGTI9 Initials: MBK 10/15/2020 P001LTGT21 Amends