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Bankers Professional Liability Policy

Inconsiderationofthepaymentofthepremiumandsubjecttoallterms,conditionsandlimitationsofthisPolicy,theInsuredsandInsureragree:

SectionI InsuringAgreement

TheInsurershallpayonbehalfoftheInsuredsallLossasaresultofaClaimfirstmadeagainsttheInsuredsduringthePolicyPeriodforaWrongfulActandreportedtotheInsurerasrequiredbythisPolicy.

SectionII Definitions

1. “Application”shallmeantheapplicationsubmittedtotheInsurerforthisPolicytogetherwithanywrittenmaterialsattachedtheretoorsubmittedtotheInsurerinconnectionwiththeunderwritingofthisPolicy.ApplicationshallalsoincludeallpubliclyavailabledocumentsfiledbytheCompanywiththeSecuritiesandExchangeCommissionduringthetwelve(12)monthsprecedingtheeffectivedateofthisPolicy..

2. “Company”shallmeantheParentCompanyandanySubsidiary,includingsuchcompanyasadebtorinpossessionunderUnitedStatesbankruptcylaworanequivalentstatusunderthelawofanyothercountry.

3. “Claim”shallmean:

a. awrittendemandagainstanInsured:

i. formonetaryornon-monetary(includinginjunctive)relief,includingarequesttotollanystatuteoflimitations,or

ii. toengageinarbitrationormediation,

whichshallbedeemedfirstmadeuponreceiptbytheInsuredofsuchdemand;

b. acivilorcriminalproceedingagainstanInsured,whichshallbedeemedfirstmadeupon:

i. theserviceofacomplaintorsimilarpleadingupontheInsured,or

ii. inthecaseofacriminalproceeding,anarrest,thereturnofanindictmentorinformation,orthereceiptorfilingofnoticeofchargesorsimilardocument;or

c. anadministrativeorregulatoryproceeding(otherthananinvestigation)byanEnforcementAuthorityagainstanInsuredwhichshallbedeemedfirstmadeuponreceiptofanoticeofcharges,complaintorsimilardocumentbytheInsured;

foraWrongfulAct.

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4. “DefenseCosts”shallmeanthatpartofLossconsistingof:

a. reasonablefees,costsandexpensesincurredbytheInsuredsinthedefenseorappealofanyClaim,includingthecostsofanappealbond,attachmentbondorsimilarbond,butdoesnotincludetheobligationtoapplyfororfurnishsuchbonds;and

b. reasonablefees,costsandexpensesincurredbytheInsuredsattheInsurer’srequesttoassisttheInsurerininvestigatingaClaim.

DefenseCostsshallnotinclude(i)anysalaries,wages,overhead,benefitsorbenefitexpensesassociatedwithanyInsured,or(ii)anyfees,costsorexpensesincurredbyanInsuredpriortothetimethattheClaimisfirstmadeagainsttheInsured.

5. “EnforcementAuthority”shallmeananyfederal,state,localorforeignlawenforcementorgovernmentalauthority(includingtheUnitedStatesDepartmentofJustice,theUnitedStatesSecuritiesandExchangeCommissionandanyfederalorstateattorneygeneral)ortheenforcementunitofanysecuritiesexchangeorsimilarself-regulatorybody.

6. “ForeignJurisdiction”shallmeananyjurisdiction,otherthantheUnitedStatesoranyofitsterritoriesorpossessions.

7. “Insured(s)”shallmeananyInsuredPersonandanyCompany.

8. “InsuredPerson”shallmeananynaturalpersonwhowas,isorshallbe:

a.adulyelectedorappointeddirector,officer,partner,principal,trustee,regent,governor,generalcounsel,chiefcomplianceofficer,orriskmanagerofaCompany;

b.adulyelectedorappointednaturalpersongeneralpartner,managingmemberormemberofaboardofmanagersofaCompany;

c.anofficialofaCompany,includinganCompanyorganizedoroperatedinaForeignJurisdiction,whileservinginafunctionallyequivalentpositiontothosedescribedinsubsectionsa.andb.above;or

d.afullorparttime,seasonalortemporaryemployeeofaCompany.

9. “Insurer”shallmeantheinsurancecompanyidentifiedatItem2.oftheDeclarations.

10. “LoanServicing”shallmeananyadministrativeservicesinconnectionwithanyloan,lease,extensionofcreditorotherfundingcommitment.

11. “Loss”shallmeanthoseamountsanyInsuredislegallyobligatedtopayasaresultofaClaim,including,butnotlimitedto:

a. settlementsandjudgments,includingcostsandfeesawardedpursuanttoacoveredjudgmentandpre-judgmentandpost-judgmentinterestonthatportionofacoveredjudgment;

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b. compensatory,punitive,exemplaryandmultipledamages;and

c. DefenseCosts.

Loss(otherthanDefenseCosts)shallnotincludeanyofthefollowing:

i. finesorpenalties;

ii. taxes;

iii. anyamountforwhichanInsuredislegallyabsolvedfrompayment;

iv. thepaymentofanydividendsorotherdistributionsofcorporateprofitsoftheCompanytoanyshareholderoftheCompany;

v. anyamountwhichconstitutesdisgorgement,restitution,thereturnoffees,commissions,chargesorothercompensationpaidto,duetoorclaimedbyanInsured;

vi. compensationearnedbytheclaimantinthecourseofemploymentbutunpaidbyanyInsured,includingsalary,wages,commissions,bonusorincentivecompensation;

vii. anyamountincurredtotestfor,monitor,cleanup,remove,contain,treat,detoxifyorneutralizePollutants;

viii.principal,interest,orothermonieseitherpaid,accruedordueastheresultofanyloan,leaseorextensionofcreditbytheCompanyunlesssuchamountsaredeemedtobepartofinsurabledamages;

ix.diminutioninvalueordamagesresultingfromdiminutioninvalueofmoneyorsecurities;

x.actualmoney,securities,propertyorotheritemsofvalueinthecustodyorcontrolofanInsured;

xi. amountsotherwisereimbursabletoanInsuredbyanytrust,estate,planorfundoranysimilarentityorthesponsorofanysuchtrust,estate,planorfundorsimilarentity;

ix. anyamountnotinsurableunderthelawpursuanttowhichthisPolicyshallbeconstrued;or

x. costsincurredbyanInsuredtocomplywithanyorderfornon-monetaryrelief(includinginjunctiverelief)orwithanyagreementtoprovidesuchrelief.

Theinsurabilityofmatterswithinthisdefinitionshallbedeterminedunderthelawoftheapplicablejurisdictionmostfavorabletosuchinsurability,including,withoutlimitation,thejurisdictioninwhichtheCompany,theInsuredPersons,theInsurerorsuchClaimislocated.

12. “ManagementControl”shallmean:

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a. owninganinterestofanentityrepresentingmorethanfiftypercent(50%)ofthepowertomanageorcontrolsaidentity,includingthepowertoelect,appointordesignateamajorityoftheboardofdirectorsorequivalentexecutivesofsuchentity;or

b. havingtheright,pursuanttowrittencontractortheby-laws,charter,operatingagreementorsimilardocumentsofanentity(includingalimitedliabilitycompanyorjointventure),toelect,appointordesignateamajorityoftheboardofdirectorsorequivalentexecutivesofsuchentity.

13. “ParentCompany”shallmeantheentityororganizationidentifiedinItem1.oftheDeclarations.

14. “PolicyPeriod”shallmeantheperiodfromtheInceptionDateofthisPolicytotheExpirationDateofthisPolicyassetforthinItem3.oftheDeclarations(subjecttoitsearliercancellationinaccordancewithSectionXIIICancellationorNon-Renewal)andtheDiscoveryPeriod,ifapplicable.

15. “Pollutants”shallmeananysubstancelocatedanywhereintheworldexhibitinganyhazardouscharacteristicsasdefinedby,oridentifiedonanylistofhazardoussubstancesissuedby,theUnitedStatesEnvironmentalProtectionAgencyoranystate,county,municipalityorlocalitycounterpartthereofincluding,butnotlimitedto,nuclearmaterialornuclearwaste.Suchsubstancesshallinclude,withoutlimitation,solids,liquids,gaseous,biological,radiologicalorthermalirritants,contaminantsorsmoke,vapor,dust,fibers,mold,spores,fungi,germs,soot,fumes,acids,alkalis,chemicalsorwastematerialsandanyotherairemission,odor,wastewater,oiloroilproducts,infectiousormedicalwaste,asbestosorasbestosproductsandanynoise.

16. “ProfessionalServices”shallmeanthoseservicesallowedunderthelawsgoverningservicesbytheInsuredandperformed,requiredtobeperformed,orfailedtobeperformedbytheInsureds(oronbehalfoftheInsuredsbyanypersonorentity),forthebenefitof,oronbehalfofacustomerorprospectivecustomeroftheInsureds:

(i) forafee,commissionorotherconsideration,includingbutnotlimitedtointerestmargin,or

(ii) whereafee,commissionorothermonetaryconsiderationwouldnormallybereceivedbytheInsuredsbutforbusinessorotherreasonsiswaivedbytheInsureds.

Provided,however,thatProfessionalServicesshallnotinclude:

(i) theactualperformanceofmedicalorhealthcareservices,realestateappraisalservices,architecturalorconstructionmanagementservices,thepracticeoflawortherenderingoflegalservices,unlesssuchlegalservicesareperformedbytheInsuredinsupportof,incidentto,andinfurtheranceofProfessionalServices;or

(ii) servicesperformedbyanyentityastowhichtheInsuredshaveacquiredownershiporcontrolassecurityforaloanorotherextensionofcredit.

17. “RelatedWrongfulActs”shallmeanallWrongfulActsthatarelogicallyorcausallyconnectedbyanyfact,circumstance,situation,event,transaction,causeorseriesofrelatedfacts,circumstances,situations,events,transactionsorcauses.

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18. “ResponsibleManager”shallmeananypast,presentorfutureindividuallistedinItem9.ofthe

DeclarationsPage.

19. “Subsidiary”shallmeananyentitywithrespecttowhichtheParentCompanyhasManagementControl.

20. “WrongfulAct”shallmeananyactualorallegedact,error,misstatement,misleadingstatement,neglectorbreachofdutybyanyInsuredintherenderingofProfessionalServices.

SectionIII Exclusions

TheInsurershallnotbeliabletomakeanypaymentforLossinconnectionwithanyClaimmadeagainstanyInsured:

A. Conduct

basedupon,arisingoutof,orrelatingtoanydeliberatelyfraudulentactordeliberatelyfraudulentomissionoranyintentionalviolationofanystatute,ruleorlawbysuchInsuredprovided,however,that:

i. thisexclusionshallonlyapplyifafinalandnon-appealableadjudicationadversetosuchInsuredinanunderlyingproceedingestablishesthatsuchconductoccurred;and

ii. Intheeventanact,omissionorviolationistreatedasacriminalviolationinaForeignJurisdictionbutnotintheUnitedStates,theimpositionuponanInsuredofacriminalfineorothercriminalsanctioninsuchForeignJurisdictionwillnot,inandofitself,bedeemedconclusiveproofthatadeliberatelyfraudulentact,adeliberatelyfraudulentomissionoranyintentionalviolationofanystatute,ruleorlawbysuchInsuredhasoccurred

ForpurposesofdeterminingtheapplicabilityofthisExclusion,theWrongfulActsandknowledgeofanyInsuredPersonshallnotbeimputedtoanyotherInsuredPersonand,onlytheWrongfulActsandknowledgeofanyResponsibleManagershallbeimputedtotheCompany.

B. PriorNotice

baseduponorarisingoutofanyWrongfulAct,fact,circumstanceorsituationwhichhasbeenthesubjectofanywrittennoticegivenbeforetheinceptionofthePolicyPeriodunderanypolicy;

C. ContractualLiability

baseduponorarisingoutof:a. anInsured’sallegedliabilityunderanyoralorwrittencontractoragreement,

includingbutnotlimitedtoexpresswarrantiesorguarantees;orb. theliabilityofothersanInsuredassumesunderanyoralorwrittencontractor

agreement; provided,however,thisexclusionshallnotapplyto:

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i. anInsured’sliabilitythatexistsintheabsenceofsuchcontractoragreement;orii. thatpartofanyClaimagainstanInsuredbyaclientorcustomeroftheInsured,

thatallegesabreachofcontractualobligationsintherenderingoforfailuretorenderProfessionalServices.

D. BodilyInjury/PropertyDamage

foranyactualoralleged:

1. bodilyinjury,mentalanguish,emotionaldistress,sickness,disease,death,libel,slanderordefamationofanyperson;or

2. damagetoordestructionofanytangibleproperty,includingthelossofusethereof;

E. Insuredv.Insured

broughtormaintainedbyoronbehalfofanyInsuredinanycapacityprovidedthisExclusionshallnotapplyto:

i. anyClaimthatisintheformofacross-claim,thirdpartyclaimorotherwiseforcontributionorindemnitywhichispartofandresultsdirectlyfromaClaimwhichisnototherwiseexcludedunderthispolicy;

ii. anyClaimbroughtormaintainedbyoronbehalfofabankruptcyorinsolvencyreceiver,trustee,examiner,conservator,liquidator,rehabilitatororcreditors’committee(orequivalentinaforeignjurisdiction)ofaCompany,oranyassigneeofanyoftheforegoing;or

iii. anyClaimbroughtandmaintainedoutsideanycommonlawjurisdiction,includingtheUnitedStatesofAmerica;

F. ViolationofLaw

1. foranyactualorallegedviolationofanyoftheresponsibilities,obligationsordutiesimposedpursuanttotheEmployeeRetirementIncomeSecurityActof1974,asamended,oranysimilarfederal,state,localorforeignstatutorylaworcommonlaw;provided,however,thissubsectionshallonlyapplywithrespecttoplans,programsandtrustsestablishedormaintainedinwholeorinpartforthebenefitofemployeesoftheCompany;

2. foranyactualorallegedviolationoftheFairLaborStandardsActorofanyotherfederal,state,localorforeignlawstatutoryorcommongoverningwage,hour,labor,employmentorpayrollpoliciesofanyCompany;or

3.basedupon,arisingoutof,orrelatedtotheemploymentofanyindividualoranyemploymentpractice,including,butnotlimitedto,wrongfuldismissal,dischargeortermination,discrimination,harassment,retaliationorotheremployment-relatedclaim;

G. CounterpartyRisk

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fortheinabilitytomakepaymentbyanybankorbankinginstitutionoranybrokerordealerinsecuritiesorcommoditiesorselectionofsuch,provided,however,thatthisexclusionshallnotapplytoDefenseCosts;

H. Lending

basedupon,arisingoutoforrelatingtotheactualorallegedpurchase,sale,origination,participation,funding,extension,restructuring,acceleration,transfer,repossession,withdrawal,termination,assignmentorforeclosureofanyloan,lease,extensionofcreditorotherfundingcommitment,orthefailureorrefusaltodoanyoftheforegoing,ortherenderingofadviceinconnectionwithanyloan,lease,extensionofcreditorotherfundingcommitmentortheoperationorcontrolofanyentityorpropertyacquiredassecurityorcollateralforanyloan,lease,extensionofcreditorotherfundingcommitment;provided,however,thisexclusionshallnotapplytoLoanServicing.

I. SecurityBrokerorDealer

baseduponorarisingoutofanyactualorallegedliabilityinvolvingtheactivitiesofanyInsuredasa“broker”or“dealer”insecurities,asdefinedinSections3(a)(4)or3(a)(5),respectively,oftheSecuritiesExchangeActof1934,asamended;

J. InvestmentBanking

baseduponorarisingoutofanyactualorallegedliabilityinvolvinganyadviceorservicerelatingtoorinconnectionwithanyaspectofcorporatemergers,acquisitions,securitiesofferings,restructuring,divestituresorinvestmentbanking;or

K. Electrical/MechanicalFailure

baseduponorarisingoutofanyelectricalormechanicalfailurecausedbyathirdparty,actingindependentlyoftheInsured,byaneventoutsideoftheCompany’sresponsibility,including,withoutlimitation,electricalpowerinterruptionorsurge,brownout,blackout,shortcircuit,overvoltage,inductionorpowerfluctuations.

SectionIV. LimitofLiability

A. DefenseCostsshallbepartof,andnotinadditionto,theLimitsofLiabilitystatedinItem4.oftheDeclarations.SuchDefenseCostsshallreducetheLimitofLiability.

B. ThemaximumliabilityoftheInsurerforallLossarisingfromallClaimsshallbetheamountstatedinItem4.

SectionV Retention

A. TheRetentionspecifiedinItem5.oftheDeclarationsshallapplytoLossresultingfromeachClaim.

B. TheInsurer’sliabilitywithrespecttocoveredLossresultingfromeachClaimshallbeexcessoftheapplicableRetentionspecifiedinItem5.oftheDeclarations.Theapplicable

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RetentionshallbebornebytheCompanyuninsuredunderthisPolicy,andshallapplytoallcoveredLoss,includingDefenseCosts.

SectionVI RelatedClaims

MorethanoneClaiminvolvingthesameWrongfulActorRelatedWrongfulActsofoneormoreInsuredsshallbeconsideredasingleClaim,andonlyoneRetentionshallbeapplicabletosuchsingleClaim.IntheeventsuchsingleClaimtriggersmorethanoneRetention,thehighestretentionshallbeapplicable.AllsuchClaimsconstitutingasingleClaimshallbedeemedtohavebeenfirstmadeontheearlierofthefollowingdates:(1)theearliestdateonwhichanysuchClaimwasfirstmade;or(2)theearliestdateonwhichanysuchWrongfulActorRelatedWrongfulActwasreportedunderthisPolicyoranyotherPolicyprovidingsimilarcoverage,regardlesswhethersuchdateisbeforeorduringthePolicyPeriod.InnoeventshallasinglelawsuitorproceedingconstitutemorethanoneClaimsubjecttomorethanoneRetention.

SectionVII DefenseandSettlement

A. DefenseofClaims

1. TheInsureds,andnottheInsurer,shallhavethedutytodefendallClaims.

2. TheInsuredsshallnotincurDefenseCostsinconnectionwithanyClaimwithoutthepriorwrittenconsentoftheInsurer,whichconsentshallnotbeunreasonablywithheldordelayed.TheInsurershallnotbeliableunderthisPolicyforanyDefenseCostsincurredwithoutsuchconsent.

3. TheInsurershalladvancesuchDefenseCostsonacurrentbasisbutnolaterthanten(10)daysaftertheInsurerreceivesitemizedinvoicesforsuchDefenseCosts;providedthattotheextentitisfinallyestablishedthatanysuchDefenseCostsarenotcoveredunderthisPolicy,theInsureds,severallyaccordingtotheirinterests,shallrepaysuchDefenseCoststotheInsurer.

B. SettlementofClaims

TheInsuredsshallnotadmitliability,offertosettle,oragreetoanysettlementinconnectionwithanyClaimwithouttheexpresspriorwrittenconsentoftheInsurer,whichconsentshallnotbeunreasonablywithheldordelayed.TheInsurershallnotbeliableunderthisPolicyforincurredasaresultofanysuchadmission,offeroragreementtowhichtheInsurerdidnotsoconsent.

C. Insurer’sRighttoAssociate

TheInsurershallatalltimeshavetheright,butnottheduty,toassociatewiththeInsuredsintheinvestigation,defenseorsettlementofanyClaimthatmayimplicatecoverageunderthisPolicy.TheInsuredsshallcooperatewiththeInsurerandprovidetheInsurerwithsuchinformationasitmayreasonablyrequireintheinvestigation,defenseorsettlementofanyClaim.ThefailureofoneInsuredPersonorCompanytocomplywiththisprovisionshallnotimpairtherightsofanyotherInsuredPersonunderthisPolicy.

D. Allocation

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IfinanyClaimtheInsuredsincurLossjointlywithothers(includingotherInsureds)whoarenotaffordedcoverageunderthisPolicyforsuchClaimorincurbothLosscoveredbythisPolicyandotheramountswhicharenotcoveredbythisPolicy,theInsuredsandtheInsurershallallocatesuchamountsbetweencoveredLossanduncoveredlossbasedontherelativelegalandfinancialexposuresofthepartiestocoveredanduncoveredmatters.IftheInsuredsandtheInsurercannotagreeonanallocationofDefenseCosts,theInsurershalladvanceDefenseCostswhichtheInsurerbelievestobecoveredunderthisPolicyuntiladifferentallocationisnegotiated,arbitratedorjudiciallydetermined.Insuchevent,suchallocationshallbeappliedretroactivelytoallDefenseCosts.

SectionVIII Notice

A. Claims

TheInsuredsshall,asaconditionprecedenttotheirrightsunderthisPolicywithrespecttoaClaim,givetheInsurernoticeinwritingofanysuchClaimwhichismadeduringthePolicyPeriod.AnynoticeprovidedpursuanttothisSectionVIIINoticeshallbegivenassoonaspracticableaftertheResponsiblePersonoftheParentCompanyfirstlearnsofsuchClaim,butinnoeventlaterthansixty(60)daysaftertheendofthePolicyPeriod.

B. LateNotice–PrejudiceRequired

IftheInsuredsfailtoprovidetimelynoticetotheInsurerasspecifiedabove,theInsurershallnotbeentitledtodenycoveragebasedsolelyuponlatenoticeunlesstheInsurercandemonstrateitsinterestsweremateriallyprejudicedbyreasonofsuchlatenotice.

C. PotentialClaims

DuringthePolicyPeriodortheDiscoveryPeriod(ifpurchased),theInsuredsmaygivewrittennoticetotheInsurerofcircumstancesthatmayreasonablybeexpectedtogiverisetoaClaim;and

1. suchnoticeshallsetforththeWrongfulActallegationsanticipatedandthereasonsforanticipatingsuchaClaim,withfullparticularsastodates,personsandentitiesinvolved;

2. anyClaimwhichissubsequentlymadeagainstsuchInsuredalleging,arisingoutof,baseduponorattributabletosuchcircumstances,shallbeconsideredmadeatthetimenoticeofsuchcircumstanceswasfirstgiventotheInsurer;and

3. noticeofanysuchsubsequentClaimshallbegiventotheInsurerassoonaspracticableaftertheriskmanagerorin-housegeneralcounseloftheParentCompanyfirstlearnsofsuchClaim.NocoverageshallbeprovidedunderthisPolicyforfees,costs,expensesorotherlossincurredasaresultofsuchcircumstancespriortothetimesuchsubsequentClaimisactuallymade.

D. ExceptasotherwiseprovidedinthisPolicy,allnoticesunderanyprovisionofthisPolicyshallbeinwritingandgivenbyemail,prepaidexpresscourierorcertifiedmailproperlyaddressedtotheappropriateparty.NoticetotheInsuredsmaybegiventotheParentCompanyattheaddressshowninItem1.oftheDeclarations.NoticetotheInsurershallbegiventotherespectiveaddressshowninItem6.oftheDeclarations.Ifnoticeisgiven

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asdescribedabove,itshallbedeemedtobereceivedandeffectiveuponthedateoftransmittal,subjecttoproofoftransmittal.

SectionIX Transactions:CoverageImplicationsofMergers,AcquisitionsandSalesoftheParentCompanyoranySubsidiary

A. MergerorAcquisitionofParentCompany

IfduringthePolicyPeriodanyofthefollowingeventsoccur:

1. theParentCompany:(i)sellsallorsubstantiallyallofitsassetstoanyotherpersonorentityoraffiliatedgroupofpersonsorentities,or(ii)mergesorconsolidateswithanotherentitysuchthattheParentCompanyisnotthesurvivingentity;or

2. anyperson,entityoraffiliatedgroupofpersonsorentitiesacquiresManagementControloftheParentCompany;

thencoverageunderthisPolicyshallcontinueuntilexpirationofthePolicyPeriod,butonlyforWrongfulActstakingplacepriortotheeffectivedateofsuchtransaction.TheentirepremiumforthisPolicyshallbedeemedearnedasofthedateofsuchtransaction.

B. CreationofaSubsidiary

IfduringthePolicyPeriodanyentityiscreatedbytheParentCompanyandmeetsthedefinitionofaSubsidiary,thensuchSubsidiaryanditsInsuredPersonsshallbeInsureds,butonlywithrespecttoWrongfulActsoccurringorallegedlyoccurringaftersuchentityiscreatedand/orqualifiedasaSubsidiary.

C. AcquisitionofaSubsidiary

1. ExceptassetforthinthefollowingsubsectionC.2.below,ifduringthePolicyPeriodanyentityfirstqualifiesasaSubsidiary,thensuchSubsidiaryanditsInsuredPersonsshallbeInsureds,butonlywithrespecttoWrongfulActsoccurringorallegedlyoccurringaftersuchentityiscreatedand/orqualifiedasaSubsidiary.

2. ExceptassetforthinsubsectionB.above,ifanentityfirstqualifiesasaSubsidiaryduringthePolicyPeriodandifatthattimesuchSubsidiary’stotalassetsexceedtwenty-fivepercent(25%)ofthetotalconsolidatedassetsoftheCompanyassetforthintheCompany’smostrecentauditedconsolidatedfinancialstatements,thencoverageunderthisPolicyforsuchSubsidiaryanditsInsuredPersonsassetforthinthesubsectionC.1.aboveshallceaseninety(90)daysaftersuchentityfirstqualifiesasaSubsidiaryunless:

a. theParentCompanywithinsuchninety(90)daysprovidestheInsurerwithwrittennoticeofsuchcreationoracquisition;

b. theParentCompanyandtheInsureragreeonanyrevisionstothePolicyeitherpartymayrequire;and

c. theParentCompanypaysanyadditionalpremiumrequiredbytheInsurerasaresultoftheadditionofthenewSubsidiary;

andthenonlywithrespecttoWrongfulActsoccurringorallegedlyoccurringaftersuchentityqualifiedasaSubsidiary.

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D. CessationofaSubsidiary

IfduringorpriortothePolicyPeriodanyentityceasestobeaSubsidiary,thencoverageforsuchformerSubsidiaryanditsInsuredPersonsunderthisPolicyshallonlybeavailable,subjecttoallothertermsandconditionsofthisPolicy,forWrongfulActsoccurringorallegedlyoccurringpriortothedateitceasedtoqualifyasaSubsidiary.

SectionX OtherInsuranceandSubrogation

A. OtherInsurance

AllamountspayableunderthisPolicywillbespecificallyexcessof,andwillnotcontributewith,anyothervalidandcollectibledirectorsandofficersliabilityinsurance,professionalliabilityinsuranceoremploymentpracticesliabilityinsurance,oranyotherinsurance,includingbutnotlimitedtoanyinsuranceunderwhichthereisadutytodefend,unlesssuchotherinsuranceisspecificallyexcessofthisPolicy;providedthisPolicyshallapplyonaprimarybasiswithrespecttoanypersonalumbrellaexcessliabilityinsurancePolicypurchasedbyanInsuredPerson.ThisPolicywillnotbesubjecttothetermsofanyotherinsurancePolicy.

B. Subrogation

1. IntheeventofanypaymentunderthisPolicy,theInsurershallbesubrogatedtoalloftheInsureds’rightsofrecoveryandtheInsuredEntityandInsuredPersonsshallexecuteallpapersrequiredandshalldoeverythingthatmaybenecessarytosecuresuchrights,includingtheexecutionofsuchdocumentsasmaybenecessarytoenabletheInsurertoeffectivelybringsuitinthenameofanyInsuredPersonsortheInsuredEntity.TheInsurershallnotexerciseanyavailablerightofsubrogationagainstanInsuredPersonunderthisPolicyunlessSectionIIIExclusionsA.ConductappliestosuchInsuredPerson.

2. IntheeventtheInsurerrecoversamountsitpaidunderthisPolicy,theInsurerwillreinstatetheapplicableLimitsofLiabilityofthisPolicytotheextentofsuchrecovery,lesstheInsurer’scostsincurredinobtainingsuchrecovery.TheInsurerassumesnodutytoseekarecoveryofanyamountspaidunderthisPolicy.

SectionXI OrderofPayments

A. TheInsurershallbeentitledtopayLossasitbecomesdueandpayableunderthisPolicywithoutconsiderationofotherfuturepaymentobligations.

B. ThebankruptcyorinsolvencyofanyInsuredshallnotrelievetheInsurerofanyofitsobligationstoprioritizepaymentofcoveredLossunderthisPolicyassetforthabove.

SectionXII DiscoveryPeriod

A. IntheeventtheInsurerrefusestorenewthisPolicyortheInsuredEntitycancelsornon-renewsthisPolicy,theInsuredEntityandtheInsuredPersonsshallhavetherighttoelectanextensionofthecoverageprovidedbythisPolicyforthetimeperiodandsubjecttotheadditionalpremiumsetforthinItem7.oftheDeclarations.CoverageforanyClaimdeemedfirstmadeduringtheDiscoveryPeriodshallapplyonlywithrespecttoany

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WrongfulActcommittedorallegedtohavebeencommittedbeforetheExpirationDateofthePolicyPeriodaslistedinItem3.oftheDeclarations.

B. AsaconditionprecedenttotherighttopurchasetheDiscoveryPeriod,thetotalpremiumforthisPolicymusthavebeenpaidandawrittenrequesttoelecttheDiscoveryPeriod,togetherwithpaymentoftheadditionalpremiumfortheDiscoveryPeriod,mustbeprovidedtotheInsurernolaterthansixty(60)daysfollowingtheeffectivedateofsuchnon-renewalorcancellation.ThepremiumpaidfortheDiscoveryPeriodisdeemedfullyearnedattheinceptionoftheDiscoveryPeriod.

C. ThefactthatthecoverageprovidedbythisPolicymaybeextendedbyvirtueofthepurchaseoftheDiscoveryPeriodshallnotinanywayincreasetheLimitofLiabilitystatedinItem4.oftheDeclarations.ForpurposesoftheLimitofLiability,theDiscoveryPeriodisconsideredtobepartof,andnotinadditionto,thePolicyPeriod.

SectionXIII CancellationorNon-Renewal

A. ThisPolicymaybecancelledbytheParentCompanyatanytimebypriorwrittennoticetotheInsurerstatingtheeffectivetimeofsuchcancellation.Uponcancellation,theInsurershallbeentitledtoretaintheprorataproportionofthepremiumcalculatedfromtheeffectivedateofsuchcancellation,unlessSectionIXTransactions:CoverageImplicationsofMergers,AcquisitionsandSalesoftheParentCompanyoranySubsidiary,A,above,applies,inwhichcasetheentirepremiumforthisPolicyshallbedeemedfullyearned.

B. ThisPolicymaybecancelledbytheInsureronlyfornonpaymentofpremium.SuchcancellationshallbeeffectiveonthedatespecifiedinthewrittennoticeofcancellationgivenbytheInsurertotheParentCompany,providedsuchdateisatleastten(10)daysafterthedatesuchnoticeisgiven.IftheParentCompanypaysinfullthepremiumduepriortosucheffectivedate,theInsurer’snoticeofcancellationshallbeineffective.

C. IftheInsurerelectsnottorenewthisPolicy,theInsurershallprovidetheParentCompanywithnolessthansixty(60)daysadvancewrittennoticethereof.

SectionXIV Application

A. TheInsuredsrepresentandacknowledgethatstatementsmadeandinformationintheApplicationareaccurateandcomplete,arethebasisofthisPolicyandareincorporatedinandconstitutepartofthisPolicy.IfanystatementintheApplicationwas(i)notaccurateandcompleteand(ii)eitherwasmadewiththeintenttodeceiveormateriallyaffectedtheacceptanceoftheriskorhazardassumedbytheInsurerunderthisPolicy,thentheInsurershallnotbeliabletomakeanypaymentforLossinconnectionwithanyClaimbasedupon,arisingoutoforinconsequenceofthefactsthatwerenotaccuratelyandcompletelydisclosedintheApplication.

B. TheInsurershallnotbeentitledunderanycircumstancestorescindorvoidthisPolicyinwholeorinpart.

SectionXV DisputeResolutionProcess

TheInsurerandtheInsuredsshallattemptingoodfaithtoresolveanydisputearisingoutoforrelatingtothisPolicypromptlybynegotiationbetweenexecutiveswithauthorityto

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settlesuchdispute.Ifanydisputecannotberesolvedthroughnegotiation,thepartiesagreethattheywillsubmitthedisputetonon-bindingmediation.Thepartieswillusebesteffortstoagreeonthetermsofanysuchmediationprocess,butiftheydonotagreewithinthirty(30)daysofeitherpartyrequestingmediation,thedisputewillbesubmittedtoJAMSformediation.Eachpartywillbeartheirowncosts,regardlessofthemediationprocessused.Ifthedisputeisnotsettledatmediation,nopartymaycommenceanactionagainstanyotherpartyuntilatleastthirty(30)daysafterthefinalmediationsession.

SectionXVI ActionAgainsttheInsurer

A. NoactionshalllieagainsttheInsurerunless,asaconditionprecedentthereto,thereshallhavebeenfullcompliancewithallthetermsofthisPolicy.

B. NopersonororganizationshallhaveanyrightunderthisPolicytojointheInsurerasapartytoanyClaimagainstanInsured,norshalltheInsurerbeimpleadedbyanyInsuredortheirlegalrepresentativeinanysuchClaim.

SectionXVII Spouses,DomesticPartners,EstatesandLegalRepresentatives

A. ThecoverageprovidedbythisPolicyshallalsoapplytoanInsuredPerson’slawfulspouseordomesticpartnerunderapplicablelawortheprovisionsofanyformalprogramestablishedbytheCompany,butonlyforaClaimarisingoutofanyactualorallegedWrongfulActsofsuchInsuredPerson.

B. ThecoverageprovidedbythisPolicyalsoshallapplytotheestates,heirs,legalrepresentativesorassignsofanyInsuredPersonintheeventoftheirdeath,incapacityorbankruptcy,butonlyforClaimsarisingoutofanyactualorallegedWrongfulActsofsuchInsuredPerson.

SectionXVIII Assignment

ThisPolicyandanyandallrightshereunderarenotassignablewithoutthepriorwrittenconsentoftheInsurer,whichconsentshallbeinthesoleandabsolutediscretionoftheInsurer.

SectionXIX ConformitytoStatute

AnytermsofthisPolicywhichareinconflictwiththetermsofanyapplicablelawsareherebyamendedtoconformtosuchlaws.

SectionXX TerritoryandLossinForeignJurisdictions

A. WorldwideTerritory

CoverageshallapplytoClaimsmadeandWrongfulActscommittedworldwide.

B. LossIncurredByaCompanyinaForeignJurisdiction

AnyLossincurredbyaCompanyinaForeignJurisdictionmaybedeemedaLossoftheParentCompanypayabletotheParentCompanyattheaddresslistedatItem1.oftheDeclarations.AnysuchpaymentbytheInsurertotheParentCompanypursuanttothis

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subsectionshallfullydischargetheInsurer’sliabilityunderthePolicyforsuchLosstosuchCompany.

SectionXXI CompliancewithApplicableTradeandEconomicSanctionLaws

ThisPolicydoesnotprovidecoveragethatwouldbeinviolationofanyapplicablelawsorregulationsconcerningtradeoreconomicsanctions,including,butnotlimitedto,thoseadministeredandenforcedbytheUnitedStatesTreasury’sOfficeofForeignAssetControl(OFAC).PaymentofLossunderthisPolicyshallonlybemadeinfullandcompletecompliancewithalleconomicortradesanctionlawsorregulations,including,butnotlimitedto,sanctions,lawsandregulationsadministeredandenforcedbyOFAC.

SectionXXII Currency

Allpremiums,limits,retentions,LossandotheramountsunderthisPolicyareandshallbeexpressedandpayableinthecurrencyoftheUnitedStatesofAmerica.IfanycoveredLoss,includingjudgmentsorsettlements,isexpressedin,calculatedonorotherwisebaseduponanyothercurrency,paymentofsuchLoss,whetherinsuchothercurrencyorU.S.dollars,shallbemadeattherateofexchangepublishedinTheWallStreetJournalonthedatetheInsurer’sobligationtopaysuchLossisestablished(or,ifnotpublishedonthatdate,onthedateofnextpublication).

SectionXXIII Bankruptcy

BankruptcyorinsolvencyofanyCompanyorInsuredPersonsshallnotrelievetheInsurerofanyofitsobligationsunderthisPolicy.InsucheventtheInsuredsherebywaiveandreleaseanyautomaticstayorinjunctioninsuchproceedingwhichmayapplytothisPolicyoritsproceedsandagreenottoopposeorobjecttoanyeffortsbytheInsureroranyInsuredstoobtainrelieffromanysuchstayorinjunction.

SectionXXIV Headings

ThedescriptionsintheheadingsofthisPolicyformnopartofthetermsandconditionsofthecoverageunderthisPolicy.

SectionXXV EntireAgreement

ByacceptanceofthisPolicy,allInsuredsandtheInsureragreethatthisPolicy(includingtheDeclarationsandApplication)andanywrittenendorsementsattachedheretoconstitutetheentireagreementbetweentheparties.Theterms,conditionsandlimitationsofthisPolicycanbewaivedorchangedonlybywrittenendorsementhereto.

SectionXXVI Authorization

ByacceptanceofthisPolicy,theParentCompanyagreestoactonbehalfofallInsuredswithrespecttothegivingandreceivingofanynoticeprovideforinthisPolicy(exceptthegivingofnoticetoapplyforanyDiscoveryPeriod),thepaymentofpremiumsandthereceiptofanyreturnpremiumsthatmaybecomedueunderthisPolicy,andtheagreementtoandacceptanceofendorsements,andtheInsuredsagreethattheParentCompanyshallactontheirbehalf.

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