|     |  |                                    |  |  |  |                                           |  |             
|---- |  | ---------------------------------- |  |  |  | ----------------------------------------- |  | ------------
|LOGO |  |                                    |  |  |  |                                           |  | EXHIBIT 10.8
|     |  | Chubb Group of Insurance Companies |  |  |  | Executive Protection Portfolio SM        
|     |  | 15 Mountain View Road              |  |  |  | Executive Liability and Entity Securities
|     |  | Warren, New Jersey 07059           |  |  |  | Liability Coverage Section               



---



|             |  |                                                                                             
|------------ |  | --------------------------------------------------------------------------------------------
|DECLARATIONS |  | FEDERAL INSURANCE COMPANY                                                                   
|             |  | A stock insurance company, incorporated under the
laws of Indiana, herein called the Company



THIS COVERAGE SECTION PROVIDES
CLAIMS MADE COVERAGE, WHICH APPLIES ONLY TO CLAIMS FIRST MADE DURING THE POLICY PERIOD, OR ANY EXTENDED REPORTING PERIOD. THE LIMIT OF LIABILITY TO PAY LOSS WILL BE REDUCED, AND MAY BE EXHAUSTED, BY DEFENSE
COSTS, AND DEFENSE COSTS WILL BE APPLIED AGAINST THE RETENTION. READ THE ENTIRE POLICY CAREFULLY.



|        |  |                                                                                 |  |   |               |  
|------- |  | ------------------------------------------------------------------------------- |  | - | ------------- | -
|Item 1. |  | Parent Organization:                                                            |  |   |               |  
|        |  |                                                                                
|        |  | RYERSON, INC. 2621 WEST 15TH PLACE CHICAGO, IL 60608                            |  |   |               |  
|        |  |                                                                                
|Item 2. |  | Limits of Liability:                                                            |  |   |               |  
|        |  |                                                                                
|        |  | (A) Each Claim:                                                                 |  | $ | 15,000,000.00 |  
|        |  | (B) Each Policy Period:                                                         |  | $ | 15,000,00000  |  
|        |  | (C) Sublimit for all Securityholder Derivative Demands under Insuring Clause 4: |  | $ | 250,000.00    |  
|        |  |                                                                                
|Item 3. |  | Coinsurance Percentage:                                                         |  |   |               |  
|        |  |                                                                                
|        |  | (A) Securities Claims:                                                          |  |   | 000           | %
|        |  | (B) Claims other than Securities Claims:                                        |  |   | 0.00          | %
|        |  |                                                                                
|Item 4. |  | Retention:                                                                      |  |   |               |  
|        |  |                                                                                
|        |  | (A) Insuring Clauses 1 and 4:                                                   |  |   | None          |  
|        |  | (B) Insuring Clause 2 (Claims other than Securities Claims):                    |  | $ | 1,000,000.00  |  
|        |  | (C) Insuring Clauses 2 and 3 (Securities Claims only):                          |  | $ | 2,000,000.00  |  
|        |  |                                                                                
|Item 5. |  | Organization:                                                                   |  |   |               |  
|        |  |                                                                                
|        |  | Ryerson, Inc. and its Subsidiaries                                              |  |   |               |  



Page 1 of 19



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| |  |                                    |  |  |  |                                          
| |  | ---------------------------------- |  |  |  | -----------------------------------------
| |  | Chubb Group of Insurance Companies |  |  |  | Executive Protection Portfolio SM        
| |  | 15 Mountain View Road              |  |  |  | Executive Liability and Entity Securities
| |  | Warren, New Jersey 07059           |  |  |  | Liability Coverage Section               



|        |  |                            |  |                                                            |  |  |  | 
|------- |  | -------------------------- |  | ---------------------------------------------------------- |  |  |  | 
|Item 6. |  | Extended Reporting Period: |  |                                                            |  | 
|        |  |                            |  |                                                           
|        |  | (A) Additional Period:     |  | one year                                                   |  |  |  | 
|        |  | (B) Additional Premium:    |  | 150 % of Annualized Premium for the Expiring Policy Period |  | 
|        |  |                            |  |                                                           
|Item 7. |  | Pending or Prior Date:     |  | None                                                       |  |  |  | 



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|---- | ----------------------------------------- | ---------------------------------
|LOGO |                                           | Executive Protection Portfolio SM
|     | Executive Liability and Entity Securities
|     | Liability Coverage Section               



---



In consideration of payment of the premium and subject to the Declarations, the General Terms and Conditions, and the limitations,
conditions, provisions and other terms of this coverage section, the Company and the Insureds agree as follows:



---



Insuring Clauses



Executive Liability Coverage Insuring Clause 1



| | 1. | The Company shall pay, on behalf of each of the Insured Persons, Lossfor which the Insured Personis not indemnified by the Organizationand which the
Insured Personbecomes legally obligated to pay on account of any Claimfirst made against the Insured Person,individually or otherwise, during the Policy Periodor, if exercised, during the Extended Reporting Period,
for a Wrongful Actcommitted, attempted, or allegedly committed or attempted by such Insured Personbefore or during the Policy Period,but only if such Claimis reported to the Company in writing in the manner and within
the time provided in Subsection 15 of this coverage section.
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---



Executive Indemnification Coverage Insuring Clause 2



| | 2. | The Company shall pay, on behalf of the Organization, Lossfor which the Organization grants indemnification to an Insured Person,as permitted or required by
law, and which the Insured Personbecomes legally obligated to pay on account of any Claimfirst made against the Insured Person,individually or otherwise, during the Policy Periodor, if exercised, during the Extended
Reporting Period, for a Wrongful Actcommitted, attempted, or allegedly committed or attempted by such Insured Personbefore or during the Policy Period,but only if such Claimis reported to the Company in writing in the
manner and within the time provided in Subsection 15 of this coverage section.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---



Entity SecuritiesCoverage Insuring Clause 3



| | 3. | The Company shall pay, on behalf of the Organization, Losswhich the Organizationbecomes legally obligated to pay on account of any Securities Claimfirst made
against the Organizationduring the Policy Periodor, if exercised, during the Extended Reporting Period, for a Wrongful Actcommitted, attempted, or allegedly committed or attempted by the Organization or the Insured
Persons before or during the Policy Period,but only if such Securities Claimis reported to the Company in writing in the manner and within the time provided in Subsection 15 of this coverage section.
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---



Securityholder Derivative Demand Coverage Insuring Clause 4



| | 4. | The Company shall pay, on behalf of the Organization, Investigative Costsresulting from a Securityholder Derivative Demandfirst received by the Organizationduring the Policy Periodor, if exercised, during the Extended Reporting Period, for a Wrongful Actcommitted, attempted, or allegedly committed or attempted before or during the Policy Period,but only if such
Securityholder Derivative Demandis reported to the Company in writing in the manner and within the time provided in Subsection 15 of this coverage section.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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| |  | -----------------------------------------
| |  | Executive Protection Portfolio SM        
| |  | Executive Liability and Entity Securities
| |  | Liability Coverage Section               



---



Definitions



| | 5. | When used in this coverage section:
| | -- | -----------------------------------



Applicationmeans all signed applications, including attachments and other materials submitted therewith or incorporated therein, submitted by the
Insureds to the Company for this coverage section or for any coverage section or policy of which this coverage section is a direct or indirect renewal or replacement.



Applicationshall also include, for each Organization,all of the following documents whether or not submitted
with or attached to any such signed application: (i) the Annual Report (including financial statements) last issued to shareholders before this policys inception date; (ii) the report last filed with the Securities and Exchange
Commission on Form 10-K before this policys inception date; (iii) the report last filed with the Securities and Exchange Commission on Form 10-Q before this policys inception date; (iv) the proxy statement and (if different)
definitive proxy statement last filed with the Securities and Exchange Commission before this policys inception date; (v) all reports filed with the Securities and Exchange Commission on Form 8-K during the twelve months preceding this
policys inception date; and (vi) all reports filed with the Securities and Exchange Commission on Schedule 13D, with respect to any equity securities of such Organization,during the twelve months preceding this policys
inception date. All such applications, attachments, materials and other documents are deemed attached to, incorporated into and made a part of this coverage section.



Claimmeans:



| | (1) | when used in reference to the coverage provided by Insuring Clause 1 or 2:
| | --- | --------------------------------------------------------------------------



| | (a) | a written demand for monetary damages or non-monetary relief;
| | --- | -------------------------------------------------------------



| | (b) | a civil proceeding commenced by the service of a complaint or similar pleading; or
| | --- | ----------------------------------------------------------------------------------



| | (c) | a formal civil administrative or civil regulatory proceeding commenced by the filing of a notice of charges or similar document or by the entry of a formal order of investigation or
similar document,
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



against an Insured
Person for a Wrongful Act, including any appeal therefrom;



| | (2) | when used in reference to the coverage provided by Insuring Clause 3:
| | --- | ---------------------------------------------------------------------



| | (a) | a written demand for monetary damages or non-monetary relief;
| | --- | -------------------------------------------------------------



| | (b) | a civil proceeding commenced by the service of a complaint or similar pleading; or
| | --- | ----------------------------------------------------------------------------------



| | (c) | a formal civil administrative or civil regulatory proceeding commenced by the filing of a notice of charges or similar document or by the entry of a formal order of investigation or
similar document, but only while such proceeding is also pending against an Insured Person,
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



against an Organization for a Wrongful Act, including any appeal therefrom; or



| | (3) | when used in reference to the coverage provided by Insuring Clause 4, a Securityholder Derivative Demand.
| | --- | ---------------------------------------------------------------------------------------------------------



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|---- | ----------------------------------------- | ---------------------------------
|LOGO |                                           | Executive Protection Portfolio SM
|     | Executive Liability and Entity Securities
|     | Liability Coverage Section               



---



Except as may otherwise be provided in Subsection 12, Subsection 13(g),or Subsection 15(b) of this coverage section, a
Claimwill be deemed to have first been made when such Claimis commenced as set forth in this definition (or, in the case of a written demand, including but not limited to any Securityholder Derivative Demand,when such demand
is first received by an Insured).



Defense Costsmeans that part of Loss consisting of reasonable costs, charges, fees (including but not limited to attorneys fees and experts fees) and expenses (other than regular or overtime wages, salaries, fees or benefits of the
directors, officers or employees of the Organization)incurred in defending any Claimand the premium for appeal, attachment or similar bonds.



Domestic Partner means any natural person qualifying as a domestic partner under the provisions of any applicable federal, state or local law or
under the provisions of any formal program established by the Organization.



Financial Impairmentmeans the status of an Organizationresulting from:



| | (a) | the appointment by any state or federal official, agency or court of any receiver, conservator, liquidator, trustee, rehabilitator or similar official to take control of, supervise,
manage or liquidate such Organization; or
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | such Organization becoming a debtor in possession under the United States bankruptcy law or the equivalent of a debtor in possession under the law of any other country.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Insured means the Organizationand any Insured Person.



Insured Capacitymeans the position or capacity of an Insured Personthat causes him or her to meet the definition of Insured Personset forth in this coverage section. Insured Capacitydoes not include any position or capacity held by an
Insured Personin any organization other than the Organization,even if the Organizationdirected or requested the Insured Personto serve in such position or capacity in such other organization.



Insured Personmeans any natural person who was, now is or shall
become:



| | (a) | a duly elected or appointed director, officer, Manager,or the in-house general counsel of any Organizationchartered in the United States of America;
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | a holder of a position equivalent to any position described in (a) above in an Organizationthat is chartered in any jurisdiction other than the United States of
America; or
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | solely with respect to Securities Claims,any other employee of an Organization,provided that such other employees shall not, solely by reason of their status as
employees, be Insured Personsfor purposes of Exclusion 6(c).
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Investigative Costsmeans reasonable costs, charges, fees (including but not limited to attorneys fees and experts fees) and expenses (other than regular or overtime wages, salaries, fees, or
benefits of the directors, officers, or employees of the Organization)incurred by the Organization(including its Board of Directors or any committee of its Board of Directors) in investigating or evaluating on behalf of the
Organizationwhether it is in the best interest of the Organizationto prosecute the claims alleged in a Securityholder Derivative Demand.



Page 5 of 19



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| |  |                                          
| |  | -----------------------------------------
| |  | Executive Protection Portfolio SM        
| |  | Executive Liability and Entity Securities
| |  | Liability Coverage Section               



Lossmeans:



| | (a) | the amount that any Insured Person(for purposes of Insuring Clauses 1 and 2) or the Organization(for purposes of Insuring Clause 3) becomes legally obligated to pay
on account of any covered Claim,including but not limited to damages (including punitive or exemplary damages, if and to the extent that such punitive or exemplary damages are insurable under the law of the jurisdiction most favorable to the
insurability of such damages provided such jurisdiction has a substantial relationship to the relevant Insureds,to the Company, or to the Claimgiving rise to the damages), judgments, settlements, pre-judgment and post-judgment
interest and Defense Costs; or
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | for purposes of Insuring Clause 4, covered Investigative Costs.
| | --- | ---------------------------------------------------------------



Lossdoes not include:



| | (a) | any amount not indemnified by the Organizationfor which an Insured Personis absolved from payment by reason of any covenant, agreement or court order;
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | any costs incurred by the Organizationto comply with any order for injunctive or other non-monetary relief, or to comply with an agreement to provide such relief;
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | any amount incurred by an Insuredin the defense or investigation of any action, proceeding or demand that is not then a Claimeven if (i) such amount also
benefits the defense of a covered Claim,or (ii) such action, proceeding or demand subsequently gives rise to a Claim;
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | taxes, fines or penalties, or the multiple portion of any multiplied damage award, except as provided above with respect to punitive or exemplary damages;
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------



| | (e) | any amount not insurable under the law pursuant to which this coverage section is construed, except as provided above with respect to punitive or exemplary damages;
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (f) | any amount allocated to non-covered loss pursuant to Subsection 17 of this coverage section; or
| | --- | -----------------------------------------------------------------------------------------------



| | (g) | any amount that represents or is substantially equivalent to an increase in the consideration paid (or proposed to be paid) by an Organizationin connection with its purchase
of any securities or assets.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Manager
means any natural person who was, now is or shall become a manager, member of the Board of Managers or equivalent executive of an Organizationthat is a limited liability company.



Organizationmeans, collectively, those organizations designated in Item 5 of the Declarations for this coverage
section, including any such organization in its capacity as a debtor in possession under the United States bankruptcy law or in an equivalent status under the law of any other country.



Page 6 of 19



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|     |                                           |                                  
|---- | ----------------------------------------- | ---------------------------------
|LOGO |                                           | Executive Protection Portfolio SM
|     | Executive Liability and Entity Securities
|     | Liability Coverage Section               



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Pollutantsmeans (a) any substance located anywhere in the world exhibiting any hazardous characteristics as
defined by, or identified on a list of hazardous substances issued by, the United States Environmental Protection Agency or any state, county, municipality or locality counterpart thereof, including, without limitation, solids, liquids, gaseous or
thermal irritants, contaminants or smoke, vapor, soot, fumes, acids, alkalis, chemicals or waste materials, or (b) any other air emission, odor, waste water, oil or oil products, infectious or medical waste, asbestos or asbestos products or any
noise.



Related Claimsmeans all Claims for
Wrongful Acts based upon, arising from, or in consequence of the same or related facts, circumstances, situations, transactions or events or the same or related series of facts, circumstances, situations, transactions or events.



Securities Claimmeans that portion of a Claimwhich:



| | (a) | is brought by a securityholder of an Organization
| | --- | -------------------------------------------------



| | (i) | in his or her capacity as a securityholder of such Organization,with respect to his or her interest in securities of such Organization,and against such
Organizationor any of its Insured Persons; or
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | derivatively, on behalf of such Organization,against an Insured Personof such Organization; or
| | ---- | ----------------------------------------------------------------------------------------------



| | (b) | alleges that an Organization or any of its Insured Persons
| | --- | ----------------------------------------------------------



| | (i) | violated a federal, state, local or foreign securities law or a rule or regulation promulgated under any such securities law; or
| | --- | --------------------------------------------------------------------------------------------------------------------------------



| | (ii) | committed a Wrongful Actthat constitutes or arises from a purchase, sale, or offer to purchase or sell securities of such Organization.
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------



provided that Securities Claimdoes not include any Claimby
or on behalf of a former, current, future or prospective employee of the Organizationthat is based upon, arising from, or in consequence of any offer, grant or issuance, or any plan or agreement relating to the offer, grant or issuance, by
the Organizationto such employee in his or her capacity as such of stock, stock warrants, stock options or other securities of the Organization,or any payment or instrument the amount or value of which is derived from the value of
securities of the Organization;and provided, further, that Securities Claimdoes not include any Securityholder Derivative Demand.



Securityholder Derivative Demandmeans:



| | (a) | any written demand, by a securityholder of an Organization,upon the Board of Directors or Board of Managersof such Organizationto bring a civil proceeding in
a court of law against an Insured Person for a Wrongful Act; or
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | any lawsuit by a securityholder of an Organization,brought derivatively on behalf of such Organizationagainst an Insured Person for a Wrongful Act
without first making a demand as described in (a) above,
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

provided such demand or lawsuit is brought and maintained
without any active assistance or participation of, or solicitation by, any Insured Person.



Page 7 of 19



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| |  |                                          
| |  | -----------------------------------------
| |  | Executive Protection Portfolio SM        
| |  | Executive Liability and Entity Securities
| |  | Liability Coverage Section               



Subsidiary,
either in the singular or plural, means any organization while more than fifty percent (50%) of the outstanding securities or voting rights representing the present right to vote for election of or to appoint directors or Managers of
such organization are owned or controlled, directly or indirectly, in any combination, by one or more Organizations.



Wrongful Actmeans:



| | (a) | any error, misstatement, misleading statement, act, omission, neglect, or breach of duty committed, attempted, or allegedly committed or attempted by an Insured Personin his
or her Insured Capacity,or for purposes of coverage under Insuring Clause 3, by the Organization, or
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | any other matter claimed against an Insured Personsolely by reason of his or her serving in an Insured Capacity.
| | --- | ----------------------------------------------------------------------------------------------------------------



---



Exclusions



Applicable To All Insuring Clauses



| | 6. | The Company shall not be liable for Losson account of any Claim:
| | -- | ----------------------------------------------------------------



| | (a) | based upon, arising from, or in consequence of any fact, circumstance, situation, transaction, event or Wrongful Act that, before the inception date set forth in
Item 2 of the Declarations of the General Terms and Conditions, was the subject of any notice given under any policy or coverage section of which this coverage section is a direct or indirect renewal or replacement;
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | based upon, arising from, or in consequence of any demand, suit or other proceeding pending against, or order, decree or judgment entered for or against any Insured,on or
prior to the Pending or Prior Date set forth in Item 7 of the Declarations for this coverage section, or the same or substantially the same fact, circumstance or situation underlying or alleged therein;
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | brought or maintained by or on behalf of any Insuredin any capacity; provided that this Exclusion 6(c) shall not apply to:
| | --- | --------------------------------------------------------------------------------------------------------------------------



| | (i) | a Claimbrought or maintained derivatively on behalf of the Organizationby one or more securityholders of the Organization,provided such Claimis
brought and maintained without any active assistance or participation of, or solicitation by, any Insured Person;
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | an employment Claimbrought or maintained by or on behalf of an Insured Person;
| | ---- | ------------------------------------------------------------------------------



| | (iii) | a Claimbrought or maintained by an Insured Personfor contribution or indemnity, if such Claimdirectly results from another Claimcovered under this
coverage section; or
| | ----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iv) | a Claimbrought by an Insured Personwho has not served in an Insured Capacity for at least four (4) years prior to the date such Claimis first
made and who brings and maintains such Claimwithout any active assistance or participation of, or solicitation by, the Organizationor any other Insured Personwho is serving or has served in an Insured Capacitywithin
such four (4) year period;
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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|     | Executive Liability and Entity Securities
|     | Liability Coverage Section               



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| | (d) | based upon, arising from, or in consequence of:
| | --- | -----------------------------------------------



| | (i) | any actual, alleged, or threatened exposure to, or generation, storage, transportation, discharge, emission, release, dispersal, escape, treatment, removal or disposal of any
Pollutants; or
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | any regulation, order, direction or request to test for, monitor, clean up, remove, contain, treat, detoxify or neutralize any Pollutants,or any action taken in
contemplation or anticipation of any such regulation, order, direction or request,
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



including but not limited to any Claimfor financial loss to the Organization,its securityholders or its creditors based upon, arising
from, or in consequence of any matter described in clause (i) or clause (ii) of this Exclusion 6(d);



| | (e) | for bodily injury, mental anguish, emotional distress, sickness, disease or death of any person or damage to or destruction of any tangible property including loss of use thereof
whether or not it is damaged or destroyed; provided that this Exclusion 6(e) shall not apply to mental anguish or emotional distress for which a claimant seeks compensation in an employment Claim;
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (f) | for an actual or alleged violation of the responsibilities, obligations or duties imposed on fiduciaries by the Employee Retirement Income Security Act of 1974, or any amendments
thereto, or any rules or regulations promulgated thereunder, or any similar provisions of any federal, state, or local statutory law or common law anywhere in the world;
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (g) | for Wrongful Acts of an Insured Personin his or her capacity as a director, officer, manager, trustee, regent, governor or employee of any entity other than the
Organization,even if the Insured Persons servicein such capacity is with the knowledge or consent or at the request of the Organization; or
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (h) | made against a Subsidiaryor an Insured Person ofsuch Subsidiaryfor any Wrongful Act committed, attempted, or allegedly committed or attempted during
any time when such entity was not a Subsidiary
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---



Applicable To Insuring Clauses 1 and 2 Only



| | 7. | The Company shall not be liable under Insuring Clause 1 or 2 for Losson account of any Claimmade against any Insured Person:
| | -- | ----------------------------------------------------------------------------------------------------------------------------



| | (a) | for an accounting of profits made from the purchase or sale by such Insured Personof securities of the Organizationwithin the meaning of Section 16(b) of the
Securities Exchange Act of 1934, any amendments thereto, or any similar provision of any federal, state, or local statutory law or common law anywhere in the world; or
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | based upon, arising from, or in consequence of:
| | --- | -----------------------------------------------



| | (i) | the committing in fact of any deliberately fraudulent act or omission or any willful violation of any statute or regulation by such Insured Person;or
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------



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| |  | Executive Protection Portfolio SM        
| |  | Executive Liability and Entity Securities
| |  | Liability Coverage Section               



| | (ii) | such Insured Personhaving gained in fact any profit, remuneration or advantage to which such Insured Personwas not legally entitled,
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------



as evidenced by (A) any written statement or written document by any
insuredor (B) any judgment or ruling in any judicial, administrative or alternative dispute resolution proceeding.



---



Applicable To Insuring Clause 3 Only



| | 8. | The Company shall not be liable under Insuring Clause 3 for Losson account of any Securities Claimmade against any Organization:
| | -- | --------------------------------------------------------------------------------------------------------------------------------



| | (a) | based upon, arising from, or in consequence of:
| | --- | -----------------------------------------------



| | (i) | the committing in fact of any deliberately fraudulent act or omission or any willful violation of any statute or regulation by an Organizationor by any past, present or
future chief financial officer, in-house general counsel, president, chief executive officer or chairperson of an Organization;or
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | such Organizationhaving gained in fact any profit, remuneration or advantage to which such Organizationwas not legally entitled,
| | ---- | --------------------------------------------------------------------------------------------------------------------------------



as evidenced by (A) any written statement or written document by any
Insuredor (B) any judgment or ruling in any judicial, administrative or alternative dispute resolution proceeding; or



| | (b) | for any actual or alleged liability of an Organizationunder any contract or agreement that relates to the purchase, sale, or offer to purchase or sell any securities;
provided that this Exclusion 8(b) shall not apply to liability that would have attached to such Organizationin the absence of such contract or agreement.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---



Severability of Exclusions



|   |  |     |  |                                                                                                                                                                                                                                                                                                                                  
|-- |  | --- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|9. |  | (a) |  | No fact pertaining to or knowledge possessed by any Insured Personshall be imputed to any other Insured Personfor the purpose of applying the exclusions in Subsection 7 of this
coverage section.                                                                                                                               
|   |  | (b) |  | Only facts pertaining to and knowledge possessed by any past, present, or future chief financial officer, in-house general counsel, president, chief executive officer or chairperson of an
Organizationshall be imputed to such Organizationfor the purpose of applying the exclusions in Subsection 8 of this coverage section.



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Spouses, Estates and Legal Representatives



| | 10. | Subject otherwise to the General Terms and Conditions and the limitations, conditions, provisions and other terms of this coverage section, coverage shall extend to Claimsfor the Wrongful Actsof an Insured Personmade against:
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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|     | Executive Liability and Entity Securities
|     | Liability Coverage Section               



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| | (a) | the estate, heirs, legal representatives or assigns of such Insured Personif such Insured Personis deceased or the legal representatives or assigns of such
Insured Personif such Insured Personis incompetent, insolvent or bankrupt; or
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | the lawful spouse or Domestic Partnerof such Insured Personsolely by reason of such spouse or Domestic Partnersstatus as a spouse or Domestic
Partner,or such spouse or Domestic Partnersownership interest in property which the claimant seeks as recovery for an alleged Wrongful Actof such Insured Person.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



All terms and conditions of this coverage section, including without
limitation the Retention, applicable to Lossincurred by the Insured Persons,shall also apply to loss incurred by the estates, heirs, legal representatives, assigns, spouses and Domestic Partnersof such Insured Persons.The coverage provided by this Subsection 10 shall not apply with respect to any loss arising from an act or omission by an Insured Personsestate, heirs, legal representatives, assigns, spouse or Domestic Partner.



---



Coordination With Employment Practices Liability Coverage Section



| | 11. | Any Lossotherwise covered by both (i) this coverage section and (ii) any employment practices liability coverage section or policy issued by the Company or by any
affiliate of the Company (an Employment Practices Liability Coverage) first shall be covered as provided in, and shall be subject to the limit of liability, retention and coinsurance percentage applicable to such Employment Practices
Liability Coverage. Any remaining Lossotherwise covered by this coverage section which is not paid under such Employment Practices Liability Coverage shall be covered as provided in, and shall be subject to the Limit of Liability, Retention
and Coinsurance Percentage applicable to this coverage section; provided the Retention applicable to such Lossunder this coverage section shall be reduced by the amount of Lossotherwise covered by this coverage section which is paid
by the Insuredsas the retention under such Employment Practices Liability Coverage.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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Extended Reporting Period



| | 12. | If the Company or the Parent Organizationterminates or does not renew this coverage section, other than termination by the Company for nonpayment of premium, the Parent
Organizationand the Insured Personsshall have the right, upon payment of the additional premium set forth in Item 6(B) of the Declarations for this coverage section, to an extension of the coverage granted by this coverage section
for Claimsthat are (i) first made during the period set forth in Item 6(A) of the Declarations for this coverage section (the Extended Reporting Period) following the effective date of termination or nonrenewable, and
(ii) reported to the Company in writing within the time provided in Subsection 15(a) of this coverage section, but only to the extent such Claims are for Wrongful Acts committed, attempted, or allegedly committed or attempted
before the earlier of the effective date of termination or nonrenewal or the date of the first merger, consolidation or acquisition event described in Subsection 21 below. The offer of renewal terms and conditions or premiums different from those in
effect prior to renewal shall not constitute refusal to renew. The right to purchase an extension of coverage as described in this Subsection shall lapse unless written notice of election to purchase the extension, together with payment of the
additional premium due, is received by the Company within thirty (30) days after the effective date of termination or nonrenewal Any Claimmade during the Extended Reporting Period shall be deemed to have been made during the immediately
preceding Policy Period.The entire additional premium for the Extended Reporting Period shall be deemed fully earned at the inception of such Extended Reporting Period.
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| |  | Liability Coverage Section               



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Limit of Liability, Retention and Coinsurance



| | 13.       (a) | The Companys maximum liability for all Losson account of each Claim,whether covered under one or more Insuring Clauses, shall be the Limit of Liability set
forth in Item 2(A) of the Declarations for this coverage section. The Companys maximum aggregate liability for all Losson account of all Claimsfirst made during the Policy Period,whether covered under one or more
Insuring Clauses, shall be the Limit of Liability for each Policy Periodset forth in Item 2(B) of the Declarations for this coverage section.
| | ------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | The Companys maximum aggregate liability under Insuring Clause 4 for all Investigative Costson account of all Securityholder Derivative Demandsshall be the
Sublimit set forth in Item 2(C) of the Declarations for this coverage section. Such Sublimit is part of, and not in addition to, the Limits of Liability set forth in Items 2(A) and 2(B) of the Declarations.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | Defense Costsare part of, and not in addition to, the Limits of Liability set forth in Item 2 of the Declarations for this coverage section, and the payment by the
Company of Defense Costsshall reduce and may exhaust such applicable Limits of Liability.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | The Companys liability under Insuring Clause 2 or 3 shall apply only to that part of covered Loss(as determined by any applicable provision in Subsection 17 of this
coverage section) on account of each Claimwhich is excess of the applicable Retention set forth in Item 4 of the Declarations for this coverage section. Such Retention shall be depleted only by Lossotherwise covered under this
coverage section and shall be borne by the Insuredsuninsured and at their own risk. Except as otherwise provided in Subsection 14, no Retention shall apply to any Lossunder Insuring Clause 1 or 4.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (e) | If different parts of a single Claimare subject to different Retentions, the applicable Retentions will be applied separately to each part of such Claim,but the sum
of such Retentions shall not exceed the largest applicable Retention.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (f) | To the extent that Lossresulting from a Securities Claimis covered under Insuring Clause 2 or 3 (as determined by Subsection 17(a) of this coverage section) and is
in excess of the applicable Retention, the Insuredsshall bear uninsured and at their own risk that percentage of such Lossspecified as the Coinsurance Percentage in Item 3(A) of the Declarations for this coverage section, and
the Companys liability shall apply only to the remaining percentage of such Loss.To the extent that Lossresulting from a Claimother than a Securities Claimis covered under Insuring Clause 2 or 3 (as determined
by Subsection 17(b) of this coverage section) and is in excess of the applicable Retention, the Insuredsshall bear uninsured and at their own risk that percentage of such Loss specified as the Coinsurance Percentage in Item 3(B)
of the Declarations for this coverage section, and the Companys liability shall apply only to the remaining percentage of such Loss.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (g) | All Related Claimsshall be treated as a single Claimfirst made on the date the earliest of such Related Claimswas first made, or on the date the earliest of
such Related Claimsis treated as having been made in accordance with Subsection 15(b) below, regardless of whether such date is before or during the Policy Period.
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| | (h) | The limit of liability available during the Extended Reporting Period (if exercised) shall be part of, and not in addition to, the Companys maximum aggregate limit of
liability for all Losson account of all Claimsfirst made during the immediately preceding Policy Period.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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Presumptive Indemnification



| | 14. | If the Organizationfails or refuses, other than for reason of Financial Impairment,to indemnify an Insured Person for Loss, or to advance Defense
Costson behalf of an Insured Person, to the fullest extent permitted by statutory or common law, then, notwithstanding any other conditions, provisions or terms of this coverage section to the contrary, any payment by the Company of such
Defense Costs or other Lossshall be subject to:
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | the applicable Insuring Clause 2 Retention set forth in Item 4 of the Declarations for this coverage section; and
| | --- | -----------------------------------------------------------------------------------------------------------------



| | (ii) | the applicable Coinsurance Percentage set forth in Item 3 of the Declarations for this coverage section.
| | ---- | --------------------------------------------------------------------------------------------------------



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Reporting and Notice



| | 15.       (a) | The Insureds shall, as a condition precedent to exercising any right to coverage under this coverage section, give to the Company written notice of any Claimas soon as
practicable, but in no event later than the earliest of the following dates:
| | ------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | sixty (60) days after the date on which any Organizationschief financial officer, in-house general counsel, risk manager, president, chief executive officer or
chairperson first becomes aware that the Claimhas been made;
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | if this coverage section expires (or is otherwise terminated) without being renewed and if no Extended Reporting Period is purchased, sixty (60) days after the effective date
of such expiration or termination; or
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iii) | the expiration date of the Extended Reporting Period, if purchased;
| | ----- | -------------------------------------------------------------------



provided that if the Company sends written notice to the Parent Organization, at any time before the date set forth in (i) above with respect
to any Claim,stating that this coverage section is being terminated for nonpayment of premium, the Insureds shall give to the Company written notice of such Claimprior to the effective date of such termination.



| | (b) | If during the Policy Periodan Insured:
| | --- | --------------------------------------



| | (i) | becomes aware of circumstances which could give rise to a Claimand gives written notice of such circumstances to the Company;
| | --- | -----------------------------------------------------------------------------------------------------------------------------



| | (ii) | receives a written request to toll or waive a statute of limitations applicable to Wrongful Actscommitted, attempted, or allegedly committed or attempted before or during
the Policy Periodand gives written notice of such request and of such alleged Wrongful Actsto the Company; or
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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| |  | Liability Coverage Section               



| | (iii) | gives written notice to the Company of a Securityholder Derivative Demand,
| | ----- | --------------------------------------------------------------------------



then any Claimsubsequently arising from the circumstances referred to in (i) above, from the Wrongful Actsreferred to in (ii) above, or from the Securityholder Derivative Demandreferred to in (iii) above, shall be deemed to have been first made during the Policy Periodin which the written notice described in (i),
(ii) or (iii) above was first given by an Insuredto the Company, provided any such subsequent Claimis reported to the Company as set forth in Subsection 15(a) above. With respect to any such subsequent Claim,no
coverage under this coverage section shall apply to loss incurred prior to the date such subsequent Claimis actually made.



| | (c) | The Insuredsshall, as a condition precedent to exercising any right to coverage under this coverage section, give to the Company such information, assistance, and
cooperation as the Company may reasonably require, and shall include in any notice under Subsection 15(a) or (b) a description of the Claim,circumstances, or Securityholder Derivative Demand,the nature of any alleged Wrongful
Acts,the nature of the alleged or potential damage, the names of all actual or potential claimants, the names of all actual or potential defendants, and the manner in which such Insuredfirst became aware of the Claim,circumstances, or Securityholder Derivative Demand.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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Defense and Settlement



| | 16.    (a) | It shall be the duty of the Insuredsand not the duty of the Company to defend Claimsmade against the Insureds.
| | ---------- | --------------------------------------------------------------------------------------------------------------



| | (b) | The Insuredsagree not to settle or offer to settle any Claim,incur any Defense Costsor otherwise assume any contractual obligation or admit any
liability with respect to any Claimwithout the Companys prior written consent. The Company shall not be liable for any element of Lossincurred, for any obligation assumed, or for any admission made, by any Insuredwithout the Companys prior written consent. Provided the Insuredscomply with Subsections 16(c) and (d) below, the Company shall not unreasonably withhold any such consent.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | With respect to any Claimthat appears reasonably likely to be covered in whole or in part under this coverage section, the Company shall have the right and shall be given
the opportunity to effectively associate with the Insureds,and shall be consulted in advance by the Insureds,regarding the investigation, defense and settlement of such Claim,including but not limited to selecting appropriate
defense counsel and negotiating any settlement.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | The Insuredsagree to provide the Company with all information, assistance and cooperation which the Company may reasonably require and agree that in the event of a Claimthe Insuredswill do nothing that could prejudice the Companys position or its potential or actual rights of recovery.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (e) | Any advancement of Defense Costsshall be repaid to the Company by the Insureds,severally according to their respective interests, if and to the extent it is
determined that such Defense Costsare not insured under this coverage section.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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Allocation



| | 17.    (a) | If in any Securities Claimthe Insuredsincur both Lossthat is covered under this coverage section and loss that is not covered under this coverage section,
the Insuredsand the Company shall allocate such amount between covered Lossand non-covered loss as follows:
| | ---------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | The portion, if any, of such amount that is in part covered and in part not covered under Insuring Clause 2 shall be allocated in its entirety to covered Loss,subject,
however, to the applicable Retention and Coinsurance Percentage set forth in Items 4(C) and 3(A) of the Declarations for this coverage section, respectively; and
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | The portion, if any, of such amount that is in part covered and in part not covered under Insuring Clause 1 or 3 shall be allocated between covered Loss and non-covered loss
based on the relative legal and financial exposures of the Insuredsto covered and non-covered matters and, in the event of a settlement in such Securities Claim,based also on the relative benefits to the Insuredsfrom
settlement of the covered matters and from settlement of the non-covered matters; provided that the amount so allocated to covered Loss under Insuring Clause 3 shall be subject to the Retention and Coinsurance Percentage set forth in Items
4(C) and 3(A) of the Declarations for this coverage section, respectively.
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



The Company shall not be liable under this coverage section for the portion of such amount allocated to non-covered loss. The allocation described in (i) above shall be final and binding on the Company and the
Insuredsunder Insuring Clause 2, but shall not apply to any allocation under Insuring Clauses 1 and 3.



| | (b) | If in any Claimother than a Securities Claim the Insured Persons incur both Lossthat is covered under this coverage section and loss that is not
covered under this coverage section, either because such Claimincludes both covered and non-covered matters or because such Claimis made against both Insured Personsand others (including the Organization), the
Insureds and the Company shall allocate such amount between covered Lossand non-covered loss based on the relative legal and financial exposures of the parties to covered and non-covered matters and, in the event of a settlement in
such Claim,based also on the relative benefits to the parties from such settlement. The Company shall not be liable under this coverage section for the portion of such amount allocated to non-covered loss.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | If the Insuredsand the Company agree on an allocation of Defense Costs,the Company shall advance on a current basis Defense Costsallocated to the covered
Loss.If the Insuredsand the Company cannot agree on an allocation:
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | no presumption as to allocation shall exist in any arbitration, suit or other proceeding;
| | --- | -----------------------------------------------------------------------------------------



| | (ii) | the Company shall advance on a current basis Defense Costswhich the Company believes to be covered under this coverage section until a different allocation is negotiated,
arbitrated or judicially determined; and
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iii) | the Company, if requested by the Insureds,shall submit the dispute to binding arbitration. The rules of the American Arbitration Association shall apply except with respect
to the selection of the arbitration panel, which shall consist of one arbitrator selected by the Insureds,one arbitrator selected by the Company, and a third independent arbitrator selected by the first two arbitrators.
| | ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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| |  | Liability Coverage Section               



| | (d) | Any negotiated, arbitrated or judicially determined allocation of Defense Costson account of a Claimshall be applied retroactively to all Defense Costson
account of such Claim, notwithstanding any prior advancement to the contrary. Any allocation or advancement of Defense Costs on account of a Claimshall not apply to or create any presumption with respect to the allocation of
other Losson account of such Claim.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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Other Insurance



| | 18. | If any Lossunder this coverage section is insured under any other valid insurance policy(ies), then this coverage section shall cover such Loss,subject to its
limitations, conditions, provisions and other terms, only to the extent that the amount of such Lossis in excess of the applicable retention (or deductible) and limit of liability under such other insurance, whether such other insurance is
stated to be primary, contributory, excess, contingent or otherwise, unless such other insurance is written only as specific excess insurance over the Limits of Liability provided in this coverage section. Any payment by Insuredsof a
retention or deductible under such other insurance shall reduce, by the amount of such payment which would otherwise have been covered under this coverage section, the applicable Retention under this coverage section.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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Payment of Loss



| | 19. | In the event payment of Loss is due under this coverage section but the amount of such Lossin the aggregate exceeds the remaining available Limit of Liability for
this coverage section, the Company shall:
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (a) | first pay such Loss for which coverage is provided under Insuring Clause 1 of this coverage section; then
| | --- | ---------------------------------------------------------------------------------------------------------



| | (b) | to the extent of any remaining amount of the Limit of Liability available after payment under (a) above, pay such Lossfor which coverage is provided under any other
Insuring Clause of this coverage section.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Except as otherwise provided in this Subsection 19, the Company may pay covered Lossas it becomes due under this coverage section without regard to the potential for other future payment obligations under this coverage section.



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Changes in Exposure



Acquisition /Creation of Another Organization



| | 20. | If before or during the Policy Periodany Organization:
| | --- | ------------------------------------------------------



| | (a) | acquires securities or voting rights in another organization or creates another organization, which as a result of such acquisition or creation becomes a Subsidiary; or
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | acquires another organization by merger into or consolidation with an Organizationsuch that the Organizationis the surviving entity.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------



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such other organization and its Insured Personsshall be Insureds under this coverage section, but only with
respect to Wrongful Actscommitted, attempted, or allegedly committed or attempted after such acquisition or creation unless the Company agrees, after presentation of a complete application and all other appropriate information, to provide
coverage by endorsement for Wrongful Actscommitted, attempted, or allegedly committed or attempted by such Insuredsbefore such acquisition or creation.



If the total assets of any such acquired organization or new Subsidiaryexceed ten percent (10%) of the total
assets of the Parent Organization(as reflected in the most recent audited consolidated financial statements of such organization and the Parent Organization,respectively, as of the date of such acquisition or creation), the Parent
Organizationshall give written notice of such acquisition or creation to the Company as soon as practicable, but in no event later than sixty (60) days after the date of such acquisition or creation, together with such other information as
the Company may require and shall pay any reasonable additional premium required by the Company. If the Parent Organizationfails to give such notice within the time specified in the preceding sentence, or fails to pay the additional premium
required by the Company, coverage for such acquired or created organization and its Insured Personsshall terminate with respect to Claimsfirst made more than sixty (60) days after such acquisition or creation. Coverage for any
acquired or created organization described in this paragraph, and for the Insured Personsof such organization, shall be subject to such additional or different terms, conditions and limitations of coverage as the Company in its sole
discretion may require.



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Acquisition by Another Organization



| | 21. | If:
| | --- | ---



| | (a) | the Parent Organizationmerges into or consolidates with another organization and the Parent Organizationis not the surviving entity; or
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------



| | (b) | another organization or person or group of organizations and/or persons acting in concert acquires securities or voting rights which result in ownership or voting control by the
other organization(s) or person(s) of more than fifty percent (50%) of the outstanding securities or voting rights representing the present right to vote for the election of or to appoint directors or Managersof the Parent
Organization,
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



coverage under this coverage
section shall continue until termination of this coverage section, but only with respect to Claims for Wrongful Actscommitted, attempted, or allegedly committed or attempted by Insuredsbefore such merger, consolidation or
acquisition. Upon the occurrence of any event described in (a) or (b) of this Subsection 21, the entire premium for this coverage section shall be deemed fully earned. The Parent Organizationshall give written notice of such
merger, consolidation or acquisition to the Company as soon as practicable, but in no event later than sixty (60) days after the date of such merger, consolidation or acquisition, together with such other information as the Company may require.
Upon receipt of such notice and information and at the request of the Parent Organization,the Company shall provide to the Parent Organizationa quotation for an extension of coverage (for such period as may be negotiated between the
Company and the Parent Organization)with respect to Claims for Wrongful Actscommitted, attempted, or allegedly committed or attempted by Insuredsbefore such merger, consolidation or acquisition. Any coverage extension
pursuant to such quotation shall be subject to such additional or different terms, conditions and limitations of coverage, and payment of such additional premium, as the Company in its sole discretion may require.



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Cessation of Subsidiary



| | 22. | In the event an organization ceases to be a Subsidiarybefore or during the Policy Period,coverage with respect to such Subsidiaryand its Insured Personsshall continue until termination of this coverage section, but only with respect to Claims for Wrongful Acts committed, attempted, or allegedly committed or attempted while such organization was a Subsidiary.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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Related Entity Public Offering



| | 23. | If any Organizationfiles or causes to be filed, with the United States Securities and Exchange Commission or an equivalent agency or government department in any country
other than the United States of America, any registration statement in contemplation of a public offering of equity securities by any entity other than the Parent Organization (irrespective of whether such public offering is an initial public
offering or a secondary or other offering subsequent to an initial public offering), then the Company shall not be liable for Losson account of any Claimbased upon, arising from, or in consequence of such registration statement or
the sale, offer to sell, distribution or issuance of any securities pursuant to such registration statement, unless (i) the Company receives written notice at least thirty (30) days prior to the effective date of such registration
statement providing full details of the contemplated offering, and (ii) the Company, in its sole discretion, agrees by written endorsement to this coverage section to provide coverage for such Claimsupon such terms and conditions,
subject to such limitations and other provisions, and for such additional premium as the Company may require. If the Company in its sole discretion agrees to provide coverage for such Claims,the additional premium specified by the Company
shall be payable to the Company in full not later than the date on which such registration statement becomes effective.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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Representations and Severability



| | 24. | In issuing this coverage section the Company has relied upon the statements, representations and information in the Application.All of the Insuredsacknowledge and
agree that all such statements, representations and information (i) are true and accurate, (ii) were made or provided in order to induce the Company to issue this coverage section, and (iii) are material to the Companys
acceptance of the risk to which this coverage section applies.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



In the event that any of the statements, representations or information in the Applicationare not true and accurate, this coverage section shall be void with respect to (i) any Insuredwho knew as
of the effective date of the Applicationthe facts that were not truthfully and accurately disclosed (whether or not the Insuredknew of such untruthful disclosure in the Application)or to whom knowledge of such facts is
imputed, and (ii) the Organizationunder Insuring Clause 2 to the extent it indemnifies an Insured Personwho had such actual or imputed knowledge. For purposes of the preceding sentence:



| | (a) | the knowledge of any Insured Person who is a past, present or future chief financial officer, in-house general counsel, chief executive officer, president or chairperson of
an Organization shall be imputed to such Organization and its Subsidiaries;
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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| | (b) | the knowledge of the person(s) who signed the Applicationfor this coverage section shall be imputed to all of the Insureds;and
| | --- | ------------------------------------------------------------------------------------------------------------------------------



| | (c) | except as provided in (a) above, the knowledge of an Insured Personwho did not sign the Applicationshall not be imputed to any other Insured.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------



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