Document:

EX-10.2

 Exhibit 10.2 

Certain confidential material contained in this document has been omitted pursuant to a request for confidential treatment and has been filed separately with
the Securities and Exchange Commission. Each omission has been marked with “[Redacted].” 
  

 
  

TRUST AGREEMENT 
 by and
among 
 NATIONAL UNION FIRE INSURANCE COMPANY OF PITTSBURGH, PA. 

and 
 NATIONAL INDEMNITY
COMPANY 
 and 

WELLS FARGO BANK, NATIONAL ASSOCIATION 

Dated as of January 20, 2017 
  

 
  

 Table of Contents 

 

							
	 	    	 	  	Page	 
			
		    	ARTICLE I	  			
		    	DEFINED TERMS	  			
			
	 Section 1.1
	    	Definitions	  	 	1	  
	 Section 1.2
	    	Interpretation	  	 	5	  
			
		    	ARTICLE II	  			
		    	MODIFICATION UPON A COLLATERAL TRIGGERING EVENT	  			
			
	 Section 2.1
	    	Collateral Triggering Event	  	 	6	  
			
		    	ARTICLE III	  			
		    	MODIFICATION UPON A REINSURANCE CREDIT EVENT	  			
			
	 Section 3.1
	    	Reinsurance Credit Event	  	 	6	  
			
		    	ARTICLE IV	  			
		    	CREATION OF TRUST ACCOUNT	  			
			
	 Section 4.1
	    	Obligations of the Beneficiaries’ Agent and the Grantor	  	 	7	  
	 Section 4.2
	    	Purpose of the Trust	  	 	7	  
	 Section 4.3
	    	Grantor Trust for United States Federal Income Tax Purposes	  	 	8	  
	 Section 4.4
	    	Designation of Agents	  	 	8	  
	 Section 4.5
	    	Title to Assets	  	 	8	  
			
		    	ARTICLE V	  			
		    	MAINTENANCE OF THE TRUST	  			
			
	 Section 5.1
	    	Substitution of Trust Account Assets	  	 	8	  
	 Section 5.2
	    	Valuation of Assets	  	 	8	  
	 Section 5.3
	    	Quarterly Certification	  	 	9	  
			
		    	ARTICLE VI	  			
		    	RELEASE AND ADJUSTMENT OF TRUST ACCOUNT ASSETS	  			
			
	 Section 6.1
	    	Adjustment of Trust Account Assets	  	 	9	  
	 Section 6.2
	    	Release of Trust Account Assets to the Beneficiaries’ Agent	  	 	10	  
	 Section 6.3
	    	Release of Trust Account Assets to the Grantor	  	 	10	  
			
		    	ARTICLE VII	  			
		    	DUTIES OF THE TRUSTEE	  			
			
	 Section 7.1
	    	Acceptance of Assets by the Trustee	  	 	11	  

							
	 Section 7.2
	    	 Collection of Interest and Dividends; Voting Rights; Investment by the Trustee
	  	 	11	  
	 Section 7.3
	    	 Obligations of the Trustee
	  	 	11	  
	 Section 7.4
	    	 Responsibilities of the Trustee
	  	 	12	  
	 Section 7.5
	    	 Books and Records
	  	 	13	  
	 Section 7.6
	    	 Activity Reports
	  	 	13	  
	 Section 7.7
	    	 Resignation or Removal of the Trustee; Appointment of Successor Trustee
	  	 	13	  
	 Section 7.8
	    	 Release of Information
	  	 	13	  
	 Section 7.9
	    	 Indemnification of the Trustee
	  	 	14	  
	 Section 7.10
	    	 Charges of the Trustee
	  	 	14	  
	 Section 7.11
	    	 Limitations of the Trustee
	  	 	14	  
	 Section 7.12
	    	 Concerning the Trustee
	  	 	14	  
			
		    	ARTICLE VIII	  			
		    	GRANT OF SECURITY INTEREST	  			
			
	 Section 8.1
	    	Establishment and Maintenance of the Trust Account	  	 	15	  
	 Section 8.2
	    	 Grant of Security Interest
	  	 	15	  
	 Section 8.3
	    	 Limitation on Exercise of Remedies
	  	 	16	  
	 Section 8.4
	    	 Other Matters
	  	 	16	  
			
		    	ARTICLE IX	  			
		    	TERMINATION	  			
			
	 Section 9.1
	    	Termination	  	 	16	  
	 Section 9.2
	    	 Disposition of Assets Upon Termination
	  	 	16	  
	 Section 9.3
	    	 No Termination Due to Insolvency of Beneficiaries or Beneficiaries’ Agent
	  	 	16	  
			
		    	ARTICLE X	  			
		    	GENERAL PROVISIONS	  			
			
	 Section 10.1
	    	Notices	  	 	17	  
	 Section 10.2
	    	 Entire Agreement
	  	 	18	  
	 Section 10.3
	    	 Waiver and Amendment
	  	 	18	  
	 Section 10.4
	    	 Successors and Assigns
	  	 	18	  
	 Section 10.5
	    	 Headings
	  	 	19	  
	 Section 10.6
	    	 Governing Law and Jurisdiction
	  	 	19	  
	 Section 10.7
	    	 No Third Party Beneficiaries
	  	 	19	  
	 Section 10.8
	    	 Counterparts
	  	 	19	  
	 Section 10.9
	    	 Severability
	  	 	19	  
	 Section 10.10
	    	 Incontestability
	  	 	19	  
	 Section 10.11
	    	 Set-Off
	  	 	19	  
	 Section 10.12
	    	 Currency
	  	 	19	  

							
		    	ARTICLE XI	  			
		    	DISPUTE RESOLUTION; ARBITRATION	  			
			
	 Section 11.1
	    	Arbitration of Disputes Not Resolved by Negotiation	  	 	20	  
	 Section 11.2
	    	 Procedure for Arbitration and Mandatory
Pre-Arbitration Negotiation
	  	 	20	  
	 Section 11.3
	    	 Permitted Judicial Proceedings
	  	 	20	  
	 Section 11.4
	    	 Disputes to Which the Trustee is a Required Party
	  	 	20	  
			
		    	ARTICLE XII	  			
		    	EFFECTIVE DATE AND EXECUTION	  			
			
	 Appendix A
	    	Trust Provisions Following a Reinsurance Credit Event	  			

 TRUST AGREEMENT 

THIS TRUST AGREEMENT (this “Trust Agreement”) is made and entered into as of
January 20, 2017, by and among National Union Fire Insurance Company of Pittsburgh, Pa., a Pennsylvania property and casualty insurance company acting on its own behalf and as agent for
all Beneficiaries named herein (“Beneficiaries’ Agent”), National Indemnity Company, a Nebraska property and casualty insurance company (the “Grantor”)
and Wells Fargo Bank, National Association, a national banking association, as trustee (“Trustee”). 

WHEREAS, the Beneficiaries and the Grantor have entered into an Aggregate Excess of Loss Reinsurance Agreement, dated as of
January 20, 2017 (the “Reinsurance Agreement”); 
 WHEREAS, the Reinsurance
Agreement contemplates that the Grantor and Beneficiaries’ Agent enter into this Trust Agreement whereby the Grantor creates a trust to hold assets as security for the satisfaction of the obligations of the Grantor to Beneficiary under the
Reinsurance Agreement; and 
 WHEREAS, the parties intend that, in the event of a Reinsurance Credit Event, certain provisions of
this Trust Agreement shall cease to be effective, and other provisions shall be effective thereafter, as described in Article III. 

NOW THEREFORE, the Grantor, the Beneficiaries’ Agent and the Trustee (each individually, a “Party”
and collectively, the “Parties”), in consideration of the mutual covenants contained herein and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, and upon the terms and
conditions hereinafter set forth, agree as follows: 
 ARTICLE I 

DEFINED TERMS 

Section 1.1 Definitions. The following terms, when used in this Trust Agreement, shall have the meanings set forth in this
Section 1.1. The terms defined below shall be deemed to refer to the singular or plural, as the context requires. 

(a) “Actually Paid” shall have the meaning provided in the Reinsurance Agreement. 

(b) “Affiliate” means, with respect to any Person, any other Person that, directly or indirectly, controls, is controlled by,
or is under common control with, such Person, where “control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management policies of a Person, whether through the ownership of voting
securities, by contract or otherwise. 
 (c) “Aggregate Limit” shall have the meaning set forth in the Reinsurance
Agreement. 
 (d) “Assets” means the assets held in the Trust Account, including, as applicable, Eligible Investments and
Permitted Investments. 
 (e) “Beneficiaries’ Agent” shall have the meaning set forth in the preamble hereof.

 (f) “Beneficiary” means each of AIG Assurance Company, AIG Property Casualty Company, AIG Specialty Insurance Company,
AIU Insurance Company, American Home Assurance Company, Commerce and Industry Insurance Company, Granite State Insurance Company, Illinois National Insurance Company, Lexington Insurance Company, National Union Fire Insurance Company of Pittsburgh,
Pa., New Hampshire Insurance Company, and The Insurance Company of the State of Pennsylvania, individually or collectively, unless otherwise stated herein, 

(g) “Business Day” means any day other than a Saturday, Sunday or a day on which commercial banks in New York are
required or authorized by law to be closed. 

  
 1 

 (h) “Code” has the meaning set forth in Section 7.4(c). 

(i) “Collateral” has the meaning set forth in Section 8.2. 

(j) “Collateral Triggering Agreement” means any agreement entered into by the Grantor at any time since
August 31, 2010 with any Person and with an effective date after the date hereof, that contains a provision requiring the Grantor to post collateral (whether by the procurement of a letter of credit, the establishment of a collateral trust or
any other means) for the benefit of the counterparty to such agreement upon the occurrence of certain specified events, changes or conditions. For the avoidance of doubt, any agreement that requires the establishment of collateral at the time such
agreement becomes effective absent any other triggering events shall not be considered a Collateral Triggering Agreement. 
 (k)
“Collateral Reduction Event” shall have the meaning set forth in Section 2.1(c). 
 (l)
“Collateral Triggering Event” shall have the meaning set forth in Section 2.1(a). 
 (m)
“Consideration” shall have the meaning set forth in the Reinsurance Agreement. 
 (n) “Covered
Business” shall have the meaning set forth in the Reinsurance Agreement. 
 (o) “Designated Court” shall
have the meaning set forth in the Reinsurance Agreement. 
 (p) “Dispute” shall have the meaning set forth in the
Reinsurance Agreement. 
 (q) “Eligible Investments” means, with respect to Assets conforming to the provisions of
this Trust Agreement prior to the occurrence of a Reinsurance Credit Event, cash and any investments of the types permitted under the laws and regulations of Grantor’s domiciliary state for property and casualty insurance companies;
provided, however, that no Eligible Investments may be issued or guaranteed by an institution that is the parent, a Subsidiary or an Affiliate of Grantor; and provided, further, no single Eligible Investment (except cash
and the Wells Fargo Government Money Market Fund) shall at any time constitute more than twenty-five percent (25%) of the fair market value of the Assets in the Trust Account. All Eligible Investments deposited in the Trust Account shall be free and
clear of all liens, charges or encumbrances at all times. 
 (r) “Final Order” means (a) an order or award of
an arbitration panel that is by its terms final and as to which the time to petition for review has expired or (b) an order or judgment of a court of competent jurisdiction (including without limitation an order of the Designated Court with
respect to an arbitration award) that is by its terms final and is no longer subject to appeal, either as of right or discretionary. 
 (s)
“Governmental Authority” means any government, political subdivision, court, board, commission, regulatory or administrative agency or other instrumentality thereof, whether federal, state, provincial, local or foreign and
including any regulatory authority which may be partly or wholly autonomous. 
 (t) “Grantor” shall have the meaning set
forth in the preamble hereof. 
 (u) “Impacted Reinsureds” shall have the meaning set forth in the Reinsurance
Agreement. 
 (v) “Initial Security Amount” shall have the meaning set forth in
Section 4.1. 
 (w) “Insurance Commissioner” means the Governmental Authority responsible
for the regulation of insurance companies in the jurisdictions in which each company included in the Beneficiary is domiciled. 
 (x)
“Law” shall have the meaning set forth in the Reinsurance Agreement. 
 (y) “LPT Beneficiary” means
the “Beneficiary” as defined in the LPT Trust Agreement. 

  
 2 

 (z) “LPT Eligible Investments” shall mean “Eligible
Investments” as defined in the LPT Trust Agreement. 
 (aa) “LPT Permitted Investments” shall mean
“Permitted Investments” as defined in the LPT Trust Agreement. 
 (bb) “LPT Required Amount” shall
mean “Required Amount”, as defined in the LPT Trust Agreement. 
 (cc) “LPT Trust Account” shall
mean the “Trust Account”, as defined in the LPT Trust Agreement. 
 (dd) “LPT Trust Agreement”
means the Trust Agreement, by and among Eaglestone Reinsurance Company, National Union Fire Insurance Company of Pittsburgh, Pa., National Indemnity Company and Wells Fargo Bank, National Association, dated as of June 17, 2011. 

(ee) “Partial RCE” shall have the meaning set forth in the Reinsurance Agreement. 

(ff) “Party” shall have the meaning set forth in the recitals hereof. 

(gg) “Permitted Investments” means, with respect to Assets conforming to the provisions of this Trust Agreement, upon
the occurrence and during the pendency of a Reinsurance Credit Event, cash and any investments of the types permitted under the laws and regulations of the domiciliary states or countries of each company included in the Beneficiary for trusts
providing full statutory financial statement credit for reinsurance ceded by property and casualty insurance companies, provided, however, that no Permitted Investments may be issued or guaranteed by an institution that is the parent,
a Subsidiary or an Affiliate of Grantor. All Permitted Investments deposited in the Trust Account shall be free and clear of all liens, charges or encumbrances at all times. 

(hh) “Person” means any natural person, corporation, partnership, limited liability company, trust, joint venture or other
entity, including any Governmental Authority. 
 (ii) “Proceeds” shall have the meaning set forth in the UCC. 

(jj) “Quarterly Certification” shall have the meaning set forth in Section 5.3. 

(kk) “Reinsurance Agreement” shall have the meaning set forth in the recitals. 

(ll) “Reinsurance Credit Event” shall have the meaning set forth in the Reinsurance Agreement. 

(mm) “Reinsurance Credit Event Condition” shall mean with respect to any particular Reinsurance Credit
Event Notice, the occurrence of one or more of the following events: 
 (i) five (5) Business Days shall have elapsed
from the date on which the Trustee received the Reinsurance Credit Event Notice and the Trustee shall not have received any letter or other instrument in writing from the Grantor evidencing the intent of the Grantor to dispute that a Reinsurance
Credit Event has occurred; or 
 (ii) the Grantor and the Beneficiaries’ Agent shall have mutually agreed in writing
that a Reinsurance Credit Event has occurred; or 
 (iii) ten (10) Business Days shall have elapsed from the date on
which the Trustee received the Reinsurance Credit Event Notice and the Trustee shall not have been served with a temporary restraining order or preliminary injunction from the Designated Court suspending the effectiveness of the Reinsurance Credit
Event Notice. 

  
 3 

 (nn) “Reinsurance Credit Event Notice” shall have the
meaning set forth in the Reinsurance Agreement. 
 (oo) “Reinsurance Credit Event Termination
Condition” shall mean with respect to any particular Reinsurance Credit Event Termination Notice, the occurrence of one of the following events: 

(i) five (5) Business Days shall have elapsed between the date on which the Trustee received the Reinsurance Credit Event
Termination Notice (along with written evidence of delivery of a copy of such notice to the Beneficiaries’ Agent) and the Trustee shall not have received any letter or other instrument in writing from the Beneficiaries’ Agent evidencing
the intent of the Beneficiaries’ Agent to dispute that a Reinsurance Credit Termination Event has occurred; or 
 (ii)
The Grantor and the Beneficiaries’ Agent shall have mutually agreed in writing that a Reinsurance Credit Termination Event has occurred; or 

(iii) The Trustee shall have received a certificate from the Grantor (along with written evidence of delivery of a copy of such
notice to the Beneficiaries’ Agent) certifying that an order from an arbitration panel has been entered specifying that a Reinsurance Credit Termination Event has occurred, with a copy of such order attached. 

(pp) “Reinsurance Credit Event Termination Notice” means a notice that a Reinsurance Credit Event
has terminated. 
 (qq) “Reinsurance Credit Termination Event” means the termination of a Reinsurance
Credit Event. 
 (rr) “Reinsurer” shall have the meaning provided in the Reinsurance Agreement. 

(ss) “Relevant Jurisdictions” shall have the meaning set forth in the Reinsurance Agreement. 

(tt) “Required Amount” means, at any time, an amount equal to the lesser of (i) net Reserves reinsured
under the Reinsurance Agreement and (ii) the Aggregate Limit less the amount of Ultimate Net Loss Actually Paid by Grantor under the Reinsurance Agreement at such time. 

(uu) “Reserves” has the meaning set forth in the Reinsurance Agreement. 

(vv) “SAP” means, as to any entity, the statutory accounting principles prescribed or permitted by the Governmental Authority
responsible for the regulation of insurance companies in the jurisdiction in which such entity is domiciled. 
 (ww) “Security
Amount” means, at any time, (i) prior to the occurrence of a Collateral Triggering Event, an amount at such time equal to the Initial Security Amount minus any Ultimate Net Loss Actually Paid by the Grantor under the
Reinsurance Agreement; and (ii) on and after the occurrence of a Collateral Triggering Event, an amount equal to the greater of (x) the amount reflected in clause (i) of this “Security Amount” definition, disregarding the
reference to Collateral Triggering Event therein, and (y) the Required Amount, in each case as calculated at such time. 
 (xx)
“Security Entitlement” means “security entitlement” as defined in the UCC. 
 (yy) “Subject
Liabilities” has the meaning set forth in the Reinsurance Agreement. 
 (zz) “Subsidiary” means, when used with
respect to any Person, any corporation, limited liability company, partnership, association, trust or other entity of which securities or other ownership interests representing more than 50% of the equity or more than 50% of the ordinary voting
power (or, in the case of a partnership, more than 50% of the general partnership interests) are, as of such date, owned by such Person or one or more Subsidiaries of such Person or by such Person and one or more Subsidiaries of such Person. 

  
 4 

 (aaa) “Third Party Appraiser” means an independent appraisal firm
which is mutually acceptable to the Grantor and the Beneficiaries’ Agent, or, if Grantor and Beneficiaries’ Agent cannot agree on such an appraisal firm, then the amount or other matter to be determined by such an appraisal firm shall be
treated as an amount or matter subject to dispute that shall be resolved in accordance with Section 11.1 of this Trust Agreement. 

(bbb) “Transaction Documents” has the meaning set forth in the Reinsurance Agreement. 

(ccc) “Trust” means the trust formed hereunder, including such trust following a Reinsurance Credit Event. 

(ddd) “Trust Account” shall have the meaning set forth in Section 4.1(a). 

(eee) “Trust Agreement” shall have the meaning set forth in the preamble hereof. 

(fff) “Trustee” shall have the meaning set forth in the preamble hereof. 

(ggg) “UCC” means the Uniform Commercial Code as in effect from time to time in the State of New York. 

(hhh) “Ultimate Net Loss” shall have the meaning provided in the Reinsurance Agreement. 

Section 1.2 Interpretation. When a reference is made in this Trust Agreement to a Section or Article, such reference shall be to a
section or article of this Trust Agreement unless otherwise clearly indicated to the contrary. The Article and Section headings contained in this Trust Agreement are solely for the purpose of reference, are not part of the agreement of the parties
and shall not affect in any way the meaning or interpretation of this Trust Agreement. Whenever the words “include,” “includes” or “including” are used in this Trust Agreement, they shall be deemed to be followed by the
words “without limitation.” The words “hereof,” “herein” and “herewith” and words of similar import shall, unless otherwise stated, be construed to refer to this Trust Agreement as a whole and not to any
particular provision of this Trust Agreement. The meaning assigned to each term used in this Trust Agreement shall be equally applicable to both the singular and the plural forms of such term and to both the masculine as well as the feminine and
neuter genders of such term. Any agreement, instrument or statute defined or referred to herein or in any agreement or instrument that is referred to herein means such agreement, instrument or statute as from time to time amended, modified or
supplemented, including (in the case of agreements or instruments) by waiver or consent and then in effect and (in the case of statutes) by succession of comparable successor statutes. Where a word or phrase is defined herein, each of its other
grammatical forms shall have a corresponding meaning. Whenever the last day for the exercise of any right or the discharge of any duty under this Trust Agreement falls on other than a Business Day, the Party hereto having such right or duty shall
have until the next Business Day to exercise such right or discharge such duty. References to a Person are also to its predecessors, successors, whether by merger, consolidation, amalgamation, reorganization or otherwise, and permitted assigns.
References to writing shall include all modes of reproducing words in any legible form and shall include email and facsimile. The words “paid” and “received” with respect to any item shall mean that the liability on the items has
been discharged as of such time, whether by payment, by offset or otherwise and the amount of the liability that is “paid” or “received”, as applicable, shall be measured by the amount of the consideration given for discharging
the liability, not by the carrying value of the liability prior to discharge. 

  
 5 

 ARTICLE II 

MODIFICATION UPON A COLLATERAL TRIGGERING EVENT 

Section 2.1 Collateral Triggering Event. 

(a) If, at any time after the date hereof, the Grantor is required to post collateral pursuant to the terms of one or more Collateral
Triggering Agreements as a result of the occurrence of one or more events, changes or conditions specified in any such Collateral Triggering Agreement, and the amount of collateral required to be posted by the Grantor pursuant to such Collateral
Triggering Agreement(s) is reasonably expected by the Grantor to equal, either on an individual or aggregate basis, one billion dollars ($1,000,000,000) or more (such event, the “Collateral Triggering
Event”), then the Grantor shall promptly notify the Beneficiaries’ Agent of the Collateral Triggering Event and take the following additional actions as set forth in this Section 2.1. 

(b) Upon the occurrence of a Collateral Triggering Event, all references in this Trust Agreement to “Security Amount” shall be
modified in accordance with its definition to give effect to such Collateral Triggering Event. In addition, as soon as is practicable, but no later than contemporaneously with the first posting of the collateral under any Collateral Triggering
Agreement that results in the Grantor posting one billion dollars ($1,000,000,000) or more of collateral either on an individual or aggregate basis, the Grantor shall deposit additional assets into the Trust Account so that the aggregate fair market
value of the Eligible Investments or Permitted Investments, as applicable, in the Trust Account equals the newly computed Security Amount. 

(c) Until such time as (i) all events, changes or conditions that gave rise to the collateral requirement under any Collateral Triggering
Agreements cease to exist or apply and (ii) the Grantor has withdrawn or reduced the aggregate amount of collateral posted under Collateral Triggering Agreements ((i) and (ii) together, the “Collateral
Reduction Event”), the Grantor shall ensure that the Trust Account shall hold at all times Eligible Investments or Permitted Investments, as applicable, with a fair market value of no less than 100% of the
Security Amount computed per clause (ii) of the definition of “Security Amount”; provided, however, if a Collateral Reduction Event has occurred, the Security Amount shall be reduced by a percentage which is
proportionate to each percentage reduction of all collateral posted under the Collateral Triggering Agreements; provided, further, however, in no event shall the Security Amount be reduced to an amount less than 100% of the
Security Amount computed per clause (i) of the definition of “Security Amount”; and provided, further, in no event shall the Security Amount be reduced by reason of a withdrawal or reduction of the aggregate amount of
collateral posted under any Collateral Triggering Agreement(s) to the extent that the withdrawn collateral was applied to satisfy the obligations secured thereby. Nothing herein shall interfere with the Grantor’s obligations hereunder during
the continuance of a Reinsurance Credit Event. 
 ARTICLE III 

MODIFICATION UPON A REINSURANCE CREDIT EVENT 

Section 3.1 Reinsurance Credit Event. 

(a) Notwithstanding anything in this Trust Agreement to the contrary, in the event the Beneficiaries’ Agent provides a Reinsurance Credit
Event Notice to the Trustee pursuant to the Reinsurance Agreement, along with written evidence of delivery of a copy of such notice to the Grantor, certifying that a Reinsurance Credit Event has occurred, upon the fulfillment of a Reinsurance Credit
Event Condition, the provisions set forth in Sections 4.1, 4.2, 5.1(a), 5.3, 6.1, 6.2, 6.3, 7.4, 7.5, 7.8, 7.11 and 10.2 hereof shall automatically be replaced by
the provisions set forth in Appendix A hereof for the equivalent Sections and thereafter not be effective, and the provisions set forth in Appendix A, including Section 9.4, shall
automatically become effective without further action by any Party, but only as respects 

  
 6 

 
the Beneficiaries specified in the Reinsurance Credit Event Notice. In addition, any other provisions required under Law and regulations governing trusts providing full statutory financial
statement credit for reinsurance ceded by property and casualty insurance companies in the Relevant Jurisdictions to the extent applicable to the companies included in the Beneficiary, and specified in the Reinsurance Credit Event Notice, shall be
automatically incorporated herein. Notwithstanding the foregoing, the Trust created hereunder shall continue in existence. 
 (b) Following
a Reinsurance Credit Event that is not a Partial RCE, the Grantor shall be required to replace the Assets held in the Trust Account that are not Permitted Investments with Assets that are Permitted Investments within five (5) Business Days
following the fulfillment of a Reinsurance Credit Event Condition. Simultaneously with such replacement of the Assets, the Grantor shall deposit into the Trust Account sufficient additional Assets so that the aggregate fair market value of the
Permitted Investments in the Trust Account equals the Required Amount. Following a Partial RCE, the Grantor shall, within five (5) Business Days, be required to replace or deposit sufficient Assets so that the aggregate fair market value of
Permitted Investments in the Trust Account equals the Required Amount for the Impacted Reinsureds. 
 (c) The provisions set forth in
Appendix A shall remain effective only for the time during which the event, change or condition giving rise to the Reinsurance Credit Event continues to apply. In the event the Beneficiaries’ Agent provides a Reinsurance Credit Event
Termination Notice to the Trustee pursuant to the Reinsurance Agreement, along with written evidence of delivery of a copy of such notice to the Grantor, certifying that a Reinsurance Credit Termination Event has occurred, then upon the subsequent
fulfillment of a Reinsurance Credit Event Termination Condition, (i) the provisions set forth in Sections 4.1, 4.2, 5.1(a), 5.3, 6.1, 6.2, 6.3, 7.4, 7.5, 7.8, 7.11 and
10.2 hereof shall automatically again be effective and replace the provisions set forth in Appendix A without further action by any party and (ii) Beneficiaries’ Agent shall promptly provide its approval for the return and/or
substitution of assets to or by the Grantor so that the aggregate value of Eligible Investments in the Trust Account equals or exceeds the Security Amount. 

ARTICLE IV 
 CREATION OF
TRUST ACCOUNT 
 Section 4.1 Obligations of the Beneficiaries’ Agent and the Grantor. 

(a) Prior to the execution of this Trust Agreement, the Grantor shall have procured with the Trustee, in the name of the Trustee, to be held
for the sole benefit of the Beneficiaries’ Agent, acting on its own behalf and as agent for one or more Beneficiaries, pursuant to the provisions of this Trust Agreement, a segregated trust account maintained by the Trustee with account number
[Redacted] under account name [Redacted] (which shall be hereinafter referred to as the “Trust Account”). Following payment by the Beneficiary of each installment of Consideration and interest thereon
under Section 3.1 of the Reinsurance Agreement, the Grantor shall be permitted as and when it deems appropriate to substitute and replace the cash Consideration Actually Paid by Beneficiary with Eligible Investments having a fair market value
equal to the amount Actually Paid by the Beneficiary. The sum of the amounts so deposited by Beneficiary as set forth herein shall be referred to as the “Initial Security
Amount.” 
 (b) Except as set forth in Sections 2.1, 3.1, 4.1(a) and 6.1, the Grantor
shall not be required to transfer and assign additional assets into the Trust Account after the date hereof. 
 Section 4.2 Purpose
of the Trust. 
 (a) The Assets in the Trust Account shall be held by the Trustee for the sole purpose of satisfying any obligations of
the Grantor to the Beneficiary with respect to the Subject Liabilities under the Reinsurance Agreement. 
 (b) The Grantor grants to the
Trustee all trust powers necessary and reasonable in the performance of its duties hereunder except as otherwise expressly provided herein. 

  
 7 

 Section 4.3 Grantor Trust for United States Federal Income Tax Purposes. The Trust
Account shall be treated as a grantor trust (pursuant to sections 671 through 677 of the Code) for United States federal income tax purposes. The Grantor shall constitute the grantor (within the meaning of sections 671 and 677 of the Code) and,
thus, any and all income derived from the Assets held in the Trust shall constitute income or gain of the Grantor as the owner of such Assets. 

Section 4.4 Designation of Agents. Except as otherwise expressly provided in this Trust Agreement, any statement, certificate,
notice, request, consent, approval, or other instrument to be delivered or furnished by the Grantor or the Beneficiaries’ Agent shall be sufficiently executed if executed in the name of the Grantor or the Beneficiaries’ Agent by such
officer or officers of Grantor or Beneficiaries’ Agent or by such other agent or agents of the Grantor or the Beneficiaries’ Agent as may be designated in a resolution of the Board of Directors of the Grantor or the Beneficiaries’
Agent or Committee thereof or a letter of advice issued by the President, Secretary or Treasurer of the Grantor or the Beneficiaries’ Agent, as applicable. Written notice of such designation by the Grantor or the Beneficiaries’ Agent shall
be filed with the Trustee. The Trustee shall be protected in acting upon any written statement or other instrument made by such officers or agents of the Grantor or the Beneficiaries’ Agent with respect to the authority conferred on it. 

Section 4.5 Title to Assets. Title to any Assets transferred by the Grantor to the Trustee for deposit to the Trust Account or
otherwise held in the Trust Account shall be recorded in the name of the Trustee. The out-of-pocket costs of transfers of title between the Grantor and the Trustee shall
be shared equally by the Grantor and the Beneficiaries’ Agent, and the Grantor shall use reasonable efforts to limit such costs. 

ARTICLE V 
 MAINTENANCE
OF THE TRUST 
 Section 5.1 Substitution of Trust Account Assets. 

(a) The Grantor may, from time to time, substitute or exchange Assets contained in the Trust Account, provided, however,
(i) the Assets so substituted or exchanged must be Eligible Investments or, if then required, Permitted Investments, (ii) after giving effect to such substitution, the fair market value of the newly deposited Assets are at least equal to
the fair market value of the substituted Assets and (iii) the replacement Assets to be deposited in the Trust Account in such substitution or exchange are deposited therein on the day of, and concurrently with, withdrawal of the substituted or
exchanged Assets. Upon any substitution or exchange as provided for herein, the Grantor shall certify to the Trustee and Beneficiaries’ Agent that such substitution or exchange meets the requirements of this
Section 5.1. The Trustee shall act on the instruction and certification of the Grantor and shall give the Beneficiaries’ Agent prompt written notice of any substitution made pursuant hereto. 

(b) The Grantor shall, prior to depositing any Assets into the Trust Account, and from time to time as required, execute all assignments and
endorsements in blank, or transfer legal title to the Trustee of all shares, obligations or any other assets requiring assignment in order that the Trustee, upon direction of the Beneficiaries’ Agent, may whenever necessary negotiate any such
assets without consent or signature from the Grantor or any other entity. 
 Section 5.2 Valuation of Assets. The Grantor shall
determine, in good faith and with due care and diligence, the fair market value of any Assets in the Trust Account. In making this determination, the Grantor shall use prices published by a nationally recognized pricing service for Assets for which
such prices are then available, and for Assets for which such prices are not then available, the 

  
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Grantor shall use methodologies consistent with those which it uses for determining the fair market value of similar assets held in its own general account (other than the Assets) in the ordinary
course of business. The Beneficiaries’ Agent shall have the right to object to any determination of the fair market value of any Asset in the Trust Account, and any resulting dispute shall be resolved pursuant to the provisions of
Section 5.3 hereof, including provisions for the Beneficiaries’ Agent to audit the Grantor’s records, as if such determination of fair market value were contained in a Quarterly Certification. 

Section 5.3 Quarterly Certification. Within fourteen (14) calendar days following the end of each calendar quarter, the
Grantor shall provide the Beneficiaries’ Agent (with a copy to the Trustee) a written certification (the “Quarterly Certification”) stating the Security Amount as of the calendar quarter end and the
aggregate fair market value of the Eligible Investments, or Permitted Investments, as the case may be, held in the Trust Account as of the calendar quarter end (both on an
asset-by-asset basis and a cumulative basis). Such certification shall separately state the Asset withdrawals by the Grantor from the Trust Account effected during such
calendar quarter. As soon as is practicable, but in no event more than ten (10) Business Days following its receipt of the Quarterly Certification, the Beneficiaries’ Agent shall either (i) countersign such certification and forward
it to the Trustee or (ii) notify the Grantor that it objects to the Grantor’s calculation of the Security Amount or the Grantor’s valuation of any Asset. If the Grantor and Beneficiaries’ Agent are able to resolve such dispute
within ten (10) Business Days of the Beneficiaries’ Agent’s transmittal to the Grantor of its notice of objection, they shall promptly forward to the Trustee a jointly signed certification of the Security Amount or Asset valuation, as
applicable. If the parties are unable to resolve such dispute within ten (10) Business Days of the Beneficiaries’ Agent’s transmittal to the Grantor of its notice of objection, and the dispute relates to the valuation of an Asset, the
value of such Asset shall be determined by a Third Party Appraiser and the Grantor and Beneficiaries’ Agent shall be bound by such valuation. All other disputes shall be resolved in accordance with Section 11.1. Upon
resolution of such dispute, the Parties shall forward to the Trustee a copy of the corrected Quarterly Certification setting forth the Security Amount or Asset value, as applicable, as resolved through such Third Party Appraiser or arbitration. The
Grantor shall, to the extent reasonably necessary or required in order to verify Grantor’s certification, permit the Beneficiaries’ Agent to audit its records in order to determine its compliance with Section 5.2
and this Section 5.3. The Grantor shall cooperate fully with such audit. Access to the Grantor and its employees by the Beneficiaries’ Agent in connection with such audit shall be at reasonable times during regular
business hours upon reasonable prior written notice (including by e-mail) in a manner which does not unreasonably interfere with the business or operations of the Grantor. 

Section 5.4 Modification of Beneficiaries’ Reserves Subject to Trust. Notwithstanding anything else contained herein, should
(i) the Covered Business of any Beneficiary cease to be within the coverage of the Reinsurance Agreement pursuant to Section 2.5(l) of the Reinsurance Agreement, then the definition of Reserves and all obligations of Grantor hereunder in
respect of Subject Liabilities shall be revised for all purposes hereunder to account for such change, and Grantor and the Beneficiaries’ Agent shall so certify such revision to the Trustee; and (ii) the Grantor cease to be obligated to
assure that any Beneficiary receives statutory credit in respect of the Reinsurance Agreement by operation of Section 2.7 of the Reinsurance Agreement, the Grantor’s obligations hereunder in respect of a Reinsurance
Credit Event for such Beneficiary shall be revised for all purposes hereunder to account for such change. 
 ARTICLE VI 

RELEASE AND ADJUSTMENT OF TRUST ACCOUNT ASSETS 

Section 6.1 Adjustment of Trust Account Assets. 

(a) The Security Amount as of the end of each calendar quarter shall be certified to the Trustee by the Grantor in the manner set forth in
Section 5.3 hereof. 

  
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 (b) Following the occurrence of a Collateral Triggering Event, if the aggregate fair market value
of the Eligible Investments, or Permitted Investments if then required, maintained in the Trust Account as of any calendar quarter end is less than the Security Amount (computed taking into account the occurrence of the Collateral Triggering Event)
as of such calendar quarter end, then within five (5) Business Days Grantor shall deposit into the Trust Account such additional Assets with an aggregate fair market value as are necessary to ensure that the aggregate fair market value of the
Eligible Investments, or Permitted Investments if then required, held in the Trust Account is no less than 100% of the Security Amount as of the immediately prior calendar quarter end. 

(c) If, following a Collateral Triggering Event, the event, change or condition which gave rise to the collateralization requirement ceases to
exist or apply, then the Security Amount shall thereafter (until the occurrence of a further Collateral Triggering Event) be computed without regard to such Collateral Triggering Event. 

Section 6.2 Release of Trust Account Assets to the Beneficiaries’ Agent. By transmittal of contemporaneous
prior written notice to the Trustee and the Grantor, together with a Final Order of an arbitration panel if required pursuant to Section 12.8 of the Reinsurance Agreement, the Beneficiaries’ Agent, acting on its own
behalf and as agent for all Beneficiaries, may withdraw Assets from the Trust Account pursuant to the provisions of Sections 12.8 and 12.9 of the Reinsurance Agreement; provided that notice of such withdrawal
is received not less than five (5) Business Days in advance of the requested withdrawal. The Trustee shall promptly comply with such notice. The Security Amount shall be adjusted, if necessary, to reflect the application of the funds so
withdrawn. 
 Section 6.3 Release of Trust Account Assets to the Grantor. 

(a) All proceeds from the sale or substitution of the Assets in the Trust Account and the collection of interest, dividends and other income
in respect to the Assets in the Trust Account shall be retained in the Trust Account and shall not be released to the Grantor, except in accordance with the provisions set forth in subparagraphs (b) and (c) in this
Section 6.3. 
 (b) Following each calendar quarter end, by transmittal of written notice to the Trustee and
contemporaneous notice to the Beneficiaries’ Agent stating a withdrawal date that shall not be less than five Business Days following the date of the notice, the Grantor may withdraw Assets from the Trust Account in an amount equal to the
positive difference, if any, between (i) the aggregate amount of Ultimate Net Loss Actually Paid by Grantor under the Reinsurance Agreement (excluding amounts withdrawn by the Beneficiaries’ Agent pursuant to
Section 6.2) minus (ii) the aggregate amount previously withdrawn by Grantor under this Section 6.3(b); provided, however, that in connection with any such withdrawal, the
Grantor shall provide a written certification to the Trustee stating the fair market value of each non-cash Asset withdrawn; and provided, further, following a Collateral Triggering Event, the
Grantor shall be permitted to withdraw Assets from the Trust Account pursuant to this Section 6.3(b) only to the extent that the aggregate fair market value of the Eligible Investments remaining in the Trust Account after such withdrawal is
not less than 100% of the Security Amount. The Trustee shall comply with such notice on the withdrawal date specified therein. 
 (c)
Commencing at the fifth anniversary of the date hereof, at any calendar quarter end following the delivery of the Quarterly Certification as to which there is no dispute outstanding between the Grantor and the Beneficiaries’ Agent and following
any withdrawal pursuant to clause (b) above, in the event the aggregate fair market value of the Eligible Investments maintained in the Trust Account exceeds 150% of net Reserves of the Beneficiary (including reserves for losses incurred but
not reported) calculated in accordance with SAP with respect to Subject Liabilities reinsured with the Grantor as of such calendar quarter end, then by transmittal of fourteen (14) calendar days’ prior written notice to the Trustee and the
Beneficiaries’ Agent, and absent receipt by the Trustee of a written objection thereto by 

  
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the Beneficiaries’ Agent prior to the end of such time period (which such objection the Beneficiaries’ Agent shall not unreasonably provide), the Grantor may direct the Trustee to
withdraw from the Trust Account and transfer to the Grantor Assets having a fair market value equal to the amount of such excess; provided, however, in connection with any such withdrawal, the Grantor must provide a written
certification to the Trustee stating the fair market value of each non-cash Asset withdrawn; and provided, further, that following a Collateral Triggering Event, the Grantor shall be permitted to
withdraw Assets from the Trust Account pursuant to this Section 6.3(c) only to the extent that the aggregate fair market value of the Eligible Investments remaining in the Trust Account after such withdrawal is not less than 100% of the
Security Amount; and provided, further, that the Grantor shall be permitted to withdraw Assets from the Trust Account pursuant to this Section 6.3(c) only to the extent that, in addition to the other requirements set forth
herein, (1) the aggregate fair market value of the Eligible Investments remaining in the Trust Account after such withdrawal plus the aggregate fair market value of LPT Eligible Investments remaining in the LPT Trust Account after such
withdrawal will exceed (2) the net Reserves of the Beneficiary (including reserves for losses incurred but not reported) calculated in accordance with SAP with respect to Subject Liabilities reinsured with the Grantor as of such calendar
quarter end plus the “LPT Required Amount” as of such quarter end. In any such event, the Trustee shall promptly comply with such notice. 

ARTICLE VII 
 DUTIES OF
THE TRUSTEE 
 Section 7.1 Acceptance of Assets by the Trustee. 

(a) The Trustee shall not accept any Assets (other than cash) for deposit into the Trust Account unless the Trustee determines that it is or
will be the registered owner of and holder of legal title to the Assets or that such Assets are in such form that the Trustee may, if applicable to such asset class, negotiate any such Assets, without consent or signature from the Grantor or any
other person or entity. Any Assets received by the Trustee which, if applicable to such asset class, are not in such proper negotiable form or for which title has not been transferred to the Trustee shall not be accepted by the Trustee and shall be
returned to the Grantor as unacceptable. 
 (b) The Trustee and its lawfully appointed successors is and are authorized and shall have the
power to receive such Assets as the Grantor (or the Beneficiaries’ Agent on behalf of the Grantor) from time to time may transfer or remit to the Trust Account and to hold and dispose of the same for the uses and purposes and in the manner and
according to the provisions herein set forth. All such Assets at all times shall be maintained as a trust account, separate and distinct from all other assets on the books and records of the Trustee, and shall be continuously kept in a safe place
within the United States. 
 Section 7.2 Collection of Interest and Dividends; Voting Rights; Investment by the Trustee.
The Trustee is hereby authorized, without prior notice to the Grantor or the Beneficiaries’ Agent, to demand payment of and collect all interest or dividends on the Assets comprising the Trust Account if any. All payments of interest, dividends
and other income in respect to Assets in the Trust Account shall be deposited promptly upon receipt by the Trustee into the Trust Account. Subject to the other provisions of this Trust Agreement, the Grantor shall have the full and unqualified right
to direct the Trustee to vote, and to execute consents, bond powers, stock powers, mortgage and title instruments and other instruments of transfer, pledge and release with respect to any Assets comprising the Trust Account. 

Section 7.3 Obligations of the Trustee. The Trustee agrees to hold and disburse the various Assets of the Trust Account in
accordance with the provisions expressed herein. 

  
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 Section 7.4 Responsibilities of the Trustee. 

(a) The Trustee, in the administration of the Trust Account, is to be bound solely by the express provisions herein, and such further written
and signed directions as the appropriate party or parties may, under the conditions herein provided, deliver to the Trustee. The Trustee shall be under no obligation to enforce the Grantor’s obligations under this Trust Agreement, except as
otherwise expressly provided or directed pursuant hereto. The Trustee shall be restricted to holding title to, operating and collecting the Assets comprising the Trust Account and the payment and distribution thereof for the purposes set forth in
this Trust Agreement and to the conservation and protection of such Assets and the administration thereof in accordance with the provisions of this Trust Agreement, and the Trustee shall be liable only for its own negligence, willful misconduct or
lack of good faith and for the breach of the Trustee’s obligations under this Trust Agreement; provided, however, that any actions taken in strict accordance with written instructions provided to the Trustee from the parties
hereto will not constitute a breach of the Trustee’s obligations under this Trust Agreement. Upon request of the Grantor or the Beneficiaries’ Agent, the Trustee further agrees promptly to forward to such party a statement of all Assets
held in the Trust Account. 
 (b) Subject to the other provisions of this Trust Agreement, including the requirement that only Eligible
Investments may be held in the Trust Account, and provisions relating to the substitution of Assets, (i) the Grantor or an asset manager appointed by Grantor shall have the irrevocable authority and sole power to direct the Trustee, in the
Grantor’s sole discretion, with respect to all aspects of the management or investment of the Assets contained in the Trust Account and (ii) the Trustee and the Beneficiaries’ Agent each acknowledges that it has no authority with
respect to such management or investment activities, the Trustee agrees it will not exercise any discretion or take any action with respect to the matters in clause (i) above and the Trustee will take any actions related thereto as directed by
the Grantor in writing in accordance therewith. Any deposit or investment directed by the Grantor or its investment advisor shall constitute a certification to the Trustee that the assets deposited or to be purchased pursuant to such directions are
Eligible Investments. The Trustee shall be under no duty or responsibility to confirm that such investments constitute or continue to be Eligible Investments. Wells Fargo Government Money Market Fund is deemed to be an Eligible Investment. 

(c) For certain payments made pursuant to this Trust Agreement, the Trustee may be required to make a “reportable payment” or
“withholding payment” and in such cases the Trustee shall have the duty to act as a payor or withholding agent, respectively, that is responsible for any tax withholding and reporting required under Chapters 3, 4 and 61 of the United
States Internal Revenue Code of 1986, as amended (the “Code”). The Trustee shall have the sole right to make the determination as to which payments are “reportable payments” or “withholdable payments.” All
Parties to this Trust Agreement shall provide an executed IRS Form W-9 or appropriate IRS Form W-8 (or, in each case, any successor form) to the Trustee prior to
closing, and shall promptly update any such form to the extent such form becomes obsolete or inaccurate in any respect. The Trustee shall have the right to request from any party to this Trust Agreement, or any other Person entitled to payment
hereunder, any additional forms, documentation or other information as may be reasonably necessary for the Trustee to satisfy its reporting and withholding obligations under the Code. To the extent any such forms to be delivered under this
Section 7.4(c) are not provided prior to or by the time the related payment is required to be made or are determined by the Trustee to be incomplete and/or inaccurate in any respect the Trustee shall be entitled to withhold on any such
payments hereunder to the extent withholding is required under Chapters 3, 4 or 61 of the Code, and shall have no obligation to gross up any such payment. As of the date hereof, the Grantor is the owner for U.S. federal income tax purposes of funds
in the Trust Account until such funds are released in accordance with the terms hereof. 

  
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 Section 7.5 Books and Records. The Trustee shall keep full and complete records of
the administration of the Trust Account. The Grantor and the Beneficiaries’ Agent may examine such records, upon reasonable notice to the Trustee, at any time during business hours through any person or persons duly authorized in writing by
Grantor or the Beneficiaries’ Agent, at the requesting party’s expense. 
 Section 7.6 Activity Reports. The Trustee
agrees to provide an activity report to the Beneficiaries’ Agent and the Grantor upon creation of the Trust Account and within five (5) Business Days following the end of each calendar quarter, which report shall, in reasonable detail,
show (i) all deposits, withdrawals exchanges and substitutions during such quarter and (ii) a listing of securities and other assets held and cash balances in the Trust Account as of the last day of such quarter. The Trustee agrees to
provide written notification to the Grantor and the Beneficiaries’ Agent within five (5) days of any deposits to or withdrawals from the Trust Account. 

Section 7.7 Resignation or Removal of the Trustee; Appointment of Successor Trustee. 

(a) The Trustee may at any time resign as Trustee and terminate its capacity hereunder by delivery of written notice of resignation, effective
not less than ninety (90) days after receipt by both the Beneficiaries’ Agent and the Grantor. The Trustee may be removed by the Grantor by delivery to the Trustee and the Beneficiaries’ Agent of a written notice of removal, effective
not less than ninety (90) days after receipt by the Trustee and the Beneficiaries’ Agent of the notice. Notwithstanding the foregoing, no such resignation by the Trustee or removal by the Grantor shall be effective until a successor to the
Trustee shall have been duly appointed by the Grantor and approved by the Beneficiaries’ Agent, which approval shall not be unreasonably withheld, and all the securities and other Assets in the Trust Account have been duly transferred to such
successor. The Grantor, upon receipt of such notice of resignation, shall undertake to obtain the agreement of a qualified, successor depository, agreeable to the Beneficiaries’ Agent, to act as a successor Trustee in accordance with all
agreements of the Trustee herein and upon duly qualifying to act as such pursuant to Section 7.7(b). The Beneficiaries’ Agent agrees not to withhold unreasonably approval of such Trustee. Upon the Trustee’s delivery of the Assets to
the qualified, successor depository, along with a closing statement showing all activities from the last quarterly report, the Trustee shall be discharged of further responsibilities hereunder, subject to any remaining obligations under Sections
7.4 and 7.7(b). In the event that the Grantor and the Beneficiaries’ Agent fail to appoint a successor trustee within ninety (90) days following receipt of the Trustee’s notice of resignation or a notice of removal, the
Trustee may, in its sole discretion and at the expense of the Grantor, petition any court of competent jurisdiction for the appointment of a successor trustee or for other appropriate relief, and any such resulting appointment shall be binding upon
all the parties. 
 (b) Any successor Trustee appointed hereunder shall execute an instrument accepting such appointment hereunder and shall
deliver the same to the Grantor, the Beneficiaries’ Agent and to the then acting Trustee. Thereupon such successor Trustee shall, without any further act, become vested with all the estates, properties, rights, powers, trusts and duties of its
predecessor in the Trust with like effect as if originally named herein; but the predecessor Trustee shall nevertheless, when requested in writing by the successor Trustee, execute an instrument or instruments conveying and transferring to the
Trustee upon the Trust herein all the estates, properties, rights, powers and trusts of such predecessor Trustee, and shall duly assign, transfer and deliver to the Trustee all property and money held by such predecessor hereunder. The predecessor
Trustee shall be entitled to reimbursement in accordance with Section 7.10 for all expenses it incurs in connection with the settlement of its accounts and the transfer and delivery of the Trust assets to its successor. The
predecessor Trustee shall continue to be indemnified by reason of such entity being or having been a Trustee in accordance with Section 7.9. 

Section 7.8 Release of Information. The Trustee shall promptly respond to any and all reasonable requests for information
concerning the Trust Account or the Assets held therein by any of the 

  
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parties to this Trust Agreement. Furthermore, the Trustee shall fully and completely respond to any direct inquiries of any applicable regulatory authority with jurisdiction over the Grantor or
the Beneficiary concerning the Trust Account or the Assets held hereunder, including detailed inventories of securities or funds, and the Trustee shall permit such regulatory authority to examine and audit all securities or funds held hereunder. The
Trustee shall promptly provide notice to the Beneficiaries’ Agent and the Grantor concerning all such inquiries, and shall provide seven (7) days’ prior notice to the Beneficiaries’ Agent and the Grantor of all such examinations
and audits. 
 Section 7.9 Indemnification of the Trustee. The Grantor shall indemnify, defend and hold the Trustee (and its
directors, officers and employees) harmless from and against any loss, liability, damage, cost and expense of any nature arising out of or in connection with this Trust Agreement or with the performance of its duties hereunder, including, among
other things, reasonable attorneys’ fees and court costs, except to the extent such loss, liability, damage, cost and expense shall be caused by the Trustee’s negligence, willful misconduct or lack of good faith. Whenever an action by the
Trustee is authorized by written signed direction pursuant to the provisions of this Trust Agreement and such action is taken strictly in accordance with such written and signed direction by the appropriate party or parties, the party or parties
authorizing such action hereby agree to indemnify the Trustee against all losses, damages, costs and expenses, including reasonable attorneys’ fee, resulting from any action so taken by the Trustee. The provisions of this paragraph shall
survive the termination of this Trust Agreement and the resignation or removal of the Trustee for any reason. 
 Section 7.10
Charges of the Trustee. The Grantor agrees to pay all reasonable costs or fees charged by the Trustee for acting as the Trustee pursuant to this Trust Agreement, as agreed between the Grantor and the Trustee; provided, however,
that no such costs, fees or expenses shall be paid out of the Assets held in or credited to the Trust Account. 
 Section 7.11
Limitations of the Trustee. The Trustee shall in no way be responsible for determining the amount of Assets required to be deposited, or monitoring whether or not the Assets held within the Trust Account are Eligible Investments. The Trustee
shall be under no liability for any release of Assets made by it to the Grantor in accordance with Article VI. 
 Section 7.12
Concerning the Trustee. 
 (a) No provision in this Trust Agreement shall require the Trustee to expend or risk its own funds or
otherwise incur any financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers. 

(b) The Trustee shall be entitled to rely on advice of or on an opinion of counsel concerning all matters of trust and its duty hereunder and
shall not be liable for any action taken or not taken by it in reliance on such advice or on such opinion of counsel. 
 (c) The Trustee may
conclusively rely and shall be fully protected in acting or refraining from acting upon any resolution notice, request, consent, certificate, order, entitlement order, affidavit, letter, telegram, facsimile transmission, electronic mail or other
paper or document believed by it to be genuine and to have been signed or sent by the proper person or persons. The Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, notice, consent, request,
certificate, order, entitlement order, affidavit, letter, telegram, facsimile transmission, electronic mail or other paper or document. 

(d) The permissive right of the Trustee to take action enumerated in this Trust Agreement shall not be construed as a duty and it shall not be
answerable for other than its negligence, willful misconduct or lack of good faith. In no event shall the Trustee be liable for indirect, special, incidental, punitive or consequential losses or damages, including but not limited to lost profits,
whether or not foreseeable, even if the Trustee has been advised of the possibility thereof. 

  
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 (e) The Trustee shall not be required to give any bond or surety in respect of the execution of
the said trusts and powers or otherwise in respect of the Assets. 
 (f) The Trustee shall not be accountable for the use or application by
the Grantor or any Beneficiary or any other party of Assets which the Trustee has released in accordance with the terms of this Trust Agreement. 

(g) The Trustee makes no representations as to the validity or sufficiency of the Assets and the Trust Account for any particular purpose and
shall incur no responsibility in respect thereof, other than in connection with the duties or obligations assigned to or imposed upon it as provided herein. 

(h) The Trustee shall not be responsible for the perfection, priority or enforceability of any lien or security interest in any of the Assets
or in the Trust Account. 
 (i) In accepting the trust hereby created, the Trustee acts solely as trustee and not in its individual
capacity, and all persons having any claim against the Trustee arising from this Trust Agreement, shall look only to the Assets held by the Trustee hereunder for payment except as otherwise provided herein. 

(j) The Trustee shall not be considered in breach of or in default in its obligations hereunder in the event of delay in the performance of
such obligations due to unforeseeable causes beyond its control (including, but not limited to, any act or provision of any present or future law or regulation or governmental authority, any act of God or war, civil unrest, local or national
disturbance or disaster, any act of terrorism, or the unavailability of the Federal Reserve Bank wire or other wire or communication facility) or without its willful misconduct, negligence or lack of good faith. 

ARTICLE VIII 
 GRANT OF
SECURITY INTEREST 
 Section 8.1 Establishment and Maintenance of the Trust Account. The Trustee hereby confirms and agrees
that: 
 (a) (i) it has established the Trust Account in the name of the Trustee and (ii) the Trust Account is a
“securities account” (as defined in the UCC) in respect of which the Trustee is a “securities intermediary” (as defined in the UCC); 

(b) it shall not change the entitlement holder or account number of the Trust Account without prior written consent of the
Beneficiaries’ Agent; and 
 (c) each item of property (whether cash, a security, an instrument or any other property
whatsoever) credited to the Trust Account shall be treated as a “financial asset” under Article 8 of the UCC. 
 Section 8.2
Grant of Security Interest. As security for the prompt and complete payment, reimbursement and performance when due in full of all the Grantor’s obligations under the Reinsurance Agreement, the Grantor hereby grants to the
Beneficiaries’ Agent, acting on its own behalf and as agent for all Beneficiaries, a security interest in and continuing lien on all of the Grantor’s right, title and interest in, to and under the following, in each case, whether now owned
or existing or hereafter acquired or arising, and wherever located (all of which being hereinafter collectively called the “Collateral”): 

(a) the Trust Account; 

(b) all Security Entitlements carried in the Trust Account; and 

(c) all Proceeds of any or all of the foregoing; provided, however, that the security interest granted hereunder
shall terminate as to the Proceeds of a withdrawal by the Grantor that, at the time of such withdrawal, was rightful in amount. 

  
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 Section 8.3 Limitation on Exercise of Remedies. The Beneficiaries’ Agent, acting
on its own behalf and as agent for the Beneficiaries, may exercise the remedies of a “secured party” (as defined in the UCC) only at such times as it would be entitled to withdraw assets from the Trust pursuant to
Article VI hereof. 
 Section 8.4 Other Matters. 

(a) The Grantor hereby authorizes the Beneficiaries’ Agent, acting on its own behalf and as agent for the Beneficiaries, to file UCC-1 financing statements naming the Grantor as debtor and describing the Collateral pledged hereunder. The Grantor shall not change its name or jurisdiction of organization, unless it has given the
Beneficiaries’ Agent, acting on its own behalf and as agent for the Beneficiaries, a notice of such change within 30 days of such change and all filings have been made by the Grantor under the UCC or otherwise that are required in order for the
Beneficiaries’ Agent, acting on its own behalf and as agent for the Beneficiaries, to continue at all times following such change to have a valid, legal and perfected security interest in all the Collateral. 

(b) The Trustee hereby subordinates to the Beneficiaries’ Agent’s security interest in the Collateral any statutory or contractual
right or claim of offset or lien resulting from any transaction which involves the Trust Account, other than with respect to fees and expenses related to the Trust Account. 

(c) Nothing in this Article VIII shall be construed as a qualification or limitation on the creation of the Trust Account and/or the
transfer of legal title in the Assets to the Trustee pursuant to Article III. The security interest granted pursuant to this Article VIII is intended to be effective solely to the extent that the trust created hereunder is not
valid, the transfer of Assets to the Trust Account is not effective, or the transfer of such Assets may be characterized as a pledge rather than a lawful conveyance to the Trustee. 

ARTICLE IX 
 TERMINATION

 Section 9.1 Termination. This Trust Agreement may be terminated by the Grantor and the Beneficiaries’ Agent by
delivery to the Trustee of written notice of termination signed by both the Grantor and the Beneficiaries’ Agent. The Beneficiaries’ Agent shall provide its consent to the termination of this Trust Agreement if (i) the Grantor seeks
to terminate this Trust Agreement as a result of the exhaustion of the Reinsurance Limit or (ii) the Aggregate Limit less those amounts Actually Paid in respect of Subject Liabilities by the Grantor is $50,000,000 or lower. 

Section 9.2 Disposition of Assets Upon Termination. Upon a termination pursuant to this Article IX, the
Trustee shall distribute all Assets held and deposited under this Trust Agreement, to the Grantor and shall take any and all steps necessary to transfer absolutely and unequivocally all right, title and interest in such Assets and to deliver
physical custody, if applicable, in such Assets to the Grantor or as otherwise directed by the Grantor. 
 Section 9.3 No
Termination Due to Insolvency of Beneficiaries or Beneficiaries’ Agent. 
 The Grantor shall not terminate the Trust Account or this
Agreement on the basis of the insolvency of the Beneficiaries’ Agent or the Beneficiaries. 

  
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 ARTICLE X 

GENERAL PROVISIONS 

Section 10.1 Notices. Any notice, request, demand, waiver, consent, approval or other communication required or permitted to be
given by any party under this Trust Agreement shall be in writing and shall be delivered personally, sent by facsimile transmission, sent by registered or certified mail, postage prepaid, or sent by a standard overnight courier of national
reputation with written confirmation of delivery. Any such notice shall be deemed given when so delivered personally, or if sent by facsimile transmission, on written confirmation of receipt, or if mailed, on the date shown on the receipt therefor,
or if sent by overnight courier, on the date shown on the written confirmation of delivery. Such notices shall be given to the following addresses: 

If to the Trustee: 

Wells Fargo Bank, N.A. 

CMES, Insurance Trust Group 

150 East 42nd Street,
40th Floor 
 New York, New York 10017 

Attention: Sami Limanovski, Assistant Vice President – Relationship Manager 

Office: (917) 260-1674 

Facsimile: (917) 260-1590 

Email: Sami.Limanovski@wellsfargo.com 

If to the Grantor: 

National Indemnity Company 

1314 Douglas Street, Suite 1400 

Omaha, NE 68102-1944 

Attn: Treasurer 

Email: bsnover@berkre.com 

With copies to (for information purposes only): 

Berkshire Hathaway Reinsurance Division 

100 First Stamford Place 

Stamford, CT 06902 

Attn: General Counsel 

Email: bsnover@berkre.com 

If to the Beneficiaries’ Agent: 

National Union Fire Insurance Company of Pittsburgh, Pa. 

175 Water Street 

New York, NY 10038 

Attention: Chief Ceded Reinsurance Officer 

Telephone: (212) 458-7524 

Email: wcavanagh@aig.com 

  
 17 

 With copies to: 

National Union Fire Insurance Company of Pittsburgh, Pa. 

c/o AIG PC Inc. 

175 Water Street, 15th Floor 

New York, New York 10038 

Attention: General Counsel 

Telephone: (212) 458-2261 

Facsimile: (212) 458-7080 

AIG Property Casualty Inc. 

Reinsurance Security Unit 

175 Water Street 

New York, NY 10038 

Attention: Bill Cavanagh 

Telephone: (212) 458-7675 

Email: william.cavanagh@aig.com 

American International Group, Inc. 

12 Metrotech Center – 30th Fl. 

Brooklyn, NY 11201 

Attention: Comptrollers Security Dept. 

Telephone: (718) 250-1709 

Facsimile: (718) 250-1709 

Email: donato.diluzio@aig.com 

Each party to this Trust Agreement may change its notice provisions on fifteen (15) calendar days’ advance notice in writing to the other parties to
this Trust Agreement. 
 Section 10.2 Entire Agreement. This Trust Agreement, including Appendix A hereto and any other
documents delivered pursuant hereto or thereto (as well as the defined terms from the LPT Trust Agreement referenced herein), constitutes the entire agreement among the parties hereto with respect to the subject matter hereof insofar as such
agreements affect the Trustee, and supersede all prior negotiations, discussions, writings, agreements and understandings, oral and written, among the parties hereto with respect to the subject matter hereof and thereof. 

Section 10.3 Waiver and Amendment. This Trust Agreement and the Trust created hereunder shall be irrevocable, subject solely to
the termination provisions set forth herein. This Trust Agreement may be altered, amended or terminated at any time by written agreement executed by each party hereto. The failure of either party at any time to exercise any of the rights or powers
conferred upon it herein shall constitute neither a waiver of its right to exercise, nor stop it from exercising, any rights at any subsequent time, nor shall such failure reduce in any degree any liability or obligation for which the other party is
bound hereunder. 
 Section 10.4 Successors and Assigns. The rights and obligations of a Party under this Trust Agreement shall
not be subject to assignment without the prior written consent of the other Parties hereto, and any attempted assignment without the prior written consent of the other Parties hereto shall be invalid ab initio. The terms of this Trust
Agreement shall be binding upon, inure to the benefit of and be enforceable by and against the successors and permitted assigns of the Parties. Notwithstanding the foregoing, any corporation or association into which the Trustee may be merged or
converted, or with which it may be consolidated, or to which it may sell or transfer all or substantially all of its corporate trust business shall be the successor to the Trustee without the execution or filing of any paper or further act. 

  
 18 

 Section 10.5 Headings. The headings of this Trust Agreement are for convenience of
reference only and shall not define or limit any of the terms or provisions hereof. 
 Section 10.6 Governing Law and
Jurisdiction. This Trust Agreement shall be governed by and construed in accordance with the laws of the State of New York without regard to such state’s principles of conflict of laws that could compel the application of the laws of
another jurisdiction. 
 Section 10.7 No Third Party Beneficiaries. Except for the Beneficiaries, each of which shall be an
express third party beneficiary hereof, nothing in this Trust Agreement is intended or shall be construed to give any person, other than the parties hereto, any legal or equitable right, remedy or claim under or in respect of this Trust Agreement or
any provision contained herein. To the extent National Union Fire Insurance Company of Pittsburgh, Pa. elects to appoint a successor Beneficiaries’ Agent hereunder, the Grantor and Trustee will not unreasonably withhold their consent thereto
and shall cooperate to execute the necessary amendments hereto to effectuate such substitution as promptly as practicable. 

Section 10.8 Counterparts. This Trust Agreement may be executed by the Parties in separate counterparts, each of which when so
executed and delivered shall be an original, but all such counterparts shall together constitute one and the same instrument binding upon all of the parties hereto notwithstanding the fact that all parties hereto are not signatory to the original or
the same counterpart. Each counterpart may consist of a number of copies hereof each signed by less than all, but together signed by all of the Parties. Each counterpart may be delivered by facsimile transmission, which transmission shall be deemed
delivery of an originally executed document. 
 Section 10.9 Severability. Any term or provision of this Trust Agreement which
is invalid or unenforceable in any jurisdiction shall, as to that jurisdiction, be ineffective to the extent of such invalidity or unenforceability without rendering invalid or unenforceable the remaining terms and provisions of this Trust Agreement
or affecting the validity or enforceability of any of the terms or provisions of this Trust Agreement in any other jurisdiction, so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner
materially adverse to any Party. If any provision of this Trust Agreement is so broad as to be unenforceable, that provision shall be interpreted to be only so broad as is enforceable. In the event of such invalidity or unenforceability of any term
or provision of this Trust Agreement, the Parties shall use their commercially reasonable efforts to reform such terms or provisions to carry out the commercial intent of the Parties as reflected herein, while curing the circumstance giving rise to
the invalidity or unenforceability of such term or provision. 
 Section 10.10 Incontestability. Each Party hereby acknowledges
that this Trust Agreement, and each and every provision hereof, is and shall be enforceable according to its terms. Each Party hereby irrevocably waives any right to contest in any respect the validity or enforceability hereof. This Trust Agreement
shall not be subject to rescission, or to an award of damages, restitution, or reformation in lieu thereof, on any basis whatsoever, including intentional fraud. 

Section 10.11 Set-Off. Notwithstanding Section 4.4 of the
Reinsurance Agreement, there are no rights of set-off whatsoever, whether contractual, at common law, or otherwise, with respect to the Trust and the Trust Assets. 

Section 10.12 Currency. All financial data required to be provided pursuant to the terms of this Trust Agreement shall be
expressed in United States dollars. All payments and all settlements of account between the parties hereto shall be in United States currency unless otherwise expressly agreed by the Parties in writing. 

  
 19 

 ARTICLE XI 

DISPUTE RESOLUTION; ARBITRATION 

Section 11.1 Arbitration of Disputes Not Resolved by Negotiation. Any Dispute arising under or in any way related to this Trust
Agreement, specifically including without limitation disputes concerning alleged fraud in the inducement of any of the Transaction Documents or other wrongful pre-Closing conduct, but not including a Dispute
as to which the Trustee would be a required party within the meaning of Rule 19(a)(1) of the Federal Rules of Civil Procedure, shall, to the extent not resolved by negotiation between the Parties, be resolved by arbitration in a consolidated
arbitration involving all agreements and Parties relevant to the Dispute. Any Person that is a Party to any of the Transaction Documents shall have an absolute right to intervene in any such arbitration. 

Section 11.2 Procedure for Arbitration and Mandatory Pre-Arbitration Negotiation. 

(a) The procedures for the arbitration and for the mandatory pre-arbitration negotiation are set forth
in Article XIII of the Reinsurance Agreement, which is hereby incorporated herein. Arbitration hereunder shall be conducted in New York, New York. 

(b) In considering any relief to be awarded, the arbitrators (and the Designated Court, as appropriate) shall take into account the
Parties’ view that the nature and uniqueness of the relationships created under the Transaction Documents as a whole render specific performance the remedy of choice for Disputes under this Trust Agreement where it is possible to implement that
remedy. 
 Section 11.3 Permitted Judicial Proceedings. Subject to Section 11.4 hereof, the only
permitted judicial proceedings relating to any Dispute are those set forth in, and are subject to the exclusive jurisdiction provisions of, Section 13.2(f) of the Reinsurance Agreement. Each Party finally and irrevocably waives any right to
trial by jury of any matter or issue in such a permitted judicial proceeding. 
 Section 11.4 Disputes to Which the Trustee is a
Required Party. In the event of a Dispute to which the Trustee is a required party within the meaning of Rule 19(a)(1) of the Federal Rules of Civil Procedure, then: 

(a) To the extent any portion of the Dispute can be resolved without the participation of the Trustee, it shall be resolved
pursuant to Sections 11.1 to 11.3 above. 
 (b) The remainder of the Dispute shall be resolved by litigation in
the Designated Court, which shall be the sole and exclusive forum for such litigation. 

  
 20 

 ARTICLE XII 

EFFECTIVE DATE AND EXECUTION 
 NATIONAL
UNION FIRE INSURANCE COMPANY 
 OF PITTSBURGH, PA., as Beneficiaries’ Agent 

acting on its own behalf and on behalf of the Beneficiaries 
  

					
	By:	 	 /s/ Robert Schimek

		 	Title:	 	Executive Vice President
		 	Date:	 	January 20, 2017

  

					
	Attest:	 	 /s/ Tanya Kent

		 	Title:	 	Secretary
		 	Date:	 	January 20, 2017

					
	 NATIONAL INDEMNITY COMPANY,
 as
Grantor

		
	By:	 	 /s/ Donald Wurster

		 	Title:	 	President
		 	Date:	 	January 20, 2017
		
	By:	 	 /s/ Dale Geistkemper

		 	Title:	 	Treasurer
		 	Date:	 	January 20, 2017

  

					
	Attest:	 	 /s/ Zach Royse

		 	Title:	 	Senior Finance Manager
		 	Date:	 	January 20, 2017

  

					
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee
		
	By:	 	 /s/ Stephen Bruce

		 	Title:	 	Vice President
		 	Date:	 	January 20, 2017

  

					
	Attest:	 	 /s/ Philip Watson

		 	Title:	 	Vice President
		 	Date:	 	January 20, 2017

 APPENDIX A 

TRUST PROVISIONS FOLLOWING A REINSURANCE CREDIT EVENT 

Section 4.1 Continuing Obligation of the Grantor. 

(a) The segregated trust account maintained by the Trustee with account number [Redacted] under account name [Redacted] (which shall be
hereinafter referred to, including all successor accounts thereto, as the “Trust Account”) shall continue in existence upon the occurrence of a Reinsurance Credit Event and the substitution of Assets as
required under Section 3.1 of this Trust Agreement. 
 (b) The Grantor shall ensure that the Trust Account shall
hold Permitted Investments at all times with a fair market value of no less than 100% of the Required Amount, calculated with respect to the Beneficiaries specified in the Reinsurance Credit Event Notice, as determined in accordance with
Section 5.2 of this Trust Agreement. 
 Section 4.2 Purpose of the Trust. The Assets in the Trust
Account shall be held by the Trustee for the sole benefit of the Beneficiary. The Grantor grants to the Trustee all trust powers necessary and reasonable in the performance of its duties hereunder except as otherwise expressly provided herein. 

Section 5.1 (a) Substitution of Trust Account Assets. Upon receipt of the prior written consent of the Beneficiaries’ Agent,
the Grantor may, from time to time, substitute or exchange Assets contained in the Trust Account, provided, however, (i) the Assets so substituted or exchanged must be Permitted Investments, (ii) after giving effect to such
substitution, the fair market value of the newly deposited Assets are at least equal to the fair market value of the substituted Assets and (iii) the replacement Assets to be deposited in the Trust Account in such substitution or exchange are
deposited therein on the day of withdrawal of the substituted or exchanged Assets. Upon any substitution or exchange as provided for herein, the Grantor shall certify to the Trustee and Beneficiaries’ Agent that such substitution or exchange
meets the requirements of this Section 5.1. The Trustee shall act on the instruction and certification of the Grantor and shall give the Beneficiaries’ Agent prompt written notice of any substitution made pursuant
hereto. 
 Section 5.3 Quarterly Certification. Within fourteen (14) calendar days following the end of each calendar
quarter, the Grantor shall provide the Beneficiaries’ Agent (with a copy to the Trustee) a written certification (the “Quarterly Certification”) stating the Required Amount and the Security Amount as
of the calendar quarter end and the aggregate fair market value of the Permitted Investments, as determined by a nationally recognized valuation service retained by the Trustee at the Grantor’s expense, held in the Trust Account as of the
calendar quarter end (both on an asset-by-asset basis and a cumulative basis). Such certification shall separately state the effect on the fair market value of the
Assets of withdrawals by the Grantor from the Trust Account effected during such calendar quarter. As soon as is practicable, but in no event more than ten (10) Business Days following its receipt of the Quarterly Certification, the
Beneficiaries’ Agent shall either (i) countersign such certification and forward it to the Trustee or (ii) notify the Grantor that it objects to the Grantor’s calculation of the Required Amount or the Security Amount or the
Grantor’s valuation of any Asset. If the parties are able to resolve such dispute within ten (10) Business Days of the Beneficiaries Agent’s transmittal to the Grantor of its notice of objection, they shall promptly forward to the
Trustee a jointly signed certification of the Required Amount, the Security Amount or Asset valuation, as applicable. If the Parties are unable to resolve such dispute within ten (10) Business Days of the Beneficiaries Agent’s transmittal
to the Grantor of its notice of objection, and the dispute relates to the valuation of an Asset, the value of such Asset shall be determined by a Third Party Appraiser and the parties shall be bound by such valuation. All other disputes shall be
resolved in accordance with Section 11.1 of this Trust Agreement. Upon resolution of such dispute, the Parties shall forward to the Trustee a copy of the corrected Quarterly Certification setting forth the Required Amount,
the Security Amount or Asset value, as applicable, as resolved 

 
through such Third Party Appraiser or arbitration. The Grantor shall, to the extent reasonably necessary or required in order to verify Grantor’s certification, permit the
Beneficiaries’ Agent to audit its records in order to determine its compliance with this Section 5.3. The Grantor shall cooperate fully with such audit. Access to the Grantor and its employees by the
Beneficiaries’ Agent in connection with such audit shall be at reasonable times during regular business hours upon reasonable prior written notice (including by e-mail) in a manner which does not
unreasonably interfere with the business or operations of the Grantor. 
 Section 6.1 Adjustment of Trust Account Assets. 

(a) The Required Amount and the Security Amount as of the end of each calendar quarter shall be certified to the Trustee by the Grantor in the
manner set forth in Section 5.3 hereof. 
 (b) If the aggregate fair market value of the Permitted Investments
maintained in the Trust Account as of any calendar quarter end is less than the Required Amount as of such calendar quarter end, then within five (5) Business Days of its receipt of the certification set forth in
Section 5.3, the Grantor shall deposit into the Trust Account such additional Assets with an aggregate fair market value as are necessary to ensure that the aggregate fair market value of the Permitted Investments held in
the Trust Account is no less than 100% of the Required Amount as of the immediately prior calendar quarter end. 
 Section 6.2
Release of Trust Account Assets to the Beneficiaries’ Agent. 
 (a) Notwithstanding anything in this Trust Agreement to the
contrary, the Beneficiaries’ Agent, acting on its own behalf and as agent for one or more Beneficiaries, shall have the right to withdraw Assets from the Trust Account at any time, without notice to the Grantor, subject only to written notice
to the Trustee from the Beneficiaries’ Agent given in accordance with Section 10.1 of this Trust Agreement. Other than such notice, no other statement or document need be presented by the Beneficiaries’ Agent to
withdraw such Assets except that the Beneficiaries’ Agent shall acknowledge to the Trustee receipt of such withdrawn Assets. Upon such written notice of demand of the Beneficiaries’ Agent, the Trustee shall immediately take any and all
steps necessary to transfer absolutely and unequivocally all right, title and interest in the Assets to the Beneficiaries’ Agent and, to the extent applicable, deliver physical custody of such Assets to the Beneficiaries’ Agent. Upon such
transfer, Trustee shall promptly forward a copy of such notice to the Grantor. The Trustee shall not be subject to any liability for any payment made by it to the Beneficiaries’ Agent pursuant to such written demand by the Beneficiaries’
Agent. 
 Section 6.3 Release of Trust Account Assets to the Grantor. 

(a) All proceeds from the sale or substitution of the Assets in the Trust Account and the collection of interest, dividends and other income
in respect to the Assets in the Trust Account shall be retained in the Trust Account and shall not be released to the Grantor, except in accordance with the provisions set forth in subparagraph (b) in this
Section 6.3. 
 (b) Commencing from and after the fifth anniversary of the date hereof, and subject to receipt of
the Beneficiaries’ Agent’s prior written consent, which shall not be unreasonably withheld, delayed or conditioned, the Grantor shall have the right to withdraw Assets from the Trust Account with an aggregate fair market value equal to the
excess over 102% of the Required Amount as of the prior calendar quarter end, so long as, following such withdrawal, the aggregate fair market value of the Permitted Investments remaining in the Trust Account plus the aggregate fair market value of
Assets remaining in the LPT Trust Account will exceed the net Reserves of the Beneficiary (including reserves for losses incurred but not reported) calculated in accordance with SAP with respect to Subject Liabilities reinsured with the Grantor as
of such calendar quarter end plus the “LPT Required Amount” as of such quarter end; and provided, further, that in connection with any such withdrawal, the Grantor must provide a written certification to the Trustee stating
the fair market value of each non-cash Asset withdrawn. In 

 
connection with any such release of Assets, the Trustee shall take any and all necessary steps to transfer absolutely and unequivocally all right, title and interest in such released Assets to
the Grantor or its designee. The Trustee shall not be subject to any liability for any payment made by it to the Grantor pursuant to such written instructions received by it from the Beneficiaries’ Agent. 

Section 7.4 Responsibilities of the Trustee. 

(a) The Trustee, in the administration of the Trust Account, is to be bound solely by the express provisions herein, and such further written
and signed directions as the appropriate party or parties may, under the conditions herein provided, deliver to the Trustee. The Trustee shall be under no obligation to enforce the Grantor’s obligations under this Trust Agreement, except as
otherwise expressly provided or directed pursuant hereto. The Trustee shall be restricted to holding title to, operating and collecting the Assets comprising the Trust Account and the payment and distribution thereof for the purposes set forth in
this Trust Agreement and to the conservation and protection of such Assets and the administration thereof in accordance with the provisions of this Trust Agreement, and the Trustee shall be liable only for its own negligence, willful misconduct or
lack of good faith. The Trustee further agrees to forward upon request of the Beneficiaries’ Agent, the Grantor or any Insurance Commissioner a statement and valuation of all Assets held under this Trust Agreement. 

(b) Subject to the other provisions of this Trust Agreement, including the requirements that only Permitted Investments may be held in the
Trust Account and provisions relating to the substitution of Assets, (i) the Grantor or an asset manager appointed by the Grantor shall have the irrevocable authority and sole power to direct the Trustee, in the Grantor’s sole discretion,
with respect to all aspects of the management or investment of the Assets contained in the Trust Account and (ii) the Trustee and the Beneficiaries’ Agent each acknowledges that it has no authority with respect to such management or
investment activities, the Trustee agrees it will not exercise any discretion or take any action with respect to the matters in clause (i) above and will take any actions related thereto as directed by the Grantor in accordance therewith. 

Section 7.5 Books and Records. The Trustee shall keep full and complete records of the administration of the Trust Account. The
Grantor, any Beneficiary, the Beneficiaries’ Agent and/or the Insurance Commissioner may examine such records, upon reasonable notice to the Trustee, at any time during business hours through any person or persons duly authorized in writing by
Grantor, the Beneficiary, the Beneficiaries’ Agent and/or the Insurance Commissioner, at the requesting party’s expense. 

Section 7.8 Release of Information. The Trustee shall promptly respond to any and all reasonable requests for information
concerning the Trust Account or the Assets held therein by any of the parties to this Trust Agreement. Furthermore, the Trustee shall fully and completely respond to any direct inquiries of the Insurance Commissioner, or any of its representatives,
concerning the Trust Account or the Assets held hereunder, including, detailed inventories of securities or funds, and the Trustee shall permit the Insurance Commissioner, or its representatives, to examine and audit all securities or funds held
hereunder. The Trustee shall promptly provide notice to the Beneficiaries’ Agent and the Grantor concerning all such inquiries, and shall provide seven (7) days prior notice to the Beneficiaries’ Agent and the Grantor of all such
examinations and audits. 
 Section 7.11 Limitations of the Trustee. The Trustee shall in no way be responsible for determining
the amount of Assets required to be deposited, or monitoring whether or not the Assets held within the Trust Account are Permitted Investments. The Trustee shall be under no liability for any release of Assets made by it to the Grantor in accordance
with Article VI. 
 Section 9.4 Termination of Trust Account. At least 30 days, but not more than 45 days, prior to the
termination of the Trust Account, written notice of termination shall be delivered by the Trustee to the Beneficiaries’ Agent 

 Section 10.2 Construction and Effect. This Trust Agreement and the enforceability
hereof shall not be subject to the satisfaction of any conditions or qualifications not expressly included herein.EX-10.3

 Exhibit 10.3 

THIS PARENTAL GUARANTEE AGREEMENT, dated as of January 20, 2017 (this “Parental Guarantee Agreement”), is
made by Berkshire Hathaway Inc., a Delaware corporation (“Berkshire”) in favor of National Union Fire Insurance Company of Pittsburgh, Pa., for itself and as appointed agent for the Reinsureds under the Reinsurance
Agreement and as beneficiaries’ agent for the beneficiaries under the Trust Agreement (“NUFIC”, and NUFIC and the Reinsureds, including NUFIC, under the Reinsurance Agreement individually or collectively, as the context
may require, referred to as “Reinsured”), and with respect to certain obligations of National Indemnity Company, a Nebraska property and casualty insurance company (“NICO”). 

WITNESSETH: 

WHEREAS, pursuant to the Aggregate Excess of Loss Reinsurance Agreement, dated as of January 20, 2017, by and between the
Reinsured and NICO (the “Reinsurance Agreement”), the Reinsured ceded to NICO Ultimate Net Loss in excess of the Retention, subject to the Reinsurer’s Aggregate Limit. 

WHEREAS, NICO is a wholly-owned subsidiary of Berkshire and Berkshire shall derive direct or indirect benefit from the transactions
contemplated by the Reinsurance Agreement; 
 WHEREAS, in connection with entry into the Reinsurance Agreement, NICO, and NUFIC, as
beneficiaries’ agent (“Trust Beneficiaries’ Agent”) for the Reinsureds (the “Trust Beneficiaries”), have agreed to enter into a Trust Agreement (the “Trust Agreement”)
with Wells Fargo Bank, National Association, pursuant to which NICO shall create a trust to hold assets as security for the satisfaction of the obligations of NICO to the beneficiaries thereunder; and 

WHEREAS, to induce the Reinsureds to enter into the transactions contemplated by the Reinsurance Agreement, Berkshire has executed and
delivered this Parental Guarantee Agreement; 
 NOW, THEREFORE, in consideration of the foregoing, the covenants and agreements set
forth herein, and other good and valuable consideration, the adequacy and receipt of which are hereby acknowledged, and intending to be legally bound hereby, Berkshire and NUFIC (each individually, a “Party” and collectively,
the “Parties”) hereby agree as follows: 
 ARTICLE I 

DEFINITIONS; CONSTRUCTION 

Section 1.1 Definitions. Capitalized terms used and not otherwise defined herein shall have the
meanings ascribed to such terms in the Reinsurance Agreement or Trust Agreement as applicable. The following terms shall have the following meanings when used in this Parental Guarantee Agreement: 

“Beneficiary” means NUFIC, acting for itself and as appointed agent on behalf of the Reinsureds under the Reinsurance
Agreement and/or Trust Beneficiaries under the Trust Agreement. 
 “Berkshire” has the meaning set forth in the
Preamble and includes successors and permitted assigns. 
 “Collateral” shall have the meaning provided in the Trust
Agreement. 

  
 -1- 

 “Collateral Obligations” has the meaning set forth in Section
2.1(a). 
 “Collateral Triggering Event” shall have the meaning provided in the Trust Agreement. 

“Dispute” shall have the meaning provided in the Reinsurance Agreement. 

“Guaranteed Obligations” has the meaning set forth in Section 2.1(a). 

“Insolvency Event” means, in respect of any Person, the occurrence or continuance of any of the following events,
acts, occurrences or conditions, whether such event, act, occurrence or condition is voluntary or involuntary or results from the operation of law or pursuant to or as a result of compliance by that Person with any judgment, decree, order, rule or
regulation of any court or administrative or governmental body: (i) that Person shall commence a voluntary case concerning itself under any insolvency laws or otherwise commence any other proceeding under any bankruptcy, rehabilitation,
liquidation, conservation, dissolution, reorganization, arrangement, adjustment of debt, relief of debtors, insolvency or similar law of any jurisdiction whether now or hereafter in effect relating to such Person (any of the foregoing, an
“Insolvency Proceeding”); (ii) an involuntary Insolvency Proceeding is commenced against that Person and such Insolvency Proceeding is not controverted within ten (10) calendar days, or is not dismissed within thirty
(30) calendar days, after commencement of the case; (iii) a receiver, rehabilitator, custodian or liquidator is appointed for, or takes charge of, all or substantially all of the property of that Person; (iv) any order for relief or
other order approving any such case or proceeding is entered; (v) that Person is adjudicated insolvent or bankrupt; (vi) that Person suffers any appointment of any custodian or the like for it or any substantial part of its property, which
appointment continues undischarged or unstayed for a period of thirty (30) calendar days; (vii) that Person makes a general assignment for the benefit of creditors; (viii) that Person shall fail to pay, or shall state that it is
unable to pay, or shall be unable to pay, its debts generally as they become due; (ix) that Person shall call a meeting of its creditors with a view of arranging a composition or adjustment of its debts; (x) that Person shall by any act or
failure to act consent to, approve of or acquiesce in any of the foregoing; or (xi) any corporate action is taken by such Person for the purpose of effecting any of the foregoing items (i)–(x). 

“Interest” has the meaning set forth in Section 2.1(b). 

“Interest Rate” shall have the meaning provided in the Reinsurance Agreement. 

“NICO” has the meaning set forth in the Preamble and includes successors and permitted assigns. 

“NUFIC” has the meaning set forth in the Preamble and includes successors and permitted assigns. 

“Parental Guarantee” has the meaning set forth in Section 2.1(a). 

“Parental Guarantee Agreement” has the meaning set forth in the Preamble. 

“Party” or “Parties” has the meaning set forth in the Recitals. 

“Proceeds” means “proceeds” as such term is defined in the UCC. 

“Reinsurance Agreement” has the meaning set forth in the Recitals. 

“Reinsurance Credit Event” shall have the meaning provided in the Reinsurance Agreement. 

  
 -2- 

 “Required Amount” shall have the meaning set forth in the Trust
Agreement. 
 “Security Amount” shall have the meaning set forth in the Trust Agreement. 

“Trigger Events” shall have the meaning set forth in Section 2.1(b). 

“Trust Account” shall have the meaning set forth in the Trust Agreement. 

“Trust Agreement” shall have the meaning set forth in the Recitals. 

“Trustee” shall have the meaning set forth in the Trust Agreement. 

“Ultimate Net Loss” shall have the meaning provided in the Reinsurance Agreement. 

ARTICLE II 
 PARENTAL
GUARANTEE 
 Section 2.1 Parental Guarantee. 

(a) Berkshire hereby unconditionally and irrevocably guarantees (the “Parental Guarantee”) NICO’s full and prompt
payment and, in the case of the obligations set forth in (ii) below (the “Collateral Obligations”), performance when due of NICO’s obligations for: (i) the payment of all Ultimate Net Loss due and owing by
NICO, pursuant to and in accordance with the applicable provisions of the Reinsurance Agreement, subject always to the Aggregate Limit; and (ii) the transfer and assignment of assets into the Trust Account when required, including upon the
occurrence of a Collateral Triggering Event or a Reinsurance Credit Event, pursuant to and in accordance with the applicable provisions of the Reinsurance Agreement and the Trust Agreement (such obligations, collectively, the “Guaranteed
Obligations”). 
 (b) Except as set forth in Article III, the Beneficiary shall be entitled to proceed against Berkshire under
this Parental Guarantee Agreement only following the occurrence of a Trigger Event. If NICO, after any of the events listed under (i), (ii) or (iii) below (the “Trigger Events”) has occurred, has not timely paid (or, in
the case of Collateral Obligations, performed) a Guaranteed Obligation within thirty (30) days after the due date of such Guaranteed Obligation, the Beneficiary may proceed directly and at once, upon written notice to NICO and Berkshire,
against Berkshire to obtain payment (or, in the case of Collateral Obligations, performance) of the full amount or any portion of the Guaranteed Obligation that is then due and payable and has not been paid (or, in the case of Collateral
Obligations, performed) by NICO, together with interest on any such payments at the Interest Rate accrued from the applicable due date until the date of such payment (“Interest”). Following the occurrence of a Trigger Event,
the Beneficiary shall be entitled to so proceed directly against Berkshire without first proceeding against or joining NICO or any other Person. The Trigger Events are as follows: 

(i) any dissolution, liquidation, conservation, rehabilitation, bankruptcy, statutory reorganization, receivership, compulsory
composition or similar statutory or delinquency proceeding involving NICO; 
 (ii) a final arbitration award, court order,
decision or judgment with no appeal or stay pending (A) has been issued against NICO in favor of a Reinsured under the Reinsurance Agreement or the Trust Beneficiaries or the Trust Beneficiaries’ Agent under the Trust Agreement and remains
unpaid (or, in the case of Collateral Obligations, unperformed) by NICO, or (B) has been issued against a Reinsured with respect to a claim in respect of Subject Liabilities that NICO has acknowledged in writing its obligation to pay and such
claim remains unpaid by NICO; or 
 (iii) NICO has acknowledged in writing its obligation to pay (or, in the case of
Collateral Obligations, perform) a Guaranteed Obligation and such Guaranteed Obligation remains due and unpaid (or, in the case of Collateral Obligations, unperformed) by NICO. 

  
 -3- 

 (c) This Parental Guarantee Agreement is a guarantee of payment (or, in the case of Collateral
Obligations, performance) and not of collection merely, and upon the occurrence of a Trigger Event and any failure of NICO to pay (or, in the case of Collateral Obligations, perform) a Guaranteed Obligation as set forth above the Beneficiary, may,
at its option, proceed directly and at once, with written notice, against Berkshire to collect and recover the full amount of NICO’s liability to pay (or, in the case of Collateral Obligations, perform) such Guaranteed Obligation (or any
portion thereof) then due and owing, together with any applicable Interest, and otherwise enforce the Collateral Obligations. The Parental Guarantee is a continuing guaranty and the obligations of Berkshire hereunder are and shall be absolute under
any and all circumstances, irrespective of, and Berkshire hereby waives, any defense it may have relating to: (i) any lack of validity, regularity or enforceability of this Parental Guarantee Agreement, the Reinsurance Agreement or the Trust
Agreement, (ii) any change in time or place of payment of or other term of the Guaranteed Obligation, or any other amendment or waiver of or consent to departure from this Parental Guarantee Agreement, the Reinsurance Agreement, or the Trust
Agreement, (iii) except with respect to whether a Trigger Event has occurred, any change, restructuring or termination of the corporate structure or existence, including a Change of Control, of NICO or Berkshire, or any dissolution,
liquidation, conservation, rehabilitation, bankruptcy, statutory reorganization, receivership, compulsory composition, or similar statutory or delinquency proceeding affecting NICO or Berkshire or any of its assets or any resulting release or
discharge of any obligation of NICO under the Reinsurance Agreement or the Trust Agreement or (iv) in the case of a Trigger Event of the type described in Section 2.1(b)(ii) or Section 2.1(b)(iii), any defense, set-off or other circumstance which might otherwise constitute a defense available to Berkshire or, except as to set-offs, to NICO. Notwithstanding anything contained herein
to the contrary, nothing in this Parental Guarantee Agreement shall preclude Berkshire from asserting a valid claim or valid defense to the effect that the Guaranteed Obligation has been paid, discharged or satisfied in full in accordance with the
terms of the Reinsurance Agreement or the Trust Agreement, as applicable. Except as otherwise expressly set forth in this Parental Guarantee Agreement, Berkshire hereby expressly waives promptness, diligence, demand, notice of dishonor, non-payment, non-performance or other default with respect to the Guaranteed Obligations, or any requirements that any right or power be exhausted or any action taken against
NICO. To the extent that Berkshire shall have made any payments under this Parental Guarantee Agreement, any rights to subrogation which Berkshire may have as a result of any such payment shall be deferred, postponed and subordinated to the prior
indefeasible payment in full of the Guaranteed Obligations. If all or any part payment applied to the Guaranteed Obligation is or must be recovered, rescinded or returned to NICO, Berkshire or any other Person because of a dissolution, liquidation,
conservation, rehabilitation, bankruptcy, statutory reorganization, receivership, compulsory composition, or similar proceeding affecting any Party, such Guaranteed Obligation shall be deemed to have continued in existence, and this Parental
Guarantee Agreement shall continue in effect as to such Guaranteed Obligation, all as though such payment had not been made. 

  
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 (d) Berkshire shall pay on demand all fees and out-of-pocket expenses (including reasonable attorneys’ fees and expenses) incurred by the Beneficiary in any way relating to the successful enforcement of the rights of the Beneficiary hereunder. The
Beneficiary shall pay on demand all fees and out-of-pocket expenses (including reasonable attorneys’ fees and expenses) incurred by Berkshire in any way relating to
its defense of an unsuccessful action by the Beneficiary hereunder. Notwithstanding anything to the contrary in this Section 2.1(d), the Beneficiary shall not be entitled to be reimbursed hereunder for the costs or out-of-pocket expenses incurred in connection with any notice or demand required under Section 2.1(b) to the extent that such demand is not disputed or objected to by
Berkshire. 
 (e) For the avoidance of doubt, but subject to Section 2.1(d), the payment (or, in the case of Collateral Obligations,
performance) of a Guaranteed Obligation by Berkshire pursuant to this Parental Guarantee Agreement shall be deemed to satisfy NICO’s obligation to perform or pay such Guaranteed Obligation for any purpose, including under the Reinsurance
Agreement, or the Trust Agreement, as applicable. The Beneficiary shall not be entitled to obtain payment (or, in the case of Collateral Obligations, performance) of a Guaranteed Obligation from NICO under the Reinsurance Agreement or the Trust
Agreement or withdraw funds from the Trust Account or any replacement or successor thereof or substitution therefor to satisfy a Guaranteed Obligation to the extent that such Guaranteed Obligation has theretofore been paid or performed in full by
Berkshire under this Parental Guarantee Agreement. In furtherance of the foregoing, the Beneficiary hereby agrees that any amounts paid by Berkshire under this Parental Guarantee Agreement shall be in satisfaction of any such amounts due and payable
(but unpaid) by NICO under the Reinsurance Agreement, or the Trust Agreement, as applicable. 
 (f) Berkshire waives any and all rights of
subrogation to NICO’s rights with respect to the Trust Account and any claims it may have with respect thereto now or in the future and whether by reason of any payment made by it of a Guaranteed Obligation or otherwise. 

ARTICLE III 

REMEDIES; RIGHTS UPON DEFAULT, INSOLVENCY, ETC. 

Section 3.1 Insolvency Event. Upon the occurrence and continuance of an Insolvency Event of Berkshire,
Beneficiary may proceed directly against Berkshire, independent of the existence or non-existence of a Trigger Event at such time. For the avoidance of doubt, for purposes of this
Section 3.1, the Guaranteed Obligations with respect to the Trust Account shall include the obligation to contribute to the Trust Account the amounts necessary to satisfy the payment and performance obligations under the
Trust Agreement with respect to the Security Amount or the Required Amount applicable to the Trust Account in effect at the time of the Insolvency Event of Berkshire and thereafter. 

ARTICLE IV 
 DISPUTE
RESOLUTION; ARBITRATION 
 Section 4.1 Arbitration of Disputes Not Resolved by Negotiation.

 All Disputes arising under or in any way related to this Parental Guarantee Agreement, specifically including without limitation Disputes
concerning alleged fraud in the inducement of any Transaction Document or other wrongful pre-Closing conduct shall, to the extent not resolved by negotiation between the Parties, be resolved by arbitration in
a consolidated arbitration involving all agreements and Parties relevant to the dispute. Any Person that is a Party to any Transaction Document shall have an absolute right to intervene in any such arbitration. 

  
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 Section 4.2 Procedure for Arbitration and Mandatory Pre-Arbitration Negotiation. 
 (a) The procedures for the arbitration and for the mandatory pre-arbitration negotiation are set forth in Article XIII of the Reinsurance Agreement, which is hereby incorporated herein. Arbitration hereunder shall be conducted in New York City, New York. 

(b) In considering any relief to be awarded, the arbitrators (and the Designated Court, as appropriate) shall take into account the
Parties’ view that the nature and uniqueness of the relationships created under the Transaction Documents as a whole render specific performance the remedy of choice hereunder where it is possible to implement that remedy. 

Section 4.3 Permitted Judicial Proceedings. 

The only permitted judicial proceedings relating to any Dispute are those set forth in, and are subject to the exclusive jurisdiction
provisions of, Section 13.2(f) of the Reinsurance Agreement. Each Party finally and irrevocably waives any right to trial by jury of any matter or issue in such a permitted judicial proceeding. 

ARTICLE V 

MISCELLANEOUS PROVISIONS 

Section 5.1 Entire Agreement. This Parental Guarantee Agreement, the Reinsurance Agreement, the Trust
Agreement and any other documents delivered pursuant hereto or thereto, constitute the entire agreement among the Parties and their respective Affiliates with respect to the subject matter hereof and supersede all prior negotiations, discussions,
writings, agreements and understandings, oral and written, among the Parties with respect to the subject matter hereof and thereof. 

Section 5.2 Waiver and Amendment. This Parental Guarantee Agreement may be amended, superseded,
canceled, renewed or extended, and the terms hereof may be waived, only by an instrument in writing signed by the Parties hereto, or, in the case of a waiver, by the Party waiving compliance. No delay on the part of any Party in exercising any
right, power or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other such right, power or privilege. No waiver of any
breach of this Parental Guarantee Agreement shall be held to constitute a waiver of any other or subsequent breach. 

Section 5.3 Successors and Assigns. The rights and obligations of the Parties under this Parental
Guarantee Agreement shall not be subject to assignment without the prior written consent of the other Parties, and any attempted assignment without the prior written consent of the other Parties shall be invalid ab initio. The terms of this
Parental Guarantee Agreement shall be binding upon, inure to the benefit of and be enforceable by and against the successors and permitted assigns of the Parties. 

Section 5.4 Construction; Interpretation. The Parties have participated jointly in the negotiation and
drafting of this Parental Guarantee Agreement. In the event of an ambiguity or question of intent or interpretation arises, this Parental Guarantee Agreement shall be construed as if drafted jointly by the Parties and no presumption or burden of
proof shall arise favoring or disfavoring either Party by virtue of the authorship of any of the provisions of this Parental 

  
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Guarantee Agreement. When a reference is made to a Section such reference shall be to a Section of this Parental Guarantee Agreement unless otherwise indicated. Whenever the words
“include”, “includes” or “including” are used in this Parental Guarantee Agreement, they shall be deemed to be followed by the words “without limitation.” The term “Parental Guarantee Agreement,”
means this Parental Guarantee Agreement as amended or supplemented, and the words “hereof,” “herein,” “hereto,” “hereunder” and other words of similar import shall refer to this Parental Guarantee Agreement in
its entirety and not to any particular Section or provision of this Parental Guarantee Agreement. Reference to any applicable Law means such applicable Law as amended, modified, codified, replaced or reenacted, and all rules and regulations
promulgated thereunder. References to a Person are also to its successors and permitted assigns. 
 Section 5.5
Governing Law and Jurisdiction. This Parental Guarantee Agreement shall be governed by and construed in accordance with the laws of the State of New York applicable to contracts entered into therein, without reference to principles
of choice of law or conflicts of laws that would require the application of the law of another jurisdiction. 

Section 5.6 No Third Party Beneficiaries. Except for the Reinsureds and Trust Beneficiaries, each of
which shall be an express third party beneficiary hereof, nothing in this Parental Guarantee Agreement is intended or shall be construed to give any Person, other than the Parties hereto, any legal or equitable right, remedy or claim under or in
respect of this Parental Guarantee Agreement or any provision contained herein. 
 Section 5.7
Counterparts. This Parental Guarantee Agreement may be executed by the Parties in separate counterparts, each of which when so executed and delivered shall be an original, but all such counterparts shall together constitute one and
the same instrument binding upon all of the Parties notwithstanding the fact that all Parties are not signatory to the original or the same counterpart. Each counterpart may consist of a number of copies hereof each signed by less than all, but
together signed by all of the Parties. Each counterpart may be delivered by facsimile transmission, which transmission shall be deemed delivery of an originally executed document. 

Section 5.8 Severability. Any term or provision of this Parental Guarantee Agreement which is invalid
or unenforceable in any jurisdiction shall, as to that jurisdiction, be ineffective to the extent of such invalidity or unenforceability without rendering invalid or unenforceable the remaining terms and provisions of this Parental Guarantee
Agreement or affecting the validity or enforceability of any of the terms or provisions of this Parental Guarantee Agreement in any other jurisdiction, so long as the economic or legal substance of the transactions contemplated hereby is not
affected in any manner materially adverse to any Party. If any provision of this Parental Guarantee Agreement is so broad as to be unenforceable, that provision shall be interpreted to be only so broad as is enforceable. In the event of such
invalidity or unenforceability of any term or provision of this Parental Guarantee Agreement, the Parties shall use their commercially reasonable efforts to reform such terms or provisions to carry out the commercial intent of the Parties as
reflected herein, while curing the circumstance giving rise to the invalidity or unenforceability of such term or provision. 

Section 5.9 Specific Performance. Each of the Parties acknowledges and agrees that the other Party
would be irreparably damaged in the event that any of the provisions of this Parental Guarantee Agreement were not performed or complied with in accordance with their specific terms or were otherwise breached, violated or unfulfilled. Accordingly,
each of the Parties 

  
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agrees that the other Party shall be entitled to an injunction or injunctions to prevent noncompliance with, or breaches or violations of, the provisions of this Parental Guarantee Agreement by
the other Party and to enforce specifically this Parental Guarantee Agreement and the terms and provisions hereof in any action instituted in accordance with Section 5.5, in addition to any other remedy to which such Party
may be entitled, at law or in equity. In the event that any action is brought in equity to enforce the provisions of this Parental Guarantee Agreement, no Party will allege, and each Party hereby waives the defense or counterclaim, that there is an
adequate remedy at law. The Parties further agree that (i) by seeking the remedies provided for in this Section 5.9, a Party shall not in any respect waive its right to seek any other form of relief that may be
available to a Party under this Parental Guarantee Agreement, including monetary damages in the event that this Parental Guarantee Agreement has been terminated or in the event that the remedies provided for in this
Section 5.9 are not available or otherwise are not granted and (ii) nothing contained in this Section 5.9 shall require any Party to institute any action for (or limit any Party’s right
to institute any action for) specific performance under this Section 5.9 before exercising any other remedies under this Parental Guarantee Agreement that may be available then or thereafter nor shall the commencement of
any action pursuant to this Section 5.9 or anything contained in this Section 5.9 restrict or limit any Party’s right to pursue any other remedies under this Parental Guarantee Agreement that
may be available then or thereafter. 
 Section 5.10 Incontestability. Each Party hereby
acknowledges that this Parental Guarantee Agreement, and each and every provision hereof, is and shall be enforceable according to its terms. Each Party hereby irrevocably waives any right to contest in any respect the validity or enforceability
hereof. This Parental Guarantee Agreement shall not be subject to rescission, or to an award of damages, restitution, or reformation in lieu thereof, on any basis whatsoever, including intentional fraud. 

Section 5.11 Notice. Any notice, request, demand, waiver, consent, approval or other communication
required or permitted to be given by any Party hereunder shall be in writing and shall be delivered personally, sent by facsimile transmission, sent by registered or certified mail, postage prepaid, or sent by a standard overnight courier of
national reputation with written confirmation of delivery. Any such notice shall be deemed given when so delivered personally, or if sent by facsimile transmission, on the date received (provided that any notice received after 5:00 p.m.
(addressee’s local time) shall be deemed given at 9:00 a.m. (addressee’s local time) on the next Business Day), or if mailed, on the date shown on the receipt therefor, or if sent by overnight courier, on the date shown on the written
confirmation of delivery. Such notices shall be given to the following address: 
 If to Beneficiary, to: 

National Union Fire Insurance Company of Pittsburgh, Pa. 

175 Water Street 
 New York, NY
10038 
 Attn: Chief Ceded Reinsurance Officer 

  
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 With copies to: 

National Union Fire Insurance Company of Pittsburgh, Pa. 

175 Water Street 
 New York, NY
10038 
 Attn: General Counsel 

If to Grantor, to: 
 National
Indemnity Company 
 1314 Douglas Street, Suite 1400 

Omaha, NE 68102-1944 
 Attn:
General Counsel 
 With a copy to: 

Berkshire Hathaway Group 
 100
First Stamford Place 
 Stamford, CT 06903 

Attn: General Counsel 
 If to
Berkshire, to: 
 Berkshire Hathaway Inc. 

3555 Farnam Street 
 Omaha, NE
68131 
 Attn: Chief Financial Officer 

Beneficiary, Berkshire or NICO may change its notice provisions hereunder on fifteen (15) calendar days’ advance notice in writing to each of such
other Persons. 
 Section 5.12 Representations and Warranties. As of the date hereof, Berkshire
hereby represents and warrants that (i) it has obtained all authorizations and approvals required under applicable Law to enter into and perform its obligations hereunder; (ii) it has all requisite corporate power and authority to
enter into this Parental Guarantee Agreement and to perform its obligations hereunder; (iii) its execution and delivery of this Parental Guarantee Agreement, and its performance of its obligations hereunder, have been duly authorized by all
necessary corporate action; and (iv) this Parental Guarantee Agreement, when duly executed and delivered 

  
 -9- 

 
by the other Parties hereto, will be a valid and binding obligation, enforceable against it in accordance with its terms except as enforceability may be limited by bankruptcy, insolvency,
fraudulent transfer, reorganization, moratorium or other similar Laws affecting creditors’ rights generally, by applicable insurance insolvency and liquidation statutes and regulations and by general equitable principles (regardless of whether
such enforceability is considered in a proceeding in equity or at law). 
 (The remainder of this page has been intentionally left blank.)

  
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 IN WITNESS WHEREOF, the Parties hereby execute this Parental Guarantee Agreement as of the
day and year first set forth above. 
  

					
	BERKSHIRE HATHAWAY INC.
		
	By:	 	 /s/ Marc D. Hamburg

		 	Name:	 	Marc D. Hamburg
		 	Title:	 	Senior Vice President
	
	NATIONAL UNION FIRE INSURANCE COMPANY OF PITTSBURGH, PA., for itself and as appointed agent for the Reinsureds and Trust Beneficiaries
		
	By:	 	 /s/ Jeremy D. Edgecliffe-Johnson

		 	Name:	 	Jeremy D. Edgecliffe-Johnson
		 	Title:	 	President and Chief Executive Officer
	
	NATIONAL INDEMNITY COMPANY
		
	By:	 	 /s/ Brian G. Snover

		 	Name:	 	Brian G. Snover
		 	Title:	 	Senior Vice President

 [Signature Page to Parental Guarantee Agreement]

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