Document:

Ryerson Nonqualified Savings Plan, as amended

 Exhibit 10.7 
  
 RYERSON NONQUALIFIED SAVINGS PLAN 
 (As amended and restated as of December 16, 2005) 
  
 Ryerson Inc. established the Ryerson Tull Nonqualified Savings Plan (the “Plan”), effective as of January 1, 1998, in order to continue to enable employees of the Company and the other Employers to
obtain the same level of benefits they would have been able to receive under the Ryerson Savings Plan but for the limits imposed by certain provisions of the Internal Revenue Code of 1986, as amended, on the amounts that can be contributed to the
Savings Plan. The following provisions constitute an amendment, restatement and continuation of the Plan as previously amended from time to time and as in effect immediately prior to January 31, 2003, the “Effective Date” of the Plan
as set forth herein. The Plan is intended to be an “excess benefit plan” described in Section 3(36) of the Employee Retirement Income Security Act of 1974, as amended; provided, however, that, to the extent, if any, that the Plan
provides benefits which cannot be provided by an excess benefit plan, the Plan shall constitute an unfunded plan maintained primarily for the purpose of providing deferred compensation for a select group of management or highly compensated
employees. 
  
 ARTICLE I 
  
 DEFINITIONS 
  
 1.01 “Account” means the record of a Participant’s
interest in the Plan attributable to Company Contributions and Participant Contributions made on behalf of such Participant. 
  
 1.02 “Base Compensation” means Base Compensation as defined in the Savings Plan but without regard to the limitations under Code
Section 401(a)(17) and prior to any Participant Deferrals under this Plan. 
  
 1.03 “Beneficiary” means, with respect to a Participant, the Participant’s Beneficiary under the Savings Plan. 
  
 1.04 “Board” means the Board of Directors of the Company. 
  
 1.05 “Code” means the Internal Revenue Code of 1986, as from
time to time amended. 
  
 1.06 “Company” means
Ryerson Inc. 
  
 1.07 “Distributable Event” means
a Distributable Event as defined in the Savings Plan. 
  
 1.08
“Effective Date” means January 31, 2004. 
  
 1.09 “Eligible Employee” means an employee of an Employer who is eligible to participate in the Savings Plan, who has elected to make the maximum Before Tax Contribution permitted under the Savings Plan, and whose
contributions under the Savings Plan are limited by Section 415 or Section 402(g) of the Code or whose Base Compensation exceeds the limits set forth in Section 401(a)(17) of the Code. 

 1.10 “Employer” means an Employer as defined in the Savings Plan. 
  
 1.11 “Employer Credits” means the amount credited to the
Plan by the Employers pursuant to Section 3.03. 
  
 1.12
“Enrollment Date” means the Effective Date and the first day of each month thereafter. 
  
 1.13 “ERISA” means the Employee Retirement Income Security Act of 1974, as from time to time amended. 
  
 1.14 “Fair Market Value” means with respect to Company
common stock as of any date the average of the high and low prices of a share of the Company’s common stock as reported on the New York Stock Exchange Composite Transactions for such date or, if there are no reported trades for such date, for
the last previous date for which trades were reported 
  
 1.15
“Participant” means each Eligible Employee who has met the requirements of Article II for participation in the Plan. 
  
 1.16 “Participant Deferrals” means amounts deferred pursuant to Participant elections under Section 3.01. 
  
 1.17 “Permanent Incapacity” means Permanent Incapacity as
defined in the Savings Plan. 
  
 1.18 “Plan”
means the Ryerson Inc. Nonqualified Savings Plan, as from time to time amended. 
  
 1.19 “Plan Administrator” means the Plan Administrator appointed under the Savings Plan or any other individual as may be appointed by the Chairman of the Board, the President, the Vice
President-Human Resources or the Treasurer of the Company to administer the Plan. To the extent consistent with the purposes of the Plan and the authority delegated to the Assistant Plan Administrator pursuant to Section 6.03(h), the term Plan
Administrator shall include the Assistant Plan Administrator. 
  
 1.20 “Plan Year” means the calendar year. 
  
 1.21 “Related Company” means a Related Company as defined in the Savings Plan. 
  
 1.22 “Retirement” means Retirement as defined in the Savings Plan. 
  
 1.23 “Savings Plan” means the Ryerson Savings Plan, as from time to time amended. 
  
 1.24 “Valuation Date” means the last day of each month.

  
 1.25 “Years of Vesting Service” means Years
of Vesting Service as defined in the Savings Plan. 
  

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 ARTICLE II 
  
 PARTICIPATION 
  
 2.01 Eligibility. An Eligible Employee shall become a Participant on the Enrollment Date next following the filing with the Plan Administrator of
an instrument in a form prescribed by the Plan Administrator evidencing his or her acceptance of the provisions of the Plan. 
  
 2.02 Restricted Participation. Notwithstanding any other provision of the Plan to the contrary, if the Plan Administrator determines that
participation by one or more Participants or Beneficiaries shall cause the Plan as applied to any Employer to be subject to Part 2, 3 or 4 of Title I of ERISA, the entire interest of such Participant or Beneficiary under the Plan shall, in the
discretion of the Plan Administrator, be immediately paid to such Participant or Beneficiary, as applicable, by the applicable Employer or Employers, or shall otherwise be segregated from the Plan, and such Participant(s) or Beneficiary(ies) shall
cease to have any interest under the Plan. 
  
 ARTICLE III

  
 DEFERRAL OF COMPENSATION AND 
 EXCESS SAVINGS PLAN CREDITS 
  
 3.01 Participant Deferrals. For any payroll period, each Participant who is an Eligible Employee for such payroll period may elect, at such time
and in such manner as the Plan Administrator may determine, to make a supplemental deferral of Base Compensation under the Plan (“Participant Deferrals”) equal to the amount by which the Participant’s Before Tax contributions
are limited under the Savings Plan by reason of Code Sections 402(g) and 415 and may also elect to make supplemental deferrals of not less than one percent (1%) and not more than ten percent (10%) of the portion of the Participant’s
Base Compensation for any year which is not taken into account under the Savings Plan by reason of the limitation under Code Section 401(a)(17). Contributions made to the Plan on a Participant’s behalf for any payroll period shall be
treated as a salary reduction and shall reduce the amount of current cash compensation otherwise payable to such Participant for such payroll period. 
  
 3.02 Designation of Participant Deferrals. Each Participant shall designate the percentage of his or her Base Compensation to be deferred under the
Plan in the same instrument by which he or she evidences his or her acceptance of the provisions of the Plan pursuant to Article II. Thereafter (but not retroactively), a Participant may, on a form prescribed by the Plan Administrator, change the
percentage of his or her Base Compensation to be deferred under the Plan, subject to the limitations of this Article III. 
  
 3.03 Employer Credits. For each payroll period, each Participant who is employed by an Employer as of the last day of the payroll period shall
receive a credit under the Plan (an “Employer Credit”) in an amount determined in accordance with procedures established from time to time by the Plan Administrator which is equal to the amount by which the Matching Contributions under the
Savings Plan on behalf of the Participant for such payroll period are limited by reason of limitations on Participant Before Tax Contributions and Company Contributions imposed by Code Sections 401(a)(17), 402(g) and 415. 
  

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 3.04 Nature of Participant Deferrals and Employer Credits. Any amounts deferred by Participants or
credited to Participants pursuant to this Article III shall be retained by the Employers as general assets of the Employers, and shall be reflected on the books of the Employers solely for the purpose of computing Participants’ benefits from
the Plan. 
  
 3.05 Special Transition Rules for 2005.
Notwithstanding any provision of the Plan to the contrary, in accordance with rules established by the Plan Administrator or its delegate and in accordance with Internal Revenue Service guidance issued under Code Section 409A, no later than
March 15, 2005, and solely for the 2005 Plan Year, each Participant shall be permitted to make or change his or her deferral election under the Plan for 2005. Such election shall apply solely to Base Compensation earned after March 15,
2005 and shall be irrevocable for the 2005 Plan Year after such date. 
  
 ARTICLE IV 
  
 ACCOUNTS 
  
 4.01 Maintenance of Accounts. The Plan Administrator shall establish
and maintain in the records of the Plan an Account for each Participant reflecting each Participant’s interest in the Plan attributable to Participant Deferrals and Employer Credits made on his or her behalf, increased by earnings attributable
thereto. Each Participant shall at all times be fully vested in the portion of the Participant’s Account which is attributable to Participant Deferrals. 
  
 4.02 Valuation of Accounts. As of each Valuation Date, and as of such other date as the Plan Administrator may determine, the Account of each
Participant shall be (a) adjusted for earnings or losses for the period since the next preceding Valuation Date as set forth in Section 4.03, (b) increased by Participant Deferrals and Employer Credits under the Plan with respect to
such Participant relating to payroll periods since the next preceding Valuation Date, and (c) charged with any distribution calculated as of that date under Article V. 
  
 4.03 Earnings and Losses. Except as provided in the following sentence, each Participant’s Account shall be
credited with interest in accordance with paragraph (a) below. On and after the Effective Date, each Participant may elect to have all or any portion of his Account converted to Stock Units in accordance with paragraph (b) below. Each such
election by a Participant shall be made at such times and in such form and otherwise in accordance with such rules and procedures as the Plan Administrator shall establish from time to time, including such rules and procedures as may be established
by the Plan Administrator for compliance with Section 16 of the Securities Exchange Act of 1934 (the “Exchange Act”). A Participant may elect to change any election made under this Section 4.03 to the extent permitted by and in
accordance with such rules and procedures as the Plan Administrator may establish from time to time. 
  

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 (a) To the extent that a Participant’s Account is to be credited with interest, it
shall at a rate of interest earned by assets in the Managed Income Portfolio Fund II, or any successor fund, established under the Savings Plan. 
  
 (b) To the extent that any portion of a Participant’s Account is to be credited as Stock Units as of any date in accordance with the
provisions of this Section 4.03, the number of Stock Units credited to the Participant’s Account shall be determined by dividing such amount by the Fair Market Value of a share of the Company’s common stock on that date. As of each
cash dividend payment date for the Company’s common stock, each Participant shall be credited with an additional number of Stock Units which is equal to (i) the dividend which would have been paid on such date on that number of shares of
Company common stock which is equal to the number of Stock Units credited to the Participant under the Plan on the record date for such dividend, divided by (ii) the Fair Market Value of a share of the Company’s common stock on the
dividend payment date. In the event of any changes in outstanding shares of the Company’s common stock by reason of any stock dividend or split, other non-cash dividend recapitalization, merger, consolidation, spin-off, combination or exchange
of shares or other similar corporate change, the Company’s Board of Directors shall make such adjustments, if any, that it deems appropriate in the number of Stock Units then credited to Participant Accounts. Any and all such adjustments shall
be conclusive and binding upon all parties concerned. 
  
 ARTICLE V

  
 DISTRIBUTION OF BENEFITS 
  
 5.01 Distribution Upon Termination of Employment. 
  
 (a) All distributions under the Plan will be made in cash.
Distributions with respect to any portion of a Participant’s Account which is denominated in Stock Units shall be based upon the Fair Market Value of a share of the Company’s common stock on the day as of which the distribution is made.

  
 (b) Upon termination of a Participant’s
employment with the Employers and Related Companies other than by reason of a Distributable Event and prior to (i) the completion of three Years of Vesting Service and (ii) the date on which he or she has a fully vested and nonforfeitable
interest in his or her account balance under the Savings Plan, the Participant shall be entitled to a distribution of the portion of his or her Account balance attributable to Participant Deferrals in a single lump sum payment as of a Valuation Date
selected by the Plan Administrator which is no later than 60 days after the first anniversary of the Participant’s termination of employment. 
  
 (c) Upon termination of a Participant’s employment with the Employers and Related Companies by reason of a Distributable Event on or
after (i) the completion of three Years of Vesting Service, or (ii) the date on which he or she has a fully vested and nonforfeitable interest in his or her account balance under the Savings Plan, the Participant shall be entitled to a
distribution of his or her entire Account balance in a 
  

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 single lump sum payment as of a Valuation Date selected by the Plan Administrator which is no later than
60 days after the first anniversary of the Participant’s termination of employment. 
  
 (d) Upon termination of a Participant’s employment with the Employers and Related Companies by reason of Permanent Incapacity or
Retirement, and where the amount payable to the Participant is at least $10,000, the Participant shall be entitled to a distribution of his or her entire Account balance, payable to the Participant in either of the following ways, as irrevocably
elected by the Participant in accordance with rules established from time to time, by the Plan Administrator: 
  
 (1) in a single lump sum payment representing the full amount distributable to the Participant, payable on a date elected by the
Participant which is not later than the end of the calendar year in which the Participant attains age 75, and, except as otherwise agreed to by the Plan Administrator in his or her sole discretion, not earlier than the first Valuation Date following
the year in which such termination of employment occurs; or 
  
 (2) in substantially equal installments, payable annually, over a period not extending beyond the end of the calendar year in which the Participant attains age 75, with each installment payment being equal to that
amount determined by multiplying the then remaining balance in the Participant’s Account as of the Valuation Date used for purposes of calculating the payment by a fraction having a numerator of one and a denominator equal to the number of
installments remaining to be paid. 
  
 5.02 Distribution Upon
Death. Upon the death of a Participant, the total value of the Participant’s Account as of the Valuation Date immediately following the date of death shall be distributed thereafter to the Participant’s Beneficiary in a single lump sum
payment as soon as practicable after satisfactory proof of death shall have been submitted to the Plan Administrator. 
  
 5.03 Hardship Distributions. Upon a showing of hardship by a Participant, such Participant shall be entitled to a distribution of such portion (or
all) of his or her Account balance as shall be necessary to meet such hardship. This Section 5.03 shall be administered in a manner consistent with the hardship withdrawal provisions of the Savings Plan. The Plan Administrator’s
determination of a Participant’s hardship hereunder shall be final. 
  
 5.04 Liability for Benefit Payments. The amount of any benefit payable under the Plan shall be paid from the general revenues of the Employer that last employs the Participant. An Employer’s obligation
under the Plan shall be reduced to the extent that any amounts due under the Plan are paid from one or more trusts, the assets of which are subject to the claims of general creditors of the Employer or any affiliate thereof; provided, however, that
nothing in the Plan shall require the Company or any Employer to establish any trust to provide benefits under the Plan. 
  

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 ARTICLE VI 
  
 PLAN ADMINISTRATION 
  
 6.01 Administration of Plan. The Employers shall have the sole responsibility for effecting Participant Deferrals in accordance with Article III
and paying Plan benefits in accordance with Article V, and the Company shall have the sole authority to amend or terminate, in whole or in part, this Plan at any time. The Plan Administrator shall have the sole responsibility for the administration
of the Plan. The Employers do not guarantee to any Participant in any manner the effect under any tax law or Federal or state statute of the Participant’s participation in this Plan. 
  
 6.02 Claims Procedure. All claims for benefits under the Plan shall be made in accordance with Article IX.

  
 6.03 Powers and Duties of Plan Administrator. The Plan
Administrator shall have such duties and powers as may be necessary to discharge his or her duties hereunder, including, but not by way of limitation, the following: 
  
 (a) to conclusively construe and interpret the Plan, decide all questions of eligibility and determine the
amount, manner and time of payment of any benefits hereunder; 
  
 (b) to prescribe procedures to be followed by Participants in filing elections or revocations thereof; 
  
 (c) to prepare and distribute, in such manner as the Plan Administrator determines to be appropriate, information explaining the Plan;

  
 (d) to receive from the Employers and from
Participants such information as shall be necessary for the proper administration of the Plan; 
  
 (e) to furnish the Employers, upon request, such reports with respect to the administration of the Plan as are reasonable and appropriate;

  
 (f) to receive, review and keep on file (as
it deems convenient and proper) reports of benefit payments by the Employers and reports of disbursements for expenses directed by the Plan Administrator; 
  
 (g) to appoint individuals to assist in the administration of the Plan and any other agents it deems advisable, including legal counsel;
and 
  
 (h) to name as an Assistant Plan
Administrator any individual or individuals and to delegate such authority and duties to such individual as the Plan Administrator in his or her discretion deems advisable. Each Assistant Plan Administrator, if any, named pursuant to this paragraph
shall have such authority to act with respect to the administration of the Plan as the Plan Administrator may prescribe. The incumbency of any Assistant Plan Administrator may be terminated by action of the Plan Administrator 
  

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 at any time, with or without cause. Notwithstanding the foregoing, in the absence of a formal designation
of any Assistant Plan Administrator by the Plan Administrator, no provision of this paragraph shall prevent the Plan Administrator from delegating authority to employees or other agents of the Employers in executing the duties of administering the
Plan. 
  
 The Plan Administrator shall have no power to add to,
subtract from or modify any of the terms of the Plan, or to change or add to any benefits provided by the Plan, or to waive or fail to apply any requirements of eligibility for a benefit under the Plan. 
  
 6.04 Rules and Decisions. The Plan Administrator may adopt such rules
as he or she deems necessary, desirable or appropriate. All rules and decisions of the Plan Administrator shall be uniformly and consistently applied to all Participants in similar circumstances. When making a determination or calculation, the Plan
Administrator shall be entitled to rely upon information furnished by a Participant, the Employers or the legal counsel of the Employers. 
  
 6.05 Authorization of Benefit Payments. The Plan Administrator shall issue directions to the Employers concerning all benefits which are to be paid
from the Company’s general assets pursuant to the provisions of the Plan. 
  
 6.06 Indemnification of Plan Administrator. The Plan Administrator and any Assistant Plan Administrator and any officer or director of any Employer shall be indemnified by the Employers against any and all
liabilities arising by reason of any act or failure to act made in good faith pursuant to the provisions of the Plan, including expenses reasonably incurred in the defense of any claim relating thereto. 
  
 ARTICLE VII 
  
 MISCELLANEOUS 
  
 7.01 No Right to Employment, etc. Neither the creation of this Plan nor anything contained herein shall be construed as giving any Participant
hereunder or other employees of the Employers or any Related Company any right to remain in the employ of the Employers or any Related Company. 
  
 7.02 Successors and Assigns. All rights and obligations of this Plan shall inure to, and be binding upon, the successors and assigns of the
Employers. 
  
 7.03 Inalienability. Except so far as may be
contrary to the laws of any state having jurisdiction in the premises, a Participant or Beneficiary shall have no right to assign, transfer, hypothecate, encumber, commute or anticipate his or her interest in any payments under this Plan and such
payments shall not in any way be subject to any legal process to levy upon or attach the same for payment of any claim against any Participant or Beneficiary. 
  

7.04 Incompetency. If any Participant or Beneficiary is, in the opinion of the Plan Administrator, legally incapable of giving a valid receipt
and discharge for any payment, the Plan Administrator may, at its option, direct that such payment or any part thereof be made to 
  

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 such person or persons who in the opinion of the Plan Administrator are caring for and supporting such Participant or
Beneficiary, unless it has received due notice of claim from a duly appointed guardian or conservator of the estate of the Participant or Beneficiary. A payment so made will be a complete discharge of the obligations under this Plan to the extent of
and as to that payment, and neither the Plan Administrator nor the Employers will have any obligation regarding the application of payment. 
  
 7.05 Controlling Law. To the extent not preempted by the laws of the United States of America, the laws of the State of Illinois shall be the
controlling state law in all matters relating to this Plan. 
  
 7.06 Severability. If any provisions of this Plan shall be held illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining parts of this Plan, but this Plan shall be construed and enforced as if
the illegal and invalid provisions never had been included herein. 
  
 7.07 Limitations on Provisions. The provisions of this Plan and any benefits hereunder shall be limited as described herein. Any benefit payable under the Savings Plan shall be paid solely in accordance with the terms and provisions
of the Savings Plan, as appropriate, and nothing in this Plan shall operate or be construed in any way to modify, amend, or affect the terms and provisions of the Savings Plan. 
  
 7.08 Gender and Number. Whenever the context requires or permits, the gender and number of words shall be
interchangeable. 
  
 ARTICLE VIII 
  
 AMENDMENT AND TERMINATION 
  
 8.01 Amendment to Conform with Law. The Plan may be amended to take
effect retroactively or otherwise, as deemed necessary or advisable for the purpose of conforming the Plan to any present or future law relating to plans of this or a similar nature, and to the administrative regulations and rulings promulgated
thereunder. 
  
 8.02 Other Amendments and Termination. The
Plan may be amended at any time, without the consent of any Participant or Beneficiary. Notwithstanding the foregoing, the Plan shall not be amended or terminated so as to reduce or cancel the benefits which have accrued to a Participant or
Beneficiary prior to the later of the date of adoption of the amendment or termination or the effective date thereof, and in the event of such amendment or termination, any such accrued benefit hereunder shall not be reduced or canceled. 

 
 8.03 Effect of Change in Control. 
  
 (a) In the event of a Change in Control (as defined below),
all benefits accrued as of the date of such Change in Control hereunder shall become fully (i.e., 100%) and irrevocably vested, and shall become distributable to Participants (and Beneficiaries) at such time and in such manner provided herein
pursuant to the provisions 
  

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 of the Plan as in effect on the day immediately preceding the date of such Change in Control. The Plan
Administrator shall, in his or her sole discretion, determine whether assets equal in value to the aggregate of all accrued benefits under the Plan as of the date of such Change in Control shall be deposited by the Employers with a bank trustee
pursuant to one or more “rabbi trusts.” 
  
 (b) For purposes of this Section 8.03, a “Change in Control” means the happening of any of the following: 
  
 (1) any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act), other than (w) the Company and its
affiliates (collectively referred to herein as “RTI”), (x) a trustee or other fiduciary holding securities under an employee benefit plan of RTI, (y) an underwriter temporarily holding securities pursuant to an offering of
such securities, or (z) a corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company, is or becomes the “beneficial owner” (as defined
in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company (not including in the securities beneficially owned by such person any securities acquired directly from the Company or its affiliates) representing 20% or
more of the combined voting power of the Company’s then outstanding securities; 
  
 (2) during any period of two consecutive years, individuals who at the beginning of such period constitute the Board and any new director
(other than a director designated by a person who has entered into an agreement with the Company to effect a transaction described in clauses (1), (3) or (4) of this paragraph) whose election by the Board or nomination for election by the
Company’s stockholders was approved by a vote of at least two-thirds (2/3) of the directors then still in office who either were directors at the beginning of the period or whose election or nomination for election was previously so
approved, cease for any reason to constitute a majority thereof; 
  
 (3) there occurs a merger or consolidation of the Company with any other corporation, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior
thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity), in combination with the ownership of any trustee or other fiduciary holding securities under an employee benefit
plan of RTI, at least 60% of the combined voting power of the voting securities of the Company or such surviving entity outstanding immediately after such merger or consolidation, or a merger or consolidation effected to implement a recapitalization
of the Company (or similar transaction) in which no person acquires more than 50% of the combined voting power of the Company’s then outstanding securities; or 
  

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 (4) the stockholders of the Company approve a plan of complete liquidation of the Company
or an agreement for the sale or disposition by the Company of all or substantially all of the Company’s assets. 
  
 A Change in Control shall also be deemed to occur with respect to any Participant for purposes of the Plan if there occurs: 
  
 (I) a sale or disposition, directly or indirectly, other
than to a person described in subclause (w), (x) or (z) of clause (b) (1) above, of securities of the Participant’s employer, any direct or indirect parent company of the Participant’s employer or any company that is a
subsidiary of the Participant’s employer and is also a significant subsidiary (as defined below) of the Company (the Participant’s employer and such a parent or subsidiary being an “Affiliated Company”), representing 50% or more
of the combined voting power of the securities of such Affiliated Company then outstanding; 
  
 (II) a merger or consolidation of an Affiliated Company with any other corporation, other than a merger or consolidation which would
result in 50% or more of the combined voting power of the surviving company being beneficially owned by the Company or by majority owned direct or indirect subsidiary of the Company; or 
  
 (III) the sale or disposition of all or substantially all the assets of an Affiliated Company to a person
other than the Company or a majority owned direct or indirect subsidiary of the Company. 
  
 (c) The provisions of this Section 8.03 may not be amended after the date of a Change in Control without the written consent of a
majority in both number and interest of the Participants in this Plan, other than those Participants who are both (i) not employed by the Company or a subsidiary as of the date of the Change in Control, and (ii) not receiving nor could
have commenced receiving benefits under the Plan as of the date of the Change in Control, both immediately prior to the Change in Control and at the date of such amendment. 
  
 8.04 Manner and Form of Amendment or Termination. Any amendment or termination of this Plan shall be made by action
of the Board; provided, however, that the Vice President-Human Resources of the Company and the Treasurer of the Company (or such other person as designated by the Chairman of the Board) are jointly authorized, by written action signed by both such
individuals: 
  
 (a) to adopt and place in effect
such amendments to the Plan and any related documents as they jointly deem necessary or advisable; 
  
 (b) to maintain the Plan and any related documents in compliance with applicable law; 
  
 (c) to relieve administrative burdens with respect to those
documents; or 
  

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 (d) to provide for other changes in the best interests of Plan Participants and
Beneficiaries without the necessity for further action by the Board or subsequent ratification; provided, however, that any action or amendment that would have the effect of: 
  
 (1) terminating the Plan; 
  
 (2) materially changing the benefits under the Plan; or

  
 (3) increasing anticipated costs associated
with the Plan by more than $5 million, except for changes to comply with applicable law; 
  
 may not be made without approval or ratification by the Board. 
  
 8.05 Notice of Amendment or Termination. The Plan Administrator shall notify Participants or Beneficiaries who are affected by any amendment or termination of this Plan within a reasonable time thereof.

  
 ARTICLE IX 
  
 CLAIMS PROCEDURES 
  
 9.01 Filing a Claim. Any Participant or Beneficiary of a deceased
Participant (such Participant or Beneficiary being referred to below as a “Claimant”) may deliver to the Plan Administrator a written claim for a determination with respect to the amounts distributable to such Claimant from the
Plan. If such a claim relates to the contents of a notice received by the Claimant, the claim must be made within 60 days after such notice was received by the Claimant. All other claims must be made within 180 days of the date on which the event
that caused the claim to arise occurred. The claim must state with particularity the determination desired by the Claimant. 
  
 9.02 Plan Administrator’s Decision. Within 90 days after the receipt of the claim, the Plan Administrator will provide the Claimant with
written notice of his or her decision on the claim. If, because of special circumstances, the Plan Administrator cannot render a decision on the claim within the 90-day period, the Plan Administrator may extend the period in which to render the
decision up to 180 days after receipt of the written claim. The Plan Administrator will provide the Claimant with a written notice of the extension, before the end of the initial 90-day period, which indicates the special circumstances requiring the
extension and the expected decision date. If the claim is denied in whole or in part, the written notice of the decision will inform the Claimant of: 
  
 (a) the specific reasons for the denial; 
  
 (b) the specific provisions of the Plan upon which the denial is based; 
  
 (c) any additional material or information necessary to perfect the claim and reasons why such material or
information is necessary; 
  

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 (d) the right to request review of the denial and how to request such review; and

  
 (e) a statement of Claimant’s right to
bring a civil action under section 502(a) of the Employee Retirement Income Security Act of 1974 (ERISA) following an adverse benefit determination on review. 
  

9.03 Request for Review of Denied Claim. Within 60 days after the receipt of written notice of a denial of all or a portion of a claim, the
Claimant may request a review of the denial in a writing filed with the Plan Administrator. Written comments, documents, records and other information may be submitted to the Plan Administrator along with the review request. During the 60-day period
following notice of the denial, the Claimant will be provided, upon request and free of charge, reasonable access to, and copies of, all documents, records, and other information relevant to the claim for benefits. 
  
 9.04 Review of Denied Claim. Upon receipt of a request for review of a
claim denial, the Plan Administrator will undertake a full and fair review of the claim denial and provide the Claimant with written notice of his or her decision within 60 days after receipt of the review request. If, because of special
circumstances, the Plan Administrator cannot make a decision within the 60-day period, the Plan Administrator may extend the period in which to make the decision up to 120 days after receipt of the review request. The Plan Administrator will provide
the Claimant with a written notice of the extension, before the end of the 60-day period, which indicates the special circumstances requiring the extension and the expected decision date. The written notice of the Plan Administrator’s decision
will inform the Claimant of: 
  
 (a) the specific
reasons for the decision; 
  
 (b) the specific
provisions of the Plan upon which the decision is based; 
  
 (c) a statement that Claimant will be provided, upon request and free of charge, reasonable access to, and copies of, all documents, records, and other information relevant to the claim for benefits; 
  
 (d) a statement of the Claimant’s right to bring a
civil action under section 502(a) of ERISA. 
  
 9.05 Legal
Action. Except as may be otherwise required by law, the decision of the Plan Administrator on review of the claim denial will be binding on all parties. A Claimant’s compliance with the foregoing provisions of this Article IX is a mandatory
prerequisite to a Claimant’s right to commence any legal action with respect to any claim for benefits under this Plan. 
  

 -13-Excerpt of Company's Accident Insurance Policy

									
	

	 	 	 	 	 	 	  	 EXHIBIT 10.8
  

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

  

  

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

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

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

  

 Page 1 of 19 

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

  

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

  

 Page 2 of 19 

			
	 

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

  

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

  
 Insuring Clauses 
  
 Executive Liability Coverage Insuring Clause 1 
  

	 	1.	The Company shall pay, on behalf of each of the Insured Persons, Loss for which the Insured Person is not indemnified by the Organization and which the
Insured Person becomes legally obligated to pay on account of any Claim first made against the Insured Person, individually or otherwise, during the Policy Period or, if exercised, during the Extended Reporting Period,
for a Wrongful Act committed, attempted, or allegedly committed or attempted by such Insured Person before or during the Policy Period, but only if such Claim is reported to the Company in writing in the manner and within
the time provided in Subsection 15 of this coverage section. 

  

  
 Executive Indemnification Coverage Insuring Clause 2 
  

	 	2.	The Company shall pay, on behalf of the Organization, Loss for which the Organization grants indemnification to an Insured Person, as permitted or required by
law, and which the Insured Person becomes legally obligated to pay on account of any Claim first made against the Insured Person, individually or otherwise, during the Policy Period or, if exercised, during the Extended
Reporting Period, for a Wrongful Act committed, attempted, or allegedly committed or attempted by such Insured Person before or during the Policy Period, but only if such Claim is reported to the Company in writing in the
manner and within the time provided in Subsection 15 of this coverage section. 

  

  
 Entity Securities Coverage Insuring Clause 3 
  

	 	3.	The Company shall pay, on behalf of the Organization, Loss which the Organization becomes legally obligated to pay on account of any Securities Claim first made
against the Organization during the Policy Period or, if exercised, during the Extended Reporting Period, for a Wrongful Act committed, attempted, or allegedly committed or attempted by the Organization or the Insured
Persons before or during the Policy Period, but only if such Securities Claim is reported to the Company in writing in the manner and within the time provided in Subsection 15 of this coverage section. 

  

  
 Securityholder Derivative Demand Coverage Insuring Clause 4 
  

	 	4.	The Company shall pay, on behalf of the Organization, Investigative Costs resulting from a Securityholder Derivative Demand first received by the Organization
during the Policy Period or, if exercised, during the Extended Reporting Period, for a Wrongful Act committed, attempted, or allegedly committed or attempted before or during the Policy Period, but only if such
Securityholder Derivative Demand is reported to the Company in writing in the manner and within the time provided in Subsection 15 of this coverage section. 

  

 Page 3 of 19 

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

  

  
 Definitions 
  

	 	5.	When used in this coverage section: 

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

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

  

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

  

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

  

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

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

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

  

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

  

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

  

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

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

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

  

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

  

  
 Except as may otherwise be provided in Subsection 12, Subsection 13(g),or Subsection 15(b) of this coverage section, a
Claim will be deemed to have first been made when such Claim is commenced as set forth in this definition (or, in the case of a written demand, including but not limited to any Securityholder Derivative Demand, when such demand
is first received by an Insured). 
  
 Defense Costs
means that part of Loss consisting of reasonable costs, charges, fees (including but not limited to attorneys’ fees and experts’ fees) and expenses (other than regular or overtime wages, salaries, fees or benefits of the
directors, officers or employees of the Organization) incurred in defending any Claim and the premium for appeal, attachment or similar bonds. 
  
 Domestic Partner means any natural person qualifying as a domestic partner under the provisions of any applicable federal, state or local law or
under the provisions of any formal program established by the Organization. 
  
 Financial Impairment means the status of an Organization resulting from: 
  

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

  

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

  
 Insured means the Organization
and any Insured Person. 
  
 Insured Capacity
means the position or capacity of an Insured Person that causes him or her to meet the definition of Insured Person set forth in this coverage section. Insured Capacity does not include any position or capacity held by an
Insured Person in any organization other than the Organization, even if the Organization directed or requested the Insured Person to serve in such position or capacity in such other organization. 
  
 Insured Person means any natural person who was, now is or shall
become: 
  

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

  

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

  

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

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

 Page 5 of 19 

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

  
 Loss means:

  

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

  

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

  
 Loss does not include: 
  

	 	(a)	any amount not indemnified by the Organization for which an Insured Person is absolved from payment by reason of any covenant, agreement or court order;

  

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

  

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

  

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

 

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

  

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

  

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

  
 Manager
means any natural person who was, now is or shall become a manager, member of the Board of Managers or equivalent executive of an Organization that is a limited liability company. 
  
 Organization means, collectively, those organizations designated in Item 5 of the Declarations for this coverage
section, including any such organization in its capacity as a debtor in possession under the United States bankruptcy law or in an equivalent status under the law of any other country. 
  

 Page 6 of 19 

			
	 

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

  

  
 Pollutants means (a) any substance located anywhere in the world exhibiting any hazardous characteristics as
defined by, or identified on a list of hazardous substances issued by, the United States Environmental Protection Agency or any state, county, municipality or locality counterpart thereof, including, without limitation, solids, liquids, gaseous or
thermal irritants, contaminants or smoke, vapor, soot, fumes, acids, alkalis, chemicals or waste materials, or (b) any other air emission, odor, waste water, oil or oil products, infectious or medical waste, asbestos or asbestos products or any
noise. 
  
 Related Claims means all Claims for
Wrongful Acts based upon, arising from, or in consequence of the same or related facts, circumstances, situations, transactions or events or the same or related series of facts, circumstances, situations, transactions or events. 

 
 Securities Claim means that portion of a Claim which:

  

	 	(a)	is brought by a securityholder of an Organization 

  

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

  

	 	(ii)	derivatively, on behalf of such Organization, against an Insured Person of such Organization; or 

  

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

  

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

  

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

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

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

  

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

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

 Page 7 of 19 

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

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

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

  

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

  

  
 Exclusions 
  
 Applicable To All Insuring Clauses 
  

	 	6.	The Company shall not be liable for Loss on account of any Claim: 

  

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

  

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

  

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

  

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

  

	 	(ii)	an employment Claim brought or maintained by or on behalf of an Insured Person; 

  

	 	(iii)	a Claim brought or maintained by an Insured Person for contribution or indemnity, if such Claim directly results from another Claim covered under this
coverage section; or 

  

	 	(iv)	a Claim brought by an Insured Person who has not served in an Insured Capacity for at least four (4) years prior to the date such Claim is first
made and who brings and maintains such Claim without any active assistance or participation of, or solicitation by, the Organization or any other Insured Person who is serving or has served in an Insured Capacity within
such four (4) year period; 

  

 Page 8 of 19 

			
	 

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

  

  

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

  

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

  

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

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

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

  

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

  

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

  

	 	(h)	made against a Subsidiary or an Insured Person of such Subsidiary for any Wrongful Act committed, attempted, or allegedly committed or attempted during
any time when such entity was not a Subsidiary 

  

  
 Applicable To Insuring Clauses 1 and 2 Only 
  

	 	7.	The Company shall not be liable under Insuring Clause 1 or 2 for Loss on account of any Claim made against any Insured Person: 

 

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

  

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

  

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

  

 Page 9 of 19 

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

  

	 	(ii)	such Insured Person having gained in fact any profit, remuneration or advantage to which such Insured Person was not legally entitled, 

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

  
 Applicable To Insuring Clause 3 Only 
  

	 	8.	The Company shall not be liable under Insuring Clause 3 for Loss on account of any Securities Claim made against any Organization: 

  

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

  

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

  

	 	(ii)	such Organization having gained in fact any profit, remuneration or advantage to which such Organization was not legally entitled, 

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

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

  

  
 Severability of Exclusions 
  

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

  

  
 Spouses, Estates and Legal Representatives 
  

	 	10.	Subject otherwise to the General Terms and Conditions and the limitations, conditions, provisions and other terms of this coverage section, coverage shall extend to Claims
for the Wrongful Acts of an Insured Person made against: 

  

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

  

  

	 	(a)	the estate, heirs, legal representatives or assigns of such Insured Person if such Insured Person is deceased or the legal representatives or assigns of such
Insured Person if such Insured Person is incompetent, insolvent or bankrupt; or 

  

	 	(b)	the lawful spouse or Domestic Partner of such Insured Person solely by reason of such spouse or Domestic Partner’s status as a spouse or Domestic
Partner, or such spouse or Domestic Partner’s ownership interest in property which the claimant seeks as recovery for an alleged Wrongful Act of such Insured Person. 

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

 

  
 Coordination With Employment Practices Liability Coverage Section 
  

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

  

  
 Extended Reporting Period 
  

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

  

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

  

  
 Limit of Liability, Retention and Coinsurance 
  

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

  

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

  

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

  

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

  

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

  

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

  

	 	(g)	All Related Claims shall be treated as a single Claim first made on the date the earliest of such Related Claims was first made, or on the date the earliest of
such Related Claims is treated as having been made in accordance with Subsection 15(b) below, regardless of whether such date is before or during the Policy Period. 

  

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	 	(h)	The limit of liability available during the Extended Reporting Period (if exercised) shall be part of, and not in addition to, the Company’s maximum aggregate limit of
liability for all Loss on account of all Claims first made during the immediately preceding Policy Period. 

  

  
 Presumptive Indemnification

  

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

  

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

  

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

  

  
 Reporting and Notice 
  

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

  

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

  

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

  

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

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

	 	(b)	If during the Policy Period an Insured: 

  

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

  

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

  

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

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

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

  

  
 Defense and Settlement 
  

	 	16.    (a)	It shall be the duty of the Insureds and not the duty of the Company to defend Claims made against the Insureds. 

  

	 	(b)	The Insureds agree not to settle or offer to settle any Claim, incur any Defense Costs or otherwise assume any contractual obligation or admit any
liability with respect to any Claim without the Company’s prior written consent. The Company shall not be liable for any element of Loss incurred, for any obligation assumed, or for any admission made, by any Insured
without the Company’s prior written consent. Provided the Insureds comply with Subsections 16(c) and (d) below, the Company shall not unreasonably withhold any such consent. 

  

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

  

	 	(d)	The Insureds agree to provide the Company with all information, assistance and cooperation which the Company may reasonably require and agree that in the event of a Claim
the Insureds will do nothing that could prejudice the Company’s position or its potential or actual rights of recovery. 

  

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

  

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 Allocation 
  

	 	17.    (a)	If in any Securities Claim the Insureds incur both Loss that is covered under this coverage section and loss that is not covered under this coverage section,
the Insureds and the Company shall allocate such amount between covered Loss and non-covered loss as follows: 

  

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

  

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

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

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

  

	 	(c)	If the Insureds and the Company agree on an allocation of Defense Costs, the Company shall advance on a current basis Defense Costs allocated to the covered
Loss. If the Insureds and the Company cannot agree on an allocation: 

  

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

  

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

  

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

  

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

  

  
 Other Insurance 
  

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

  

  
 Payment of Loss 
  

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

  

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

  

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

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

  

  
 Changes in Exposure 
  
 Acquisition /Creation of Another Organization 
  

	 	20.	If before or during the Policy Period any Organization: 

  

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

  

	 	(b)	acquires another organization by merger into or consolidation with an Organization such that the Organization is the surviving entity. 

  

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 such other organization and its Insured Persons shall be Insureds under this coverage section, but only with
respect to Wrongful Acts committed, attempted, or allegedly committed or attempted after such acquisition or creation unless the Company agrees, after presentation of a complete application and all other appropriate information, to provide
coverage by endorsement for Wrongful Acts committed, attempted, or allegedly committed or attempted by such Insureds before such acquisition or creation. 
  
 If the total assets of any such acquired organization or new Subsidiary exceed ten percent (10%) of the total
assets of the Parent Organization (as reflected in the most recent audited consolidated financial statements of such organization and the Parent Organization, respectively, as of the date of such acquisition or creation), the Parent
Organization shall give written notice of such acquisition or creation to the Company as soon as practicable, but in no event later than sixty (60) days after the date of such acquisition or creation, together with such other information as
the Company may require and shall pay any reasonable additional premium required by the Company. If the Parent Organization fails to give such notice within the time specified in the preceding sentence, or fails to pay the additional premium
required by the Company, coverage for such acquired or created organization and its Insured Persons shall terminate with respect to Claims first made more than sixty (60) days after such acquisition or creation. Coverage for any
acquired or created organization described in this paragraph, and for the Insured Persons of such organization, shall be subject to such additional or different terms, conditions and limitations of coverage as the Company in its sole
discretion may require. 
  

  
 Acquisition by Another Organization 
  

	 	21.	If: 

  

	 	(a)	the Parent Organization merges into or consolidates with another organization and the Parent Organization is not the surviving entity; or 

  

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

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

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 Cessation of Subsidiary 
  

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

  

  
 Related Entity Public Offering 
  

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

  

  
 Representations and Severability 

 

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

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

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

  

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

  

	 	(c)	except as provided in (a) above, the knowledge of an Insured Person who did not sign the Application shall not be imputed to any other Insured.

  

  

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