PYRAMID GROUP INTERNATIONAL, INC. (5)

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IV Professional Liability Insurance Policy All premiums on bonds to release attachments and appeal bonds, limited to that portion of such bond that does not exceed the Limits of Insurance of this Policy, but without any obligation of any kind upon the Company to apply for, secure, or fumish any such bonds. For Supplementary Coverage F below, it is agreed that any and all payments made for Coverage F shall be subject to the deductible and shall be included within, and not be in addition to, the applicable Limits of Insurance. F. NEW ENTITY COVERAGE The coverage provided under this Policy shall apply on behalf of any entity which is newly formed or newly acquired by the Named Insured subsequent to the inception date of the Policy Period. Coverage shall be provided only to those newly formed or newly acquired entities for which, as of the date of formation or acquisition, the Named Insured directly owns fifty percent (50%) or more of the outstanding stock or other equity or ownership interest. It is agreed that there shall only be coverage for those Claims that arise from Wrongful Acts which were committed subsequent to the date of formation or acquisition. The Named Insured agrees to advise the Company of any newly formed or acquired entity within ninety (90) days of the date of formation or acquisition. The Named Insured agrees to accept any coverage terms or additional premium which the Company may require, relative to the newly formed or acquired entity. If the Named Insured does not agree to the coverage terms or additional premium offered, no coverage will be provided to the new or acquired entity. DEFINITIONS A. APPLICATION Application means all applications and/or proposals, including any attachments thereto, and all other information and materials submitted by or on behalf of any Insured to the Company in connection with the underwriting of this Policy, or any other policy or policies to which this Policy is a renewal or replacement. B. CIRCUMSTANCE Circumstance means any fact, event, occurrence, or situation that the Insured could reasonably expect to be the basis for a Claim. C. CLAIM Claim(s) means a demand, notice or assertion received by the Insured for money or services from a third party, including the service of a suit or institution of arbitration proceedings, alleging liability or responsibility on the part of the Insured for Damages arising out of a Wrongful Act committed by or on behalf of the Insured in performing or failing to perform Professional Services. Multiple Claims arising from the same or a series of related Wrongful Acts shall be considered a single Claim for the purpose of this Policy, irrespective of the number of Claimants or Insureds involved in the Claim. All such Claims shall be deemed to have been first made against the Insured at the time of the first such Claim. A Claim will be deemed to have been first made against the Insured when the Insured first receives nc fi of such Claim. I T V D. CLAIMS EXPENSE(S) ECC-1313-0118 © Freberg Environmental, 2018 All rights reserved. REVIEWED 6 APPROvm Sr. A*JU "440 Risk Management Specialist