Contract analysis

I. Discrepancy No. 1: Vandermeer National Insurance Company — D&O Primary Layer — Definition of "Claim" A. Identification of the Policy The first discrepancy pertains to the primary layer of the D&O Tower, which is underwritten by Vandermeer National Insurance Company, a Connecticut-domiciled insurer. The relevant policy details are as follows: B. Description of the Discrepancy During the renewal negotiation process

1. Contact Vandermeer National Insurance Company and request that Vandermeer issue a corrective endorsement to Policy No. VNI-DO-2022-91205 amending the definition of "Claim" to conform to the language agreed during the renewal negotiations and reflected in the binder issued on June 28, 2022.

2. The corrective endorsement should expressly include within the definition of "Claim" informal regulatory inquiries, investigations, and information requests by governmental or regulatory authorities, consistent with the negotiated terms and the analysis set forth in Calderwood & Harkness's Regulatory Investigation Coverage Memorandum dated June 14, 2022.

3. The corrective endorsement must be effective as of the policy inception date, July 1, 2022, so as to avoid any gap in coverage from the commencement of the policy period through the date on which the endorsement is formally issued and attached to the policy. We would appreciate your prompt attention to this matter. As noted above, the binder terms clearly reflect the agreed-upon definition, and this endorsement sh

II. Discrepancy No. 2: Midland Casualty & Surety Company — PL Primary Layer — Product Recall Sub-Limit Endorsement A. Identification of the Policy The second discrepancy pertains to the primary layer of the PL Tower, which is underwritten by Midland Casualty & Surety Company, an Illinois-domiciled insurer. The relevant policy details are as follows: B. Description of the Discrepancy At Calderwood & Harkness's recomme

1. Contact Midland Casualty & Surety Company and request that Midland Casualty formally issue and execute the product recall sub-limit endorsement referenced in the declarations page and schedule of coverages of Policy No. MCS-GL-2022-58904, reflecting the increased sub-limits of $5,000,000 per occurrence / $10,000,000 aggregate.

2. The endorsement, once issued, should be formally attached to the policy package for Policy No. MCS-GL-2022-58904 and delivered to Nexford, with a copy to Calderwood & Harkness.

3. The endorsement should be effective as of the policy inception date, July 1, 2022, consistent with the terms reflected in the binder and the policy declarations.

4. The endorsement should be consistent in all respects with the terms reflected in the binder issued upon binding on June 28, 2022 and with the policy declarations and schedule of coverages already issued under Policy No. MCS-GL-2022-58904. We trust that, because the policy declarations already reflect the increased sub-limits and the incremental premium has been paid, Midland Casualty's issuance of the formal endor

III. Response Deadline and Tracking We respectfully request that Ashford Breckinridge take the following steps with respect to both of the corrective endorsements described in Sections I and II above:

1. Acknowledgment of Receipt. Please provide written confirmation to Calderwood & Harkness and to Nexford (at the contact addresses set forth below) acknowledging receipt of this letter and confirming that Ashford Breckinridge has submitted the corrective endorsement requests to Vandermeer National Insurance Company and Midland Casualty & Surety Company, respectively.

2. Response Deadline. We request that Ashford Breckinridge obtain and deliver to Nexford, with copies to Calderwood & Harkness, the executed corrective endorsements no later than August 31, 2022. This timeline provides approximately four weeks from the date of this letter, which we believe is a reasonable period for the carriers to process what should be straightforward corrective or conforming endorsements.

3. Escalation in the Event of Carrier Objection. In the event that either Vandermeer National Insurance Company or Midland Casualty & Surety Company declines to issue the corrective endorsement in the form requested, or proposes alternative or modified language, we ask that Ashford Breckinridge immediately notify both Nexford and Calderwood & Harkness so that the matter can be reviewed and, if necessary, escalated. N

IV. Contact Information and Copies Please direct any questions or correspondence regarding this letter, or regarding the status of the corrective endorsement requests, to the undersigned: Douglas Fairchild, Partner Calderwood & Harkness LLP 155 North Wacker Drive, Suite 4200 Chicago, Illinois 60606 Telephone: (312) 455-7824 Email: dfairchild@calderwoodharkness.com In addition, please copy the following individual on