4. In addition to the above, if this POLICY is canceled by the FIRST NAMED INSURED, due to your merger, consolidation, or sale to another entity, or death or retirement of the owner, the FIRST NAMED INSURED shall also have the right to purchase an Extended Reporting Period provided: a. such merger, consolidation, or sale is not due to suspension, revocation, or surrender of an insured’s license; and b. the FIRST NAMED INSURED must send us written notice of its intent to purchase the option along with the additional premium for the Extended Reporting Period within sixty (60) days of the cancellation or non-renewal of the POLICY. SCHEDULE: Extended Reporting Period for Sale, Premium (as determined by Merger, Death, or Retirement this Section XIV. C.5.) 1 year 100% 2 years 150% 3 years 185% 4 years 220% 5 years 250% 6 years 260% 7 years 270% 8 years 280% 9 years 290% 10 years 300% 5. The premium for all Optional Extended Reporting Period Schedules against which all Schedule percentages shall apply will be determined as follows: The premium to be applied in the Schedule will be the average of all the most recent annual premiums assessed against the INSURED for Insurance Agencies Professional Liability policy(ies) issued by Westport or another affiliated company of Westport, back to the date of first continuous coverage, up to a maximum of three years. Annual premium for purposes of this section is defined as the premium shown in the Declarations combined with any annualized premiums resulting from any endorsements. XV. ACQUISITIONS AND MERGERS / MATERIAL CHANGES In the event of any merger, consolidation, amalgamation, or acquisition of any entity or any material change in your operations, you shall notify us of such change within one-hundred twenty (120) days of the date of such change. XVI. MULTIPLE INSUREDS AND CLAIMANTS The inclusion of more than one INSURED in any CLAIM or the making of CLAIMS by more than one person or organization shall not increase the Limits of Liability or the DEDUCTIBLE. Two or more CLAIMS arising out of a single WRONGFUL ACT, or a series of related or continuing WRONGFUL ACTS, shall be a single CLAIM. All such CLAIMS, whenever made, shall be considered first made on the date on which the earliest CLAIM was first made arising out of such WRONGFUL ACT, and all such CLAIMS are subject to one Per CLAIM Limit of Liability and DEDUCTIBLE. XVII. LIBERALIZATION If, during the POLICY PERIOD we adopt revised provisions for this POLICY in order to afford, without additional premium, broader insurance to all INSUREDS covered by this POLICY, such provision will apply to this POLICY effective the date the provision has been approved by the appropriate regulatory authority and such revision shall apply only to CLAIMS first made, or POTENTIAL CLAIMS of which you first become aware, after the date of such approval. SP 4 584 1215 Copyright ©2015 Westport Insurance Corporation. All rights reserved. Page 14 of 15 Insured Copy