Fiduciary Liability Insurance Summary January 31, 2013 to January 31, 2014 Prepared by: Lockton Companies 1 Phone: 646-572-7365 Fax: 646-871-7365 Website:www.lockton.com.

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Presentation transcript:

Fiduciary Liability Insurance Summary January 31, 2013 to January 31, 2014 Prepared by: Lockton Companies 1 Phone: Fax: Website: DISCLAIMER: This insurance summary is subject to the terms, conditions and limitations of the policy. Nothing contained herein should be construed as legal advise. It is provided as general advise only. Knowledgeable legal counsel should be consulted for any legal questions or interpretations.

2 Fiduciary Liability Policy Period: January 31, 2013 to January 31, 2014 Retentions (Each Claim): $50,000 Sponsor Organization, Plan or Natural Person Insured Indemnifiable Loss; $0 for Non-Indemnifiable Loss National Union (“AIG”) $15,000,000 aggregate (see below for details) $55,577 Annual Premium Policy Number: Sponsor Organization: Sony Pictures Entertainment Inc. and any Subsidiary Coverage:Fiduciary Liability Insurance Edge Policy Form No.: (07/10) Policy Number : AM Best Rating:A XV Limit of Liability:$15,000,000 per Claim and in the aggregate except for the following sublimits: Voluntary Compliance Loss:$250, (c) ERISA Penalties:$250,000 Pension Protection Act (“PPA”):$250,000 HIPAA Penalties:$1,500,000 Health Care Reform Penalties:$250,000 Section 4975 Penalties:$250,000 Retention (Each Claim):$50,000 per Claim ($0 for Non-Indemnifiable Loss) Pending and Prior Litigation Exclusion Date:December 16, 1987 Prior Acts Exclusion Date:N/A Discovery Periods:One 125% of the annual premium, or Two to six $TBD premium Total Annual Premium:$55,577 Notice of Claim:As soon as practicable after: (1) the Named Sponsor’s Risk Manager or General Counsel (or equivalent position) first becomes aware of the Claim; or (2) the Pension Crisis commences. In all such events, notification must be provided no later than sixty (60) days after the end of the Policy Period or the Discovery Period (if applicable) if this policy is not renewed with the Insurer; or two hundred and seventy (270) days after the end of the Policy Period. Send notice of Claims to AIG Financial Lines Claims, 175 Water Street, New York, NY

3 What is Covered? Coverage for Loss under this policy is provided solely with respect to: (i) Claims first made against an Insured; (ii) Voluntary Compliance Losses first ascertained by or assessed against an Insured; and (iii) Pension Crises first occurring, in each such event, during the Policy Period or any applicable Discovery Period and reported to the Insurer as required by the policy. Claims that are fact-finding investigations which do not allege a Wrongful Act and Claims that are Internal Appeals shall each be deemed first made when they are reported. Important Definitions: Insured Person:Any past, present or future (1) Executive or employee of a Sponsor Organization or of a Plan in his or her Administration of a Plan or in his or her capacity as a fiduciary or trustee of a Plan; (2) member of a pension committee of a Sponsor Organization in his, her, or its capacity as a fiduciary or in his, her, or its Administration of a Plan; (3) natural person in a position equivalent to a position listed in subparagraph (1) or (2) above in the event that the Sponsor Organization is operating in a Foreign Jurisdiction; or (4) former Executive or employee currently serving in a consulting or advisory capacity to a Plan if the Sponsor Organization provides indemnification to such individual in the same manner as is provided to other Insured Persons. “Insured Person” shall not include any individual in his or her capacity as an employee of any third party, including a service provider, other than a Corporate Trustee Company. Plan:Any qualified or non-qualified plan, fund, trust or program, including, but not limited to any pension plan, welfare plan, health savings account plan, IRA- based plan, stock option plan, stock purchase plan, deferred compensation program, supplemental executive retirement program, top-hat plan, excess benefit plan, cafeteria plan, dependent care assistance program, fringe benefit plan or voluntary employees’ beneficiary association as defined in the Internal Revenue Code of 1986, as amended (“VEBA”) established anywhere in the world, which is sponsored solely by a Sponsor Organization, and with respect to a collectively bargained Plan, operated jointly by a Sponsor Organization and a labor organization, in each case solely for the benefit of such Sponsor Organization’s current or former employees or Executives, and which was in existence on or before the inception of the Policy Period. Plans created or acquired during the Policy Period are subject to the Acquisition Threshold. Multi-Employer Plans are covered via endorsement. Additional Insured:Sony Corporation of America and any of its past, present or future employee’s are covered in their capacity as a Fiduciary, Administrator or trustee of a Plan. Fiduciary Liability Policy Period: January 31, 2013 to January 31, 2014

4 Major Exclusions: 1.Fraud & criminal acts (subject to final non-appealable adjudication language) 2.Any profit or advantage to which the Insured was not legally entitled (subject to final non-appealable adjudication language) 3.Pending & prior litigation as of 12/16/87 4.Discrimination (carveback for discrimination in violation of Employee Benefit Law) 5.Bodily Injury or Property Damage (carvebacks for Defense Costs and any Managed Care Coverage) 6.Any matter noticed under a prior Fiduciary Liability policy Endorsements: 1.FIDUCIARY LIABILITY PANEL COUNSEL LIST. 2.POLICYHOLDER NOTICE REGARDING E-DISCOVERY CONSULTANT SERVICES. 3.PENSION CRISISFUND APPENDIX. 4.CALIFORNIA AMENDATORY – Cancellation/Non-Renewal. 5.COVERAGE TERRITORY ENDORSEMENT (OFAC). 6.NOTICE OF CLAIM – Allows reporting by . 7.STATE AMENDATORY INCONSISTENCY – In the event of a coverage inconsistency, SPE will have the benefit of the broader of (a) the state amendatory; and (b) the policy form itself (where permitted by law). 8.ADDITIONAL INSURED ENDORSEMENT – Sony Corporation of America and any of its past, present or future employee’s are covered in their capacity as a Fiduciary, Administrator or trustee of a Plan. 9.MULTIEMPLOYER EXTENSION – Amended definition of Wrongful Act to include multiemployer plan coverage. Fiduciary Liability Policy Period: January 31, 2013 to January 31, 2014

5 Endorsements (continued): 10.MULTIEMPLOYER EXTENSION – provides coverage to Insured Persons with regard to below listed plans. Plan(s) AFTRA IACF DGA Health Plan DGA Pension Plan Motion Picture Industry Health Plan Motion Picture Industry Pension Plan SAG Health Plan SAG Pension Plan Contract Services Administration and Training Program WGA Pension Fund WGA Health Plan AFTRA Health Plan AFTRA Retirement Fund 11.FORMS INDEX ENDORSEMENT. Fiduciary Liability Policy Period: January 31, 2013 to January 31, 2014