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United Educators the Educational Organization prior to the rating of the premium for the Policy Period; however, no entity or affiliate or subsidiary of any entity that has not qualified as a not -for - profit entity under applicable provisions of the Internal Revenue Code is an Included Entity, and no person or entity is an Insured with respect to such entity, unless that entity is listed on Schedule A; c. any entity listed on Schedule A of this Policy; and d. any not -for -profit entity acquired or formed by or merged with an Included Entity during the Policy Period provided that (1) the value of the sum of all assets (including, but not limited to, real estate, securities, assumed indebtedness and other consideration) expended, assumed or exchanged for any such acquisition, formation or merger does not exceed 5% of the total assets of the Educational Organization and its consolidated subsidiaries and affiliates as most recently reported to us for rating purposes prior to such Policy Period; (2) the combined or consolidated operations and the acquired, formed or merged entity are not materially different from those of the Included Entity prior to the acquisition, formation or merger; (3) coverage with respect to that newly formed, acquired or merged entity will begin on the date of acquisition, formation or merger, and there is no coverage for any entity acquired by or merged into the Included Entity or for any person with respect to that entity for Occurrences happening prior to the date of acquisition or merger; and e. In addition to coverage provided in Item d. listed above, any newly formed, acquired or merged affiliates of the Educational Organization, shall be added as Included Entities to this Policy as of the effective date of their formation, incorporation or acquisition by the Educational Organization, provided (1) they are reported to us within sixty (60) days of the date of their formation, incorporation or acquisition by the Educational Organization and (2) are subsequently accepted for coverage by us and named on the Policy. Included Entity's Products means goods or products manufactured, sold, tested, handled, or distributed by an Included Entity or others trading under its name or materials that were the subject of completed or abandoned operations of the Included Entity. Insured means: a. the Included Entities; b. any past, present or future trustees, governing board directors or Officers of an Included Entity while acting within the scope of their duties on behalf of that Included Entity; the estates, heirs, legal representatives or assigns of deceased, incompetent, insolvent or bankrupt trustees, governing board directors, or Officers; and spouses or domestic partners of governing board directors or trustees to the extent they are involved in Claims solely because of their status as spouses or domestic partners; c. at the option of the Educational Organization, any (1) past, present and future employee, member of the faculty, student teacher, or teaching assistant of an Included Entity,- (2) member of a committee, including an Institutional Review Board (as recognized by the U.S. Food and Drug Administration and U.S. Department of Health and Human Services) of an Included Entity, or a representative to an education association of which the Educational Organization is a member; (3) uncompensated volunteer worker performing services on behalf and with the express direction and authority of an Included Entity; (4) student of an Educational Organization while serving in a supervi�=+ inlcrnehin program in satisfaction of course requirements; or �t Acrxw® Or. '. United Educators Insurance, a Reciprocal Risk Retention Group 7700 Wisconsin Avenue, Suite 500 • Bethesda, MD, 20814