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(iv) 225% of the full annual premium for this policy, for an unlimited period. following the effective date of such cancellation or nonrenewal in which to give written notice to the Company of Claims first made against the Insured during this Extended Reporting Period for any act, error, omission or Personal Injury arising from the rendering of or failure to render Professional Services occurring prior to the termination of the final Policy Period, subject to its terms, limitations, exclusions and conditions. This right shall terminate sixty (60) days after the effective date of such action as is indicated in subparagraphs (a) or (b) above unless written notice of such election, together with the additional premium, is received by the Company or its authorized agent from the Named Insured within that sixty (60)day period. Subject to the foregoing, in the event that the Named Insured is a partnership or a corporation, and the policy is terminated, the premium calculation stated in i. through iv. above shall not include a charge for any individual legal professional who qualifies for a free Extended Reporting Period under section 2., 3. or 4. following, provided always that the notice is given to the Company as required and the other provisions of these sections are fully satisfied. 2. Retiree Provision: Notwithstanding CONDITION 0.1. above, the Named Insured shall also have the right to have an endorsement issued extending the reporting period for this policy to an unlimited period following the effective date of such cancellation or non-renewal upon his or her retirement from the private practice of law and the payment of additional premium for this option will be waived if: (a) the Named Insured (i) ceases the private practice of law during the Policy Period; (A) has been continuously insured by the Company for at least three (3) consecutive years; (iii) ceases the performance of all legal services covered by this policy; and (iv) is fifty-five (55) years of age or older; then such Insured has the right, for no extra charge, to elect an Unlimited Non- practicing Extended Claims Reporting Period, to report Claims first made against an insured for any actual or alleged negligent act, error or omission occurring prior to the termination of the Policy Period and otherwise covered by this policy. Such Unlimited Non-practicing Extended Claims Reporting Period must be elected within sixty(60)days of the Insured's retirement or ceasing of the private practice of law. (b) written notice of this election is given to the Company within sixty (60) days after termination of this policy; and (c) all premiums and deductibles due the Company have been paid in full. 3. Death or Disability of Insured: Notwithstanding CONDITION 0.1.of this policy, if the Named Insured designated in the Declaration is an individual and shall cancel or nonrenew this policy, the Named Insured shall have the right, at no cost, to have an endorsement issued extending the reporting period for this policy to an unlimited period following the effective date of such cancellation or nonrenewal arovided that: d�».oR.M1s�R WakMamqemattDivWm REMek ' Risk Management Specialist 05 LPL0002 05 04 17