Common use of Accounting by Trustee Clause in Contracts

Accounting by Trustee. Trustee shall keep accurate and detailed records of all investments, receipts, disbursements, and all other transactions required to be made, including such specific records as shall be agreed upon in writing between PICO and Trustee. Within thirty (30) days following the close of each calendar year and within thirty (30) days after the removal or resignation of the Trustee, Trustee shall deliver to PICO a written account of its administration of the Trust during such year or during the period from the close of the last preceding year to the date of such removal or resignation, setting forth all investments, income, receipts, disbursements and other transactions effected by it, including a description of all securities and investments purchased and sold with the cost or net proceeds of such purchases or sales, and showing all cash, securities and other property held in the Trust at the end of such year or as of the date of such removal or resignation, as the case may be. Upon the expiration of such period, the account shall be deemed approved by the PICO, except with respect to any act or transaction as to which the PICO files a written objection with the Trustee within such thirty-day period. Nothing in this Section 8 is intended to deprive PICO of any rights to which it may be entitled by law. With respect to the written account statement, the Trustee shall correct any error it has made to the extent such error occurred within the applicable statue of limitations period. If such error is discovered more than sixty days after the end of an accounting period and beyond the timeframe for electronic records retention or for ability to reconcile balances on the Trustee’s trust accounting system, the correction of such error may be reflected on a trust accounting statement subsequent to the statement for the period in which the error occurred. Notwithstanding anything herein to the contrary, the Trustee shall have no duty or responsibility to obtain valuations of any assets of the Trust Fund, the value of which is not readily determinable on an established market. PICO shall bear sole responsibility for determining said valuations and shall be responsible for providing said valuations to the Trustee in a timely manner. The Trustee may conclusively rely on such valuations provided by PICO and shall be indemnified and held harmless by PICO with respect to such reliance. Notwithstanding anything herein to the contrary, the Trustee shall accept the unit price provided periodically by PICO: for the PICO Holdings, Inc. Income Oriented Investments Unit Fund, the PICO Holdings, Inc. Value Stocks Unit Fund and any other unitized fund invested covered under this Trust Agreement. The Trustee may conclusively rely on such unit prices provided by PICO and shall be indemnified and held harmless by PICO with respect to such reliance. The Trustee shall not be required to certify the accuracy of the unit prices on any financial statement.

Accounting by Trustee. The Trustee shall keep accurate and detailed records in reasonable detail of all investments, receipts, disbursements, disbursements and all other transactions required to be madedone, including such specific records as shall be agreed upon in writing between PICO by Cleveland-Cliffs and the Trustee. All such accounts, books and records shall be open to inspection and audit at all reasonable times by Cleveland-Cliffs, by any Indemnitee or by any agent or representative of any of the foregoing. Within thirty (30) 60 calendar days following the close end of each calendar year and within thirty (30) 60 calendar days after the removal or resignation of the Trustee, the Trustee shall deliver to PICO Cleveland-Cliffs and, if such year end, removal or resignation occurs on or after the date on which a Change of Control has occurred, to each Indemnitee a written account of its administration of the Trust during such year or during the period from the close end of the last preceding year to the date of such removal or resignation, setting forth all investments, income, receipts, disbursements and other transactions effected affected by it, including a description of all securities and investments purchased and sold with the cost or net proceeds of such purchases or salessales (accrued interest paid or receivable being shown separately), and showing all cash, securities securities, rights and other property held in the Trust at the end of such year or as of the date of such removal or resignation, as the case may be. Upon The Trustee shall furnish to Cleveland-Cliffs on a quarterly basis (or as Cleveland-Cliffs shall direct from time to time) and in a timely manner such information regarding the expiration Trust as Cleveland-Cliffs shall require for purposes of preparing its statements of financial condition. Unless Cleveland-Cliffs or any Indemnitee shall have filed with the Trustee written exception or objection to any such periodstatement and account within 90 days after receipt thereof, Cleveland-Cliffs or the account Indemnitee shall be deemed to have approved by such statement and account, and in such case the PICO, except Trustee shall be forever released and discharged with respect to any act all matters and things reported in such statement and account as though it had been settled by a decree of a court of competent jurisdiction in an action or transaction as proceeding to which Cleveland-Cliffs and the PICO files a written objection with the Trustee within such thirty-day period. Nothing in this Section 8 is intended to deprive PICO of any rights to which it may be entitled by law. With respect to the written account statement, the Trustee shall correct any error it has made to the extent such error occurred within the applicable statue of limitations period. If such error is discovered more than sixty days after the end of an accounting period and beyond the timeframe for electronic records retention or for ability to reconcile balances on the Trustee’s trust accounting system, the correction of such error may be reflected on a trust accounting statement subsequent to the statement for the period in which the error occurred. Notwithstanding anything herein to the contrary, the Trustee shall have no duty or responsibility to obtain valuations of any assets of the Trust Fund, the value of which is not readily determinable on an established market. PICO shall bear sole responsibility for determining said valuations and shall be responsible for providing said valuations to the Trustee in a timely manner. The Trustee may conclusively rely on such valuations provided by PICO and shall be indemnified and held harmless by PICO with respect to such reliance. Notwithstanding anything herein to the contrary, the Trustee shall accept the unit price provided periodically by PICO: for the PICO Holdings, Inc. Income Oriented Investments Unit Fund, the PICO Holdings, Inc. Value Stocks Unit Fund and any other unitized fund invested covered under this Trust Agreement. The Trustee may conclusively rely on such unit prices provided by PICO and shall be indemnified and held harmless by PICO with respect to such reliance. The Trustee shall not be required to certify the accuracy of the unit prices on any financial statementIndemnitees were parties.

Accounting by Trustee. (a) The Trustee shall keep accurate and detailed records in reasonable detail of all investments, receipts, disbursements, disbursements and all other transactions required to be madedone, including such specific records as shall be agreed upon in writing between PICO by Cleveland-Cliffs and the Trustee. All such accounts, books and records shall be open to inspection and audit at all reasonable times by Cleveland-Cliffs, by any Trust Beneficiary, or in the event of a Trust Beneficiary's death or adjudged incompetence, by an agent or representative of any of the foregoing (as to such Trust Beneficiary's account). Within thirty (30) 60 calendar days following the close of each calendar year and within thirty (30) 60 calendar days after the removal or resignation of the Trustee, the Trustee shall deliver to PICO Cleveland-Cliffs and, following the Irrevocability Date, to each Trust Beneficiary, or in the event of a Trust Beneficiary's death or adjudged incompetence, any agent or representative of the Trust Beneficiary (as to his or her account), a written account of its administration of the Trust during such year or during the period from the close end of the last preceding year to the date of such removal or resignation, setting forth all investments, income, receipts, disbursements and other transactions effected by it, including a description of all securities and investments purchased and sold with the cost or net proceeds of such purchases or salessales (accrued interest paid or receivable being shown separately), and showing all cash, securities securities, rights and other property held in the Trust at the end of such year or as of the date of such removal or resignation, as the case may be. Upon Such written accounts shall reflect the expiration aggregate of the Trust accounts and status of each separate account maintained for each Trust Beneficiary. Unless Cleveland-Cliffs or any Trust Beneficiary shall have filed with the Trustee written exception or objection to any such periodstatement and account within 90 days after receipt thereof, Cleveland-Cliffs and the account Trust Beneficiary shall be deemed to have approved by the PICOsuch statement and account, except with respect to any act or transaction as to which the PICO files a written objection with the Trustee within and in such thirty-day period. Nothing in this Section 8 is intended to deprive PICO of any rights to which it may be entitled by law. With respect to the written account statementcase, the Trustee shall correct any error it has made to the extent such error occurred within the applicable statue of limitations period. If such error is discovered more than sixty days after the end of an accounting period be forever released and beyond the timeframe for electronic records retention or for ability to reconcile balances on the Trustee’s trust accounting system, the correction of such error may be reflected on a trust accounting statement subsequent to the statement for the period in which the error occurred. Notwithstanding anything herein to the contrary, the Trustee shall have no duty or responsibility to obtain valuations of any assets of the Trust Fund, the value of which is not readily determinable on an established market. PICO shall bear sole responsibility for determining said valuations and shall be responsible for providing said valuations to the Trustee in a timely manner. The Trustee may conclusively rely on such valuations provided by PICO and shall be indemnified and held harmless by PICO discharged with respect to all matters and things reported in such reliance. Notwithstanding anything herein statement and account as though it had been settled by a decree of a court of competent jurisdiction in an action or proceeding to which Cleveland-Cliffs and the contrary, the Trustee shall accept the unit price provided periodically by PICO: for the PICO Holdings, Inc. Income Oriented Investments Unit Fund, the PICO Holdings, Inc. Value Stocks Unit Fund and any other unitized fund invested covered under this Trust Agreement. The Trustee may conclusively rely on such unit prices provided by PICO and shall be indemnified and held harmless by PICO with respect to such reliance. The Trustee shall not be required to certify the accuracy of the unit prices on any financial statementBeneficiaries were parties.

Accounting by Trustee. Trustee shall keep accurate and detailed records of all investments, receipts, disbursements, and all other transactions required to be made, including such specific records as shall be agreed upon in writing between PICO the Company and Trusteethe Trustee (which records shall separately identify and account for assets deposited by the Company and/or Bank, respectively) and all records necessary to carry out its responsibilities described in Section 3(b). Within thirty (30) 30 days following the close of each calendar year and within thirty (30) 30 days after the removal or resignation of the Trustee, Trustee shall deliver to PICO the Company, Bank and the Executive a written account of its administration of the Trust during such year or during the period from the close of the last preceding year to the date of such removal or resignation, setting forth all investments, income, receipts, disbursements and other transactions effected by it, including a description of all securities and investments purchased and sold with the cost or net proceeds of such purchases or salessales (accrued interest paid or receivable being shown separately), and showing all cash, securities and other property held in the Trust at the end of such year or as of the date of such removal or resignation, as the case may be. Upon the expiration of 180 days from the date of filing such periodannual or other statement, the account Trustee shall be deemed approved by released and discharged from any liability or accountability to anyone as respects the PICOpropriety of its acts or transactions shown in such account, except with respect to any act acts or transaction transactions as to which the PICO files a written objection Company and/or Bank, within such 180 day period, shall file with the Trustee within its written disapproval. In the event such thirty-day period. Nothing in this Section 8 a disapproval is intended to deprive PICO of any rights to which it may be entitled filed, and unless the matter is compromised by law. With respect to agreement between the written account statementTrustee and the Company and/or Bank, the Trustee shall correct any error it has made to the extent such error occurred within the applicable statue of limitations period. If such error is discovered more than sixty days after the end of an accounting period and beyond the timeframe for electronic records retention or for ability to reconcile balances on the Trustee’s trust accounting system, the correction of such error may be reflected on a trust accounting file its statement subsequent to the statement for covering the period in which from the error occurred. Notwithstanding anything herein to the contrary, the Trustee shall have no duty or responsibility to obtain valuations of any assets date of the Trust Fund, the value last annual statement to which no objection was made in any court of which is not readily determinable on an established market. PICO shall bear sole responsibility competent jurisdiction for determining said valuations and shall be responsible for providing said valuations to the Trustee in a timely manneraudit or adjudication. The Trustee may conclusively rely on such determinations of the Company and/or Bank of valuations provided by PICO and shall be indemnified and held harmless by PICO with respect to such reliance. Notwithstanding anything herein to for assets of the contrary, Trust for which the Trustee shall accept the unit price provided periodically by PICO: for the PICO Holdings, Inc. Income Oriented Investments Unit Fund, the PICO Holdings, Inc. Value Stocks Unit Fund and any other unitized fund invested covered under this Trust Agreement. The Trustee may conclusively rely on such unit prices provided by PICO and shall deems there to be indemnified and held harmless by PICO with respect to such reliance. The Trustee shall not be required to certify the accuracy of the unit prices on any financial statementno readily determinable fair market value.

Accounting by Trustee. The Trustee shall keep accurate and detailed records in reasonable detail of all investments, receipts, disbursements, disbursements and all other transactions required to be madedone, including such specific records as shall be agreed upon in writing between PICO by Cleveland-Cliffs and the Trustee. All such accounts books and records shall be open to inspection and audit at all reasonable times by Cleveland-Cliffs, by any Indemnitee or by any agent or representative of any of the foregoing. Within thirty (30) 60 calendar days following the close end of each calendar year and within thirty (30) 60 calendar days after the removal or resignation of the Trustee, the Trustee shall deliver to PICO Cleveland-Cliffs and, if such year end, removal or resignation 9 9 occurs on or after the date on which a Change of Control has occurred, to each Indemnitee a written account of its administration of the Trust during such year or during the period from the close end of the last preceding year to the date of such removal or resignation, setting forth all investments, income, receipts, disbursements and other transactions effected affected by it, including a description of all securities and investments purchased and sold with the cost or net proceeds of such purchases or salessales (accrued interest paid or receivable being shown separately), and showing all cash, securities securities, rights and other property held in the Trust at the end of such year or as of the date of such removal or resignation, as the case may be. Upon The Trustee shall furnish to Cleveland-Cliffs on a quarterly basis (or as Cleveland-Cliffs shall direct from time to time) and in a timely manner such information regarding the expiration Trust as Cleveland-Cliffs shall require for purposes of preparing its statements of financial condition. Unless Cleveland-Cliffs or any Indemnitee shall have filed with the Trustee written exception or objection to any such periodstatement and account within 90 days after receipt thereof, Cleveland-Cliffs or the account Indemnitee shall be deemed to have approved by such statement and account and in such case the PICO, except Trustee shall be forever released and discharged with respect to any act all matters and things reported in such statement and account as though it had been settled by a decree of a court of competent jurisdiction in an action or transaction as proceeding to which Cleveland-Cliffs and the PICO files a written objection with the Trustee within such thirty-day periodIndemnitees were parties. Nothing in this Section 8 is intended to deprive PICO of any rights to which it may be entitled by law. With respect to the written account statement, the Trustee shall correct any error it has made to the extent such error occurred within the applicable statue of limitations period. If such error is discovered more than sixty days after the end of an accounting period and beyond the timeframe for electronic records retention or for ability to reconcile balances on the Trustee’s trust accounting system, the correction of such error may be reflected on a trust accounting statement subsequent to the statement for the period in which the error occurred. Notwithstanding anything herein to the contrary, the Trustee shall have no duty or responsibility to obtain valuations of any assets of the Trust Fund, the value of which is not readily determinable on an established market. PICO shall bear sole responsibility for determining said valuations and shall be responsible for providing said valuations to the Trustee in a timely manner. The Trustee may conclusively rely on such valuations provided by PICO and shall be indemnified and held harmless by PICO with respect to such reliance. Notwithstanding anything herein to the contrary, the Trustee shall accept the unit price provided periodically by PICO: for the PICO Holdings, Inc. Income Oriented Investments Unit Fund, the PICO Holdings, Inc. Value Stocks Unit Fund and any other unitized fund invested covered under this Trust Agreement. The Trustee may conclusively rely on such unit prices provided by PICO and shall be indemnified and held harmless by PICO with respect to such reliance. The Trustee shall not be required to certify the accuracy of the unit prices on any financial statement10 10 8.

Accounting by Trustee. From and after the time the Settlor no longer serves as a Trustee of the Trust, the successor trustee shall keep accurate and detailed records of all investments, receipts, disbursements, and all other transactions required to be made, including such specific records as shall be agreed upon in writing between PICO and Trustee. Within thirty (30) days following the close of give an annual accounting for each calendar year and within thirty (30) days after the removal or resignation end of that year, in writing and delivered to each beneficiary; an accounting shall be clearly styled as such, and shall include (a) the identity and location, estimated values and account balances of all Trust Property at the beginning of the accounting year and at its end, (b) costs and expenses set out by category, including Trustee fees set forth as a separate itemized entry, (c) specific notation as to which assets are unproductive or, as compared with the previous accounting period, underproductive of income, and (d) the approximate value of each beneficiary’s interest in Trust Property by value, at the beginning of the accounting year and at its end. In addition, the Trustee’s annual accounting shall list, in summary, all assets of Trust Property which have been unproductive or, in the opinion of the Trustee, under-productive, with the notice that “The Trustee shall deliver is authorized to PICO a written account continue to hold unproductive and under-productive assets of its administration Trust Property, unless and until the majority of the Trust’s beneficiaries shall direct that any such asset be disposed of in order to make its value more productive. The Trustee will dispose of the particular unproductive or under-productive assets within 120 days (or other commercially reasonable time) of actual receipt of written notice of the beneficiaries’ direction to do so.” Any beneficiary may, at any time and at his own expense assessed against that beneficiary’s interest in the Trust, obtain an interim accounting or an audit of Trust during such year Property or during any part thereof. If an audit produces a finding of misfeasance or malfeasance, or a substantial variance (being 5% or more of the period gross value of Trust Property) from the close Trustee’s accounting, regardless of reason, then the cost of the last preceding year audit shall be borne by the Trust. Any accounting rendered by a Trustee, which is clearly styled as such and delivered as required by this Section 5.4, shall be presumed to the date of such removal or resignation, setting forth be conclusively correct and accepted for all investments, income, receipts, disbursements and other transactions effected by it, including a description of all securities and investments purchased and sold with the cost or net proceeds of such purchases or sales, and showing all cash, securities and other property held in the Trust at the end of such year or as purposes if no beneficiary objects within thirty (30) days (“objection period”) of the date on which the Trustee sends a copy of such removal or resignationthe accounting to that beneficiary by deposit in the U.S. Mail, as first class postage certified mail return receipt prepaid, and addressed to the case may bebeneficiary at the last known address for the beneficiary which appears in the Trust’s official records on the last day of the calendar year for which the annual accounting is made. Upon the expiration To be considered an “objection” for purposes of such periodthis Section 5.4, the account “objection” shall not be deemed approved by a mere expression of general concern or confusion, but must be in a writing which sets out the PICO, except with respect beneficiary’s specific objection to any act or transaction as to which the PICO files a written objection with the Trustee within such thirty-day period. Nothing in this Section 8 is intended to deprive PICO of any rights to which it may be entitled by law. With respect to the written account statement, the Trustee shall correct any error it has made to the extent such error occurred within the applicable statue of limitations period. If such error is discovered more than sixty days after the end of an accounting period and beyond the timeframe for electronic records retention or for ability to reconcile balances on the Trustee’s trust accounting system, with particularity; all objections must be postmarked or faxed no later than the correction of such error may be reflected on a trust accounting statement subsequent to the statement for the period in which the error occurred. Notwithstanding anything herein to the contrary, the Trustee shall have no duty or responsibility to obtain valuations of any assets last day of the Trust Fund, the value of which is not readily determinable on an established market. PICO shall bear sole responsibility for determining said valuations and shall be responsible for providing said valuations to the Trustee in a timely manner. The Trustee may conclusively rely on such valuations provided by PICO and shall be indemnified and held harmless by PICO with respect to such reliance. Notwithstanding anything herein to the contrary, the Trustee shall accept the unit price provided periodically by PICO: for the PICO Holdings, Inc. Income Oriented Investments Unit Fund, the PICO Holdings, Inc. Value Stocks Unit Fund and any other unitized fund invested covered under this Trust Agreement. The Trustee may conclusively rely on such unit prices provided by PICO and shall be indemnified and held harmless by PICO with respect to such reliance. The Trustee shall not be required to certify the accuracy of the unit prices on any financial statementobjection period.

Accounting by Trustee. (a) The Trustee shall keep accurate and detailed records in reasonable detail of all investments, receipts, disbursements, disbursements and all other transactions required to be madedone, including such specific records as shall be agreed upon in writing between PICO by Cleveland-Cliffs and the Trustee. All such accounts, books and records shall be open to inspection and audit at all reasonable times by Cleveland-Cliffs, by any Trust Beneficiary, or in the event of a Trust Beneficiary’s death or adjudged incompetence, by an agent or representative of any of the foregoing (as to such Trust Beneficiary’s account). Within thirty (30) 60 calendar days following the close of each calendar year and within thirty (30) 60 calendar days after the removal or resignation of the Trustee, the Trustee shall deliver to PICO Cleveland-Cliffs and, following the Irrevocability Date, to each Trust Beneficiary, or in the event of a Trust Beneficiary’s death or adjudged incompetence, any agent or representative of the Trust Beneficiary (as to his or her account), a written account of its administration of the Trust during such year or during the period from the close end of the last preceding year to the date of such removal or resignation, setting forth all investments, income, receipts, disbursements and other transactions effected by it, including a description of all securities and investments purchased and sold with the cost or net proceeds of such purchases or salessales (accrued interest paid or receivable being shown separately), and showing all cash, securities securities, rights and other property held in the Trust at the end of such year or as of the date of such removal or resignation, as the case may be. Upon Such written accounts shall reflect the expiration aggregate of the Trust accounts and status of each separate account maintained for each Trust Beneficiary. Unless Cleveland-Cliffs or any Trust Beneficiary shall have filed with the Trustee written exception or objection to any such periodstatement and account within 90 days after receipt thereof, Cleveland-Cliffs and the account Trust Beneficiary shall be deemed to have approved by the PICOsuch statement and account, except with respect to any act or transaction as to which the PICO files a written objection with the Trustee within and in such thirty-day period. Nothing in this Section 8 is intended to deprive PICO of any rights to which it may be entitled by law. With respect to the written account statementcase, the Trustee shall correct any error it has made to the extent such error occurred within the applicable statue of limitations period. If such error is discovered more than sixty days after the end of an accounting period be forever released and beyond the timeframe for electronic records retention or for ability to reconcile balances on the Trustee’s trust accounting system, the correction of such error may be reflected on a trust accounting statement subsequent to the statement for the period in which the error occurred. Notwithstanding anything herein to the contrary, the Trustee shall have no duty or responsibility to obtain valuations of any assets of the Trust Fund, the value of which is not readily determinable on an established market. PICO shall bear sole responsibility for determining said valuations and shall be responsible for providing said valuations to the Trustee in a timely manner. The Trustee may conclusively rely on such valuations provided by PICO and shall be indemnified and held harmless by PICO discharged with respect to all matters and things reported in such reliance. Notwithstanding anything herein statement and account as though it had been settled by a decree of a court of competent jurisdiction in an action or proceeding to which Cleveland-Cliffs and the contrary, the Trustee shall accept the unit price provided periodically by PICO: for the PICO Holdings, Inc. Income Oriented Investments Unit Fund, the PICO Holdings, Inc. Value Stocks Unit Fund and any other unitized fund invested covered under this Trust Agreement. The Trustee may conclusively rely on such unit prices provided by PICO and shall be indemnified and held harmless by PICO with respect to such reliance. The Trustee shall not be required to certify the accuracy of the unit prices on any financial statementBeneficiaries were parties.

Accounting by Trustee. The Trustee shall keep accurate and detailed records in reasonable detail of all investments, receipts, disbursements, disbursements and all other transactions required to be madedone, including such specific records as shall be agreed upon in writing between PICO by Cleveland-Cliffs and the Trustee. All such accounts, books and records shall be open to inspection and audit at all reasonable times by Cleveland-Cliffs, by any Indemnitee or by any agent or representative of any of the foregoing. Within thirty (30) 60 calendar days following the close end of each calendar year and within thirty (30) 60 calendar days after the removal or resignation of the Trustee, the Trustee shall deliver to PICO Cleveland-Cliffs and, if such year end, removal or resignation occurs on or after the date on which a Change of Control has occurred, to each Executive, Key Employee and Director/Officer a written account of its administration of the Trust during such year or during the period from the close end of the last preceding year to the date of such removal or resignation, setting forth all investments, income, receipts, disbursements and other transactions effected affected by it, including a description of all securities and investments purchased and sold with the cost or net proceeds of such purchases or salessales (accrued interest paid or receivable being shown separately), and showing all all, cash, securities securities, rights and other property held in the Trust at the end of such year or as of the date of such removal or resignation, as the case may be. Upon The Trustee shall furnish to Cleveland-Cliffs on a quarterly basis (or as Cleveland-Cliffs shall direct from time to time) and in a timely manner such information regarding the expiration Trust as Cleveland-Cliffs shall require for purposes of preparing its statements of financial condition. Unless Cleveland-Cliffs or any Executive, Key Employee and Director/Officer shall have filed with the Trustee written exception or objection to any such periodstatement and account within 90 days after receipt thereof, Cleveland-Cliffs and the account Indemnitees shall be deemed to have approved by such statement and account, and in such case the PICO, except Trustee shall be forever released and discharged with respect to any act all matters and things reported in such statement and account as though it had been settled by a decree of a court of competent jurisdiction in an action or transaction as proceeding to which Cleveland-Cliffs and the PICO files a written objection with the Trustee within such thirty-day period. Nothing in this Section 8 is intended to deprive PICO of any rights to which it may be entitled by law. With respect to the written account statement, the Trustee shall correct any error it has made to the extent such error occurred within the applicable statue of limitations period. If such error is discovered more than sixty days after the end of an accounting period and beyond the timeframe for electronic records retention or for ability to reconcile balances on the Trustee’s trust accounting system, the correction of such error may be reflected on a trust accounting statement subsequent to the statement for the period in which the error occurred. Notwithstanding anything herein to the contrary, the Trustee shall have no duty or responsibility to obtain valuations of any assets of the Trust Fund, the value of which is not readily determinable on an established market. PICO shall bear sole responsibility for determining said valuations and shall be responsible for providing said valuations to the Trustee in a timely manner. The Trustee may conclusively rely on such valuations provided by PICO and shall be indemnified and held harmless by PICO with respect to such reliance. Notwithstanding anything herein to the contrary, the Trustee shall accept the unit price provided periodically by PICO: for the PICO Holdings, Inc. Income Oriented Investments Unit Fund, the PICO Holdings, Inc. Value Stocks Unit Fund and any other unitized fund invested covered under this Trust Agreement. The Trustee may conclusively rely on such unit prices provided by PICO and shall be indemnified and held harmless by PICO with respect to such reliance. The Trustee shall not be required to certify the accuracy of the unit prices on any financial statementIndemnitees were parties.

Accounting by Trustee. Trustee shall keep accurate and detailed records of all investments, receipts, disbursements, and all other transactions required to be made, including such specific records as shall be agreed upon in writing between PICO Subsidiaries and/or the Subsidiary Administrator and Trustee. Within thirty (30) 90 days following the close of each calendar fiscal year of the Company and within thirty (30) 90 days after the removal or resignation of the Trustee, Trustee shall deliver to PICO the Subsidiary Administrator a written account of its administration of the Trust during such year or during the period from the close of the last preceding year to the date of such removal or resignation, setting forth all investments, income, receipts, disbursements and other transactions effected by it, including a description of all securities and investments purchased and sold with the cost or net proceeds of such purchases or salessales (accrued interest paid or receivable being shown separately), and showing all cash, securities and other property held in the Trust at the end of such year or as of the date of such removal or resignation, as the case may be. Upon the expiration request of the Subsidiaries and/or the Subsidiary Administrator, Trustee shall maintain records based upon information provided by the Subsidiaries and/or the Subsidiary Administrator regarding the allocation of Trust assets to Subsidiary Beneficiaries. The Subsidiaries and/or the Subsidiary Administrator may approve such period, account by written notice of approval delivered to the Trustee or by failure to express objections to such account delivered to the Trustee in writing within sixty (60) days from the date upon which the account was delivered to the Subsidiaries and/or the Subsidiary Administrator. The account shall be deemed approved upon receipt by the PICOTrustee of the Subsidiaries and/or the Subsidiary Administrator written approval of the account or upon the passage of the sixty (60)-day period of time, except with respect to for any act or transaction as to which the PICO files a matters covered by written objection with the Trustee within such thirty-day period. Nothing in this Section 8 is intended to deprive PICO of any rights to which it may be entitled by law. With respect to the written account statement, the Trustee shall correct any error it has made to the extent such error occurred within the applicable statue of limitations period. If such error is discovered more than sixty days after the end of an accounting period and beyond the timeframe for electronic records retention or for ability to reconcile balances on the Trustee’s trust accounting system, the correction of such error may be reflected on a trust accounting statement subsequent to the statement for the period in which the error occurred. Notwithstanding anything herein to the contrary, the Trustee shall objections that have no duty or responsibility to obtain valuations of any assets of the Trust Fund, the value of which is not readily determinable on an established market. PICO shall bear sole responsibility for determining said valuations and shall be responsible for providing said valuations been delivered to the Trustee in a timely manner. The by the Subsidiaries and/or the Subsidiary Administrator and for which the Trustee may conclusively rely on such valuations provided by PICO and shall be indemnified and held harmless by PICO with respect to such reliance. Notwithstanding anything herein has not given an explanation or made an adjustment satisfactory to the contrary, Subsidiaries and/or the Trustee shall accept the unit price provided periodically by PICO: for the PICO Holdings, Inc. Income Oriented Investments Unit Fund, the PICO Holdings, Inc. Value Stocks Unit Fund and any other unitized fund invested covered under this Trust Agreement. The Trustee may conclusively rely on such unit prices provided by PICO and shall be indemnified and held harmless by PICO with respect to such reliance. The Trustee shall not be required to certify the accuracy of the unit prices on any financial statementSubsidiary Administrator.

Accounting by Trustee. (a) The Trustee shall keep accurate maintain books, records and detailed records accounts as may be necessary for the proper administration of all investments, receipts, disbursements, and all other transactions required to be madeTrust assets, including such specific records as shall be agreed upon in writing between PICO by Cleveland-Cliffs and the Trustee. Within thirty (30) , and shall render to Clevleand-Cliffs within 60 days following the close of each calendar year and within thirty (30) days after following the date of this Trust until the termination of this Trust or the removal or resignation of the Trustee, Trustee shall deliver to PICO a written account of its administration of the Trust during such year or during the period from the close of the last preceding year to and within 60 days after the date of such termination, removal or resignation, setting forth all investments, income, receipts, disbursements and other transactions effected by it, including a description of all securities and investments purchased and sold ) an accounting with the cost or net proceeds of such purchases or sales, and showing all cash, securities and other property held in respect to the Trust at assets as of the end of such the then most recent calendar year or (and as of the date of such termination, removal or resignation, as the case may be). The Trustee shall furnish to Cleveland-Cliffs on a quarterly basis (or as Cleveland-Cliffs shall direct from time to time) and in a timely manner such information regarding the Trust as Cleveland-Cliffs shall require for purposes of preparing its statements of financial condition. The Trustee shall at all times maintain separate bookkeeping accounts for each Director as prescribed by Section 7(b) hereof, and, upon the written request of a Director, shall provide to him an annual statement of his account. Upon the expiration written request of such periodCleveland-Cliffs or, on or after the account shall be deemed approved by the PICOdate of Change of Control, except with respect to any act or transaction as to which the PICO files a written objection with the Trustee within such thirty-day period. Nothing in this Section 8 is intended to deprive PICO of any rights to which it may be entitled by law. With respect to the written account statementDirector, the Trustee shall correct deliver to such Director or Cleveland-Cliffs, as the case may be, a written report setting forth the amount held in the Trust and a record of the deposits made with respect thereto by Cleveland-Cliffs. Unless Cleveland-Cliffs or any error it has made Director shall have filed with the Trustee written exception or objection to the extent any such error occurred statement and account within the applicable statue of limitations period. If such error is discovered more than sixty 90 days after receipt thereof, Cleveland-Cliffs and the end of an accounting period Directors shall be deemed to have approved such statement and beyond the timeframe for electronic records retention or for ability to reconcile balances on the Trustee’s trust accounting systemaccount, the correction of and in such error may be reflected on a trust accounting statement subsequent to the statement for the period in which the error occurred. Notwithstanding anything herein to the contrarycase, the Trustee shall have no duty or responsibility to obtain valuations of any assets of the Trust Fund, the value of which is not readily determinable on an established market. PICO shall bear sole responsibility for determining said valuations be forever released and shall be responsible for providing said valuations to the Trustee in a timely manner. The Trustee may conclusively rely on such valuations provided by PICO and shall be indemnified and held harmless by PICO discharged with respect to all matters and things reported in such reliance. Notwithstanding anything herein statement and account as though it had been settled by a degree of a court of competent jurisdiction in an action or proceeding to which Cleveland-Cliffs and the contrary, the Trustee shall accept the unit price provided periodically by PICO: for the PICO Holdings, Inc. Income Oriented Investments Unit Fund, the PICO Holdings, Inc. Value Stocks Unit Fund and any other unitized fund invested covered under this Trust Agreement. The Trustee may conclusively rely on such unit prices provided by PICO and shall be indemnified and held harmless by PICO with respect to such reliance. The Trustee shall not be required to certify the accuracy of the unit prices on any financial statementDirectors were parties.

Accounting by Trustee. The Trustee shall keep accurate and detailed records in reasonable detail of all investments, receipts, disbursements, disbursements and all other transactions required to be madedone, including such specific records as shall be agreed upon in writing between PICO by Cleveland-Cliffs and the Trustee. All such accounts, books and records shall be open to inspection and audit at all reasonable times by Cleveland-Cliffs, by any Indemnitee or by any agent or representative of any of the foregoing. Within thirty (30) 60 calendar days following the close end of each calendar year and within thirty (30) 60 calendar days after the removal or resignation of the Trustee, the Trustee shall deliver to PICO Cleveland-Cliffs and, if such year end, removal or resignation occurs on or after the date on which a Change of Control has occurred, to each Executive, Key Employee and Director/Officer a written account of its administration of the Trust during such year or during the period from the close end of the last preceding year to the date of such removal or resignation, setting forth all investments, income, receipts, disbursements and other transactions effected affected by it, including a description of all securities and investments purchased and sold with the cost or net proceeds of such purchases or salessales-(accrued interest paid or receivable being shown separately), and showing all all, cash, securities securities, rights and other property held in the Trust at the end of such year or as of the date of such removal or resignation, as the case may be. Upon The Trustee shall furnish to Cleveland-Cliffs on a quarterly basis (or as Cleveland-Cliffs shall direct from time to time) and in a timely manner such information regarding the expiration Trust as Cleveland-Cliffs shall require for purposes of preparing its statements of financial condition. Unless Cleveland-Cliffs or any Executive, Key Employee and Director/Officer shall have filed with the Trustee written exception or objection to any such periodstatement and account within 90 days after receipt thereof, Cleveland-Cliffs and the account Indemnitees shall be deemed to have approved by such statement and account, and in such case the PICO, except Trustee shall be forever released and discharged with respect to any act all matters and things reported in such statement and account as though it had been settled by a decree of a court of competent jurisdiction in an action or transaction as proceeding to which Cleveland-Cliffs and the PICO files a written objection with the Trustee within such thirty-day period. Nothing in this Section 8 is intended to deprive PICO of any rights to which it may be entitled by law. With respect to the written account statement, the Trustee shall correct any error it has made to the extent such error occurred within the applicable statue of limitations period. If such error is discovered more than sixty days after the end of an accounting period and beyond the timeframe for electronic records retention or for ability to reconcile balances on the Trustee’s trust accounting system, the correction of such error may be reflected on a trust accounting statement subsequent to the statement for the period in which the error occurred. Notwithstanding anything herein to the contrary, the Trustee shall have no duty or responsibility to obtain valuations of any assets of the Trust Fund, the value of which is not readily determinable on an established market. PICO shall bear sole responsibility for determining said valuations and shall be responsible for providing said valuations to the Trustee in a timely manner. The Trustee may conclusively rely on such valuations provided by PICO and shall be indemnified and held harmless by PICO with respect to such reliance. Notwithstanding anything herein to the contrary, the Trustee shall accept the unit price provided periodically by PICO: for the PICO Holdings, Inc. Income Oriented Investments Unit Fund, the PICO Holdings, Inc. Value Stocks Unit Fund and any other unitized fund invested covered under this Trust Agreement. The Trustee may conclusively rely on such unit prices provided by PICO and shall be indemnified and held harmless by PICO with respect to such reliance. The Trustee shall not be required to certify the accuracy of the unit prices on any financial statementIndemnitees were parties.

Accounting by Trustee. Trustee shall keep accurate and detailed records of all investments, receipts, disbursements, and all other transactions required to be made, including such specific records as shall be agreed upon in writing between PICO Employer and Trustee. Within thirty (30) 60 days following the close of each calendar year quarter (and each calendar year) and within thirty (30) 60 days after the removal or resignation of the Trustee, Trustee shall deliver to PICO Employer a written account of its administration of the Trust during such year quarter (or such year) or during the period from the close of the last preceding year quarter (or in the case of an annual statement, from the close of the last year) to the date of such removal or resignation, setting forth all investments, income, receipts, disbursements and other transactions effected by it, including a description of all securities and investments purchased and sold with the cost or net proceeds of such purchases or salessales (accrued interest paid or receivable being shown separately), and showing all cash, securities and other property held in the Trust at the end of such year or as of the date of such removal or resignation, as the case may be. The Employer may approve the account either by written notice of approval delivered to the Trustee or by failure to object in writing to the Trustee within 180 days from the date on which the account was delivered to the Employer. Upon receipt of written approval of the account, or upon the expiration of such periodthe 180-day period without written objections, the account shall be deemed approved by approved, and the PICO, except Trustee shall be released and discharged with respect to any act or transaction the account as if the account had been settled and allowed by a decree of a court of competent jurisdiction. Nothing herein contained, however, shall be deemed to which the PICO files a written objection with preclude the Trustee within such thirty-day periodof its right to have its account settled by a court of competent jurisdiction. Nothing in this Section 8 is intended to deprive PICO In the case of any rights to Plan which it may be entitled by law. With respect to provides for a separate bookkeeping account for the written account statementinterests of each participant therein, the Trustee shall correct any error maintain such separate account records for each participant and beneficiary as it has made to the extent such error occurred within the applicable statue of limitations period. If such error is discovered more than sixty days after the end of an accounting period and beyond the timeframe for electronic records retention considers necessary or for ability to reconcile balances on the Trustee’s trust accounting system, the correction of such error may be reflected on a trust accounting statement subsequent to the statement desirable for the period in which the error occurred. Notwithstanding anything herein to the contrary, the Trustee shall have no duty or responsibility to obtain valuations of any assets proper administration of the Trust Fund, the value of which is not readily determinable on an established market. PICO shall bear sole responsibility for determining said valuations and shall be responsible for providing said valuations to the Trustee in a timely manner. The Trustee may conclusively rely on such valuations provided by PICO and shall be indemnified and held harmless by PICO with respect to such reliance. Notwithstanding anything herein to the contrary, the Trustee shall accept the unit price provided periodically by PICO: for the PICO Holdings, Inc. Income Oriented Investments Unit Fund, the PICO Holdings, Inc. Value Stocks Unit Fund and any other unitized fund invested covered under this Trust Agreement. The Trustee may conclusively rely on such unit prices provided by PICO and shall be indemnified and held harmless by PICO with respect to such reliance. The Trustee shall not be required to certify the accuracy of the unit prices on any financial statementTrust.