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ENDORSEMENT NO. U-2 <br />PUBLIC RISK INNOVATION, SOLUTIONS, AND MANAGEMENT <br />EXCESS WORKERS' COMPENSATION <br />WAIVER OF SUBROGATION ENDORSEMENT <br />It is understood and agreed that Section VIII. SUBROGATION of the CONDITIONS section of the <br />Memorandum of Coverage is deleted in its entirety and replaced by the following: <br />VIII. SUBROGATION: In the event of any payment under this Memorandum, PRISM shall be <br />subrogated, to the extent of such payment, to all the Covered Party's rights of recovery therefore, <br />and the Covered Party shall execute all papers required and shall do everything that may be <br />necessary to secure such rights. Any amount recovered as a result of such proceedings, together <br />with all expenses necessary to the recovery of any such amount shall be apportioned as follows: <br />PRISM shall first be reimbursed to the extent of its actual payment hereunder. If any balance then <br />remains, said balance shall be applied to reimburse the Covered Party. The expenses of all <br />proceedings necessary to the recovery of such amount shall be apportioned between the Covered <br />Party and PRISM in the ratio of their respective recoveries as finally settled. If there should be no <br />recovery in proceedings instituted solely on the initiative of PRISM, the expenses thereof shall be <br />borne by PRISM. <br />However, in the event of any loss payment under this Memorandum for which you have waived the <br />right of recovery in a written contract entered into prior to the loss, we hereby agree to also waive our <br />right of recovery but only with respect to such loss. <br />It is further agreed that nothing herein shall act to increase PRISM's limit of indemnity. <br />This endorsement is part of the Memorandum of Coverage and takes effect on the effective date of <br />the Memorandum of Coverage unless another effective date is shown below. All other terms and <br />conditions remain unchanged. <br />Effective Date: <br />Issued to: ALL MEMBERS <br />Issue Date: June 27, 2025 <br />orized Representative <br />Public Risk Innovation, Solutions, and Management <br />Memorandum No.: PRISM 25 EWC-00 <br />