# Excess Insurance Policy

## Liberty Insurance Underwriters Inc.

(A Stock Insurance Company, hereinafter the "Insurer")

**ENDORSEMENT NO. 10**

- **Named Insured:** International Business Machines Corporation
- **Policy Number:** 1000040626-13
- **Effective Date:** 05/21/2014

**NOTICE: THESE POLICY FORMS AND THE APPLICABLE RATES ARE EXEMPT FROM THE FILING REQUIREMENTS OF THE NEW YORK STATE INSURANCE LAW AND REGULATIONS. HOWEVER, THE FORMS AND RATES MUST MEET THE MINIMUM STANDARDS OF THE NEW YORK INSURANCE LAW AND REGULATIONS.**

**THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.**

**NEW YORK AMENDATORY ENDORSEMENT**

Section V. CONDITION C. is amended by adding the following:

9. After this policy has been in effect for sixty (60) days (unless notice of cancellation has already been sent), or on or after the effective date if this policy is a renewal, this policy may only be cancelled by us based upon one or more of the following reasons:
   a) non-payment of premium;
   b) conviction of a crime arising out of acts increasing the hazard insured against;
   c) discovery of fraud or material misrepresentation in obtaining the policy or in the presentation of a claim thereunder;
   d) after issuance of the policy or after the last renewal date, discovery of an act or omission, or a violation of any policy condition, that substantially and materially increases the hazard insured against, and which occurred subsequent to the inception of the current policy;
   e) material change in the nature or extent of the risk, occurring after issuance or last annual renewal anniversary date of the policy, which causes the risk of "loss" to be substantially and materially increased beyond that contemplated at the time the policy was issued or last renewed;
   f) a determination by the New York Superintendent of Insurance that continuation of our present premium volume would jeopardize our solvency or be hazardous to the interests of our policyholders, our creditors or the public;
   g) a determination by the New York Superintendent of Insurance that the continuation of the policy would violate, or would place us in violation of the New York Insurance Law;
   h) cancellation of one or more of the Underlying Insurance policies providing primary or intermediate coverage where (1) such cancellation is for one of the reasons set forth in a), b), or c) above and (2) such Underlying Insurance policies are not replaced without lapse.