# ENDORSEMENT #4

This endorsement, effective 12:01 AM: 5/21/2015

Forms a part of Policy No.: 43-XSF-100238-02

Issued to: International Business Machines Corporation

By: National Liability & Fire Insurance Company

## QUOTA-SHARE PARTICIPATION CONDITION ENDORSEMENT

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

This endorsement modifies insurance provided under the following:

**FOLLOW FORM EXCESS LIABILITY**

The following Condition is added to the policy:

### Quota-Share Participation

The insurance provided by this policy is only to the extent of our quota-share participation listed in the Declarations, and we shall be liable only for our proportionate percentage quota-share of any covered loss, damage or claim as provided under this policy. In no event shall we be liable for an amount greater than our proportionate percentage quota-share of any such covered loss, damage or claim, whether or not any other insurer(s) in the quota-share layer pay their respective portion of such covered loss, damage or claim. Our payment obligation, as with that of the other insurer(s), is several and not joint, and limited to the extent of ours and their individual participations. We are not responsible for any obligations of or amounts payable from any other insurer(s), whether due to the insolvency of such insurer(s) or otherwise. We shall not be bound by any actions or omissions of any other insurer(s), who have no authority to act on our behalf or waive any defenses that may be available under this policy or at law. We reserve full underwriting and claims control with respect to our portion of the quota-share participation.

All other terms and conditions of this policy remain unchanged.