# EXCESS UMBRELLA POLICY

## DECLARATIONS

**ITEM 1:** Named insured: INTERNATIONAL BUSINESS MACHINES CORP., ETAL. (SEE END'T (1))

**ITEM 2:** Underlying Umbrella Policies: SEE ENDORSEMENT #2

**ITEM 3:** Underlying Umbrella Limits (Insuring Agreement II): SEE ENDORSEMENT #2

**ITEM 4:** Underlying Umbrella Aggregate Limits (Insuring Agreement II): SEE ENDORSEMENT #2

**ITEM 5:** Limit of Liability (Insuring Agreement II): $5,000,000 PART OF $45,000,000.00

**ITEM 6:** Aggregate Limit of Liability (Insuring Agreement II): $5,000,000 PART OF $45,000,000.00

**ITEM 7:** Notice of occurrence (Condition 4) to: The Company and/or Sayre & Toso, Inc.

## NAMED INSURED:
As stated in Item 1 of the Declarations forming a part hereof and/or subsidiary, associated, affiliated companies or owned and controlled companies, as now or hereafter constituted and of which prompt notice has been given to the Company (hereinafter called the "Named Insured").

## INSURING AGREEMENTS

### I. COVERAGE:
The Company hereby agrees, subject to the limitations, terms and conditions hereinafter mentioned, to indemnify the insured for all sums which the insured shall be obligated to pay by reason of the liability:

(a) Imposed upon the insured by law,
or (b) assumed under contract or agreement by the Named Insured and/or any officer, director, stockholder, partner or employee of the Named Insured, while acting in his capacity as such.

for damages on account of:
(i) Personal Injuries
(ii) Property Damage
(iii) Advertising Liability,

caused by or arising out of each occurrence happening anywhere in the world, and arising out of the hazards covered by and as defined in the Underlying Umbrella Policy(ies) stated in Item 2 of the Declarations and issued by certain Insurance Companies (hereinafter called the "Underlying Umbrella Insurers").

Sold insurance is made and accepted subject to the foregoing stipulations and conditions, and to the stipulations and conditions printed on pages 1 and 2 of this form, which are hereby made a part of said insurance, together with such other provisions, stipulations and conditions as may be endorsed on said Policy or added thereto as therein provided.

## ATTACHED TO AND FORMING PART OF POLICY NO. M976162 OF THE MISSION INSURANCE COMPANY
ISSUED TO: INTERNATIONAL BUSINESS MACHINES ETAL. (SEE ENDORSEMENT #1)
DATED AT: NEW YORK, NEW YORK
SAYRE & TOSO, INC.
This 21 day of MAY, 1961
By