May 17th, 2018

Gregory Cove
AON Risk Solutions
199 Water Street, 33rd Floor
New York, NY 10038

Re: 05/17/2018 Casualty Program FINAL BOUND Proposal for International Business Machines Corporation, issued by ACE American Insurance Company and/or any of its affiliates

Dear Greg,

Thank you for the confirmation of this renewal business order. We look forward to building this relationship over the next year. Per your request, we are binding coverage effective 12:01 a.m. 05/21/2018 according to the terms of our Casualty Program FINAL Proposal (hereinafter referred to as "the Proposal") included below. Please review this binding document. If you have any questions, or disagree with any of the coverage terms and conditions, please contact me immediately.

If you agree with all coverage terms, please print out three (3) copies of the entire Proposal and have the insured execute the Notice of Election (Section I) in ALL three (3) copies, including State Coverage Selection Forms if applicable.

In addition, if the insured has purchased commercial automobile liability coverage, they will separately be receiving state mandated auto coverage selection and certification forms. These forms must be completed and returned to us prior to the inception of their commercial auto policies.

Please be aware that binding of coverage is contingent upon the terms and conditions as described in the Program Proposal, including Section I.9 of the Notice of Election (Agreement Between "You" and "Us"), Uninsured/Underinsured Motorist Insurance & Personal Injury Protection: Returning of Required Executed Selection Forms) and the Proposal Conditions.

Once the insured has executed all three (3) copies of each of the Notice of Election including any applicable State Coverage Selection Forms, please return the three (3) copies no later than 30 calendar days from the coverage effective date to your Chubb Global Casualty underwriter as follows:

Ardita Balilaj
Chubb
1133 Avenue of the Americas
New York, NY 10036

Please note that for the states and lines in which regulatory approval has been granted for the NCCI Large Risk Alternative Rating Option, the ISO Large Risk Alternative Rating Option, or the independently filed ACE Large Risk Rating Plan, the premiums for the insured's policy(ies) will be adjusted in accordance with the Notice of Election, signed by the Insured. It is therefore, imperative that the insured return the executed Notice of Election timely within 30 calendar days from the coverage effective date.

Very truly yours,

Ardita Balilaj
Senior Underwriter
Chubb Global Casualty