# Allied World Assurance Company

**Endorsement No:** 10  
**This endorsement, effective:** May 21, 2008 (at 12:01 A.M. prevailing time at the address of the Named Insured as shown in Item 1(b) of the Declarations)  
**forms a part of Policy No:** C007539/002  
**Issued to:** International Business Machines Corporation  
**by:** Allied World Assurance Company, Ltd.

## SEVERAL LIABILITY FOR QUOTA SHARE COVERAGE

In consideration of the premium charged, it is agreed that the Insurer's liability for loss under this Policy is solely for its proportionate or quota share of the applicable limits of liability as set forth in Item 5 of the Declarations. Further, the Insurer's liability is several and not joint, and, in no event shall the Insurer be liable for the proportionate or quota share of any other insurer or entity participating on the same layer of coverage as this Policy.

All other terms and conditions of this Policy remain unchanged.

**ALLIED WORLD ASSURANCE COMPANY, LTD.**

By:
**Michael Hoffmann**
Title: Senior Vice President  
Date: August 15, 2008

Ref: ACFF-526  
(AWAC Ed. 11/01)

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