# Excess Insurance Policy

## Liberty Insurance Underwriters Inc.

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

**ENDORSEMENT NO. 9**

- **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.**

**FOLLOWING FORM ENDORSEMENT**

It is agreed that this policy is following the exact terms and conditions of the ACE Property & Casualty Insurance Company, Policy Number XOO G2 73 80 03 7, except with respect to the:

- Limits of Liability;
- Premium;
- And any coverage modification endorsements attached hereto.

All pre-printed terms and conditions of form [0101-XS Ed. (03 00)] are deleted to the extent that they vary from or are inconsistent with the terms and conditions of the ACE Property & Casualty Insurance Company, Policy Number: XOO G2 73 80 03 7.

However, nothing contained in this endorsement will obligate the company to pay a claim or provide a duty to defend or investigate any claim or suit before the underlying insurance shown in Item 5 is exhausted by payment of a claim or claims.