# ENDORSEMENT #5

**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

**ISSUANCE OF FOLLOW FORM EXCESS POLICY PRIOR TO ISSUANCE OR RECEIPT OF THE FOLLOWED UNDERLYING POLICY(IES)**

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

**This endorsement modifies insurance provided under the following: FOLLOW FORM EXCESS LIABILITY POLICY**

This policy has been issued on the basis that it is following the same terms, warranties, definitions, exclusions, conditions and limitations (except to the extent altered by endorsement to this policy) that are contained in the "Followed Underlying Policy(ies)" whose binder is dated 5/1/2015 and is attached to this endorsement.

Once the "Followed Underlying Policy(ies)" is/are issued to the Insurer for review, any difference in coverage between the binder and the "Followed Underlying Policy(ies)" which does not fall within items i., ii. or iii. of Insuring Agreement A. 1. will not be binding upon the Insurer unless agreed to by the Insurer in writing.

Upon satisfactory review of the "Followed Underlying Policy(ies)" by the Insurer, an endorsement will be issued to this Policy deleting this endorsement and attached binder(s) in its entirety and endorsing this Policy, if necessary.

All other terms and conditions of the policy remain unchanged.

**Authorized Representative OR Countersignature (in states where applicable)**

FF-XS-005-08/2013
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