# Endorsement

**Name/Address:** International Business Machines Corporation  
**Policy No.:** 63 007 259  
**Endorsement No.:** 4  

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In consideration of the premium charged it is agreed that coverage under this policy does not apply to any loss arising out of any of the insured's acting as fiduciary or for any loss as a result of a breach of fiduciary responsibilities, obligations or duties as are imposed upon any of the insureds by the Employee Retirement Income Security Act of 1974 or amendments thereto or any regulations as are promulgated thereunder.

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This endorsement to take effect on the 21st day of May 1981. All other terms and conditions remain unchanged.

**Countersignature Date:** May 7, 1981  
**Authorized Representative:**