# EXCESS UMBRELLA POLICY

## DECLARATIONS

**ITEM 1.** Named Assured: INTERNATIONAL BUSINESS MACHINES, CORPORATION  
**ITEM 2.** Underlying Umbrella Policies: SEE END'T #3  
**ITEM 3.** Underlying Umbrella Limits (Insuring Agreement III): $130,000,000  
**ITEM 4.** Underlying Umbrella Aggregate Limits (Insuring Agreement III): $130,000,000  
**ITEM 5.** Limit of Liability (Insuring Agreement III): $5,000,000 PART OF 20,000,000  
**ITEM 6.** Aggregate Limit of Liability (Insuring Agreement III): $5,000,000 PART OF 20,000,000  
**ITEM 7.** Notice of Occurrence (Condition 4) to: Sayre & Toso, Inc.

**Named Assured:** As stated in Item 1 of the Declarations forming a part hereof and/or subsidiary, associated, affiliated companies or owned and controlled companies, as now or hereafter constituted and of which prompt notice has been given to Underwriters thereafter called the "Named Assured".

## INSURING AGREEMENTS

### I. COVERAGE –
Underwriters hereby agree, subject to the limitations, terms and conditions hereinafter mentioned, to indemnify the Assured for all sums which the Assured shall be obligated to pay by reason of the liability
(a) imposed upon the Assured by law,
or (b) assumed under contract or agreement by the Named Assured and/or any officer, director, stockholder, partner or employee of the Named Assured, while acting in his capacity as such,

for damages on account of:
(i) Personal Injuries
(ii) Property Damage
(iii) Advertising Liability,

caused by or arising out of each occurrence happening anywhere in the world, and arising out of the hazards covered by and as defined in the Underlying Umbrella Policy stated in Item 2 of the Declarations and issued by certain Insurance Companies (hereinafter called the "Underlying Umbrella Insurer").

### II. LIMIT OF LIABILITY – UNDERLYING LIMITS –
It is expressly agreed that liability shall attach to the Underwriters only after the Underlying Umbrella Insurers have paid or have been held liable to pay the full amount of their respective ultimate net loss liability as follows:

$ (as stated in Item 3 of the Declarations) ultimate net loss in respect of each occurrence, but
$ (as stated in Item 4 of the Declarations) in the aggregate for each annual period during the currency of this Policy separately in respect of Products Liability and in respect of Personal Injury (fatal or non-fatal) by Occupational Disease sustained by any employees of the Assured
and the Underwriters shall then be liable to pay only the excess thereof up to a further
$ (as stated in Item 5 of the Declarations) ultimate net loss in all in respect of each occurrence subject to a limit of
$ (as stated in Item 6 of the Declarations) in the aggregate for each annual period during the currency of this Policy separately in respect of Products Liability and in respect of Personal Injury (fatal or non-fatal) by Occupational Disease sustained by any employees of the Assured.

Said insurance is made and accepted subject to the foregoing stipulations and conditions, and to the stipulations and conditions printed on pages 1 and 2 of this form, which are hereby made a part of said insurance, together with such other provisions, stipulations and conditions as may be endorsed on said Policy or added thereto as therein provided.

Attached to and forming Part of Policy No. M832000 OF THE MISSION INSURANCE COMPANY

ISSUED AT: NEW YORK, NEW YORK  
DATED AT: NEW YORK, NEW YORK  
This 14 day of JUNE, 1976  
S&T 1007 (Revised 3/74)