# Excess Overlayer Indemnity Policy

## The Aetna Casualty and Surety Company
Hartford, Connecticut 06156
(a stock insurance company, herein called "Aetna Casualty")

## In Consideration of the payment of the premium and subject to all of the terms of this policy, agrees with the Insured named in the declarations as follows:

### Section 1. Declarations
- **Policy Number:** 001 XN 24235298 SCA
- **Named Insured and Address:**
  - International Business Machines Corp.
  - Old Orchard Road
  - Armonk, NY 10504
- **Policy Period:**
  - From: 05/21/94
  - To: 05/21/95
  - 12:01 a.m. Standard Time at the address of insured
- **Limits of Liability:**
  - 27.27% ($15,000,000 Maximum) Quota Share of $55,000,000 Each Occurrence
  - 27.27% ($15,000,000 Maximum) Quota Share of $55,000,000 Annual Aggregate Where Applicable
- **Premium:**
  - Flat Charge
  - Minimum Premium:
  - Total Advance Premium: $62,300.00

### Endorsements
- XN13202: 1191 SECTION 2: INDEMNITY AGREEMENT
- XN13203: 1191 SECTION 3: SCHEDULE OF UNDERLYING SELF-INSURANCE AND INSURANCE
- XN13204: 1191 SECTION 4: CONDITIONS
  - Continued next page

### Countersignature
This policy is not valid unless countersigned by a duly authorized Agent of such company.

**Authorized Agent:** [Signature]
**Countersignature Date:**

Signed for the above Company as insurer by:
- **Secretary:** [Signature]
- **President:** [Signature]

16373 (11-91)