# Binder

**Policy No.:** EUO 8481810 01  
**No Flat Cancellation Permitted**

In accordance with your instructions and in reliance upon the statements made in your application, we have effected insurance as follows.

1. **Insurer:** AMERICAN ZURICH INSURANCE COMPANY
2. **Name of Insured:** INTERNATIONAL BUSINESS MACHINE
3. **Insured Address:** OLD ORCHARD ROAD MAIL DROP 23 ARMONK, NY 10504-
4. **Mailing Address:** (if different from above)
5. **Binder Period From:** 05/21/1997 To: 06/21/1997 (Standard Time at the address stated above. This binder will be terminated and superseded upon delivery of formal policy(ies) or certificate(s) issued to replace it.)
6. **Schedule of Bound Insurance:**
7. **Policy Premium:** $30,000.00
8. **Rate of Adjustment:**
9. **Policy Period From:** 05/21/1997 To: 05/21/1998 (12:01 a.m. Standard Time at the address stated above.)
10. **Forms applicable are subject in all respect to the terms, conditions, exclusions and limitations of the policy(ies) or certificate(s) in current use by the Company, unless otherwise specified.**
11. **Conditions:** PREMIUM IN THE AMOUNT OF $30,000.00 IS DUE AND PAYABLE TO AMERICAN ZURICH INSURANCE COMPANY WITHIN 30 DAYS OF THE EFFECTIVE DATE OF THIS BINDER.
12. **This binder automatically terminates on the last date indicated in Item 4 above unless extended by endorsement. Issuance of a policy Automatically replaces this binder. The insurance under this binder cannot be cancelled flat. Earned premium must be paid for the time insurance has been in force.**

**Producer Name:** JOHNSON & HIGGINS-NY  
**Producer Address:** 125 BROAD STREET NEW YORK, NY 10004

**Date of Issuance:** 06/03/1997  
**BY:** (Authorized Representative)

**Insured**