**Endorsement**

The endorsement provides that the policy is subject to the endorsements and exclusions contained in the policy subsequent to the date of this endorsement.

**Following Form - Employee Benefits:**

Except insofar as coverage is available to the insured as provided by underlying insurance as set forth in the schedule of underlying insurance, this policy does not apply to personal injury liability or property damage liability arising out of employee benefits.

All other terms and conditions of this insurance remain unchanged.

**Signature:**
- **President:** [Signature]
- **Authorized Representative:** [Signature]

**IBM-ZRIND 00089**