# Punitive Damages Limitation

IT IS AGREED THAT THIS POLICY DOES NOT APPLY TO LIABILITY FOR PUNITIVE OR EXEMPLARY DAMAGES UNLESS SUCH LIABILITY IS COVERED BY VALID AND COLLECTIBLE UNDERLYING INSURANCE AS LISTED IN THE SCHEDULE OF UNDERLYING INSURANCE, FOR THE FULL LIMIT SHOWN THEREIN, AND THEN ONLY FOR SUCH HAZARDS FOR WHICH COVERAGE IS AFFORDED UNDER SAID UNDERLYING INSURANCE.

THE EFFECTIVE DATE OF THIS ENDORSEMENT IS MAY 21, 1981 AT NEW YORK, NEW YORK.
ALL OTHER TERMS AND CONDITIONS REMAIN UNCHANGED.
THIS ENDORSEMENT IS ATTACHED TO AND MADE A PART OF POLICY NUMBER OZX 11660
ISSUED TO INTERNATIONAL BUSINESS MACHINES INC., ETAL.
BROKER/AGENT JOHNSON & HIGGINS
ADDRESS 95 WALL STREET
NEW YORK, NEW YORK 10005
DATE OF ISSUE 5/13/81 BY mn END. No. 5