# Endorsement

**Named Insured:** IBM Corporation  
**Policy No.:** 03-006-596  
**Endorsement No.:** 1  

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In consideration of the premium charged it is agreed that coverage under this policy does not apply to any loss arising out of any of the insureds acting as a fiduciary in regards to the administration or handling of Employee Benefit Plans or for any loss as a result of a breach of fiduciary responsibilities, obligations or duties as are imposed upon any of the Insureds by the Employee Retirement Income Security Act of 1974 or amendments thereto or any regulations as are promulgated thereunder.

The term "Employee Benefit Plans" as used in this exclusion shall include Group Life Insurance, Group Accident or Health Insurance, Pension Plans, Employee Stock Subscription Plans, Workers' Compensation Plans Insurance, Unemployment Insurance, Social Security Insurance, Disability Benefits and any other similar Employee Benefit Programs sponsored by the Insured, and shall also include professional or semiprofessional services or advice given by or on behalf of any of the Insureds to any of the Insured's employees or the employees representatives relative to the above mentioned plans.

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This endorsement to take effect on the 21st day of May 1980. All other terms and conditions unchanged.

**Countersignature Date:** April 10, 1980  
**Authorized Representative:**

**INSURED COPY**