# EXCESS UMBRELLA POLICY

## DECLARATIONS

**ITEM 1:**  
*Named Assured:* INTERNATIONAL BUSINESS MACHINES CORP.

**ITEM 2:**  
*Underlying Umbrella Policy:* AMERICAN GUARANTOR INS. COMPANY

**ITEM 3:**  
*Underlying Umbrella Limit (Bearing Agreement III):* $130,000,000

**ITEM 4:**  
*Underlying Umbrella Aggregate Limits (Bearing Agreement III):* $130,000,000

**ITEM 5:**  
*Limit of Liability (Bearing Agreement III):* $5,000,000 PART OF 20,000,000 EXCESS OF $130,000,000

**ITEM 6:**  
*Aggregate Limit of Liability (Bearing Agreement III):* $5,000,000 PART OF 20,000,000 EXCESS OF $130,000,000

**ITEM 7:**  
*Notice of Occurrence (Condition 4) to:* Sayre & Tose, Inc., $130,000,000

## INSURING AGREEMENTS

### I. COVERAGE

The undersigned hereby agrees, subject to the limitations, terms and conditions hereinafter mentioned, to indemnify the assured for all sums which the assured shall be obliged to pay by reason of the liability imposed upon the assured:

(a) Imposed upon the assured by law,

or (b) assumed under contract or agreement by the named assured and/or any officer, director, stockholder, partner or one of the named assured, while acting in his capacity as such,

for liability on account of:

(I) Personal Injuries

(II) Property Damage

(III) Advertising Liability,

including but not limited to liability arising out of or resulting from each occurrence happening anywhere in the world, and arising out of the hazards covered by and as defined in the underlying umbrella policy stated in Item 2 of the declarations and issued by certain insurance companies hereinafter called the "underlying umbrella insurers".

### II. LIMIT OF LIABILITY - UNDERLYING LIMITS

It is expressly agreed that liability shall attach to the underwriters only after the underlying umbrella insurers have paid or have been held liable to pay the full amount of their respective underlying net liability as follows:

$ (as stated in Item 3 of the Declarations)

$ (as stated in Item 4 of the Declarations)

$ (as stated in Item 5 of the Declarations)

$ (as stated in Item 6 of the Declarations)

and the underwriters shall then be liable to pay only the excess thereof up to a further ultimate net loss in respect of each occurrence, but in the aggregate for each annual period during the currency of this policy separately in respect of products liability and in respect of personal injury (total or non-total) by occupational disease sustained by any employees of the assured.

### III. FIELD INSURANCE

Field insurance is made and accepted subject to the foregoing stipulations and conditions, and to the stipulations and conditions printed on pages 1 and 2 of this form, which are hereby made a part of said insurance, together with such other provisions, stipulations and conditions as may be endorsed on said policy or added thereto as therein provided.

**Issued At:** NEW YORK, NEW YORK  
**Dated At:** NEW YORK, NEW YORK  
**Issued By:** SAYRE & TOSE, INC.  
**Policy No.:** MB36632 OF THE MISSION INSURANCE COMPANY  
**Date:** 20TH day of MAY, 1977  
**By:** [Signature]