Document:

Exhibit
10.8 

 

EXECUTIVE
EMPLOYMENT AGREEMENT

 

This
Executive Employment Agreement (this “Agreement”) is made and entered into as of July 28, 2022, by and between Bruush
Oral Care Inc. (the “Company”) and Aneil Manhas (“Executive”).

 

RECITALS

 

	 	A.	The
    Executive founded the Company and is knowledgeable with respect to the business of the Company.
	 	B.	The
    Company desires to offer employment to the Executive and the Executive desires to be employed by Company.
	 	C.	The
    Company and the Executive agree to enter into an Employment Agreement providing for the term set forth in Article I below on the
    terms and conditions herein provided.

 

In
consideration of the mutual promises set forth in this Agreement, the parties hereto agree as follows:

 

ARTICLE
I

 

Term
of Employment

 

1.01
Term. Subject to the provisions of Article V, and upon the terms and subject to the conditions set forth herein, the Company will
continue to employ Executive for the period beginning on the date the Company’s stock begins trading on the Nasdaq Capital Market
(the “Commencement Date”) and ending on the third (3rd) anniversary of such date (the “Initial Term”).
The Initial Term shall be automatically renewed for successive consecutive one (1) year periods (each, a “Renewal Term” and
the Initial Term and Renewal Term are collectively referred to as the “term of employment”) thereafter unless either party
sends written notice to the other party, not less than 90 days before the end of the then-existing term of employment, of such party’s
desire to terminate the Agreement at the end of the then-existing term, in which case this Agreement will terminate at the end of the
then-existing term. Executive will serve the Company during the term of employment.

 

ARTICLE
II

 

Duties

 

2.01.
During the term of employment, Executive will: (i) Promote the interests, within the scope of his duties, of the Company and devote
his full working time and efforts to the Company’s business and affairs, except as otherwise permitted by the Board of Directors
of the Company (the “Board”); (ii) Serve as the Chief Executive Officer of the Company; and (iii) Perform the duties and
services consistent with the title and function of such office, including without limitation, those set forth in the By-Laws of the Company.

 

ARTICLE
III

 

Base
Compensation

 

3.01
Base Salary. The Company will compensate Executive for the duties performed by him hereunder by payment of a base salary at the rate
of Four Hundred Thousand Dollars ($400,000) per annum (the “Base”), payable in equal semi-monthly installments, subject to
customary withholding taxes and other normal and customary withholding items. The Base will be increased on January 1st of each year
by to the higher of: (i) an amount as may be determined by the Board in its sole discretion; or Fifty Thousand Dollars ($50,000) per
annum over the then-existing Base. All dollar references contained herein shall be references to United States dollars.

 

    	 

    	 

    

 

3.02
Cash Bonus. In the event the Company’s Board of Directors (the “Board”) determines, in its sole discretion, that
Executive has satisfactorily performed his duties as set forth herein, the Company shall pay to the Executive, in addition to the Base,
an annual cash bonus equal to the higher of: (i) an amount as may be determined by the Board in its sole discretion; or (ii) 1.5% of
the Company’s total gross revenues for the Company’s fiscal year ending October 31st of each year during the term
(the “Cash Bonus”). The Cash Bonus, if any, shall be paid to Executive by December 31st of each year during the
term of this Agreement.

 

3.03
Stock Bonus. The Executive will participate in the Bruush Oral Care, Inc. 2022 Omnibus Securities and Incentive Plan. Pursuant to
such Plan, the Board has approved One Million (1,000,000) Restricted Stock Units (“RSUs”) for Executive, which shall vest
over 3 years in equal installments, with 1/3 of the RSUs vesting on June 30, 2023, 1/3 of the RSUs vesting on June 30, 2024 and 1/3 of
the RSUs vesting on June 30, 2025. In addition, if the Board determines, in its sole discretion, that Executive has satisfactorily performed
his duties as set forth herein, Executive shall receive stock-based bonuses (the “Stock Bonus”) equal to higher of: (i) an
amount as may be determined by the Board in its discretion; or (ii) Two Hundred Fifty Thousand (250,000) shares of
the Company’s common stock when the Company reaches a market capitalization of Fifty Million Dollars ($50,000,000), followed
by Five Hundred Thousand (500,000) shares of the Company’s common stock for each One Hundred Million Dollar ($100,000,000)
increase in market capitalization of the Company, with the first market capitalization threshold being One Hundred Million Dollars ($100,000,000).
As such, the Executive will receive a Stock Bonus of Five Hundred Thousand (500,000) shares of the Company’s common stock when
the Company reaches a market capitalization of One Hundred Million Dollars ($100,000,000), an additional Five Hundred Thousand (500,000)
shares of the Company’s common stock when the Company reaches a market capitalization of Two Hundred Million Dollars ($200,000,000),
an additional Five Hundred Thousand (500,000) shares of the Company’s common stock when the Company reaches a market capitalization
of Three Hundred Million Dollars ($300,000,000), and so on. The Stock Bonus is based on the shares outstanding on the Commencement Date
and shall be granted anti-dilution treatment based on the shares outstanding on the Commencement Date.

 

ARTICLE
IV

 

Reimbursement
and Employment Benefits

 

4.01
Health and Other Medical. Executive shall be eligible to participate in all health, medical, dental and life insurance employee benefits
that are available from time to time to other key executive employees (and their families) of the Company, including a Life Insurance
Plan, Medical and Dental Insurance Plan, and a Long-Term Disability Plan (the “Plans”). The Company shall pay all premiums
with respect to such Plans. To the extent that such reimbursement is deemed to be includable in Executive’s gross income and taxable,
the Company shall pay to the Executive an additional amount that shall be computed to cause the tax expenses associated with the payment
of benefits and the reimbursement thereof to be received by the Executive with effectively no net tax expense to the Executive (the “Gross-Up
Payment”).

 

4.02
Vacation. Executive shall be entitled to four (4) weeks of vacation per year, to be taken in such amounts and at such times as shall
be mutually convenient for Executive and the Company. Any time not taken by Executive in one year shall be carried forward to subsequent
years. If all such vacation and personal time to which Executive is entitled is not taken by Executive before the termination of this
Agreement, Executive shall be entitled to be reimbursed upon termination (for any reason) for such lost time in accordance with the Base
then in effect.

 

4.03
Performance-Enhancing Items. Executive shall be entitled to receive from the Company a home office and car allowance of Three Thousand
Dollars ($3,000) per month. To the extent that any and all such reimbursements or payments by the Company are includable in Executive’s
gross income and taxable, then the Company shall remit a Gross-Up Payment to the Executive.

 

4.04
Reimbursable Expenses. The Company shall, in accordance with its standard policies in effect from time to time, reimburse Executive
for all reasonable out-of-pocket expenses actually incurred by him in the conduct of the business of the Company including, but not limited
to, telephone, internet, air travel, hotels, ground transportation, entertainment and similar executive expenditures, provided that Executive
submits all substantiation of such expenses to the Company on a timely basis in accordance with such standard policies.

 

    	2

    	 

    

 

4.05
Savings Plan. Executive will be eligible to enroll and participate, and be immediately vested in (to the extent legally possible
and in accordance with existing Company benefit plans), all Company savings and registered retirement savings or pension plans, if any.
To the extent permissible by law and the Company’s benefit plan documentation and requirements, the Company shall match in cash
fifty percent (50%) of all of Executive’s contributions to such plan or plans. To the extent that any and all such reimbursements
or payments by the Company are includable in Executive’s gross income and taxable, then the Company shall remit a Gross-Up Payment
to the Executive.

 

4.06
Life Insurance. The Company shall pay all premiums for Executive to receive on his term life insurance premiums paid by Executive
on his own life, provided that the life insurance proceeds do not exceed ten (10) times the Executive’s previous year’s Base
and Bonus. To the extent that any and all such reimbursements or payments by the Company are includable in Executive’s gross income
and taxable, then the Company shall, on or before June 1 of the year after the payment is made, remit a Gross-Up Payment to the Executive.

 

4.07
Directors and Officers Liability Insurance. The Company will provide liability insurance coverage protecting Executive and his estate,
to the extent permitted by law against suits by fellow employees, shareholders and third parties and criminal and regulatory investigations
arising out of any alleged act or omission occurring with the course and scope of Executive’s employment with the Company. Such
insurance will be in an amount not less than two million dollars ($2,000,000).

 

ARTICLE
V

 

Termination

 

5.01
Automatic. This Agreement shall be automatically terminated upon the first to occur of the following:

 

(a)
the Company’s termination pursuant to section 5.02:

(b)
the Executive’s termination pursuant to section 5.03: or

(c)
the Executive’s death.

 

5.02
By the Company. This Agreement may be terminated by the Company upon written notice to the Executive upon the first to occur of the
following:

 

(a)
Disability. Upon the Executive’s Disability (as defined herein). The term “Disability” shall mean the Executive
cannot on a sustained basis physically or mentally perform the essential functions of the position with or without reasonable accommodations.

 

(b)
Cause. Upon the Executive’s commission of Cause (as defined herein). The term “Cause” shall mean the following:

 

	 	(i)	Any
    willful violation by Executive of any material provision of this Agreement or any other agreement entered into between the Company,
    or any of its affiliates, and Executive, causing demonstrable and serious injury to the Company, upon written notice of same by the
    Company describing in detail the breach asserted and stating that it constitutes notice pursuant to this Section 5.02(b)(i), which
    breach, if capable of being cured, has not been cured within sixty (60) days after such notice or such longer period of time if Executive
    proceeds with due diligence not later than ten (10) days after such notice to cure such breach; provided, however,
    that no such cure period shall be available in the event that the Board determines, in its sole discretion, that any such breach
    is not reasonably curable;
	 	 	 
	 	(ii)	Embezzlement
    by Executive of funds or property of the Company;

 

    	3

    	 

    

 

	 	(iii)	Fraud
    or willful misconduct on the part of Executive in the performance of his duties as an employee of the Company, or gross negligence
    on the part of Executive in the performance of his duties as an employee of the Company causing demonstrable and serious injury to
    the Company, provided that the Company has given written notice of such breach which notice describes in detail the breach asserted
    and stating that it constitutes notice pursuant to this Section 5.02(b)(iii), and which breach, if capable of being cured, has not
    been cured within sixty (60) days after such notice or such longer period of time if Executive proceeds with due diligence not later
    than ten (10) days after such notice to cure such breach; provided, however, that no such cure period shall be available
    in the event that the Board determines, in its sole discretion, that any such breach is not reasonably curable; or
	 	 	 
	 	(iv)	Being
    charged with a felony or a crime of moral turpitude.

 

For
the avoidance of doubt, Executive shall continue to be employed by the Company under the terms of this Agreement – with all of
its enumerated compensation, benefits and restrictions – even if his role at the Company shifts from Chief Executive Officer to
another role, such as Executive Chairman. Upon a termination for Cause, the Company shall pay Executive his Base and benefits including
vacation pay through the date of termination of employment and Executive shall receive no severance under this Agreement.

 

5.03
By the Executive. This Agreement may be terminated by Executive, and Executive may voluntarily resign, upon written notice to the
Company for any reason by providing 30 days’ written notice.

 

5.04
Consequences of Termination Without Cause. Upon any termination of Executive’s employment with the Company, except for a termination
for Cause, the Executive shall be entitled to: (a) a payment equal to two (2) years’ worth of the then-existing Base and the prior
year’s Cash Bonus (the “Severance”); and (b) retain the benefits set forth in Article IV for the balance of the term
and all outstanding compensation owing as of the termination date. The Severance shall be paid, at Executive’s option, either (x)
in a lump sum upon termination or (y) as and when normal payroll payments are made (except in the case of the Cash Bonus which shall
be payable in a lump sum between on December 31st of each year). As a condition to the Company’s obligation to pay said
Severance, Executive shall execute a comprehensive release of any and all claims that Executive may have against the Company (excluding
any claims for the Company to pay or provide Accrued Obligations and Severance Benefits) (Release of Claims) within twenty one (21) days
of the effective date of termination of employment and Executive shall not revoke said release in writing within seven (7) days of execution.

 

ARTICLE
VI

 

Covenants

 

6.01
Confidentiality. Executive shall treat as confidential and keep secret the affairs of the Company and shall not at any time during
the term of employment or for a period of two (2) years thereafter, without the prior written consent of the Company, divulge, furnish,
or make known or accessible to, or use for the benefit of, anyone other than the Company and its subsidiaries and affiliates any information
of a confidential nature relating in any way to the business of the Company or its subsidiaries or affiliates or their clients and obtained
by him in the course of his employment hereunder, provided, however, that confidential information of the Company shall not include
any information known or available generally to the public (other than as a result of unauthorized disclosure by Executive).

 

6.02
Records. All records, papers, and documents kept or made by Executive relating to the business of the Company or its subsidiaries
or affiliates or their clients shall be and remain the property of the Company.

 

6.03
Non-Solicitation. Following the termination of Executive’s employment hereunder for any reason except for those set forth in
section 5.03 in which event this section is inapplicable, Executive shall not for a period of six (6) months from such termination, solicit
any employee of the Company to leave such employ to enter the employ of Executive or of any person, firm, or Company with which Executive
is then associated (except solicitation by general means such as newspapers). During Executive’s employment with the Company and
for a period of 6 months after termination of Executive’s employment at any time and for any reason, except for those set forth
in Section 5.03 in which event this section is inapplicable, Executive shall not, directly or indirectly, solicit any person who during
any portion of the time of Executive’s employment or at the time of termination of Executive’s employment with the Company,
was a client, customer, policyholder, vendor, consultant or agent of the Company to discontinue business, in whole or in part, with the
Company. Executive further agrees that, during such time, if such a client, customer, policyholder, vendor, or consultant or agent contacts
Executive about discontinuing business with the Company or moving that business elsewhere, Executive will inform such client, customer,
policyholder, vendor, consultant or agent that he or she cannot discuss the matter further without the consent of the Company.

 

    	4

    	 

    

 

6.04.
Non-Competition. Executive agrees as follows, except in the event of a termination pursuant to Section 5.03, in which event this
section is inapplicable:

 

	 	(a)
    	Executive
    agrees that during the term of his employment with the Company, neither he nor any of his Affiliates (Executive’s Affiliates
    is defined as any legal entity in which Executive directly or indirectly owns at least a 50% interest or any entity or person which
    is under the control of the Executive) will directly or indirectly compete with the Company in any way in any business in which the
    Company or its Affiliates is engaged in, and that he will not act as an officer, director, employee, consultant, shareholder, lender,
    or agent of any entity which is engaged in any business of the same nature as, or in competition with the businesses in which the
    Company is now engaged or in which the Company becomes engaged during the term of employment; provided, however, that this Section
    shall not prohibit Executive or any of his Affiliates from purchasing or holding an aggregate equity interest of up to 10% in any
    publicly traded business in competition with the Company, so long as Executive and his Affiliates combined do not purchase or hold
    an aggregate equity interest of more than 10%. Furthermore, Executive agrees that during the term of employment, he will not accept
    any board of director seat or officer role or undertake any planning for the organization of any business activity competitive with
    the Company (without the approval of the Board of Directors) and Executive will not combine or conspire with any other Executives
    of the Company for the purpose of the organization of any such competitive business activity.
	 	 	 
	 	(b)
    	In
    order to protect the Company against the unauthorized use or disclosure of any confidential information of the Company presently
    known or hereinafter obtained by Executive during his employment under this Agreement, Executive agrees that for a period of six
    (6) months following the termination of this Agreement for any reason, neither Executive nor any of his Affiliates, shall, directly
    or indirectly, for itself or himself or on behalf of any other corporation, person, firm, partnership, association, or any other
    entity (whether as an individual, agent, servant, employee, employer, officer, director, shareholder, investor, principal, consultant
    or in any other capacity):

 

	 	(i)
    	engage
    or participate in any business, regardless of where situated, which engages in direct market competition with such businesses being
    conducted by the Company during the term of employment; or
	 	 	 
	 	(ii)
    	assist
    or finance any person or entity in any manner or in any way inconsistent with the intents and purposes of this Agreement.

 

6.05.
Non-Disparagement. Executive agrees that at no time during his employment by the Company or thereafter, shall he make, or cause or
assist any other person to make, any statement or other communication to any third party which impugns or attacks, or is otherwise critical
of, the reputation, business or character of the Company or any of its respective directors, officers or executives. In addition, the
Company agrees that its Board and executives will not disparage the Executive so long as the Executive separates from the Company in
good standing and abides by all terms of this agreement and signed non-disclosure and non-compete agreements.

 

6.06
..Scope and Duration. If at the time of enforcement of any provision of this Agreement, a court shall hold that the duration, scope,
or area restriction of any provision hereof is unreasonable under circumstances now or then existing, the parties hereto agree that the
maximum duration, scope, or area reasonable under the circumstances shall be substituted by the court for the stated duration, scope,
or area.

 

6.07.
Equitable Relief. Executive acknowledges that any breach by him of the provisions of this Article VI of this Agreement shall cause
irreparable harm to the Company and that a remedy at law for any breach or attempted breach of Article VI of this Agreement will be inadequate,
and agrees that, notwithstanding Article VIII hereof, the Company shall be entitled to exercise all remedies available to it, including
specific performance and injunctive and other equitable relief, in the case of any such breach or attempted breach.

 

 

6.08.
Authorization. The Company represents and warrants that this Agreement has been duly authorized, executed, and delivered on behalf
of the Company and that this Agreement represents the legal, valid, and binding obligation of the Company and does not conflict with
any other agreement binding on the Company.

 

    	5

    	 

    

 

ARTICLE
VII

 

Assignment

 

7.01.
Assignment. This Agreement shall be binding upon and inure to the benefit of the successors and assigns of the Company without relieving
the Company of its obligations hereunder. Neither this Agreement nor any rights hereunder shall be assignable by Executive and any such
purported assignment by him shall be void.

 

ARTICLE
VIII

 

Entire
Agreement

 

8.01.
Entire Agreement. This Agreement constitutes the entire understanding between the Company and Executive concerning his employment
by the Company and supersedes any and all previous agreements between Executive and the Company or any of its affiliates or subsidiaries
concerning such employment. Each party hereto shall pay its own costs and expenses (including legal fees) except as otherwise expressly
provided herein incurred in connection with the preparation, negotiation, and execution of this Agreement. This Agreement may not be
changed orally, but only in a written instrument signed by both parties hereto.

 

ARTICLE
IX

 

Applicable
Law. Miscellaneous

 

9.01.
Governing Law. This Agreement shall be governed by and construed in accordance with the laws of British Columbia and the laws of
Canada applicable therein. All actions brought to interpret or enforce this Agreement shall be brought in courts located in British Columbia,
Canada.

 

 

9.02.
Indemnification of Officers. The Company shall indemnify and hold harmless Executive to the full extent authorized or permitted by
law with respect to any claim, liability, action, or proceeding instituted or threatened against or incurred by Executive or his legal
representatives and arising in connection with Executive’s conduct or position at any time as a director, officer, employee, or
agent of the Company or any subsidiary thereof. The Company shall not change, modify, alter, or in any way limit the existing indemnification
and reimbursement provisions relating to and for the benefit of its directors and officers without the prior written consent of the Executive,
including any modification or limitation of any directors and officers liability insurance policy.

 

9.03.
Waiver. No waiver by either party hereto at any time of any breach by the other party hereto of, or compliance with, any condition
or provision of this Agreement to be performed by such other party shall be deemed a continuing waiver or a waiver of any similar or
dissimilar provisions or conditions at the same or at any prior or subsequent time. No agreements or representations, oral or otherwise,
express or implied, with respect to the subject matter hereof have been made by either party hereto which are not set forth expressly
in this Agreement.

 

9.04.
Enforceability. The invalidity or unenforceability of any provision or provisions of this Agreement shall not affect the validity
or enforceability of any other provision of this Agreement, which shall remain in full force and effect.

 

9.05.
Counterparts. This Agreement may be executed in several counterparts, each of which shall be deemed to be an original and all of
which together shall constitute one and the same instrument.

 

9.06.
Headings. The section headings contained in this Agreement are inserted for reference purposes only and shall not affect the meaning
or interpretation of this Agreement.

 

[Remainder
of Page Intentionally Left Blank]

 

    	6

    	 

    

 

IN
WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

 

	 	Company:
	 	 	 
	 	Bruush
    Oral Care Inc.
	 	 	 
	 	By:	 
	 	Name:	 Kia
    Besharat
	 	Title:	 Director
	 	 	 
	 	Executive:
	 	 	 
	 	Aneil
    Manhas
	 	 	 
	 	 
	 	Aneil
    Manhas

 

Signature
Page to Executive Employment AgreementExhibit 4.3

 

Amended and Restated Kyndryl 2021 Long-Term
Performance Plan

 

1. Objectives.

 

The Kyndryl 2021 Long-Term Performance Plan (the “Plan”),
as amended and restated effective July 28, 2022, is designed to attract, motivate and retain selected employees of, and other individuals
providing services to, the Company. These objectives are accomplished by making long-term incentive and other awards under the Plan, thereby
providing Participants with a proprietary interest in the growth and performance of the Company. This Amended and Restated Kyndryl 2021
Long-Term Performance Plan is effective July 28, 2022, conditioned upon shareholder approval by Kyndryl stockholders at the 2022
Annual Meeting and supersedes the prior Plan document.

 

2. Definitions.

 

(a) “Assumed Award” – An award granted to certain
employees, officers, and directors of the Company and its subsidiaries under a Prior Plan, which award is assumed by the Company and converted
into an Award in connection with the Spin-Off, pursuant to the terms of the Employee Matters Agreement.

 

(b) “Awards” – The grant of any form of stock
option, stock appreciation right, stock or cash award, whether granted singly, in combination or in tandem, to a Participant pursuant
to such terms, conditions, performance requirements, limitations and restrictions as the Committee may establish in order to fulfill the
objectives of the Plan.

 

(c) “Award Agreement” – An agreement between
the Company and a Participant that sets forth the terms, conditions, performance requirements, limitations and restrictions applicable
to an Award.

 

(d) “Beneficial Ownership” – Beneficial ownership
within the meaning of Rule 13d-3 promulgated under Section 13 of the Exchange Act.

 

(e) “Board” – The Board of Directors of Kyndryl.

 

(f) “Cause” – As reasonably determined by Kyndryl,
the occurrence of any of the following: (i) embezzlement, misappropriation of corporate funds or other material acts of dishonesty;
(ii) commission or conviction of any felony or of any misdemeanor involving moral turpitude, or entry of a plea of guilty or nolo
contendere to any felony or misdemeanor (other than a minor traffic violation or other minor infraction); (iii) engagement
in any activity that the employee knows or should know could harm the business or reputation of the Company; (iv) failure to adhere
to the Company’s corporate codes, policies or procedures; (v) a breach of any covenant in any employment agreement or any intellectual
property agreement, or a breach of any other provision of the employment agreement, in either case if the breach is not cured to the Company’s
satisfaction within a reasonable period after notice of the breach (no notice and cure period is required if the breach cannot be cured);
(vi) failure to perform duties or follow management direction, which failure is not cured to the Company’s satisfaction within
a reasonable period of time after a written demand for substantial performance is delivered to (no notice or cure period is required if
the failure to perform cannot be cured); (vii) violation of any statutory, contractual or common law duty or obligation to the Company,
including, without limitation, the duty of loyalty; (viii) rendering of services for any organization or engaging directly or indirectly
in any business which is or becomes competitive with the Company, or which organization or business, or the rendering of services to such
organization or business, is or becomes otherwise prejudicial to or in conflict with the interests of the Company; or (ix) acceptance
of an offer to engage in or associate with any business which is or becomes competitive with the Company; provided, however,
that the mere failure to achieve performance objectives shall not constitute Cause.

 

    1

     

    

 

(g) “Change in Control” – Except to the extent
the applicable Award Agreement or the Committee provides otherwise, the first to occur of any of the following events:

 

	 	(i)	the acquisition by any Person or related “group” (as such term is used in Section 13(d) and Section 14(d) of the Exchange Act) of Persons, or Persons acting jointly or in concert, of Beneficial Ownership (including control or direction) of more than 50% (on a fully diluted basis) of either (A) the then-outstanding shares of Common Stock, including shares of Common Stock issuable upon the exercise of options or warrants, the conversion of convertible stock or debt, and the exercise of any similar right to acquire such shares of Common Stock or (B) the combined voting power of the then-outstanding voting securities of the Company entitled to vote in the election of Directors (the “Outstanding Company Voting Securities”), but excluding any acquisition by the Company or any of its affiliates, its Permitted Transferees or any of their respective affiliates or by any employee benefit plan sponsored or maintained by the Company;

 

	 	(ii)	a change in the composition of the Board such that members of the Board during any consecutive 24-month period (the “Incumbent Directors”) cease to constitute a majority of the Board. Any person becoming a Director through election or nomination for election approved by a valid vote of at least a majority of the Incumbent Directors shall be deemed an Incumbent Director; provided, however, that no individual becoming a Director as a result of an actual or threatened election contest, as such terms are used in Rule 14a-12 of Regulation 14A promulgated under the Exchange Act, or as a result of any other actual or threatened solicitation of proxies or consents by or on behalf of any person other than the Board, shall be deemed an Incumbent Director;

 

	 	(iii)	the approval by the stockholders of the Company of a plan of complete dissolution or liquidation of the Company; or

 

	 	(iv)	the consummation of a reorganization, recapitalization, merger, amalgamation, consolidation, statutory share exchange or similar form of corporate transaction involving (x) the Company or (y) any of its subsidiaries, but in the case of this clause (y) only if Outstanding Company Voting Securities are issued or issuable (a “Business Combination”), or sale, transfer or other disposition of all or substantially all of the business or assets of the Company to an entity that is not an affiliate of the Company (a “Sale”), unless immediately following such Business Combination or Sale: (A) more than 50% of the total voting power of the entity resulting from such Business Combination or the entity that acquired all or substantially all of the business or assets of the Company in such Sale (in either case, the “Surviving Company”), or the ultimate parent entity that has Beneficial Ownership of sufficient voting power to elect a majority of the board of directors (or analogous governing body) of the Surviving Company (the “Parent Company”), is represented by the Outstanding Company Voting Securities that were outstanding immediately prior to such Business Combination or Sale (or, if applicable, is represented by shares of Common Stock into which the Outstanding Company Voting Securities were converted pursuant to such Business Combination or Sale), and such voting power among the holders thereof is in substantially the same proportion as the voting power of the Outstanding Company Voting Securities among the holders thereof immediately prior to the Business Combination or Sale, (B) no Person (other than any employee benefit plan sponsored or maintained by the Surviving Company or the Parent Company) is or becomes the beneficial owner, directly or indirectly, of more than 50% of the total voting power of the outstanding voting securities eligible to elect members of the board of directors (or the analogous governing body) of the Parent Company (or, if there is no Parent Company, the Surviving Company) and (C) at least a majority of the members of the board of directors (or the analogous governing body) of the Parent Company (or, if there is no Parent Company, the Surviving Company) following the consummation of the Business Combination or Sale were Board members at the time of the Board’s approval of the execution of the initial agreement providing for such Business Combination or Sale.

 

(h) “Common Stock” or “stock” –
Authorized and issued or unissued Common Stock of Kyndryl, at such par value as may be established from time to time.

 

(i) “Code” – The Internal Revenue Code of 1986,
as amended from time to time.

 

(j) “Committee” – The committee designated by
the Board to administer the Plan.

 

(k) “Company” – Kyndryl and its affiliates and
subsidiaries including subsidiaries of subsidiaries and partnerships and other business ventures in which Kyndryl has an equity interest.

 

    2

     

    

 

(l) “Director” – Any member of the Board.

 

(m) “Exchange Act” – The U.S. Securities Exchange
Act of 1934, as amended, and any successor thereto. References to any section of (or rule promulgated under) the Exchange Act shall
be deemed to include any rules, regulations or other interpretative guidance under such section or rule, and any amendments or successors
thereto.

 

(n) “Fair Market Value” – The average of the
high and low prices of Common Stock on the New York Stock Exchange for the date in question, provided that, if no sales of Common Stock
were made on said exchange on that date, the average of the high and low prices of Common Stock as reported for the most recent preceding
day on which sales of Common Stock were made on said exchange.

 

(o) “Kyndryl” – Kyndryl Holdings, Inc.

 

(p) “Participant” – An individual to whom an
Award has been made under the Plan. Awards may be made to (i) any employee of, or any other individual providing services to, the
Company, or (ii) any prospective employee or other service provider of the Company who has accepted an offer of employment or service
from the Company. However, incentive stock options may be granted only to individuals who are employed by Kyndryl or by a subsidiary corporation
(within the meaning of section 424(f) of the Code) of Kyndryl, including a subsidiary that becomes such after the adoption of the
Plan.

 

(q)  “Performance Period” – A period established
by the Committee over which one or more of the performance criteria referenced in Section 6 shall be measured pursuant to the grant
of Long-Term Performance Incentive Awards (whether such Awards take the form of stock, stock units or equivalents or cash). Performance
Periods may overlap one another.

 

(r) “Permitted Transferee” – A Person to whom
an Award may be transferred in accordance with Section 10.

 

(s) “Person” – A “person” as defined
in Section 3(a)(9) of the Exchange Act, as modified and used in Sections 13(d) and 14(d) thereof, except that
such term shall not include (i) the Company, (ii) a trustee or other fiduciary holding securities under an employee benefit
plan of the Company, (iii) an underwriter temporarily holding securities pursuant to an offering of such securities or (iv) a
corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership
of shares of Common Stock of the Company.

 

(t) “Prior Plan” – Any Long-Term Performance
Plan of International Business Machines Corporation.

 

(u) “Spin-Off” – The distribution of shares
of Common Stock to the stockholders of International Business Machines Corporation in 2021 pursuant to the Separation and Distribution
Agreement and the Employee Matters Agreement between the Company and International Business Machines Corporation entered into in connection
with such distribution.

 

(v) “Substitute Awards” – An Award granted under
the Plan upon the assumption of, or in substitution for, outstanding equity awards previously granted by a company or other entity in
connection with a corporate transaction, such as a merger, combination, consolidation or acquisition of property or stock; provided, however,
that in no event shall the term “Substitute Award” be construed to refer to an award made in connection with the cancellation
and repricing of an option or stock appreciation right.

 

    3

     

    

 

3. Common Stock Available for Awards.

 

The number of shares of Common Stock that may be issued under the Plan
for Awards granted wholly or partly in stock during the term of the Plan is 30,900,000, which includes the number of shares of Common
Stock subject to the Assumed Awards. Shares of Common Stock may be made available from the authorized but unissued shares of the Company
or from shares held in the Company’s treasury and not reserved for some other purpose. For purposes of determining the number of
shares of Common Stock issued under the Plan, no shares shall be deemed issued until they are actually delivered to a Participant, or
such other person in accordance with Section 10. Shares covered by Awards that either wholly or in part are not earned, or that expire
or are forfeited, terminated, canceled, settled in cash, payable solely in cash or exchanged for other awards, shall be available for
future issuance under Awards. However, shares of Common Stock tendered to or withheld by the Company in connection with the exercise of
stock options or SARs, or the payment of tax withholding on any Award, shall not be available for future issuance under Awards. The maximum
amount (based on the fair value of shares of Common Stock underlying Awards on the grant date as determined in accordance with applicable
financial accounting rules) of Awards that may be granted in any single fiscal year to any non-employee member of the Board, taken together
with any cash fees paid to such non-employee member of the Board during such fiscal year, in each case for services rendered as a non-employee
member of the Board, shall be $750,000.

 

Substitute Awards shall not reduce the shares of Common Stock authorized
for grant under the Plan. Additionally, in the event that a company acquired by the Company or any affiliate or with which the Company
or any affiliate combines has shares available under a pre-existing plan approved by stockholders and not approved in contemplation of
such acquisition or combination, the shares available for grant pursuant to the terms of such pre-existing plan (as adjusted, to the extent
appropriate, using the exchange ratio or other adjustment or valuation ratio or formula used in such acquisition or combination to determine
the consideration payable to the holders of common stock of the entities party to such acquisition or combination) may be used for Awards
under the Plan and shall not reduce the shares of Common Stock authorized for grant under the Plan; provided that Awards
using such available shares shall not be made after the date awards or grants could have been made under the terms of the pre-existing
plan, absent the acquisition or combination, and shall only be made to individuals who were not employed by or providing services to the
Company immediately prior to such acquisition or combination.

 

4. Administration.

 

The Plan shall be administered by the Committee, which shall have full
discretionary powers to select Participants, to interpret the Plan, to grant waivers of Award restrictions, to continue, accelerate or
suspend exercisability, vesting or payment of an Award and to adopt such rules, regulations and guidelines for carrying out the Plan as
it may deem necessary or proper. These powers include, but are not limited to, the adoption of modifications, amendments, procedures,
subplans and the like as necessary to comply with provisions of the laws and regulations of the countries in which the Company operates
in order to assure the viability of Awards granted under the Plan and to enable Participants regardless of where employed to receive advantages
and benefits under the Plan and such laws and regulations.

 

5. Delegation of Authority.

 

The Committee may delegate to officers of the Company any of its duties,
powers and authorities under the Plan pursuant to such conditions or limitations as the Committee may establish, except that only the
Committee or the Board may select, and grant Awards to, Participants who are subject to Section 16 of the Securities Exchange Act
of 1934.

 

6. Awards.

 

The Committee shall determine the type or types of Award(s) to
be made to each Participant and shall set forth in the related Award Agreement the terms, conditions, performance requirements, and limitations
applicable to each Award. Awards may include but are not limited to those listed in this Section 6. Notwithstanding anything to the
contrary herein, and subject to Section 15, Awards shall be subject to a condition that vesting of (or lapsing of restrictions on)
such Award will not occur until at least the first anniversary of the date of grant; provided, however, that the
Committee may, in its sole discretion, grant Awards that are not subject to the minimum vesting condition with respect to (A) 5%
or less of the total shares of Common Stock available for Awards (as set forth in Section 3, as may be adjusted pursuant to Section 14),
(B) Awards made to non-employee members of the Board that occur in connection with the
Company’s annual meeting of stockholders, and which vest on the earlier of the one-year anniversary of the date of grant or the
date of the Company’s next annual meeting of stockholders which is at least 50 weeks after the immediately preceding year’s
annual meeting and (C) Substitute Awards that were scheduled to vest within the one year minimum vesting period; and,
provided further, for the avoidance of doubt, that the foregoing restriction does not apply to the Committee’s discretion
to provide for accelerated exercisability or vesting of any Award, including in cases of a Participant’s termination of employment
(including as a result of retirement, death, or disability) or a Change in Control (subject to Section 15), in the terms of the Award
or otherwise. Awards may be granted singly, in combination or in tandem. Awards may also be made in combination or in tandem with, in
replacement or payment of, or as alternatives to, grants, rights or compensation earned under any other plan of the Company, including
the plan of any acquired entity.

 

    4

     

    

 

(a)  Stock Option – A grant of a right to purchase
a specified number of shares of Common Stock the exercise price of which shall be not less than 100% of Fair Market Value on the date
of grant of such right, as determined by the Committee, provided that, in the case of a stock option granted retroactively in tandem with
or as substitution for another award granted under any plan of the Company, the exercise price may be the same as the purchase or designated
price of such other award. Each stock option granted to a Participant shall expire at such time as the Committee shall determine at the
time of grant; provided, however, no stock option shall be exercisable on or after the tenth (10th) anniversary of its date of grant.

 

A stock option may be in the form of an incentive stock option (“ISO”)
which, in addition to being subject to applicable terms, conditions and limitations established by the Committee, complies with section
422 of the Code including, but not limited to, that (i) the exercise price for an ISO granted to a Participant who, at the time of
the grant, owns stock representing more than 10% of the voting power of all classes of stock of the Company, shall be not less than 110%
of Fair Market Value on the date of grant of such right, (ii) the aggregate Fair Market Value (determined as of the date on which
an ISO is granted) of the Common Stock with respect to which ISOs are first exercisable by any employee in any calendar year shall not
exceed $100,000 for such employee, (iii) the Award Agreement evidencing an ISO shall designate that it is an ISO, (iv) it must
be granted within 10 years from the earlier of the date of the adoption of this Plan or the date the Plan is approved by stockholders,
and (v) it must not be exercisable after the expiration of 10 years from the date of grant (or 5 years with respect to an ISO granted
to a Participant who, at the time of the grant, owns stock representing more than 10% of the voting power of all classes of stock of the
Company). The number of shares of Common Stock that shall be available for issuance under ISOs granted under the Plan is limited to 30,900,000.

 

(b)  Stock Appreciation Right – A right to receive
a payment, in cash and/or Common Stock, equal in value to the excess of the Fair Market Value of a specified number of shares of Common
Stock on the date the stock appreciation right (SAR) is exercised over the grant price of the SAR, which shall not be less than 100% of
the Fair Market Value on the date of grant of such SAR, as determined by the Committee, provided that, in the case of a SAR granted retroactively
in tandem with or as substitution for another award granted under any plan of the Company, the grant price may be the same as the exercise
or designated price of such other award.

 

(c)  Stock Award – An Award made in stock and denominated
in units of stock.. An Award made in stock or denominated in units of stock that is subject to restrictions on transfer and/or forfeiture
provisions may be referred to as an Award of “Restricted Stock” or “Restricted Stock Units”.

 

(d)  Cash Award – An Award denominated in cash with
the eventual payment amount subject to future service and such other restrictions and conditions as may be established by the Committee.

 

All or part of any Award described above may be subject to conditions
established by the Committee, and as set forth in the Award Agreement, including, but not limited to, continuous service with the Company,
achievement of specific business objectives, increases in specified indices, attaining growth rates, and other measurements of performance,
engagement, or attainment of goals.

 

7. Payment of Awards.

 

Payment of Awards may be made in the form of cash, stock or combinations
thereof and may include such restrictions as the Committee shall determine. Further, with Committee approval, payments may be deferred,
either in the form of installments or as a future lump-sum payment, in accordance with such procedures or a separate plan as may be established
from time to time by the Committee. Any deferred payment, whether elected by the Participant or specified by the Award Agreement or the
Committee, may require the payment to be forfeited in accordance with the provisions of Section 13. Dividends or dividend equivalent
rights may be extended to and made part of any Award denominated in stock or units of stock (for the avoidance of doubt, excluding stock
options or SARs), subject to such terms, conditions and restrictions as the Committee may establish; provided, that,
notwithstanding anything herein to the contrary, any dividends or dividend equivalents payable with respect to any Award or any portion
of an Award may only be paid to the Participant to the extent the vesting conditions applicable to such Award or portion thereof are subsequently
satisfied and the Award or portion thereof to which such dividend or dividend equivalent relates, and any dividends or dividend equivalents
with respect to any Award or any portion thereof does not become vested shall be forfeited. The Committee may also establish rules and
procedures for the crediting of interest on deferred cash payments and dividend equivalents for deferred payments denominated in stock
or units of stock. At the discretion of the Committee, a Participant may be offered an election to substitute an Award for another Award
or Awards of the same or different type.

 

    5

     

    

 

8. Stock Option Exercise.

 

The price at which shares of Common Stock may be purchased under a
stock option shall be paid in full in cash at the time of the exercise or, if permitted by the Committee, by means of tendering Common
Stock or surrendering another Award or through any other method specified in an Award Agreement, or any combination thereof. The Committee
shall determine acceptable methods of tendering Common Stock or other Awards and may impose such conditions on the use of Common Stock
or other Awards to exercise a stock option as it deems appropriate.

 

9. Tax Withholding.

 

The Company shall have the right to withhold from wages, from amounts
otherwise payable to the Participant, or from the payment or settlement of any Award, or may otherwise require the Participant to pay,
or make arrangements acceptable to the Company for the payment of, any and all federal, state and local tax withholding that in the opinion
of the Company is required by law. The Company shall have the right to deduct applicable taxes from any Award payment and withhold, at
the time of delivery or vesting of shares under the Plan and up to the withholding amounts determined by the Company to be required by
law, an appropriate number of shares for payment of taxes or to take such other action as may be necessary in the opinion of the Company
to satisfy all obligations for withholding of such taxes. The Company may, at its discretion, delay the delivery of shares or cash otherwise
deliverable to a Participant in connection with the settlement of an Award until such time arrangements have been made to ensure the remittance
of all taxes due from the Participant in connection with the Award.

 

10. Transferability.

 

No Award shall be transferable or assignable, or payable to or exercisable
by, anyone other than the Participant to whom it was granted, except (i) by law, will or the laws of descent and distribution, (ii) as
a result of the disability of a Participant or (iii) that the Committee (in the form of an Award Agreement or otherwise) may permit
transfers of Awards by gift or otherwise to a member of a Participant’s immediate family and/or trusts whose beneficiaries are members
of the Participant’s immediate family, or to such other persons or entities as may be approved by the Committee including, but not
limited to, pursuant to a qualified domestic relations order as defined in the Code or Title I of the Employee Retirement Income Security
Act or the rules thereunder. Notwithstanding the foregoing, in no event shall an Award be transferred for value or ISOs be transferable
or assignable other than by will or by the laws of descent and distribution.

 

11. Amendment, Modification, Suspension
or Discontinuance of the Plan.

 

The Board may amend, modify, suspend or terminate the Plan for the
purpose of meeting or addressing any changes in legal requirements or for any other purpose permitted by law. Subject to changes in law
or other legal requirements that would permit otherwise, the Plan may not be amended without the consent of the holders of a majority
of the shares of Common Stock then outstanding, to (i) increase the aggregate number of shares of Common Stock that may be issued
under the Plan (except for adjustments pursuant to Section 14 of the Plan), (ii) permit the granting of stock options or SARs
with exercise or grant prices lower than those specified in Section 6, (iii) reduce the exercise or grant price of any stock
option or SAR (except for adjustments pursuant to Section 14 of the Plan), (iv) cancel any outstanding stock option or SAR and
replace it with a new stock option or SAR (with a lower exercise or grant price, as the case may be) or other Award or cash in a manner
which would either (A) be reportable on the Company’s proxy statement as stock options that have been “repriced”
(as such term is used in Item 402 of Regulation S-K promulgated under the Exchange Act), or (B) result in any “repricing”
for financial statement reporting purposes (or otherwise cause the Award to fail to qualify for equity accounting treatment) and (v) take
any other action which is considered a “repricing” or otherwise requires stockholder approval under rules of the applicable
securities exchange or inter-dealer quotation service on which the Common Stock is listed or quoted.

 

    6

     

    

 

12. Termination of Employment.

 

If the employment of a Participant terminates or the Participant otherwise
terminates service with the Company, other than as a result of the death or disability of a Participant, all unexercised, deferred and
unpaid Awards shall be canceled immediately, except to the extent the Award Agreement provides otherwise. In the event of the death of
a Participant or in the event a Participant is deemed by the Company to be disabled and eligible for benefits under the terms of the Kyndryl
Long Term Disability Plan (or any successor plan or similar plan of another employer), the Participant’s estate, beneficiaries or
representative, as the case may be, shall have the rights and duties of the Participant, if any, under the applicable Award Agreement.

 

13. Cancellation and Rescission
of Awards/Clawback.

 

(a)  Except to the extent the Award Agreement specifies otherwise,
the Committee may cancel, rescind, suspend, withhold or otherwise limit or restrict any unexpired, unpaid, or deferred Awards at any time
if the Participant is not in compliance with all applicable provisions of the Award Agreement and the Plan, or if the Participant engages
in any “Detrimental Activity.” For purposes of this Section 13, “Detrimental Activity” shall include: (i) the
rendering of services, including the acceptance of an offer to render services, for any organization or engaging directly or indirectly
in any business which is or becomes competitive with the Company, or which organization or business, or the rendering of services to such
organization or business, is or becomes otherwise prejudicial to or in conflict with the interests of the Company; (ii) the disclosure
to anyone outside the Company, or the use in other than the Company’s business, without prior written authorization from the Company,
of any confidential information or material, as defined in the Company’s Agreement Regarding Confidential Information and Intellectual
Property, relating to the business of the Company, acquired by the Participant either during or after employment with the Company; (iii) the
failure or refusal to disclose promptly and to assign to the Company, pursuant to the Company’s Agreement Regarding Confidential
Information and Intellectual Property, all right, title and interest in any invention or idea, patentable or not, made or conceived by
the Participant during employment by the Company, relating in any manner to the actual or anticipated business, research or development
work of the Company or the failure or refusal to do anything reasonably necessary to enable the Company to secure a patent where appropriate
in the United States and in other countries; (iv) activity that results in termination of the Participant’s employment for
Cause; (v) a violation of any rules, policies, procedures or guidelines of the Company, including but not limited to the Company’s
Business Conduct Guidelines; (vi) any attempt directly or indirectly to induce any employee of the Company to be employed or perform
services elsewhere or any attempt directly or indirectly to solicit the trade or business of any current or prospective customer, supplier
or partner of the Company; or (vii) the Participant being convicted of, or entering a guilty plea with respect to, a crime, whether
or not connected with the Company.

 

(b)  Upon exercise, payment or delivery pursuant to an Award,
the Participant shall certify in a manner acceptable to the Company that he or she is in compliance with the terms and conditions of the
Plan. In the event a Participant fails to comply with the provisions of paragraphs (a)(i)-(vii) of this Section 13 prior to,
or during the Rescission Period, then any exercise, payment or delivery may be rescinded within two years after such exercise, payment
or delivery. In the event of any such rescission, the Participant shall pay to the Company the amount of any gain realized or payment
received as a result of the rescinded exercise, payment or delivery, in such manner and on such terms and conditions as may be required,
and the Company shall be entitled to set-off against the amount of any such gain any amount owed to the Participant by the Company. As
used herein, Rescission Period shall mean that period of time established by the Committee which shall not be less than 6 months after
any exercise, payment or delivery pursuant to an Award.

 

(c)  The Committee shall have full authority to implement
any policies and procedures necessary to comply with Section 10D of the Exchange Act and any rules promulgated thereunder and
any other regulatory regimes. Further, to the extent required by applicable law (including, without limitation, Section 304 of the
Sarbanes-Oxley Act and Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act) and/or the rules and regulations
of the securities exchange or inter-dealer quotation service on which the shares of Common Stock are listed or quoted, or if so required
pursuant to a written policy adopted by the Company, Awards shall be subject (including on a retroactive basis) to clawback, forfeiture
or similar requirements (and such requirements shall be deemed incorporated by reference into all outstanding Award Agreements).

 

    7

     

    

 

14. Adjustments.

 

In the event of any change in the outstanding Common Stock of the Company
by reason of a stock split, stock dividend, combination or reclassification of shares, recapitalization, merger, or similar event, the
Committee may adjust proportionately: (a) the number of shares of Common Stock (i) available for issuance under the Plan, (ii) available
for issuance under ISOs, and (iii) covered by outstanding Awards denominated in stock or units of stock; (b) the exercise and
grant prices related to outstanding Awards; and (c) the appropriate Fair Market Value and other price determinations for such Awards.
Notwithstanding the foregoing, in the event of any change in the outstanding Common Stock of the Company by reason of a stock split or
a reverse stock split, the above-referenced proportionate adjustments, if applicable, shall be mandatory.

 

In the event of any other change affecting the Common Stock or any
distribution (other than normal cash dividends) to holders of Common Stock, such adjustments in the number and kind of shares and the
exercise, grant and conversion prices of the affected Awards as may be deemed equitable by the Committee, including adjustments to avoid
fractional shares, shall be made to give proper effect to such event. In the event of a corporate merger, consolidation, acquisition of
property or stock, separation, reorganization or liquidation, the Committee shall be authorized to cause Kyndryl to issue or assume stock
options, whether or not in a transaction to which section 424(a) of the Code applies, by means of substitution of new stock options
for previously issued stock options or an assumption of previously issued stock options. In such event, the aggregate number of shares
of Common Stock available for issuance under Awards under Section 3 will be increased to reflect such substitution or assumption.

 

15. Effect of a Change in Control
on Awards.

 

Except to the extent otherwise provided in an Award Agreement, or any
applicable employment, consulting, change-in-control, severance or other agreement between the Participant and the Company, in the event
of a Change in Control, notwithstanding any provision of the Plan to the contrary:

 

(a)  If the acquirer or successor company in such Change
in Control has agreed to provide for the substitution, assumption, exchange or other continuation of Awards granted pursuant to the Plan,
then, if the Participant’s employment with or service to the Company or an Affiliate is terminated by the Company without Cause
(and other than due to death or Disability) on or within 24 months following a Change in Control, then unless otherwise provided by the
Committee, (i) all stock options and SARs held by such Participant shall become immediately exercisable with respect to 100% of the
shares of Common Stock subject to such stock options and SARs, and (ii) the restricted period (and any other conditions) shall expire
immediately with respect to 100% of the shares of Restricted Stock and Restricted Stock Units and any other Awards held by such Participant; provided that
if the vesting or exercisability of any Award would otherwise be subject to the achievement of performance conditions, the portion of
such Award that shall become fully vested and immediately exercisable shall be based on the assumed achievement of actual or target performance
as determined by the Committee.

 

(b)  If the acquirer or successor company in such Change
in Control has not agreed to provide for the substitution, assumption, exchange or other continuation of Awards granted pursuant to the
Plan, then unless otherwise provided by the Committee, (i) all Options and SARs held by such Participant shall become immediately
exercisable with respect to 100% of the shares of Common Stock subject to such Options and SARs, and (ii) the restricted period (and
any other conditions) shall expire immediately with respect to 100% of the shares of Restricted Stock and Restricted Stock Units and any
other Awards held by such Participant; provided that if the vesting or exercisability of any Award would otherwise be
subject to the achievement of performance conditions, the portion of such Award that shall become fully vested and immediately exercisable
shall be based on the assumed achievement of actual or target performance as determined by the Committee.

 

(c)  In addition, the Committee may upon at least 10 days’
advance notice to the affected Participants, cancel any outstanding Award and pay to the holders thereof, in cash, securities or other
property (including of the acquiring or successor company), or any combination thereof, the value of such Awards based upon the price
per share of Common Stock received or to be received by other stockholders of the Company in the event (it being understood that any Option
or SAR having a per-share exercise or hurdle price equal to, or in excess of, the Fair Market Value (as of the date specified by the Committee)
of a share of Common Stock subject thereto may be canceled and terminated without any payment or consideration therefor). Notwithstanding
the above, the Committee shall exercise such discretion over the timing of settlement of any Award subject to Code Section 409A at
the time such Award is granted.

 

    8

     

    

 

(d)  To the extent practicable, the provisions of this Section 15
shall occur in a manner and at a time that allows affected Participants the ability to participate in the Change in Control transaction
with respect to the shares of Common Stock subject to their Awards.

 

16. Section 409A of the Code.

 

(a)  It is intended that the Plan comply with Section 409A
of the Code, and all provisions of the Plan shall be construed and interpreted in a manner consistent with the requirements for avoiding
taxes or penalties under Section 409A of the Code. Each Participant is solely responsible and liable for the satisfaction of all
taxes and penalties that may be imposed on or in respect of such Participant in connection with the Plan or any other plan maintained
by the Company, including any taxes and penalties under Section 409A of the Code, and the Company shall not have any obligation to
indemnify or otherwise hold such Participant or any beneficiary harmless from any or all of such taxes or penalties. With respect to any
Award that is considered “deferred compensation” subject to Section 409A of the Code, references in the Plan to “termination
of employment” (and substantially similar phrases) shall mean “separation from service” within the meaning of Section 409A
of the Code. For purposes of Section 409A of the Code, each of the payments that may be made in respect of any Award granted under
the Plan is designated as a separate payment.

 

(b)  Notwithstanding anything in the Plan to the contrary,
if the Participant is a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) of the Code, no payments
or deliveries in respect of any Awards that are “deferred compensation” subject to Section 409A of the Code shall be
made to such Participant prior to the date that is six months after the date of such Participant’s “separation from service”
within the meaning of Section 409A of the Code or, if earlier, the Participant’s date of death. All such delayed payments or
deliveries will be paid or delivered (without interest) in a single lump sum on the earliest date permitted under Section 409A of
the Code that is also a business day.

 

(c)  In the event that the timing of payments in respect
of any Award that would otherwise be considered “deferred compensation” subject to Section 409A of the Code would be
accelerated upon the occurrence of (A) a Change in Control, no such acceleration shall be permitted unless the event giving rise
to the Change in Control satisfies the definition of a change in the ownership or effective control of a corporation, or a change in the
ownership of a substantial portion of the assets of a corporation pursuant to Section 409A of the Code and any Treasury Regulations
promulgated thereunder, or (B) a Disability, no such acceleration shall be permitted unless the Disability also satisfies the definition
of “disability” pursuant to Section 409A of the Code and any Treasury Regulations promulgated thereunder.

 

17. Miscellaneous.

 

(a)  Any notice to the Company required by any of the provisions
of the Plan shall be addressed to the chief human resources officer of Kyndryl in writing, and shall become effective when it is received.

 

(b)  The Plan shall be unfunded and the Company shall not
be required to establish any special account or fund or to otherwise segregate or encumber assets to ensure payment of any Award.

 

(c)  Nothing contained in the Plan shall prevent the Company
from adopting other or additional compensation arrangements or plans, subject to stockholder approval if such approval is required, and
such arrangements or plans may be either generally applicable or applicable only in specific cases.

 

(d)  No Participant shall have any claim or right to be granted
an Award under the Plan and nothing contained in the Plan shall be deemed or be construed to give any Participant the right to be retained
in the employ of the Company or to interfere with the right of the Company to discharge any Participant at any time without regard to
the effect such discharge may have upon the Participant under the Plan. Except to the extent otherwise provided in any plan or in an Award
Agreement, no Award under the Plan shall be deemed compensation for purposes of computing benefits or contributions under any other plan
of the Company.

 

    9

     

    

 

(e)  The Plan and each Award Agreement shall be governed
by the laws of the State of New York, excluding any conflicts or choice of law rule or principle that might otherwise refer construction
or interpretation of the Plan to the substantive law of another jurisdiction. Except to the extent otherwise provided in the Award Agreement,
recipients of an Award under the Plan are deemed to submit to the exclusive jurisdiction and venue of the state and federal courts sitting
in New York County or Westchester County, New York, to resolve any and all issues that may arise out of or relate to the Plan or any related
Award Agreement.

 

(f)  In the event that a Participant or the Company brings
an action to enforce the terms of the Plan or any Award Agreement and the Company prevails, the Participant shall pay all costs and expenses
incurred by the Company in connection with that action, including reasonable attorneys’ fees, and all further costs and fees, including
reasonable attorneys’ fees incurred by the Company in connection with collection.

 

(g)  The Committee (including, for the avoidance of doubt
any officers to whom it may delegate authority under Section 5) shall have full discretionary power and authority to interpret the
Plan and to make any determinations thereunder, including determinations under Section 13, and the Committee’s (or such officer’s)
determinations shall be binding and conclusive. Determinations made by the Committee (or any such officer) under the Plan need not be
uniform and may be made selectively among individuals, whether or not such individuals are similarly situated.

 

(h)  If any provision of the Plan is or becomes or is deemed
invalid, illegal or unenforceable in any jurisdiction, or would disqualify the Plan or any Award under any law deemed applicable by the
Committee, such provision shall be construed or deemed amended or limited in scope to conform to applicable laws or, in the discretion
of the Committee, it shall be stricken and the remainder of the Plan shall remain in full force and effect.

 

(i)  The Plan shall become effective on the date it is approved
by the requisite vote of the stockholder of the Company.

 

(j)  Notwithstanding anything in this Plan to the contrary,
each Assumed Award shall be subject to the terms and conditions of the Prior Plan and award agreement to which such Assumed Award was
subject immediately prior to the Spin-Off, subject to the adjustment of such Assumed Award by the Executive Compensation and Management
Resources Committee of International Business Machines Corporation and the terms of the Employee Matters Agreement; provided that following
the date of the Spin-Off, each such Assumed Award shall relate solely to shares of Common Stock and be administered by the Committee in
accordance with the administrative procedures in effect under this Plan.

 

    10

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00346-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00346-of-00352.parquet"}]]