Document:

Exhibit 10.4

 

EXECUTION VERSION

 

INTELLECTUAL PROPERTY AGREEMENT

 

by and between

 

International Business Machines Corporation

 

and

 

Kyndryl, Inc.

 

Dated as of November 2, 2021

 

    

     

    

 

TABLE OF CONTENTS

 

Page

 

	ARTICLE I
	DEFINITIONS
	 	 	 
	Section 1.01.	Definitions	1
	 	 	 
	ARTICLE II
	INTELLECTUAL PROPERTY ASSIGNMENT
	 	 	 
	Section 2.01.	Intellectual Property Assignment Agreements	4
	Section 2.02.	Recordation	4
	Section 2.03.	Further Assurances	4
	 	 	 
	ARTICLE III
	LICENSES FROM PARENT TO SPINCO
	 	 	 
	Section 3.01.	License Grants	4
	 	 	 
	ARTICLE IV
	LICENSES FROM SPINCO TO PARENT
	 	 	 
	Section 4.01.	License Grants	5
	 	 	 
	ARTICLE V
	ADDITIONAL INTELLECTUAL PROPERTY RELATED MATTERS
	 	 	 
	Section 5.01.	Ownership	6
	Section 5.02.	Licenses	7
	Section 5.03.	No License	7
	Section 5.04.	Corrections to Schedules and Annexes	7
	Section 5.05.	No Obligation To Prosecute, Maintain or Enforce Intellectual Property	7
	Section 5.06.	Improvements	7
	Section 5.07.	No Technical Assistance	7
	Section 5.08.	Data Privacy and Security Terms	8
	 	 	 
	ARTICLE VI
	CONFIDENTIAL INFORMATION
	 	 	 
	Section 6.01.	Confidentiality	8
	 	 	 
	ARTICLE VII
	LIMITATION ON LIABILITY AND WARRANTY DISCLAIMER
	 	 	 
	Section 7.01.	Limitation on Liability	8
	Section 7.02.	Disclaimer of Representations and Warranties	8

 

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	ARTICLE VIII
	TRANSFERABILITY AND ASSIGNMENT
	 	 	 
	Section 8.01.	No Assignment or Transfer Without Consent	9
	Section 8.02.	Divested Businesses	9
	 	 	 
	ARTICLE IX
	TERMINATION OF AGREEMENT
	 	 	 
	Section 9.01.	Termination of Agreement by Both Parties	10
	Section 9.02.	Termination of Agreement Prior to the Distribution	10
	Section 9.03.	Effect of Termination of Agreement; Survival	10
	 	 	 
	ARTICLE X
	MISCELLANEOUS
	 	 	 
	Section 10.01.	Counterparts; Entire Agreement; Corporate Power	10
	Section 10.02.	Additional Provisions	11
	Section 10.03.	Notices	11
	Section 10.04.	Third Party Beneficiaries	12
	Section 10.05.	Import and Export Control	12
	Section 10.06.	Bankruptcy	12
	Section 10.07.	Severability	12
	Section 10.08.	Expenses	13
	Section 10.09.	Headings	13
	Section 10.10.	Survival of Covenants	13
	Section 10.11.	Waivers of Default	13
	Section 10.12.	Amendments	13
	Section 10.13.	Interpretation	14

 

	Exhibits and Annexes
	 
	EXHIBIT A	Software and Database License Terms
	EXHIBIT A – ANNEX A	Assigned Databases
	EXHIBIT A – ANNEX B	Assigned Documentation
	EXHIBIT A – ANNEX C	Assigned Software - Registered Copyrights
	EXHIBIT A – ANNEX D	Common Code
	EXHIBIT A – ANNEX E	Internal Tools
	EXHIBIT A – ANNEX F	Parent Commercial Programs
	EXHIBIT A – ANNEX G	SpinCo Commercial Programs
	EXHIBIT A – ANNEX H	SpinCo Research Assets
	EXHIBIT A – ANNEX I	SpinCo Software Programs
	EXHIBIT A – ANNEX J	Assigned Restricted Software
	EXHIBIT B 	Trademark Terms
	EXHIBIT C	Data Privacy and Security Terms
	EXHIBIT D	Internet Protocol Address Terms
	EXHIBIT D – ANNEX A	Transitional IP Addresses

 

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	Schedules 
	 
	SCHEDULE A	SpinCo Domain Names
	SCHEDULE B	SpinCo Trademarks
	SCHEDULE C	Parent Patents

 

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INTELLECTUAL PROPERTY AGREEMENT,
dated as of November 2, 2021 (this “Agreement”), by and between International Business Machines Corporation, a New York
corporation (“Parent”), and Kyndryl, Inc., a Delaware corporation (“SpinCo”).

 

RECITALS

 

WHEREAS, in connection with
the contemplated Spin-Off and concurrently with the execution of this Agreement, Parent and Kyndryl Holdings, Inc. are entering into
a Separation and Distribution Agreement (the “Separation Agreement”);

 

WHEREAS, pursuant to the Separation
Agreement and the other Ancillary Agreements, as of the Distribution Date, the Parent IP has been allocated to the Parent Group and the
SpinCo IP has been allocated to the SpinCo Group;

 

WHEREAS, the Parties wish to
record the transfers of any registrations or applications of Parent IP and SpinCo IP, as applicable, to the extent the ownership thereof
has transferred from a member of the Parent Group to a member of the SpinCo Group, or vice versa, pursuant to the Separation Agreement
or any other Ancillary Agreement;

 

WHEREAS, it is the intent of
the Parties that Parent grant to the SpinCo Group certain licenses to Intellectual Property as set forth herein, subject to the terms
and conditions set forth in this Agreement; and

 

WHEREAS, it is the intent of
the Parties that SpinCo grant to the Parent Group certain licenses to Intellectual Property as set forth herein, subject to the terms
and conditions set forth in this Agreement.

 

NOW, THEREFORE, in consideration
of the mutual agreements, provisions and covenants contained in this Agreement, the Parties, intending to be legally bound, hereby agree
as follows:

 

ARTICLE I

DEFINITIONS

 

Section 1.01.        Definitions.
As used in this Agreement, the following terms have the meanings set forth below and herein, and the terms defined in Exhibits, Schedules
and Annexes shall have the meanings set forth therein. Capitalized terms used but not defined in this Agreement shall have the meanings
ascribed to such terms in the Separation Agreement or any other Ancillary Agreement, as applicable.

 

“Bankruptcy Code”
has the meaning set forth in Section 10.06.

 

“Copyrights”
means all works of authorship, including common law rights and related registrations therefor, together with any moral rights related
thereto.

 

“Divested Entity”
has the meaning set forth in Section 8.02.

 

    

     

    

 

“Domain Names”
means a unique string of characters or numbers used to identify a particular internet protocol address or uniform resource locator.

 

“Intellectual Property
Assignment Agreements” has the meaning set forth in the US Contribution Agreement.

 

“Intellectual Property”
means any of the following, as they exist anywhere in the world, whether registered or unregistered: (i) Patents, (ii) Trademarks,
(iii) Domain Names, (iv) Copyrights, (v) Database Rights and (vi) Trade Secrets, including any intellectual property
or proprietary rights similar to any of the foregoing prongs (i)-(vi). For the avoidance of doubt, “Intellectual Property”
shall not include Contracts or other contractual rights (including license grants to or from Third Parties).

 

“Other Parent IP”
means all Copyrights (other than Copyrights in Software, Databases and Documentation) and all Trade Secrets, in each case, owned by the
Parent Group or the SpinCo Group as of immediately prior to the Distribution and used in the SpinCo Business, other than the Other SpinCo
IP.

 

“Other SpinCo IP”
means all Copyrights (other than Copyrights in Software, Databases and Documentation) and all Trade Secrets, in each case, owned by the
Parent Group or the SpinCo Group as of immediately prior to the Distribution and exclusively related to the SpinCo Business.

 

“Parent Domain Names”
means all Domain Names owned by the Parent Group or the SpinCo Group as of immediately prior to the Distribution, other than the SpinCo
Domain Names.

 

“Parent Field of Use”
means any and all businesses, operations, products and services.

 

“Parent IDs”
means all invention disclosures owned by the Parent Group or the SpinCo Group as of immediately prior to the Distribution, other than
the SpinCo IDs.

 

“Parent IP”
means all Intellectual Property owned by the Parent Group or the SpinCo Group as of immediately prior to the Distribution, other than
the SpinCo IP, including all (i) Parent Patents, (ii) the right to pursue and obtain Patent protection under the Parent IDs,
(iii) Parent Trademarks, (iv) Parent Domain Names, (v) Copyrights in Parent Software and Licensed Documentation, (vi) Database
Rights in Parent Databases and (vii) Other Parent IP.

 

“Parent Patents”
means all Patents owned by the Parent Group or the SpinCo Group as of immediately prior to the Distribution, other than the SpinCo Patents.
For the avoidance of doubt, “Parent Patents” includes the Patents identified on Schedule C and any other Patent that
claims, or is entitled to claim, priority from any of the foregoing Patents.

 

“Parent Trademarks”
means all Trademarks owned by the Parent Group or the SpinCo Group as of immediately prior to the Distribution, other than the SpinCo
Trademarks.

 

“Party” means
either party hereto, and “Parties” means both parties hereto.

 

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“Patent Assignment
Agreement” has the meaning set forth in the US Contribution Agreement.

 

“Patent Cross License
Agreement” means that certain Patent Cross License Agreement, dated as of the date hereof, by and between Parent and SpinCo.

 

“Patents”
means all patents and patent applications throughout the world, including reissues, continuations, divisionals and continuations-in-part,
utility models and design patents and registrations, including typeface design patents and registrations.

 

“SpinCo Domain Names”
means the Domain Names identified on Schedule A.

 

“SpinCo Field of Use”
means the conduct of the SpinCo Business as conducted immediately prior to the Distribution, together with natural extensions and evolutions
thereof.

 

“SpinCo IDs”
means the Delayed Transfer IDs (as such term is defined in the US Contribution Agreement).

 

“SpinCo IP”
means (i) the SpinCo Patents, (ii) the right to pursue and obtain Patent protection under the SpinCo IDs, (iii) the SpinCo
Trademarks, (iv) the SpinCo Domain Names, (v) Copyrights in the Assigned Software and Assigned Documentation, (vi) Database
Rights in the Assigned Databases and (vii) the Other SpinCo IP.

 

“SpinCo Patents”
means (i) the Closing Date Patents (as such term is defined in the US Contribution Agreement) and (ii) the Delayed Transfer
Patents (as such term is defined in the US Contribution Agreement).

 

“SpinCo Trademarks”
means the Trademarks identified on Schedule B.

 

“Third Party”
means any Person (including any Governmental Authority) who is not a member of the Parent Group or the SpinCo Group.

 

“Trade Secrets”
means rights in information and data that (i) derive independent economic value, actual or potential, from not being generally known
to, and not being readily ascertainable through proper means by, the public, and (ii) are the subject of efforts that are reasonable
under the circumstances to maintain its secrecy.

 

“Trademarks”
means a word, name, symbol, color, sound, or other device (or any combination thereof) used to indicate the source or origin of goods
or services and to distinguish the goods or services of one party from those of another, including any brand names, logos, certification
marks, collective marks, trade dress, tradenames and other indications of origin, all registrations in any jurisdiction of, and applications
in any jurisdiction to register, the foregoing, including any extension, modification or renewal of any such registration or application,
together with all goodwill associated therewith.

 

“US Contribution Agreement”
means that certain Agreement relating to the contribution of certain assets and assumption of certain liabilities of International Business
Machines Corporation, dated as of September 1, 2021, by and between Parent and SpinCo.

 

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ARTICLE II

INTELLECTUAL PROPERTY ASSIGNMENT

 

Section 2.01.          Intellectual
Property Assignment Agreements. In order to carry out the intent of the Parties with respect to the recordation of the transfers of
any registrations or applications of SpinCo IP, to the extent the ownership thereof has transferred from a member of the Parent Group
to a member of the SpinCo Group, pursuant to the Separation Agreement, the US Contribution Agreement or any other Ancillary Agreement,
the Parties have executed intellectual property assignment agreements in the forms substantially similar to the Intellectual Property
Assignment Agreements.

 

Section 2.02.        Recordation.
The relevant assignee Party shall have the sole responsibility, at its sole cost and expense, to file any Intellectual Property Assignment
Agreements, including any short form intellectual property assignments attached thereto or such additional case specific assignments
as deemed appropriate or necessary under applicable Laws, with the appropriate Governmental Authorities as required to record the transfer
of any registrations or applications of SpinCo IP that is allocated under the Separation Agreement or any other Ancillary Agreement (including,
for clarity, the US Contribution Agreement), as applicable, and the relevant assignor Party hereby consents to such recordation.

 

Section 2.03.          Further
Assurances.

 

(a)          In
addition to the actions specifically provided for elsewhere in this Agreement, each of the Parties shall use reasonable best efforts,
prior to, on and after the Distribution Date, to take, or cause to be taken, all actions, and to do, or cause to be done, all things,
reasonably necessary, proper or advisable under applicable Laws and agreements to consummate, and make effective, the transactions contemplated
by this Agreement.

 

(b)          Without
limiting the foregoing, prior to, on and after the Distribution Date, each Party shall cooperate with the other Party, without any further
consideration, but at the expense of the requesting Party, (i) to execute and deliver, or use reasonable best efforts to execute
and deliver, or cause to be executed and delivered, all instruments, including any instruments of conveyance, assignment and transfer
as such Party may reasonably be requested to execute and deliver by the other Party, and (ii) to take, or cause to be taken, all
such other actions as such Party may reasonably be requested to take by the other Party from time to time, consistent with the terms of
this Agreement, in order to effectuate the provisions and purposes of this Agreement.

 

ARTICLE III

LICENSES FROM PARENT TO SPINCO

 

Section
3.01.          License
Grants.

 

(a)          Patents.
No licenses to Patents are granted under this Agreement (including, for the avoidance of doubt, under Exhibit A hereto).
The Parties acknowledge and agree that certain licenses with respect to the use by the SpinCo Group of certain Parent Patents shall be
set forth in the Patent Cross License Agreement.

 

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(b)           Software
and Databases. The Parties acknowledge and agree that certain licenses with respect to the use by the SpinCo Group of certain Parent
Software and Parent Databases are set forth in Exhibit A hereto.

 

(c)         Trademarks
and Domain Names. No licenses to Domain Names are granted under this Agreement. The Parties acknowledge and agree that certain terms
and conditions with respect to the SpinCo Group’s transitional use of certain Parent Trademarks are set forth in Exhibit B.

 

(d)           Other
Parent IP.

 

(i)            License
Grant. Subject to the other terms and conditions of this Agreement, Parent, on behalf of itself and the Parent Group, hereby grants
to SpinCo and the members of the SpinCo Group, under the Parent Group’s Copyrights and Trade Secrets, a perpetual, irrevocable,
sublicensable (subject to Section 3.01(d)(ii)), worldwide, non-exclusive, royalty-free, fully paid-up right and license to
use, copy, reproduce, modify, display, perform, distribute, translate into any language or form, combine, transmit, and prepare and distribute
Derivative Works, copies, reproductions, translations, combinations, and modifications of the Other Parent IP, solely as and to the extent
such Other Parent IP is used by the SpinCo Group in the SpinCo Field of Use.

 

(ii)           Sublicensing.
The license granted in Section 3.01(d)(i) to the SpinCo Group includes the right to grant sublicenses within the scope
of such license only to members of the SpinCo Group, and, without any further right to sublicense (except as necessary to provide products
and services to customers of the SpinCo Group within the SpinCo Field of Use, solely for the benefit of such customers), to their respective
(i) contractors, distributors, manufacturers, resellers, and other service providers, in each case solely within the SpinCo Field
of Use, and (ii) End Users and customers, in each case solely in connection with the use of products and services within the SpinCo
Field of Use or otherwise as necessary to provide products and services to customers of the SpinCo Business within the SpinCo Field of
Use, for the benefit of such customers; provided, however, that the SpinCo Group may only sublicense such rights pursuant
to terms and conditions as protective as those under which it licenses its own Intellectual Property of a similar nature and value, and
in any event under terms and conditions that provide for commercially reasonable protection for the confidential and proprietary elements
of the Other Parent IP. SpinCo shall cause all members of the SpinCo Group to comply with the terms set forth in this Section 3.01(d)(ii).
The SpinCo Group shall remain liable for any breach or default of the applicable terms and conditions of this Agreement by any of its
sublicensees.

 

(e)             Internet
Protocol Addresses. No licenses to internet protocol addresses are granted under this Agreement. The Parties acknowledge and agree
that certain terms and conditions with respect to the SpinCo Group’s transitional use of certain internet protocol addresses are
set forth in Exhibit D.

 

ARTICLE IV

LICENSES FROM SPINCO TO PARENT

 

Section 4.01.          License
Grants.

 

(a)           Patents.
No licenses to Patents are granted under this Agreement (including, for the avoidance of doubt, under Exhibit A hereto).
The Parties acknowledge and agree that certain licenses with respect to the use by the Parent Group of certain SpinCo Patents shall be
set forth in the Patent Cross License Agreement.

 

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(b)           Software
and Databases. The Parties acknowledge and agree that certain licenses with respect to the use and retention of rights by the Parent
Group of certain Assigned Software, Assigned Databases and Assigned Documentation are set forth in Exhibit A hereto.

 

(c)           Trademarks
and Domain Names. The Parties acknowledge and agree that no licenses are granted to the Parent Group in this Agreement with respect
to any Trademarks or Domain Names.

 

(d)           Other
SpinCo IP.

 

(i)            License
Grant. Subject to the other terms and conditions of this Agreement, SpinCo, on behalf of itself and the SpinCo Group, hereby grants
to Parent and the other members of the Parent Group, under the SpinCo Group’s Copyrights and Trade Secrets, a perpetual, irrevocable,
sublicensable (subject to Section 4.01(d)(ii)), worldwide, non-exclusive, royalty-free, fully paid-up right and license to
use, copy, reproduce, modify, display, perform, distribute, translate into any language or form, combine, transmit, and prepare and distribute
Derivative Works, copies, reproductions, translations, combinations, and modifications of the Other SpinCo IP, solely as and to the extent
such Other SpinCo IP is used by the Parent Group in the Parent Field of Use.

 

(ii)            Sublicensing.
The license granted in Section 4.01(d)(i) to the Parent Group includes the right to grant sublicenses within the scope
of such license only to members of the Parent Group, and, without any further right to sublicense (except as necessary to provide products
and services to customers of the Parent Group within the Parent Field of Use, solely for the benefit of such customers), to their respective
(i) contractors, distributors, manufacturers, resellers, and other service providers, in each case solely within the Parent Field
of Use, and (ii) End Users and customers, in each case solely in connection with the use of products and services within the Parent
Field of Use or otherwise as necessary to provide products and services to customers of the Parent Business within the Parent Field of
Use, for the benefit of such customers; provided, however, that the Parent Group may only sublicense such rights pursuant
to terms and conditions as protective as those under which it licenses its own Intellectual Property of a similar nature and value, and
in any event under terms and conditions that provide for commercially reasonable protection for the confidential and proprietary elements
of the Other SpinCo IP. Parent shall cause all members of the Parent Group to comply with the terms set forth in this Section 4.01(d)(ii).
The Parent Group shall remain liable for any breach or default of the applicable terms and conditions of this Agreement by any of its
sublicensees.

 

(e)             Internet
Protocol Addresses. The Parties acknowledge and agree that no licenses are granted to the Parent Group in this Agreement with respect
to any internet protocol addresses.

 

ARTICLE
V
 ADDITIONAL INTELLECTUAL PROPERTY RELATED MATTERS

 

Section 5.01.          Ownership.
The Party receiving the license hereunder acknowledges and agrees that the Party (or the applicable member of its Group) granting the
license is the sole and exclusive owner of the Intellectual Property rights so licensed.

 

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Section 5.02.           Licenses.
Any license of Intellectual Property by either Party or any member of its Group to the other Party or any member of its Group pursuant
to ARTICLE III, ARTICLE IV or Exhibit A hereto, respectively, shall be subject to the applicable
licenses, covenants and restrictions set forth herein or therein.

 

Section 5.03.           No
License. No license, immunity or other right is granted pursuant to this Agreement by either Party to the other Party, either directly
or by implication, estoppel, or otherwise, under any Intellectual Property right, other than as expressly set forth in this Agreement,
and all other rights under any Intellectual Property licensed to a Party or the members of its Group hereunder are expressly reserved
by the Party granting the license.

 

Section 5.04.           Corrections
to Schedules and Annexes. The Parties acknowledge and agree
that, in the event that either Party notifies the other Party within twelve (12) months following the Distribution that there was an
inadvertent omission or inclusion of any item in any Schedule or Annex to this Agreement (including any Schedule or Annex to an Exhibit hereto),
the Parties agree to promptly work in good faith to modify such Schedule or Annex so that it accurately reflects the intent of the Parties
as of the Distribution. Any such modification to any Schedule or Annex made pursuant to this Section 5.04 shall be treated
by the Parties for all purposes as if it had been included on such Schedule or Annex as of the Distribution, except as otherwise required by applicable Law.

 

Section 5.05.           No
Obligation To Prosecute, Maintain or Enforce Intellectual Property. Except as expressly set forth in this Agreement, no Party or any
member of its Group shall have any obligation to seek, perfect or maintain any protection for any of its Intellectual Property. Without
limiting the generality of the foregoing, except as expressly set forth in this Agreement, no Party or any member of its Group shall have
any obligation to file any Patent application, to prosecute any Patent, or secure any Patent rights or to maintain any Patent in force.
Neither Party shall have any obligation hereunder to institute any action or suit against Third Parties for infringement of any of its
Intellectual Property or to defend any action or suit brought by a Third Party which challenges or concerns the validity of any of its
Intellectual Property. Neither Party shall have any right to institute any action or suit against Third Parties for infringement of any
of the other Party’s Intellectual Property.

 

Section 5.06.           Improvements.
Neither Party nor any member of its Group shall have any obligation under this Agreement to disclose or license to the other Party any
Derivative Works or other improvements made by or on behalf of such Party or any member of its Group (i) to any Intellectual Property
owned by such Party or its Group or (ii) to the extent permitted under this Agreement, to any Intellectual Property licensed to
such Party or its Group hereunder.

 

Section 5.07.           No
Technical Assistance. Neither Party or any member of its Group shall be required under this Agreement to furnish, disclose, deliver
or otherwise provide copies of or access to any Software, Databases, Documentation, Trade Secrets, or embodiments of any other Intellectual
Property. Neither Party or any member of its Group shall be required under this Agreement to provide (i) any support or maintenance
to the other Party or its customers, (ii) any technical assistance, consultation, training, or other support for installation, enhancement
or maintenance or (iii) any assistance with respect to adding, creating or modifying any encryption functionality.

 

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Section 5.08.          Data
Privacy and Security Terms. SpinCo (on behalf of itself and each other member of the SpinCo Group) acknowledges and agrees that any
use of or access to any information or data assigned or licensed to SpinCo or any member of its Group hereunder, or to which SpinCo or
any member of its Group has access to hereunder, shall comply with the requirements set forth in Exhibit C.

 

ARTICLE VI

CONFIDENTIAL INFORMATION

 

Section 6.01.          Confidentiality.
All confidential Information of a Party disclosed to the other Party under this Agreement shall be deemed Specified Confidential Information
(as that term is defined in the Separation Agreement), shall be subject to the provisions of Section 7.09 of the Separation Agreement,
and may be used by the receiving Party pursuant to this Agreement for the sole and express purpose of effecting the licenses granted herein.

 

ARTICLE
VII
 LIMITATION ON LIABILITY AND WARRANTY DISCLAIMER

 

Section 7.01.          Limitation
on Liability. Without limiting the terms set forth in Section 6.10 of the Separation Agreement, none of Parent, SpinCo or any
other member of either Group shall in any event have any Liability to the other or to any other member of the other’s Group under
this Agreement for any indirect, special, punitive or consequential damages, whether or not caused by or resulting from negligence or
breach of obligations hereunder and whether or not informed of the possibility of the existence of such damages.

 

Section 7.02.          Disclaimer
of Representations and Warranties. Each of Parent (on behalf of itself and each other member of the Parent Group) and SpinCo (on behalf
of itself and each other member of the SpinCo Group) understands and agrees that, except as expressly set forth in Section 10.01(c),
no Party is representing or warranting in any way, including any implied warranties of merchantability, fitness for a particular purpose,
title, registerability, allowability, enforceability or non-infringement, (i) as to any Intellectual Property licensed or assigned
hereunder, (ii) as to the sufficiency of the Intellectual Property licensed or assigned hereunder for the conduct and operations
of the SpinCo Business or the Parent Business, as applicable, (iii) as to the value or freedom from any Security Interests of, or
any other matter concerning, any Intellectual Property licensed or assigned hereunder, (iv) as to the absence of any defenses or
rights of setoff or freedom from counterclaim with respect to any claim or other Intellectual Property of any such Party, (v) as
to the legal sufficiency of any assignment, document or instrument delivered hereunder to convey title to any Intellectual Property or
thing of value upon the execution, delivery and filing hereof or thereof or (vi) as to whether the other Party will or will not require
a license under other Intellectual Property to make, use, import, offer for sale, sell or otherwise transfer products or to otherwise
operate under the licenses or rights granted herein. All Intellectual Property is being licensed or assigned on an “as is,”
 “where is” basis and the respective licensees shall bear the economic and legal risks related to the use of the Parent IP
in the SpinCo Business or the SpinCo IP in the Parent Business, as applicable.

 

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ARTICLE VIII

TRANSFERABILITY AND ASSIGNMENT

 

Section 8.01.          No
Assignment or Transfer Without Consent. Except as expressly set forth in this Agreement, neither this Agreement nor any of the rights,
interests or obligations under this Agreement, including the licenses granted pursuant to this Agreement, shall be assigned, in whole
or in part, by operation of Law or otherwise by either Party without the prior written consent of the other Party. Any purported assignment
without such consent shall be void. Subject to the preceding sentences, this Agreement will be binding upon, inure to the benefit of,
and be enforceable by, the Parties and their respective successors and assigns. Notwithstanding the foregoing, if any Party to this Agreement
(or any of its successors or permitted assigns) (a) shall enter into a consolidation or merger transaction in which such Party is
not the surviving entity and the surviving entity acquires or assumes all or substantially all of such Party’s Assets, (b) shall
transfer all or substantially all of such Party’s Assets to any Person or (c) shall assign this Agreement to such Party’s
Affiliates, then, in each such case, the assigning Party (or its successors or permitted assigns, as applicable) shall ensure that the
assignee or successor-in-interest expressly assumes in writing all of the obligations of the assigning Party under this Agreement, and
the assigning Party shall not be required to seek consent, but shall provide written notice and evidence of such assignment, assumption
or succession to the non-assigning Party. No assignment permitted by this Section 8.01 shall release the assigning Party from
liability for the full performance of its obligations under this Agreement. For the avoidance of doubt, in no event will the licenses
granted in this Agreement extend to products, services or other activities of the assignee existing on or before the date of the transaction
described in clauses (a) or (b) of the preceding sentence, except to the extent that they were licensed under the terms of this
Agreement prior to such transaction.

 

Section 8.02.          Divested
Businesses. In the event a Party divests a line of business or line of products or services by (a) spinning off a member of its
Group, including by its sale or other disposition to a Third Party or by its public offering, (b) reducing ownership or control in
a member of its Group so that it no longer qualifies as a member of its Group under this Agreement, (c) selling or otherwise transferring
such line of business, products or services to a Third Party or (d) forming a joint venture with a Third Party with respect to such
line of business, products or services (each such divested entity or line of business, products or services, a “Divested Entity”),
the Divested Entity shall retain those licenses granted to it under this Agreement; provided, however, that the license
shall be limited to the business, products or services (as applicable) of the Divested Entity as of the date of divestment and such natural
extensions and evolutions thereof within the SpinCo Field of Use or the Parent Field of Use, as applicable. The retention of any license
grants are subject to the Divested Entity’s and, in the event it is acquired by a Third Party, such Third Party’s execution
and delivery to the non-transferring Party, within ninety (90) days of the effective date of such divestment, of a duly authorized, written
undertaking, agreeing to be bound by the applicable terms of this Agreement. For the avoidance of doubt, (i) in no event will the
licenses retained by a Divested Entity extend to products, services or other activities of a Third Party acquirer existing on or before
the date of the divestment, except to the extent that they were licensed under the terms of this Agreement prior to such divestment and
(ii) in the event that a Divested Entity owns any Intellectual Property licensed to the other Party under this Agreement, such Intellectual
Property may be transferred or assigned with such Divested Entity subject to the terms and conditions of this Agreement.

 

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ARTICLE
IX
 TERMINATION OF AGREEMENT

 

Section 9.01.         Termination
of Agreement by Both Parties. Subject to Section 9.02, this Agreement may not be terminated except by an agreement in
writing signed by a duly authorized officer of each of the Parties.

 

Section 9.02.         Termination
of Agreement Prior to the Distribution. This Agreement may be terminated by Parent at any time, in its sole discretion, prior to the
Distribution; provided, however, that this Agreement (and all licenses herein) shall automatically terminate upon the termination
of the Separation Agreement in accordance with its terms.

 

Section 9.03.         Effect
of Termination of Agreement; Survival. In the event of any termination of this Agreement prior to the Distribution, neither Party
(nor any member of their Group or any of their respective directors or officers) shall have any Liability or further obligation to the
other Party or any member of its Group under this Agreement. Except with respect to termination of the Agreement under Section 9.02,
notwithstanding anything in this Agreement to the contrary, ARTICLE I, ARTICLE III, ARTICLE IV, ARTICLE VI,
ARTICLE VII, this Section 9.03, ARTICLE X and Exhibit A shall survive any termination
of this Agreement.

 

ARTICLE X

MISCELLANEOUS

 

Section
10.01.        Counterparts; Entire Agreement; Corporate Power.

 

(a)           This
Agreement may be executed in one or more counterparts, all of which counterparts shall be considered one and the same agreement, and shall
become effective when one or more counterparts have been signed by each Party and delivered to the other Party. This Agreement may be
executed by facsimile or PDF signature and scanned and exchanged by electronic mail, and such facsimile or PDF signature or scanned and
exchanged copies shall constitute an original for all purposes.

 

(b)           The
Exhibits, Schedules and Annexes to this Agreement, whether attached hereto or referred to in this Agreement, are incorporated herein and
made a part hereof. This Agreement and the Exhibits, Schedules and Annexes hereto and thereto contain the entire agreement between the
Parties with respect to the subject matter hereof and supersede all previous agreements, negotiations, discussions, writings, understandings,
commitments and conversations with respect to such subject matter, and there are no agreements or understandings between the Parties with
respect to the subject matter hereof other than those set forth or referred to herein or therein. In the event of conflict or inconsistency
between the provisions of this Agreement or the Separation Agreement, the provisions of this Agreement shall prevail and remain in full
force and effect.

 

    10

     

    

 

(c)           Parent
represents on behalf of itself and each other member of the Parent Group, and SpinCo represents on behalf of itself and each other member
of the SpinCo Group, as follows:

 

(i)            each
such Person has the requisite corporate or other power and authority and has taken all corporate or other action necessary in order to
execute, deliver and perform this Agreement and to consummate the transactions contemplated hereby; and

 

(ii)            this
Agreement has been duly executed and delivered by it and constitutes, or will constitute, a valid and binding agreement of it enforceable
in accordance with the terms thereof.

 

Section 10.02.        Additional
Provisions. Sections 11.02 – 11.07 of the Separation Agreement are hereby incorporated into this Agreement mutatis mutandis.

 

Section 10.03.        Notices.
All notices or other communications under this Agreement shall be in writing and shall be deemed to be duly given (a) when delivered
in person, (b) on the date received, if sent by a nationally recognized delivery or courier service, (c) upon written confirmation
of receipt after transmittal by electronic mail or (d) upon the earlier of confirmed receipt or the fifth (5th) business
day following the date of mailing if sent by registered or certified mail, return receipt requested, postage prepaid and addressed as
follows:

 

If to Parent, to:

 

International Business Machines Corporation

One New Orchard Road

Armonk, NY 10504

Attn:     General Manager, Corporate
Development and Strategy

 

with a copy to:

 

Paul,
Weiss, Rifkind, Wharton & Garrison LLP
 1285 Avenue of the Americas
 New York, NY 10019-6064

	 	Attn:	Scott A. Barshay
	 	 	Steven J. Williams
	 	 	Laura C. Turano
	 	 	Jonathan Ashtor
	 	Email:	sbarshay@paulweiss.com
	 	 	swilliams@paulweiss.com
	 	 	lturano@paulweiss.com
	 	 	jashtor@paulweiss.com
	 	Facsimile: 212-492-0040

 

    11

     

    

 

If to SpinCo, to:

 

Kyndryl, Inc.

One Vanderbilt Avenue, 15th Floor

New
York, NY 10017

Attn:      Steve Kurlowecz, Chief IP Counsel

 

Either Party may, by notice to the other Party,
change the address and identity of the Person to which such notices and copies of such notices are to be given. Each Party agrees that
nothing in this Agreement shall affect the other Party’s right to serve process in any other manner permitted by Law (including
pursuant to the rules for foreign service of process authorized by the Hague Convention).

 

Section 10.04.       Third
Party Beneficiaries. Except as otherwise expressly set forth herein or as otherwise may be provided in the Separation Agreement with
respect to the rights of any Parent Indemnitee or SpinCo Indemnitee, in his, her or its respective capacities as such, (a) the provisions
of this Agreement are solely for the benefit of the Parties hereto and are not intended to confer upon any Person except the Parties hereto
any rights or remedies hereunder and (b) there are no Third Party beneficiaries of this Agreement and this Agreement shall not provide
any third person with any remedy, claim, liability, reimbursement, cause of action or other right in excess of those existing without
reference to this Agreement.

 

Section 10.05.       Import
and Export Control. Each Party will comply with all applicable export and import laws and associated embargo and economic sanction
regulations, including those of the United States, that prohibit or restrict the export, re-export, or transfer of products, technology,
services or data, directly or indirectly, to certain countries, or for certain end uses or end users.

 

Section 10.06.       Bankruptcy.
The Parties acknowledge and agree that all rights and licenses granted by the other under or pursuant to this Agreement are, and shall
otherwise be deemed to be, for purposes of Section 365(n) of the United States Bankruptcy Code, as amended (the “Bankruptcy
Code”), licenses of rights to “intellectual property” as defined under Section 101 of the Bankruptcy Code.
The Parties agree that, notwithstanding anything else in this Agreement, Parent and the members of the Parent Group and SpinCo and the
members of the SpinCo Group, as licensees of such Intellectual Property under this Agreement, shall retain and may fully exercise all
of its rights and elections under the Bankruptcy Code (including Parent’s and the Parent Group members’ and SpinCo’s
and the SpinCo Group members’ right to the continued enjoyment of the rights and licenses respectively granted under this Agreement).

 

Section 10.07.       Severability.
If any provision of this Agreement or the application thereof to any Person or circumstance is determined by a court or arbitrator of
competent jurisdiction to be invalid, void or unenforceable, the remaining provisions hereof, or the application of such provision to
Persons or circumstances, or in jurisdictions other than those as to which it has been held invalid or unenforceable, shall remain in
full force and effect and shall in no way be affected, impaired or invalidated thereby, so long as the economic or legal substance of
the transactions contemplated hereby is not affected in any manner materially adverse to either Party. Upon any such determination, any
such provision, to the extent determined to be invalid, void or unenforceable, shall be deemed replaced by a provision that such court
determines is valid and enforceable and that comes closest to expressing the intention of the invalid, void or unenforceable provision.

 

    12

     

    

 

Section 10.08.         Expenses.
Except as set forth on Schedule XXII to the Separation Agreement, as otherwise expressly provided in this Agreement or the Separation
Agreement, (i) all Third Party fees, costs and expenses incurred by either the Parent Group or the SpinCo Group in connection with
effecting the Spin-Off prior to or on the Distribution Date (but excluding, for the avoidance of doubt, any financing fees or interest
payable in respect of any indebtedness incurred by SpinCo in connection with the Spin-Off), will be borne and paid by Parent and (ii) all
Third Party fees, costs and expenses incurred by either the Parent Group or the SpinCo Group in connection with effecting the Spin-Off
following the Distribution Date, will be borne and paid by the Party incurring such fee, cost or expense. For the avoidance of doubt,
this Section 10.08 shall not affect each Party’s responsibility to indemnify Parent Liabilities or SpinCo Liabilities,
as applicable, arising from the transactions contemplated by the Distribution.

 

Section 10.09.         Headings.
The article, section and paragraph headings contained in this Agreement, including in the table of contents of this Agreement, are for
reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement.

 

Section 10.10.         Survival
of Covenants. Except as expressly set forth in this Agreement, the covenants in this Agreement and the Liabilities for the breach
of any obligations in this Agreement shall survive the Spin-Off and shall remain in full force and effect.

 

Section 10.11.         Waivers
of Default. No failure or delay of any Party (or the applicable member of its Group) in exercising any right or remedy under this
Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or
discontinuance of steps to enforce such right or power, or any course of conduct, preclude any other or further exercise thereof or the
exercise of any other right or power. Waiver by any Party of any default by the other Party of any provision of this Agreement shall not
be deemed a waiver by the waiving Party of any subsequent or other default.

 

Section 10.12.         Amendments.
No provisions of this Agreement shall be deemed waived, amended, supplemented or modified by any Party, unless such waiver, amendment,
supplement or modification is in writing and signed by the authorized representative of each Party.

 

    13

     

    

 

Section 10.13.        Interpretation.
Words in the singular shall be held to include the plural and vice versa and words of one gender shall be held to include the other
gender as the context requires. The terms “hereof,” “herein,” “herewith” and words of similar
import, unless otherwise stated, shall be construed to refer to this Agreement as a whole (including all of the Exhibits, Schedules
and Annexes hereto) and not to any particular provision of this Agreement. Article, Section, Schedule or Annex references are to the
articles, sections, schedules and annexes of or to this Agreement or the applicable Exhibit, unless otherwise specified. Any
capitalized terms used in any Exhibit, Schedule or Annex to this Agreement but not otherwise defined therein shall have the meaning
as defined in this Agreement. Any definition of or reference to any agreement, instrument or other document herein (including any
reference herein to this Agreement) shall, unless otherwise stated, be construed as referring to such agreement, instrument or other
document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments,
supplements or modifications set forth therein, including in Section 10.12 above). The word “including” and
words of similar import when used in this Agreement shall mean “including, without limitation,” unless the context
otherwise requires or unless otherwise specified. The word “or” shall not be exclusive. The word “extent” in
the phrase “to the extent” shall mean the degree to which a subject or other thing extends, and such phrase shall not
mean simply “if.” All references to “$” or dollar amounts are to the lawful currency of the United States of
America. References herein to any Law shall be deemed to refer to such law as amended, reenacted, supplemented or superseded in
whole or in part and in effect from time to time and also to all rules and regulations promulgated thereunder. In the event that an
ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the Parties,
and no presumption or burden of proof shall arise favoring or disfavoring either Party by virtue of the authorship of any provisions
hereof.

 

[SIGNATURE PAGES FOLLOW]

 

    14

     

    

 

IN WITNESS WHEREOF, the Parties have caused this
Intellectual Property Agreement to be executed by their duly authorized representatives.

 

	 	INTERNATIONAL BUSINESS MACHINES CORPORATION
	 	 
	 	 
	 	By:	/s/ Frank Sedlarcik
	 	 	Name: Frank Sedlarcik
	 	 	Title: Vice President, Assistant General Counsel and Secretary
	 	 
	 	KYNDRYL, INC.
	 	 
	 	 
	 	By:	/s/ Simon Beaumont
	 	 	Name: Simon Beaumont
	 	 	Title: President

 

[Signature Page to Intellectual Property Agreement]

 

    

     

    

 

 

EXHIBIT A

 

SOFTWARE AND DATABASE LICENSE TERMS

 

ARTICLE I

DEFINITIONS

 

Section 1.01.        Definitions.
The following terms shall have the following meanings and, unless stated otherwise, all references to “Section,” “Article”
or “Annex” herein shall be to such Section, Article or Annex of this Exhibit A.

 

“Assigned Databases”
means (i) the Databases set forth in Annex A and (ii) any other Databases owned by the Parent Group or the SpinCo Group
as of immediately prior to the Distribution that were solely developed in the conduct of, or acquired solely for use in, the SpinCo Business
at any time prior to the Distribution Date. For the avoidance of doubt, “Assigned Databases” shall not include any Third
Party Commercial Databases.

 

“Assigned Documentation”
means the Documentation (or portions thereof) owned by the Parent Group or the SpinCo Group as of immediately prior to the Distribution
and exclusively used in conjunction with the Assigned Software or the Assigned Databases, including the folders set forth in Annex
B.

 

“Assigned Restricted
Research Assets” has the meaning set forth in Annex J.

 

“Assigned Restricted
Software” has the meaning set forth in Annex J.

 

“Assigned Software” means (i) the
SpinCo Software Programs, (ii) the SpinCo Research Assets and (iii) any other Software owned by the Parent Group or the SpinCo
Group as of immediately prior to the Distribution that was solely developed in the conduct of, or acquired solely for use in, the SpinCo
Business at any time prior to the Distribution Date, in each case, excluding Common Code, Parent JDK, Parent JRE, Parent Commercial Programs,
or Internal Tools. A list containing registered Copyrights relating to the Assigned Software is set forth in Annex C. For the
avoidance of doubt, “Assigned Software” shall not include any Third Party Commercial Software or OSS.

 

“Assigned Unrestricted Research Assets”
means the SpinCo Research Assets that are identified in Annex H as “Unrestricted.”

 

“Code
Fragment” means a portion or portions of the Assigned Software that have been incorporated by the Parent Group or the
SpinCo Group, prior to the Distribution Date, into Software other than the Assigned Software and (i) do not constitute the primary
functionality of the Assigned Software and (ii) cannot, either separately or in aggregate, be used to reconstruct the Assigned Software.

 

“Commercial License
Agreement” means Parent’s standard license or support agreement for the Parent Commercial Programs.

 

    [Exhibit A – Software and Database License Terms]-1

     

    

 

“Common Code”
means any Software library, package or module that is used by or in conjunction with both (i) any Parent Software (other than such
library, package or module itself) and (ii) any Assigned Software, including the items set forth in Annex D. For the avoidance
of doubt, “Common Code” shall not include any Third Party Commercial Software, or OSS.

 

“Database”
means all databases, datasets, and collections and compilations of data, in any form or medium (including knowledge databases, customer
lists and customer databases).

 

“Database Rights”
means all Copyrights in Databases and any other statutory and common law rights in Databases under the laws of any jurisdiction, whether
registered or unregistered, and any applications for registration therefor.

 

“Derivative
Work” has the meaning ascribed to such term under the United States Copyright statute, 17 USC sec. 101.

 

“Documentation”
means the tangible and electronic documentary materials, including marketing materials, used in conjunction with any Software or Database.

 

“End User”
means an entity that uses a product or service for its own productive use or solely for its internal purposes and which does not remarket,
sell, license, or lease the product or service to other Persons.

 

“Internal
Tools” means any Software program that is (i) used to build, test, or develop both (x) any Parent Software
(other such program itself) and (y) any Assigned Software or (ii) used internally in the conduct of the businesses of both
the Parent Group and the SpinCo Group, in each case (i) and (ii), including the items set forth in Annex E. For the avoidance
of doubt, “Internal Tools” shall not include any Third Party Commercial Software, or OSS.

 

“Licensed
Databases” means the Parent Databases used in the SpinCo Business. For the avoidance of doubt, “Licensed Databases”
shall not include any Third Party Commercial Databases.

 

“Licensed Documentation”
means any Documentation owned by the Parent Group or the SpinCo Group as of immediately prior to the Distribution that is used in the
SpinCo Business, other than the Assigned Documentation.

 

“Object Code” means computer
programming code, substantially or entirely in binary form, which is intended to be directly executable by a computer after suitable
processing but without the intervening steps of compilation or assembly, including byte code. For computer software written in non-compiled
or scripting languages, such as JavaScript, the Object Code includes those files in the form in which they are distributed to End Users
under a Commercial License Agreement.

 

“Open Source Software”
or “OSS” means any Software of which: (i) the Source Code is available to the public for inspection and use by
others and (ii) the terms and conditions of the applicable license agreement permit recipients of the program freely (and without
the subsequent payment of any fee or royalty) to copy, modify and distribute the program’s Source Code.

 

    [Exhibit A – Software and Database License Terms]-2

     

    

 

“Other Licensed Software”
means the non-commercial Parent Software used in the SpinCo Business, other than any Common Code, Parent JDK, Parent JRE, Parent Commercial
Programs, or Internal Tools. For the avoidance of doubt, “Other Licensed Software” shall not include any Third Party Commercial
Software or OSS.

 

“Parent Commercial
Programs” means any commercially available Software developed, marketed, offered or supported by the Parent Group at any time
prior to the Distribution, including the items set forth in Annex F.

 

“Parent Databases”
means all Databases owned by the Parent Group or the SpinCo Group as of immediately prior to the Distribution Date, other than the Assigned
Databases.

 

“Parent JDK”
means Parent’s versions of the Java Development Kit derived from code originally provided by Sun Microsystems or Oracle America, Inc.,
which have been, as of the Distribution Date, used in the development of the Assigned Software.

 

“Parent JRE”
means Parent’s versions of the Java Runtime Environment derived from code originally provided by Sun Microsystems or Oracle America, Inc.,
which have been, as of the Distribution Date, used in conjunction with the Assigned Software.

 

“Parent Licensed Materials” means
the Common Code, Other Licensed Software, Internal Tools, Licensed Databases and Licensed Documentation.

 

“Parent Software”
means all Software owned by the Parent Group or the SpinCo Group as of immediately prior to the Distribution Date, other than the Assigned
Software.

 

“PCP Requirements”
has the meaning set forth in Section 4.04(a).

 

“Software”
means any set of instructions that controls the operation of a computer or similar electronic device, including firmware embedded in
hardware devices, code (including Source Code and Object Code), programs, operating systems, subroutines, and interfaces, including APIs,
protocols and algorithm. For the avoidance of doubt, “Software” shall not include Databases or Documentation.

 

“Source Code” means computer
programming code other than Object Code and includes code that may be displayed in a form readable and understandable by a programmer
of ordinary skill, including any related code level system documentation, comments and procedural code, such as job control language.

 

“SpinCo Commercial Programs”
means the commercially available SpinCo Software Programs identified in Annex G.

 

“SpinCo Licensed Materials” means
the Assigned Software, including any Code Fragments therein, Assigned Documentation and Assigned Databases.

 

“SpinCo Research Assets” means
the Software identified in Annex H.

 

“SpinCo Software Programs”
means the Software identified in Annex I.

 

    [Exhibit A – Software and Database License Terms]-3

     

    

 

“Third Party Commercial Database”
means any Database licensed to the Parent Group or the SpinCo Group by a Third Party as of immediately prior to the Distribution and
used in the SpinCo Business.

 

“Third Party Commercial Software”
means the Software to which any Third Party owns Intellectual Property rights, excluding OSS. Third Party Commercial Software also includes
documents or logos (collectively, when used in regards to Third Party Commercial Software, “materials”) to which one or more
Third Parties own the Intellectual Property rights.

 

ARTICLE II

LICENSES FROM PARENT TO SPINCO

 

Section 2.01.        Licenses
to SpinCo Group. Subject to the other terms and conditions of this Agreement, Parent, on behalf of itself and the Parent Group, hereby
grants to SpinCo and the members of the SpinCo Group, in each case solely within the SpinCo Field of Use:

 

(a)         Common
Code and Other Licensed Software. Under the Parent Group’s Copyrights, a perpetual, irrevocable, sublicensable (subject to Section 2.02),
worldwide, non-exclusive, royalty-free, fully paid-up right and license to use, copy, reproduce, modify, display, perform,
distribute, translate into any language or form, combine with other Software or hardware, transmit, and prepare and distribute
Derivative Works of the Common Code and the Other Licensed Software, in each case, solely as and to the extent such Common Code or
such Other Licensed Software is used by the SpinCo Group in the SpinCo Field of Use; provided, however, that with
respect to Common Code or Other Licensed Software for which the SpinCo Group is granted access to or possession of Object Code only, (i) the foregoing license shall not include any rights to modify, or prepare or distribute Derivative Works of, any
Source Code of such Common Code or such Other Licensed Software and (ii) such Common Code and such Other Licensed Software
shall not be distributed independently of the Assigned Software by or in conjunction with which it is used;

 

(b)         Internal
Tools. Under the Parent Group’s Copyrights, a perpetual, irrevocable, sublicensable (subject to Section 2.02),
worldwide, non-exclusive, royalty-free, fully paid-up right and license to:

 

(i)            with
respect to the Internal Tools for which the SpinCo Group is granted access to or possession of Source Code, use, copy, reproduce, modify, display, perform, distribute, translate into any language or form, combine
with other Software or hardware, transmit, and prepare and distribute Derivative Works of such Internal Tools in each case, solely as
and to the extent such Internal Tools are used by the SpinCo Group in the SpinCo Field of Use, and

 

(ii)           with
respect to all other Internal Tools, use, internally, reproduce, perform and display such Internal Tools in Object Code form only, (x) for
the purpose of further building, testing and developing the Assigned Software or any other Software developed by the SpinCo Group after
the Distribution within the SpinCo Field of Use or (y) for internal use by the SpinCo Group in the SpinCo Field of Use, in each
case as applicable for such Internal Tool and without the right to prepare or distribute Derivative Works of such Internal Tool.

 

    [Exhibit A – Software and Database License Terms]-4

     

    

 

(c)         Licensed
Databases. Under the Parent Group’s Database Rights, a perpetual, irrevocable, sublicensable (subject to Section 2.02),
worldwide, non-exclusive, royalty-free, fully paid-up right and license to (i) use, copy, reproduce, modify, display, perform, distribute,
translate into any language or form, combine with Software or hardware, transmit, and prepare and distribute Derivative Works of the
Licensed Databases, solely as and to the extent such Licensed Databases are used by the SpinCo Group in the SpinCo Field of Use and (ii) extract
data from the Licensed Databases and to re-utilize such data, solely as and to the extent such data is used by the SpinCo Group in the
SpinCo Field of Use; and

 

(d)         Licensed
Documentation. Under the Parent Group’s Copyrights, a perpetual, irrevocable, sublicensable (subject to Section 2.02),
worldwide, non-exclusive, royalty-free, fully paid-up right and license to use, reproduce, distribute, perform, display, and prepare
and distribute Derivative Works of the Licensed Documentation, solely as and to the extent such Licensed Documentation is used by the
SpinCo Group in the SpinCo Field of Use; provided, however, that the Licensed Documentation associated with the Assigned
Software or Assigned Databases, or any Derivative Works thereof shall not be used or distributed independently of products, services
or releases that incorporate the Assigned Software, Assigned Databases or such Derivative Works thereof.

 

Section 2.02.          Sublicensing.
The licenses granted in Section 2.01 to the SpinCo Group include the right to grant sublicenses within the scope of such
licenses only to members of the SpinCo Group, and, without any further right to sublicense (except as necessary to provide products and
services to customers of the SpinCo Group within the SpinCo Field of Use, solely for the benefit of such customers), to their respective
(i) contractors, distributors, manufacturers, resellers, and other service providers, in each case solely within the SpinCo Field
of Use and (ii) End Users and customers, in each case solely in connection with the use of products and services within the SpinCo
Field of Use or otherwise as necessary to provide products and services to customers of the SpinCo Business within the SpinCo Field of
Use, for the benefit of such customers; provided, however, that the SpinCo Group may only sublicense such rights pursuant
to terms and conditions as protective as those under which it licenses its own Software or Databases of a similar nature and value, and
in any event terms and conditions that provide for commercially reasonable protection for the Source Code, structure and other confidential
and proprietary elements of the Parent Licensed Materials. SpinCo shall cause all members of the SpinCo Group to comply with the terms
set forth in this Section 2.02. The SpinCo Group shall remain liable for any breach or default of the applicable terms and
conditions of this Exhibit A by any of its sublicensees.

 

Section 2.03.          License
Restrictions. The licenses granted in Section 2.01 are subject to the following additional restrictions:

 

(a)            the
SpinCo Group shall make no representations or warranties about or on behalf of the Parent Group;

 

(b)            distribution
and providing End Users access to SpinCo Group products or services shall comply with all applicable Laws, including those related to
privacy, export and import, including those of the United States and those that prohibit or restrict distributions for certain end uses
or End Users;

 

    [Exhibit A – Software and Database License Terms]-5

     

    

 

(c)           the
SpinCo Group shall not perform any actions with regard to the Parent Licensed Materials that could require the Source Code of the Parent
Licensed Materials to be licensed under any OSS license or be disclosed to any Third Party;

 

(d)            for
any component of the Parent Licensed Materials that is provided or licensed in Object Code, the SpinCo Group shall not, and shall not
allow any Third Party to, reverse assemble, reverse compile, decompile, translate, or otherwise attempt to discover the Source Code of
such component, except as permitted by Law, without the possibility of contractual waiver and shall include such requirements in all
downstream licenses;

 

(e)          notwithstanding
any other provision of this Agreement to the contrary, the SpinCo Group shall maintain the Parent copyright notice and all other Parent
Group proprietary notices (if any) as provided in the Parent Licensed Materials;

 

(f)            all
distributions of SpinCo Group products or services incorporating Common Code, Other Licensed Software, Licensed Databases or Licensed
Documentation, or access thereto by End Users, as the case may be, shall be under a written license agreement that will include the provisions
set out below or their legal equivalent. For SpinCo’s reference, the phrase “the third party” in subsections (i) –
(ix) below, refers to Parent (or another member of the Parent Group, as applicable), although the SpinCo Group shall use the phrase
 “the third party” and not identify any member of the Parent Group:

 

(i)            the
product or service contains materials licensed from a third party, and SpinCo or customer has assumed responsibility for these materials
and their use in the product or service;

 

(ii)           the
third party Software, Database, or Documentation in the product or service is licensed, and not sold, and neither the third party nor
SpinCo passes any title to such Software, Database, or Documentation;

 

(iii)          the
End User is prohibited from copying any part or portion of the third party Software, Database, or Documentation or from preparing any
Derivative Work thereof, or otherwise modifying the third party Software, Database, or Documentation;

 

(iv)         the
End User may not assign, sublicense, distribute, lease, rent, or otherwise transfer the third party Software, Database or Documentation;

 

(v)          the
End User may neither distribute the product or service nor offer the product or service as a cloud service or software-as-a-service;

 

(vi)         the
End User is prohibited from reverse assembling, reverse compiling, translating or otherwise trying to discover the Source Code form of
any Software provided in Object Code form, except as permitted by the national or regional law of the places where the End User does
business (without the opportunity for contractual waiver), and then only with respect to the particular copy of Object Code incorporated
into that particular product or service;

 

    [Exhibit A – Software and Database License Terms]-6

     

    

 

(vii)        warranties,
including any implied warranties, are provided solely by SpinCo and not by the third party;

 

(viii)       in
such written license agreements, SpinCo will include a provision limiting liability and terms excluding all consequential damages effective
to limit the Parent Group’s liability, and an audit provision sufficient to enable SpinCo to fulfill its obligations under this
Agreement; and

 

(ix)          in
such written license agreements, SpinCo will also include the following statement, or other legally sufficient and wholly comparable
terms: “The limitation of liabilities described in this agreement also applies to the third party supplier. Such third party supplier
is an intended beneficiary of this agreement, and any rights of indemnification also apply to any third party supplier described in this
agreement. A list of such third party beneficiaries will be provided on written request”;

 

(g)            Any
action that breaches Section 2.01, Section 2.02 or this Section 2.03 is beyond the scope of the licenses
granted in this Agreement. Any distribution of Common Code, Other Licensed Software, Licensed Databases or Licensed Documentation permitted
under Section 2.01 may be through multiple tiers of distribution in the SpinCo Group’s channel; and

 

(h)            SpinCo
shall cause all members of the SpinCo Group to comply with each of the restrictions set forth in this Section 2.03.

 

Section 2.04.          Suspension
of Licenses to Parent Licensed Materials. The licenses to the Parent Licensed Materials granted hereunder are irrevocable, even in
the event of a material breach; provided, however, that any such license may be suspended by the Parent Group only in the
event of a material breach thereof, including unauthorized use or distribution, by any SpinCo Group member that remains uncured for thirty
(30) days following SpinCo’s receipt of written notice from a member of the Parent Group specifying such breach. Upon suspension
of the SpinCo Group’s licenses, the SpinCo Group shall immediately cease all use of the specific Parent Licensed Materials that
are the subject of such material breach until such material breach or unauthorized use or distribution by the SpinCo Group is cured and
SpinCo certifies to Parent in writing as to such cure.

 

Section 2.05.         Reservation
of Rights. Parent Licensed Materials are licensed and not sold, and nothing in this Agreement grants the SpinCo Group any ownership
right, title, or interest in or to the Parent Licensed Materials. The SpinCo Group shall use the Parent Licensed Materials only for the
purposes expressly permitted by this Agreement.

 

    [Exhibit A – Software and Database License Terms]-7

     

    

 

ARTICLE III

LICENSES FROM SPINCO TO PARENT

 

Section 3.01.         Licenses
to Parent Group. Notwithstanding the provisions of Section 2.01, SpinCo, on behalf of itself and the SpinCo Group, hereby
grants to Parent and the other members of the Parent Group, in each case solely within the Parent Field of Use:

 

(a)            Assigned
Software. Under the SpinCo Group’s Copyrights, a perpetual, irrevocable, sublicensable (subject to Section 3.04),
worldwide, non-exclusive, royalty-free, fully paid-up right and license to use, copy, reproduce, modify, display, perform, distribute,
translate into any language or form, combine with other Software or hardware, transmit, and prepare and distribute Derivative Works of
the Assigned Software (other than Assigned Unrestricted Research Assets) solely as and to the extent such Assigned Software is used by
the Parent Group in the Parent Field of Use; provided, however, that with respect to Assigned Software (other than Assigned
Unrestricted Research Assets) for which the Parent Group is granted access to or possession of Object
Code only, the foregoing license shall not include any rights to modify, or prepare or distribute Derivative Works of, any Source
Code of such Assigned Software;

 

(b)          Assigned
Databases. Under the SpinCo Group’s Database Rights, a perpetual, irrevocable, sublicensable (subject to Section 3.04),
worldwide, non-exclusive, royalty-free, fully paid-up right and license to (i) use, copy, reproduce, modify, display, perform, distribute,
translate into any language or form, combine with Software or hardware, transmit, and prepare and distribute Derivative Works of the
Assigned Databases, solely as and to the extent such Assigned Databases are used by the Parent Group in the Parent Field of Use and (ii) extract
data from the Assigned Databases and to re-utilize such data, solely as and to the extent such data is used by the Parent Group in the
Parent Field of Use; and

 

(c)          Assigned
Documentation. Under the SpinCo Group’s Copyrights, a perpetual, irrevocable, sublicensable (subject to Section 3.04),
worldwide, non-exclusive, royalty-free, fully paid-up right and license to use, reproduce, distribute, perform, display, and prepare
and distribute Derivative Works of the Assigned Documentation solely as and to the extent such Assigned Documentation is used by the
Parent Group in the Parent Field of Use.

 

Section 3.02.          Assigned
Unrestricted Research Assets. Notwithstanding the provisions of Section 2.01, SpinCo, on behalf of itself and the SpinCo
Group, hereby grants to Parent and the other members of the Parent Group, under the SpinCo Group’s Copyrights, a perpetual, irrevocable,
freely sublicensable (through multiple tiers of sublicenses), freely transferable in whole or in part (notwithstanding Article VIII
of the Agreement), worldwide, non-exclusive, royalty-free, fully paid-up right and license to use, copy, reproduce, modify, display,
perform, distribute, translate into any language or form, combine with other Software or hardware, transmit, and prepare and distribute
Derivative Works of the Assigned Unrestricted Research Assets.

 

Section 3.03.          Code
Fragments. Notwithstanding the provisions of Section 2.01 and without limiting Section 3.01, SpinCo, on behalf
of itself and the SpinCo Group, hereby grants to Parent and the other members of the Parent Group, under the SpinCo Group’s Copyrights,
a perpetual, irrevocable, freely sublicensable (through multiple tiers of sublicenses), freely transferable in whole or in part (notwithstanding
Article VIII of the Agreement), worldwide, non-exclusive, royalty-free, fully paid-up right and license to use, copy, reproduce,
modify, display, perform, distribute, translate into any language or form, combine with other Software or hardware, transmit, and prepare
and distribute Derivative Works of any Code Fragments.

 

    [Exhibit A – Software and Database License Terms]-8

     

    

 

Section 3.04.          Sublicensing.
The rights and licenses set forth in Section 3.01 include the right to grant sublicenses within the scope of such rights
and licenses only to members of the Parent Group, and, without any further right to sublicense (except as necessary to provide products
and services to customers of the Parent Group within the Parent Field of Use, solely for the benefit of such customers), to their respective
(i) contractors, distributors, manufacturers, resellers, and other service providers, in each case solely within the Parent Field
of Use, and (ii) End Users and customers, in each case solely in connection with the use of products and services within the Parent
Field of Use or otherwise as necessary to provide products and services to customers of the Parent Business within the Parent Field of
Use, for the benefit of such customers; provided, however, that the Parent Group may only sublicense such rights pursuant
to terms and conditions as protective as those under which it licenses its own Software of a similar nature and value, and in any event
terms and conditions that provide for commercially reasonable protection for the Source Code, structure and other confidential and proprietary
elements of the Assigned Software and Assigned Documentation. Parent shall cause all members of the Parent Group to comply with the terms
set forth in this Section 3.04. The Parent Group shall remain liable for any breach or default of the applicable terms and
conditions of this Agreement by any of its sublicensees.

 

Section 3.05.          License
Restrictions. The licenses granted in Section 3.01 are subject to the following additional restrictions:

 

(a)            the
Parent Group shall make no representations or warranties about or on behalf of the SpinCo Group;

 

(b)            distribution
and providing End Users access to Parent Group products or services shall comply with all applicable Laws, including privacy, export
and import Laws, including those of the United States and those that prohibit or restrict distributions for certain end uses or End Users;

 

(c)            the
Parent Group shall not perform any actions with regard to the SpinCo Licensed Materials that could require the Source Code of the SpinCo
Licensed Materials to be licensed under any OSS license or be disclosed to any Third Party;

 

(d)            for
any component of the SpinCo Licensed Materials that is provided or licensed in Object Code, the Parent Group shall not, and shall not
allow any Third Party to, reverse assemble, reverse compile, decompile, translate, or otherwise attempt to discover the Source Code of
such component, except as permitted by Law, without the possibility of contractual waiver and shall include such requirements in all
downstream licenses;

 

(e)          notwithstanding
any other provision of this Agreement to the contrary, the Parent Group shall maintain the SpinCo copyright notice and all other SpinCo
Group proprietary notices (if any) as provided in the SpinCo Licensed Materials;

 

(f)            all
distributions of Parent Group products or services incorporating Assigned Software, Assigned Databases or Assigned Documentation, or
access thereto by End Users, as the case may be, shall be under a written license agreement that will include the provisions set out
below or their legal equivalent. For Parent’s reference, the phrase “the third party” in subsections (i) –
(ix) below, refers to SpinCo (or another member of the SpinCo Group, as applicable), although the Parent Group shall use the phrase
 “the third party” and not identify any member of the SpinCo Group:

 

    [Exhibit A – Software and Database License Terms]-9

     

    

 

(i)            the
product or service contains materials licensed from a third party, and Parent or customer has assumed responsibility for these materials
and their use in the product or service;

 

(ii)           the
third party Software, Database or Documentation in the product or service is licensed, and not sold, and neither the third party nor
Parent passes any title to such Software, Database or Documentation;

 

(iii)          the
End User is prohibited from copying any part or portion of the third party Software, Database or Documentation, from preparing any Derivative
Work thereof, or otherwise modifying the third party Software, Database or Documentation;

 

(iv)         the
End User may not assign, sublicense, distribute, lease, rent, or otherwise transfer the third party Software, Database or Documentation;

 

(v)          the
End User may neither distribute the product or service nor offer the product or service as a cloud service or software-as-a-service;

 

(vi)         the
End User is prohibited from reverse assembling, reverse compiling, translating or otherwise trying to discover the Source Code form of
any Software provided in Object Code form, except as permitted by the national or regional law of the places where the End User does
business (without the opportunity for contractual waiver), and then only with respect to the particular copy of Object Code incorporated
into that particular product or service;

 

(vii)        warranties,
including any implied warranties, are provided solely by Parent and not by the third party;

 

(viii)       in
such written license agreements, Parent will include a provision limiting liability and terms excluding all consequential damages effective
to limit the SpinCo Group’s liability, and an audit provision sufficient to enable Parent to fulfill its obligations under this
Agreement; and

 

(ix)          in
such written license agreements, Parent will also include the following statement, or other legally sufficient and wholly comparable
terms: “The limitation of liabilities described in this agreement also applies to the third party supplier. Such third party supplier
is an intended beneficiary of this agreement, and any rights of indemnification also apply to any third party supplier described in this
agreement. A list of such third party beneficiaries will be provided on written request”;

 

(g)            The
Parties acknowledge and agree that certain provisions with respect to the Assigned Restricted Software and Assigned Restricted Research
Assets are set forth in Annex J hereto.

 

(h)            Any
action that breaches Section 3.01, Section 3.04 or this Section 3.05 is beyond the scope of the licenses
granted in this Agreement. Any distribution of Assigned Software, Assigned Databases, or Assigned Documentation permitted under Section 3.01
may be through multiple tiers of distribution in the Parent Group’s channel; and

 

    [Exhibit A – Software and Database License Terms]-10

     

    

 

(i)            Parent
shall cause all members of the Parent Group to comply with each of the restrictions set forth in this Section 3.05.

 

Section 3.06.          Suspension
of Licenses to SpinCo Licensed Materials. The licenses to the SpinCo Licensed Materials granted hereunder are irrevocable, even in
the event of a material breach; provided, however, that any such license may be suspended by the SpinCo Group only in the
event of a material breach thereof, including unauthorized use or distribution, by any Parent Group member that remains uncured for thirty
(30) days following Parent’s receipt of written notice from a member of the SpinCo Group specifying such breach. Upon suspension
of the Parent Group’s licenses, the Parent Group shall immediately cease all use of the specific SpinCo Licensed Materials that
are the subject of the material breach until such material breach or unauthorized use or distribution by the Parent Group is cured and
Parent certifies to SpinCo in writing as to such cure.

 

Section 3.07.         Reservation
of Rights. SpinCo Licensed Materials are licensed and not sold, and nothing in this Agreement grants the Parent Group any ownership
right, title, or interest in or to the SpinCo Licensed Materials. The Parent Group shall use the SpinCo Licensed Materials only for the
purposes expressly permitted by this Agreement.

 

ARTICLE IV

ADDITIONAL SOFTWARE AND DATABASE RELATED MATTERS

 

Section 4.01.         Open
Source Software. With regard to any OSS that is contained within or used in conjunction with the Assigned Software, SpinCo (on behalf
of itself and each other member of the SpinCo Group) acknowledges that the SpinCo Group’s rights with respect to OSS shall be governed
by the respective license associated with each such OSS program. Parent will have no obligations whatsoever to the SpinCo Group with
respect to the OSS contained within or used in conjunction with the Assigned Software pertaining to its usage after the Distribution
Date.

 

Section 4.02.        Parent
JDK/Parent JRE. Parent JDK and Parent JRE or any licenses thereto are not being assigned or licensed to the SpinCo Group under this
Agreement. Any licenses to the Parent JDK and Parent JRE that may be provided, as applicable, will be specified in a separate Parent
Java OEM Agreement and Parent Java OEM Transaction Document, as applicable.

 

    [Exhibit A – Software and Database License Terms]-11

     

    

 

Section 4.03.        Third
Party Commercial Software and Third Party Commercial Databases. SpinCo (on behalf of itself and each other member of the SpinCo Group)
acknowledges that the Assigned Software, Assigned Databases, and computer hardware or servers within the SpinCo Assets being provided
to the SpinCo Group, may include various Software packages, Databases and materials, including Third Party Commercial Software and Third
Party Commercial Databases. No license rights to any Third Party Commercial Software or Third Party Commercial Databases are being assigned
or licensed to the SpinCo Group under this Agreement. Subject to the terms and conditions of the TSA, as applicable: (i) SpinCo
is solely responsible for, and shall without delay obtain and maintain, its own licenses to such Third Party Commercial Software or such
Third Party Commercial Databases, (ii) time is of the essence in regard to SpinCo’s obligations to obtain its own licenses
and (iii) the SpinCo Group shall not make any use of such Third Party Commercial Software or Third Party Commercial Databases prior
to obtaining licenses thereto.

 

Section 4.04.          Parent
Commercial Programs.

 

(a)           SpinCo
(on behalf of itself and each other member of the SpinCo Group) acknowledges that the Assigned Software, or computer hardware or servers
within the SpinCo Assets, may include or require various Parent Commercial Programs. No license rights to any Parent Commercial Programs
are being assigned or licensed to the SpinCo Group under this Agreement. Subject to the terms and conditions of the TSA, as applicable:
(i) SpinCo is solely responsible for, and shall without delay obtain and maintain, its own licenses to such Parent Commercial Programs,
(ii) time is of the essence in regard to SpinCo’s obligations to obtain its own licenses and (iii) the SpinCo Group shall
not make any use of such Parent Commercial Programs prior to obtaining licenses thereto (the “PCP Requirements”).
Following the Distribution Date, in the event that Parent reasonably believes that the SpinCo Group is violating the PCP Requirements
existing as of the Distribution Date, Parent shall promptly notify SpinCo thereof, identifying the relevant PCP Requirement and specifying
reasonable details of such violation, and the Parties shall engage in the following procedures:

 

(i)            Within
thirty (30) days following such notice to SpinCo, each Party shall promptly nominate a senior executive with experience in the relevant
business or product line to investigate the matter, and the senior executives shall meet and confer (telephonically or in person) regarding
such alleged violation. Within thirty (30) days following such meeting, SpinCo Group’s senior executive shall conduct an investigation
of the matter to determine whether there is any ongoing use of such Parent Commercial Program, without a commercial license from the
Parent Group.

 

(ii)           Promptly
following completion of such investigation, the SpinCo Group’s senior executive shall report the findings thereof to the Parent
Group’s senior executive. If the senior executives mutually agree that the SpinCo Group is using such Parent Commercial Program
without a commercial license, Parent will offer the SpinCo Group a commercial license on reasonable terms for the SpinCo Group’s
continued use of the applicable Parent Commercial Program. The SpinCo Group shall have the option, in its sole discretion, to either
(i) reasonably negotiate and enter into a commercial license for the applicable Parent Commercial Program or (ii) wind down
and cease use of such Parent Commercial Program in a reasonable period of time, as agreed by the senior executives in good faith.

 

(iii)          In
the event the senior executives are unable to resolve the matter as set forth in the foregoing clause (ii), the matter shall be escalated
to the general managers of such senior executives, who shall promptly attempt to resolve the matter. If such general managers are unable
to resolve the matter within thirty (30) days of such escalation, either Party may submit the matter to the dispute resolution process
in Section 10.02 of the Agreement.

 

    [Exhibit A – Software and Database License Terms]-12

     

    

 

(iv)         Notwithstanding
anything to the contrary in this Agreement, the Parties acknowledge and agree that no violation of the PCP Requirements shall constitute
a breach of this Agreement or give rise to any liability of the SpinCo Group, without limiting the SpinCo Group’s obligation to
enter into a commercial license or wind down and cease such use of the Parent Commercial Programs to the extent required by this Section 4.04(a).

 

    [Exhibit A – Software and Database License Terms]-13Exhibit 10.5

 

EXECUTION VERSION

 

REAL ESTATE MATTERS AGREEMENT

 

This REAL ESTATE MATTERS
AGREEMENT (this “Agreement”) is entered into on November 2, 2021, by and between International Business Machines Corporation,
a New York corporation (“Parent”), and Kyndryl Holdings, Inc., a Delaware corporation (“SpinCo”).

 

R E C I T A L S:

 

WHEREAS, in accordance with
that certain Separation and Distribution Agreement dated as of November 2, 2021, by and between Parent and SpinCo (the “Separation
Agreement”), the Parent Group has transferred or conveyed or will transfer or convey to the SpinCo Group, certain assets related
to the SpinCo Business;

 

WHEREAS, in accordance with
the Separation Agreement, the SpinCo Group has transferred or conveyed or will transfer or convey to the Parent Group certain assets
related to the Parent Business; and

 

WHEREAS, the parties desire
to set forth certain agreements regarding the transfer of real estate assets and other real estate matters pertaining to the SpinCo Business
and the Parent Business.

 

NOW, THEREFORE, in consideration
of the foregoing, the covenants and agreements set forth below and other good and valuable consideration, the sufficiency of which is
hereby acknowledged, the parties hereto agree as follows:

 

ARTICLE I

DEFINITIONS

 

Section 1.1     Definitions.
The following terms, as used herein, shall have the meanings stated below. Capitalized terms used herein and not otherwise defined herein
shall have the meanings ascribed to such terms in the Separation Agreement.

 

(a)          “Actual
Completion Date” means, with respect to each Parent Property and each SpinCo Property, the date upon which completion of the
transfer, assignment, lease, sublease and/or replacement leases with respect to that Property actually takes place.

 

(b)            “Allocation
Principle” means the principle that: (1) any Property that is Majority Occupied by one party will be allocated in full
to such party; and (2) the other party (the “Minority Occupant”) is generally expected to relocate (either to
a different Property or elsewhere) to enable consolidation of operations by the parties, but in no event shall the Minority Occupant
be required to vacate earlier than the expiration date of any applicable lease or sublease entered into pursuant to this Agreement unless
such action is agreed upon in the manner set forth in Section 2.13; it being understood that for substantially all of the
Sublease Properties, the Minority Occupant will sublease a portion of such Property for the duration of the underlying lease.

 

(c)            “Casualty”
has the meaning ascribed to such term in Section 2.15(a).

 

    	 		 

     

    

 

(d)            “Colocation
Sites Schedule” means Schedule 2 attached hereto, as updated from time to time prior to the Real Estate Separation Date
pursuant to Section 2.19.

 

(e)            “Damaged
Property” has the meaning ascribed to such term in Section 2.15(a).

 

(f)            “Excluded
Personal Property” means that certain equipment, office equipment, trade fixtures, furniture and any other personal property
located at each Property which is scheduled as excluded personal property under any lease and/or sublease entered into between Parent
and SpinCo.

 

(g)            “Landlord”
means the third-party landlord or sublandlord under a Parent Lease or SpinCo Lease, and its successors and assigns, and includes the
holder of any other interest that is superior to the interest of the landlord or sublandlord under such Parent Lease or SpinCo Lease.

 

(h)          “Lease
Assignment Form” means the form of lease assignment attached to this Agreement as Exhibit 1, subject to commercially
reasonable changes necessary to reflect Property-specific provisions negotiated in good faith by the parties and to conform to requirements
of the jurisdiction in which the applicable Property is located in accordance with Article III hereof.

 

(i)            “Lease
Consents” means, as applicable (i) all consents or waivers required from the Landlord or other third parties under the
Required Consent Leases to assign the Required Consent Leases to SpinCo or Parent, as applicable, or to sublease the Sublease Properties
to SpinCo or Parent, as applicable, or to lease or sublease the Leaseback Properties to SpinCo or Parent, as applicable, and (ii) all
consents or waivers required from the Landlord or other third parties under Pre-Split Leases and all agreements with the Landlord or
other third parties with respect to the Pre-Split Leases to terminate the Pre-Split Leases and to enter into the Split Leases with SpinCo
or Parent, as applicable, including, for the avoidance of doubt, any consents or waivers required to permit the Distribution or Merger.

 

(j)            “Lease”
means a Parent Lease or a Spinco Lease, as the case may be.

 

(k)           “Lease
Form” means the form of lease attached hereto as Exhibit 3, subject to commercially reasonable changes necessary
to reflect Property-specific provisions negotiated in good faith by the parties and to conform to requirements of the jurisdiction in
which the applicable Property is located in accordance with Article III hereof.

 

(l)            “Leaseback
Properties” means collectively, the SpinCo Leaseback Properties and the Parent Leaseback Properties.

 

(m)           “Leased
Properties” means collectively, the Parent Leased Properties and the SpinCo Leased Properties.

 

(n)           “Majority
Occupied” means as of the date of Real Estate Separation Date, without taking into account temporary remote working requirements
related to the COVID-19 pandemic either (i) maintaining operations on more than 50% of the usable square footage of a particular
Property, or (ii) employing more than 50% of the employees and contractors, taken as a whole, at such Property; whichever method
is more commercially reasonable in determining the proper allocation of the Property as reasonably determined by the parties in good
faith.

 

    	 	2	 

     

    

 

(o)            “Minority
Occupant” has the meaning ascribed to such term in the definition of the term “Allocation Principle.”

 

(p)            “New
Lease Properties” means collectively, the SpinCo New Lease Properties and the Parent New Lease Properties.

 

(q)            “Notice
Date” has the meaning ascribed to such term in Section 2.13(c).

 

(r)            “Owned
and Leased Properties Schedule” means Schedule 1 attached hereto, as updated from time to time prior to the Real Estate
Separation Date pursuant to Section 2.19.

 

(s)            “Parent
Lease” means, in relation to each Parent Property, the lease(s) or sublease(s) and any related supplemental agreements
under which Parent or its applicable Subsidiary leases such Parent Leased Property from a Landlord prior to the Real Estate Separation
Date.

 

(t)            “Parent
Leaseback Properties” means each of (a) those Parent Owned Properties identified as “Parent Owned Properties”
and identified as “Leaseback Properties” on the Owned and Leased Properties Schedule, with respect to part of which SpinCo
has leased or shall lease back to Parent and (b) those Parent Leased Properties identified as “Parent Leased Properties”
and identified as “Leaseback Properties” on the Owned and Leased Properties Schedule, with respect to part of which SpinCo
is to sublease back or has subleased back to Parent. Parent Leaseback Properties are to be transferred through deed transfer or lease
assignment (as applicable) by Parent (or its Subsidiaries) to SpinCo (or its Subsidiaries) and a portion of which will then be leased
or subleased (as applicable) back to Parent (or its Subsidiaries) prior to or as of the Real Estate Separation Date.

 

(u)            “Parent
Leased Properties” means those Properties identified as “Parent Leased Properties” on the Owned and Leased Properties
Schedule, which Properties are or were leased by Parent pursuant to a lease with a Landlord and will be or have been, in accordance with
this Agreement (i) transferred by lease assignment from Parent (or its Subsidiaries) to SpinCo (or its Subsidiaries) or (ii) terminated
and for which SpinCo (or its Subsidiaries) have entered or will enter into a new lease with such third-party for Property, in each case
prior to or as of the Real Estate Separation Date subject to obtaining the necessary Lease Consent.

 

(v)            “Parent
New Lease Properties” means those Properties identified as “Parent New Lease Properties” on the Colocation Sites
Schedule, which Properties are owned by Parent (or its Subsidiaries) in fee and a portion of which will be or has been leased to SpinCo
(or its Subsidiaries) prior to or as of the Real Estate Separation Date.

 

(w)            “Parent
Owned Properties” means those Properties identified as “Parent Owned Properties” on the Owned and Leased Properties
Schedule, which Properties are or were owned by Parent (or its Subsidiaries) in fee and will be conveyed or have been conveyed by deed
to SpinCo (or its Subsidiaries) prior to or as of the Real Estate Separation Date.

 

    	 	3	 

     

    

 

(x)           “Parent
Properties” means the Parent Owned Properties, the Parent Leased Properties, the Parent Sublease Properties, the Parent New
Lease Properties, the Parent Leaseback Properties and the Parent Split Lease Properties.

 

(y)          “Parent
Split Lease Properties” means those Properties demised or to be demised unto Parent (or one of its Subsidiaries) as tenant
pursuant to any Parent Split Lease.

 

(z)            “Parent
Split Leases” means those new leases to be entered into by Parent (or its Subsidiaries) as tenant pursuant to Section 2.9.

 

(aa)         “Parent
Sublease Properties” means those Properties identified as “Parent Sublease Properties” on the Colocation Sites
Schedule, which Properties are leased by Parent (or its Subsidiaries) and a portion of which will be or has been subleased by Parent
or a Subsidiary to SpinCo (or its Subsidiaries) prior to or as of the Real Estate Separation Date subject to obtaining the necessary
Lease Consents.

 

(bb)        “Pre-Split
Leases” means those Parent Leases or SpinCo Leases pursuant to which Parent (or its Subsidiaries) or SpinCo (or its Subsidiaries),
as applicable, occupies the Split Lease Properties prior to the Real Estate Separation Date and which Pre-Split Leases are contemplated
to be terminated on or prior to the Real Estate Separation Date pursuant to Section 2.9 hereof.

 

(cc)        “Properties”
means the Parent Properties and the SpinCo Properties.

 

(dd)        “Real
Estate Separation Date” means September 1, 2021, as such date may be modified in certain countries in accordance with the Separation
Agreement and the Separation Step Plan (as defined in the Separation Agreement).

 

(ee)        “Required
Consent Leases” means those Parent Leases and SpinCo Leases with respect to which the Landlord’s consent is required
for (x) assignment or sublease to a member of the Parent Group or a member of the SpinCo Group, as applicable, as contemplated by
the Separation Agreement or hereunder, or (y) any of the other transactions contemplated by the Separation Agreement or the other
Ancillary Agreements.

 

(ff)        “Retained
Part” means each of those parts of (i) the Parent Owned Properties and the Parent Leased Properties which, following transfer
or assignment to SpinCo, are intended to be leased or subleased to Parent, (ii) the SpinCo Owned Properties and the SpinCo Leased
Properties which, following the transfer or assignment to Parent, are intended to be leased or subleased to SpinCo, (iii) those
parts of the Sublease Properties and the Parent New Lease Properties which will not, and which are not intended to, be leased or subleased
to SpinCo in accordance with this Agreement and (iv) those parts of the Sublease Properties and the SpinCo New Lease Properties
which will not, and which are not intended to, be leased or subleased to Parent in accordance with this Agreement.

 

    	 	4	 

     

    

 

(gg)     “SpinCo
Lease” means, in relation to each SpinCo Property, the lease(s) or sublease(s) and any related supplemental agreements
under which SpinCo or its applicable Subsidiary leases from a Landlord such SpinCo Property completed prior to the Real Estate Separation
Date.

 

(hh)     “SpinCo
Leaseback Properties” means each of (a) those SpinCo Owned Properties identified as “SpinCo Owned Properties”
and identified as “Leaseback Properties” on the Owned and Leased Properties Schedule, with respect to part of which Parent
has leased or shall lease back to SpinCo and (b) those SpinCo Leased Properties identified as “SpinCo Leased Properties”
and identified as “Leaseback Properties” on the Owned and Leased Properties Schedule, with respect to part of which Parent
is to sublease back or has subleased back to SpinCo. SpinCo Leaseback Properties are to be transferred through deed transfer or lease
assignment (as applicable) by SpinCo (or its Subsidiaries) to Parent (or its Subsidiaries) and a portion of which will then be leased
or subleased (as applicable) back to SpinCo (or its Subsidiaries) prior to or as of the Real Estate Separation Date, subject to obtaining
the necessary Lease Consents.

 

(ii)          “SpinCo
Leased Properties” means those Properties identified as “SpinCo Leased Properties” on the Owned and Leased Properties
Schedule, which Properties are or were leased by SpinCo (or its Subsidiaries) from a Landlord and will be or have been in accordance
with this Agreement (i) transferred by lease assignment to Parent (or its Subsidiaries) or (ii) terminated and for which Parent
(or its Subsidiaries) have entered into a new lease with such third-party for such Property, in each case prior to or as of the Real
Estate Separation Date subject to obtaining the necessary Lease Consents.

 

(jj)        “SpinCo
New Lease Properties” means those Properties identified as “SpinCo New Lease Properties” on the Colocation Sites
Schedule, which Properties are owned by SpinCo (or its Subsidiaries) in fee and a portion of which will be or have been leased to Parent
(or its Subsidiaries) prior to or as of the Real Estate Separation Date.

 

(kk)       “SpinCo
Owned Properties” means those Properties identified as “SpinCo Owned Properties” on the Owned and Leased Properties
Schedule, which Properties are or were owned by SpinCo (or its Subsidiaries) in fee and will transfer or have been transferred by deed
to Parent (or its Subsidiaries) in fee prior to or as of the Real Estate Separation Date.

 

(ll)         “SpinCo
Properties” means the SpinCo Owned Properties, the SpinCo Leased Properties, the SpinCo Sublease Properties, the SpinCo New
Lease Properties, the SpinCo Leaseback Properties, and the SpinCo Split Lease Properties.

 

(mm)     “SpinCo
Split Lease Properties” means those Properties demised or to be demised unto SpinCo (or one of its Subsidiaries) as tenant
pursuant to any SpinCo Split Lease.

 

(nn)       “SpinCo
Split Leases” means those new leases to be entered into by SpinCo (or its Subsidiaries) as tenant pursuant to Section 2.9.

 

(oo)         “SpinCo
Sublease Properties” means those Properties identified as “SpinCo Sublease Properties” on the Colocation Sites
Schedule, which Properties are leased by SpinCo (or its Subsidiaries) and a portion of which will be or has been subleased by Spinco
or a Subsidiary to Parent (or its Subsidiaries) prior to or as of the Real Estate Separation Date subject to obtaining the necessary
Lease Consents.

 

    	 	5	 

     

    

 

(pp)     “Split
Lease Properties” means those Properties identified as “Split Lease Properties” on the Colocation Sites Schedule,
which Properties are or were leased by one of SpinCo (or its Subsidiaries) or Parent (or its Subsidiaries) pursuant to a Pre-Split Lease,
which Pre-Split Lease will be terminated on or prior to the Real Estate Separation Date subject to obtaining the necessary Lease Consents
and, following such termination, which Properties will be or have been demised in part pursuant to a SpinCo Split Lease and in part pursuant
to a Parent Split Lease, in each case subject to Section 2.9.

 

(qq)     “Split
Leases” means the Parent Split Leases and the SpinCo Split Leases.

 

(rr)     “Sublease
Form” means the form of sublease attached hereto as Exhibit 2, subject to commercially reasonable changes necessary
to reflect Property-specific provisions negotiated in good faith by the parties and to conform to requirements of the jurisdiction in
which the applicable Property is located in accordance with Article III hereof.

 

(ss)      “Sublease
Properties” means the SpinCo Sublease Properties and the Parent Sublease Properties.

 

ARTICLE II

PROPERTY IN THE UNITED STATES

 

Section 2.1     Parent
Owned Property.

 

(a)            Parent
shall convey or cause its applicable Subsidiary to convey each of the Parent Owned Properties (together with all improvements thereon
and all rights and easements appurtenant thereto) to SpinCo or its applicable Subsidiary, subject to the other provisions of this Agreement
and (to the extent not inconsistent with the provisions of this Agreement) the terms of the Separation Agreement and the Ancillary Agreements.
Such conveyance shall be completed on or before the Real Estate Separation Date.

 

(b)            Subject
to the conveyance to SpinCo or its applicable Subsidiary of the relevant Parent Owned Property, with respect to each Parent Owned Property
that is a Parent Leaseback Property, SpinCo shall lease to Parent or its applicable Subsidiary that part of the relevant Parent Owned
Property identified on the Colocation Sites Schedule and Parent or its applicable Subsidiary shall accept the same. Such lease shall
be on the Lease Form, as reasonably adjusted and agreed to by Parent and SpinCo to account for local law requirements and site specific
issues, and completed on or before the Real Estate Separation Date.

 

Section 2.2     SpinCo
Owned Property.

 

(a)            SpinCo
shall convey or cause its applicable Subsidiary to convey each of the SpinCo Owned Properties (together with all improvements thereon
and all rights and easements appurtenant thereto) to Parent or its applicable Subsidiary, subject to the other provisions of this Agreement
and (to the extent not inconsistent with the provisions of this Agreement) the terms of the Separation Agreement and the Ancillary Agreements.
Such conveyance shall be completed on or before the Real Estate Separation Date.

 

    	 	6	 

     

    

 

(b)            Subject
to the conveyance to Parent or its applicable Subsidiary of the relevant SpinCo Owned Property, with respect to each SpinCo Owned Property
that is a SpinCo Leaseback Property, Parent shall lease to SpinCo or its applicable Subsidiary that part of the relevant SpinCo Owned
Property identified on the Colocation Sites Schedule and SpinCo or its applicable Subsidiary shall accept the same. Such lease shall
be on the Lease Form, as reasonably adjusted and agreed to by Parent and SpinCo to account for local law requirements and site specific
issues, and completed before the Real Estate Separation Date.

 

Section 2.3     Parent
Leased Property.

 

(a)            Parent
shall assign or cause its applicable Subsidiary to assign, and SpinCo or its applicable Subsidiary shall accept and assume, Parent’s
or its Subsidiary’s interest in the Parent Leased Properties, subject to the other provisions of this Agreement and (to the extent
not inconsistent with the provisions of this Agreement) the terms of the Separation Agreement and the other Ancillary Agreements. Such
assignment shall be completed on or before the Real Estate Separation Date; provided if Lease Consent is required but not obtained prior
to the Real Estate Separation Date for any assignment, the assignment shall be completed on the earlier of (A) the tenth (10th)
Business Day after the relevant Lease Consent has been granted and (B) the date agreed upon by the parties in accordance with Section 2.13(a).

 

(b)            Subject
to the completion of the assignment to SpinCo or its applicable Subsidiary of the relevant Parent Leased Property, with respect to each
Parent Leased Property that is also a Parent Leaseback Property, SpinCo or its applicable Subsidiary shall sublease to Parent or its
applicable Subsidiary that part of the relevant Parent Leased Property identified on the Colocation Sites Schedule and Parent or its
applicable Subsidiary shall accept the same. Such sublease shall be on the Sublease Form, as reasonably adjusted and agreed to by Parent
and SpinCo to account for local law requirements and site specific issues, and completed as soon as practical following completion of
the transfer of the relevant Parent Leased Property to SpinCo or its applicable Subsidiary subject to obtaining the necessary Lease Consents.
Such sublease shall be completed on or before the Real Estate Separation Date; provided if Lease Consent is required but not obtained
prior to the Real Estate Separation Date for any sublease, the sublease shall be completed on the earlier of (A) the tenth (10th)
Business Day after the relevant Lease Consent has been granted and (B) the date agreed upon by the parties in accordance with Section 2.13(a).

 

Section 2.4     SpinCo
Leased Property.

 

(a)            SpinCo
shall assign or cause its applicable Subsidiary to assign, and Parent or its applicable Subsidiary shall accept and assume, SpinCo’s
or its Subsidiary’s interest in the SpinCo Leased Properties, subject to the other provisions of this Agreement and (to the extent
not inconsistent with the provisions of this Agreement) the terms of the Separation Agreement and the other Ancillary Agreements. Such
assignment shall be completed on or before the Real Estate Separation Date; provided if Lease Consent is required but not obtained prior
to the Real Estate Separation Date for any assignment, the assignment shall be completed on the earlier of (A) the tenth (10th)
Business Day after the relevant Lease Consent has been granted and (B) the date agreed upon by the parties in accordance with Section 2.13(a).

 

    	 	7	 

     

    

 

(b)            Subject
to the completion of the assignment to Parent or its applicable Subsidiary of the relevant SpinCo Leased Property, with respect to each
SpinCo Leased Property that is also a SpinCo Leaseback Property, Parent or its applicable Subsidiary shall grant sublease to SpinCo or
its applicable Subsidiary that part of the relevant SpinCo Leased Property identified on the Colocation Sites Schedule and SpinCo or
its applicable Subsidiary shall accept the same. Such sublease shall be on the Sublease Form, as reasonably adjusted and agreed to by
Parent and SpinCo to account for local law requirements and site specific issues, and completed as soon as practical following completion
of the transfer of the relevant SpinCo Leased Property to Parent or its applicable Subsidiary subject to obtaining the necessary Lease
Consents. Such sublease shall be completed on or before the Real Estate Separation Date; provided if Lease Consent is required but not
obtained prior to the Real Estate Separation Date for any sublease, the sublease shall be completed on the earlier of (A) the tenth
(10th) Business Day after the relevant Lease Consent has been granted and (B) the date agreed upon by the parties in accordance
with Section 2.13(a).

 

Section 2.5     Parent
Sublease Properties. Parent shall sublease or cause its applicable Subsidiary to sublease to SpinCo or its applicable Subsidiary
that part of the relevant Parent Sublease Property identified on the Colocation Sites Schedule and SpinCo or its applicable Subsidiary
shall accept the same, subject to the other provisions of this Agreement and (to the extent not inconsistent with the provisions of this
Agreement) the terms of the Separation Agreement and the Ancillary Agreements. Such sublease shall be on the Sublease Form, as reasonably
adjusted and agreed to by Parent and SpinCo to account for local law requirements and site specific issues, and completed on or before
the Real Estate Separation Date; provided if Lease Consent is required but not obtained prior to the Real Estate Separation for any sublease,
the sublease shall be completed on the earlier of (i) the tenth (10th) Business Day after the relevant Lease Consent has been granted
and (ii) the date agreed upon by the parties in accordance with Section 2.13(a). Furthermore, subsequent to the commencement
date of each such sublease, (x) the sublandlord and subtenant thereunder shall cooperate (reasonably and in good faith) to estimate
the amount of time required for any necessary restoration work at the end of the term of the applicable lease and the cost thereof
(“Restoration Costs”) and (y) the sublandlord thereunder will make reasonable efforts to cause the applicable Landlord
to agree to accept payment in lieu of such restoration work(“Restoration Buy Out”). In any instance where the Landlord refuses
to agree to a Restoration Buy Out, the sublandlord, at its option upon notice delivered to the subtenant not less than one hundred and
eighty(180) days prior to the scheduled sublease expiration date, may shorten the term of the sublease by changing the scheduled sublease
expiration date to a date which is the earlier of: (x) thirty(30) days prior to the scheduled sublease expiration date; or (y) that
date which would enable sublandlord in its commercially reasonable judgment to perform the sublandlord’s restoration obligations
as tenant under the lease but in no event shall such date be sooner than ninety(90)days prior to the scheduled expiration date ((x) or
(y) as applicable, the “Early Expiration Date”); provided however, that the sublandlord’s right to modify the
sublease term so as to expire on the Early Expiration Date shall be available solely in order to enable the sublandlord to perform the
sublandlord’s restoration obligations as tenant under the lease and for no other reason. Other than obligations which expressly
survive the expiration date of the sublease or as may be stated herein, all other obligations(including, but not limited to, payment
of rent) between the sublandlord and subtenant under the sublease shall end of as of the Early Expiration Date. Should the subtenant
fail to timely vacate and surrender the subleased premises on or before the Early Expiration Date in the condition required under the
applicable sublease, the subtenant shall be liable to the sublandlord for the Restoration Costs and all holdover and other damages the
sublandlord suffers as a result of the subtenant’s failure to surrender the subleased premises on or before the Early Expiration
Date.

 

    	 	8	 

     

    

 

Section 2.6     SpinCo
Sublease Properties. SpinCo shall sublease or cause its applicable Subsidiary to sublease to Parent or its applicable Subsidiary
that part of the relevant SpinCo Sublease Property identified on the Colocation Sites Schedule and Parent or its applicable Subsidiary
shall accept the same, subject to the other provisions of this Agreement and (to the extent not inconsistent with the provisions of this
Agreement) the terms of the Separation Agreement and the other Ancillary Agreements. Such sublease shall be on the Sublease Form, as
reasonably adjusted and agreed to by Parent and SpinCo to account for local law requirements and site specific issues, and completed
on or before the Real Estate Separation Date; provided if Lease Consent is required but not obtained prior to the Real Estate Separation
Date for any sublease, the sublease shall be completed on the earlier of (i) the tenth (10th) Business Day after the relevant Lease
Consent has been granted and (ii) the date agreed upon by the parties in accordance with Section 2.13(a). Furthermore,
subsequent to the commencement date of each such sublease, (x) the sublandlord and subtenant thereunder shall cooperate (reasonably
and in good faith) to estimate the amount of time required for any necessary restoration work at the end of the term of the applicable
lease and the cost thereof and (y) the sublandlord thereunder will make reasonable efforts to cause the applicable Landlord
to agree to accept the Restoration Buy Out in lieu of such restoration work. In any instance where the Landlord refuses to agree to a
Restoration Buy Out, the sublandlord, at its option upon notice delivered to the subtenant not less than one hundred and eighty(180)
days prior to the scheduled sublease expiration date, may shorten the term of the sublease by changing the scheduled sublease expiration
date to the Early Expiration Date; provided however, that the sublandlord’s right to modify the sublease term so as to expire on
the Early Expiration Date shall be available solely in order to enable the sublandlord to perform the sublandlord’s restoration
obligations as tenant under the lease and for no other reason. Other than obligations which expressly survive the expiration date of
the sublease or as may be stated herein, all other obligations(including, but not limited to, payment of rent) between the sublandlord
and subtenant under the sublease shall end of as of the Early Expiration Date. Should the subtenant fail to timely vacate and surrender
the subleased premises on or before the Early Expiration Date in the condition required under the applicable sublease, the subtenant
shall be liable to the sublandlord for the Restoration Costs and all holdover and other damages the sublandlord suffers as a result of
the subtenant’s failure to surrender the subleased premises on or before the Early Expiration Date.

 

Section 2.7     Parent
New Lease Properties. Parent shall lease or cause its applicable Subsidiary to lease to SpinCo or its applicable Subsidiary those
parts of the Parent New Lease Properties identified on the Colocation Sites Schedule and SpinCo or its applicable Subsidiary shall accept
the same, subject to the other provisions of this Agreement and (to the extent not inconsistent with the provisions of this Agreement)
the terms of the Separation Agreement and the Ancillary Agreements. Such lease shall be completed on or before the Real Estate Separation
Date and based on the Lease Form, as reasonably adjusted and agreed to by Parent and SpinCo to account for local law requirements and
site specific issues.

 

    	 	9	 

     

    

 

Section 2.8     SpinCo
New Lease Properties. SpinCo shall lease cause its applicable Subsidiary to lease to Parent or its applicable Subsidiary those parts
of the SpinCo New Lease Properties identified on the Colocation Sites Schedule and Parent or its applicable Subsidiary shall accept the
same, subject to the other provisions of this Agreement and (to the extent not inconsistent with the provisions of this Agreement) the
terms of the Separation Agreement and the Ancillary Agreements. Such lease shall be completed on or before the Real Estate Separation
Date and based on the Lease Form, as reasonably adjusted and agreed to by Parent and SpinCo to account for local law requirements and
site specific issues.

 

Section 2.9     Split
Lease Properties.

 

(a)            On
or prior to the Real Estate Separation Date, (i) Parent shall terminate or cause its applicable Subsidiary to terminate each Pre-Split
Lease which is a Parent Lease on or prior to the Real Estate Separation Date subject to obtaining the necessary Lease Consents, (ii) contemporaneously
with the termination described in the foregoing clause (i), Parent (or its Subsidiaries) shall enter into a new lease for a portion of
each Split Lease Property on terms mutually agreed upon between Parent and the applicable Landlord demising to Parent or its Subsidiary
the portion of the Split Lease Property agreed to among Parent, SpinCo and each applicable Landlord (provided, that, for the avoidance
of doubt, such demised portion shall in no event include all or any portion of the Split Lease Property demised to SpinCo (or its Subsidiary)
pursuant to the following clause (iii)), in each case subject to obtaining the necessary Lease Consents and (iii) contemporaneously
with the termination described in the foregoing clause (i), SpinCo (or its Subsidiaries) shall enter into a new lease for a portion of
each Split Lease Property on terms mutually agreed upon between SpinCo and the applicable Landlord demising to Spinco or its Subsidiary
the portion of the Split Lease Property agreed to among Parent, SpinCo and each applicable Landlord (provided, that, for the avoidance
of doubt, such demised portion shall in no event include all or any portion of the Split Lease Property demised to Parent (or its Subsidiary)
pursuant to the foregoing clause (ii)), in each case subject to obtaining the necessary Lease Consents.

 

(b)            On
or prior to the Real Estate Separation Date, (i) SpinCo shall terminate or cause its applicable Subsidiary to terminate each Pre-Split
Lease which is a SpinCo Lease on or prior to the Real Estate Separation Date subject to obtaining the necessary Lease Consents, (ii) contemporaneously
with the termination described in the foregoing clause (i), SpinCo (or its Subsidiaries) shall enter into a new lease for a portion of
each Split Lease Property on terms mutually agreed upon between SpinCo and the applicable Landlord demising to SpinCo or its Subsidiaries
the portion of the Split Lease Property agreed to among Parent, SpinCo and each applicable Landlord (provided, that, for the avoidance
of doubt, such demised portion shall in no event include all or any portion of the Split Lease Property demised to Parent (or its Subsidiary)
pursuant to the following clause (iii)), in each case subject to obtaining the necessary Lease Consents and (iii) contemporaneously
with the termination described in the foregoing clause (i), Parent (or its Subsidiaries) shall enter into a new lease for a portion of
each Split Lease Property on terms mutually agreed upon between Parent and the applicable Landlord demising to Parent of its Subsidiaries
the portion of the Split Lease Property agreed to among Parent, SpinCo and each applicable Landlord (provided, that, for the avoidance
of doubt, such demised portion shall in no event include all or any portion of the Split Lease Property demised to SpinCo (or its Subsidiary)
pursuant to the foregoing clause (ii)), in each case subject to obtaining the necessary Lease Consents.

 

    	 	10	 

     

    

 

Section 2.10     Obtaining
the Lease Consents and Other Landlord Cooperation.

 

(a)            Parent
and SpinCo confirm that, with respect to each Parent Leased Property, SpinCo Leased Property, Parent Sublease Property, SpinCo Sublease
Property, Parent Leaseback Property which is a Parent Leased Property, SpinCo Leaseback Property which is a SpinCo Leased Property and
Split Lease Property, to the extent required by the Required Consent Lease, one or more applications or requests have been made or will
be made (prior to the Real Estate Separation Date or Distribution Date, as applicable) to the relevant Landlord for the Lease Consents
required with respect to the transactions contemplated by this Agreement, the Separation Agreement or the other Ancillary Agreements
(including, for the avoidance of doubt, the transactions contemplated by the Separation Agreement to occur on the Distribution Date).
Parent shall be, and has at all times been, primarily responsible for requesting, negotiating and obtaining all Lease Consents.

 

(b)            Parent
shall use commercially reasonable efforts to obtain the Lease Consents, but Parent shall not be required to commence judicial proceedings
for a declaration that a Lease Consent has been unreasonably withheld, conditioned or delayed, nor shall Parent be required to pay any
consideration in excess of administrative and/or review fees, its shares of fees set forth in Section 2.17, reimbursement
of expenses required by the Required Consent Lease to obtain the relevant Lease Consent and other commercially reasonable amounts.

 

(c)            Parent
and SpinCo will promptly satisfy the lawful requirements of the Landlord, and Parent and SpinCo, will take all reasonable steps to assist
the other in obtaining the Lease Consents and other cooperation reasonably required from any Landlord, including, without limitation:

 

(i)            if
reasonably required by the Landlord, entering into an agreement with the relevant Landlord to observe and perform the tenant’s
obligations contained in the applicable Lease from and after the Real Estate Separation Date throughout the remainder of the term of
such Lease, subject to any statutory limitations of such liability, provided, however, that in no event shall Parent or SpinCo be required
to enter into any such an agreement for any extension of the then current term of such Lease;

 

(ii)            if
reasonably required by the Landlord, providing a commercially reasonable guarantee, surety or other commercially reasonable security
(including, without limitation, a security deposit or letter of credit) for the obligations of SpinCo or Parent, as applicable, or its
applicable Subsidiary as tenant, accruing under the applicable Lease from and after the Real Estate Separation Date throughout the remainder
of the then current term of such Lease, and otherwise taking all steps which are reasonably necessary and which it is capable of doing
to meet the lawful requirements of the Landlord so as to ensure that the Lease Consents (and any other reasonably required Landlord cooperation)
are obtained, provided, however, that in no event shall Parent or SpinCo be required to provide any such security for any extension of
the then current term of the applicable Lease. For the avoidance of any doubt, the steps contemplated by this Section 2.10(c)(ii),
shall only be required if such action is consistent with the intention expressed in the Separation Agreement that the Spin-Off qualify
for Tax-Free Status;

 

    	 	11	 

     

    

 

(iii)            using
commercially reasonable efforts to assist Parent with obtaining the Landlord’s consent to the release of any guarantee, surety
or other security which Parent may have previously provided to the Landlord and (if applicable) the release of Parent or its Subsidiary
from any assignor or secondary liability with respect to the assignee’s failure to perform under the applicable Lease, and, if
required and, subject to the limitations contained in Section 2.10(c)(ii), offering substantially the same or equivalent
security to the Landlord in order to obtain such release, including a commercially reasonable guarantee from SpinCo or a Subsidiary thereof
with respect to any Property where the tenant or subtenant (as the case may be) following the Real Estate Separation Date is SpinCo or
its Subsidiaries;

 

(iv)            using
commercially reasonable efforts to assist Parent and its Subsidiaries with obtaining the Landlord’s consent to the release of Parent
or its applicable Subsidiary from any and all liabilities and obligations accruing from and after the Real Estate Separation Date under
any Parent Lease to be transferred to SpinCo or a Subsidiary thereof in accordance with the terms hereof, including (if applicable) the
release of Parent or its Subsidiary from any assignor or secondary liability with respect to the assignee’s failure to perform
under the applicable Lease, and if required and, subject to the limitations of Section 2.10(c)(ii), offering security to
the Landlord in order to obtain such release, including, including a guarantee from SpinCo or a Subsidiary thereof with respect to any
Property where the tenant or subtenant (as the case may be) following the Real Estate Separation Date is SpinCo or its Subsidiaries;

 

(v)              providing
(promptly once available) financial statements and other reasonable evidence of net worth, liquidity and/or financial capability to fulfill
the obligations of a tenant under the applicable Lease to any Landlord requesting same in connection with a release of the liability
of Parent or its applicable Subsidiary for any obligations under such Lease; and

 

(vi)             using
commercially reasonable efforts to assist SpinCo and its Subsidiaries with obtaining the Landlord’s consent to the release of SpinCo
or its applicable Subsidiary from any and all liabilities and obligations accruing from and after the Real Estate Separation Date under
any SpinCo Lease to be transferred to Parent or a Subsidiary thereof in accordance with the terms hereof, and if required and, subject
to the limitations contained in Section 2.10(c)(ii), offering security to the Landlord in order to obtain such release, including
a guarantee from Parent or a Subsidiary thereof with respect to any Property where the tenant or subtenant (as the case may be) following
the Real Estate Separation Date is Parent or its Subsidiaries.

 

(d)           If,
with respect to any Leased Properties or Sublease Properties, Parent and SpinCo are unable to obtain a release by the Landlord of any
guarantee, surety or other security which Parent or an Affiliate has previously provided to the Landlord or are unable to obtain a release
of Parent or SpinCo (or their respective Subsidiaries) from liabilities and obligations accruing from and after the Real Estate Separation
Date under any SpinCo Lease or Parent Lease (including (if applicable) the release from any assignor or secondary liability with respect
to the assignee’s failure to perform under the applicable Lease), as applicable, in accordance with Section 2.10(c)(iv) or
Section 2.10(c)(v), as applicable, SpinCo or Parent, as applicable, shall indemnify, defend, protect and hold harmless the
other party from and after the Real Estate Separation Date against all reasonable, actually incurred losses, costs, claims, damages,
or liabilities accruing against such other party after the Real Estate Separation Date and incurred by Parent or SpinCo, as applicable,
as a result of such guarantee, surety or other security or assignor or secondary liability of the applicable assignor.

 

    	 	12	 

     

    

 

Section 2.11     Occupancy
by SpinCo.

 

(a)            Subject
to compliance with Section 2.11(b), in the event that the Actual Completion Date for any Parent Owned Property, Parent New
Lease Property, Parent Leased Property, Parent Sublease Property or Split Lease Property does not occur on or before the Real Estate
Separation Date, SpinCo shall, commencing on or prior to the Real Estate Separation Date, be entitled to occupy, use and receive the
rental income from the relevant Parent Property (except to the extent that the same is a Retained Part) as a licensee upon the terms
and conditions contained in the Parent Lease (as to Parent Leased Properties), upon the terms and conditions contained in the Sublease
Form (as to Parent Sublease Properties), upon the terms and conditions contained in the Lease Form (as to Parent Owned Properties
and Parent New Lease Properties), or upon the terms and conditions contained in the Pre-Split Lease with respect to the portion of the
Split Lease Property that is to be a SpinCo Split Lease Property (as to Split Lease Properties). Such license shall not be revocable
prior to the applicable Actual Completion Date unless an enforcement action or forfeiture by the relevant Landlord due to SpinCo’s
occupancy of the Parent Property constituting a breach of the Parent Lease cannot, in the reasonable opinion of Parent, be avoided other
than by requiring SpinCo to immediately vacate the relevant Parent Property, in which case Parent may by notice to SpinCo immediately
require SpinCo to vacate the relevant Parent Property. SpinCo will be responsible for all costs, expenses and liabilities incurred by
Parent or its applicable Subsidiary as a consequence of such occupancy, except for any losses, claims, costs, demands and liabilities
incurred by Parent or its Subsidiary as a result of any enforcement action or forfeiture taken by the Landlord against Parent or its
Subsidiary with respect to any breach by Parent or its Subsidiary of the Required Consent Lease in permitting SpinCo to so occupy the
Parent Property without obtaining the required Lease Consent, for which Parent or its Subsidiary shall be solely responsible. SpinCo
shall not be entitled to make any claim or demand against, or obtain reimbursement from, Parent or its applicable Subsidiary with respect
to any costs, losses, claims, liabilities or damages incurred by SpinCo as a consequence of being obliged to vacate the Parent Property
or in obtaining alternative premises, including, without limitation, any enforcement action which a Landlord may take against SpinCo.

 

(b)            In
the event that the Actual Completion Date for any Parent Owned Property, Parent New Lease Property, Parent Leased Property, Parent Sublease
Property, Parent or Split Lease Property does not occur on or before the Real Estate Separation Date, whether or not SpinCo occupies
a Parent Property as licensee as provided in Section 2.11(a), SpinCo shall, effective as of or prior to the Real Estate Separation
Date, (i) pay Parent all rents, service charges, insurance premiums and other sums payable by Parent or its applicable Subsidiary
under any Required Consent Lease (as to Parent Leased Properties), under the Lease Form (as to Parent Owned Properties or Parent
New Lease Properties), under the Sublease Form (as to Parent Sublease Properties) or under the Pre-Split Lease with respect to the
portion of the Split Lease Property that is to be a SpinCo Split Lease Property (as to Split Lease Properties), (ii) observe, in
all material respects, the tenant’s covenants, obligations and conditions contained in the Parent Lease (as to Parent Leased Properties),
in the Sublease Form (as to Parent Sublease Properties) or in the Pre-Split Lease with respect to the portion of the Split Lease
Property that is to be a SpinCo Split Lease Property (as to Split Lease Properties) and (iii) subject to the limitations contained
in Section 2.11(a) indemnify, defend, protect and hold harmless Parent and its applicable Subsidiary from and against
all reasonable, actually incurred losses, costs, claims, damages and liabilities arising on account of any breach thereof by SpinCo.

 

    	 	13	 

     

    

 

(c)            Parent
shall supply promptly to SpinCo copies of all invoices, demands, notices and other communications received by Parent or its or its applicable
Subsidiaries or agents in connection with any of the matters for which SpinCo may be liable to make any payment or perform any obligation
pursuant to Section 2.11(b), and shall, at SpinCo’s cost, (x) take any steps and communicate any objections which
SpinCo may have in connection with any such matters and (y) at the direction of SpinCo, enforce Parent’s rights against the
Landlord under the Required Consent Lease. SpinCo shall promptly supply to Parent any notices, demands, invoices and other communications
received by SpinCo or its agents from any Landlord while SpinCo occupies any Parent Property without the relevant Lease Consent.

 

Section 2.12     Occupancy
by Parent.

 

(a)            Subject
to compliance with Section 2.12(b), in the event that the Actual Completion Date for any SpinCo Owned Property, SpinCo New
Lease Property, SpinCo Leased Property, SpinCo Sublease Property or Split Lease Property does not occur on or before the Real Estate
Separation Date, Parent shall, commencing on or prior to the Real Estate Separation Date, be entitled to occupy, use and receive the
rental income from the relevant SpinCo Property (except to the extent that the same is a Retained Part) as a licensee upon the terms
and conditions contained in the SpinCo Lease (as to SpinCo Leased Properties), upon the terms and conditions contained in the Sublease
Form (as to SpinCo Sublease Properties), upon the terms and conditions contained in the Lease Form (as to SpinCo Owned Properties
or SpinCo New Lease Properties) or upon the terms and conditions contained in the Pre-Split Lease with respect to the portion of the
Split Lease Property that is to be a Parent Split Lease Property (as to Split Lease Properties). Such license shall not be revocable
prior to the applicable Actual Completion Date unless an enforcement action or forfeiture by the relevant Landlord due to Parent’s
occupancy of the SpinCo Property constituting a breach of the SpinCo Lease cannot, in the reasonable opinion of SpinCo, be avoided other
than by requiring Parent to immediately vacate the relevant SpinCo Property, in which case SpinCo may by notice to Parent immediately
require Parent to vacate the relevant SpinCo Property. Parent will be responsible for all costs, expenses and liabilities incurred by
SpinCo or its applicable Subsidiary as a consequence of such occupancy, except for any losses, claims, costs, demands and liabilities
incurred by SpinCo or its Subsidiary as a result of any enforcement action or forfeiture taken by the Landlord against SpinCo or its
Subsidiary with respect to any breach by SpinCo or its Subsidiary of the Required Consent Lease in permitting Parent to so occupy the
SpinCo Property without obtaining the required Lease Consent, for which SpinCo or its Subsidiary shall be solely responsible. Parent
shall not be entitled to make any claim or demand against, or obtain reimbursement from, SpinCo or its applicable Subsidiary with respect
to any costs, losses, claims, liabilities or damages incurred by Parent as a consequence of being obliged to vacate the SpinCo Property
or in obtaining alternative premises, including, without limitation, any enforcement action which a Landlord may take against Parent.

 

    	 	14	 

     

    

 

(b)            In
the event that the Actual Completion Date for any SpinCo Owned Property, SpinCo New Lease Property, SpinCo Leased Property, SpinCo Sublease
Property or Split Lease Property does not occur on or before the Real Estate Separation Date, whether or not Parent occupies a SpinCo
Property as licensee as provided in Section 2.12(a), Parent shall, effective as of or prior to the Real Estate Separation
Date, (i) pay SpinCo all rents, service charges, insurance premiums and other sums payable by SpinCo or its applicable Subsidiary
under any Required Consent Lease (as to SpinCo Leased Properties), under the Lease Form (as to SpinCo Owned Properties or SpinCo
New Lease Properties), under the Sublease Form (as to SpinCo Sublease Properties) or under the Pre-Split Lease with respect to the
portion of the Split Lease Property that is to be a Parent Split Lease Property (as to Split Lease Properties), (ii) observe, in
all material respects, the tenant’s covenants, obligations and conditions contained in the SpinCo Lease (as to SpinCo Leased Properties),
in the Sublease Form (as to SpinCo Sublease Properties) or in the Pre-Split Lease with respect to the portion of the Split Lease
Property that is to be a Parent Split Lease Property (as to Split Lease Properties) and (iii) subject to the limitations contained
in Section 2.12(a) Parent shall indemnify, defend, protect and hold harmless SpinCo and its applicable Subsidiary from
and against all actually incurred, reasonable losses, costs, claims, damages and liabilities arising on account of any breach thereof
by Parent.

 

(c)            SpinCo
shall supply promptly to Parent copies of all invoices, demands, notices and other communications received by SpinCo or its or its applicable
Subsidiaries or agents in connection with any of the matters for which Parent may be liable to make any payment or perform any obligation
pursuant to Section 2.12(b), and shall, at Parent’s cost, (x) take any steps and communicate any objections which
Parent may have in connection with any such matters and (y) at the direction of Parent, enforce SpinCo’s rights under the
Required Consent Lease against the Landlord. Parent shall promptly supply to SpinCo any notices, demands, invoices and other communications
received by Parent or its agents from any Landlord while Parent occupies any SpinCo Property without the relevant Lease Consent.

 

Section 2.13     Obligation
to Complete. If, with respect to any Parent Leased Property, SpinCo Leased Property, Parent Sublease Property, SpinCo Sublease Property
or Split Lease Property, at any time the relevant Lease Consent is lawfully, formally and unconditionally refused in writing, Parent
and SpinCo shall commence good faith negotiations and use commercially reasonable efforts to determine how to allocate the applicable
Property, based on the relative importance of the applicable Property to the operations of each party, the size of the applicable Property,
the number of employees of each party at the applicable Property, the value of assets associated with each business, the cost to relocate,
and the potential risk and liability to each party in the event any enforcement action is brought by the applicable Landlord. Such commercially
reasonable efforts shall include consideration of alternate structures to accommodate the needs of each party and the allocation of the
costs thereof, including entering into amendments of the size, term or other terms of the Required Consent Lease, restructuring a proposed
lease assignment to be a sublease and relocating one party.

 

Section 2.14     Form of
Transfer.

 

(a)            The
conveyance to SpinCo or its Subsidiary of each relevant Parent Owned Property shall be in the form of a special or limited warranty deed,
or its equivalent, in statutory form. The conveyance to Parent or its Subsidiary of each relevant SpinCo Owned Property shall be in the
form of a special or limited warranty deed, or its equivalent, in statutory form.

 

    	 	15	 

     

    

 

Section 2.15     Casualty;
Lease Termination.

 

(a)            If,
prior to the Actual Completion Date (but not after the Distribution Date), any Parent Property (or any part thereof) shall be damaged
or destroyed by a fire or other casualty (a “Casualty”, and any property subject to such Casualty, a “Damaged
Property”), then, in any such event, Parent shall promptly notify SpinCo, and Parent shall proceed to effectuate the transfer
of the Damaged Property under all the terms of this Agreement; subject, however, to the following: (1) unless Parent
chooses to repair the Damaged Property pursuant to clause (2) below, SpinCo shall accept such Damaged Property subject to the damage
or destruction in question; (2) prior to the Actual Completion Date, Parent shall have the right (but not the obligation) to repair
or restore any such damage or destruction at Parent’s sole cost and expense, subject to the terms and provisions of any applicable
Parent Lease, and (3) if Parent chooses not to repair or restore any such damage or destruction, Parent shall (x) assign all
of its rights and promptly make available to SpinCo all insurance proceeds due or received by Parent in connection with the Casualty
and (y) pay to SpinCo the amount of the deductible due under the applicable insurance policy.

 

(b)            If,
prior to the Actual Completion Date (but not after the Distribution Date) any SpinCo Property (or any part thereof) shall be damaged
or destroyed by Casualty, then, in any such event SpinCo shall promptly notify Parent, and SpinCo shall proceed to effectuate the transfer
of the Damaged Property under all the terms of this Agreement; subject, however, to the following: (1) unless SpinCo
chooses to repair the Damaged Property pursuant to clause (2) below, Parent shall accept such Damaged Property subject to the damage
or destruction in question; (2) prior to the Actual Completion Date, SpinCo shall have the right (but not the obligation) to repair
or restore any such damage or destruction at SpinCo’s sole cost and expense, subject to the terms and provisions of any applicable
SpinCo Lease, and (3) if SpinCo chooses not to repair or restore any such damage or destruction, SpinCo shall (x) assign all
of its rights and promptly make available to Parent all insurance proceeds due or received by SpinCo in connection with the Casualty
and (y) pay to Parent the amount of the deductible due under the applicable insurance policy.

 

(c)            Promptly
following the execution of the Separation Agreement, Parent or SpinCo, as applicable, shall name (or caused to be named) the other party
as an additional insured on any business interruption insurance policies affecting any Parent Property or SpinCo Property, as applicable;
provided that following the Real Estate Separation Date, subject to the terms of the Ancillary Agreements each party shall be permitted
to remove (and there shall be no obligation to name) the other party as an additional insured on any such insurance policy.

 

(d)            In
addition, in the event that a Parent Lease with respect to a Parent Leased Property, a Parent Sublease Property or a Pre-Split Lease
or a SpinCo Lease with respect to a SpinCo Leased Property, a SpinCo Sublease Property or a Pre-Split Lease is terminated prior to the
Real Estate Separation Date, (i) Parent and SpinCo, respectively, shall not be required to assign, sublease or share such Property,
(ii) SpinCo and Parent, respectively, shall not be required to accept an assignment, sublease or sharing of such Property and (iii) neither
party shall have any further liability with respect to such Property hereunder.

 

    	 	16	 

     

    

 

Section 2.16     Fixtures
and Fittings. The provisions of the Separation Agreement and the other Ancillary Agreements shall apply to any equipment, office
equipment, trade fixtures, furniture and any other personal property located at each Property (excluding any equipment, office equipment,
trade fixtures, furniture and any other personal property owned by third parties), except for the applicable scheduled Excluded Personal
Property.

 

Section 2.17     Costs.
Parent shall pay (i) all actual costs and expenses incurred in connection with obtaining the Lease Consents, including, without
limitation, Landlord’s consent fees and attorneys’ fees and any costs and expenses relating to renegotiation of Parent Leases,
SpinCo Leases and Split Leases, as applicable, (ii) except as expressly stated otherwise in the applicable Lease Form, Sublease
Form or Split Lease, the costs relating to any alterations or improvements (such as demising walls and separate security and badging
systems) reasonably required to separate Parent and SpinCo employees with respect to all Properties being shared between Parent and SpinCo
following the Real Estate Separation Date, and (iii) all actual costs and expenses in connection with the transfer of any Property
pursuant to this Agreement, including title insurance premiums, escrow fees, recording fees, and any transfer taxes arising as a result
of such transfers; provided, that, with respect to any Split Lease or other lease agreement entered into with a third-party landlord,
the tenant thereunder shall be responsible for any recording, restriction or municipal charges or other fees associated with entering
into such Split Lease or other lease agreement; provided, further that this Section 2.17 shall not apply with respect to
any obligation to deliver a security deposit, letter of credit or other guaranty (which shall be governed instead by Section 2.10
hereof).

 

Section 2.18     Signing
and Ratification. Parent and SpinCo hereby ratify and authorize all signatures to any document entered into in connection with this
Agreement by Parent and SpinCo, or each’s respective Subsidiaries, and the parties agree that to the extent any challenges arise
to the authority of any such signature from and after the date hereof, Parent and SpinCo will cooperate to ratify such signatures and
prepare any corporate authorizations or resolutions necessary therefor.

 

Section 2.19     Allocation
of Properties. To the extent that the Owned and Leased Properties Schedule and the Colocation Sites Schedule require amendments made
(i)  in accordance with the Allocation Principle in all material respects following the date hereof, or (ii) as a result of
changes to allocations made in accordance with Section 2.13, Parent shall provide written notice to SpinCo prior to amending
the Owned and Leased Properties Schedule or the Colocation Sites Schedule. If SpinCo disputes in good faith the application of the Allocation
Principle with respect to any such amendment, such dispute shall be resolved in accordance with Article XI, Section 11.02
(Dispute Resolution) of the Separation Agreement.

 

Section 2.20     Insurance.
Between the date of this Agreement and each applicable Real Estate Separation Date (or earlier termination of this Agreement), each of
Parent, SpinCo and their respective Subsidiaries, as applicable, shall use commercially reasonable efforts to keep in full force and
effect present insurance policies maintained (or renewals thereof) with respect to each Property owned, leased, subleased or otherwise
occupied by such party.

 

    	 	17	 

     

    

 

ARTICLE III

PROPERTY OUTSIDE THE UNITED STATES

 

With respect to each of the
Properties located outside the United States listed on the Owned and Leased Property Schedule and the Colocation Sites Schedule, as well
as any additional properties acquired by Parent, SpinCo or a Subsidiary prior to the Real Estate Separation Date, Parent and SpinCo will
use the appropriate form document attached hereto, translated into the local language, if customary under local practice, and modified
to comply with local legal requirements to cause the appropriate transfers, assignments, leases, subleases or leasebacks to occur. Such
transfers, assignments, leases, subleases or leasebacks shall, so far as the law in the jurisdiction in which such property is located
permits, be on the same terms and conditions as provided in Article II and shall include such other deliveries (and the parties
shall comply with such other customary procedures and formalities) as may be required by the laws of the jurisdiction in which the Property
is located. In the event of a conflict between the terms of this Agreement and the terms of such local agreements, the terms of the local
agreements shall prevail.

 

ARTICLE IV

MISCELLANEOUS

 

Section 4.1     Additional
Provisions. Section 6.10, Article IX, Article X and Article XI of the Separation Agreement are hereby incorporated
into this Agreement mutatis mutandis.

 

Section 4.2     Performance.
Parent will cause to be performed, and hereby guarantees the performance of, all actions, agreements and obligations set forth in this
Agreement to be performed by any member of the Parent Group. SpinCo will cause to be performed, and hereby guarantees the performance
of, all actions, agreements and obligations set forth in this Agreement to be performed by any member of the SpinCo Group. Each Party
(including its permitted successors and assigns) further agrees that it will (a) give timely notice of the terms, conditions and
continuing obligations contained in this Section 4.2 to all of the other members of its Group, and (b) cause all of
the other members of its Group not to take any action inconsistent with such Party’s obligations under this Agreement.

 

Section 4.3     Hazardous
Materials. In the case of any conflict between the terms of this Agreement or any deed, lease, lease assignment, sublease or sublease
assignment executed pursuant to the terms of this Agreement, on the one hand, and any provision of the Separation Agreement, on the other
hand, with respect to Hazardous Materials or HSE Liabilities (each as defined in the Separation Agreement), the provisions of the Separation
Agreement shall govern and control in all respects.

 

[The remainder of this
page is intentionally left blank.]

 

    	 	18	 

     

    

 

 

IN WITNESS WHEREOF, each
of the parties hereto has caused this Real Estate Matters Agreement to be executed on its behalf by its officers thereunto duly authorized
on the day and year first above written.

 

	 	International Business Machines Corporation, a New York corporation
	 	 
	 	By: 	/s/ Frank Sedlarcik             
	 	Name: Frank Sedlarcik
	 	Title: Vice President, Assistant General Counsel and Secretary
	 	 

 

	 	Kyndryl Holdings, Inc., a Delaware corporation
	 	 
	 	By: 	/s/ Simon Beaumont
	 	Name: Simon Beaumont
	 	Title: President

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