Document:

Document

AMENDMENT No. 1

TO

FIFTH AMENDED AND RESTATED LIMITED PARTNERSHIP AGREEMENT
OF
GRT OP, L.P.

Dated as of: July 1, 2021

    THIS AMENDMENT NO. 1 TO THE FIFTH AMENDED AND RESTATED LIMITED PARTNERSHIP AGREEMENT OF GRT OP, L.P. (the “Partnership”), dated as of July 1, 2021 (this “Amendment”), is entered into by and among Griffin Realty Trust, Inc., a Maryland corporation, as the general partner of and a limited partner in the Partnership (the “General Partner”), and the General Partner, on behalf of and as attorney in fact for each of the persons and entities identified as Limited Partners in Exhibit A of the Fifth Amended and Restated Limited Partnership Agreement of the Partnership, dated as of April 30, 2019 (the “Agreement”), together with any other Persons who become Limited Partners as provided in the Agreement. Capitalized terms not otherwise defined herein shall have the meanings set forth in the Agreement.

    WHEREAS, on June 11, 2019, the General Partner filed Articles of Amendment to the charter of the General Partner changing the name from Griffin Capital Essential Asset REIT II, Inc. to Griffin Capital Essential Asset REIT, Inc., and, on July 1, 2021, the General Partner filed additional Articles of Amendment to the charter of the General Partner changing the name from Griffin Capital Essential Asset REIT, Inc. to Griffin Realty Trust, Inc.;

    WHEREAS, on July 1, 2021, the Partnership filed a Certificate of Amendment to Certificate of Limited Partnership of the Partnership changing the name from Griffin Capital Essential Asset Operating Partnership, L.P. to GRT OP, L.P.;

    WHEREAS, the General Partner now desires to amend the Agreement to reflect the updated names of the Partnership and the General Partner; 

    WHEREAS, Article 12 of the Agreement grants the General Partner power and authority to amend the Agreement without the consent of the Limited Partners if the amendment is not an amendment requiring consent under Article 12(a)-(d) of the Agreement; and
    
    WHEREAS, the amendments effected hereby do not require consent under Article 12(a)-(d) of the Agreement. 

    NOW, THEREFORE, in consideration of the foregoing and for other good valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the General Partner hereby agrees as follows:

 
  

1.The definition of “General Partner” set forth in Article 1 of the Agreement is hereby amended and restated as follows:

        General Partner means Griffin Realty Trust, Inc., a Maryland corporation, and any Person who becomes a substitute or additional General Partner as provided herein, and any of their successors as General Partner.

2.The definition of “Partnership” set forth in Article 1 of the Agreement is hereby amended and restated as follows:

    Partnership means GRT OP, L.P., a Delaware limited partnership.

3.Section 2.2 of the Agreement is hereby amended and restated as follows:

    2.2    Name, Office and Registered Agent. The name of the Partnership is GRT OP, L.P. The specified office and place of business of the Partnership shall be 1520 E. Grand Avenue, El Segundo, CA 90245 (telephone number (310) 469-6100; facsimile number (310) 606-5910). The General Partner may at any time change the location of such office, provided the General Partner gives notice to the Partners of any such change. The name and address of the Partnership’s registered agent is The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, Delaware 19801. The sole duty of the registered agent as such is to forward to the Partnership any notice that is served on it as registered agent.

4.Section 2.3(a) of the Agreement is hereby amended and restated as follows:

    (a)    The General Partner of the Partnership is Griffin Realty Trust, Inc., a Maryland corporation. Its principal place of business is the same as that of the Partnership.

5.Section 2.6 of the Agreement is hereby amended and restated as follows:

    2.6    Certificates Describing Partnership Units. At the request of a Limited Partner, the General Partner, at its option, may issue a certificate summarizing the terms of such Limited Partner’s interest in the Partnership, including the number and Class of Partnership Units owned and the Percentage Interest represented by such Partnership Units as of the date of such certificate. Any such certificate (i) shall be in form and substance as approved by the General Partner, (ii) shall not be negotiable and (iii) shall bear a legend to the following effect:

THIS CERTIFICATE IS NOT NEGOTIABLE. THE PARTNERSHIP UNITS REPRESENTED BY THIS CERTIFICATE ARE GOVERNED BY AND TRANSFERABLE ONLY IN ACCORDANCE WITH THE PROVISIONS OF THE FIFTH AMENDED AND RESTATED LIMITED PARTNERSHIP AGREEMENT OF GRT OP, L.P., AS AMENDED FROM TIME TO TIME.

6.Unless amended herein, all other terms and conditions of the Agreement shall remain in full force and effect. This Amendment may be executed by facsimile or other electronic transmission.

  

7.This Amendment shall be construed and enforced in accordance with and governed by the laws of the State of Delaware, without regard to the principles of conflicts of law.

[Signature page follows]
  

    IN WITNESS WHEREOF, the General Partner has executed this Amendment as of the date first written above.

                        Griffin Realty Trust, Inc.

                    
    By:    /s/ Michael J. Escalante            
        Michael J. Escalante
        Chief Executive Officer and PresidentExhibit
                                            10.1

 

EXECUTION VERSION

 

CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THE EXHIBIT BECAUSE IT IS BOTH NOT MATERIAL AND WOULD LIKELY CAUSE COMPETITIVE HARM
TO THE REGISTRANT IF PUBLICLY DISCLOSED. [***] INDICATES THAT INFORMATION HAS BEEN REDACTED.

 

TRANSITION SERVICES AGREEMENT

 

by and between

 

INTERNATIONAL BUSINESS MACHINES CORPORATION

 

and

 

KYNDRYL, INC.

 

 

 

 November 2, 2021

 

 

 

    

     

    

TABLE OF CONTENTS

 

	 	 	 	 	Page
	 	 	 	 	 
	Table
    of Contents
	 	 	 	 	 
	Article I	 	Definitions	 	1
	 	 	 	 	 
	1.1	Defined Terms	 	1
	 	 	 	 	 
	Article II	 	Services and Deliverables	 	1
	 	 	 	 	 
	2.1	Service Descriptions	 	1
	2.2	Copyrights	 	1
	2.3	TSA Documents	 	1
	2.4	Standard of Performance	 	2
	2.5	Materials and Access	 	2
	2.6	Control Environment	 	2
	2.7	Local Agreements	 	2
	 	 	 	 	 
	Article III	 	Migration
    and Migration Support	 	2
	 	 	 	 	 
	3.1	Mitigate Dependency	 	2
	3.2	Migration Plan	 	3
	3.3	Implementing Migration Plan	 	3
	 	 	 	 	 
	Article IV	 	Interruption
    of Services	 	3
	 	 	 	 	 
	4.1	Suspension of Services	 	3
	4.2	Scheduled Maintenance	 	3
	4.3	Interruption	 	3
	 	 	 	 	 
	Article V	 	Personnel;
    Project Managers; Joint Steering Committee	 	3
	 	 	 	 	 
	5.1	Subcontractors		3
	5.2	Access and Use of Facilities	 	4
	5.3	Personnel	 	4
	5.4	Project Managers	 	5
	5.5	Joint Steering Committee	 	5
	 	 	 	 	 
	Article VI	 	Fees
    and Taxes	 	6
	 	 	 	 	 
	6.1	Fees	 	6
	6.2	Payment Terms	 	6
	6.3	Taxes	 	7
	6.4	Reimbursement or Indemnity	 	7
	6.5	Tax Exemption Certificates	 	7
	6.6	Withholding	 	7
	6.7	Tax Collection	 	8
	6.8	Parties' Other Tax Obligations	 	8
	 	 	 	 	 
	Article VII	 	Representations
    and Warranties	 	8
	 	 	 	 	 
	7.1	Seller Infrastructure	 	8
	7.2	Warranty	 	8
	7.3	Warranty Disclaimer	 	8
	 	 	 	 	 
	Article VIII	 	INDEMNIFICATION; Limitation
    on Liability	 	9
	 	 	 	 	 
	8.1	Indemnification	 	9
	8.2	Indemnification Procedures	 	9
	8.3	Other Indemnification
    Obligations Unaffected	 	9
	8.4	Limitation On Liability	 	9
	 	 	 	 	 
	Article IX	 	Term
    and Termination	 	10
	 	 	 	 	 
	9.1	Termination for Convenience	 	10

    i

     

    

 

	9.2	Termination for Breach	 	10
	9.3	Survival	 	10
	9.4	Termination upon Expiration	 	10
	 	 	 	 	 
	Article X	 	Compliance
    with Law	 	10
	 	 	 	 	 
	Article XI	 	Data
    Processing	 	10
	 	 	 	 	 
	Article XII	 	General	 	11
	 	 	 	 	 
	12.1	Trademarks	 	11
	12.2	Confidential Information	 	11
	12.3	Dispute Resolution	 	11
	12.4	No Third Party Beneficiaries, Statute of Limitations	 	11
	12.5	Assignment	 	11
	12.6	Independent Contractors	 	12
	12.7	No Agency	 	12
	12.8	Waivers	 	12
	12.9	Approvals	 	12
	12.10	Third Parties	 	12
	12.11	Force Majeure	 	12
	12.12	Cooperation	 	12
	12.13	[Intentionally
    Left Blank]	 	12
	12.14	Governing Law	 	12
	12.15	Binding Arbitration	 	13
	12.16	Notices	 	14
	12.17	Counterparts	 	15
	12.18	Entire Agreement	 	15

 

    ii

     

    

 

Exhibits

 

Exhibit 1 – Excluded Services

Exhibit 2 – Data Processing Addendum Exhibit

Exhibit 3 – Form of Local Agreement –
Local Settlement

Exhibit 4 – Form of Local Agreement - Global
Settlement

 

Schedules

 

Schedule 1 – Initial List of TSA Documents

 

    iii

     

    

 

TRANSITION SERVICES AGREEMENT (this
 “TSA”), effective as of November 3, 2021 (the “Effective Date”), by and between International
Business Machines Corporation, a New York corporation (“IBM” or “Seller”), and Kyndryl, Inc.,
a Delaware corporation (“Buyer”) (each a Party and, collectively, the “Parties”).

 

R E C I T A L S

 

WHEREAS,
the board of directors of IBM have determined that it is in the best interests of IBM and its stockholders to create a new publicly traded
company to operate the SpinCo Business (as defined in the Separation Agreement);

 

WHEREAS,
in furtherance of the foregoing, Seller and Buyer have entered into a Separation and Distribution Agreement, dated as of November 2,
2021 (the “Separation Agreement”); and

 

WHEREAS,
Seller and Buyer contemplate that Seller and its Affiliates shall provide certain transition services to Buyer and its Affiliates.

 

NOW,
THEREFORE, in consideration of the premises set forth above and the respective covenants, agreements, representations and
warranties hereinafter set forth, Buyer and Seller hereby agree as follows:

 

Article I         Definitions

 

1.1           Defined
Terms. Capitalized terms used but not defined herein shall have the meanings ascribed to such terms in Article 1 of the
Separation Agreement.

 

Article II           Services and Deliverables

 

2.1           Service
Descriptions. Seller and its Affiliates will provide to Buyer and its Affiliates such services (the “Services”)
and materials (the “Deliverables”) as are described in the service descriptions (each, a “Service Description
Attachment” or “SDA”), which are attachments to this TSA that describe the Services and Deliverables to
be provided. The Services and Deliverables will be provided and accepted in accordance with the terms and conditions set forth herein
and in the applicable SDA. The Services do not include any of the items set forth on Exhibit 1, Excluded Services, to this TSA.

 

2.2           Copyrights.
Unless specified otherwise in an SDA, Seller will own the copyright in any Deliverables created as part of the Services and Seller will
grant to Buyer a nonexclusive, worldwide, paid-up license to use, execute, reproduce, and display copies of the Deliverables. Buyer agrees
to reproduce the copyright notice and any other legend of ownership on any copies of Deliverables. Seller will deliver the Deliverables,
if any, as set forth in the applicable SDA.

 

2.3           TSA
Documents. Additional terms, as applicable, may be included within documents called “TSA Documents.” TSA Documents
are incorporated into this TSA by reference (an initial list of TSA Documents is attached as Schedule 1 to this TSA). For the purposes
of this TSA, each SDA, change authorization, addendum and amendment, will function as a TSA Document, provided such SDA, change authorization,
addendum or amendment is fully executed by the Parties. In order to be effective, a TSA Document must be approved and executed by both
Parties. Notwithstanding the foregoing, any SDA, change authorization, addendum or amendment listed on Schedule 1 to this TSA on the
Effective Date shall be deemed to be executed concurrently with the execution of this TSA. If there is a conflict among the terms of
this TSA and any TSA Document, the terms of such TSA Document prevail over those of this TSA.

 

    

     

    

 

2.4           Standard
of Performance. All Services shall be provided on a basis consistent in all material respects with Seller’s practice and
service commitments immediately prior to the Effective Date except as set forth in an SDA or, if not heretofore provided by Seller, shall
be provided in a commercially reasonable manner and on a timely basis. Seller shall perform the Services with at least the same level
of skill, quality, care, timeliness, and cost-effectiveness as performed by Seller immediately prior to the Effective Date. Except as
may be set forth herein or in a SDA, Seller and Buyer shall agree on any substantial changes in the Services prior to implementation
of such changes.

 

2.5            Materials
and Access. Buyer shall make available on a timely basis to Seller and any applicable service providers, and hereby grants a
non-exclusive, worldwide, royalty-free license with respect thereto, such information and materials required by Seller to enable Seller
or such service provider, as applicable, to provide the Services. Buyer shall provide Seller, or its applicable service provider, reasonable
access to the premises of Buyer (including the systems, software and networks located therein), to the extent necessary to permit Seller
to provide the Services.

 

2.6           Control
Environment. The Parties will define the control environment related to the Services. Seller will perform the Services in
accordance with Seller’s policies and procedures, except as specifically required otherwise herein or as modified in an SDA.
If required by Buyer, the Parties will develop reasonable and mutually agreed upon procedures to test the processes used by Seller
to perform the Services by Seller on behalf of Buyer, in order to support Buyer’s audit and Sarbanes-Oxley management
assertion requirements. These agreed upon procedures shall be performed by Buyer’s third party designated accounting firm, at
Buyer’s sole cost and expense, and a report shall be delivered to both Parties on a timeline that is reasonable and acceptable
to both Parties.

 

2.7           Local
Agreements. Where it is determined by Seller that an Affiliate of Seller is required to invoice Buyer or one of its Affiliates
for fees for the Services and associated Indirect Taxes, the Parties shall enter into one or more Local Agreement(s), forms of which
are attached hereto as Exhibit 3 (Local Settlement) and Exhibit 4 (Global Settlement), which will incorporate by reference
this TSA and any relevant TSA Document without modification. Buyer or its Affiliate shall make payments according to the terms of the
applicable Local Agreement(s).

 

Article III            Migration and Migration
Support

 

3.1           Mitigate
Dependency. Buyer shall use commercially reasonable efforts to reduce or eliminate Buyer’s and its Affiliates’ dependency
on the Services and Seller agrees to use commercially reasonable efforts to support and assist the Buyer in that migration process including,
to the extent set forth in an SDA, assisting Buyer in developing of cloned systems, processes, or service environments to assist Buyer
to migrate to other service providers.

 

    2

     

    

 

3.2           Migration
Plan. The Parties will jointly develop a proposed migration plan for the Services (the “Migration Plan”). Unless
otherwise mutually agreed, the Migration Plan will include: (a) a draft schedule of migration steps (which shall include data, skill
and knowledge transfer to Buyer), (b) the timing of completion for each migration step, and (c) the responsibilities of Seller
and Buyer and any third-party service provider, with the objective of completing the separation within the term of this TSA. Each Party
will bear its own costs in connection with the creation of the Migration Plan. The Parties recognize that the Migration Plan will serve
only as guidance on the Parties’ migration efforts and will not commit either Party to specific migration activities.

 

3.3           Implementing
Migration Plan. Each Party will perform the migration steps for which it is responsible and pursuant to the schedule mutually
agreed to under the Migration Plan and Seller will provide Buyer with commercially reasonable assistance in the implementation of the
Migration Plan and will use commercially reasonable efforts to cooperate with Buyer’s reasonable requests as they relate thereto.
Buyer will bear (and will reimburse Seller for) the costs of such cooperation and assistance by Seller, unless otherwise agreed in writing
in the Migration Plan.

 

Article IV     Interruption
of Services

 

4.1           Suspension
of Services. Seller may suspend, revoke or limit Buyer’s use of a Service if Seller determines that Buyer has breached any
of its material obligations under this TSA or any TSA Document or that Buyer’s actions or failures to act have caused or will cause,
in Seller’s reasonable judgment, a security breach or violation of any Law; provided that such breach or such actions or failures
to act that have caused or will cause a breach are not successfully remedied within sixty (60) days from notice of such breach or violation.
If the cause of the suspension, revocation, or limitation can reasonably be remedied, Seller will provide notice of the actions Buyer
must take to reinstate the Service. If Buyer fails to take such actions within sixty (60) days, Seller may terminate the Service.

 

4.2           Scheduled
Maintenance. Scheduled maintenance for applicable Services will be agreed upon and set forth in the applicable SDA. In the event
of emergency maintenance or other unplanned disruption that impacts the Services, Seller will notify Buyer as soon as reasonably practicable.
Seller may suspend Services for any scheduled maintenance set forth in the applicable SDA or emergency maintenance.

 

4.3           Interruption.
In the event of any interruption of Service allowed under Sections 4.1 or 4.2, Seller’s obligations for the affected Service,
and Buyer’s obligation to pay for the affected Service, are postponed for the time the performance is suspended or delayed due
to such interruption.

 

Article V     Personnel;
Project Managers; Joint Steering Committee

 

5.1           Subcontractors.
Upon Buyer’s prior written consent on a Service-by-Service basis (not to be unreasonably withheld, conditioned or delayed), and
only for Services that Seller intends to be materially outsourced, to the extent consistent with Seller’s practices during the
180 days immediately prior to its entry into the Separation Agreement, Seller may engage subcontractors to provide or assist in providing
the Services; provided, however, that Seller remains responsible for the fulfillment of all of its obligations under this TSA and for
the performance of the Services.

 

    3

     

    

 

5.2           Access
and Use of Facilities. Seller will ensure that all personnel of Seller, its Affiliates and any subcontractors having access to
Buyer’s or its Affiliates’ premises in connection with the performance or delivery of a Service will comply with all reasonable
applicable security guidelines (including physical security, network access, internet security, confidentiality and personal data security
guidelines, policies, standards and similar requirements) of Buyer and its Affiliates, which guidelines shall have been communicated
in writing and in advance by Buyer to Seller.

 

5.3           Personnel.
Buyer and Seller:

 

(a)           are
independent contractors and this TSA does not create an agency, partnership or joint venture relationship between Buyer and Seller or
Seller personnel.  Neither Party assumes any liability or responsibility for the other Party’s personnel;

 

(b)           agree
to provide, to the extent necessary and required by applicable law, (i) confirmation that their respective personnel have requisite
work authorizations, and (ii) for export evaluation purposes, confirm country of origin;

 

(c)           agree
that each Party has the right to refuse to accept the other Party’s personnel made available to perform Services
hereunder and may request the removal of the other Party’s personnel from assignment under this TSA for any lawful reason in such
Party’s sole and reasonable discretion;

 

(d)           will
ensure that their respective personnel assigned to work hereunder will not use the other Party’s confidential information
that such Party may be exposed to or have access to while working pursuant to this TSA and will not share such information or disclose
it by publication or otherwise to any other person during the term of this TSA and for a period of three (3) years thereafter, except
as required by law;

 

(e)           shall
instruct their personnel that employment related issues should be brought forward to their respective companies;

 

(f)            shall
remain responsible for the day to day supervision, control, terms and conditions, hiring, verification of eligibility to work, discipline,
performance management, termination, counseling, scheduling, compensation, benefits and other activities, withholdings, health and safety
of their respect personnel, and shall ensure their respective personnel do not seek to obtain the same from the other Party. To avoid
any confusion, Buyer remains the employer of Buyer personnel and Seller remains the employer of Seller personnel at all times. Further,
this TSA does not create an employment relationship between Buyer, Seller and their respective personnel; and

 

    4

     

    

 

(g)           are
responsible for the actions and inactions of their respective personnel, including compliance with the requirements of this TSA.

 

5.4           Project
Managers. Each Party will designate a person called its “Project Manager” who will be the focal point for communications
relative to this TSA and will have the authority to act on behalf of such Party regarding this TSA. The responsibilities of each Party’s
Project Manager include:

 

(a)           manage
its personnel and responsibilities for this TSA;

 

(b)           serve
as the interface between the other Party and all of its departments participating in this TSA;

 

(c)           communicate
and confirm any changes with the other Party’s Project Manager;

 

(d)           participate
in status meetings;

 

(e)           obtain
and provide information, data, and decisions within a reasonable time after the other Party's request, unless a specific time for delivery
is otherwise agreed;

 

(f)            help
resolve issues and escalate issues within its organization, as necessary; and

 

(g)           review
with the other Party’s Project Manager any invoice, entitlement or billing issues.

 

5.5           Joint
Steering Committee. No later than ten (10) business days after the Distribution Date, the Parties will establish a joint
steering committee (the “Joint Steering Committee”) to weekly (or such other duration as may be agreed to by the Parties:

 

(a)           review
the status of, discuss, manage, and perform (or caused to be performed) the tasks required to provide the Services and the tasks required
to migrate any Services;

 

(b)           review
and seek agreement with respect to matters associated with employees providing the Services;

 

(c)            review
plans to phase out or migrate any Services;

 

(d)           review
resolution of any outstanding unresolved issues under this TSA;

 

(e)           review
and address performance deficiencies;

 

(f)            review
amendments, issues, Migration Plans, Service interruptions and any other issues which may arise under this TSA;

 

(g)           prepare
and review periodic budgets for the Services;

 

(h)           review
and seek agreement with respect to any change request or additional services proposed for an SDA or to be incorporated into this TSA;

 

    5

     

    

 

(i)            discuss
any third-party contractors for which approval is sought;

 

(j)            review
any actual or potential non-compliance with applicable data privacy Laws as related to the Services, and if necessary, make amendments
to this TSA as necessary to address such actual or potential non-compliance;

 

(k)           review,
discuss, and seek resolution of any disputes or disagreements with respect to the foregoing; and

 

(l)            perform
such other functions as appropriate to further the intents and purposes of this TSA. Approval of TSA Documents, Migration Plans, Service
interruptions and any other issues which may arise under this TSA will be addressed by the Joint Steering Committee.

 

Article VI     Fees
and Taxes

 

6.1           Fees.
The fees for the Services and, if applicable, the Deliverables will be specified in the SDAs. The amounts payable for the Services will
be based on one or more of the following types of fees: one-time setup, recurring, third-party licenses, time and materials, fixed price.
To the extent expressly set forth in an SDA or this TSA, additional out-of-pocket fees may apply, such as travel-related expenses. The
SDAs will specify payment amounts and, if applicable, the process for approving and reimbursing expenses. Invoices will reference the
TSA and the applicable SDA. Seller will deliver to Buyer an invoice at the beginning of each month for Services provided to Buyer during
the preceding month. Buyer agrees to pay all applicable fees that are accurate and specified by Seller on the invoice, including any applicable
late payment fees. Certain fees may be billed by an Affiliate of Seller pursuant to a Local Agreement.

 

6.2           Payment
Terms. Unless specified otherwise in an SDA or Local Agreement, amounts payable hereunder will be paid in U.S. Dollars. [***]
Payments not made within the time required hereunder may be subject to late fees as set forth in the applicable invoice.
Seller’s delay in providing an invoice shall not relieve Buyer of its obligation to pay the fees and/or Taxes described in the
invoice. Neither Party may set-off, or attempt to set-off, any payments due to the other Party under this TSA or any TSA Documents
by any amounts the first Party may owe the other under any other agreements between the Parties. If either Party disputes an amount
due, such Party will pay the total amount due when payable, inclusive of any disputed amount, and the Parties will resolve such
dispute in accordance with Section 12.3 (Dispute Resolution). In the event of any failure to pay any amount when due by either
Party or its Affiliates under this TSA or any TSA Document (such party, the “Non-Paying Party”), the other party
(the “Other Party”) (or its Affiliates) shall be entitled to suspend payment, without prior notice or demand of
any kind, of up to an equivalent amount due from such Other Party or its Affiliates to the Non-Paying Party under this TSA or the
TSA Documents until such time as the Non-Paying Party or its Affiliates shall have paid all amounts due to the Other Party
(including any interest or late fees). Payments so suspended by the Other Party or its Affiliates shall not be subject to any
interest, late fees or similar charges.

 

    6

     

    

 

6.3           Taxes.
All fees referred to in this TSA are expressed as exclusive of all applicable value added, indirect, goods and services, consumption,
sales, use, revenue, excise, stamp and personal property Taxes or any similar levies, imposts, duties, charges, surcharges or contributions,
in each case imposed, collected or assessed by, or payable to, a Tax authority (“Indirect Taxes”). If any Indirect
Taxes are payable by Seller or an Affiliate of Seller in relation to any Services, Deliverables, goods, services or other supplies made
under or in connection with this TSA or any TSA Document, including the provisioning and fulfilment of such supplies:

 

(a)           Seller
or its applicable Affiliate will properly add the applicable Indirect Taxes to any fees payable;

 

(b)           Seller
or its applicable Affiliate will include the applicable Indirect Taxes on its invoices to Buyer in accordance with applicable Laws, and
issue an invoice or other billing documentation to Buyer that complies with applicable Tax Laws; and

 

(c)           Buyer
or its applicable Affiliate will pay or reimburse the amounts of such Indirect Taxes to Seller or its applicable Affiliate on or before
the payment date of the applicable invoice.

 

In the event that any Indirect Tax is assessed on the provision of
any of the goods and services, the Parties shall work together to segregate the charges under this agreement into two (2) separate
streams, (i) those for taxable goods and services; and (ii) those for nontaxable goods and services. In the event that local
laws or regulations could require Seller to register for Indirect Taxes in overseas countries, Buyer agrees to execute local agreements
with Seller’s local affiliates in the applicable overseas country where Seller makes supplies under this TSA and/or Buyer or Buyer’s
affiliate receives the supplies. Buyer may designate which Buyer entity (namely, Buyer or a local Buyer affiliate) shall execute the local
service agreement with the local Seller affiliate.

 

6.4           Reimbursement
or Indemnity. If Seller or any of its Affiliates is entitled to payment of any costs or expenses by way of reimbursement or indemnity,
Seller or its applicable Affiliate will add any Indirect Taxes that Seller or its applicable Affiliate is unable to recover on the aforementioned
costs or expenses, to the payment due from Buyer.

 

6.5           Tax
Exemption Certificates. To the extent that Seller and Buyer agree that no Indirect Tax is chargeable by Seller or its applicable
Affiliate on any Services, Deliverables, goods, services or other supplies, the Parties will provide one another with all necessary exemption
certificates as may be provided under applicable Law to evidence the non-charging of Indirect Taxes.

 

6.6           Withholding.
In the event that any withholding or deduction for or on account of tax is required under any law or regulation of any governmental entity
or authority, domestic or foreign to be made by Buyer in respect of any charge, Buyer will pay the charge to Seller net of the required
withholding or deduction and shall account for the amount so deducted or withheld to the relevant tax authority. Buyer will supply to
Seller evidence to the reasonable satisfaction of Seller that Buyer has accounted to the relevant tax authority for the amount withheld
or deducted and will provide all such reasonable assistance as may be requested by Seller in recovering the amount withheld or deducted.
In the event that a double taxation treaty applies which provides for a reduced withholding tax rate (including a complete exemption from
withholding tax), Buyer shall take all reasonable steps to ensure that such reduced withholding is applied.

 

    7

     

    

 

6.7           Tax
Collection. Buyer agrees to collect and remit, and to cause its Affiliates to collect and remit, Taxes imposed, collected or
assessed by, or payable to, any Tax authority in connection with this TSA or the TSA Documents or the transactions contemplated
thereby, to the extent required by applicable Laws or where applicable Laws provide for Buyer or any of its Affiliates to account
for Taxes on the supply if Seller is not registered for Taxes in Buyer’s country. Buyer agrees to indemnify and hold harmless
Seller and its Affiliates and their respective officers, directors, employees and agents, against all liabilities, damages, losses,
costs and expenses if Buyer fails to pay timely all Taxes due on Seller’s supply to Buyer in accordance with such Laws. In the
event that local laws or regulations could require the Seller contracting entity to register for Indirect Taxes in any overseas
jurisdiction/jurisdictions, Buyer and Seller will discuss an alternative charge construct, or appropriate next steps. For the
avoidance of doubt, nothing in this clause shall be construed to imply that either Party is a general tax advisor to the other
Party.

 

6.8           Parties’
Other Tax Obligations. Except as otherwise provided, each Party shall be responsible for any personal property Taxes on property
it owns or leases, for franchise and privilege Taxes on its business and for Taxes based on its net income.

 

Article VII     Representations
and Warranties

 

7.1           Seller
Infrastructure. In the event Buyer, or its employees, agents, contractors, or others acting for or on behalf of Buyer, utilizes
any Seller facilities, networks or Seller materials (collectively, the “Seller Infrastructure”) pursuant to any SDA,
Buyer will comply with all applicable Seller policies and requirements regarding the use of such Seller Infrastructure that are disclosed
to Buyer, including the execution of documents as may reasonably be requested by Seller (e.g., Computer Use and Security Measures Agreement).
As used above, “networks” include those IT systems, platforms, applications, networks, and the like that Seller uses or otherwise
relies upon for or in connection with its business, including those located on or accessible through Seller’s intranet (i.e., behind
Seller’s firewall), the Internet, or otherwise.

 

7.2           Warranty.
Seller warrants that it will perform the Services using reasonable care and skill, according to its current description contained in the
applicable SDA. Buyer agrees to provide timely written notice of any failure to comply with this warranty so that Seller can take corrective
action. Deliverables are provided AS IS without warranties of any kind.

 

7.3           Warranty
Disclaimer. The warranty set forth in this Section is the exclusive warranty from Seller relating to the Services and replaces
all other such warranties, including the implied warranties or conditions of satisfactory quality, merchantability, non-infringement,
and fitness for a particular purpose. SELLER PROVIDES DELIVERABLES WITHOUT WARRANTIES OF ANY KIND. NOTWITHSTANDING THE FOREGOING, NOTHING
IN THIS TSA OR ANY TSA DOCUMENT ENTERED IN CONNECTION HEREWITH SHALL MODIFY OR AMEND SELLER’S OR ITS AFFILIATES’ REPRESENTATIONS
AND WARRANTIES SET FORTH IN ANY OTHER AGREEMENT BETWEEN THE PARTIES.

 

    8

     

    

 

Article VIII     Indemnification;
Limitation on Liability

 

8.1           Indemnification.

 

(a)           Buyer
shall indemnify, defend and hold harmless Seller from and against any and all third party claims, losses, damages and liabilities incurred
by Seller or any of its Affiliates to the extent relating to, arising out of or resulting from any Services or Deliverables provided
by Seller or any of its Affiliates, except to the extent resulting from Seller’s or Affiliates’ (i) breach of this TSA
or (ii) gross negligence or willful misconduct in providing the Services or Deliverables.

 

(b)           Seller
shall indemnify, defend and hold harmless Buyer from and against any and all third party claims, losses, damages and liabilities incurred
by Buyer or any of its Affiliates to the extent resulting from Seller’s or Affiliates’ (i) breach of this TSA or (ii) gross
negligence or willful misconduct in providing the Services or Deliverables.

 

8.2           Indemnification
Procedures. The provisions of Section 6.05 of the Separation Agreement shall govern claims for indemnification under this
TSA, provided that, for purposes of this Section 8.2, in the event of any conflict between the provisions of Section 6.05
of the Separation Agreement and this Article 8, the provisions of this TSA shall control.

 

8.3           Other
Indemnification Obligations Unaffected. For the avoidance of doubt, this Article 8 applies solely to the specific matters
and activities covered by this TSA (and not to matters specifically covered by the Separation Agreement or the other Ancillary Agreements).

 

8.4           Limitation
on Liability.     Seller, and Seller’s service providers’ and Affiliates’,
entire liability to the other for all claims related to this TSA and the TSA Documents will not exceed the amount of any actual
direct damages incurred by Buyer up to the amounts paid or payable (if recurring fees, up to 12 months’ fees apply) for the
Service and/or Deliverable that is subject of the claim, regardless of the basis of the claim. Except as otherwise provided herein,
no Party, and no Party’s service providers, subcontractors or Affiliates, will be liable for (a) loss of or damage to
data or (b) special, incidental, exemplary, indirect, or economic consequential damages, or lost profits, business, value,
revenue, impairment of goodwill, or anticipated savings. The following amounts, if a Party is legally liable for them, are not
subject to the limitations in the preceding two sentences: (i) damages for bodily injury (including death); (ii) damages
to real property and tangible personal property; (iii) Buyer’s obligation to make payment of undisputed fees to Seller
for Services performed and/or Deliverables delivered in compliance with the terms of this TSA; (iv) damages arising from
Buyer’s violation of Seller policies or requirements regarding Buyer’s use of Seller Infrastructure and (v) damages
that cannot be limited under applicable Law. Without limiting the rights under Section 11.04 of the Separation Agreement, the
provisions of Section 8.1 shall, to the maximum extent permitted by applicable Law, be the Parties’ and their
Affiliates’ sole and exclusive remedy with respect to all claims, whether arising from statute, principle of common or civil
law, principles of strict liability, tort, contract or otherwise under or relating to this TSA or any TSA Document.

 

    9

     

    

 

Article IX     Term
and Termination

 

9.1           Termination
for Convenience. Buyer may terminate an SDA (in whole or in part), provided however, that any partial termination of an SDA shall
require mutual agreement by Buyer and Seller.

 

9.2           Termination
for Breach. Either Party may terminate this TSA or any TSA Document in the event the other Party fails to remedy a material breach
within sixty (60) days of its receipt of written notice. In the event Seller terminates this TSA or any TSA Document for any reason,
Seller shall provide Buyer, at Buyer’s expense, with commercially reasonable assistance to transfer or migrate any Services performed
under the TSA or a TSA document to a third party

 

9.3           Survival.
Any terms of this TSA which by their nature extend beyond its expiration or termination remain in effect until fulfilled and apply to
respective successors and assignees.

 

9.4           Termination
upon Expiration. The term of this TSA shall continue until the earlier of (i) all of the outstanding SDAs either expire
or are terminated, and (ii) the 2nd anniversary of the Effective Date. On the occurrence of such expirations and/or terminations,
this TSA shall automatically terminate without further notice. Notwithstanding anything to the contrary, in no event shall any Services
or SDAs be extended to a date past the second (2nd) anniversary of the Effective Date.

 

Article X     Compliance
with Law

 

Each Party is responsible for complying with Laws
applicable to its business, such as data protection Laws and import, export and economic sanction Laws, 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 or for certain countries, end uses or end users. If any provision of this TSA or any TSA Document is invalid or unenforceable, the
remaining provisions remain in full force and effect. The United Nations Convention on Contracts for the International Sale of Goods does
not apply to transactions under this TSA.

 

Article XI     Data
Processing

 

If,
and to the extent, the European General Data Protection Regulation (EU/2016/679) (GDPR); or any other data protection laws identified
at http://ibm.com/dpa/dpl apply to personal data processed by Seller under an SDA, Seller’s Data Processing Addendum
at http://ibm.com/dpa and any applicable Data Processing Addendum exhibit(s) attached to this TSA will apply and prevail
over any conflicting terms in this TSA or the TSA Documents.

 

Seller and its Affiliates, and their contractors
and subprocessors, may, in connection with the performance of this TSA or any TSA Document wherever they do business, store and otherwise
process business contact information (“BCI”) of Buyer, its personnel and authorized users, for example, name, business
telephone, address, email and user IDs, for business dealings with them. Where notice to or consent by the individuals is required for
such processing, Buyer will notify and obtain such consent.

 

    10

     

    

 

The
Seller Privacy Statement at https://www.ibm.com/privacy provides additional details with respect to BCI.

 

Article XII     General

 

12.1         Trademarks.
Neither Party grants the other the right to use its trademarks, trade names, or other designations in any promotion or publication without
prior written consent.

 

12.2         Confidential
Information. The exchange of any confidential information pursuant to this TSA will be governed by the Agreement for the Exchange
of Confidential Information  effective as of November 3, 2021, by and between Seller and Buyer.

 

12.3         Dispute
Resolution. In the event of any claim, controversy, demand or request for relief of any kind arising out of, in connection with,
or in relation to the interpretation, performance, nonperformance, validity or breach of this TSA or otherwise arising out of or related
to this TSA or the transactions contemplated hereby or thereby, including any Action based on contract, tort, equity, statute, regulation
or constitution (collectively, “Disputes”), the Party raising the Dispute shall give written notice of the Dispute (a “Dispute
Notice”), and the general counsels of the Parties (or such other individuals designated by the respective general counsels) and/or
the executive officers designated by the Parties shall negotiate for a reasonable period of time to settle such Dispute; provided, that
such reasonable period shall not, unless otherwise agreed by the Parties in writing, exceed ninety (90) days (the “Negotiation Period”)
from the time of receipt of the Dispute Notice; provided, further, that in the event of any arbitration in accordance with Section 12.13
hereof, (x) the Parties shall not assert the defenses of statute of limitations, laches or any other defense, in each such case based
on the passage of time during the Negotiation Period, and (y) any contractual time period or deadline under this TSA relating to
such Dispute occurring after the Dispute Notice is received shall not be deemed to have passed until such Arbitration has been resolved.
As used in this Section 12.3, “Action” means any claim, complaint, petition, hearing, charge, demand, action,
suit, countersuit, arbitration, inquiry, proceeding or investigation by or before any Governmental Authority or any federal, state, local,
foreign or international arbitration or mediation tribunal; and “Governmental Authority” means any federal, state, local,
foreign, international or multinational court, government, quasi-government, department, commission, board, bureau, agency, official or
other legislative, judicial, tribunal, commission, regulatory, administrative or governmental authority.

 

12.4         No
Third Party Beneficiaries, Statute of Limitations. No right or cause of action for any third party is created by this TSA or any
transaction hereunder. Neither Party will bring a legal action arising out of or related to this TSA more than two years after the cause
of action arose.

 

12.5         Assignment.
Neither Party may assign this TSA, in whole or in part, without the prior written consent of the other; any attempt to assign without
consent is void. Notwithstanding the foregoing, assignment of Seller’s rights to receive payments or assignment by Seller in conjunction
with the sale of the portion of Seller’s business that provides Services or Deliverables under this TSA or the TSA Documents is
not restricted.

 

    11

     

    

 

12.6         Independent
Contractors. Each Party is an independent contractor, and each Party is responsible for the supervision, direction and control
of its respective personnel.

 

12.7         No
Agency. Neither Party may represent or act on behalf of the other, unless otherwise agreed to in writing.

 

12.8         Waivers.
An effective waiver under this TSA must be in writing and signed by the Party waiving its right. A waiver by either Party of any instance
of the other Party’s noncompliance with any obligation or responsibility under this TSA will not be deemed a waiver of subsequent
instances.

 

12.9         Approvals.
Where approval, acceptance, consent or similar action by either Party is required under this TSA, such action will not be unreasonably
delayed or withheld.

 

12.10       Third
Parties. Buyer shall cooperate with Seller in the process to procure rights from third parties necessary for Seller to provide
the Services, such as rights to use third party software for the benefit of Buyer. This cooperation may include entering into separate
agreements with the third parties. Buyer shall be responsible for any fees payable to these third parties. Seller shall provide Buyer
advance notice of any such fees, which shall then be invoiced under the applicable SDA(s). For the avoidance of doubt, the rights listed
in and related to this Section 12.10 are solely related to Seller performing the Services.

 

12.11       Force
Majeure. Neither Party is responsible or liable for failure to fulfill any obligations for thirty (30) days due to war, fire,
explosion, flood, strike, epidemics, pandemics and other public health conditions (including COVID-19), act of governmental authority,
act of God, act of terror or other similar event beyond the reasonable control of such Party (each a “force majeure event”),
provided the affected Party (a) promptly and timely notifies the other Party stating the date and extent of such failure or delay
and the cause thereof and continues to use commercially reasonable efforts to perform notwithstanding the force majeure event and (b) will
promptly begin performing its obligations on cessation of such force majeure event; provided, however, that until the force majeure event
has been cured and the affected Services have been restored to the levels required by this TSA, Seller shall pro-rate the fees to account
for the period of time during which a reduced level of Services were provided.

 

12.12       Cooperation.
Without limiting any obligation expressly set forth in this TSA or a TSA Document,
Seller and Buyer each hereby agrees to reasonably co-operate in good faith with one another to make effective the transactions contemplated
by this TSA and the TSA Documents.

 

12.13       [Intentionally
Left Blank]

 

12.14       Governing
Law. All matters arising from or relating in any manner to the subject matter of this TSA shall be interpreted, and the rights
and liabilities of the Parties determined, in accordance with the Laws of the State of New York applicable to agreements executed, delivered,
and performed within such State, without regard to the principles of conflicts of laws thereof.

 

    12

     

    

 

12.15       Binding
Arbitration. If any Disputes have not been resolved for any reason after the Negotiation Period set forth in Section 12.3,
then to the fullest extent permitted by applicable law such Dispute may be submitted by either Party to final and binding arbitration
administered in accordance with the Commercial Arbitration Rules of the American Arbitration Association (“AAA”)
then in effect (the “Rules”), except as modified herein.

 

(a)            The
arbitration shall be conducted by a three-member arbitral tribunal (the “Arbitral Tribunal”). The claimant shall nominate
one arbitrator in accordance with the Rules, and the respondent shall nominate one arbitrator in accordance with the Rules within
twenty-one days (21) after the appointment of the first arbitrator. The third arbitrator, who shall serve as chair of the Arbitral Tribunal,
shall be jointly nominated by the two party-nominated arbitrators within twenty-one (21) days of the confirmation of the appointment of
the second arbitrator. If any arbitrator is not appointed within the time limit provided herein, such arbitrator shall be appointed by
the AAA in accordance with the listing, striking and ranking procedure in the Rules.

 

(b)            The
arbitration shall be held, and the award shall be rendered, in New York, New York, in the English language.

 

(c)            For
the avoidance of doubt, by submitting their Dispute to arbitration under the Rules, the Parties expressly agree that all issues of arbitrability,
including all issues concerning the propriety and timeliness of the commencement of the arbitration, the jurisdiction of the Arbitral
Tribunal (Including the scope of this agreement to arbitrate and the extent to which a Dispute is within that scope), and the procedural
conditions for arbitration, shall be finally and solely determined by the Arbitral Tribunal.

 

(d)            Without
derogating from Section 12.15(e) below, the Arbitral Tribunal shall have the full authority to grant any pre-arbitral
injunction, pre-arbitral attachment, interim or conservatory measure or other order in aid of arbitration proceedings
(“Interim Relief”). The Parties shall exclusively submit any application for Interim Relief to only: (A) the
Arbitral Tribunal; or (B) prior to the constitution of the Arbitral Tribunal, an emergency arbitrator appointed in the manner
provided for in the Rules (the “Emergency Arbitrator”). Any Interim Relief so issued shall, to the extent
permitted by applicable Law, be deemed a final arbitration award for purposes of enforceability. The foregoing procedures shall
constitute the exclusive means of seeking Interim Relief, provided, however, that the Arbitral Tribunal shall have the power to
continue, review, vacate or modify any Interim Relief granted by an Emergency Arbitrator.

 

(e)            The
Arbitral Tribunal shall have the power to grant any remedy or relief that is in accordance with the terms of this TSA, including temporary
or final injunctive relief, provided, however, that the Arbitral Tribunal shall have no authority or power to limit, expand, alter, amend,
modify, revoke or suspend any condition or provision of this TSA, nor any right or power to award punitive, exemplary, enhanced or treble
damages.

 

    13 

     

    

 

(f)            The
Arbitral Tribunal shall have the power to allocate the costs and fees of the arbitration, including reasonable attorneys’ fees and
costs as well as those costs and fees addressed in the Rules, between the Parties in the manner it deems fit.

 

(g)            Arbitration
under this Section 12.15 shall be the sole and exclusive remedy for any Dispute, and any award rendered thereby shall be final and
binding upon the Parties as from the date rendered. Judgment on the award rendered by the Arbitral Tribunal may be entered in any court
having jurisdiction thereof, including any court having jurisdiction over the relevant Party.

 

(h)            The
Parties agree that any arbitration hereunder shall be kept confidential, and that the existence of the proceeding and all of its elements
(including any pleadings, briefs or other documents or evidence submitted or exchanged, any testimony or other oral submissions, and
any awards) shall be deemed confidential, and shall not be disclosed beyond the Arbitral Tribunal, the Parties, their counsel, and any
person necessary to the conduct of the proceeding, except as and to the extent required by law and to defend or pursue any legal right.
In the event any Party makes application to any court in connection with this Section 12.15 (h) (including any proceedings
to enforce a final award or any Interim Relief), that party shall take all steps reasonably within its power to cause such application,
and any exhibits (including copies of any award or decisions of the Arbitral Tribunal or Emergency Arbitrator) to be filed under seal,
shall oppose any challenge by any third party to such sealing, and shall give the other Party immediate notice of such challenge.

 

(i)            Unless
otherwise agreed in writing, the Parties shall continue to provide Services and honor all other commitments under this TSA during the
course of dispute resolution pursuant to Section 12.03 with respect to all matters not subject to such dispute resolution.

 

12.16            Notices.
Any notice required or permitted under this TSA shall be in writing sent to the following representatives:

 

(a)            if
to Seller, to:

 

International
Business Machines Corporation

P.O. Box 41, North Harbour

Portsmouth

Hampshire, PO6 3AU

United Kingdom

 

Attention:
Jason Hughes

 

with a copy (which shall not constitute notice) to:

 

International Business Machines Corporation

75 Binney Street

Cambridge, MA 02412

 

Attention:
Peter Anderson

 

    14 

     

    

 

(b)            if
to Buyer, to:

 

Kyndryl UK Limited

PO Box 41

Western Road, North Harbour

Portsmouth

Hampshire, PO6 3AU

United Kingdom

Attention: Amanda Brumpton, Kyndryl Operations Executive

 

With a copy (which shall not constitute notice) to: 

 

Kyndryl, Inc.

One Vanderbilt Avenue

15th Floor

New York, NY. 10017

 

Attention: Thomas P. Hagen, Associate General Counsel

 

Each Party shall promptly notify the other if its
representative changes. Notices will be effective upon receipt as demonstrated by reliable confirmation. The Parties consent to the use
of electronic means and facsimile transmissions to send and receive communications and notices in connection with the business relationship
arising out of this TSA, and such communications are acceptable as a signed writing.

 

12.17            Counterparts.
Each Party accepts the terms of this TSA and the TSA Documents referenced in Section 2.3 by signing the TSA (including by digital
or other electronic means) in one or more counterparts, each of which will be deemed to be an original and all of which when taken together
will constitute the same agreement. Any copy of this TSA made by reliable means (for example, photocopy or facsimile) is considered an
original.

 

12.18            Entire
Agreement. This TSA and the TSA Documents contain the entire agreement and understanding between the Parties thereto with respect
to the subject matter thereof and supersede all prior agreements and understandings relating to such subject matter.

 

[Remainder of this page intentionally left
blank]

 

    15 

     

    

 

IN
WITNESS WHEREOF, the Parties have caused this TSA to be executed by their duly authorized signatories as of the Effective Date.

 

	INTERNATIONAL BUSINESS MACHINES CORPORATION	 
	 	 	 
	By	/s/ Frank Sedlarcik	 
	 	Authorized signature	 

	 	 	 
	Name:	Frank Sedlarcik	 
	 	 	 
	Title:	Vice President, Assistant General Counsel and Secretary	 

 

     

     

    

 

IN
WITNESS WHEREOF, the Parties have caused this TSA to be executed by their duly authorized signatories as of the Effective Date.

 

	 	KYNDRYL, INC.
	 	 	 
	 	By	/s/ Simon Beaumont
	 	 	Authorized signature

	 	 	 
	 	Name:	Simon Beaumont
	 	 	 
	 	Title:	President

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