Document:

Exhibit 10.6 

 

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. 

 

	IBM
  International Client Relationship Agreement	 

 

This IBM International Client Relationship Agreement (Agreement or
iCRA) includes Part 1 – General Terms and Part 2 – Country Required Terms. This Agreement governs transactions
by which Client may order Programs, Cloud and other Services, Machines and Appliances (collectively IBM Products) and third party products
and services (Non-IBM Products). Transaction Documents (TDs) and Attachments detail the specifics of transactions such as charges and
a description of and information about the Product. Examples of TDs include statements of work, service descriptions, ordering documents,
supplements, or invoices. Attachments provide supplemental terms that apply to certain types of Products, such as product capacity or
trial services. In the event of conflict, an Attachment prevails over this Agreement and a TD prevails over both the Agreement and any
Attachment and only applies to the specific transaction.

 

IBM and Client have entered into a Separation and
Distribution Agreement, dated as of [______], 2021 (the “Separation Agreement”). In furtherance of the foregoing, Client
may acquire Products from IBM for Client’s own Enterprise or for Client’s third-party End Users outside Client’s Enterprise,
as specified in the applicable Attachment and TDs.

 

Client Lead Company and IBM Lead Company agree to
coordinate the activities of their respective Enterprise companies participating under this Agreement. This Agreement is written in English
and signed with the understanding that the Lead Companies are bound by its terms. The Lead Companies will distribute copies of the Agreement
to their respective participating Enterprise companies. The specific relationship established in each country will be documented by signing
this Agreement or a participation document that incorporates this Agreement and its Attachments and TDs.

 

Enterprise companies include (i) companies within the same country
that Client or IBM control (by owning greater than 50% of the voting shares), and (ii) any other entity that controls, is controlled
by, or is under common control with Client or IBM, and has signed a participation agreement.

 

All references to the “Spin Date” mean [insert date].

 

Part 1 – General Terms

 

		1.	Programs

 

		a.	A Program is an IBM-branded computer program and related material
                                            available for license subject to the payment of charges. Program details are described in
                                            an Attachment called License Information (LI). Programs do not include Machine Code or Project
                                            Materials. Programs are copyrighted and licensed (not sold). When IBM accepts an order for
                                            a Program, Client is granted a nonexclusive license to: i) use the Program only up to its
                                            authorizations and subject to its LI; ii) make and install copies to support such authorized
                                            use; and iii) make a backup copy. Programs may be used by Client, its authorized employees
                                            and contractors only within Client’s Enterprise, and not to provide hosting or timesharing
                                            services to any third party. Client may not sublicense, assign, or transfer the license for
                                            any Program. Additional rights may be available for additional fees or under different terms.
                                            Client is not granted unrestricted rights to use the Program nor has Client paid for all
                                            of the economic value of the Program. Certain Programs may contain third party code licensed
                                            under separate agreements identified in the LI.

 

		b.	The license granted for a Program is subject to Client:

 

		(1)	reproducing copyright notices and other markings;

 

		(2)	ensuring anyone who uses the Program does so only for Client’s
                                            authorized use and complies with the license;

 

		(3)	not reverse assembling, reverse compiling, translating, or reverse
                                            engineering the Program; and

 

		(4)	not using any of the elements of the Program or related licensed
                                            material separately from the Program.

 

		c.	The metric applicable to a Program license is specified in an Attachment
                                            or TD. All licenses on a server or capacity based metric must be licensed to the full capacity
                                            of the server on which the Program is installed, unless sub-capacity usage is available from
                                            IBM and Client complies with the applicable sub-capacity requirements and terms as set forth
                                            in Attachments and TDs.

 

		2.	Services - Cloud Services

 

		a.	A Cloud Service is an IBM offering provided by IBM and made available
                                            via a network. Each Cloud Service is described in a TD. Cloud Services are designed to be
                                            available 24/7, subject to maintenance. Client will be notified of scheduled maintenance.
                                            Technical support and service level commitments, if applicable, are specified in an Attachment
                                            or TD.

 

		b.	When IBM accepts Client’s order, IBM provides Client the
                                            authorizations specified in the TD.

 

		c.	IBM will provide the facilities, personnel, equipment, software, and
                                            other resources necessary to provide the Cloud Services and generally available user guides
                                            and documentation to support Client’s use of the Cloud Service. A Cloud Service may
                                            require the use of enabling software that Client downloads to Client systems to facilitate
                                            use of the Cloud Service. Client may use enabling software only in connection with use of
                                            the Cloud Service and according to any licensing terms if specified in a TD. Enabling software
                                            is provided as-is, without warranties of any kind.

 

		d.	Client will provide hardware, software and connectivity to access
                                            and use the Cloud Service, including any required Client-specific URL addresses and associated
                                            certificates.

 

		e.	Client may access a Cloud Service only to the extent of authorizations
                                            acquired by Client. Client is responsible for use of Cloud Services by any user who accesses
                                            the Cloud Service with Client’s account credentials. A Cloud Service may not be used
                                            in any jurisdiction for unlawful, obscene, offensive or fraudulent Content or activity, such
                                            as advocating or causing harm, interfering with or violating the integrity or security of
                                            a network or system, evading filters, sending unsolicited, abusive or deceptive messages,
                                            viruses or harmful code, or violating third party rights. In addition, Client may not use
                                            Cloud Services if failure of the Cloud Service could lead to death, bodily injury, or property
                                            or environmental damage. Client may not: i) reverse engineer any portion of the Cloud Services;
                                            or ii) assign or resell direct access to a Cloud Service to a third party outside Client’s
                                            Enterprise. or iii) combine Cloud Services with Client’s value add to create a commercially
                                            available Client branded solution that Client markets to its end user customers unless otherwise
                                            agreed (unless otherwise set forth in an Attachment or Transaction Document).

 

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		f.	A Cloud Service or feature of a Cloud Service is considered “Preview”
                                            when IBM makes such services or features available at no charge, with limited or pre-release
                                            functionality, or for a limited time to try available functionality (such as beta, trial,
                                            no-charge, or preview designated Cloud Services). Preview services are excluded from available
                                            service level agreements. A Preview service may not be covered by support and IBM may change
                                            or discontinue a Preview service at any time and without notice. IBM is not obligated to
                                            release a Preview service or make an equivalent service generally available.

 

		2.1	Changes to Cloud Services

 

		a.	IBM may modify: i) a Cloud Service; and ii) IBM’s Data Security
                                            and Privacy Principles for IBM Cloud Services (DSP) from time to time at IBM’s sole
                                            discretion and such modifications will supersede prior versions. Updates to a TD (such as
                                            a service description or statement of work) will take effect upon a new order, change effective
                                            date for ongoing services, or upon the renewal date for Cloud Services that automatically
                                            renew. The intent of any modification will be to: i) improve or clarify existing commitments;
                                            ii) maintain alignment to current adopted standards and applicable laws; or iii) provide
                                            additional features and functionality. Modifications will not degrade the security or functionality
                                            of a Cloud Service.

 

		b.	IBM may withdraw a Cloud Service on 12 months’ notice, unless
                                            otherwise stated in a TD. IBM will continue to provide the Cloud Service for the remainder
                                            of Client’s unexpired term or work with Client to migrate to another IBM offering.

 

		2.2	Term and Termination of Cloud Services

 

		a.	The term of a Cloud Service begins on the date IBM notifies Client
                                            that Client can access the Cloud Service. IBM will specify whether the Cloud Service renews
                                            automatically, proceeds on a continuous use basis, or terminates at the end of the term.
                                            For automatic renewal, unless Client provides written notice to IBM or the IBM Business Partner
                                            involved in the Cloud Service not to renew at least 30 days prior to the term expiration
                                            date, the Cloud Service will automatically renew for the specified term. For continuous use,
                                            the Cloud Service will continue to be available on a month to month basis until Client provides
                                            30 days written notice to IBM or the IBM Business Partner involved in the Cloud Service of
                                            termination. The Cloud Service will remain available to the end of the calendar month after
                                            such 30 day period.

 

		b.	IBM may suspend or limit, to the extent necessary, Client’s
                                            use of a Cloud Service if IBM determines there is a material breach of Client’s obligations,
                                            a security breach, violation of law, or breach of the terms set forth in section 2 (f). If
                                            the cause of the suspension can reasonably be remedied, IBM will provide notice of the
                                            actions Client must take to reinstate the Cloud Service. If Client fails to take such actions
                                            within a reasonable time, IBM may terminate the Cloud Service.

 

		c.	Client may terminate a Cloud Service on one month’s notice:
                                            i) at the written recommendation of a government or regulatory agency following a change
                                            in either applicable law or the Cloud Services; ii) if IBM’s modification to the computing
                                            environment used to provide the Cloud Service causes Client to be noncompliant with applicable
                                            laws; or iii) if IBM notifies Client of a modification that has a material adverse effect
                                            on Client’s use of the Cloud Service, provided that IBM will have 90 days to work with
                                            Client to minimize such effect. In the event of such termination, IBM shall refund a
                                            portion of any prepaid amounts for the applicable Cloud Service for the period after the
                                            date of termination. If the Agreement is terminated for any other reason, Client shall pay
                                            to IBM, on the date of termination, the total amounts due per the Agreement. Upon termination, IBM
                                            may assist Client in transitioning Client’s Content to an alternative technology for
                                            an additional charge and under separately agreed terms.

 

		3.	Services – Other Services

 

		a.	IBM provides consulting, installation, customization and configuration,
                                            maintenance, and other services as detailed in an Attachment or TD. Client will own the copyright
                                            in works of authorship that IBM develops for Client under a Statement of Work (SOW) (Project
                                            Materials). Project Materials exclude works of authorship delivered to Client, but not created,
                                            under the SOW, and any modifications or enhancements of such works made under the SOW (Existing
                                            Works). Some Existing Works are subject to a separate license agreement (Existing Licensed
                                            Works). A Program is an example of an Existing Licensed Work and is subject to the Program
                                            terms. IBM grants Client an irrevocable (subject to Client’s payment obligations),
                                            nonexclusive, worldwide license to use, execute, reproduce, display, perform and prepare
                                            derivatives of Existing Works that are not Existing Licensed Works. IBM retains an irrevocable,
                                            nonexclusive, worldwide, paid-up license to use, execute, reproduce, display, perform, sublicense,
                                            distribute, and prepare derivative works of Project Materials.

 

		b.	Any operational or administrative process that by its nature apply
                                            to a Service that is (a) part of Existing Backlog and (b) the process is documented
                                            in Client’s contract with its customer and (c) the process has been agreed to
                                            by the parties prior to Spin Date, will continue to apply for the current term of that customer’s
                                            contract with Client. For the purposes of this paragraph “Existing Backlog” means
                                            existing Service obligations documented under active IBM documents of understanding or the
                                            Survey Gizmo tool, including those amended by a mutually agreed project change request (PCR)
                                            or request for service (RFS), and as may be reflected in corresponding pricing and quote
                                            to cash records (i.e., CFTS/IERP), or equivalent forms but all as specified in an Attachment
                                            or TD.

 

		c.	Either party may terminate a Service if a material breach concerning
                                            the Service is not remedied within a reasonable time. IBM will provide at least 90 days’
                                            notice prior to withdrawal of Service. Client will pay charges for Services provided through
                                            the effective date of termination. If Client terminates without cause or IBM terminates for
                                            breach, Client will meet all minimum commitments and pay termination or adjustment charges
                                            specified in the SOW or TD and any additional costs IBM reasonably incurs because of early
                                            termination, such as costs relating to subcontracts or relocation. IBM will take reasonable
                                            steps to mitigate any such additional costs.

 

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		d.	IBM Personnel. Attachment A is incorporated by reference.

 

		4.	Machines and Appliances

 

		a.	A Machine is an IBM-branded device including its features, upgrades,
                                            and accessories. An Appliance is a Program and Machine combination designed for a particular
                                            function. Unless otherwise provided, terms that apply to a Program apply to the Program component
                                            of an Appliance and terms that apply to a Machine apply to the Machine component of an Appliance.
                                            Client may not use or transfer an Appliance’s Program component independently of the
                                            Appliance.

 

		b.	When IBM accepts Client’s order, IBM transfers title to
                                            Machines and non-IBM machines to Client or Client’s lessor upon payment of all amounts
                                            due, except in the United States where title transfers upon shipment. IBM bears risk of loss
                                            until delivery to the carrier for shipment. IBM pays for insurance on Client’s behalf
                                            until delivery to Client’s location. Client must report any loss in writing to IBM
                                            within 10 business days of delivery and follow the claim procedure. Additional charges may
                                            apply for IBM installation more than six months after shipment. Client must follow instructions
                                            provided to install Client set up Machines.

 

		c.	Machines and parts removed or exchanged for upgrade, warranty service,
                                            or maintenance are IBM property and must be returned to IBM promptly. A replacement assumes
                                            the warranty or maintenance status of the replaced part. A Machine may include parts that
                                            are not new and in some instances Machines may have been previously installed. Regardless, IBM’s
                                            warranty terms apply. Client will promptly install or allow IBM to install mandatory engineering
                                            changes. Client may only acquire Machines for use within Client’s Enterprise in the
                                            country where acquired and not for resale, lease, or transfer. Lease-back financing is permitted.

 

		4.1	Machine Code and Built in Capacity

 

Machines may include Machine Code (MC) and Built in Capacity
(BIC). MC is computer instructions, fixes, replacements, and related materials, such as data and passwords relied on, provided, used
with, or generated by MC, that permit the operation of the machine's processors, storage, or other functionality. MC is copyrighted and
licensed (not sold). IBM only provides copies, fixes, or replacements for MC for Machines under warranty or IBM maintenance, or under
a separate written agreement which may be subject to additional charges. Client agrees that all copies, fixes, or replacements for MC
will be obtained solely as authorized by IBM. Client is granted a nonexclusive license to use MC only: i) on the Machine for which IBM
provided it; and ii) to access and use BIC only to the extent paid for by Client, activated by IBM and subject to the Attachment called
IBM Authorized Use Table for Machines (AUT) available from IBM and at http://www.ibm.com/systems/support/machine_warranties/machine_code/aut.html.
BIC is computing resource (e.g., processors, storage, and other functionality) that IBM provides for a Machine. Use of BIC may be restricted
by contract, technological or other measures. Client agrees to IBM's implementation of technological and other measures that restrict,
monitor and report on use of BIC or MC, and to install any changes IBM provides. Client may not alter, reverse assemble, reverse compile,
translate, or reverse engineer the MC, or circumvent or interfere, by any means, with IBM’s contractual, technological, or other
measures that restrict, monitor or report on use of BIC or MC. While Client’s license to MC is in effect, Client may transfer possession
of the entire MC along with all of Client’s rights and obligations only with corresponding transfer of the Machine and a hardcopy
of this MC license, and only if the transferee agrees to the terms of this MC license. Client’s MC license terminates immediately
upon transfer. This Agreement governs MC and BIC on Machines acquired from another party. Use of BIC in excess of authorizations from
IBM is subject to additional charges.

 

		5.	Content and Data Protection

 

		a.	Content consists of all data, software, and information that Client
                                            or its authorized users provides, authorizes access to, or inputs to the Cloud Service or
                                            information or data Client may provide, make available or grant access to, in connection
                                            with IBM providing other Services, such as consulting, maintenance, or Program support. Providing
                                            Content or otherwise using Cloud Services will not affect Client’s ownership or license
                                            rights in such Content. IBM, its affiliates, and contractors of either may access and use
                                            the Content solely for the purpose of providing and managing the applicable Cloud Services
                                            or other Services. IBM will treat all Content as confidential by not disclosing Content except
                                            to IBM employees and contractors and only to the extent necessary to deliver the Cloud Services
                                            or perform other Services.

 

		b.	Client is responsible for obtaining all necessary rights and permissions
                                            to enable, and grants such rights and permissions to, IBM, its affiliates, and contractors
                                            of either to use, provide, store and otherwise process Content in the Cloud Services or other
                                            Services. This includes Client providing required information, making necessary disclosures
                                            and obtaining consent, if required, before providing individuals’ information, including
                                            personal or other regulated data in such Content. Client is responsible for adequate back-up
                                            of Content. If any Content could be subject to governmental regulation or may require security
                                            measures beyond those specified by IBM for Cloud Services or other Services, Client will
                                            not input, provide, or allow access to such Content unless specifically permitted in the
                                            terms of the relevant TD or unless IBM has otherwise first agreed in writing to implement
                                            additional security and other measures.

 

		c.	IBM’s Data Security and Privacy Principles for IBM Cloud Services
                                            (DSP), at http://www.ibm.com/cloud/data-security, apply for generally available Cloud
                                            Service offerings. Specific security features and functions of a Cloud Service may be provided
                                            in an Attachment and TDs. Client is responsible to assess the suitability of each Cloud Service
                                            for Client’s intended use and Content and to take necessary actions to order, enable,
                                            or use available data protection features for a Cloud Service appropriate for the Content
                                            being used with a Cloud Service. By using the Cloud Service, Client accepts responsibility
                                            for use of the Cloud Services, and acknowledges that it meets Client's requirements and processing
                                            instructions to enable compliance with applicable laws.

 

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		d.	IBM’s Data Processing Addendum at http://ibm.com/dpa
                                            (DPA) and applicable DPA Exhibit(s) apply to personal data contained in Content, if
                                            and to the extent: i) European General Data Protection Regulation (EU/2016/679) (GDPR); or
                                            ii) other data protection laws identified at http://ibm.com/dpa/dpl apply.

 

		e.	Upon request by either party, IBM, Client, affiliates of either,
                                            will enter into additional agreements as required by law in the prescribed form for the protection
                                            of personal or regulated personal data included in Content. The parties agree (and will ensure
                                            that their respective affiliates agree) that such additional agreements will be subject to
                                            the terms of the Agreement.

 

		f.	IBM will return or remove Content from IBM computing resources upon
                                            the expiration or cancellation of the Cloud Service, other Services, or earlier upon Client’s
                                            request. IBM may charge for certain activities performed at Client’s request (such
                                            as delivering Content in a specific format). IBM does not archive Content, however some Content
                                            may remain in backup files until expiration of such files as governed by IBM’s backup
                                            retention practices.

 

		6.	Warranties and Post Warranty Support

 

		a.	IBM warrants that Programs used in their specified operating environment
                                            conform to their official published specifications. The warranty period for a Program (not
                                            the Program component of an Appliance) is one year, or the initial license term if less than
                                            one year, unless another warranty period is specified in an Attachment or TD. During the
                                            Program warranty period, IBM provides Software Subscription and Support (S&S), entitling
                                            Client to defect correction information, restrictions, bypasses, and new releases and versions
                                            IBM makes generally available. Unless Client elects to discontinue S&S, annual S&S
                                            automatically renews at then-current charges until S&S for a version or release is withdrawn.
                                            If Client elects to continue S&S for a Program at a designated Client site, Client must
                                            maintain S&S for all uses and installations of the Program at that site.

 

		b.	IBM warrants that it provides Cloud and other Services using commercially
                                            reasonable care and skill in accordance with the applicable Attachment or TD, including any
                                            completion criteria, and that Project Materials will comply with the Attachment or TD at
                                            the time of delivery. The warranty for a Service ends when the Service ends.

 

		c.	IBM warrants that Machines used in their specified operating environment
                                            conform to their official published specifications. For a Machine or Appliance, the warranty
                                            period is specified in the Attachment or TD. During its warranty period, IBM will repair
                                            or exchange the Machine without charge, as specified in the Attachment. Warranty does not
                                            apply to Machines that Client did not allow IBM to install as required by the TD. Client
                                            may purchase warranty service upgrades and post warranty support where available. For Appliances,
                                            post warranty support includes maintenance and S&S.

 

		d.	If a Machine or Program does not function as warranted during its
                                            warranty period and IBM is unable to repair or replace it with a functional equivalent, Client
                                            may return it to IBM for a refund of the amount Client paid (for recurring charges, up to
                                            twelve months’ charges) and Client’s license or right to use it terminates.

 

		e.	IBM does not warrant uninterrupted or error-free operation
                                            of an IBM Product or that IBM will correct all defects or prevent third party disruptions
                                            or unauthorized third party access to an IBM Product. These warranties are the exclusive
                                            warranties from IBM and replace all other warranties, including the implied warranties or
                                            conditions of satisfactory quality, merchantability, non-infringement, and fitness for a
                                            particular purpose. IBM warranties will not apply if there has been misuse, modification,
                                            damage not caused by IBM, or failure to comply with instructions provided by IBM. Preview
                                            services and non-IBM Products are sold under the Agreement as-is, without warranties of any
                                            kind. Third parties may provide their own warranties to Client.

 

		7.	Charges, Taxes, Payment and Verification

 

		a.	Unless otherwise set forth in a TD, IBM will provide Products
                                            only after receiving Client’s authorization in either electronic or tangible form (i.e.,
                                            a purchase order, bill of lading, or another Client designated document) (collectively, a
                                            Work Authorization (WA)).  Preprinted Client terms on the WA are void and of no effect.
                                             Notwithstanding the foregoing, a WA is not required for Program or Cloud Services use
                                            in excess of authorizations.

 

		b.	Client agrees to pay all applicable charges specified for an IBM Product
or non-IBM Product, and charges for use in excess of authorizations.  The agreed upon charges and currency for an IBM Product and
non-IBM Product will be set forth in the TD.   Payment of invoices does not constitute acceptance of Project Materials.  IBM
will submit invoices to Client via Client’s designated electronic invoicing system. [***]. Prepaid Services must be used
within the applicable period. IBM does not give credits or refunds for any prepaid, one-time charges, or other charges already due or
paid. [***].

 

		c.	For Cloud Services, based on selected billing frequency, IBM
                                            will invoice Client the charges due at the beginning of the billing frequency term, except
                                            for overage and usage type of charges which will be invoiced in arrears. One time charges
                                            will be billed upon IBM’s acceptance of an order.

 

		d.	All charges referred to in this Agreement are expressed as exclusive
                                            of all applicable Indirect Taxes. If any Indirect Taxes are payable in relation to any goods,
                                            services or other supplies made under or in connection with this Agreement, including the
                                            provisioning and fulfillment of such supplies (i) the applicable Indirect Taxes shall
                                            be added to any charges payable by Client; (ii)  IBM shall issue an invoice or
                                            other billing documentation to the Client that complies with applicable tax laws; and (iii) as
                                            applicable, Client shall pay or reimburse the amounts of such Indirect Taxes to IBM on or
                                            before the due dates for satisfaction of such invoices. Indirect Taxes means value added,
                                            goods and services, consumption, sales, use, revenue and/or turnover taxes calculated as
                                            a percentage of gross revenue (excluding income taxes calculated on net income or profit),
                                            financial transaction, digital services, export and import taxes or duties, stamp, registration,
                                            documentary and property taxes and any other similar charges or contributions, including
                                            surcharges on the aforementioned taxes, in each case imposed, collected or assessed by, or
                                            payable to, a tax authority or other governmental agency.

 

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In the event that local laws or regulations could require
the IBM contracting entity to register for Indirect taxes in overseas countries, Client agrees to execute local agreements with the local
IBM Enterprise company in the applicable overseas country where IBM makes supplies under the Agreement and/ or the Client or Client Enterprise
company receives the supplies. Client may nominate which Client Enterprise company (namely, Client or a local Client Enterprise company,)
executes the local service agreement with the local IBM Enterprise company.

 

Client will pay the charge to IBM net of the required withholding
or deduction and shall account for the amount so deducted or withheld to the relevant tax authority. Client will supply to IBM evidence
to the reasonable satisfaction of IBM that Client 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 the IBM 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), Client shall take all reasonable steps to ensure that such reduced withholding is applied.

 

		e.	Unless otherwise set forth in an attachment or TD, IBM may change
                                            recurring charges, labor rates and minimum commitments on three months' notice. Notwithstanding
                                            the foregoing IBM may change Cloud Service charges on thirty days’ notice unless otherwise
                                            committed to pricing during the term of the Cloud Service or as specified in an attachment
                                            or TD. A change applies on the invoice date or the first day of the charging period on or
                                            after the effective date IBM specifies in the notice. IBM may change one-time charges without
                                            notice. However, a change to a one-time charge does not apply to an order if: i) IBM receives
                                            the order before the announcement date of the increase; and ii) within three months after
                                            IBM’s receipt of the order, the product is shipped or made available to Client.

 

		f.	Client will: i) maintain, and provide upon request, records, system
                                            tools output, and access to Client’s premises, as reasonably necessary for IBM and
                                            its independent auditor to verify Client’s compliance with the Agreement, including
                                            MC and Program licenses and metrics, such as sub-capacity usage; and ii) promptly order and
                                            pay for required entitlements (including associated S&S or maintenance) at IBM’s
                                            then current rates and for other charges and liabilities determined as a result of such verification,
                                            as IBM specifies in an invoice. These compliance verification obligations remain in effect
                                            during the term of any TD and for two years thereafter.

 

		g.	Travel Expenses. To the extent travel expenses are reimbursable
                                            by Client under a TD, Client will reimburse IBM for the following travel expenses only, provided
                                            they are incurred in the performance of this Agreement and with Client’s prior written
                                            approval for the estimated costs and daily limits (as may be specified by Client): (i) tolls,
                                            parking fees, taxis, buses or auto rentals fees (ii) personal automobile use , excluding
                                            normal commutation; (iii) air transportation at the economy, tourist or coach class
                                            rate for the most direct route of a scheduled airline; (iv) reasonable lodging charges
                                            commensurate with the average rates charged for the immediate area (v) reasonable and
                                            actual meal expenses; (vi) necessary business calls made on Client’s behalf; (vii) reasonable
                                            tipping; (viii) reasonable valet and laundry charges if a trip extends beyond four (4) days.
                                            All reservations made by IBM must be made through IBM's designated travel agency or through
                                            another agency with Client’s prior written approval.

 

		8.	Liability and Indemnity

 

		a.	IBM’s entire liability for all claims related to the Agreement
                                            will not exceed the amount of any actual direct damages incurred by Client up to the amounts
                                            paid (if recurring charges, up to 12 months’ charges apply) for the product or service
                                            that is the subject of the claim, regardless of the basis of the claim. IBM will not be liable
                                            for special, incidental, exemplary, indirect, or economic consequential damages, or lost
                                            profits, business, value, revenue, goodwill, or anticipated savings. These limitations apply
                                            collectively to IBM, its affiliates, contractors, and suppliers.

 

		b.	The following amounts are not subject to the above cap: i) third party
                                            payments referred to in the paragraph below; and ii) damages that cannot be limited under
                                            applicable law.

 

		c.	If a third party asserts a claim against Client that an IBM Product
                                            acquired under the Agreement infringes a patent or copyright, IBM will defend Client
                                            against that claim and pay amounts finally awarded by a court against Client or included
                                            in a settlement approved by IBM, provided that Client promptly: i) notifies IBM in writing
                                            of the claim; ii) supplies information requested by IBM; and iii) allows IBM to control,
                                            and reasonably cooperates in, the defense and settlement, including mitigation efforts.

 

		d.	IBM has no responsibility for claims based on Non-IBM Products, items
                                            not provided by IBM, or any violation of law or third party rights caused by Content, or
                                            any Client materials, designs, specifications, or use of a non-current version or release
                                            of an IBM Product when an infringement claim could have been avoided by using a current version
                                            or release.

 

		e.	With
                                            respect to Services, the parties agree to look to their own risk management (including insurance)
                                            to cover damage, destruction, loss, theft, or government taking (collectively, Loss) of their
                                            respective tangible property (whether owned or leased), and neither party shall be liable
                                            to the other for such Loss except liability for negligence under applicable law.

 

		9.	Termination

 

Either party may terminate this Agreement: i) without cause
on at least one month’s notice to the other after expiration or termination of its obligations under the Agreement; or ii) immediately
for cause if the other is in material breach of the Agreement, provided the one who is not complying is given notice and reasonable time
to comply. Any terms that by their nature extend beyond the Agreement termination remain in effect until fulfilled, and apply to successors
and assignees. Termination of this Agreement does not terminate TDs, and provisions of this Agreement and Attachments as they relate
to such TDs remain in effect until fulfilled or otherwise terminated in accordance with their terms. IBM may terminate Client’s
license to use a Program or MC if Client fails to comply with the Agreement. Client will promptly destroy all copies of the Program or
MC after either party has terminated the license. Failure to pay is a material breach.

 

		10.	Governing Laws and Geographic Scope

 

		a.	Each party is responsible for complying with: i) laws and regulations
                                            applicable to its business and Content; and ii) import, export and economic sanction laws
                                            and regulations, including defense trade control regime of any jurisdiction, including the
                                            International Traffic in Arms Regulations and 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.

 

    Page 5 of 18

     

    

 

		b.	Both parties agree to the application of the laws of the country where
                                            the transaction is performed (or for Cloud Services, the laws of the country of Client’s
                                            business address) to the Agreement, without regard to conflict of law principles. The rights
                                            and obligations of each party are valid only in the country where the transaction is performed
                                            or, if IBM agrees, the country where the product is placed in productive use, except all
                                            licenses are valid as specifically granted. IBM will not serve as Client’s exporter
                                            or importer, except as required by data protection laws, for: i) any Content; or ii) use
                                            of any portion of the Cloud Service from a country outside Client’s business address.
                                            If any provision of the Agreement is invalid or unenforceable, the remaining provisions remain
                                            in full force and effect. Nothing in the Agreement affects statutory rights of consumers
                                            that cannot be waived or limited by contract. The United Nations Convention on Contracts
                                            for the International Sale of Goods does not apply to transactions under the Agreement.

 

		11.	General

 

		a.	The parties agree that the IBM International Agreement for the Exchange
                                            of Confidential Information (iAECI) between the parties dated _________________ shall govern
                                            the obligations and rights of the parties with respect to any Information (as defined in
                                            the iAECI) exchanged between the parties under this Agreement, any Attachment or TDs, which
                                            is incorporated herein by reference. Pricing and terms contained in the Agreement, any Attachment
                                            or any TD are IBM Information and Client will not disclose such Information to any third
                                            party without IBM’s written consent. In addition, Client’s obligations for IBM
                                            pricing remain in effect until the later of (a) two years following the date the pricing
                                            was disclosed to Client or (b) one year following the termination of the TD that contains
                                            the pricing. This paragraph does not apply to Content provided in the use of a Cloud Service.

 

		b.	Client accepts an Attachment or TD by ordering, enrolling, using,
                                            or making a payment for, the product, offering or service. Since this Agreement may apply
                                            to many future orders, IBM may modify this Agreement by providing Client at least three
                                            months’ written notice. Changes are not retroactive; they apply, as of the effective
                                            date, only to new orders, ongoing services that do not expire, and renewals. For transactions
                                            with a defined renewable contract period stated in a TD, Client may request that IBM defer
                                            the change effective date until the end of the current contract period. IBM’s ability
                                            to modify the Cloud Services is set forth in Section 2.1. Client accepts changes by
                                            placing new orders or continuing use after the change effective date or allowing transactions
                                            to renew after receipt of the change notice. Except as provided above, all changes to the
                                            Agreement must be in writing accepted by both parties.

 

		c.	IBM is an independent contractor, not Client’s agent, joint
                                            venturer, partner, or fiduciary, and does not undertake to perform any of Client’s
                                            regulatory obligations, or assume any responsibility for Client’s business or operations.
                                            IBM is an information technology provider only. Any directions, suggested usage, or guidance
                                            provided by the IBM or an IBM Product does not constitute medical, clinical, legal, accounting,
                                            or other licensed professional advice. Client should obtain its own expert advice. Client
                                            is responsible for its use of IBM Products and Non-IBM Products. Each party is responsible
                                            for determining the assignment of its and its affiliates personnel and their respective contractors,
                                            and for their direction, control, and compensation.

 

		d.	IBM maintains a robust set of business conduct and related guidelines
                                            covering conflicts of interest, market abuse, anti-bribery and corruption, and fraud. IBM
                                            and its personnel comply with such policies and require contractors to have similar policies.
                                            Each party will be familiar and will strictly comply with all laws and regulations on bribery,
                                            corruption, and prohibited business practices. Each party and its Affiliates have not and
                                            will not, for the purpose of influencing or inducing anyone to influence decisions in favor
                                            of the other party or its Affiliates, offer, promise or make or agree to make, directly or
                                            indirectly, (a) any political contributions of any kind or any payment to or for the
                                            benefit of any public official, whether elected or appointed, (b) any payments for gifts,
                                            meals, travel or other value for a government employee or his/her family members or (c) any
                                            payments or gifts (of money or anything of value) to anyone. Neither party shall reimburse
                                            the other party for any such political contributions, payments or gifts.

 

		e.	IBM Business Partners who use or make available IBM Products or non-IBM
                                            products are independent from IBM and unilaterally determine their prices and terms. IBM
                                            is not responsible for their actions, omissions, statements, or offerings.

 

		f.	IBM may offer Non-IBM Products, or an IBM Product may enable access
                                            to Non-IBM Product, that may require acceptance of third party terms presented to the Client.
                                            Linking to or use of Non-IBM Products constitutes Client's agreement with such terms. IBM
                                            is not a party to such third party agreements and is not responsible for such Non-IBM Products.
                                            Access to Non-IBM Cloud Services or other Services may be withdrawn at any time.

 

		g.	IBM, its affiliates, and contractors of either, may, wherever they
                                            do business, store and otherwise process business contact information (BCI) of Client, its
                                            personnel, and authorized users, for example, name, business telephone, address, email, and
                                            user ID for business dealings with them. Where notice to or consent by the individuals is
                                            required for such processing, Client will notify and obtain such consent. The IBM Privacy
                                            Statement at https://www.ibm.com/privacy/us/en/ provides additional details with respect
                                            to BCI and Account Data described below.

 

		h.	Account Data is information, other than Content and BCI, that Client
                                            provides to IBM to enable Client’s acquisition or use of IBM Products or Non-IBM Products
                                            or that IBM collects using tracking technologies, such as cookies and web beacons, regarding
                                            Client’s acquisition or use of IBM Products or non-IBM Products. IBM, its affiliates,
                                            and contractors of either, may use Account Data, for example, to enable product features,
                                            administer use, personalize experience, and otherwise support or improve use of IBM Products
                                            and non-IBM Products.

 

		i.	License grants to Programs and MC hereunder are provided by International
                                            Business Machines Corporation, a New York corporation ("IBM Corporation"). For
                                            transactions entered into by a Client Enterprise company with an IBM Enterprise company, IBM
                                            is acting as a distributor and delivering Programs and MC pursuant to this Agreement, and
                                            is responsible for enforcing the license terms and fulfilling all obligations concerning
                                            such Programs and MC and no right or cause of action hereunder is created in favor of Client
                                            against IBM Corporation. Client waives all claims and causes of action against IBM Corporation
                                            and agrees to look solely to IBM for any rights and remedies in connection with Programs
                                            and MC.

 

    Page 6 of 18

     

    

 

		j.	Neither party may assign the Agreement, in whole or in part, without
                                            the prior written consent of the other, where consent will not to be unreasonably withheld
                                            or delayed. Assignment of IBM rights to receive payments is not restricted and such assignment
                                            does not require Client’s consent.

 

		k.	This Agreement applies to IBM and Client (the signatories below) and
                                            their respective Enterprise companies who acquire IBM Products or Non-IBM Products under
                                            this Agreement. The signatories shall coordinate the activities of their own Enterprise companies
                                            under this Agreement. Enterprise companies include: i) companies within the same country
                                            that Client or IBM control (by owning greater than 50% of the voting shares); and ii) any
                                            other entity that controls, is controlled by or is under common control as Client or IBM
                                            and has signed a participation agreement.

 

		l.	All notices under the Agreement must be in writing and sent to the
                                            business address specified for the Agreement, unless a party designates in writing a different
                                            address. The parties consent to the use of electronic means and facsimile transmissions for
                                            communications as a signed writing. Any reproduction of the Agreement made by reliable means
                                            is considered an original. The Agreement supersedes any course of dealing, discussions or
                                            representations between the parties.

 

		m.	No right or cause of action for any third party is created by the
                                            Agreement or any transaction under it. Neither party will bring a legal action arising out
                                            of or related to the Agreement more than two years after the cause of action arose. Neither
                                            party is responsible for failure to fulfill its non-monetary obligations due to causes beyond
                                            its control. Each party will allow the other reasonable opportunity to comply before it claims
                                            the other has not met its obligations. Where approval, acceptance, consent, access, cooperation
                                            or similar action by either party is required, such action will not be unreasonably delayed
                                            or withheld.

 

		n.	IBM may use personnel and resources in locations worldwide, including
                                            third party contractors to support the delivery of IBM Products and Non-IBM Products. IBM
                                            may transfer Content, including personally identifiable information, across country borders.
                                            A list of countries where Content may be processed is described in the TD or as specified
                                            in service support documentation. IBM is responsible for the obligations under the Agreement
                                            even if IBM uses a third party contractor and will have appropriate agreements in place to
                                            enable IBM to meet its obligations.

 

		o.	Insurance

 

IBM will maintain at its expense (and provide certificates
of insurance at Client’s request) i) all statutory mandated insurance such as workers’ compensation and employer’s
liability, ii) commercial general liability insurance including products liability and completed operations with a minimum per occurrence
limit of 5,000,000 USD (or local currency equivalent), and iii) automobile liability insurance (if a vehicle is to be used in performance
of this Agreement) of at least 5,000,000 USD (or local currency equivalent). Commercial general liability insurance and automobile insurance
policy limits may be met through a combination of primary and umbrella/excess liability insurance and must name Client as an additional
insured. Insurance required under a TD must be purchased either from insurers with an AM Best Rating of A- or better, or with a Standard &
Poor’s rating of BBB and $50M in policy holder’s surplus or greater.

 

		p.	Record Keeping and Audit

 

IBM will maintain (and subject to applicable law provide
to Client upon request) relevant business, technical and accounting records i) to support IBM’s invoices; ii) show proof of required
permits and professional licenses and iii) to demonstrate compliance with IBM’s performance of its obligations under this Agreement,
for not less than six (6) years following completion or termination of the relevant Services. All accounting records will be maintained
in accordance with generally accepted accounting principles.

 

Upon Client’s notice, Client may, at no charge to
IBM, audit IBM’s compliance with its obligations under this Agreement, including verifying compliance with applicable laws and
the protection and integrity of Client data. In connection with an audit, IBM shall provide Client (including its auditors and any
regulators) access at reasonable times (or in the case of regulators, at any time designated by such regulators), to all systems, data
and business, technical and accounting records relating to IBM’s (and any subcontractor’s) compliance with this Agreement
or amounts invoiced by IBM to Client. IBM shall provide its full cooperation in any such audit, including by designating a focal point
to support an audit and, if required by Client, promptly securing the rights for Client to directly request from any subcontractor, and
for the subcontractor to promptly provide to Client, access to such systems, data and records relating to the work performed by such
subcontractors. Client will not have the right to audit any IBM owned or controlled facilities, including but not limited to data centers.

 

		q.	Business Continuity

 

IBM agrees to have and maintain a business continuity plan
and business continuity testing procedures, which include but are not limited to the areas of disaster recovery planning and pandemic
planning, and cyber security. Cyber security programs must include, at a minimum, provisions to prevent, detect and respond to cyber
security incidents. IBM agrees to provide the specific recovery targets of the business continuity plan and to review, update, and test
the business continuity plan annually and, upon Client’s request, IBM will provide a summary of the business continuity plan
and test results. Client may, from time to time, provide feedback regarding the plan and requests that IBM take Client’s comments
into consideration when updating the plan. However, IBM remains solely responsible for the performance of its responsibilities under
the Agreement and the adequacy of the business continuity plan regardless of whether Client has reviewed or commented on the plan.

 

		r.	IBM will continue to evolve and enhance the technical support tools
                                            to drive innovation with enhanced automation, artificial Intelligence, and analytics.

 

		s.	For Client’s acquisition
                                            of Products or Services to be delivered to Client’s customer on Client’s behalf
                                            (as allowed under attachments to this Agreement), the following additional terms apply:

 

    Page 7 of 18

     

    

 

		(1)	Client will not make any representations about IBM or IBM Products
                                            or Services other than those authorized by IBM in writing,

 

		(2)	Client agrees that it has the direct contractual relationship with
                                            Client’s customer receiving the benefit of the IBM Products or Services, and

 

		(3)	Client is responsible for all Client’s customer’s obligations
                                            with respect to the IBM Products or Services.

 

IBM will provide the IBM Products or Services to Client
or, at Client’s direction, to Client’s customer, on Client’s behalf (as further described in any applicable attachments
to this Agreement).

 

		12.	Dispute Resolution

 

		12.01	Negotiation. 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 Agreement
                                            or otherwise arising out of or related to this Agreement, 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 12.03 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 Agreement relating to such Dispute occurring after the Dispute Notice
                                            is received shall not be deemed to have passed until such Arbitration has been resolved.

 

		12.02	Arbitration. If the Dispute has not been resolved
                                            for any reason after the Negotiation Period, 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 12.03(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, and, moreover, shall also be deemed a term and condition
                                            of this Agreement subject to specific performance in Section 12.04 below. The
                                            foregoing procedures shall constitute the exclusive means of seeking Interim Relief, provided,
                                            however, that (i) the Arbitral Tribunal shall have the power to continue, review, vacate
                                            or modify any Interim Relief granted by an Emergency Arbitrator; and (ii) in the event
                                            an Emergency Arbitrator or the Arbitral Tribunal issues an order granting, denying or otherwise
                                            addressing Interim Relief (a “Decision on Interim Relief”), any Party
                                            may apply to enforce or require specific performance of such Decision on Interim Relief in
                                            any court of competent jurisdiction.

 

		(e)	The Arbitral Tribunal shall have the power to grant any remedy or
                                            relief that is in accordance with the terms of this Agreement or the applicable Ancillary
                                            Agreement, 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 Agreement or any Ancillary Agreement, nor any
                                            right or power to award punitive, exemplary, enhanced or treble damages.

 

		(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 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.

 

    Page 8 of 18

     

    

 

		12.03	Relief. Subject to Section 12.02 and
                                            Section 12.03, in the event of any actual or threatened default in, or breach
                                            of, any of the terms, conditions and provisions of this Agreement, the affected Party shall
                                            have the right to injunctive or other equitable relief of its rights under this Agreement,
                                            in addition to any and all other rights and remedies at Law or in equity, and all such rights
                                            and remedies shall be cumulative. The other Party shall not oppose the granting of such relief
                                            on the basis that money damages are an adequate remedy. The Parties agree that the remedies
                                            at Law for any breach or threatened breach hereof, including monetary damages, are inadequate
                                            compensation for any loss and that any defense in any action for specific performance that
                                            a remedy at Law would be adequate is waived. Any requirements for the securing or posting
                                            of any bond or similar security with such remedy are waived.

 

		12.04	Treatment of Arbitration. 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 12.05 (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.

 

		12.05	Continuity of Service and Performance. Unless otherwise
                                            agreed in writing, the Parties shall continue to provide services and honor all other commitments
                                            under this Agreement and each Ancillary Agreement during the course of dispute resolution
                                            pursuant to the provisions of Section 12.02, Section 12.03, Section 12.04
                                            or Section 12.05 with respect to all matters not subject to such dispute
                                            resolution.

 

		12.06	As used in this Section 12, “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.

 

    Page 9 of 18

     

    

 

Part 2 – Country Required Terms

 

The terms of Part 2 replace or modify those of Part 1 in
the countries specified.

 

AMERICAS

 

Section 2.2 Term and Termination of Cloud Services

 

In paragraph b., replace the third sentence with the
following:

 

In Mexico: If Client fails to take such actions within a reasonable
time, IBM may terminate the Cloud Service without responsibility.

 

Section 4. Machines and Appliances

 

In paragraph b, replace the first sentence with the
following:

 

In Argentina, Chile, Colombia, Ecuador, Perú, Uruguay and
Venezuela: When IBM accepts Client’s order, IBM transfers title to Machines and non-IBM machines upon tradition to Client
or Client’s lessor.

 

Section 7. Charges, Taxes, Payment, and Verification

 

Add at the end of the last paragraph of subsection
d the following sentence:

 

In United States and Canada: Where taxes are based upon the
location(s) receiving the benefit of the Cloud Service, Client has an ongoing obligation to notify IBM of such location(s) if
different than Client's business address listed in the applicable Attachment or TD.

 

Replace the first sentence of paragraph b with the
following:

 

In Brazil: Client agrees to pay all applicable charges specified
for a Cloud Service, charges for use in excess of authorizations, any customs or other duty, tax, and similar levies imposed by any authority
resulting from Client's acquisitions under the Agreement.

 

In paragraph b:

 

In Mexico: In the fourth sentence, delete the words “to
an account specified by IBM”

 

In Mexico: Add the following new sentence after the fourth
sentence:

 

Payments will be made through electronic transfer of funds to an account
specified by IBM or in IBM ́s domicile which is located in Alfonso Napoles Gandara 3111, Santa Fe Peña Blanca, Alvaro
Obregon, Mexico City, Zip Code 01210.

 

Section 8. Liability and Indemnity

 

Insert the following disclaimer at the end of paragraph
a:

 

In Peru: In accordance with Article 1328 of the Peruvian
Civil Code this limitations and exclusions will not apply in the cases of willful misconduct ("dolo") or gross negligence ("culpa
inexcusable").

 

Section 10. Governing Laws and Geographic Scope

 

In paragraph b, replace the first sentence only with:

 

In Argentina: Both parties agree to the application of the
laws of the Republic of Argentina, without regard to the conflict of law principles..

 

In Chile: Both parties agree to the application of the laws
of Chile, without regard to the conflict of law principles.

 

In Colombia: Both parties agree to the application of the laws
of the Republic of Colombia, without regard to the conflict of law principles.

 

In Ecuador: Both parties agree to the application of the laws
of the Republic of Ecuador, without regard to the conflict of law principles.

 

In Venezuela: Both parties agree to the application of the
laws of Venezuela, without regard to the conflict of law principles.

 

In Peru: Both parties agree to the application of the laws
of Perú, without regard to the conflict of law principles.

 

In Uruguay: Both parties agree to the application of the laws
of Uruguay.

 

In paragraph b, first sentence only, replace the phrase,
 "the country where the transaction is performed (or for Cloud Services, the laws of the country of Client's Business Address)"
with:

 

In United States, Anguilla, Antigua/Barbuda, Aruba, Bahamas, Barbados,
Bermuda, Bonaire, British Virgin Islands, Cayman Islands, Curacao, Dominica, Grenada, Guyana, Jamaica, Montserrat, Saba, Saint Eustatius,
Saint Kitts and Nevis, Saint Lucia, Saint Maarten, Saint Vincent and the Grenadines, Suriname, Tortola, Trinidad and Tobago, Turk and
Caicos: the State of New York, United States.

 

In Canada: the Province of Ontario and the federal laws of
Canada applicable therein.

 

In paragraph b, second sentence, replace the phrase,
 "the country where the transaction is performed or, if IBM agrees, the country where the product is placed in productive use"
with:

 

In Argentina: Argentina 

In Chile: Chile 

In Colombia: Colombia 

In Ecuador: Ecuador 

In Perú: Perú

 

    Page 10 of 18

     

    

 

In Uruguay: Uruguay 

In Venezuela: Venezuela

 

Section 11. General

 

In paragraph b, replace the first sentence with:

 

In Latin America (all countries): Client accepts the terms
in an Attachment or TD by signing it.

 

In paragraph b, replace the last two sentences with:

 

In Brazil: Client accepts changes by executing an amendment
(in writing or on-line). New orders or continuing use services or renewal may be suspended until an amendment is executed.

 

In paragraph i:

 

In United States: Delete entire paragraph i.

 

In paragraph l, add the following new sentence after
the first sentence:

 

In Mexico: Any change of address must be notified 10 (ten)
days in advance, otherwise the notifications made at the last indicated address will have full legal effects.

 

In paragraph m, delete the 2nd sentence:

 

In Brazil: Neither party will bring a legal action arising
out of or related to the Agreement more than two years after the cause of action arose.

 

Add as a new paragraph t to this section:

 

In Canada: Both parties agree to write this document in English.
Les parties ont convenu de rédiger le présent document en langue anglaise.

 

ASIA PACIFIC

 

Section 4. Machines and Appliances

 

In paragraph c, the last sentence, delete "the
country where acquired" and replace with:

 

In Hong Kong: Hong Kong S.A.R. of the PRC

 

In Macau: Macau S.A.R. of the PRC

 

In Taiwan: Taiwan

 

Section 6. Warranties and Post Warranty Support

 

Add at the end of this section as a new paragraph
f:

 

In Australia: These warranties are in addition to any rights
under, and only limited to the extent permitted by, the Competition and Consumer Act 2010.

 

In New Zealand: These warranties are in addition to any rights
under the Consumer Guarantee Act 1993 or other legislation that cannot be limited by law.

 

Section 7. Charges, Taxes, Payment and Verification

 

Add as a new sentence to the end of last paragraph
in subsection d:

 

In India: If any Indirect Taxes are not charged on the basis
of the exemption documentation provided by the Client and the taxation authority subsequently rules that such Taxes should have
been charged, then the Client will be liable to pay such Taxes, including any interests, levies and/or penalties applicable thereon.

 

Section 8. Liability and Indemnity

 

In paragraph a, add at the end of the first sentence
the following:

 

In Australia: (for example, whether based in contract, tort,
negligence, under statute or otherwise)

 

In paragraph a, second sentence after the word "special"
and before the word "incidental," add the following:

 

In Philippines: (including nominal damages), moral,

 

Add as a new paragraph after the end of paragraph
a (and ensure paragraphs properly reletter):

 

In Australia: Where IBM is in breach of a guarantee implied
by the Competition and Consumer Act 2010, IBM's liability is limited to (a) for services, the supplying of services again or
the payment of the cost of having the services supplied again; and (b) for goods, the repair or replacement of goods or the supply
of equivalent goods, or the payment of the cost of replacing the goods or having the good repaired. Where a guarantee relates to the
right to sell, quiet possession, or clear title of a good under schedule 2 of the Competition and Consumer Act, then none of these limitations
apply.

 

Section 9. Termination

 

Add at the end of the section as a new paragraph b:

 

    Page 11 of 18

     

    

 

In Indonesia: The parties waive article 1266 of the Indonesian
Civil Code to the extent it requires a court decree for any such termination.

 

Section 10. Governing Laws and Geographic Scope

 

In paragraph b, in the first sentence only, replace
the phrase, "the country where the transaction is performed (or for Cloud Services, the laws of the country of Client's business
address)" with:

 

In Australia: the State or Territory in which the transaction
is performed

 

In Cambodia, Vietnam: Singapore

 

In Hong Kong: Hong Kong S.A.R. of the PRC

 

In India: India

 

In Korea: the Republic of Korea, and subject to the Seoul Central
District Court of the Republic of Korea

 

In Laos: the State of New York, United States

 

In Macau: Macau S.A.R. of the PRC

 

In Taiwan: Taiwan

 

In paragraph b, in the second and third sentence,
replace the phrase "the country where the transaction is performed or, if IBM agrees, the country where the product is placed in
productive use" with:

 

In Hong Kong: Hong Kong S.A.R. of the PRC

 

In Macau: Macau S.A.R. of the PRC

 

In Taiwan: Taiwan

 

Add at the end of the section as a new paragraph c:

 

Section 11. General

 

In the first sentence of paragraph b, before the word
 "ordering," add:

 

In Hong Kong, Macau, Thailand: signing (by hand or electronically),

 

In paragraph g, insert into the first sentence after
 "store"

 

In India: , transfer,

 

In paragraph k, in the following jurisdictions, delete
 "(the signatories below)" and replace the word "signatories: with:

 

In Hong Kong, Macau: parties

 

In paragraph k, replace the phrase "the same
country" with:

 

In Hong Kong: Hong Kong S.A.R. of the PRC

 

In Macau: Macau S.A.R. of the PRC

 

In Taiwan: Taiwan

 

In paragraph m, in the second sentence, replace the
phrase "two years" with:

 

In India: three years

 

Add to the end of this section the following new paragraph
t:

 

In Indonesia: This agreement is made in the English and Indonesian
languages. The English version will prevail if there are any interpretation differences as permitted by law.

 

EMEA

 

Section 4. Machines and Appliances

 

In paragraph b, the first sentence, add all countries
listed in the following after "United States":

 

In Portugal, Spain, Switzerland, and Turkey: , Portugal, Spain, Switzerland,
and Turkey,

 

In paragraph c, replace the second to last sentence
(6th sentence) with:

 

In All countries in Western Europe (see definition within provision):
Client may only acquire Machines for use within Client's Enterprise in Western Europe, and not for resale, lease, or transfer outside
of Western Europe. For purposes of this paragraph, Western Europe means European Union member countries and Andorra, Iceland, Liechtenstein,
Monaco, Norway, San Marino, Switzerland, and the Vatican State.

 

Section 5. Content and Data Protection

 

Replace paragraph d with the following:

 

In Switzerland: IBM's Data Processing Addendum (DPA) at http://ibm.com/dpa
and the applicable DPA Exhibit apply and supplement the Agreement, if and to the extent the European General Data Protection Regulation
(EU/2016/679) (GDPR) or the Swiss Federal Privacy Act (SFPA) apply to personal data contained in Content.

 

    Page 12 of 18

     

    

 

Section 6. Warranties and Post Warranty Support

 

Add at the end of paragraph c the following sentences:

 

In all countries in Western Europe: The warranty for Machines acquired
in Western Europe applies in all Western Europe countries, provided the Machines have been announced and made available in such countries.
For purposes of this paragraph, Western Europe means European Union member countries and Andorra, Iceland, Liechtenstein, Monaco,
Norway, San Marino, Switzerland, and the Vatican State.

 

In paragraph e, Insert to the end of the fourth
sentence (before the period), the following words and then add the additional sentence:

 

In Czech Republic, Estonia, and Lithuania: , or liabilities for defects.
The parties hereby exclude any liability of IBM for defects beyond the agreed warranties.

 

Section 7. Charges, Taxes, Payment and Verification

 

In paragraph b, add the following to the end of the
fifth sentence:

 

In Italy: if IBM requests in a written notice to Client.

 

In paragraph b, add the following to the end of the
sixth sentence:

 

In Lithuania: , except as provided by law

 

At the end of paragraph b, add the following:

 

In Italy: In the instance of no payment or partial payment, and also
following a formal credit claim procedure or trial that IBM may initiate, in derogation of article 4 of Legislative Decree n. 231 dated
October 9, 2002, and according to article 7 of the same Legislative Decree, IBM will notify Client in writing by registered,
return receipt mail of payment fees due.

 

In paragraph e, in the fourth sentence, after the
phrase: "IBM may change one-time charges without notice" add:

 

In Czech Republic: , though Client may terminate the Agreement if
Client disagrees with the change

 

Section 8. Liability and Indemnity

 

In paragraph a, in the first sentence insert the following
before the words "the amounts paid":

 

In Belgium, France, Germany, Italy, Luxembourg, Malta, Portugal,
and Spain: the greater of €500,000 (five hundred thousand euro) or

 

In UK and Ireland: 125% of

 

In paragraph a, in the first sentence, replace the
phrase "direct damages incurred by Client" with:

 

In Spain: and proven damages incurred by Client as a direct consequence
of the IBM default

 

In paragraph a, insert after the first sentence the
following new sentence:

 

In Slovakia: Referring to § 379 of the Commercial Code, Act No. 513/1991
Coll. as amended, and concerning all conditions related to the conclusion of the Agreement, both parties state that the total foreseeable
damage, which may accrue, shall not exceed the amount above, and it is the maximum for which IBM is responsible.

 

In paragraph a, insert before the second sentence
the following new sentence:

 

In Russia: IBM will not be liable for the forgone benefit.

 

In paragraph a, in the second sentence, delete the
word:

 

In Ireland and UK: economic

 

In paragraph a, replace the second sentence with:

 

In Belgium, Netherlands, and Luxembourg: IBM will not be liable for
indirect or consequential damages, lost profits, business, value, revenue, goodwill, damage to reputation or anticipated savings, any
third party claim against Client, and loss of (or damage to) data.

 

In France: IBM will not be liable for damages to reputation, indirect
damages, or lost profits, business, value, revenue, goodwill, or anticipated savings.

 

In Portugal: IBM will not be liable for indirect damages, including
loss of profit.

 

In Spain: IBM will not be liable for damage to reputation, lost profits,
business, value, revenue, goodwill, or anticipated savings.

 

Add the following at the end of paragraph a:

 

In France: The terms of the Agreement, including financial terms,
were established in consideration of the present clause, which is an integral part of the general economy of the Agreement.

 

In paragraph b, replace "and ii) damages that
cannot be limited under applicable law" with the following:

 

In Germany: ; ii) damages for body injury (including death); iii)
loss or damage caused by a breach of guarantee assumed by IBM in connection with any transaction under this Agreement; and iv) caused
intentionally or by gross negligence.

 

Section 9. Termination

 

In paragraph a, delete:

 

In Switzerland: Failure to pay is a material breach.

 

In paragraph a, insert the following at the end of
clause i) before "; or":

 

    Page 13 of 18

     

    

 

In Russia: without payment of any damages or penalties to the other
party on the basis of early termination

 

In paragraph a, insert the following at the end:

 

In Netherlands: The Parties waive their rights under Title 7.1 ('Koop')
and clause 7:401 and 402 of the Dutch Civil Code, and their rights to invoke a full or partial dissolution ('gehele of partiele ontbinding')
of this Agreement under section 6:265 of the Dutch Civil Code

 

Section 10. Governing Laws and Geographic Scope

 

In paragraph b, first sentence only, replace the phrase
 "the country where the transaction is performed (or for Cloud Services, the laws of the country of Client's Business Address)"
with:

 

Only for offshore agreements: In Albania, Armenia, Azerbaijan, Belarus,
Bosnia-Herzegovina, Bulgaria, Croatia, Former Yugoslav Republic of Macedonia, Georgia, Kazakhstan, Kyrgyzstan, Moldova, Montenegro, Romania,
Russia, Serbia, Tajikistan, Turkmenistan, Ukraine, and Uzbekistan: Austria

 

Only for offshore agreements: In Estonia, Latvia, and Lithuania: Finland

 

In Algeria, Andorra, Benin, Burkina Faso, Burundi, Cameroon, Cape
Verde, Central African Republic, Chad, Comoros, Congo Republic, Djibouti, Democratic Republic of Congo, Equatorial Guinea, French Guiana,
French Polynesia, Gabon, Guinea, Guinea-Bissau, Ivory Coast, Lebanon, Madagascar, Mali, Mauritania, Mauritius, Mayotte, Morocco,
New Caledonia, Niger, Reunion, Senegal, Seychelles, Togo, Tunisia, Vanuatu, and Wallis and Futuna: France

 

In Angola, Bahrain, Botswana, Egypt, Eritrea, Ethiopia, Gambia, Ghana,
Jordan, Kenya, Kuwait, Liberia, Malawi, Malta, Mozambique, Nigeria, Oman, Pakistan, Qatar, Rwanda, Sao Tome and Principe, Saudi Arabia,
Sierra Leone, Somalia, Tanzania, Uganda, United Arab Emirates, West Bank/Gaza, Yemen, Zambia, and Zimbabwe: England

 

In Liechtenstein: Switzerland

 

In South Africa, Namibia, Lesotho, and Swaziland: the Republic of
South Africa

 

In the United Kingdom: England

 

In paragraph b, add the following at the end of the
first sentence:

 

In France: The Parties agree that articles 1222 and 1223 of the French
Civil Code are not applicable.

 

Section 11. General

 

In paragraph g, replace the first sentence with the
following:

 

In Switzerland and Austria: IBM and its affiliates, and their subcontractors,
may process and store information about the Client and business contact information of Client personnel in connection with the performance
of this Agreement wherever they do business.

 

In paragraph g, insert the following after the first
sentence

 

In Spain: IBM will comply with requests to access, update or delete
contact information if submitted to the following address: IBM, c/ Santa Hortensia 26-28, 28002 Madrid, Departamento de Privacidad de
Datos.

 

In paragraph k, replace the first sentence with the
following:

 

In Malta and Spain: This Agreement applies to IBM and Client (the
signatories below, or the signatories of a document that incorporates this Agreement by reference).

 

In paragraph m, add to the end the paragraph:

 

In Czech Republic: Pursuant to Section 1801 of Act No. 89/2012
Coll. (the "Civil Code"), Section 1799 and Section 1800 of the Civil Code as amended, do not apply to transactions
under this Agreement. Client accepts the risk of a change of circumstances under Section 1765 of the Civil Code.

 

In paragraph m, delete the 2nd sentence that says:

 

In Bulgaria, Croatia, Russia, Serbia, and Slovenia: Neither party
will bring a legal action arising out of or related to this Agreement more than two years after the cause of action arose.

 

In paragraph m, add to the end of the second sentence:

 

In Lithuania: , except as provided by law

 

In paragraph m, replace the second sentence with:

 

In Poland: Neither party will bring a legal action arising out of
or related to this Agreement more than three years after the cause of action arose, except for an action of non-payment which will be
brought no more than 2 years after payment is due.

 

In paragraph m, second sentence, replace the word
 "two" with:

 

In Latvia and Ukraine: three

 

In Slovakia: four

 

In paragraph m, add to the end of the third sentence
that says: "Neither party is responsible for failure to fulfill its non-monetary obligations due to causes beyond its control":

 

In Russia: , including but not limited to earthquakes, floods, fires,
acts of God, strikes (excluding strikes of the parties' employees), acts of war, military actions, embargoes, blockades, international
or governmental sanctions, and acts of authorities of the applicable jurisdiction.

 

    Page 14 of 18

     

    

 

In paragraph m, third sentence, modify the sentence:
 "Neither party is responsible for failure to fulfill its non-monetary obligations due to causes beyond its control" as follows:

 

In Ukraine: Neither party is responsible for failure to fulfill its
non-monetary obligations due to causes or regulatory changes beyond its control, including but not limited to import, export, and economic
sanctions requirements of the United States.

 

Add the following at the end of the section as new
paragraph t:

 

In Hungary: By entering into this Agreement, Client confirms that
Client was sufficiently informed of all the provisions of this Agreement and had the opportunity to negotiate those terms. The following
provisions may significantly deviate from the provisions generally applied by Hungarian law and both parties accept those provisions
by signing the Agreement: Programs; Services – Cloud Services; Services – Other Services; Machines and Appliances; Machine
Code and Built in Capacity; Warranty and Post Warranty Support; Charges, Taxes, Payment and Verification; Liability and Indemnity, Termination;
Governing Laws and Geographic Scope, and General.

 

In Czech Republic: Client expressly accepts the terms of this agreement
which include the following important commercial terms: i) limitation and disclaimer of liability for defects (Warranties); ii) limitation
of Client's entitlement to damages (Liability and Indemnity); iii) binding nature of export and import regulations (Governing Laws and
Geographic Scope); iv) shorter limitation periods (General); v) exclusion of applicability of provisions on adhesion contracts (General);
and vi) acceptance of the risk of a change of circumstances (General).

 

In Romania: The Client expressly accepts, the following standard clauses
that may be deemed 'unusual clauses' as per the provisions of article 1203 Romanian Civil Code: clauses 6, 7, 8 and 9 h). The Client
hereby acknowledges that it was sufficiently informed of all the provisions of this Agreement, including the clauses mentioned above,
it properly analyzed and understood such provisions and had the opportunity to negotiate the terms of each clause.

 

    Page 15 of 18

     

    

 

Acceptance

 

This Agreement, including its Attachments and TDs, is the complete
agreement between the parties regarding transactions hereunder, and replaces any prior oral or written communications between Client
and IBM (the Parties). By signing below by hand or, where recognized by law, electronically, both parties agree to the terms of this
Agreement. Once signed, 1) unless prohibited by local law or specified otherwise, any reproduction of this Agreement made by reliable
means (for example photocopy or facsimile) is considered an original and 2) all Services under this Agreement are subject to it. The
Agreement applies to IBM Lead Company and Client Lead Company (the signatories below) and their respective Enterprise companies who avail
themselves of the Agreement by accepting the terms. The signatories shall coordinate the activities of Enterprise companies under this
Agreement.

 

	Agreed to:	 	Agreed to:
	 	 	 
	Client Lead Company Name: [placeholder] (“Client” or “Kyndryl”)	 	IBM Lead Company:  International Business Machines Corporation (“IBM”)
	 	 	 
	By	         	 	By	              
	Authorized signature	 	Authorized signature
	 	 	 
	 	 	 
	Title: 	 	Title: 
	 	 	 
	 	 	 
	Name (type or print):	 	Name (type or print):
	 	 	 
	Date:	 	Date:
	 	 	 
	Client number:	 	Agreement number:
	 	 	 
	Enterprise number:	 	 
	 	 	 
	Client address:	 	IBM address:
	 	 	 
	 	 	 

 

    Page 16 of 18

     

    

 

ATTACHMENT A

 

IBM PERSONNEL

 

	1.	IBM:

 

		a)	is an independent contractor and this Agreement does not create an
                                            agency, partnership or joint venture relationship between Client and IBM or IBM Personnel.
                                            Client assumes no liability or responsibility for IBM Personnel.

 

		b)	shall, upon request of Client and to the extent permitted by applicable
                                            law, provide to Client (I) for export evaluation purposes, the country of citizenship
                                            and permanent residence and immigration status of its Personnel, (II) written confirmation
                                            (i) that IBM Personnel are eligible to work in the country where the Services are being
                                            provided and (ii) to the extent required by applicable law, that IBM participates in
                                            eVerify pursuant to applicable Executive Order(s) and United States Department of Homeland
                                            Security, (III) if specific education requirements are required by Client, proof of
                                            completed education for IBM Personnel; (IV) proof that IBM Personnel have reviewed and
                                            agreed to Client’s Contractor Code of Conduct; and (V) evidence that IBM
                                            Personnel have successfully completed all cybersecurity, privacy and other education identified
                                            by Client as mandatory in a timely manner;

 

		c)	shall instruct its Personnel that employment related issues should
                                            be brought forward to IBM (and not Client) and shall notify Client promptly where such issues
                                            relate to actions which are alleged to have been taken by Client or its Personnel to enable
                                            Client to investigate as necessary;

 

		d)	is and 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 IBM Personnel, and shall ensure IBM Personnel do not seek
                                            to obtain the same from Client. To avoid any confusion, IBM remains the employer of
                                            IBM Personnel at all times. Further, this Agreement does not create an employment relationship
                                            between Client and IBM Personnel;

 

		e)	shall provide written confirmation to each IBM Personnel that IBM
                                            remains the employer of IBM Personnel, assignment to Client does not create an employer/employee
                                            relationship, Client is not their employer, and they are not entitled to Client benefits.
                                            IBM is obligated to provide such notice upon request by Client;

 

		f)	acknowledges that Client has no responsibility for reviewing or approving
                                            timesheets; however, Client may review such timesheets for billing verification purposes
                                            only;

 

		g)	is responsible for the actions and inactions of IBM Personnel and
                                            compliance by IBM Personnel with the requirements of this Agreement;

 

		h)	agrees that Client retains the right to refuse to accept IBM Personnel
                                            made available by IBM to perform Services hereunder and may request the removal of IBM Personnel
                                            from assignment under this Agreement, for any lawful reason at Client’s sole and reasonable
                                            discretion;

 

		i)	will ensure that IBM Personnel assigned to work on Client’s
                                            or Client’s Customer’s premises will not use Client confidential information
                                            that IBM Personnel may be exposed to or have access to while working on Client or Client’s
                                            Customer’s premises and will not sure such information or disclose it by publication
                                            or otherwise to any other person during the terms of this Agreement and for a period of three
                                            (3) years thereafter, except as required by law.

 

		j)	Shall have a written agreement with of its Personnel who is involved
                                            in the performance of this Agreement sufficient to enable IBM to comply with the requirements
                                            of this Section 15. Such Personnel agreements will be provided to Client upon request.

 

	2.	Client Assets

 

IBM shall instruct IBM Personnel to:

 

		a)	use Client Assets only for purposes of
                                            this Agreement and IBM will reimburse Client for any unauthorized use;

 

		b)	only connect with, interact with or use
                                            programs, tools or routines that Client agrees are needed to provide Services;

 

		c)	not copy, disclose or leave Client Assets
                                            unsecured or unattended;

 

		d)	promptly notify Client of any accident or security incidents (such
                                            as those involving loss or misuse of, or damage to, Client Assets (as defined below), and
                                            IBM will provide Client with a copy of any accident or security incident report involving
                                            the above.

 

Client may periodically audit IBM’s
use of Client Assets.

 

	3.	IBM Access to Client or Customer
Premises

 

		a)	If IBM Personnel will have access to Client or Customer premises, IBM
                                            shall conduct orientation sessions with its Personnel before placement on an assignment with
                                            Client or Customer and identify and provide contact information (which shall be updated by
                                            IBM as necessary) for all supervisor(s) for IBM Personnel.

 

		b)	IBM will require its Personnel
                                            assigned to work on Client’s or Customer's premises to comply with the U.S. Contractor
                                            Environmental and Safety Guide, as may be amended from time to time or a local country equivalent
                                            that may be provided by Client. The US Guide is applicable for all US locations, unless a
                                            location specific guide exists for the particular Client site where the work is to be performed
                                            at the following URL: https://www.Client.com/procurement/ossi.

 

		c)	IBM shall instruct IBM Personnel as follows:

 

		1.	IBM Personnel on Client’s or Customer’s premises may
                                            not (i) bring weapons of any kind onto such premises; (ii) possess, use or be under
                                            the influence of controlled substances or alcoholic beverages; (iii) have in their possession
                                            hazardous materials of any kind without Client’s authorization; (iv) send or receive
                                            non-Client or Customer email through Client’s or Customer’s mail systems; (v) 
                                            sell, advertise or market any products or distribute printed, written or graphic materials
                                            without Client’s written permission; or (vi) conduct any non-Client or non-Customer
                                            related business activities while assigned to work under this Agreement.

 

    Page 17 of 18

     

    

 

		2.	IBM Personnel on Client’s or Customer’s premises must
                                            (i) obtain a valid identification badge from Client or Customer and return identification
                                            badges upon completion or termination of assignments; (ii) remain in authorized areas
                                            only (limited to work locations, cafeterias, restrooms and parking lots); (iii) access
                                            and use for work only the materials, documents, information and data necessary to perform
                                            and (iv) immediately report to IBM any incidents (such as actual or alleged physical
                                            alterations, assaults, harassment and/or inappropriate behavior) so that IBM can promptly
                                            notify Client and provide Client with a copy of any incident report.

 

		3.	IBM Personnel in possession of Client Assets must cooperate with
                                            and return such Client Assets in a timely manner as requested by Client.

 

4.            Criminal
and other Background Checks. This Section 4 is applicable only to IBM personnel who will be on-site at Client premises or Client’s
customers premises and only to IBM Personnel who were hired by IBM after the effective date of the Separation Agreement.

 

		a)	IBM shall inform Client if any IBM Personnel to be assigned to perform
                                            Services hereunder are former employees of Client, which assignment is subject to Client’s
                                            approval.

 

		b)	To the extent permitted by local law, IBM will obtain from IBM
                                            Personnel photographic proof of identity from an official government source (including but
                                            not limited to documentation such as a valid driver’s license or government issued
                                            passport).

 

		c)	To the extent permitted by local law, IBM will conduct or otherwise
                                            obtain criminal background checks on IBM Personnel as defined in section (d) below,
                                            in locations where the IBM Personnel resided for the past seven years. Where no criminal
                                            convictions within the past seven years are identified, IBM Personnel may be assigned
                                            to perform Services. Where a criminal conviction is identified, IBM may not assign IBM
                                            Personnel where IBM Personnel is disqualified from performing Services based on IBM’s
                                            individualized assessment of the conviction against the Services to be performed in accordance
                                            with applicable law and guidance, which may include but is not limited to the Equal Employment
                                            Opportunity Commission’s promulgated guidance in the United States or similar state
                                            or other government promulgated guidance, as applicable.

 

		d)	If, after such assessment, IBM still recommends assigning a IBM
                                            Personnel with a criminal conviction to perform Services, Client must first be informed of
                                            such decision. Client will thereafter review the criminal conviction and Services which will
                                            be performed and/or access that the IBM Personnel will have. Unless otherwise required for
                                            this review, Client will not receive any personally identifiable information (e.g., IBM
                                            Personnel name, social security number, etc.)

 

		e)	For IBM Personnel in the United States, a Federal background check
                                            must be conducted as well as a county or state background check, whichever is more comprehensive.
                                            In other countries, background checks may be at the county, state, province and/or country
                                            level, whichever is most comprehensive.

 

		f)	Upon Client request and subject to applicable law, IBM will provide
                                            documentation to Client to verify its compliance with this section.

 

		g)	Notwithstanding the foregoing, IBM is not required to conduct
                                            an additional background check on IBM Personnel if (a) IBM conducted a background check
                                            that meets or exceeds Client’s requirements in the Criminal and other Background Checks
                                            subsection above in the last five (5) years and (b) the IBM Personnel have not
                                            had a gap in employment with IBM during that five-year period.

 

	5.	Definitions:

 

		a)	Personnel means are individuals who are i) employees of a party, ii)
                                            agents appointed by a party, iii) independent contractors engaged by a party, or iv) provided
                                            to a party by a subcontractor.

 

		b)	Client Assets means Client’s or Customer’s computer systems
                                            and/or networks, Client’s or Customer’s property that is accessed or used by
                                            IBM Personnel or materials, data, documents or information provided to IBM Personnel by (or
                                            on behalf of) Client.

 

		c)	Customer means Client’s customer(s).

 

    Page 18 of 18Exhibit 10.7

 

Kyndryl 2021 Long-Term Performance Plan

 

1. Objectives.

 

The Kyndryl 2021 Long-Term Performance Plan (the “Plan”)
is designed to attract, motivate and retain selected employees of, and other individuals providing services to, the Company. These objectives
are accomplished by making long-term incentive and other awards under the Plan, thereby providing Participants with a proprietary interest
in the growth and performance of the Company.

 

2. Definitions.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    2

     

    

 

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

 

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

 

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

 

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

 

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

 

(q)  “Performance Period” – A multi-year period
of no more than five consecutive calendar years over which one or more of the performance criteria listed in Section 6 shall be measured
pursuant to the grant of Long-Term Performance Incentive Awards (whether such Awards take the form of stock, stock units or equivalents
or cash). Performance Periods may overlap one another, but no two Performance Periods may consist solely of the same calendar years.

 

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

 

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

 

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

 

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

 

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

 

3. Common Stock Available for Awards.

 

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

 

    3

     

    

 

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

 

4. Administration.

 

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

 

5. Delegation of Authority.

 

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

 

6. Awards.

 

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

 

    4

     

    

 

(a)  Stock
Option – A grant of a right to purchase a specified number of shares of Common Stock the exercise price of which shall be not less
than 100% of Fair Market Value on the date of grant of such right, as determined by the Committee, provided that, in the case of a stock
option granted retroactively in tandem with or as substitution for another award granted under any plan of the Company, the exercise price
may be the same as the purchase or designated price of such other award. A stock option may be in the form of an incentive stock option
(“ISO”) which, in addition to being subject to applicable terms, conditions and limitations established by the Committee,
complies with section 422 of the Code. The number of shares of Common Stock that shall be available for issuance under ISOs granted under
the Plan is limited to [●].

 

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

 

(c)  Stock
Award – An Award made in stock and denominated in units of stock. All or part of any stock award may be subject to conditions established
by the Committee, and set forth in the Award Agreement, which may include, but are not limited to, continuous service with Company, achievement
of specific business objectives, increases in specified indices, attaining growth rates, and other comparable measurements of Company
performance. An Award made in stock or denominated in units of stock that is subject to restrictions on transfer and/or forfeiture provisions
may be referred to as an Award of “Restricted Stock” or “Restricted Stock Units”.

 

(d)  Cash
Award – An Award denominated in cash with the eventual payment amount subject to future service and such other restrictions and
conditions as may be established by the Committee, and as set forth in the Award Agreement, including, but not limited to, continuous
service with the Company, achievement of specific business objectives, increases in specified indices, attaining growth rates, and other
comparable measurements of Company performance.

 

7. Payment of Awards.

 

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

 

    5

     

    

 

8. Stock Option Exercise.

 

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

 

9. Tax Withholding.

 

Prior to the payment or settlement of any Award, the Participant must
pay, or make arrangements acceptable to the Company for the payment of, any and all federal, state and local tax withholding that in the
opinion of the Company is required by law. The Company shall have the right to deduct applicable taxes from any Award payment and withhold,
at the time of delivery or vesting of shares under the Plan and up to the maximum permissible withholding amounts, an appropriate number
of shares for payment of taxes required by law or to take such other action as may be necessary in the opinion of the Company to satisfy
all obligations for withholding of such taxes.

 

10. Transferability.

 

No Award shall be transferable or assignable, or payable to or exercisable
by, anyone other than the Participant to whom it was granted, except (i) by law, will or the laws of descent and distribution, (ii) as
a result of the disability of a Participant or (iii) that the Committee (in the form of an Award Agreement or otherwise) may permit
transfers of Awards by gift or otherwise to a member of a Participant’s immediate family and/or trusts whose beneficiaries are members
of the Participant’s immediate family, or to such other persons or entities as may be approved by the Committee. Notwithstanding
the foregoing, in no event shall ISOs be transferable or assignable other than by will or by the laws of descent and distribution.

 

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

 

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

 

12. Termination of Employment.

 

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

 

    6

     

    

 

13. Cancellation and Rescission of
Awards/Clawback.

 

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

 

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

 

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

 

14. Adjustments.

 

In the event of any change in the outstanding Common Stock of the Company
by reason of a stock split, stock dividend, combination or reclassification of shares, recapitalization, merger, or similar event, the
Committee may adjust proportionately: (a) the number of shares of Common Stock (i) available for issuance under the Plan, (ii) available
for issuance under ISOs, (iii) for which Awards may be granted to an individual Participant set forth in Section 6, and (iv) covered
by outstanding Awards denominated in stock or units of stock; (b) the exercise and grant prices related to outstanding Awards; and
(c) the appropriate Fair Market Value and other price determinations for such Awards. Notwithstanding the foregoing, in the event
of any change in the outstanding Common Stock of the Company by reason of a stock split or a reverse stock split, the above-referenced
proportionate adjustments, if applicable, shall be mandatory.

 

    7

     

    

 

In the event of any other change affecting the Common Stock or any
distribution (other than normal cash dividends) to holders of Common Stock, such adjustments in the number and kind of shares and the
exercise, grant and conversion prices of the affected Awards as may be deemed equitable by the Committee, including adjustments to avoid
fractional shares, shall be made to give proper effect to such event. In the event of a corporate merger, consolidation, acquisition of
property or stock, separation, reorganization or liquidation, the Committee shall be authorized to cause Kyndryl to issue or assume stock
options, whether or not in a transaction to which section 424(a) of the Code applies, by means of substitution of new stock options
for previously issued stock options or an assumption of previously issued stock options. In such event, the aggregate number of shares
of Common Stock available for issuance under Awards under Section 3, including the individual Participant maximums set forth in Section 6
will be increased to reflect such substitution or assumption.

 

15. Effect of a Change in Control
on Awards.

 

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

 

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

 

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

 

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

 

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

 

    8

     

    

 

16. Section 409A of the Code.

 

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

 

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

 

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

 

17. Miscellaneous.

 

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

 

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

 

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

 

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

 

(e)  The
Plan and each Award Agreement shall be governed by the laws of the State of Delaware, excluding any conflicts or choice of law rule or
principle that might otherwise refer construction or interpretation of the Plan to the substantive law of another jurisdiction. Unless
otherwise provided in the Award Agreement, recipients of an Award under the Plan are deemed to submit to the exclusive jurisdiction and
venue of the Court of Chancery of the State of Delaware (or, if the Court of Chancery of the State of Delaware lacks jurisdiction over
such action or proceeding, then another court of the State of Delaware or, if no court of the State of Delaware has jurisdiction, then
the United States District Court for the District of Delaware), to resolve any and all issues that may arise out of or relate to the Plan
or any related Award Agreement.

 

    9

     

    

 

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

 

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

 

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

 

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

 

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

 

Federal Income Tax Consequences

 

The Company has been advised by counsel that, in general, under the
Internal Revenue Code, as presently in effect, a Participant will not be deemed to recognize any income for federal income tax purposes
at the time an option or SAR is granted or a restricted stock award is made, nor will the Company be entitled to a tax deduction at that
time. However, when any part of an option or SAR is exercised, when restrictions on restricted stock lapse, or when an unrestricted stock
award is made, the federal income tax consequences may be summarized as follows:

 

1.  In
the case of an exercise of a stock option other than an ISO, the optionee will generally recognize ordinary income in an amount equal
to the excess of the fair market value of the shares on the exercise date over the option price.

 

2.  In
the case of an exercise of a SAR, the Participant will generally recognize ordinary income on the exercise date in an amount equal to
any cash and the fair market value of any unrestricted shares received.

 

3.  In
the case of an exercise of an option or SAR payable in restricted stock, or in the case of an award of restricted stock, the immediate
federal income tax effect for the recipient will depend on the nature of the restrictions. Generally, the fair market value of the stock
will not be taxable to the recipient as ordinary income until the year in which his or her interest in the stock is freely transferable
or is no longer subject to a substantial risk of forfeiture. However, the recipient may elect to recognize income when the stock is received,
rather than when his or her interest in the stock is freely transferable or is no longer subject to a substantial risk of forfeiture.
If the recipient makes this election, the amount taxed to the recipient as ordinary income is determined as of the date of receipt of
the restricted stock.

 

    10

     

    

 

4.  In
the case of ISOs, there is generally no tax liability at time of exercise. However, the excess of the fair market value of the stock on
the exercise date over the option price is included in the optionee’s income for purposes of the alternative minimum tax. If no
disposition of the ISO stock is made before the later of one year from the date of exercise and two years from the date of grant, the
optionee will realize a capital gain or loss upon a sale of the stock, equal to the difference between the option price and the sale price.
If the stock is not held for the required period, ordinary income tax treatment will generally apply to the excess of the fair market
value of the stock on the date of exercise (or, if less, the amount of gain realized on the disposition of the stock) over the option
price, and the balance of any gain or any loss will be treated as capital gain or loss. In order for ISOs to be treated as described above,
the Participant must remain employed by the Company (or a subsidiary in which the Company holds at least 50 percent of the voting power)
from the ISO grant date until three months before the ISO is exercised. The three-month period is extended to one year if the Participant’s
employment terminates on account of disability. If the Participant does not meet the employment requirement, the option will be treated
for federal income tax purposes as an option as described in paragraph 5 below. A Participant who exercises an ISO might also be subject
to an alternative minimum tax.

 

5.  Upon
the exercise of a stock option other than an ISO, the exercise of a SAR, the award of stock, or the recognition of income on restricted
stock, the Company will generally be allowed an income tax deduction equal to the ordinary income recognized by a Participant. The Company
will not receive an income tax deduction as a result of the exercise of an ISO, provided that the ISO stock is held for the required period
as described above. When a cash payment is made pursuant to the Award, the recipient will recognize the amount of the cash payment as
ordinary income, and the Company will generally be entitled to a deduction in the same amount.

 

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