Document:

Exhibit 10.12

 

KYNDRYL

 

TERMS
AND CONDITIONS OF YOUR

EQUITY AWARD:

EFFECTIVE NOVEMBER 3, 2021

 

    	Equity Awards: November 3, 2021	 	Page 1 of 14

     

    

 

Terms and Conditions of Your Equity Award

 

Table of Contents

	 	 	 	 
	Introduction	3
	How to Use This Document	3
	Definition of Terms	4
	Provisions that apply to all Award types and all countries	5
	Provisions that apply to all Award types but not all countries	7
	Provisions that apply to specific Award types for all countries	8
	a. Restricted Stock Units (“RSUs”) including Cash-Settled RSUs and Retention RSUs (“RRSUs”)	8
	i.  All RSUs	8

	ii.	RSUs Other Than Cash-Settled RSUs and Cash-Settled RRSUs	8

	iii.	Cash-Settled RSUs including Cash-Settled RRSUs	9
	b. Restricted Stock	9
	c. Stock Options (“Options”)	11
	d. Performance Share Units (“PSUs”)	13
	Provisions that apply to specific countries	14

	a.	Denmark	14
	b. 	Israel	14
	c.	United States	14

 

    	Equity Awards: November 3, 2021	 	Page 2 of 14

     

    

 

Terms and Conditions of Your Equity Award

 

Introduction

 

This document
provides you with the terms and conditions of your Award that are in addition to the terms and conditions contained in your Equity Award
Agreement for your specific Award. Also, your Award is subject to the terms and conditions in the governing plan document; the applicable
document is indicated in your Equity Award Agreement and can be found at http://w3.kyndryl.net/hr/web/compensation/executive/eq_prospectus/.

 

As an Award recipient, you can see a personalized summary
of all your outstanding equity grants in the Portfolio section of the Kyndryl Morgan Stanley stockplanconnect web site www.stockplanconnect.com.
This site also contains other information about long-term incentive awards, including copies of the prospectus (the governing plan document).
If you have additional questions and you are based in the U.S., you can call the Benefits Center – Provided by Fidelity at 866-937-0720,
weekdays from 8:00 a.m. to 8:00 p.m. Eastern time (TTY available at 711). Outside of the U.S. dial your country’s toll-free
AT&T Direct® access number, and then enter 866-937-0720. In the U.S., call 800-225-5288 to obtain AT&T Direct access numbers.
Access numbers are also available online at www.att.com/traveler or from your local operator.

 

How to Use This Document

 

Terms and conditions that apply to all awards in all countries can
be found on page 6. Review these in addition to any award- or country-specific terms and conditions that may be listed. Once you
have reviewed these general terms, check in your Equity Award Agreement for any award-specific and/or country-specific terms that apply
to your Award.

 

    	Equity Awards: November 3, 2021	 	Page 3 of 14

     

    

 

Terms and Conditions of Your Equity Award:

 

Definition of Terms

 

The following are defined terms from the Long-Term Performance Plan,
your Equity Award Agreement, or this Terms and Conditions document. These are provided for your information. In addition to this document,
see the Plan prospectus and your Equity Award Agreement for more details.

 

“Awards” -- The grant of any form of stock option, 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.

 

“Board” -- The Board of Directors of Kyndryl Holdings, Inc.

 

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

 

“Committee” -- The committee designated by the Board to
administer the Plan.

 

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

 

“Engage in or Associate with” includes, without limitation,
engagement or association as a sole proprietor, owner, employer, director, partner, principal, joint venture, associate, employee, member,
consultant, or contractor. This also includes engagement or association as a shareholder or investor during the course of your employment
with the Company, and includes beneficial ownership of five percent (5%) or more of any class of outstanding stock of a competitor of
the Company following the termination of your employment with the Company.

 

“Equity Award Agreement” -- The document provided to the
Participant which provides the grant details.

 

“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.

 

“Participant” -- An individual to whom an Award has been
made under the Plan. Awards may be made to any employee of, or any other individual providing services to, 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.

 

“Plan” -- Any Kyndryl Long-Term Performance Plan.

 

“Termination of Employment” -- For the purposes of determining
when you cease to be an employee for the cancellation of any Award, a Participant will be deemed to be terminated if the Participant is
no longer employed by Kyndryl or a subsidiary corporation that employed the Participant when the Award was granted unless approved by
a method designated by those administering the Plan.

 

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Terms and Conditions of Your Equity Award:

 

Provisions that apply to all Award types and all countries

 

The following terms apply to all countries and for all Award types
(Restricted Stock Units, Cash-Settled Restricted Stock Units, Restricted Stock, Stock Options and Performance Share Units).

 

Cancellation and Rescission

 

All determinations regarding enforcement, waiver or modification of
the cancellation and rescission and other provisions of the Plan and your Equity Award Agreement (including the provisions relating to
termination of employment, death and disability) shall be made in Kyndryl’s sole discretion. Determinations made under your Equity
Award Agreement and the Plan need not be uniform and may be made selectively among individuals, whether or not such individuals are similarly
situated.

 

You agree that the cancellation and rescission provisions of the Plan
and your Equity Award Agreement are reasonable and agree not to challenge the reasonableness of such provisions, even where forfeiture
of your Award is the penalty for violation. Engaging in Detrimental Activity (as defined in the Plan) during employment or after your
employment relationship has ended may result in cancellation or rescission of your Award.

 

The cancellation and rescission provisions of the Plan may be triggered
by your acceptance of an offer to Engage in or Associate with any business which is or becomes competitive with the Company, or your engagement
in competitive activities after your employment relationship with Kyndryl has ended if: (i) on or prior to the grant date stated
in your latest Equity Award Agreement you have entered into a Noncompetition Agreement with IBM Corporation, an IBM affiliate or with
Kyndryl, as applicable; or (ii) the Award is a Retention Restricted Stock Unit award. Notwithstanding the above, the cancellation
and rescission provisions of the Plan will apply to all Awards if during your employment with Kyndryl you engage in any Detrimental Activity,
including competitive activities, described in Section 13(a) of the Plan.

 

For the avoidance of doubt: (a) all other cancellation and rescission
provisions of the Plan will apply to all Awards if after your employment relationship has ended with Kyndryl but during the Rescission
Period you engage in any Detrimental Activity described in Section 13(a) (excluding Section 13(a)(i)) of the Plan; and
(b) the cancellation and rescission provisions of the Plan will apply to all Awards if during your employment with Kyndryl you engage
in any Detrimental Activity, including competitive activities, described in Section 13(a)of the Plan.

 

Jurisdiction, Governing Law, Expenses, Taxes and Administration

 

Your Equity Award Agreement shall be governed by, and construed in
accordance with, the laws of the State of New York, without regard to its conflict of law rules. You agree that any action or proceeding
with respect to your Equity Award Agreement shall be brought exclusively in the state and federal courts sitting in New York County or
Westchester County, New York. You agree to the personal jurisdiction thereof, and irrevocably waive any objection to the venue of such
action, including any objection that the action has been brought in an inconvenient forum.

 

If any court of competent jurisdiction finds any provision of your
Equity Award Agreement, or portion thereof, to be unenforceable, that provision shall be enforced to the maximum extent permissible so
as to effect the intent of the parties, and the remainder of your Equity Award Agreement shall continue in full force and effect.

 

If you or the Company brings an action to enforce your Equity Award
Agreement and the Company prevails, you will pay all costs and expenses incurred by the Company in connection with that action and in
connection with collection, including reasonable attorneys’ fees.

 

    	Equity Awards: November 3, 2021	 	Page 5 of 14

     

    

 

If the Company, in its sole discretion, determines that it has incurred
or will incur any obligation to withhold taxes as a result of your Award, without limiting the Company’s rights under Section 9
of the Plan, the Company may withhold the number of shares that it determines is required to satisfy such liability and/or the Company
may withhold amounts from other compensation to the extent required to satisfy such liability under federal, state, provincial, local,
foreign or other tax laws. To the extent that such amounts are not withheld, the Company may require you to pay to the Company any amount
demanded by the Company for the purpose of satisfying such liability.

 

If the Company changes the vendor engaged to administer the Plan, you
consent to moving all of the shares you have received under the Plan that is in an account with such vendor (including unvested and previously
vested shares), to the new vendor that the Company engages to administer the Plan. Such consent will remain in effect unless and until
revoked in writing by you.

 

    	Equity Awards: November 3, 2021	 	Page 6 of 14

     

    

 

Terms and Conditions of Your Equity Award:

 

Provisions that apply to all Award types but not all countries

 

The following provision applies to all Award types (Restricted
Stock Units, Cash-Settled Restricted Stock Units, Restricted Stock, Stock Options and Performance Share Units) granted to all individuals
in all countries except those with a home country of Latin America, specifically: Argentina, Bolivia, Brazil, Chile, Columbia, Costa Rica,
Ecuador, Mexico, Paraguay, Peru, Uruguay, and Venezuela.

 

Non-Solicitation

 

In consideration of your Award, you agree that during your
employment with the Company and for one year following the termination of your employment for any reason, you will not directly or indirectly
hire, solicit or make an offer to any employee of the Company to be employed or perform services outside of the Company. Also, you agree
that during your employment with the Company and for one year following the termination of your employment for any reason, you will not
directly or indirectly, solicit, for competitive business purposes, any customer of the Company with which you were involved as part of
your job responsibilities during the last year of your employment with the Company. By accepting your Award, you acknowledge that the
Company would suffer irreparable harm if you fail to comply with the foregoing, and that the Company would be entitled to any appropriate
relief, including money damages, equitable relief and attorneys’ fees.

 

    	Equity Awards: November 3, 2021	 	Page 7 of 14

     

    

 

Terms and Conditions of Your Equity Award:

 

Provisions that apply to specific Award types for all countries

 

a. Restricted Stock Units (“RSUs”) including Cash-Settled
RSUs and Retention RSUs (“RRSUs”)

 

All references in this document to RSUs include RRSUs, unless
explicitly stated otherwise

 

i. All RSUs

 

Termination of Employment including Death, Disability
and Leave of Absence

 

Termination of Employment

 

In the event you cease to be an employee (other than on account
of death or are disabled as described in Section 12 of the Plan) prior to the Vesting Date(s) set in your Equity Award Agreement,
all then unvested RSUs, including RRSUs, under your Award shall be canceled.

 

Death or Disability

 

Upon your death all RSUs covered by this Agreement shall
vest immediately and your Vesting Date shall be your date of death. If you are disabled as described in Section 12 of the Plan, your
RSUs shall continue to vest according to the terms of your Award.

 

Leave of Absence

 

In the event of a management approved leave of absence, any
unvested RSUs shall continue to vest as if you were an active employee of the Company, subject to the terms in this document and your
Equity Award Agreement. If you return to active status, your unvested RSUs will continue to vest in accordance with the terms in this
document and your Equity Award Agreement.

 

Dividend Equivalents

 

Dividend equivalents shall accrue on RSUs and RRSUs until
the underlying award vests, upon which time they shall be paid out in cash.

 

Terms and Conditions of Your Equity Award:

 

Provisions that apply to specific Award types
for all countries

 

ii.            RSUs
Other Than Cash-Settled RSUs and Cash-Settled RRSUs

 

Settlement of Award

 

Subject to Sections 12 and 13 of the Plan and the section
 “Termination of Employment including Death, Disability and Leave of Absence” above, upon the Vesting Date(s), or as soon thereafter
as may be practicable but in no event later than March 15 of the following calendar year, Kyndryl shall make a payment to Participant
in shares of Common Stock equal to the number of vested RSUs, subject to any applicable tax withholding requirements as described in Section 9
of the Plan, and the respective RSUs shall thereupon be canceled. RSUs are not shares of Common Stock and do not convey any stockholder
rights.

 

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iii.          Cash-Settled
RSUs including Cash-Settled RRSUs

 

Settlement of Award

 

Subject to Sections 12 and 13 of the Plan and the section
entitled “Termination of Employment including Death, Disability and Leave of Absence” above, upon the Vesting Date(s), or
as soon thereafter as may be practicable but in no event later than March 15 of the following calendar year, the Company shall make
a payment to Participant in cash equal to the Fair Market Value of the vested RSUs, subject to any applicable tax withholding requirements
as described in Section 9 of the Plan, and the respective RSUs shall thereupon be canceled. Fair Market Value will be calculated
in your home country currency at the exchange rate on the applicable Vesting Date using a commercially reasonable measure of exchange
rate. RSUs are not shares of Common Stock and do not convey any stockholder rights.

 

b. Restricted Stock

 

Settlement of Award

 

Subject to Sections 12 and 13 of the Plan and the paragraph
entitled “Termination of Employment including Death, Disability or Leave of Absence” below, upon the Vesting Date(s), the
shares of Restricted Stock awarded under your Equity Award Agreement will vest, subject to any applicable tax withholding requirements
as described in Section 9 of the Plan.

 

    	Equity Awards: November 3, 2021	 	Page 9 of 14

     

    

 

Terms and Conditions of Your Equity Award:

 

Provisions that apply to specific Award types
for all countries

 

Termination of Employment including Death, Disability
and Leave of Absence

 

Termination of Employment

 

In the event you cease to be an employee (other than on account
of death or are disabled as described in Section 12 of the Plan) prior to the Vesting Date(s) in your Equity Award Agreement,
all then unvested shares of Restricted Stock under your Award shall be canceled (unless your Equity Award Agreement provides otherwise).

 

Death or Disability

 

Upon your death all unvested shares of Restricted Stock covered
by your Equity Award Agreement shall vest immediately and your Vesting Date shall be your date of death. If you are disabled as described
in Section 12 of the Plan, your unvested shares of Restricted Stock shall continue to vest according to the terms of your Equity
Award Agreement.

 

Leave of Absence

 

In the event of a management approved leave of absence, any
unvested shares of Restricted Stock shall continue to vest as if you were an active employee of the Company, subject to the terms in this
document and your Equity Award Agreement. If you return to active status, your unvested shares of Restricted Stock will continue to vest
in accordance with the terms in this document and your Equity Award Agreement.

 

Dividends and Other Rights

 

During the period that the Restricted Stock is held by Kyndryl
hereunder, such stock will remain on the books of Kyndryl in your name, may be voted by you, and any applicable dividends shall accrue
until the underlying award vests, upon which time they shall be paid out in cash. Shares issued in stock splits or similar events which
relate to Restricted Stock then held by Kyndryl in your name shall be issued in your name but shall be held by Kyndryl under the terms
hereof and shall be subject to the same vesting criteria as the underlying award.

 

Transferability

 

Shares of Restricted Stock awarded under your Equity Award
Agreement cannot be sold, assigned, transferred, pledged or otherwise encumbered prior to the vesting of your Award as set forth in your
Equity Award Agreement and any such sale, assignment, transfer, pledge or encumbrance, or any attempt thereof, shall be void.

 

    	Equity Awards: November 3, 2021	 	Page 10 of 14

     

    

 

Terms and Conditions of Your Equity Award:

 

Provisions that apply to specific Award types
for all countries

 

c. Stock Options (“Options”)

 

Termination of Employment including Death, Disability
and Leave of Absence

 

Termination of Employment

 

In the event you cease to be an employee (other than on account
of death or are disabled as described in Section 12 of the Plan):

 

		·	Any Options that are not exercisable as of the date your employment terminates
shall be canceled immediately (unless your Equity Award Agreement provides otherwise), and

 

		·	Any Options that are exercisable as of the date your employment terminates
(other than for cause) will remain exercisable for 90 days (not three months) after the date of termination, after which any unexercised
Options are canceled.

 

		·	However, if your employment with the Company terminates (other than for cause)
after you have attained age 55 and completed at least 10 years of service with the Company at the time of termination, any unvested Options
shall vest and become exercisable and all Options that are exercisable as of the date your employment terminates shall remain exercisable
until the earlier of the expiration of the full term as in your Equity Award Agreement and the fifth anniversary of the date your employment
terminates (unless your Equity Award Agreement provides otherwise).

 

Death or Disability

 

In the event of your death, all Options shall become fully
exercisable and remain exercisable until the earlier of the expiration of their full term and the third anniversary of the date your employment
terminates.

 

In the event you are disabled (as described in Section 12
of the Plan), all Options shall become fully exercisable and remain exercisable until the earlier of the expiration of their full term
and the third anniversary of the date your employment terminates.

 

    	Equity Awards: November 3, 2021	 	Page 11 of 14

     

    

 

Terms and Conditions of Your Equity Award:

 

Provisions that apply to specific Award types
for all countries

 

Leave of Absence

 

In the event of a management approved leave of absence, any
unvested Options shall continue to vest and be exercisable as if you were an active employee of the Company, subject to the terms in this
document and your Equity Award Agreement. If you return to active status, your Options will continue to vest and be exercisable in accordance
with their terms. If you do not return to active status,

 

		·	Your unvested Options will be canceled immediately; and

 

		·	Your vested Options will be canceled on the later of the 91st day following
your last day of active employment or the date of the termination of your leave of absence.

 

		·	However, if your employment terminates (other than for cause) after you have
attained age 55 and completed at least 10 years of service with the Company at the time of termination, any Options that are exercisable
as of the date your employment terminates shall remain exercisable for the full term as in your Equity Award Agreement.

 

Termination of Employment for Cause

 

If your employment terminates for cause, all exercisable
and not exercisable Options are canceled immediately.

 

    	Equity Awards: November 3, 2021	 	Page 12 of 14

     

    

 

Terms and Conditions of Your Equity Award:

 

Provisions that apply to specific Award types
for all countries

 

d. Performance Share Units (“PSUs”)

 

Termination of Employment, including Death and Disability,
and Leave of Absence

 

Termination of Employment and Leave of Absence

 

If you cease to be an active employee for any reason (other
than on account of death or are disabled as described in Section 12 of the Plan) before the Date of Payout (in the case of a recipient
in the United States, at year end of the applicable PSU Performance Period), all PSUs are canceled immediately.

 

However, if at the time that you cease to be an active employee
(provided you are not terminated for cause), you have attained age 55, completed at least 10 years of service with the Company, and completed
at least one year of active service during the PSU Performance Period (as set forth in your Equity Award Agreement), the PSUs granted
hereunder shall be paid out on the Date of Payout (as set forth in your Equity Award Agreement) in an amount that will be prorated for
the time that you work as an active executive during the PSU Performance Period, and adjusted for the performance score determined for
the entire applicable performance period(s).

 

Death or Disability

 

Prior to the Date of Payout, (i) in the event of your
death or (ii) if you are disabled (as described in Section 12 of the Plan), all PSUs shall continue to vest according to the
terms of your Equity Award Agreement and the PSUs will be paid on the Date of Payout, based on Kyndryl performance, if applicable, over
the entire applicable Performance Period(s).

 

    	Equity Awards: November 3, 2021	 	Page 13 of 14

     

    

 

Terms and Conditions of Your Equity Award:

 

Provisions that apply to specific countries

 

a.           Denmark

 

i. All Awards

 

The following non-solicitation clause will replace the above-non-solicitation
provision for individuals with the home country of Denmark:

 

“In consideration of your Award, you agree that during
your employment with the Company, you will not directly or indirectly, solicit, for competitive business purposes, any customer of the
Company. By accepting your Award, you acknowledge that the Company would suffer irreparable harm if you fail to comply with the foregoing,
and that the Company would be entitled to any appropriate relief, including money damages, equitable relief and attorneys’ fees.”

 

b.           Israel

 

i. All Awards

 

Data Privacy

 

In addition to the data privacy provisions in your Equity
Award Agreement, you agree that data, including your personal data, necessary to administer this Award may be exchanged among Kyndryl
and its subsidiaries and affiliates as necessary (including transferring such data out of the country of origin both in and out of the
EEA), and with any vendor engaged by Kyndryl to administer this Award.

 

c.           United
States

 

i. All Awards

 

Nothing in the Plan prospectus, your Equity Award Agreement
or this Document affects your rights, immunities, or obligations under any federal, state, or local law, including under the Defend Trade
Secrets Act of 2016, as described in Company policies, or prohibits you from reporting possible violations of law or regulation to a government
agency, as protected by law.

 

If you are, and have been for at least 30 days immediately
preceding, a resident of, or an employee in Massachusetts at the time of the termination of your employment with Kyndryl, cancellation
and rescission provisions of the Plan will not apply if you engage in competitive activities after your employment relationship has ended
with Kyndryl. For the avoidance of doubt, cancellation and rescission provisions of the Plan will apply if you engage in (1) any
Detrimental Activity prior to your employment relationship ending with Kyndryl or (2) any Detrimental Activity described in Section 13(a) of
the Plan other than engaging in competitive activities after your employment relationship has ended with Kyndryl.

 

    	Equity Awards: November 3, 2021	 	Page 14 of 14Exhibit 10.13

 

 

 

KYNDRYL EXCESS
PLAN

 

Effective January 1,
2022

(except as otherwise
provided herein)

 

 

 

     

     

    

 

Table
of Contents

 

	ARTICLE I. INTRODUCTION	1
	ARTICLE II. DEFINITIONS	2
	ARTICLE III. Eligibility	9
	ARTICLE IV. ELECTIVE DEFERRALS	11
	ARTICLE V. COMPANY CONTRIBUTIONS	13
	ARTICLE VI. VESTING, DEEMED INVESTMENT OF ACCOUNTS	15
	ARTICLE VII. PAYMENT OF ACCOUNTS	17
	ARTICLE VIII. ADMINISTRATION	21
	ARTICLE IX. GENERAL PROVISIONS	23
	ARTICLE X. CLAIMS PROCEDURE	25

 

     

     

    

 

ARTICLE I. INTRODUCTION

 

1.01            Name
of Plan and Effective Date. This plan document is effective for Deferral Periods beginning on
and after January 1, 2022, except with respect to (a) certain Automatic Contribution credits made in accordance with Section 5.01;
(b) certain elections and deferrals that are carried over from the IBM Excess 401(k) Plus Plan (the “IBM Excess Plan”)
for Deferral Periods that began in 2021: “base pay” and “performance pay” (each within the meaning of the IBM
Excess Plan) paid by Kyndryl with respect to Deferral Periods beginning in 2021 and after the Company becomes an independent publicly
traded company (but not deferred into the IBM Excess Plan); and (c) certain Matching Contributions with respect to deferrals described
in (b).

 

1.02            Purpose.
The purpose of the Plan is to attract and retain employees by providing a means for employees to defer their pay and for Transferred Employees
to obtain company contributions outside of the Kyndryl 401(k) Plan, which is subject to certain limits under the Internal Revenue
Code of 1986, as amended (the “Code”). All Plan benefits are paid out of the general assets of the Company (as defined in
ARTICLE II).

 

1.03            Legal
Status. The Plan is an unfunded deferred compensation plan for a select group of management or
highly compensated employees (within the meaning of Sections 201(2), 301(a)(3), 401(a)(1), 4021(b)(6) of Employee Retirement Income
Security Act of 1974, as amended (“ERISA”).

 

1.04            Section 409A.

 

The Plan is intended, and shall be construed, to
comply with the requirements of Section 409A of the Code. Notwithstanding anything to the contrary in this Section 1.04, in
no event shall the Company, its officers, directors, employees, parents, subsidiaries, or affiliates be liable for any additional tax,
interest, or penalty incurred by a Participant or Beneficiary as a result of the Plan’s failure to satisfy the requirements of Section 409A
of the Code, or as a result of the Plan’s failure to satisfy any other applicable requirements for the deferral of tax.

 

    
	Kyndryl Excess Plan	Page 1
	January 1, 2022	 

 

     

    

 

ARTICLE II. DEFINITIONS

 

The following words and phrases as used herein have the following meanings
unless a different meaning is required by the context:

 

“401(k) Plan” means the Kyndryl 401(k) Plan
as in effect from time to time.

 

“409A Key Employee” means,
for each 12-consecutive-month period beginning on any April 1 (an “effective period”), an individual who is a “specified
employee” of the Company (within the meaning of Treas. Reg. § 1.409A-1(i)) within the 12-consecutive-month period ending
on the December 31 immediately preceding the start of such effective period, as follows:

 

		(a)	Effective through March 31, 2022, “specified employees” means those individuals determined to be “specified
employees” under the IBM Excess Plan in accordance with Treas. Reg. § 1.409A-1(i)(6)(iii).

 

		(b)	Effective April 1, 2022, “specified employees” means those employees of the Company identified under a policy or
other document adopted by Kyndryl. As of the Effective Date, the employees designated under such policy means all Participants.

 

“409A Separation from Service” means
a separation from service within the meaning of Treas. Reg. § 1.409A-1(h), which shall include, but not be limited to, the following
events:

 

		(a)	A “termination of employment,” as that term is applied
for purposes of the Kyndryl 401(k) Plan (except to the extent that an earlier event associated with such termination of employment
is described in subsections (b) through (c), below or to the extent such termination is not a separation from service on account
of the individual being expected to continue to provide services as a non-employee, or otherwise);

 

		(b)	A permanent reduction in services to no more than 20% of the
average level of services performed over the immediately preceding 36-month period (or the full period of services if less);

 

		(c)	The six-month anniversary of a leave of absence, when no services
are performed (including paid and unpaid leave and including disability leave or any combination thereof) other than a military leave.

 

“Account” means a record-keeping account
maintained for a Participant under the Plan. A Participant’s Accounts under the Plan include an Elective Deferral Account, a Company
Account, and such other sub-accounts as may be determined by the Plan Administrator.

 

    
	Kyndryl Excess Plan	Page 2
	January 1, 2022	 

 

     

    

 

“Actively Employed” means actively employed
by the Company, including on a leave of absence.

 

“Automatic Contribution” has the meanings
provided in Sections 5.01 and 5.03.

 

“Base Pay” means an Employee’s base
pay (determined under the 401(k) Plan) from the Company for employment while on a U.S. payroll, determined before reduction for deferrals
under the Plan or the 401(k) Plan or for amounts not included in income on account of salary reductions under Code section 125 or
132(f). However, Base Pay does not include any pay during a Deferral Period that is paid after an Employee’s 409A Separation from
Service (except amounts paid in the pay period in which the Employee’s 409A Separation from Service occurs and Rehire Pay).

 

“Beneficiary” means a person who is designated
by a Participant or by the terms of the Plan to receive a benefit under the Plan by reason of the Participant’s death. Each Participant’s
Beneficiary under the Plan shall be the person or persons designated as the Participant’s Beneficiary under the Plan, in the form
and manner prescribed by the Plan Administrator. A beneficiary designation under the IBM Excess Plan that was made electronically (through
the recordkeeper’s website) and was in effect as of immediately before the Effective Date will be treated as a beneficiary designation
under this Plan as of the Effective Date.

 

If no such beneficiary designation is in effect under the Plan at the
time of the Participant’s death, or if no designated beneficiary under the Plan survives the Participant, the Participant’s
Beneficiary shall be the person or persons determined to be the Participant’s beneficiary under the 401(k) Plan (including
the default beneficiary rules under the 401(k) Plan, if no beneficiary is designated under that plan, including due to there
not being a beneficiary designation after full distribution of 401(k) Plan benefits).

 

“Board” means the Board of Directors of Kyndryl.

 

“Code” means the Internal Revenue Code of
1986, as amended from time to time. All citations to sections of the Code are to such sections as they may from time to time be amended
or renumbered.

 

“Company” means Kyndryl, Inc. a Delaware
Corporation, having its principal place of business at New York, New York, and its Domestic Subsidiaries that are participating employers
in the 401(k) Plan.

 

    
	Kyndryl Excess Plan	Page 3
	January 1, 2022	 

 

     

    

 

“Company Auto Contribution-Eligible Individual”
generally means, with respect to a Plan Year, any Transferred Employee to the extent such employee remains continuously employed by the
Company following such employee’s Transfer Date (as defined in the 401(k) Plan) and who satisfies any of the following:

 

		(a)	On December 15 of the Plan Year, the individual is employed by the Company, is on a U.S. payroll, and is not a Supplemental Employee;
for this purpose, an individual (other than a Supplemental Employee) shall be treated as “employed” if the individual is on
a leave of absence that is classified in the employer’s payroll records as a pre-retirement planning leave, a paid or unpaid leave
of absence, or a military leave.

 

		(b)	The individual terminates employment with the Company during
the Plan Year due to Retirement.

 

		(c)	The individual terminates U.S. employment during the Plan Year due to participation in Kyndryl’s global assignment program.

 

		(d)	The individual is terminated by the Company as a result of the consummation of a divestiture or similar transaction (including an
outsourcing or IP licensing transaction) and becomes an employee of the buyer or one of its affiliates immediately thereafter.

 

		(e)	The individual terminates employment with the Company during the Plan Year due to death.

 

		(f)	The individual terminates employment with the Company during the Plan Year due to transfer of employment from the Company directly
to an Affiliate (as defined in the 401(k) Plan) that is not a participating employer in the Plan.

 

An individual shall not be a Company Auto Contribution-Eligible Individual
for a Plan Year if the individual terminates employment with the Company prior to December 15 of the Plan Year for any reason not
described in the foregoing provisions of this Section and did not satisfy the age and/or service requirements for Retirement on the
date such benefits commence.

 

No individual who is rehired following a termination of employment
with the Company and all of its affiliates (whether or not for a reason described in the foregoing provisions of this Section) shall be
a Company Auto Contribution-Eligible Individual following such rehire.

 

Notwithstanding the preceding provisions of this Section, to be eligible
for Matching Contributions or Automatic Contributions on account of Elective Deferrals of Performance Pay for the Deferral Period beginning
in 2021 and otherwise paid in 2022 (as provided in Sections 5.02(b) and 5.03, respectively), the individual will be considered a
Company Auto Contribution-Eligible Individual for 2022 if the individual meets the requirements in the preceding provisions of this Section,
substituting “the date on which the applicable Performance Pay would otherwise be paid” for “December 15”
in each place it appears in the preceding provisions of this Section.

 

    
	Kyndryl Excess Plan	Page 4
	January 1, 2022	 

 

     

    

 

“Company Contributions” means amounts credited
to a Participant’s Company Account, including Automatic Contributions, Matching Contributions, or Missed Matching Contributions.

 

“Company Missed Matching Contribution-Eligible Individual”
generally means, with respect to a Plan Year, an Eligible Employee other than a Company Auto Contribution-Eligible Individual, who meets
all of the following requirements:

 

		(a)	The Eligible Employee participates in the 401(k) Plan and makes elective deferrals to the 401(k) Plan for the Plan Year
that are equal to the limit provided under Code section 402(g).

 

		(b)	The Eligible Employee’s Elective Deferrals to the Plan result in the Employee’s eligible compensation in the 401(k) Plan
falling below the Pay Limit.

 

		(c)	On December 15, 2021, such individual is employed by the Company, is on a U.S. payroll, and is not a Supplemental Employee; for
this purpose, an individual (other than a Supplemental Employee) shall be treated as “employed” if the individual is on a
leave of absence that is classified in the employer’s payroll records as a pre-retirement planning leave, a paid or unpaid leave
of absence, or a military leave. Notwithstanding the preceding sentence, such individual will be considered employed by the Company for
purposes of eligibility for Automatic Contributions for the applicable Plan Year if the individual is described in paragraphs (b), (c),
(d), (e), or (f) in the definition of Company Auto Contribution-Eligible Individual.

 

“Company Only-2021 Contribution-Eligible Individual”
means a “transferred employee,” as defined in the 401(k) Plan, other than a Company Auto Contribution-Eligible Individual,
who meets both of the following requirements:

 

		(a)	Such employee did not make elective deferrals in the IBM Excess Plan for a Deferral Period beginning in 2021 but was or would have
been eligible for automatic contributions under the IBM Excess Plan for the 2021 Plan Year by reason of the individual’s eligible
compensation for 2021 exceeding the Pay Limit (assuming for this purpose that Company compensation and Company U.S. employment were counted
as IBM compensation and IBM U.S. employment, respectively, for purposes of the IBM Excess Plan).

 

		(b)	On December 15, 2021, such individual is employed by the Company, is on a U.S. payroll, and is not a Supplemental Employee; for
this purpose, an individual (other than a Supplemental Employee) shall be treated as “employed” if the individual is on a
leave of absence that is classified in the employer’s payroll records as a pre-retirement planning leave, a paid or unpaid leave
of absence, or a military leave. Notwithstanding the preceding sentence, such individual will be considered employed by the Company for
purposes of eligibility for Automatic Contributions for the 2021 Plan Year if the individual is described in paragraphs (b), (c), (d),
(e), or (f) in the definition of Company Auto Contribution-Eligible Individual.

 

    
	Kyndryl Excess Plan	Page 5
	January 1, 2022	 

 

     

    

 

“Deferral Election” means an Eligible Employee’s
election to defer Base Pay or Performance Pay under Sections 4.01 or 4.02.

 

“Deferral Period” means a period that (a) starts
on January 1 and ends on the next following December 31 for Base Pay and (b) starts on April 1 and ends on the next
following March 31 for Performance Pay.

 

“Domestic Subsidiary” means a “Domestic
Subsidiary” as defined in the 401(k) Plan.

 

“Effective Date” means the initial effective
date of the Plan, which is the date that the Company becomes an independent publicly-traded company or January 1, 2022, if earlier.

 

“Elective Deferrals” means deferrals of Base
Pay or Performance Pay credited to the Participant’s Elective Deferral Account pursuant to a Participant’s election described
in Sections 4.01 or 4.02.

 

“Eligible Employee” means, with respect to
a Plan Year, an Employee who is eligible to make Elective Deferrals or to receive Company Contributions during the Plan Year pursuant
to ARTICLE III.

 

“Employee” means an employee of the Company
who is eligible to participate in the 401(k) Plan and is not a Supplemental Employee. Notwithstanding the foregoing, an individual
who was an Employee and becomes a Supplemental Employee before or during a Deferral Period with respect to which the individual has a
valid, irrevocable Deferral Election and without first incurring a 409A Separation from Service shall continue to be considered to be
an Employee solely for purposes of the individual’s eligibility during such Deferral Period to make Elective Deferrals (but not
for purposes of the individual’s eligibility for any Company Contribution during the period the Employee remains a Supplemental
Employee). For example, an individual who becomes a Supplemental Employee is not eligible to participate in the 401(k) Plan (as in
effect on the Effective Date) and is therefore not an Employee, except that if the individual has not incurred a 409A Separation from
Service, the Employee’s Elective Deferrals shall continue pursuant to any irrevocable Deferral Election.

 

“ERISA” means the Employee Retirement Income
Security Act of 1974, as amended from time to time.

 

“Excess 401(k) Eligible Pay” means,
the excess, if any, of (A) the Eligible Employee’s eligible compensation under the 401(k) Plan determined without regard
to the Pay Limit and amounts deferred under this Plan, over (B) the Eligible Employee’s eligible compensation under the 401(k) Plan
determined taking into account the Pay Limit and amounts deferred under this Plan (in each case excluding, for the avoidance of doubt,
any compensation earned as a non-Employee). For purposes of calculating an Eligible Employee’s Excess 401(k) Eligible Pay for
2021 Plan Year Automatic Contributions, eligible compensation shall only include compensation paid by Kyndryl on or after the Effective
Date.

 

    
	Kyndryl Excess Plan	Page 6
	January 1, 2022	 

 

     

    

 

“Executive” means an Employee who is a banded
executive as designated in the Company’s records.

 

“IBM” means International Business Machines
Corporation and any predecessor.

 

“IBM Excess Plan” means the IBM Excess 401(k) Plus
Plan.

 

“Kyndryl” means Kyndryl, Inc., or any
successor by merger, purchase, or otherwise.

 

“Matching Contribution” has the meaning provided
in Section 5.02.

 

“Missed Matching Contribution” has the meaning
provided in Section 5.04.

 

“Participant” means an individual who has
a positive balance in an Account under the Plan.

 

“Pay Limit” means, for a Plan Year, the limit
on compensation that may be taken into account during such Plan Year under a tax-qualified plan as determined under Code Section 401(a)(17).

 

“Performance Pay” means an Employee’s
performance pay (determined under the 401(k) Plan) paid by the Company for employment while on a U.S. payroll, determined before
reduction for deferrals under the Plan or the 401(k) Plan or for amounts not included in income on account of salary reductions under
Code section 125 or 132(f). For the Performance Pay Deferral Period beginning in 2021, a Transferred Employee’s Performance Pay
means the Employee’s performance pay (determined under the 401(k) Plan) paid by the Company for employment while on a U.S.
payroll or on the IBM U.S. payroll, determined before reduction for deferrals under the Plan or the 401(k) Plan or for amounts not
included in income on account of salary reductions under Code section 125 or 132(f). However, Performance Pay does not include any pay
during a Deferral Period that is paid after an Employee’s 409A Separation from Service (except amounts paid in the pay period in
which the Employee’s 409A Separation from Service occurs and Rehire Pay).

 

“Plan” means this Kyndryl Excess Plan.

 

“Plan Administrator” means Kyndryl’s
VP, Global Benefits or such other person or committee appointed pursuant to ARTICLE VIII, which shall be responsible for reporting,
recordkeeping, and related administrative requirements. If appointed as a committee, any one of the members of the committee may act individually
on behalf of the committee to fulfill the committee’s duties.

 

    
	Kyndryl Excess Plan	Page 7
	January 1, 2022	 

 

     

    

 

“Plan Year” means the calendar year.

 

“Rehire Pay” means Base Pay or Performance
Pay, as applicable, that is payable on or after the date an Employee returns to active employment with the Company following a 409A Separation
from Service or, if later, after the end of the Deferral Period in which the Employee’s 409A Separation from Service occurred. For
example, if an Employee incurs a 409A Separation from Service in April 2022 (whether on account of a leave in excess of six months
or because of a termination of employment with Kyndryl) and returns to active employment with Kyndryl in November 2022, the Employee’s
Rehire Pay would include (a) Base Pay payable on or after January 1, 2023 (i.e., the beginning of the Base Pay Deferral Period
after the 409A Separation from Service), and (b) Performance Pay payable on or after April 1, 2023 (i.e., the beginning of the
Performance Pay Deferral Period after the 409A Separation from Service). By contrast, if instead the Employee returned to active employment
on February 1, 2023, the Employee’s Rehire Pay would include (a) Base Pay payable on or after on February 1, 2023,
and (b) Performance Pay payable on or after April 1, 2023.

 

“Retirement” means termination of employment
(a) with at least 30 years of service, (b) after reaching age 55 with at least 15 years of service, (c) after reaching
age 62 with at least 5 years of service, or (d) after reaching age 65 with at least 1 year of service. For purposes of this definition,
 “year of service” means a year of “Continuous Service” as defined in the Kyndryl 401(k) Plan. Retirement
does not include a transfer to an affiliate of the Company that is not participating in the Plan, or death while employed by the Company,
even if the Participant satisfies (a), (b), (c) or (d) above prior to the Participant’s transfer or death.

 

“Subsidiary” means a “Subsidiary”
as defined in the 401(k) Plan.

 

“Supplemental Employee” means a “Supplemental
1 Employee” or a “Supplemental 2 Employee” as defined in the 401(k) Plan.

 

“Transferred Employee” means a
 “transferred employee,” as defined in the 401(k) Plan, who was, as of immediately prior to the Transferred Employee’s
Transfer Date (as defined in the 401(k) Plan), either (i) an Eligible Employee in the IBM Excess Plan for 2021 who made a deferral
election under the IBM Excess Plan for a Deferral Period beginning in the 2021 Plan Year; or (ii) an Executive who was hired by IBM
on or after November 15, 2020 and prior to September 1, 2021.

 

    
	Kyndryl Excess Plan	Page 8
	January 1, 2022	 

 

     

    

 

ARTICLE III. Eligibility

 

3.01        Eligibility
for Elective Deferrals.

 

(a)            For
Deferral Periods beginning in 2021, a Transferred Employee who made “elective deferrals” under the IBM Excess Plan will have
such Employee’s IBM Excess Plan elections carried over to the Plan and thereby have (1) Base Pay Elective Deferrals credited
to the Plan for the remainder of the 2021 Deferral Period, beginning after the Company becomes an independent publicly traded company,
and (2) Performance Pay Elective Deferrals credited to the Plan with respect to Performance Pay paid by Kyndryl after the date the
Company becomes an independent publicly traded company.

 

(b)            For
Deferral Periods beginning in and after 2022, an Employee is eligible to make Elective Deferrals for the Deferral Period if the Employee
is an Employee under the 401(k) Plan and is either (1) Actively Employed as an Executive on both November 15 and December 31
immediately prior to the start of the Deferral Period, or (2) a Transferred Employee who is Actively Employed on both November 15
and December 31 immediately prior to the start of the Deferral Period.

 

In addition to the Employees identified above,
Kyndryl’s chief human resources officer may, in such officer’s sole discretion, determine that an Employee other than an executive
officer shall be eligible to make Elective Deferrals for a Deferral Period even if the Employee does not otherwise satisfy the requirements
set forth above. Any such determination shall be made by the December 15 immediately preceding the Deferral Period.

 

Notwithstanding any other provision in this Section 3.01,
an individual shall be eligible to make Elective Deferrals for a Deferral Period only if the Plan Administrator notifies the Employee
between August 1 and December 31 immediately preceding the Deferral Period that the Employee will be eligible to make Elective
Deferrals under the Plan during the Deferral Period.

 

3.02        Eligibility
for 2021 Automatic Contributions.

 

(a)            General
Rule. For the 2021 Plan Year, except as provided in subsection (b) (regarding the period following a 409A Separation from Service),
an Employee shall be eligible for Automatic Contributions only if the Employee is a Company Only-2021 Contribution-Eligible Individual
or a Company Auto Contribution-Eligible Individual.

 

(b)            Eligibility
after 409A Separation from Service. An Employee’s Automatic Contributions for a Plan Year shall be calculated without regard
to any Excess 401(k) Eligible Pay for any payroll period that begins after the Employee has a 409A Separation from Service and ends
before the next Plan Year.

 

    
	Kyndryl Excess Plan	Page 9
	January 1, 2022	 

 

     

    

 

3.03        Eligibility
for 2021 and 2022 Matching Contributions.

 

(a)            General
Rule. For the 2021 and 2022 Plan Years, except as provided in subsection (b) (regarding the period following a 409A Separation
from Service), an Employee shall be eligible for Matching Contributions only if the Employee is a Company Auto Contribution-Eligible Individual.

 

(b)            Eligibility
after 409A Separation from Service. An Employee’s Matching Contributions for a Plan Year shall be calculated without regard
to any Excess 401(k) Eligible Pay for any payroll period that begins after the Employee has a 409A Separation from Service and ends
before the next Plan Year.

 

3.04        Eligibility
for Automatic Contributions After 2021.

 

(a)            General
Rule. For each Plan Year after 2021, except as provided in subsection (b) (regarding the period following a 409A Separation from
Service), an Employee shall be eligible for Automatic Contributions for a Plan Year only if the Employee is a Company Auto Contribution-Eligible
Individual. No Company 2021-Only Contribution-Eligible Individual or Company Missed Matching Contribution-Eligible Individual shall be
eligible for Automatic Contributions after 2021.

 

(b)            Eligibility
after 409A Separation from Service. An Employee’s Automatic Contributions for a Plan Year shall be calculated without regard
to any Excess 401(k) Eligible Pay for any payroll period that begins after the Employee has a 409A Separation from Service and ends
before the next Plan Year.

 

3.05        Eligibility
for Missed Matching Contributions After 2021.

 

(a)            General
Rule. For each Plan Year after 2021, except as provided in subsection (b) (regarding the period following a 409A Separation from
Service), an Employee shall be eligible for Missed Matching Contributions for a Plan Year only if the Employee is a Company Missed Matching
Contribution-Eligible Individual. No Company 2021-Only Contribution-Eligible Individual or Company Auto Contribution-Eligible Individual
shall be eligible for Missed Matching Contributions.

 

(b)            Eligibility
after 409A Separation from Service. An Employee’s Missed Matching Contributions for a Plan Year shall be calculated without
regard to any Excess 401(k) Eligible Pay for any payroll period that begins after the Employee has a 409A Separation from Service
and ends before the next Plan Year.

 

    
	Kyndryl Excess Plan	Page 10
	January 1, 2022	 

 

     

    

 

ARTICLE IV. ELECTIVE DEFERRALS

 

4.01            Elective
Deferrals for Deferral Periods Beginning in 2021. An Eligible Employee’s Deferral Election
with respect to Base Pay and Performance Pay earned during Deferral Periods beginning in 2021 (to the extent such Pay had not previously
been deferred and credited to the IBM Excess Plan) will be determined based on the Eligible Employee’s deferral election as in effect
under the IBM Excess Plan immediately prior to the Effective Date of this Plan. Deferrals described in the preceding sentence that were
not previously credited to the IBM Excess Plan shall be credited to the Employee’s Elective Deferral Account in this Plan on the
date on which such amount would otherwise be paid to the Eligible Employee absent a Deferral Election.

 

4.02            Elective
Deferrals for Deferral Periods Beginning in and After 2022. Elective Deferrals made pursuant
to an Eligible Employee’s Deferral Election for Deferral Periods beginning in 2022 and thereafter, as described below, shall be
credited to the Employee’s Elective Deferral Account on the date on which the amount would otherwise be paid to the Eligible Employee
absent a Deferral Election.

 

(a)            Amount
of Elective Deferrals.

 

(1)            Amount
of Base Pay Deferrals. An Employee who, pursuant to Section 3.01, is eligible to make Elective Deferrals under the Plan for a
Deferral Period with respect to Base Pay may elect to defer Base Pay from 1% to 80%, in 1% increments, of the Eligible Employee’s
Base Pay, if any, for each payroll period that ends during the Deferral Period. An Employee’s elective deferral of Base Pay pursuant
to this paragraph (1)  is subject to any restriction imposed by the Plan Administrator to ensure sufficient pay remains for other
deductions and withholding, which limitations shall be imposed prior to the date on which the election becomes irrevocable.

 

(2)            Amount
of Performance Pay Deferrals. An Employee who, pursuant to Section 3.01, may elect to make Elective Deferrals under the Plan
for a Deferral Period with respect to Performance Pay may elect to make Deferrals from 1% to 80%, in 1% increments, of the Eligible Employee’s
Performance Pay, if any, paid during the Deferral Period.

 

(b)            Timing
of Deferral Elections. An Eligible Employee’s Deferral Elections under subsection (a), above, shall be made as follows:

 

(1)            Election
Period. The election must be made while the individual is an Employee and Actively Employed, in the form and manner prescribed by
the Plan Administrator, and during the time period prescribed by the Plan Administrator, which shall begin no earlier than the September 1
and end no later than the December 31 of the Plan Year immediately preceding the first day of the Deferral Period to which the election
applies.

 

    
	Kyndryl Excess Plan	Page 11
	January 1, 2022	 

 

     

    

 

(2)            Irrevocability.
The election must become irrevocable on the December 31st immediately preceding the Plan Year during which the applicable Deferral
Period begins. Once a Deferral Election becomes irrevocable, an Eligible Employee’s Deferral Election shall apply for the entire
Deferral Period to which it relates and shall cease to apply after such Deferral Period except to the extent that the individual makes
a new Deferral Election in accordance with this Section for subsequent Deferral Periods.

 

    
	Kyndryl Excess Plan	Page 12
	January 1, 2022	 

 

     

    

 

ARTICLE V. COMPANY CONTRIBUTIONS

 

5.01 Automatic Contributions With Respect to
2021. For the short Plan Year beginning on the Effective Date and ending on December 31, 2021, Automatic Contributions shall
be credited to the Company Account for each Employee who is eligible for Automatic Contributions for 2021 under Section 3.02. The
amount of such Automatic Contributions, if any, shall be the amount of “automatic contributions” that would have been credited
to the Employee under the IBM Excess Plan, if the Employee’s Excess 401(k) Eligible Pay for 2021 had been treated as eligible
pay for 2021 under the IBM Excess Plan, but reduced by the amount of “automatic contributions” actually made to the IBM Excess
Plan for 2021.

 

5.02 Matching Contributions for Transferred
Employees With Respect to Deferral Periods Beginning in 2021. With respect to Elective Deferrals described in Section 4.01, Matching
Contributions shall be credited to the Company Account for each Transferred Employee who is a Company Auto Contribution-Eligible Individual
for the applicable Plan Year, as follows:

 

(a)            The
amount of such Matching Contributions, if any, for the 2021 Plan Year shall be (1) the amount of “matching contributions”
that would have been credited to the Employee under the IBM Excess Plan, assuming that the Employee’s Elective Deferrals for the
2021 Plan Year that were made to the Plan had been made to the IBM Excess Plan and the Employee’s Excess 401(k) Eligible Pay
were considered eligible pay under the IBM Excess Plan, reduced by (2) the “matching contributions” actually made to
the IBM Excess Plan for the 2021 Plan Year.

 

(b)            The
amount of such Matching Contributions, if any, for the 2022 Plan Year shall be the amount of “matching contributions” that
would have been credited to the Employee under the IBM Excess Plan for the 2022 Plan Year with respect to Elective Deferrals of Performance
Pay for the Deferral Period beginning in 2021, assuming that such deferrals had been made to the IBM Excess Plan and were considered eligible
pay under the IBM Excess Plan.

 

5.03 Automatic Contributions After 2021. For
each Plan Year beginning on and after January 1, 2022, an Automatic Contribution shall be credited to the Company Account for each
Employee who is eligible for Automatic Contributions for the Plan Year under Section 3.04. The amount of such Automatic Contributions
shall be 6% of the Employee’s Excess 401(k) Eligible Pay, if any, for the Plan Year; provided, however, that for the 2022 Plan
Year, Automatic Contributions on account of Elective Deferrals of Performance Pay for the Deferral period beginning in 2021 shall be based
on the “automatic contributions” that would have been credited under the IBM Excess Plan, assuming that such deferrals had
been made to the IBM Excess Plan and were considered eligible pay under the IBM Excess Plan, and such Elective Deferrals shall reduce
the Employee’s otherwise applicable Excess 401(k) Eligible Pay.

 

    
	Kyndryl Excess Plan	Page 13
	January 1, 2022	 

 

     

    

 

5.04 Missed Matching Contributions After 2021.
 For each Plan Year beginning on and after January 1, 2022, a Missed Matching Contribution shall be credited to the Company Account
for each Employee who is eligible for Missed Matching Contributions for the Plan Year under Section 3.05. The amount of such Missed
Matching Contribution shall be 3% of such portion of the Employee’s Elective Deferrals that, when added to the Eligible Employee’s
eligible compensation under the 401(k) Plan, does not exceed the Pay Limit. In no case, will the sum of an individual’s Missed
Matching Contributions under this Plan and matching contributions under the 401(k) Plan exceed 3% multiplied by the lesser of (a) the
Employee’s eligible compensation under the 401(k) Plan plus Elective Deferrals under this Plan or (b) the Pay Limit.

 

    
	Kyndryl Excess Plan	Page 14
	January 1, 2022	 

 

     

    

 

ARTICLE VI. VESTING, DEEMED INVESTMENT
OF ACCOUNTS

 

6.01            Individual
Accounts. For record-keeping purposes only, the Plan Administrator shall maintain, or cause to
be maintained, records showing the individual balances of each Account maintained for a Participant from time to time under the Plan.
Periodically, each Participant shall be furnished with a statement setting forth the value of the Participant’s Accounts under the
Plan.

 

6.02            Vesting
of Accounts. A Participant shall be fully vested in all Accounts maintained for the Participant
under the Plan.

 

6.03            Deemed
Investment of Accounts. A Participant’s Accounts under the Plan shall be adjusted for deemed
earnings, gains, or losses determined in accordance with the following:

 

(a)            Deemed
Investment Options Available.

 

(1)            General
Rule. A Participant’s Account shall be treated as if the Participant had invested such accounts in certain 401(k) Plan
investment funds in accordance with and subject to subsection (b), below.

 

(b)            Elections
for Deemed Investment Options.

 

(1)            Initial
Election For Future Credits. A Participant shall designate, in such form and at such time in advance as may be prescribed by the Plan
Administrator, the proportions (in multiples of 1%) in which Elective Deferrals and Company Contributions credited to the Participant’s
Plan Accounts shall be treated as if they had been allocated among any or all of the investment funds that are available under the 401(k) Plan
(to the extent such funds are also made available under the Plan) at the time such amounts are credited. If the Participant makes no such
designation, the Participant shall be deemed to have designated the default investment fund under the 401(k) Plan.

 

(2)            Change
in Election for Future Credits. A Participant may elect, in such form and at such time in advance as may be prescribed by the Plan
Administrator, to change the Participant’s investment elections for future Elective Deferrals and Company Contributions credited
to the Participant’s Plan Accounts. Any restrictions on investment election changes that apply under the 401(k) Plan shall
also apply under the Plan.

 

    
	Kyndryl Excess Plan	Page 15
	January 1, 2022	 

 

     

    

 

(3)            Transfers
Among Deemed Investment Options. A Participant may elect, in such form and at such time in advance as may be prescribed by the Plan
Administrator, to transfer balances in the Participant’s Plan Accounts among the available investment funds, provided that:

 

		i.	Transfers must be made in multiples of 1%, provided that the minimum amount transferred shall be $250 if that is greater than 1% (provided,
however, that the Plan Administrator may specify a different percentage and/or a different dollar amount to be applied in this paragraph);

 

		ii.	Any restrictions on transfers into or out of investment funds that apply under the 401(k) Plan shall also apply under the Plan;
and

 

		iii.	Plan Administrator may impose such additional rules and limits upon transfers between investment funds as the Plan Administrator
may deem necessary or appropriate.

 

(c)            Administrative
Fee. Each calendar quarter, an administrative fee shall be deducted pro rata from each Participant’s Accounts. The amount of
the fee shall be determined by the Plan Administrator and, as of the Effective Date is $10 each quarter.

 

    
	Kyndryl Excess Plan	Page 16
	January 1, 2022	 

 

     

    

 

ARTICLE VII. PAYMENT OF ACCOUNTS

 

7.01            Payment
of Accounts Upon Death. If a Participant dies before the Participant’s Accounts have been
distributed in full, the value of the Participant’s Accounts shall be paid in a lump sum to the Participant’s Beneficiary
on the date that is 30 days after the date of the Participant’s death (or, if that date is not a business day, the first business
day thereafter). However, the Plan Administrator may make payment on any other day to the extent that such payment is treated as being
paid on the date specified in the previous sentence under applicable Treasury Regulations, which permit payment to be made within thirty
days before the specified date and later within the same calendar year, or by December 31 of the first calendar year following the
calendar year during which the death occurs. For purposes of determining the amount payable to the Beneficiary, the Participant’s
Accounts will be valued as of the date the payment is processed.

 

7.02            Form of
Payment for Accounts Paid Upon a 409A Separation from Service. A Participant may elect, at the
time and in the manner described in Section 7.03, below, to have the value of the Participant’s Accounts paid under one of
the following options, subject to the limits in Section 7.04, below (regarding delays for 409A Key Employees):

 

(a)            A
lump sum payment as of the first business day that is at least 30 days after the Participant’s 409A Separation from Service;

 

(b)            A
lump sum payment as of the last business day in January of the calendar year immediately following the calendar year in which the
Participant’s 409A Separation from Service occurs; or

 

(c)            From
two to 10 annual installments (as elected by the Participant), each paid as of the last business day in January beginning with the
January immediately following the calendar year in which the Participant’s 409A Separation from Service occurs, until the elected
number of installments have been paid, subject to Section 7.04(c) (involuntary cash-outs). This installment option is treated
as the entitlement to a single payment for purposes of Treasury Regulation section 1.409A-2(b)(2)(iii).

 

However, the Plan Administrator may make payment on any other day to
the extent that such payment is treated as being paid on the date specified above under Treasury Regulation section 1.409A-3(d), which
permits payment to be made within thirty days before the specified date and later within the same calendar year, or, if later, within
2-1/2 months following the specified date, provided that the Participant is not permitted to designate the taxable year of payment.

 

    
	Kyndryl Excess Plan	Page 17
	January 1, 2022	 

 

     

    

 

Notwithstanding any other provision of this Section 7.02, the
portion of a Transferred Employee’s Accounts attributable to Deferral Periods beginning in 2021 (carried over from the IBM Excess
Plan) including Automatic Contributions for Elective Deferrals of Performance Pay with respect to Deferral Periods beginning before 2022
shall be payable in the form of payment elected by the Transferred Employee for such deferrals under the IBM Excess Plan, as reflected
in such IBM Excess Plan records as of immediately prior to the Effective Date (including, for this purpose, any subsequent election changes
made pursuant to section 9.03(c) of the IBM Excess Plan, but only if such subsequent election was made prior to the Effective Date
and becomes effective under the IBM Excess Plan).

 

7.03            Electing
and Changing Payment Options.

 

(a)            Election
of Payment Option. A Participant shall elect a payment option for the Participant’s Accounts in the form and manner prescribed
by the Plan Administrator and during whichever of the following election periods applies to the Participant:

 

(1)            An
individual who is eligible to make Elective Deferrals for Deferral Periods beginning in 2022 may, during the annual enrollment period
prescribed by the Plan Administrator in 2021, elect the payment option that will apply to the portion of such Employee’s Accounts
under the Plan attributable to (A) Elective Deferrals for Deferral Periods beginning in 2022 and thereafter and (B) Automatic
Contributions for Excess 401(k) Eligible Pay earned in Deferral Periods beginning in and after 2022, whether or not the individual
also elects to make Elective Deferrals during the enrollment period in 2021.

 

(2)            An
individual who is first eligible to make Elective Deferrals in a Plan Year subsequent to 2022, may, during the annual enrollment period
prescribed by the Plan Administrator that immediately precedes such Plan Year, elect the payment option that will apply to such individual’s
Accounts under the Plan, whether or not the individual also elects to make Elective Deferrals during such enrollment period. Notwithstanding
any other provision of this Section 7.03, a Transferred Employee’s payment option election made pursuant to the terms of the
IBM Excess Plan for a Deferral Period beginning in 2021 shall be treated as an election under this Plan for purposes of this Section 7.03(a) and
shall apply with respect to the portion of such Employee’s Accounts attributable to Deferral Periods beginning in 2021 including
Automatic Contributions for Elective Deferrals of Performance Pay with respect to Deferral Periods beginning before 2022.

 

(3)            To
the extent permitted by the Plan Administrator and consistent with Treas. Reg. § 1.409A-2(a)(7)(iii), an Eligible Employee may make
a payment option election no later than January 31, 2022 with respect to Automatic Contributions such Employee earns for 2021 if
such Employee does not have a payment option election made pursuant to the terms of the IBM Excess Plan as of immediately prior to the
Effective Date.

 

    
	Kyndryl Excess Plan	Page 18
	January 1, 2022	 

 

     

    

 

(b)            Irrevocability
and Default Payment Option. If a Participant does not make an election under paragraph (a), the Participant’s
initial payment election shall be the payment option described in Section 7.02(a) (immediate lump sum), above. A Participant’s
initial payment election (including the default option described in the previous sentence) becomes irrevocable, and can be changed only
in accordance with subsection (c), below.

 

(c)            Changing
Payment Options. A Participant may elect, in the form and manner prescribed by the Plan Administrator, to change the Participant’s
payment option determined under this Section 7.03, provided that:

 

(1)            The
Participant must make such election at least 12 months before the date of his 409A Separation from Service;

 

(2)            The
payment date for any lump sum or the start date for any series of installments provided for under the new payment option shall be the
fifth anniversary of the payment date or start date that would have applied absent a change in payment option; and

 

(3)            Such
election change shall not apply or be available with respect to the portion of a Transferred Employee’s Accounts attributable to
Deferral Periods beginning in 2021 including Automatic Contributions for Elective Deferrals of Performance Pay with respect to Deferral
Periods beginning before 2022.

 

7.04            Payment
Upon a 409A Separation from Service. The value of a Participant’s Accounts shall be paid
to the Participant upon the Participant’s 409A Separation from Service in the form and at the time provided in Sections 7.02 and
7.03, above, subject to the following:

 

(a)            Delay
for 409A Key Employees. If the Participant is a 409A Key Employee on the date of the Participant’s 409A Separation from Service,
the payment date for any lump sum or the start date for any series of installments provided for under the applicable payment option shall
be the later of (I) the first business day that is six months after the date of the Participant’s 409A Separation from Service,
or (II) the otherwise applicable payment date or start date, subject to subsection (b) (death). If the start date of a series
of installments occurs other than as of the last business day in January due to application of this paragraph, installments after
the first installment shall be paid as of the last business day in January of each subsequent year, as scheduled without regard to
the delay described in this subsection (a).

 

(b)            Death
of Participant After 409A Separation from Service. If the death of a Participant (including a 409A Key Employee described in subsection
(a), above) occurs before the payment date for any lump sum or installment provided for under the applicable payment option, payment shall
be made to the Participant’s Beneficiary as provided in Section 7.01.

 

    
	Kyndryl Excess Plan	Page 19
	January 1, 2022	 

 

     

    

 

(c)            Involuntary
Cash-Out. If (i) the applicable payment option is the installment option described in subsection 7.02(c), above, and (ii) the
aggregate value of all of the Participant’s Accounts under the Plan determined as of the date of the Participant’s 409A Separation
from Service is less than 50% of the Pay Limit in effect for the calendar year in which the Participant’s 409A Separation from Service
occurs, the value of the Participant’s Accounts shall be distributed in a lump sum on the start date that would otherwise have applied
for the elected installments, taking into account any applicable delay for a 409A Key Employee described in subsection (a), above.

 

7.05            Valuation
of Accounts. For purposes of determining the amount of any payment of the Participant’s
Accounts, the Participant’s Accounts will be valued as of the date the payment is processed, except that if payment is required
under the terms of the Plan to be made as of the last business day in January of a Plan Year (for example, pursuant to Section 7.02(b)),
the Participant’s Accounts with respect to such payment shall be valued as of such last business day in January. For purposes of
determining the amount of any annual installment payment of the Participant’s Accounts, the value of the Participant’s Accounts
on the valuation date shall be divided by the remaining number of installments. No adjustment shall be made to the amount of any lump
sum or installment after the valuation date.

 

7.06            Effect
of Rehire on Payments. If a Participant becomes eligible for a payment of benefits on account
of a 409A Separation from Service and is rehired as an Employee before the Participant’s Accounts have been distributed in full,
payments shall be made as if the Participant had not been rehired. If the Participant again becomes eligible to make Elective Deferrals
or receive Company Contributions following the Participant’s rehire, the Plan Administrator shall arrange separate accounting for
Elective Deferrals and Company Contributions (and related earnings, gains, or losses) credited to the Participant’s Accounts following
the Participant’s rehire, and the Participant’s opportunity to make an initial distribution election under subsection 7.03(a) shall
be determined without regard to the benefits earned under the Plan prior to the Participant’s rehire.

 

    
	Kyndryl Excess Plan	Page 20
	January 1, 2022	 

 

     

    

 

ARTICLE VIII. ADMINISTRATION

 

8.01            Amendment
or Termination. This Plan may be amended from time to time for any purpose permitted by law or
terminated at any time by written resolution of the Board. Notwithstanding the preceding sentence, the Plan may be amended by Kyndryl’s
chief human resources officer to the extent that such amendment is not materially inconsistent with a prior action of the Board, does
not materially increase the Company’s cost of maintaining the Plan, or is required or advisable to comply with applicable law, each
as determined by Kyndryl’s chief human resources officer in their sole discretion. The authority to amend or terminate the Plan
shall include the authority to amend the procedure for amending or terminating the Plan and the authority to amend or terminate any related
instrument or agreement.

 

8.02            Responsibilities.

 

(a)            The
following persons and groups of persons shall severally have the authority to control and manage the operation and administration of the
Plan as herein delineated:

 

(1)            the
Board,

 

(2)            Kyndryl’s
chief human resources officer, and

 

(3)            the
Plan Administrator and each person on any committee serving as the Plan Administrator.

 

Each person or group of persons shall be responsible for
discharging only the duties assigned to it by the terms of the Plan.

 

(b)            The
Board shall be responsible only for approval of a resolution in accordance with Section 8.01 to amend or terminate the Plan.

 

(c)            Kyndryl’s
chief human resources officer may, pursuant to a duly adopted resolution, delegate to any officer or employee of the Company, or a committee
thereof, authority to carry out any decision, directive, or resolution of Kyndryl’s chief human resources officer. Kyndryl’s
chief human resources officer may appoint one or more employees of the Company to serve as Plan Administrator or as a committee to fulfill
the function of Plan Administrator. Kyndryl’s VP, Global Benefits shall serve as the Plan Administrator if no such appointment is
made by Kyndryl’s chief human resources officer.

 

(d)            In
the sole discretion of the Plan Administrator, the Plan Administrator shall have the full power and authority to:

 

(1)            promulgate
and enforce such rules and regulations as shall be deemed to be necessary or appropriate for the administration of the Plan;

 

    
	Kyndryl Excess Plan	Page 21
	January 1, 2022	 

 

     

    

 

(2)            adopt
any amendments to the Plan that are required by law;

 

(3)            interpret
the Plan consistent with the terms and intent thereof; and

 

(4)            resolve
any possible ambiguities, inconsistencies, and omissions.

 

All such determinations and interpretations shall be in accordance
with the terms and intent of the Plan, and the Plan Administrator shall report such actions to Kyndryl’s chief human resources officer
on a regular basis.

 

(e)            Kyndryl’s
chief human resources officer and the Plan Administrator may engage the services of accountants, attorneys, actuaries, investment consultants,
and such other professional personnel as are deemed necessary or advisable to assist them in fulfilling their responsibilities under the
Plan. Kyndryl’s chief human resources officer, the Plan Administrator, and their delegates and assistants will be entitled to act
on the basis of all tables, valuations, certificates, opinions, and reports furnished by such professional personnel.

 

    
	Kyndryl Excess Plan	Page 22
	January 1, 2022	 

 

     

    

 

ARTICLE IX. GENERAL PROVISIONS

 

9.01            Funding.

 

(a)            All
amounts payable in accordance with this Plan shall constitute a general unsecured obligation of the Company. Such amounts, as well as
any administrative costs relating to the Plan, shall be paid out of the general assets of the Company. In the sole discretion of Kyndryl’s
chief human resources officer, a Participant’s accounts under the Plan may be reduced to reflect allocable administrative expenses.

 

(b)            The
Company, Kyndryl’s chief human resources officer, and the Plan Administrator do not guarantee the investment alternatives available
under the Plan in any manner against loss or depreciation.

 

9.02            No
Contract of Employment. Nothing herein contained shall be deemed to give any employee the right
to be retained in the service of the Company or an affiliate or to interfere with the right of the Company or an affiliate to discharge
any employee at any time without regard to the effect that such discharge may have upon the employee under the Plan. Nothing appearing
in or done pursuant to the Plan shall be held or construed to create a contract of employment with the Company, to obligate the Company
to continue the services of any employee, or to affect or modify any employee’s terms of employment in any way or to give any person
any legal or equitable right or interest in the Plan or any part thereof or distribution therefrom or against the Company except as expressly
provided herein.

 

9.03            Facility
of Payment. In the event the Plan Administrator determines that any Participant or Beneficiary
receiving or entitled to receive benefits under the Plan is incompetent to care for such individual’s affairs and in the absence
of the appointment of a legal guardian of the property of the incompetent, benefit payments due under the Plan (unless prior claim thereto
has been made by a duly qualified guardian, committee, or other legal representative) may be made to the spouse, parent, brother or sister,
or other person, including a hospital or other institution, deemed by the Plan Administrator to have incurred or to be liable for expenses
on behalf of such incompetent. In the absence of the appointment of a legal guardian of the property of a minor, any minor’s share
of benefits payable under the Plan may be paid to such adult or adults as in the opinion of the Plan Administrator have assumed the custody
and principal support of such minor. The Plan Administrator, however, in its sole discretion, may require that a legal guardian for the
property of such incompetent or minor be appointed before authorizing the payment of benefits in such situation. Benefit payments made
under the Plan in accordance with determinations of the Plan Administrator pursuant to this Section 9.03 shall be a complete discharge
of any obligation arising under the Plan with respect to such benefit payments.

 

9.04            Withholding
Taxes. The Plan Administrator shall have the right to withhold all applicable taxes or other
payments from benefits hereunder and to report information to government agencies when required to do so by law.

 

    
	Kyndryl Excess Plan	Page 23
	January 1, 2022	 

 

     

    

 

9.05            Nonalienation.
No benefits payable under the Plan shall be subject to alienation, sale, transfer, assignment, pledge, attachment, garnishment, lien,
levy, or like encumbrance. No benefit under the Plan shall in any manner be liable for or subject to the debts or liabilities of any person
entitled to benefits under the Plan. On and after the Effective Date, compliance with any domestic relations order relating to a Participant’s
Account that the Plan Administrator determines must be complied with under applicable law shall not be considered a violation of this
provision; provided, however, that an administrative fee determined by the Plan Administrator shall be deducted from any Participant’s
Account that is subject to a domestic relations order.

 

9.06            Administration.
All decisions, determinations, or interpretations the Board, Kyndryl’s chief human resources officer, the Plan Administrator, the
Company, or any member, officer or employee thereof are authorized to make under the Plan (including the delegation of any authority hereunder
to another party) shall be made in that party’s sole discretion and shall be final, binding, and conclusive on all interested persons.

 

9.07            Construction.
All rights hereunder shall be governed by and construed in accordance with federal law and, to the extent not preempted by federal law,
the laws of the State of New York without regarding to the choice of law rules of any jurisdiction.

 

    
	Kyndryl Excess Plan	Page 24
	January 1, 2022	 

 

     

    

 

ARTICLE X. CLAIMS PROCEDURE

 

If a Participant or Beneficiary believes they are entitled to have
received benefits but have not received such benefits, the Participant or Beneficiary must accept any payment made under the Plan and
make prompt and reasonable, good faith efforts to collect the remaining portion of the payment, as determined under Treas. Reg. § 1.409A-3(g).
For this purpose (and as determined under such regulation), efforts to collect the payment will be presumed not to be prompt, reasonable,
good faith efforts, unless the Participant or Beneficiary provides notice to the Plan Administrator within 90 days of the latest date
upon which the payment could have been timely made in accordance with the terms of the Plan and the regulations under Code Section 409A,
and unless, if not paid, the Participant or Beneficiary takes further enforcement measures within 180 days after such latest date. In
addition, a Participant or Beneficiary must exhaust any other claims procedures established by the Plan Administrator before initiating
litigation.

 

Any limitations periods for filing claims in court that apply under
the 401(k) Plan shall also apply under this Plan. This incorporation by reference is not intended to broaden the scope of the claims
that are available under this Plan. For example, certain claims that may be pursued under the 401(k) Plan in certain circumstances
(such as claims for breach of fiduciary duty) may not be pursued under this Plan.

 

Any action in court in connection with the Plan by, or on behalf of,
any participant or beneficiary must be brought in the federal courts in New York, New York County. By participating in the Plan, participants
consent to jurisdiction and venue in courts in New York, New York County to resolve any issues that may arise out of the Plan.

 

    
	Kyndryl Excess Plan	Page 25
	January 1, 2022

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