<SEC-DOCUMENT>0001104659-26-052917.txt : 20260430
<SEC-HEADER>0001104659-26-052917.hdr.sgml : 20260430
<ACCEPTANCE-DATETIME>20260430161017
ACCESSION NUMBER:		0001104659-26-052917
CONFORMED SUBMISSION TYPE:	S-8 POS
PUBLIC DOCUMENT COUNT:		5
FILED AS OF DATE:		20260430
DATE AS OF CHANGE:		20260430
EFFECTIVENESS DATE:		20260430

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			INTERNATIONAL BUSINESS MACHINES CORP
		CENTRAL INDEX KEY:			0000051143
		STANDARD INDUSTRIAL CLASSIFICATION:	COMPUTER & OFFICE EQUIPMENT [3570]
		ORGANIZATION NAME:           	06 Technology
		EIN:				130871985
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-8 POS
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-30424
		FILM NUMBER:		26925365

	BUSINESS ADDRESS:	
		STREET 1:		1 NEW ORCHARD ROAD
		CITY:			ARMONK
		STATE:			NY
		ZIP:			10504
		BUSINESS PHONE:		9144991900

	MAIL ADDRESS:	
		STREET 1:		1 NEW ORCHARD RD
		CITY:			ARMONK
		STATE:			NY
		ZIP:			10504
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-8 POS
<SEQUENCE>1
<FILENAME>tm2613123d2_s8pos.htm
<DESCRIPTION>S-8 POS
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>As filed with the Securities and Exchange Commission
on April 30, 2026.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Registration No. 333-30424</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Registration No. 333-87708</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Registration
No. </B></FONT><B>333-102872</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Registration No. 333-285313</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Post-Effective Amendment No. 1 to Form S-8&nbsp;Registration
Statement No.&nbsp;333-30424</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Post-Effective Amendment No. 1 to Form S-8&nbsp;Registration
Statement No.&nbsp;333-87708</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Post-Effective
Amendment No. 1 to Form S-8&nbsp;Registration Statement No.&nbsp;</B></FONT><B>333-102872</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Post-Effective Amendment No. 1 to Form S-8&nbsp;Registration
Statement No.&nbsp;333-285313</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNDER THE SECURITIES ACT OF 1933</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt"><B>INTERNATIONAL
BUSINESS MACHINES CORPORATION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of registrant as specified in its charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>New York</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(State or other jurisdiction of</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">incorporation or organization)</P></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>13-0871985</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(I.R.S. Employer</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Identification No.)</P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>One New Orchard Road<BR>
Armonk, New York 10504</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of Principal Executive Offices, including
Zip Code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>IBM 1999 Long-Term Performance Plan</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>IBM 2001 Long-Term Performance Plan</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>IBM PWCC Acquisition Long-Term Performance Plan</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>IBM HashiCorp Acquisition Long-Term Performance
Plan</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>IBM 2026 Long-Term Performance Plan</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Full title of the plan)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Jane P. Edwards, Esq.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Vice President, Assistant General Counsel and
Secretary</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>International Business Machines Corporation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Corporate Legal Department</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Armonk, New York 10504</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(914) 499-1900</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name, address and telephone number, including
area code, of agent for service)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>Copies to:</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Jennifer S. Conway, Esq.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Davis Polk &amp; Wardwell LLP</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>450 Lexington Avenue</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>New York, New York 10017</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(212)
450-3055</B></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant is a large accelerated
filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of
 &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer,&rdquo; &ldquo;smaller reporting company&rdquo; and &ldquo;emerging growth
company&rdquo; in Rule 12b-2 of the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Large accelerated filer</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accelerated filer</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-accelerated filer</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Smaller reporting company</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging growth company</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section 7(a)(2)(B) of the Securities Act. <FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INTRODUCTORY STATEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">International Business Machines Corporation (&ldquo;IBM&rdquo; or the
 &ldquo;Company&rdquo;) previously registered the offering of shares of IBM capital stock, par value $.20 per share (&ldquo;Capital Stock&rdquo;),
issuable to eligible recipients under (i) the IBM 1999 Long-Term Performance Plan, (ii) the IBM 2001 Long-Term Performance Plan, (iii)
the IBM PWCC Acquisition Long-Term Performance Plan and (iv) the IBM HashiCorp Acquisition Long-Term Performance Plan (collectively, the
 &ldquo;Prior Plans&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">In connection
with the Prior Plans, IBM previously filed with the Securities and Exchange Commission (the &ldquo;Commission&rdquo;) a Form S-8 Registration
Statement, No. </FONT>333-30424, on February 15, 2000; a Form S-8 Registration Statement, No. 333-87708, on May 7, 2002; a Form S-8 Registration
Statement, No. 333-102872, on January 31, 2003; and a Form S-8 Registration Statement, No. 333-285313, on February 27, 2025 (collectively,
the &ldquo;Prior Registration Statements&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On April 28, 2026 (the &ldquo;Effective Date&rdquo;), IBM&rsquo;s stockholders
approved the IBM 2026 Long-Term Performance Plan (the &ldquo;New Plan&rdquo;). The New Plan authorizes the issuance of 40,357,987 shares
of Capital Stock (the &ldquo;New Shares&rdquo;) and, in addition, authorizes the issuance of (i) the number of shares of Capital Stock
remaining available for future issuance under each of the Prior Plans as of the Effective Date, and (ii) shares of Capital Stock subject
to awards outstanding under the Prior Plans as of the Effective Date 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 following the Effective Date (shares
described in clauses (i) and (ii), collectively, the &ldquo;Carryover Shares&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Therefore, in addition to filing this Post-Effective Amendment to Form
S-8 to the Prior Registration Statements (the &ldquo;Post-Effective Amendment&rdquo;), pursuant to the undertaking in Item 512(a)(1)(iii)
of Regulation S-K that IBM disclose a material change in the plan of distribution as it was originally disclosed in the Prior Registration
Statements and Corporation Finance Interpretation 240.15, the Registrant is filing this Post-Effective Amendment to reflect that, as of
the Effective Date, the Carryover Shares may be issued under the New Plan and to file as an exhibit hereto a copy of the New Plan and
a new opinion as to the validity of the Carryover Shares that may be issued under the New Plan. This Post-Effective Amendment amends and
supplements the items contained in the Prior Registration Statements. All other items of the Prior Registration Statements are incorporated
herein by reference without change.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Concurrently with the filing of this Post-Effective Amendment, IBM
is filing a separate registration statement on Form S-8 to register the New Shares pursuant to the New Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PART I</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 0.75in">Item 1.</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif"> Plan Information.</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All information required by Part I to be contained
in the Section 10(a) prospectus is omitted from this Registration Statement in accordance with Rule 428 under the Securities Act of 1933,
as amended (the &ldquo;Securities Act&rdquo;) and the Note to Part I of Form S-8.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 0.75in">Item 2.</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">Registrant Information and Employee Plan Annual Information.</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All information required by Part I to be contained
in the Section 10(a) prospectus is omitted from this Registration Statement in accordance with Rule 428 under the Securities Act and the
Note to Part I of Form S-8.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PART II</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 0.75in">Item 3.</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif"> Incorporation of Documents by Reference.</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following documents previously filed with the
Commission are incorporated by reference herein and shall be deemed a part hereof:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The Annual Report of IBM on <A HREF="http://www.sec.gov/ix?doc=/Archives/edgar/data/51143/000005114326000010/ibm-20251231.htm" STYLE="-sec-extract: exhibit">Form 10-K</A> for the fiscal year ended December 31, 2025, filed with the Commission on February 24, 2026.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The portions of IBM&rsquo;s Definitive Proxy Statement on <A HREF="http://www.sec.gov/ix?doc=/Archives/edgar/data/51143/000005114326000025/ibm-20260306.htm" STYLE="-sec-extract: exhibit">Schedule 14A</A> for the 2026 annual meeting of stockholders filed on March 10, 2026 that are incorporated by reference in the Annual Report on <A HREF="http://www.sec.gov/ix?doc=/Archives/edgar/data/51143/000005114326000010/ibm-20251231.htm" STYLE="-sec-extract: exhibit">Form 10-K</A> for the fiscal year ended December 31, 2025.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The Quarterly Report of IBM on <A HREF="http://www.sec.gov/ix?doc=/Archives/edgar/data/51143/000005114326000038/ibm-20260331.htm" STYLE="-sec-extract: exhibit">Form 10-Q</A>, filed with the Commission on April 23, 2026.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The Current Reports of IBM on Form 8-K filed with the Commission on <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/51143/000005114326000006/ibm-20260127.htm" STYLE="-sec-extract: exhibit">January 30, 2026</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/51143/000110465926009343/tm264790d2_8k.htm" STYLE="-sec-extract: exhibit">February 2, 2026</A> and <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/51143/000005114326000015/ibm-20260301.htm" STYLE="-sec-extract: exhibit">March 3, 2026</A>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The description of Capital Stock contained in IBM&rsquo;s registration statements filed pursuant to Section 12 of the Securities Exchange
Act of 1934 (the &ldquo;Exchange Act&rdquo;), and any amendment or report filed for the purpose of updating any such description.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All documents filed by IBM pursuant to Sections
13(a), 13(c), 14 and 15(d) of the Exchange Act after the date hereof and prior to the filing of a post-effective amendment which indicates
that all securities offered have been sold or which deregisters all securities then remaining unsold shall be deemed to be incorporated
by reference herein and to be a part hereof from the date of filing of such documents. In no event, however, shall any information that
IBM discloses under Item 2.02 or Item 7.01 of any Current Report on Form 8-K and any corresponding exhibits thereto, which IBM may furnish
to the Commission from time to time, be incorporated by reference into, or otherwise become a part of, this Registration Statement. Any
statement contained in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded
for purposes of this Registration Statement to the extent that a statement contained herein or in any other subsequently filed document
which also is or is deemed to be incorporated by reference herein modifies or supersedes such statement. Any such statement so modified
or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 0.75in">Item 4.</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif"> Description of Securities.</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 0.75in">Item 5.</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">Interests of Named Experts and Counsel.</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The validity of the Capital Stock offered hereby
has been passed upon by Jane P. Edwards, Esq., Vice President, Assistant General Counsel and Secretary of IBM. As of April 30, 2026, Ms.
Jane P. Edwards beneficially owns shares of Capital Stock, and options to purchase shares of Capital Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 0.75in">Item 6.</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">Indemnification of Directors and Officers.</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The By-Laws of IBM (Article VI, Section 6) provide
the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&ldquo;The Corporation shall, to the fullest extent permitted
by applicable law as in effect at any time, indemnify any person made, or threatened to be made, a party to an action or proceeding whether
civil or criminal (including, but not limited to, an action or proceeding by or in the right of the Corporation) by reason of the fact
that such person is (i) an officer or director of the Corporation or (ii) an officer or director of the Corporation who is asked to serve
in any capacity at the request of the Corporation in any corporation, partnership, joint venture, trust, employee benefit plan or other
enterprise, against, in each case, judgments, fines, amounts paid in settlement and reasonable expenses, including, but not limited to,
attorneys&rsquo; fees actually and necessarily incurred as a result of such action or proceeding, or any appeal therein. Such indemnification
shall be a contract right that vests upon the occurrence or alleged occurrence of any act or omission to act that forms the basis for
or is related to the claim for which indemnification is sought and shall include the right to be paid advances of any expenses incurred
by such person in connection with such action, suit or proceeding, and the right to be indemnified for expenses incurred by such person
in connection with successfully establishing a right to indemnification, in each case consistent with the provisions of applicable law
in effect at any time. Indemnification shall be deemed to be &lsquo;permitted&rsquo; within the meaning of the first sentence hereof if
it is not expressly prohibited by applicable law as in effect at the time. The indemnification rights hereunder shall continue as to any
such person who has ceased to be an officer or director of the Corporation and shall inure to the benefit of the heirs, executors and
administrators of any such person. If the right of indemnification provided for in this Section 6 is amended or repealed, such amendment
or repeal will not limit the indemnification provided for herein with respect to any acts or omissions to act occurring prior to any such
amendment or repeal.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Certificate of Incorporation of IBM (Article
Eleven) provides the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&ldquo;Pursuant to Section 402(b) of the Business Corporation
Law of the State of New York, the liability of the Corporation&rsquo;s directors to the Corporation or its stockholders for damages for
breach of duty as a director shall be eliminated to the fullest extent permitted by the Business Corporation Law of the State of New York,
as it exists on the date hereof or as it may hereafter be amended. No amendment to or repeal of this Article shall apply to or have any
effect on the liability or alleged liability of any director of the Corporation for or with respect to any acts or omissions of such director
occurring prior to such amendment or repeal.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">With certain limitations, Sections 721 through
726 of the New York Business Corporation Law permit a corporation to indemnify a director or officer made a party to an action (i) by
a corporation or in its right in order to procure a judgment in its favor unless he shall have breached his duties, or (ii) other than
an action by or in the right of the corporation in order to procure a judgment in its favor, if such director or officer acted in good
faith and in a manner he reasonably believed to be in or, in certain cases not opposed to, such corporation&rsquo;s interest and additionally,
in criminal actions, had no reasonable cause to believe his conduct was unlawful.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, IBM maintains directors&rsquo; and
officers&rsquo; liability insurance policies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 0.75in">Item 7.</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">Exemption From Registration Claimed.</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 0.75in">Item 8.</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">Exhibits.</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; width: 7%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Exhibit</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Number</P></TD>
    <TD STYLE="padding-bottom: 1pt; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 92%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit Description</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/51143/000155837022001584/ibm-20211231xex3d1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1</FONT></A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><A HREF="https://www.sec.gov/Archives/edgar/data/51143/000155837022001584/ibm-20211231xex3d1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certificate of Incorporation of IBM (incorporated by reference to Exhibit 3.1 to Form 10-K filed on February 22, 2022)</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/51143/000005114326000015/finalbylawsmarch12026.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2</FONT></A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><A HREF="https://www.sec.gov/Archives/edgar/data/51143/000005114326000015/finalbylawsmarch12026.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By-Laws of IBM, as amended through March 1, 2026 (incorporated by reference to Exhibit 3.2 to Form 8-K filed on March 3, 2026)</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><A HREF="tm2613123d2_ex4-3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3*</FONT></A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><A HREF="tm2613123d2_ex4-3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IBM 2026 Long-Term Performance Plan</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><A HREF="tm2613123d2_ex5-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1*</FONT></A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><A HREF="tm2613123d2_ex5-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opinion of Jane P. Edwards, Esq., Vice President, Assistant General Counsel and Secretary, regarding the legality of the securities being issued</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><A HREF="tm2613123d2_ex23-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.1*</FONT></A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><A HREF="tm2613123d2_ex23-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of PricewaterhouseCoopers LLP</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><A HREF="tm2613123d2_ex5-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.2*</FONT></A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><A HREF="tm2613123d2_ex5-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Jane P. Edwards, Esq., Vice President, Assistant General Counsel and Secretary (included in Exhibit 5.1)</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><A HREF="tm2613123d2_ex24-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24.1*</FONT></A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><A HREF="tm2613123d2_ex24-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Powers of Attorney</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #0000ee">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #0000ee">&nbsp;</FONT></TD></TR>
  </TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">* Filed herewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 0.75in">Item 9.</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">Undertakings.</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The undersigned registrant hereby undertakes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(a)(1) To file, during any period in
which offers or sales are being made, a post-effective amendment to this Registration Statement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(i) to include any prospectus required
by Section 10(a)(3) of the Securities Act;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(ii) to reflect in the prospectus any facts
or events arising after the effective date of this Registration Statement (or the most recent post-effective amendment thereof) which,
individually or in the aggregate, represent a fundamental change in the information set forth in this Registration Statement. Notwithstanding
the foregoing, any increase or decrease in the volume of securities offered (if the total dollar value of securities offered would not
exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected
in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent
no more than a 20 percent change in the maximum aggregate offering price set forth in the &ldquo;Calculation of Filing Fee Tables&rdquo;
or &ldquo;Calculation of Registration Fee&rdquo; table, as applicable, in the effective Registration Statement&#894; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(iii) to include any material information
with respect to the plan of distribution not previously disclosed in this Registration Statement or any material change to such information
in this Registration Statement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">provided, however, that paragraphs (a)(1)(i) and (a)(1)(ii)
do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed
with or furnished to the Commission by the registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated
by reference in this Registration Statement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(a)(2) That, for the purpose of determining
any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating
to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering
thereof; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(a)(3) To remove from registration by
means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b) The undersigned registrant hereby undertakes
that, for purposes of determining any liability under the Securities Act, each filing of the registrant&rsquo;s annual report pursuant
to Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan&rsquo;s annual report
pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in this Registration Statement shall be deemed to be
a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed
to be the initial bona fide offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c) Insofar as indemnification for liabilities
arising under the Securities Act may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing
provisions, or otherwise, the registrant has been advised that in the opinion of the Commission such indemnification is against public
policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such
liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the
registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in
connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled
by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public
policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Act, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and
has duly caused this Post-Effective Amendment to be signed on its behalf by the undersigned, thereunto duly authorized, in the Town of
North Castle, State of New York, on this 30th day of April, 2026.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>INTERNATIONAL BUSINESS MACHINES CORPORATION</B></FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
Jane P. Edwards</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 50%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 42%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jane P. Edwards</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vice President, Assistant General Counsel and Secretary</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    </TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT>Pursuant
to the requirements of the Securities Act of 1933, this Post-Effective Amendment has been signed by the following persons in the capacities
indicated, on the 30<SUP>th</SUP> of April, 2026.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Signature</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; vertical-align: top; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; width: 68%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Title</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chairman, Chief Executive Officer and President (Principal Executive Officer)</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Arvind Krishna</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Financial Officer and Senior Vice President (Principal Financial Officer)</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">James J. Kavanaugh </FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Controller and Vice President (Principal Accounting Officer) </FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Nicolas Fehring</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marianne C. Brown</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Thomas Buberl</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">David N. Farr</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alex Gorsky</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michelle Howard</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ramon L. Laguarta</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Andrew Liveris</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">F. William McNabb III</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michael Miebach</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Martha E. Pollack</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Peter R. Voser</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alfred W. Zollar</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">* The undersigned, by signing her name hereto, does hereby execute
this Post-Effective Amendment pursuant to powers of attorney filed as Exhibit 24.1 to this Post-Effective Amendment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Jane P. Edwards</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 42%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jane P. Edwards</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attorney-in-Fact</FONT></TD></TR>
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<DOCUMENT>
<TYPE>EX-4.3
<SEQUENCE>2
<FILENAME>tm2613123d2_ex4-3.htm
<DESCRIPTION>EXHIBIT 4.3
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 4.3</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">IBM 2026 Long-Term Performance Plan</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16.45pt"></TD><TD STYLE="width: 17.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.</FONT></TD><TD><I>Objectives.</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 33.1pt 0pt 16.45pt; text-align: justify">The IBM 2026 Long-Term Performance
Plan (the &ldquo;Plan&rdquo;) 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 33.1pt 0pt 16.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16.45pt"></TD><TD STYLE="width: 17.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.</FONT></TD><TD><I>Definitions.</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)</FONT></TD><TD STYLE="padding-right: 27.1pt">&ldquo;Award&rdquo;&mdash;The grant of any form of stock option, stock appreciation right, stock or
cash award issued under the Plan, 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.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)</FONT></TD><TD STYLE="padding-right: 20pt">&ldquo;Award Agreement&rdquo;&mdash;An agreement between the Company and a Participant that sets forth
the terms, conditions, performance requirements, limitations and restrictions applicable to an Award.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.45pt"></TD><TD STYLE="width: 17.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)</FONT></TD><TD>&ldquo;Board&rdquo;&mdash;The Board of Directors of International Business Machines Corporation (&ldquo;IBM&rdquo;).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(d)</FONT></TD><TD STYLE="padding-right: 22.6pt">&ldquo;Business Enterprise&rdquo;&mdash;Any entity that engages or intends to engage in, or owns or
controls an interest in any entity that engages in or intends to engage in, competition with, or during the Rescission Period becomes
competitive with, any business unit or division of the Company in which the Participant worked at any time during the three (3) year period
prior to the termination of the Participant&rsquo;s employment.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(e)</FONT></TD><TD STYLE="padding-right: 27.6pt">&ldquo;Capital Stock&rdquo; or &ldquo;stock&rdquo;&mdash;Authorized and issued or unissued Capital Stock
of IBM, at such par value as may be established from time to time.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.45pt"></TD><TD STYLE="width: 17.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(f)</FONT></TD><TD>&ldquo;Change in Control&rdquo;&mdash; The occurrence of any one or more of the following events:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 52.45pt"></TD><TD STYLE="width: 24.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(i)</FONT></TD><TD STYLE="padding-right: 25.6pt">any Person, other than (A) any employee plan (or related trust) established by the Company, (B) the
Company, (C) an underwriter temporarily holding securities pursuant to an offering of such securities, or (D) an entity owned, directly
or indirectly, by stockholders of IBM in substantially the same proportions as their ownership of IBM, is (or becomes, during any 12-month
period) the Beneficial Owner, directly or indirectly, of securities of IBM (not including in the securities beneficially owned by such
Person any securities acquired directly from IBM other than in connection with the acquisition by the Company of a business) representing
50% or more of the total voting power of the stock of IBM; provided that the provisions of this subsection (i) are not intended to apply
to or include as a Change in Control any transaction that is specifically excepted from the definition of Change in Control under subsection
(iii) below;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 52.45pt"></TD><TD STYLE="width: 24.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(ii)</FONT></TD><TD STYLE="padding-right: 20.95pt">a change in the composition of the Board such that, during any 12-month period, the individuals who,
as of the beginning of such period, constitute the Board (the &ldquo;Existing Board&rdquo;) cease for any reason to constitute at least
50% of the Board; provided, however, that any individual becoming a member of the Board subsequent to the beginning of such period whose
election, or nomination for election by IBM&rsquo;s stockholders, was approved by a vote of at least a majority of the members of the
Board immediately prior to the date of such appointment or election shall be considered as though such individual were a member of the
Existing Board; provided further, that, notwithstanding the foregoing, no individual whose initial assumption of office occurs pursuant
to either an actual or threatened election contest (as such terms are used in Rule 14a-11 or Regulation 14A promulgated under the Exchange
Act or successor statutes or rules containing analogous concepts) or other actual or threatened solicitation of proxies or consents by
or on behalf of an individual, corporation, partnership, group, associate or other entity or Person other than the Board, shall in any
event be considered to be a member of the Existing Board;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 52.45pt"></TD><TD STYLE="width: 24.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(iii)</FONT></TD><TD STYLE="padding-right: 20.95pt">the consummation of a merger, amalgamation or consolidation of IBM with any other corporation or other
entity, or the issuance of voting securities in connection with such a transaction pursuant to applicable stock exchange requirements;
provided that immediately following such transaction the voting securities of IBM outstanding immediately prior thereto do not continue
to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity of such transaction
or parent entity thereof) 50% or more of the total voting power or total fair market value of IBM&rsquo;s stock (or, if IBM is not the
surviving entity of such merger or consolidation, 50% or more of the total voting power or total fair market value of the stock of such
surviving entity or parent entity thereof); and provided, further, that such a transaction effected to implement a recapitalization of
IBM (or similar transaction) in which no Person is or becomes the Beneficial Owner, directly or indirectly, of securities of IBM (not
including in the securities beneficially owned by such Person any securities acquired directly from IBM other than in connection with
the acquisition by IBM of a business) representing 50% or more of either the then-outstanding shares or the combined voting power or total
fair market value of IBM&rsquo;s then-outstanding voting securities shall not be considered a Change in Control; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 52.45pt"></TD><TD STYLE="width: 24.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(iv)</FONT></TD><TD STYLE="padding-right: 18.6pt">the sale or disposition by IBM of all or substantially all of IBM&rsquo;s assets in which any Person
acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such Person) assets from IBM
that have a total gross fair market value equal to more than 50% of the total gross fair market value of all of the assets of IBM immediately
prior to such acquisition or acquisitions.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 20.95pt 0pt 16.45pt">Notwithstanding the foregoing, (A) no Change in Control
shall be deemed to have occurred if there is consummated any transaction or series of integrated transactions immediately following which
the record holders of the shares immediately prior to such transaction or series of transactions continue to have substantially the same
proportionate ownership in an entity which owns substantially all of the assets of IBM immediately prior to such transaction or series
of transactions and (B) no Change in Control shall be deemed to have occurred upon the acquisition of additional control of IBM by any
Person that is considered to effectively control the Company. In no event will a Change in Control be deemed to have occurred if any Participant
is part of a &ldquo;group&rdquo; within the meaning of Section 13(d)(3) of the Exchange Act that effects a Change in Control. Notwithstanding
the foregoing or any provision of any Award Agreement to the contrary, for any Award that provides for accelerated distribution on a Change
in Control of amounts that constitute &ldquo;deferred compensation&rdquo; (as defined in Section 409A of the Code), if the event that
constitutes such Change in Control does not also constitute a change in the ownership or effective control of IBM, or in the ownership
of a substantial portion of IBM&rsquo;s assets (in either case, as defined in Section 409A of the Code), such amount shall not be distributed
on such Change in Control but instead shall vest as of such Change in Control and shall be distributed on the scheduled payment date specified
in the applicable Award Agreement, except to the extent that earlier distribution would not result in the Participant who holds such Award
incurring interest or additional tax under Section 409A of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 20.95pt 0pt 16.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.45pt"></TD><TD STYLE="width: 18.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(g)</FONT></TD><TD>&ldquo;Code&rdquo;&mdash;The Internal Revenue Code of 1986, as amended from time to time.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.45pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(h)</FONT></TD><TD>&ldquo;Committee&rdquo;&mdash;The committee designated by the Board to administer the Plan.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(i)</FONT></TD><TD STYLE="padding-right: 26.05pt">&ldquo;Company&rdquo;&mdash;IBM and its affiliates and subsidiaries including subsidiaries of subsidiaries
and partnerships and other business ventures in which IBM has an equity interest.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.45pt"></TD><TD STYLE="width: 17.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(j)</FONT></TD><TD>&ldquo;Effective Date&rdquo; &mdash;The date on which the Plan is approved by IBM&rsquo;s stockholders.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(k)</FONT></TD><TD STYLE="padding-right: 15.9pt">&ldquo;Engage in or Associate with&rdquo; includes, without limitation, engagement or association as
a sole proprietor, owner, employer, director, partner, principal, joint venturer, associate, employee, member, consultant, or contractor.
The phrase also includes engagement or association as a shareholder or investor during the course of a participant&rsquo;s employment
with the Company, and includes beneficial ownership of five percent (5%) or more of any class of outstanding stock of a Business Enterprise
or competitor of the Company following the termination of a Participant&rsquo;s employment with the Company.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.45pt"></TD><TD STYLE="width: 17.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(l)</FONT></TD><TD>&ldquo;Exchange Act&rdquo;&mdash;The Securities Exchange Act of 1934, as amended from time to time.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(m)</FONT></TD><TD STYLE="padding-right: 20.55pt">&ldquo;Fair Market Value&rdquo;&mdash;The average of the high and low prices of Capital Stock on the
New York Stock Exchange for the date in question, provided that, if no sales of Capital Stock were made on said exchange on that date,
the average of the high and low prices of Capital Stock as reported for the most recent preceding day on which sales of Capital Stock
were made on said exchange.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(n)</FONT></TD><TD STYLE="padding-right: 35.8pt">&ldquo;Intrinsic Value&rdquo;&mdash;With respect to a stock option or SAR, (i) the excess, if any, of
the price or implied price per share in a Change in Control or other event over (ii) the exercise or hurdle price of such Award multiplied
by (iii) the number of shares covered by such Award.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(o)</FONT></TD><TD STYLE="padding-right: 16.1pt">&ldquo;Participant&rdquo;&mdash;An individual to whom an Award has been made under the Plan. Awards
may be made to any officer, employee, individual consultant and individual independent contractor of IBM or a subsidiary corporation (within
the meaning of section 424(f) of the Code) of IBM. However, incentive stock options may be granted only to individuals who are employed
by IBM or by a subsidiary corporation (within the meaning of Section 424(f) of the Code) of IBM, including a subsidiary that becomes such
after the adoption of the Plan.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(p)</FONT></TD><TD STYLE="padding-right: 26.9pt">&ldquo;Person&rdquo;&mdash;has the meaning ascribed to such term in Section 3(a)(9) of the Exchange
Act, as amended from time to time, and used in Sections 13(d) and 14(d) thereof, including a &ldquo;group&rdquo; as defined in Section
13(d) thereof.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.45pt"></TD><TD STYLE="width: 17.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(q)</FONT></TD><TD>&ldquo;Prior Award&rdquo;&mdash;An award granted prior to the Effective Date under the Prior Plans.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(r)</FONT></TD><TD STYLE="padding-right: 20.65pt">&ldquo;Prior Plans&rdquo;&mdash;The IBM 1999 Long-Term Performance Plan, dated April 27, 1999, the
IBM PWCC Long-Term Performance Plan, dated February 28, 2003 and as amended August 1, 2007, the IBM HashiCorp Acquisition Long-Term Performance
Plan, dated February 27, 2025, and the 2001 Long-Term Performance Plan, approved by the Board on October 30, 2001.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16.45pt"></TD><TD STYLE="width: 17.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.</FONT></TD><TD><I>Capital Stock Available for Awards.</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17.25pt 0pt 16.45pt">Subject to adjustment as provided in Section 16,
the number of shares that may be issued under the Plan for Awards granted wholly or partly in stock during the term of the Plan shall
equal the sum of (i) 40,357,987 shares and (ii) the total number of shares available for future awards under the Prior Plans as of the
Effective Date. 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. In addition,
any shares previously authorized by stockholders for Prior Awards under the Prior Plans that either wholly or in part were not earned
or that expired or were forfeited, terminated, canceled, settled in cash, payable solely in cash or exchanged for other awards, shall
be available for issuance under the Plan. Shares of Capital Stock may be made available from the authorized but unissued shares of IBM
or from shares held in IBM&rsquo;s treasury and not reserved for some other purpose. For purposes of determining the number of shares
of Capital 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 12. Notwithstanding the foregoing, the following shares of Capital Stock shall not again become available
for Awards or increase the number of shares available for grant under this Section: (1) shares of Capital Stock tendered by the Participant
or withheld by IBM in payment of the purchase price of an Option or SAR, (2) shares of Capital Stock tendered by the Participant or withheld
by IBM to satisfy any tax withholding obligation under the Plan, (3) shares of Capital Stock repurchased by IBM with proceeds received
from the exercise of an Option, and (4) shares of Capital Stock subject to a SAR that are not issued in connection with the stock settlement
of that SAR upon its exercise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17.25pt 0pt 16.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17.25pt 0pt 16.45pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17.25pt 0pt 16.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16.45pt"></TD><TD STYLE="width: 17.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.</FONT></TD><TD><I>Administration.</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17.75pt 0pt 16.45pt">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17.75pt 0pt 16.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16.45pt"></TD><TD STYLE="width: 17.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.</FONT></TD><TD><I>Delegation of Authority.</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 20.95pt 0pt 16.45pt">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 Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 20.95pt 0pt 16.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16.45pt"></TD><TD STYLE="width: 17.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.</FONT></TD><TD><I>Awards.</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 20.95pt 0pt 16.45pt">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. 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 20.95pt 0pt 16.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)</FONT></TD><TD STYLE="padding-right: 16.25pt">Stock Option&mdash;A grant of a right to purchase a specified number of shares of Capital 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 (&ldquo;ISO&rdquo;) 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 stock that shall be available for issuance
under ISOs granted under the Plan is limited to 40,357,987. No ISO may be granted more than 10 years from the date the Plan is approved
by the Board. The term of any stock option granted under the Plan shall be fixed by the Committee but shall not exceed 10 years from the
date of grant of such stock option. No grant of stock options may be accompanied by a tandem award of dividend equivalents or provide
for dividends, dividend equivalents or other distributions to be paid on such stock options.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)</FONT></TD><TD STYLE="padding-right: 16.8pt">Stock Appreciation Right&mdash;A right to receive a payment, in cash and/or Capital Stock, equal in
value to the excess of the Fair Market Value of a specified number of shares of Capital Stock on the date the stock appreciation right
(&ldquo;SAR&rdquo;) 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. The term of each SAR shall be fixed by the Committee but shall not exceed 10 years from the date of grant of such SAR. No grant
of SARs may be accompanied by a tandem award of dividend equivalents or provide for dividends, dividend equivalents or other distributions
to be paid on such SARs.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)</FONT></TD><TD STYLE="padding-right: 25.3pt">Stock Award&mdash;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 the Company, achievement of specific business objectives, performance goals, 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 &ldquo;Restricted
Stock,&rdquo; &ldquo;Restricted Stock Units&rdquo; (&ldquo;RSU&rdquo;), or &ldquo;Performance Share Units&rdquo; (&ldquo;PSU&rdquo;).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 52.45pt"></TD><TD STYLE="width: 24.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(i)</FONT></TD><TD STYLE="padding-right: 15.75pt">Subject to the restrictions set forth in the applicable Award Agreement, a Participant generally shall
have the rights and privileges of a stockholder with respect to Awards of Restricted Stock, including the right to vote such shares of
Restricted Stock and the right to receive dividends or distributions. The Committee may, in its discretion, specify in the applicable
Award Agreement that any or all dividends or other distributions paid on Awards of Restricted Stock prior to vesting be paid either in
cash or in additional Shares and that such dividends or other distributions may be reinvested in additional Shares; provided that no dividends
shall be paid to a Participant in respect of Awards of Restricted Stock unless and until and to the extent such Restricted Stock becomes
vested.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 52.45pt"></TD><TD STYLE="width: 24.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(ii)</FONT></TD><TD STYLE="padding-right: 23.15pt">Awards of RSUs or PSUs will not accumulate dividend equivalents or other distributions unless otherwise
determined by the Committee. If the Committee determines that such dividend equivalents or other distributions will accumulate, then no
dividend equivalents or other distributions shall be paid to Participants in respect of Awards of RSUs or PSUs prior to vesting or settlement,
as applicable.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(d)</FONT></TD><TD STYLE="padding-right: 16.25pt">Cash Award&mdash;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.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16.45pt"></TD><TD STYLE="width: 17.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">7.</FONT></TD><TD><I>Payment of Awards.</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17.3pt 0pt 16.45pt; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17.3pt 0pt 16.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17.25pt 0pt 16.45pt">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
15. 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, and subject to the provisions of Section
19, a Participant may be offered an election to substitute an Award for another Award or Awards of the same or different type. Any deferred
payment must comply with the provisions of Section 19.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17.25pt 0pt 16.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16.45pt"></TD><TD STYLE="width: 17.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.</FONT></TD><TD><I>Minimum Vesting Requirements.</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 25.25pt 0pt 16.45pt; text-align: justify">Notwithstanding anything to
the contrary herein, an Award shall vest over a period of not less than one year following the date of grant (the &ldquo;Minimum Vesting
Requirements&rdquo;); provided that the Minimum Vesting Requirements shall not apply in the event of a Participant&rsquo;s death or disability
and the Committee may grant Awards that are not subject to the Minimum Vesting Requirements in respect of 5% or fewer of the number of
shares reserved for issuance under the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 25.25pt 0pt 16.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 25.25pt 0pt 16.45pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 25.25pt 0pt 16.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16.45pt"></TD><TD STYLE="width: 17.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.</FONT></TD><TD><I>Required Holding Period for Awards to IBM Chief Executive Officer.</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 20.95pt 0pt 16.45pt">With respect to any Award granted to IBM&rsquo;s
Chief Executive Officer (&ldquo;CEO&rdquo;), any shares received from the vesting of such Award (less applicable tax withholding) must
be held by the CEO until the earlier of the date that is (i) 12 months following the date of vesting; or (ii) the date of the CEO&rsquo;s
retirement or other termination of employment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 20.95pt 0pt 16.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16.45pt"></TD><TD STYLE="width: 17.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">10.</FONT></TD><TD><I>Stock Option Exercise.</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17.25pt 0pt 16.45pt">The price at which shares of Capital 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 Capital Stock or surrendering another Award or any combination thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17.25pt 0pt 16.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17.25pt 0pt 16.45pt">The Committee shall determine acceptable methods
of tendering Capital Stock or other Awards and may impose such conditions on the use of Capital Stock or other Awards to exercise a stock
option as it deems appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17.25pt 0pt 16.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16.45pt"></TD><TD STYLE="width: 16.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">11.</FONT></TD><TD><I>Tax Withholding.</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17.25pt 0pt 16.45pt">Prior to the payment or settlement of any Award,
or at the time there is no substantial risk of forfeiture with respect to an 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 be authorized to withhold from any Award granted or any payment due or transfer made under any Award or from
any compensation or other amount owing to a Participant the amount (in cash, Shares, other Awards, other property, net settlement, or
any combination thereof) of applicable withholding taxes due in respect of an Award, its exercise or settlement or any payment or transfer
under such Award or under the Plan and to take such other action (including providing for elective payment of such amounts in cash or
Shares by such Participant) as may be necessary to satisfy all obligations for the payment of such taxes and, unless otherwise determined
by the Committee in its discretion, to the extent such withholding would not result in liability classification of such Award (or any
portion thereof) pursuant to FASB ASC Subtopic 718-10.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17.25pt 0pt 16.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16.45pt"></TD><TD STYLE="width: 17.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.</FONT></TD><TD><I>Transferability</I>.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.45pt">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,
or (ii) as a result of the disability of a Participant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.45pt">Notwithstanding the foregoing, in no event shall ISOs be
transferable or assignable other than by will or by the laws of descent and distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16.45pt"></TD><TD STYLE="width: 17.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">13.</FONT></TD><TD><I>Amendment, Modification, Suspension or Discontinuance of the Plan</I>.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)</FONT></TD><TD STYLE="padding-right: 18.75pt">Except to the extent prohibited by applicable law and unless otherwise expressly provided in an Award
Agreement or in the Plan, the Board may amend, alter, suspend, discontinue or terminate the Plan or any portion thereof at any time; provided,
however, that no such amendment, alteration, suspension, discontinuation or termination shall be made without (i) stockholder approval
if such approval is required by applicable law or the rules of the stock market or exchange, if any, on which the shares are principally
quoted or traded or (ii) subject to Section 16, the consent of the affected Participant, if such action would materially adversely affect
the rights of such Participant under any outstanding Award, except (x) to the extent any such amendment, alteration, suspension, discontinuance
or termination is made to cause the Plan to comply with applicable law, stock market or exchange rules and regulations or accounting or
tax rules and regulations or (y) to impose any &ldquo;clawback&rdquo; or recoupment provisions on any Awards (including any amounts or
benefits arising from such Awards) in accordance with Sections 15 and 18. Notwithstanding anything to the contrary in the Plan, the Committee
may amend the Plan, or create sub-plans, in such manner as may be necessary or desirable to enable the Plan to achieve its stated purposes
in any jurisdiction in a tax-efficient manner and in compliance with local rules and regulations.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)</FONT></TD><TD STYLE="padding-right: 41.7pt">In the event of IBM&rsquo;s dissolution or liquidation, each Award shall terminate immediately prior
to the consummation of such action, unless otherwise determined by the Committee.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)</FONT></TD><TD STYLE="padding-right: 17.25pt">The Committee may waive any conditions or rights under, amend any terms of, or amend, alter, suspend,
discontinue or terminate any Award theretofore granted (including by substituting another Award of the same or a different type), prospectively
or retroactively, without the consent of any relevant Participant or beneficiary thereof; provided that, subject to Section 16, no such
action shall materially adversely affect the rights of any affected Participant or beneficiary thereof theretofore granted under the Plan,
except (x) to the extent any such action is made to cause the Plan or Award to comply with applicable law, stock market or exchange rules
and regulations or accounting or tax rules and regulations, or (y) to impose any &ldquo;clawback&rdquo; or recoupment provisions on any
Awards (including any amounts or benefits arising from such Awards) in accordance with Sections 15 and 17. The Committee shall be authorized
to make adjustments in the terms and conditions of, and the criteria included in, Awards in recognition of events (including the events
described in Section 16) affecting IBM, or IBM&rsquo;s financial statements, or of changes in applicable laws, regulations or accounting
principles, whenever the Committee determines that such adjustments are appropriate in order to prevent dilution or enlargement of the
benefits or potential benefits intended to be made available under the Plan.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(d)</FONT></TD><TD STYLE="padding-right: 18.5pt">Except as provided in Section 16, the Committee may not, without stockholder approval, seek to effect
any re-pricing of any previously granted &ldquo;underwater&rdquo; stock option, SAR or similar Award by: (i) amending or modifying the
terms of the stock option, SAR or similar Award to lower the exercise price; (ii) cancelling the underwater stock option, SAR or similar
Award and granting either (A) replacement stock options, SARs or similar Awards having a lower exercise price or (B) Restricted Shares,
RSUs, PSUs, or other Awards in exchange; (iii) cancelling or repurchasing the underwater stock option, SARs or similar Awards for cash
or other securities. A stock option, SAR or similar Award will be deemed to be &ldquo;underwater&rdquo; at any time when the Fair Market
Value of the shares covered by such Award is less than the exercise price of the Award; or (iv) taking any other action under the Plan
that constitutes a &ldquo;repricing&rdquo; within the meaning of the applicable regulations of any stock exchange on which IBM is listed.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16.45pt"></TD><TD STYLE="width: 17.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">14.</FONT></TD><TD><I>Termination of Employment</I>.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 20.95pt 0pt 16.45pt">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 20.95pt 0pt 16.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16.45pt"></TD><TD STYLE="width: 17.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">15.</FONT></TD><TD><I>Cancellation and Rescission of Awards</I>.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)</FONT></TD><TD STYLE="padding-right: 16.2pt">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 &ldquo;Detrimental Activity.&rdquo; For
purposes of this Section 15, &ldquo;Detrimental Activity&rdquo; shall include: (i) the 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;
(ii) acceptance of an offer to Engage in or Associate with any business which is or becomes competitive with the Company; (iii) the disclosure
to anyone outside the Company, or the use in other than the Company&rsquo;s business, without prior written authorization from the Company,
of any confidential information or material, as defined in the Company&rsquo;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; (iv)
the failure or refusal to disclose promptly and to assign to the Company, pursuant to the Company&rsquo;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; (v) activity that results in termination of the Participant&rsquo;s employment for cause;
(vi) a violation of any rules, policies, procedures or guidelines of the Company, including but not limited to the Company&rsquo;s Business
Conduct Guidelines; (vii) 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; (viii) the Participant being convicted of, or entering a guilty plea with respect to, a crime, whether or not connected
with the Company; or (ix) any other conduct or act determined to be injurious, detrimental or prejudicial to any interest of the Company.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)</FONT></TD><TD STYLE="padding-right: 19.4pt">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)- (ix) of this Section 15 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 six months after any exercise, payment or delivery pursuant to an Award.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16.45pt"></TD><TD STYLE="width: 17.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">16.</FONT></TD><TD><I>Adjustments.</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17.75pt 0pt 16.45pt">In the event that the Committee determines that,
as a result of any dividend or other distribution (other than an ordinary dividend or distribution), recapitalization, stock split, reverse
stock split, reorganization, merger, amalgamation, consolidation, separation, rights offering, split-up, spin-off, combination, repurchase
or exchange of shares or other securities of IBM, issuance of warrants or other rights to acquire shares or other securities of IBM, issuance
of shares pursuant to the anti-dilution provisions of securities of IBM, or other similar corporate transaction or event affecting the
shares, or of changes in applicable laws, regulations or accounting principles, an adjustment is necessary in order to prevent dilution
or enlargement of the benefits or potential benefits intended to be made available under the Plan, then the Committee shall, subject to
Section 19 of the Plan and applicable law, adjust equitably so as to ensure no undue enrichment or harm (including by payment of cash),
any or all of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17.75pt 0pt 16.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.45pt"></TD><TD STYLE="width: 18.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)</FONT></TD><TD>the number and type of shares (or other securities) which thereafter may be made the subject of Awards;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.45pt"></TD><TD STYLE="width: 17.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)</FONT></TD><TD>the number and type of shares (or other securities) subject to outstanding Awards;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)</FONT></TD><TD STYLE="padding-right: 26.85pt">the grant, acquisition, exercise or hurdle price with respect to any Award or, if deemed appropriate,
make provision for a cash payment to the holder of an outstanding Award; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.7pt"></TD><TD STYLE="width: 17.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(d)</FONT></TD><TD>the terms and conditions of any outstanding Awards, including any performance criteria; provided, however, that except as otherwise
provided in an Award Agreement, the number of shares subject to any Award denominated in shares shall always be a whole number.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16.55pt"></TD><TD STYLE="width: 17.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">17.</FONT></TD><TD><I>Effect of a Change in Control on Awards.</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 20.95pt 0pt 16.45pt">In the event of a Change in Control, the following
provisions will apply, subject to Section 19, and unless otherwise provided in the applicable Award Agreement or unless otherwise expressly
provided by the Committee at the time of grant of an Award:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 20.95pt 0pt 16.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)</FONT></TD><TD STYLE="padding-right: 35.15pt">Awards may be continued or assumed by IBM (if it is the surviving corporation) or by the successor
or surviving entity or its parent;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)</FONT></TD><TD STYLE="padding-right: 24.15pt">Awards may be substituted or replaced by the successor or surviving entity or its parent with cash,
securities, rights or other property to be paid or issued, as the case may be, by the successor or surviving entity (or a parent or subsidiary
thereof), with substantially the same terms and value as such Award (including any applicable performance targets or criteria with respect
thereto); or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)</FONT></TD><TD STYLE="padding-right: 16.3pt">If Awards are not continued or assumed by IBM (if it is the surviving corporation) or by the successor
or surviving entity or its parent or substituted or replaced by the successor or surviving entity or its parent, Awards will be canceled
in consideration of a payment, subject to the following: (i) such payment shall be made in cash, securities, rights and/or other property;
(ii) the amount of such payment shall equal the value of such Award, as determined by the Committee in its sole discretion; provided that,
in the case of a stock option or SAR, if such value equals the Intrinsic Value of such Award, such value shall be deemed to be valid;
provided further that, if the Intrinsic Value of a stock option or SAR is equal to or less than zero, the Committee may, in its sole discretion,
provide for the cancellation of such Award without payment of any consideration therefor (for the avoidance of doubt, in the event of
a Change in Control, the Committee may, in its sole discretion, terminate any stock option or SAR Awards for which the exercise or hurdle
price is equal to or exceeds the per share value of the consideration to be paid in the Change in Control transaction without payment
of consideration therefor); (iii) performance goals with respect to Awards subject to performance criteria (including PSUs) will be deemed
achieved at a minimum of 100% of the target level upon the Change in Control; and (iv) such payment shall be made promptly following such
Change in Control or on a specified date or dates following such Change in Control; provided that the timing of such payment shall comply
with Section 409A of the Code.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16.45pt"></TD><TD STYLE="width: 17.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">18.</FONT></TD><TD><I>&ldquo;Clawback&rdquo; of Awards.</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 12.5pt 0pt 16.45pt">Notwithstanding anything to the contrary contained
herein, any Awards granted under the Plan (including any amounts or benefits arising from such Awards) shall be subject to the International
Business Machines Corporation Executive Officer Compensation Recovery Policy and any other compensation recoupment policy adopted by the
Company from time to time or as otherwise required by the listing standards of any national securities exchange or association on which
IBM&rsquo;s securities are listed or by applicable law (the &ldquo;Clawback Policies&rdquo;). Any Awards granted to the Participant or
any shares issued or cash received upon vesting, exercise or settlement of any such Awards or sale of shares underlying such Awards shall,
if applicable, be subject to reduction, cancellation, recovery, recoupment, forfeiture or other action pursuant to and as, to the extent,
required by or determined under the Clawback Policies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 12.5pt 0pt 16.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16.45pt"></TD><TD STYLE="width: 17.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">19.</FONT></TD><TD><I>Section 409A of the Code.</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 16.45pt">With respect to Awards subject to Section 409A of
the Code, the Plan is intended to comply with the requirements of Section 409A of the Code, and the provisions of the Plan and any Award
Agreement shall be interpreted in a manner that satisfies the requirements of Section 409A of the Code, and the Plan shall be operated
accordingly. If any provision of the Plan or any term or condition of any Award would otherwise frustrate or conflict with this intent,
the provision, term or condition shall be interpreted and deemed amended so as to avoid this conflict. Notwithstanding anything in the
Plan to the contrary, if the Board considers a Participant to be a &ldquo;specified employee&rdquo; under Section 409A of the Code at
the time of such Participant&rsquo;s &ldquo;separation from service&rdquo; (as defined in Section 409A of the Code), and any amount hereunder
is &ldquo;deferred compensation&rdquo; subject to Section 409A of the Code, any distribution of such amount that otherwise would be made
to such Participant with respect to an Award as a result of such &ldquo;separation from service&rdquo; shall not be made until the date
that is six months after such &ldquo;separation from service,&rdquo; except to the extent that earlier distribution would not result in
such Participant&rsquo;s incurring interest or additional tax under Section 409A of the Code. If an Award includes a &ldquo;series of
installment payments&rdquo; (within the meaning of Section 1.409A-2(b)(2)(iii) of the Treasury Regulations), a Participant&rsquo;s right
to such series of installment payments shall be treated as a right to a series of separate payments and not as a right to a single payment,
and if an Award includes &ldquo;dividend equivalents&rdquo; (within the meaning of Section 1.409A-3(e) of the Treasury Regulations), a
Participant&rsquo;s right to such dividend equivalents shall be treated separately from the right to other amounts under the Award. Notwithstanding
the foregoing, the tax treatment of the benefits provided under the Plan or any Award Agreement is not warranted or guaranteed, and in
no event shall the Company be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by
a Participant on account of non-compliance with Section 409A of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 16.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 16.45pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 16.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16.45pt"></TD><TD STYLE="width: 17.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">20.</FONT></TD><TD><I>Data Privacy.</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 16.45pt">In connection with the Plan, the Company may need
to process personal data provided by the Participant to the Company, any affiliate, third-party service providers or others acting on
the Company&rsquo;s behalf. Examples of such personal data may include, without limitation, the Participant&rsquo;s name, account information,
social security number, tax number and contact information. The Company may process such personal data in its legitimate business interests
for all purposes relating to the operation and performance of the Plan, including but not limited to: (a) administering and maintaining
Participant records; (b) providing the services described in the Plan; (c) providing information to future purchasers or merger partners
of the Company or any Affiliate, or the business in which such Participant works; and (d) responding to public authorities, court orders,
legal investigations and complying with the law, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.75pt 0pt 16.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 34.45pt 0pt 16.45pt; text-align: justify">The Company may share the Participant&rsquo;s
personal data with its affiliates, trustees of any employee benefit trust, registrars, brokers, third-party administrators of the Plan,
third-party service providers acting on the Company&rsquo;s behalf to provide the services described above or regulators and others, as
required by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 34.45pt 0pt 16.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17.25pt 0pt 16.45pt">If necessary, the Company may transfer the Participant&rsquo;s
personal data to any of the parties mentioned above in a country or territory that may not provide the same protection for the information
as the Participant&rsquo;s home country. Any transfer of the Participant&rsquo;s personal data to recipients in a third country will be
made in compliance with applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17.25pt 0pt 16.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 12.5pt 0pt 16.45pt">The Company will keep personal data collected in connection
with the Plan for as long as necessary to operate the Plan or as necessary to comply with any legal or regulatory requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 12.5pt 0pt 16.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.45pt; text-align: left">A Participant may have a right under
applicable law to (i) request access to, and rectification of or erasure of the personal data provided, (ii) request the restriction of
the processing of his or her personal data, (iii) object to the processing of his or her personal data, (iv) receive the personal data
provided to the Company and transmit such data to another party, and/or (v) to lodge a complaint with a supervisory authority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16.45pt"></TD><TD STYLE="width: 17.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">21.</FONT></TD><TD><I>Miscellaneous.</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)</FONT></TD><TD STYLE="padding-right: 40.4pt">Any notice to the Company required by any of the provisions of the Plan shall be addressed to the chief
human resources officer of IBM in writing, and shall become effective when it is received.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)</FONT></TD><TD STYLE="padding-right: 34.8pt">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.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)</FONT></TD><TD STYLE="padding-right: 31.1pt">Nothing contained in the Plan shall prevent the Company from adopting other or additional compensation
arrangements or plans, subject to shareholder approval if such approval is required, and such arrangements or plans may be either generally
applicable or applicable only in specific cases.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(d)</FONT></TD><TD STYLE="padding-right: 17.25pt">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.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(e)</FONT></TD><TD STYLE="padding-right: 18.4pt">The Plan and each Award Agreement shall be governed by the laws of the State of New York, excluding
any conflicts or choice of law rule or principle that might otherwise refer construction or interpretation of the Plan to the substantive
law of another jurisdiction. 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 federal or state courts of New York, County of Westchester, to resolve any and all issues
that may arise out of or relate to the Plan or any related Award Agreement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(f)</FONT></TD><TD STYLE="padding-right: 18.6pt">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&rsquo; fees, and all further costs and fees, including reasonable attorneys&rsquo; fees incurred
by the Company in connection with collection.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(g)</FONT></TD><TD STYLE="padding-right: 28.3pt">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 Sections 15 and 18, and
the Committee&rsquo;s or such officer&rsquo;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.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(h)</FONT></TD><TD STYLE="padding-right: 27.75pt">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.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.45pt"></TD><TD STYLE="width: 17.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(i)</FONT></TD><TD>The Plan shall become effective on the date it is approved by the requisite vote of IBM&rsquo;s stockholders.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>tm2613123d2_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 5.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">INTERNATIONAL BUSINESS MACHINES CORPORATION<BR>
Office of the Vice President, Assistant General Counsel and Secretary<BR>
Armonk, New York 10504</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">April 30, 2026</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">International Business Machines Corporation<BR>
One New Orchard Road<BR>
Armonk, NY 10504</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">I am the Vice President, Assistant General Counsel
and Secretary of International Business Machines Corporation (herein called the &ldquo;Corporation&rdquo;) and an attorney duly admitted
to practice in the State of New York. I am familiar with the Post-Effective Amendments to the following Registration Statements on Form
S-8 (together, the &ldquo;Post-Effective Amendment&rdquo;) under the Securities Act of 1933 (the &ldquo;Securities Act&rdquo;) pursuant
to which shares of capital stock, par value $.20 per share, of the Corporation (the &ldquo;Shares&rdquo;) to be issued pursuant to the
IBM 2026 Long-Term Performance Plan (the &ldquo;New Plan&rdquo;), were previously registered:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-bottom: 8pt; width: 0.5in"></TD><TD STYLE="padding-bottom: 8pt; width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-bottom: 8pt; text-align: justify">Post-Effective Amendment No. 1 to Form S-8&nbsp;Registration
Statement No.&nbsp;333-30424;</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-bottom: 8pt"></TD><TD STYLE="padding-bottom: 8pt; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-bottom: 8pt; text-align: justify">Post-Effective Amendment No. 1 to Form S-8&nbsp;Registration
Statement No.&nbsp;333-87708;</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-bottom: 8pt"></TD><TD STYLE="padding-bottom: 8pt; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-bottom: 8pt; text-align: justify">Post-Effective Amendment No. 1 to Form S-8&nbsp;Registration
Statement No.&nbsp;333-102872; and</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Post-Effective Amendment No. 1 to Form S-8&nbsp;Registration
Statement No.&nbsp;333-285313.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 40px; text-indent: -20px; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The New Plan was approved by IBM&rsquo;s stockholders
on April 28, 2026 (the &ldquo;Effective Date&rdquo;). The New Plan authorizes the issuance of (i) the number of Shares remaining available
for future issuance under each of (A) the IBM 1999 Long-Term Performance Plan, (B) the IBM 2001 Long-Term Performance Plan, (C) the IBM
PWCC Acquisition Long-Term Performance Plan and (D) the IBM HashiCorp Acquisition Long-Term Performance Plan (collectively, the &ldquo;Prior
Plans&rdquo;) as of the Effective Date, and (ii) Shares subject to awards outstanding under the Prior Plans as of the Effective Date 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 following the Effective Date (shares described in clauses (i) and (ii), collectively, the &ldquo;Carryover
Shares&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">I, working together with members of the Corporation&rsquo;s
legal department, have reviewed such documents and records as I have deemed necessary or appropriate to enable me to express an informed
and reasoned legal opinion with respect to the matters covered hereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Based upon the foregoing, I am of the opinion that,
when issued or sold in accordance with the terms of the New Plan, the Carryover Shares will be duly authorized, validly issued, fully
paid and non-assessable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">I hereby consent to the use of my name in the Post-Effective
Amendment as the legal counsel who has passed upon the legality of the Shares, as well as to the use of this legal opinion as part of
the Post-Effective Amendment, as an Exhibit to the Post-Effective Amendment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Very truly yours,</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Jane P. Edwards</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">JANE P. EDWARDS, ESQ.</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">VICE PRESIDENT, ASSISTANT GENERAL COUNSEL AND SECRETARY</FONT></TD>
    </TR>
  </TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>4
<FILENAME>tm2613123d2_ex23-1.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 23.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We hereby consent to the incorporation by reference in the Post-Effective
Amendments to the Registration Statements No. 333-30424, No. 333-87708, No. 333-102872 and No. 333-285313 on Form S-8 of International
Business Machines Corporation of our report dated February 24, 2026 relating to the financial statements and the effectiveness of internal
control over financial reporting, which appears in the 2025 Annual Report to Stockholders, which is incorporated by reference in International
Business Machines Corporation&rsquo;s Annual Report on Form 10-K for the year ended December 31, 2025. We also consent to the incorporation
by reference of our report dated February 24, 2026 relating to the financial statement schedule, which appears in such Annual Report
on Form 10-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/
    PricewaterhouseCoopers LLP</FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">PricewaterhouseCoopers LLP</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">New York, NY</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">April 30, 2026</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>


<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-24.1
<SEQUENCE>5
<FILENAME>tm2613123d2_ex24-1.htm
<DESCRIPTION>EXHIBIT 24.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Exhibit 24.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>POWER OF ATTORNEY</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">KNOW ALL PERSONS BY THESE PRESENTS, that I, the
undersigned Chairman, Chief Executive Officer and President of&nbsp;International Business Machines Corporation, a New York corporation
(the &ldquo;Corporation&rdquo;), which is to file with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) one or more Registration
Statements on Form S-8, or other appropriate Form under the Securities Act of 1933, for the shares of capital stock of the Corporation
or other interests issuable under the IBM 2026 Long-Term Performance Plan, hereby constitute and appoint James J. Kavanaugh, Anne Robinson,
Nicolas Fehring, Brien Wierzchowski and Jane P. Edwards and each of them, as my true and lawful attorneys-in-fact and agents, with full
power to act, together or each without the others, for me and in my name, place and stead, in any and all capacities, to sign, or cause
to be signed electronically any and all of said Registration Statements (which Registration Statements may constitute post-effective amendments
to registration statements previously filed with the SEC), and any and all amendments to the aforementioned Registration Statements, and
to file said Registration Statements and amendments thereto so signed with all exhibits thereto, with any and all other documents in connection
therewith with the SEC, hereby granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform
any and all acts and things requisite and necessary to be done in and about the premises, as fully to all intents and purposes as I might
or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents or any of them may lawfully do or cause
to be done by virtue hereof. This Power of Attorney may only be revoked by a written document executed by the undersigned that expressly
revokes this power by referring to the date and subject hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">IN WITNESS WHEREOF, I, the undersigned, have executed
this Power of Attorney as of this 27<SUP>th</SUP> day of April 2026.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/
    Arvind Krishna</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Arvind Krishna</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Chairman, Chief Executive Officer and President</FONT></TD></TR>
  </TABLE>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Page; Sequence: 1 -->
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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>POWER OF ATTORNEY</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">KNOW ALL PERSONS BY THESE PRESENTS, that I, the
undersigned Chief Financial Officer and Senior Vice President of International Business Machines Corporation, a New York corporation (the
 &ldquo;Corporation&rdquo;), which is to file with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) one or more Registration
Statements on Form S-8, or other appropriate Form under the Securities Act of 1933, for the shares of capital stock of the Corporation
or other interests issuable under the IBM 2026 Long-Term Performance Plan, hereby constitute and appoint Arvind Krishna, Anne Robinson,
Nicolas Fehring, Brien Wierzchowski and Jane P. Edwards and each of them, as my true and lawful attorneys-in-fact and agents, with full
power to act, together or each without the others, for me and in my name, place and stead, in any and all capacities, to sign, or cause
to be signed electronically any and all of said Registration Statements (which Registration Statements may constitute post-effective amendments
to registration statements previously filed with the SEC), and any and all amendments to the aforementioned Registration Statements, and
to file said Registration Statements and amendments thereto so signed with all exhibits thereto, with any and all other documents in connection
therewith with the SEC, hereby granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform
any and all acts and things requisite and necessary to be done in and about the premises, as fully to all intents and purposes as I might
or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents or any of them may lawfully do or cause
to be done by virtue hereof. This Power of Attorney may only be revoked by a written document executed by the undersigned that expressly
revokes this power by referring to the date and subject hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">IN WITNESS WHEREOF, I, the undersigned, have executed
this Power of Attorney as of this 27<SUP>th</SUP> day of April 2026.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/
    James J. Kavanaugh</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">James J. Kavanaugh</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Senior Vice President and Chief Financial
    Officer</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Page; Sequence: 2 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>POWER OF ATTORNEY</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">KNOW ALL PERSONS BY THESE PRESENTS, that I, the
undersigned Controller and Vice President of International Business Machines Corporation, a New York corporation (the &ldquo;Corporation&rdquo;),
which is to file with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) one or more Registration Statements on Form S-8,
or other appropriate Form under the Securities Act of 1933, for the shares of capital stock of the Corporation or other interests issuable
under the IBM 2026 Long-Term Performance Plan, hereby constitute and appoint Arvind Krishna, James J. Kavanaugh, Anne Robinson, Brien
Wierzchowski and Jane P. Edwards and each of them, as my true and lawful attorneys-in-fact and agents, with full power to act, together
or each without the others, for me and in my name, place and stead, in any and all capacities, to sign, or cause to be signed electronically
any and all of said Registration Statements (which Registration Statements may constitute post-effective amendments to registration statements
previously filed with the SEC), and any and all amendments to the aforementioned Registration Statements, and to file said Registration
Statements and amendments thereto so signed with all exhibits thereto, with any and all other documents in connection therewith with the
SEC, hereby granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform any and all
acts and things requisite and necessary to be done in and about the premises, as fully to all intents and purposes as I might or could
do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents or any of them may lawfully do or cause to be
done by virtue hereof. This Power of Attorney may only be revoked by a written document executed by the undersigned that expressly revokes
this power by referring to the date and subject hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">IN WITNESS WHEREOF, I, the undersigned, have executed
this Power of Attorney as of this 27<SUP>th</SUP> day of April 2026.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/
    Nicolas Fehring</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Nicolas Fehring</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Controller and Vice President</FONT></TD></TR>
  </TABLE>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>POWER OF ATTORNEY OF IBM DIRECTOR</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">KNOW ALL PERSONS BY THESE PRESENTS, that I, the
undersigned Director of International Business Machines Corporation, a New York corporation (the &ldquo;Corporation&rdquo;), which is
to file with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) one or more Registration Statements on Form S-8, or other
appropriate Form under the Securities Act of 1933, for the shares of capital stock of the Corporation or other interests issuable under
the IBM 2026 Long-Term Performance Plan, hereby constitute and appoint Arvind Krishna, James J. Kavanaugh, Anne Robinson, Nicolas Fehring,
Brien Wierzchowski and Jane P. Edwards and each of them, as my true and lawful attorneys-in-fact and agents, with full power to act, together
or each without the others, for me and in my name, place and stead, in any and all capacities, to sign, or cause to be signed electronically
any and all of said Registration Statements (which Registration Statements may constitute post-effective amendments to registration statements
previously filed with the SEC), and any and all amendments to the aforementioned Registration Statements, and to file said Registration
Statements and amendments thereto so signed with all exhibits thereto, with any and all other documents in connection therewith with the
SEC, hereby granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform any and all
acts and things requisite and necessary to be done in and about the premises, as fully to all intents and purposes as I might or could
do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents or any of them may lawfully do or cause to be
done by virtue hereof. This Power of Attorney may only be revoked by a written document executed by the undersigned that expressly revokes
this power by referring to the date and subject hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">IN WITNESS WHEREOF, I, the undersigned, have executed
this Power of Attorney as of this 27<SUP>th</SUP> day of April 2026.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/
    Marianne C. Brown</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Marianne C. Brown</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.75in"></P>

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><U>POWER OF ATTORNEY OF IBM DIRECTOR</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">KNOW ALL PERSONS BY THESE PRESENTS, that I, the
undersigned Director of International Business Machines Corporation, a New York corporation (the &ldquo;Corporation&rdquo;), which is
to file with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) one or more Registration Statements on Form S-8, or other
appropriate Form under the Securities Act of 1933, for the shares of capital stock of the Corporation or other interests issuable under
the IBM 2026 Long-Term Performance Plan, hereby constitute and appoint Arvind Krishna, James J. Kavanaugh, Anne Robinson, Nicolas Fehring,
Brien Wierzchowski and Jane P. Edwards and each of them, as my true and lawful attorneys-in-fact and agents, with full power to act, together
or each without the others, for me and in my name, place and stead, in any and all capacities, to sign, or cause to be signed electronically
any and all of said Registration Statements (which Registration Statements may constitute post-effective amendments to registration statements
previously filed with the SEC), and any and all amendments to the aforementioned Registration Statements, and to file said Registration
Statements and amendments thereto so signed with all exhibits thereto, with any and all other documents in connection therewith with the
SEC, hereby granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform any and all
acts and things requisite and necessary to be done in and about the premises, as fully to all intents and purposes as I might or could
do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents or any of them may lawfully do or cause to be
done by virtue hereof. This Power of Attorney may only be revoked by a written document executed by the undersigned that expressly revokes
this power by referring to the date and subject hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">IN WITNESS WHEREOF, I, the undersigned, have executed
this Power of Attorney as of this 27<SUP>th</SUP> day of April 2026.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/
    Thomas Buberl</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Thomas Buberl</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.75in"></P>

<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>POWER OF ATTORNEY OF IBM DIRECTOR</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">KNOW ALL PERSONS BY THESE PRESENTS, that I, the
undersigned Director of International Business Machines Corporation, a New York corporation (the &ldquo;Corporation&rdquo;), which is
to file with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) one or more Registration Statements on Form S-8, or other
appropriate Form under the Securities Act of 1933, for the shares of capital stock of the Corporation or other interests issuable under
the IBM 2026 Long-Term Performance Plan, hereby constitute and appoint Arvind Krishna, James J. Kavanaugh, Anne Robinson, Nicolas Fehring,
Brien Wierzchowski and Jane P. Edwards and each of them, as my true and lawful attorneys-in-fact and agents, with full power to act, together
or each without the others, for me and in my name, place and stead, in any and all capacities, to sign, or cause to be signed electronically
any and all of said Registration Statements (which Registration Statements may constitute post-effective amendments to registration statements
previously filed with the SEC), and any and all amendments to the aforementioned Registration Statements, and to file said Registration
Statements and amendments thereto so signed with all exhibits thereto, with any and all other documents in connection therewith with the
SEC, hereby granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform any and all
acts and things requisite and necessary to be done in and about the premises, as fully to all intents and purposes as I might or could
do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents or any of them may lawfully do or cause to be
done by virtue hereof. This Power of Attorney may only be revoked by a written document executed by the undersigned that expressly revokes
this power by referring to the date and subject hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">IN WITNESS WHEREOF, I, the undersigned, have executed
this Power of Attorney as of this 27<SUP>th</SUP> day of April 2026.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 50%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/ David N. Farr</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">David N. Farr</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.75in"></P>

<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>POWER OF ATTORNEY OF IBM DIRECTOR</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">KNOW ALL PERSONS BY THESE PRESENTS, that I, the
undersigned Director of International Business Machines Corporation, a New York corporation (the &ldquo;Corporation&rdquo;), which is
to file with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) one or more Registration Statements on Form S-8, or other
appropriate Form under the Securities Act of 1933, for the shares of capital stock of the Corporation or other interests issuable under
the IBM 2026 Long-Term Performance Plan, hereby constitute and appoint Arvind Krishna, James J. Kavanaugh, Anne Robinson, Nicolas Fehring,
Brien Wierzchowski and Jane P. Edwards and each of them, as my true and lawful attorneys-in-fact and agents, with full power to act, together
or each without the others, for me and in my name, place and stead, in any and all capacities, to sign, or cause to be signed electronically
any and all of said Registration Statements (which Registration Statements may constitute post-effective amendments to registration statements
previously filed with the SEC), and any and all amendments to the aforementioned Registration Statements, and to file said Registration
Statements and amendments thereto so signed with all exhibits thereto, with any and all other documents in connection therewith with the
SEC, hereby granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform any and all
acts and things requisite and necessary to be done in and about the premises, as fully to all intents and purposes as I might or could
do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents or any of them may lawfully do or cause to be
done by virtue hereof. This Power of Attorney may only be revoked by a written document executed by the undersigned that expressly revokes
this power by referring to the date and subject hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">IN WITNESS WHEREOF, I, the undersigned, have executed
this Power of Attorney as of this 27<SUP>th</SUP> day of April 2026.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/
    Alex Gorsky</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Alex Gorsky</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.75in">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>POWER OF ATTORNEY OF IBM DIRECTOR</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">KNOW ALL PERSONS BY THESE PRESENTS, that I, the
undersigned Director of International Business Machines Corporation, a New York corporation (the &ldquo;Corporation&rdquo;), which is
to file with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) one or more Registration Statements on Form S-8, or other
appropriate Form under the Securities Act of 1933, for the shares of capital stock of the Corporation or other interests issuable under
the IBM 2026 Long-Term Performance Plan, hereby constitute and appoint Arvind Krishna, James J. Kavanaugh, Anne Robinson, Nicolas Fehring,
Brien Wierzchowski and Jane P. Edwards and each of them, as my true and lawful attorneys-in-fact and agents, with full power to act, together
or each without the others, for me and in my name, place and stead, in any and all capacities, to sign, or cause to be signed electronically
any and all of said Registration Statements (which Registration Statements may constitute post-effective amendments to registration statements
previously filed with the SEC), and any and all amendments to the aforementioned Registration Statements, and to file said Registration
Statements and amendments thereto so signed with all exhibits thereto, with any and all other documents in connection therewith with the
SEC, hereby granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform any and all
acts and things requisite and necessary to be done in and about the premises, as fully to all intents and purposes as I might or could
do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents or any of them may lawfully do or cause to be
done by virtue hereof. This Power of Attorney may only be revoked by a written document executed by the undersigned that expressly revokes
this power by referring to the date and subject hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">IN WITNESS WHEREOF, I, the undersigned, have executed
this Power of Attorney as of this 27<SUP>th</SUP> day of April 2026.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 50%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/
    Michelle Howard</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Michelle Howard</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Page; Sequence: 8 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>POWER OF ATTORNEY OF IBM DIRECTOR</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">KNOW ALL PERSONS BY THESE PRESENTS, that I, the
undersigned Director of International Business Machines Corporation, a New York corporation (the &ldquo;Corporation&rdquo;), which is
to file with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) one or more Registration Statements on Form S-8, or other
appropriate Form under the Securities Act of 1933, for the shares of capital stock of the Corporation or other interests issuable under
the IBM 2026 Long-Term Performance Plan, hereby constitute and appoint Arvind Krishna, James J. Kavanaugh, Anne Robinson, Nicolas Fehring,
Brien Wierzchowski and Jane P. Edwards and each of them, as my true and lawful attorneys-in-fact and agents, with full power to act, together
or each without the others, for me and in my name, place and stead, in any and all capacities, to sign, or cause to be signed electronically
any and all of said Registration Statements (which Registration Statements may constitute post-effective amendments to registration statements
previously filed with the SEC), and any and all amendments to the aforementioned Registration Statements, and to file said Registration
Statements and amendments thereto so signed with all exhibits thereto, with any and all other documents in connection therewith with the
SEC, hereby granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform any and all
acts and things requisite and necessary to be done in and about the premises, as fully to all intents and purposes as I might or could
do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents or any of them may lawfully do or cause to be
done by virtue hereof. This Power of Attorney may only be revoked by a written document executed by the undersigned that expressly revokes
this power by referring to the date and subject hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">IN WITNESS WHEREOF, I, the undersigned, have executed
this Power of Attorney as of this 27<SUP>th</SUP> day of April 2026.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 50%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/ Ramon L. Laguarta</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Ramon L. Laguarta</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.75in"></P>

<!-- Field: Page; Sequence: 9 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><U>POWER OF ATTORNEY OF IBM DIRECTOR</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">KNOW ALL PERSONS BY THESE PRESENTS, that I, the
undersigned Director of International Business Machines Corporation, a New York corporation (the &ldquo;Corporation&rdquo;), which is
to file with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) one or more Registration Statements on Form S-8, or other
appropriate Form under the Securities Act of 1933, for the shares of capital stock of the Corporation or other interests issuable under
the IBM 2026 Long-Term Performance Plan, hereby constitute and appoint Arvind Krishna, James J. Kavanaugh, Anne Robinson, Nicolas Fehring,
Brien Wierzchowski and Jane P. Edwards and each of them, as my true and lawful attorneys-in-fact and agents, with full power to act, together
or each without the others, for me and in my name, place and stead, in any and all capacities, to sign, or cause to be signed electronically
any and all of said Registration Statements (which Registration Statements may constitute post-effective amendments to registration statements
previously filed with the SEC), and any and all amendments to the aforementioned Registration Statements, and to file said Registration
Statements and amendments thereto so signed with all exhibits thereto, with any and all other documents in connection therewith with the
SEC, hereby granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform any and all
acts and things requisite and necessary to be done in and about the premises, as fully to all intents and purposes as I might or could
do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents or any of them may lawfully do or cause to be
done by virtue hereof. This Power of Attorney may only be revoked by a written document executed by the undersigned that expressly revokes
this power by referring to the date and subject hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">IN WITNESS WHEREOF, I, the undersigned, have executed
this Power of Attorney as of this 26<SUP>th</SUP> day of April 2026.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 50%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/
    Andrew Liveris</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Andrew Liveris</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.75in"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>POWER OF ATTORNEY OF IBM DIRECTOR</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">KNOW ALL PERSONS BY THESE PRESENTS, that I, the
undersigned Director of International Business Machines Corporation, a New York corporation (the &ldquo;Corporation&rdquo;), which is
to file with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) one or more Registration Statements on Form S-8, or other
appropriate Form under the Securities Act of 1933, for the shares of capital stock of the Corporation or other interests issuable under
the IBM 2026 Long-Term Performance Plan, hereby constitute and appoint Arvind Krishna, James J. Kavanaugh, Anne Robinson, Nicolas Fehring,
Brien Wierzchowski and Jane P. Edwards and each of them, as my true and lawful attorneys-in-fact and agents, with full power to act, together
or each without the others, for me and in my name, place and stead, in any and all capacities, to sign, or cause to be signed electronically
any and all of said Registration Statements (which Registration Statements may constitute post-effective amendments to registration statements
previously filed with the SEC), and any and all amendments to the aforementioned Registration Statements, and to file said Registration
Statements and amendments thereto so signed with all exhibits thereto, with any and all other documents in connection therewith with the
SEC, hereby granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform any and all
acts and things requisite and necessary to be done in and about the premises, as fully to all intents and purposes as I might or could
do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents or any of them may lawfully do or cause to be
done by virtue hereof. This Power of Attorney may only be revoked by a written document executed by the undersigned that expressly revokes
this power by referring to the date and subject hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">IN WITNESS WHEREOF, I, the undersigned, have executed
this Power of Attorney as of this 27<SUP>th</SUP> day of April 2026.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/ F. William
    McNabb III</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">F. William McNabb III</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.75in"></P>

<!-- Field: Page; Sequence: 11 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.75in">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>POWER OF ATTORNEY OF IBM DIRECTOR</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">KNOW ALL PERSONS BY THESE PRESENTS, that I, the
undersigned Director of International Business Machines Corporation, a New York corporation (the &ldquo;Corporation&rdquo;), which is
to file with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) one or more Registration Statements on Form S-8, or other
appropriate Form under the Securities Act of 1933, for the shares of capital stock of the Corporation or other interests issuable under
the IBM 2026 Long-Term Performance Plan, hereby constitute and appoint Arvind Krishna, James J. Kavanaugh, Anne Robinson, Nicolas Fehring,
Brien Wierzchowski and Jane P. Edwards and each of them, as my true and lawful attorneys-in-fact and agents, with full power to act, together
or each without the others, for me and in my name, place and stead, in any and all capacities, to sign, or cause to be signed electronically
any and all of said Registration Statements (which Registration Statements may constitute post-effective amendments to registration statements
previously filed with the SEC), and any and all amendments to the aforementioned Registration Statements, and to file said Registration
Statements and amendments thereto so signed with all exhibits thereto, with any and all other documents in connection therewith with the
SEC, hereby granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform any and all
acts and things requisite and necessary to be done in and about the premises, as fully to all intents and purposes as I might or could
do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents or any of them may lawfully do or cause to be
done by virtue hereof. This Power of Attorney may only be revoked by a written document executed by the undersigned that expressly revokes
this power by referring to the date and subject hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">IN WITNESS WHEREOF, I, the undersigned, have executed
this Power of Attorney as of this 27<SUP>th</SUP> day of April 2026.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/ Michael Miebach</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Michael Miebach</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 12 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>POWER OF ATTORNEY OF IBM DIRECTOR</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">KNOW ALL PERSONS BY THESE PRESENTS, that I, the
undersigned Director of International Business Machines Corporation, a New York corporation (the &ldquo;Corporation&rdquo;), which is
to file with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) one or more Registration Statements on Form S-8, or other
appropriate Form under the Securities Act of 1933, for the shares of capital stock of the Corporation or other interests issuable under
the IBM 2026 Long-Term Performance Plan, hereby constitute and appoint Arvind Krishna, James J. Kavanaugh, Anne Robinson, Nicolas Fehring,
Brien Wierzchowski and Jane P. Edwards and each of them, as my true and lawful attorneys-in-fact and agents, with full power to act, together
or each without the others, for me and in my name, place and stead, in any and all capacities, to sign, or cause to be signed electronically
any and all of said Registration Statements (which Registration Statements may constitute post-effective amendments to registration statements
previously filed with the SEC), and any and all amendments to the aforementioned Registration Statements, and to file said Registration
Statements and amendments thereto so signed with all exhibits thereto, with any and all other documents in connection therewith with the
SEC, hereby granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform any and all
acts and things requisite and necessary to be done in and about the premises, as fully to all intents and purposes as I might or could
do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents or any of them may lawfully do or cause to be
done by virtue hereof. This Power of Attorney may only be revoked by a written document executed by the undersigned that expressly revokes
this power by referring to the date and subject hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">IN WITNESS WHEREOF, I, the undersigned, have executed
this Power of Attorney as of this 27<SUP>th</SUP> day of April 2026.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 50%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/ Martha E. Pollack</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Martha E. Pollack</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 13 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>POWER OF ATTORNEY OF IBM DIRECTOR</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">KNOW ALL PERSONS BY THESE PRESENTS, that I, the
undersigned Director of International Business Machines Corporation, a New York corporation (the &ldquo;Corporation&rdquo;), which is
to file with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) one or more Registration Statements on Form S-8, or other
appropriate Form under the Securities Act of 1933, for the shares of capital stock of the Corporation or other interests issuable under
the IBM 2026 Long-Term Performance Plan, hereby constitute and appoint Arvind Krishna, James J. Kavanaugh, Anne Robinson, Nicolas Fehring,
Brien Wierzchowski and Jane P. Edwards and each of them, as my true and lawful attorneys-in-fact and agents, with full power to act, together
or each without the others, for me and in my name, place and stead, in any and all capacities, to sign, or cause to be signed electronically
any and all of said Registration Statements (which Registration Statements may constitute post-effective amendments to registration statements
previously filed with the SEC), and any and all amendments to the aforementioned Registration Statements, and to file said Registration
Statements and amendments thereto so signed with all exhibits thereto, with any and all other documents in connection therewith with the
SEC, hereby granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform any and all
acts and things requisite and necessary to be done in and about the premises, as fully to all intents and purposes as I might or could
do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents or any of them may lawfully do or cause to be
done by virtue hereof. This Power of Attorney may only be revoked by a written document executed by the undersigned that expressly revokes
this power by referring to the date and subject hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">IN WITNESS WHEREOF, I, the undersigned, have executed
this Power of Attorney as of this 27<SUP>th</SUP> day of April 2026.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 50%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/ Peter R. Voser</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Peter R. Voser</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 14 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>POWER OF ATTORNEY OF IBM DIRECTOR</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">KNOW ALL PERSONS BY THESE PRESENTS, that I, the
undersigned Director of International Business Machines Corporation, a New York corporation (the &ldquo;Corporation&rdquo;), which is
to file with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) one or more Registration Statements on Form S-8, or other
appropriate Form under the Securities Act of 1933, for the shares of capital stock of the Corporation or other interests issuable under
the IBM 2026 Long-Term Performance Plan, hereby constitute and appoint Arvind Krishna, James J. Kavanaugh, Anne Robinson, Nicolas Fehring,
Brien Wierzchowski and Jane P. Edwards and each of them, as my true and lawful attorneys-in-fact and agents, with full power to act, together
or each without the others, for me and in my name, place and stead, in any and all capacities, to sign, or cause to be signed electronically
any and all of said Registration Statements (which Registration Statements may constitute post-effective amendments to registration statements
previously filed with the SEC), and any and all amendments to the aforementioned Registration Statements, and to file said Registration
Statements and amendments thereto so signed with all exhibits thereto, with any and all other documents in connection therewith with the
SEC, hereby granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform any and all
acts and things requisite and necessary to be done in and about the premises, as fully to all intents and purposes as I might or could
do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents or any of them may lawfully do or cause to be
done by virtue hereof. This Power of Attorney may only be revoked by a written document executed by the undersigned that expressly revokes
this power by referring to the date and subject hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">IN WITNESS WHEREOF, I, the undersigned, have executed
this Power of Attorney as of this 27<SUP>th</SUP> day of April 2026.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/ Alfred W.
    Zollar</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Alfred W. Zollar</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
