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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.9pt; text-align: center"><B>As filed with the Securities and Exchange
Commission on February 27, 2025</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 3pt; text-align: right"><B>Registration No. 333-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 3pt; text-align: right"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.45pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.45pt; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.45pt; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.45pt; text-align: center"><B>WASHINGTON, D.C. 20549</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.45pt; text-align: center"><B>FORM S-8 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.45pt; text-align: center"><B>REGISTRATION STATEMENT </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.45pt; text-align: center"><B>UNDER</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.45pt; text-align: center"><B>THE SECURITIES ACT OF 1933</B></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><B>INTERNATIONAL BUSINESS MACHINES CORPORATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 2.05pt; text-align: center">(Exact name of registrant as specified
in its charter)</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 8pt; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif; text-align: center"><B>New York<BR>
</B>(State or other jurisdiction of <BR>
incorporation or organization)</TD>
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif; text-align: center"><B>13-0871985<BR>
</B>(I.R.S. Employer <BR>
Identification No.)</TD></TR>
  </TABLE>


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

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



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><B>HashiCorp, Inc. 2021 Equity Incentive
Plan</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><B>HashiCorp, Inc. 2014 Stock Plan</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 176.5pt 0 178.45pt; text-align: center">(Full title of the plan)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 176.5pt 0 178.45pt; text-align: center">&nbsp;</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.1pt; 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: 0 0 0 2.1pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.15pt; text-align: center"><B><I>Copies to:</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><B>Paul, Weiss, Rifkind, Wharton
&amp; Garrison LLP</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><B>1285 Avenue of the Americas</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><B>New York, New York 10019-6064</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><B>(212) 373-3000</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 12pt; text-align: left">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 &#8220;large accelerated filer,&#8221; &#8220;accelerated filer,&#8221; &#8220;smaller reporting company,&#8221;
and &#8220;emerging growth company&#8221; in Rule 12b-2 of the Exchange Act.</P>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0pt; width: 35%">Large accelerated filer</TD>
    <TD STYLE="width: 10%; padding-left: 12.25pt">&#9746;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 35%; padding-left: 0pt">Accelerated filer</TD>
    <TD STYLE="width: 10%; text-align: right">&#9744;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0pt">Non-accelerated filer</TD>
    <TD STYLE="padding-left: 12.25pt">&#9744;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0pt">Smaller reporting company</TD>
    <TD STYLE="text-align: right">&#9744;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0pt">Emerging growth company</TD>
    <TD STYLE="text-align: right">&#9744;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0pt; text-align: left">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. &#9744;</P>



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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">INTRODUCTORY STATEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">On April 24, 2024, International Business Machines
Corporation (&#8220;IBM&#8221;), McCloud Merger Sub, Inc. (&#8220;Sub&#8221;), a wholly owned subsidiary of IBM, and HashiCorp, Inc. (&#8220;HashiCorp&#8221;)
entered into the Agreement and Plan of Merger, dated as of April 24, 2024 (the &#8220;Merger Agreement&#8221;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Merger Agreement provides that, at the
effective time of the Merger, each restricted stock unit (&#8220;RSU&#8221;) with respect to HashiCorp common stock (other than RSUs
that are cashed out pursuant to the Merger Agreement) granted under the HashiCorp, Inc. 2014 Stock Plan or the HashiCorp, Inc. 2021
Equity Incentive Plan, in each case, as amended (together, the &#8220;Benefit Plans&#8221;) that is outstanding immediately prior to
the effective time (the &#8220;Rollover RSUs&#8221;) will be converted at the effective time into an RSU with respect to IBM capital
stock subject to substantially the same terms and conditions as were applicable to the Rollover RSUs with respect to a number of
shares of IBM capital stock determined by multiplying (1) the number of shares of HashiCorp common stock subject to such Rollover
RSU immediately prior to the effective time by (2) a fraction, the numerator of which is $35.00 and the denominator of which is the
average closing price per share of IBM capital stock on the New York Stock Exchange Composite Transactions Tape on the 20 trading
days immediately preceding the date on which the effective time occurs (the &#8220;Exchange Ratio&#8221;) (rounded down to the
nearest whole share).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Merger Agreement provides that, at the effective
time of the Merger, each performance-based RSU (&#8220;PSU&#8221;) with respect to HashiCorp common stock (other than PSUs that are cashed
out pursuant to the Merger Agreement) granted under the Benefit Plans that is outstanding immediately prior to the effective time (the
&#8220;Rollover PSUs&#8221;) will be converted at the effective time into an RSU with respect to IBM capital stock subject to substantially
the same terms and conditions as were applicable under such Rollover PSU (other than the performance-based vesting schedule, which will
be converted into a service-based vesting schedule in accordance with the applicable award agreement), with respect to a number of shares
of IBM capital stock determined by multiplying (1) the number of shares of HashiCorp common stock subject to such Rollover PSU immediately
prior to the effective time (with any performance conditions deemed to be achieved at the target level) by (2) the Exchange Ratio (rounded
down to the nearest whole share).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Merger Agreement provides that, at the effective
time of the Merger, each share of HashiCorp common stock that remains available for issuance pursuant to the Benefit Plans (the &#8220;Residual
Shares&#8221;) will be converted into shares of IBM capital stock available for issuance determined by multiplying the number of Residual
Shares by the Exchange Ratio.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">On July 29, 2024, the independent Executive
Compensation and Management Resources Committee of the Board of Directors of IBM unanimously approved, subject to and contingent upon
the consummation of the Merger, the IBM HashiCorp Acquisition Long-Term Performance Plan, filed as an exhibit to this Registration Statement
(the &#8220;New Plan&#8221;). The New Plan meets certain requirements set forth by the New York Stock Exchange for use without further
stockholder approval, including that eligible participants in the New Plan are limited to individuals who were not employed by IBM as
of the closing of the Merger.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center"><B>PART I</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">INFORMATION REQUIRED IN THE SECTION 10(a)
PROSPECTUS</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">Item 1.</TD><TD>Plan Information.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; 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 &#8220;Securities Act&#8221;) and the Note to Part I of Form S-8.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">Item 2.</TD><TD>Registrant Information and Employee Plan Annual Information.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; 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: 0 137pt 12pt 138.7pt; text-align: center; text-indent: 0.4pt"><B>PART II</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 137pt 12pt 138.7pt; text-align: center; text-indent: 0.4pt"><B>INFORMATION
REQUIRED IN THE REGISTRATION STATEMENT</B></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">Item 3.</TD><TD>Incorporation of Documents by Reference.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The following documents previously filed with
the Securities and Exchange Commission (the &#8220;Commission&#8221;) are incorporated by reference herein and shall be deemed a part
hereof:</P>

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<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 Form 10-K for the fiscal year ended December 31, 2024, filed with the Commission on <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/51143/000005114325000015/ibm-20241231.htm">February
25, 2025</A>.</TD></TR></TABLE>

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<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The portions of IBM&#8217;s Definitive Proxy Statement on Schedule 14A for the 2024 annual meeting of stockholders filed on <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/51143/000110465924032641/tm2329614-d3_def14a.htm">March
11, 2024</A> that are incorporated by reference in the Annual Report on <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/51143/000005114324000012/ibm-20231231.htm">Form
10-K</A> for the fiscal year ended December 31, 2023.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><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 Report of IBM on Form 8-K filed with the Commission on <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/51143/000110465925010555/tm255870d1_8k.htm">February
7, 2025</A>.</TD></TR></TABLE>

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<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The description of IBM&#8217;s capital stock contained in IBM&#8217;s registration statements filed pursuant to Section 12 of the
Securities Exchange Act of 1934 (the &#8220;Exchange Act&#8221;), 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: 0 0 12pt; 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>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">Item 4.</TD><TD>Description of Securities.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Not applicable.</P>


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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">Item 5.</TD><TD>Interests of Named Experts and Counsel.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The validity of the IBM capital stock, par value
$.20 per share, offered hereby has been passed upon by Jane P. Edwards, Esq., Vice President, Assistant General Counsel and Secretary
of IBM. As of February 27, 2025, Ms. Jane P. Edwards beneficially owns shares of IBM capital stock, par value $.20 per share, and options
to purchase shares of IBM capital stock, par value $.20 per share.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">Item 6.</TD><TD>Indemnification of Directors and Officers.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; 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: 0 0 12pt 0.5in">&#8220;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 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 attorneys&#8217; 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 &#8216;permitted&#8217; 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.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in">The Certificate of Incorporation of IBM (Article Eleven) provides
the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in">&#8220;Pursuant to Section 402(b) of the Business Corporation
Law of the State of New York, the liability of the Corporation&#8217;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.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; 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&#8217;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: 0 0 12pt; text-indent: 0.5in">In addition, IBM maintains directors&#8217; and
officers&#8217; liability insurance policies.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">Item 7.</TD><TD>Exemption from Registration Claimed.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Not applicable.</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">Item 8.</TD><TD>Exhibits.</TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; width: 10%"><B>Exhibit Number</B></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; width: 88%; vertical-align: bottom"><B>Description</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>4.1</TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/51143/000155837022001584/ibm-20211231xex3d1.htm">Certificate of Incorporation of IBM (incorporated by reference to Exhibit 3.1 to Form 10-K filed on February 22, 2022)</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>4.2</TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/51143/000005114324000025/form10-q1q24ex32043024.htm">By-Laws of IBM, as amended through April 30, 2024 (incorporated by reference to Exhibit 3.2 to Form 10-Q filed on April 30, 2024)</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>4.3</TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1720671/000119312521319849/d205906dex102.htm">HashiCorp Inc. 2014 Stock Plan, as amended, and forms of agreement thereunder (incorporated by reference to Exhibit 10.2 to Form S-1 filed by HashiCorp, Inc. on November 4, 2021)</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>4.4</TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1720671/000119312521319849/d205906dex103.htm">HashiCorp, Inc. 2021 Equity Incentive Plan and forms of agreement thereunder (incorporated by reference to Exhibit 10.3 to form S-1 filed by HashiCorp, Inc. on November 4, 2021)</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>4.5</TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="eh250596277_ex0405.htm">IBM HashiCorp Acquisition Long-Term Performance Plan</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>5.1</TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="eh250596277_ex0501.htm">Opinion of Jane P. Edwards, Esq., Vice President, Assistant General Counsel and Secretary, regarding the legality of the securities being issued</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>23.1</TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="eh250596277_ex2301.htm">Consent of PricewaterhouseCoopers LLP</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>23.2</TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="eh250596277_ex0501.htm">Consent of Jane P. Edwards, Esq., Vice President, Assistant General Counsel and Secretary (included in Exhibit 5.1)</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>24.1</TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="eh250596277_ex2401.htm">Powers of Attorney</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>107</TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="eh250596277_ex107.htm">Filing Fee Table</A></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>Item 9.</B></TD><TD><B>Undertakings.</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The undersigned registrant hereby undertakes:</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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: 0 0.5in 12pt 1.5in; text-align: left; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
include any prospectus required by Section 10(a)(3) of the Securities Act&#894;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt 1.5in; text-align: left; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 &#8220;Calculation of Filing
Fee Tables&#8221; or &#8220;Calculation of Registration Fee&#8221; table, as applicable, in the effective Registration Statement&#894;
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt 1.5in; text-align: left; text-indent: 0.5in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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&#894;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in">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>


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<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 12pt 1in; text-align: left">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.</P>

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 12pt 1in; text-align: left">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the
registrant&#8217;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&#8217;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="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 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 Act and will be governed by the final adjudication of such issue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>&nbsp;</B></P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">SIGNATURES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">Pursuant to the requirements of the Securities
Act of 1933, 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 Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the Town
of North Castle, State of New York, on the 27th day of February, 2025.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><B>INTERNATIONAL BUSINESS MACHINES CORPORATION</B></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 30%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-indent: 0in">/s/ Jane P. Edwards</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">Name: </TD>
    <TD STYLE="text-indent: 0in">Jane P. Edwards</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">Title: </TD>
    <TD STYLE="text-indent: 0in">Vice President, Assistant General Counsel and Secretary</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">Pursuant to the requirements of the Securities
Act of 1933, this Registration Statement has been signed by the following persons in the capacities indicated, on the 27th day of February,
2025.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; width: 20%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Signature</B></P></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 78%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Title </B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">*</TD>
    <TD>&nbsp;</TD>
    <TD>Chairman, President and Chief Executive Officer (Principal Executive Officer)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Arvind Krishna </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">*</TD>
    <TD>&nbsp;</TD>
    <TD>Senior Vice President and Chief Financial Officer (Principal Financial Officer)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>James J. Kavanaugh</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">*</TD>
    <TD>&nbsp;</TD>
    <TD>Vice President and Controller (Principal Accounting Officer)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Nicol&aacute;s A. Fehring</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">*</TD>
    <TD>&nbsp;</TD>
    <TD>Director </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Marianne C. Brown</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">*</TD>
    <TD>&nbsp;</TD>
    <TD>Director</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Thomas Buberl</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">*</TD>
    <TD>&nbsp;</TD>
    <TD>Director</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>David N. Farr</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">*</TD>
    <TD>&nbsp;</TD>
    <TD>Director</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Alex Gorsky</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">*</TD>
    <TD>&nbsp;</TD>
    <TD>Director</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Michelle Howard</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">*</TD>
    <TD>&nbsp;</TD>
    <TD>Director</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Andrew N. Liveris</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">*</TD>
    <TD>&nbsp;</TD>
    <TD>Director</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>F. William McNabb III</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">*</TD>
    <TD>&nbsp;</TD>
    <TD>Director</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Michael Miebach</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">*</TD>
    <TD>&nbsp;</TD>
    <TD>Director</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Martha E. Pollack</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">*</TD>
    <TD>&nbsp;</TD>
    <TD>Director</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Peter R. Voser</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">*</TD>
    <TD>&nbsp;</TD>
    <TD>Director</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Frederick H. Waddell</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">*</TD>
    <TD>&nbsp;</TD>
    <TD>Director</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Alfred W. Zollar</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt">* The undersigned, by signing her name hereto, does hereby execute
this Registration Statement pursuant to powers of attorney filed as Exhibit 24.1 to this Registration Statement.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">By: </TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-indent: 0in">/s/ Jane P. Edwards</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="width: 5%; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="width: 5%; text-indent: 0in">Name:</TD>
    <TD STYLE="width: 30%; text-indent: 0in">Jane P. Edwards</TD>
    <TD STYLE="width: 10%; text-indent: 0in">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">Title:</TD>
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[{"type": "S-8", "sequence": "1", "filename": "eh250596277_s8.htm", "description": "FORM 8-K", "secsgml_size_bytes": 49481}]
{"company-data": {"conformed-name": "INTERNATIONAL BUSINESS MACHINES CORP", "cik": "0000051143", "assigned-sic": "3570", "organization-name": "06 Technology", "irs-number": "130871985", "state-of-incorporation": "NY", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-285313", "film-number": "25673374"}, "business-address": {"street1": "1 NEW ORCHARD ROAD", "city": "ARMONK", "state": "NY", "zip": "10504", "phone": "9144991900"}, "mail-address": {"street1": "1 NEW ORCHARD RD", "city": "ARMONK", "state": "NY", "zip": "10504"}}
As filed with the Securities and Exchange
Commission on February 27, 2025
Registration No. 333-
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
INTERNATIONAL BUSINESS MACHINES CORPORATION
(Exact name of registrant as specified
in its charter)
New York
(State or other jurisdiction of
incorporation or organization)
13-0871985
(I.R.S. Employer
Identification No.)
One New
Orchard Road
Armonk, New York 10504
(Address of Principal Executive Offices,
including Zip Code)
IBM HashiCorp Acquisition Long-Term Performance
Plan
HashiCorp, Inc. 2021 Equity Incentive
Plan
HashiCorp, Inc. 2014 Stock Plan
(Full title of the plan)
Jane P. Edwards, Esq.
Vice President, Assistant General
Counsel and Secretary
International Business Machines Corporation
Corporate Legal Department
Armonk, New York 10504
(914) 499-1900
(Name, address and telephone number, including
area code, of agent for service)
Copies to:
Scott A. Barshay, Esq.
Paul, Weiss, Rifkind, Wharton
& Garrison LLP
1285 Avenue of the Americas
New York, New York 10019-6064
(212) 373-3000
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 "large accelerated filer," "accelerated filer," "smaller reporting company,"
and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
☒
Accelerated filer
☐
Non-accelerated filer
☐
Smaller reporting company
☐
Emerging growth company
☐
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. ☐
INTRODUCTORY STATEMENT
On April 24, 2024, International Business Machines
Corporation ("IBM"), McCloud Merger Sub, Inc. ("Sub"), a wholly owned subsidiary of IBM, and HashiCorp, Inc. ("HashiCorp")
entered into the Agreement and Plan of Merger, dated as of April 24, 2024 (the "Merger Agreement").
The Merger Agreement provides that, at the
effective time of the Merger, each restricted stock unit ("RSU") with respect to HashiCorp common stock (other than RSUs
that are cashed out pursuant to the Merger Agreement) granted under the HashiCorp, Inc. 2014 Stock Plan or the HashiCorp, Inc. 2021
Equity Incentive Plan, in each case, as amended (together, the "Benefit Plans") that is outstanding immediately prior to
the effective time (the "Rollover RSUs") will be converted at the effective time into an RSU with respect to IBM capital
stock subject to substantially the same terms and conditions as were applicable to the Rollover RSUs with respect to a number of
shares of IBM capital stock determined by multiplying (1) the number of shares of HashiCorp common stock subject to such Rollover
RSU immediately prior to the effective time by (2) a fraction, the numerator of which is $35.00 and the denominator of which is the
average closing price per share of IBM capital stock on the New York Stock Exchange Composite Transactions Tape on the 20 trading
days immediately preceding the date on which the effective time occurs (the "Exchange Ratio") (rounded down to the
nearest whole share).
The Merger Agreement provides that, at the effective
time of the Merger, each performance-based RSU ("PSU") with respect to HashiCorp common stock (other than PSUs that are cashed
out pursuant to the Merger Agreement) granted under the Benefit Plans that is outstanding immediately prior to the effective time (the
"Rollover PSUs") will be converted at the effective time into an RSU with respect to IBM capital stock subject to substantially
the same terms and conditions as were applicable under such Rollover PSU (other than the performance-based vesting schedule, which will
be converted into a service-based vesting schedule in accordance with the applicable award agreement), with respect to a number of shares
of IBM capital stock determined by multiplying (1) the number of shares of HashiCorp common stock subject to such Rollover PSU immediately
prior to the effective time (with any performance conditions deemed to be achieved at the target level) by (2) the Exchange Ratio (rounded
down to the nearest whole share).
The Merger Agreement provides that, at the effective
time of the Merger, each share of HashiCorp common stock that remains available for issuance pursuant to the Benefit Plans (the "Residual
Shares") will be converted into shares of IBM capital stock available for issuance determined by multiplying the number of Residual
Shares by the Exchange Ratio.
On July 29, 2024, the independent Executive
Compensation and Management Resources Committee of the Board of Directors of IBM unanimously approved, subject to and contingent upon
the consummation of the Merger, the IBM HashiCorp Acquisition Long-Term Performance Plan, filed as an exhibit to this Registration Statement
(the "New Plan"). The New Plan meets certain requirements set forth by the New York Stock Exchange for use without further
stockholder approval, including that eligible participants in the New Plan are limited to individuals who were not employed by IBM as
of the closing of the Merger.
1
PART I
INFORMATION REQUIRED IN THE SECTION 10(a)
PROSPECTUS
Item 1.
Plan Information.
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 "Securities Act") and the Note to Part I of Form S-8.
Item 2.
Registrant Information and Employee Plan Annual Information.
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.
PART II
INFORMATION
REQUIRED IN THE REGISTRATION STATEMENT
Item 3.
Incorporation of Documents by Reference.
The following documents previously filed with
the Securities and Exchange Commission (the "Commission") are incorporated by reference herein and shall be deemed a part
hereof:
·
The Annual Report of IBM on Form 10-K for the fiscal year ended December 31, 2024, filed with the Commission on
February
25, 2025
.
·
The portions of IBM's Definitive Proxy Statement on Schedule 14A for the 2024 annual meeting of stockholders filed on
March
11, 2024
that are incorporated by reference in the Annual Report on
Form
10-K
for the fiscal year ended December 31, 2023.
·
The Current Report of IBM on Form 8-K filed with the Commission on
February
7, 2025
.
·
The description of IBM's capital stock contained in IBM's registration statements filed pursuant to Section 12 of the
Securities Exchange Act of 1934 (the "Exchange Act"), and any amendment or report filed for the purpose of updating any such
description.
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.
Item 4.
Description of Securities.
Not applicable.
2
Item 5.
Interests of Named Experts and Counsel.
The validity of the IBM capital stock, par value
$.20 per share, offered hereby has been passed upon by Jane P. Edwards, Esq., Vice President, Assistant General Counsel and Secretary
of IBM. As of February 27, 2025, Ms. Jane P. Edwards beneficially owns shares of IBM capital stock, par value $.20 per share, and options
to purchase shares of IBM capital stock, par value $.20 per share.
Item 6.
Indemnification of Directors and Officers.
The By-Laws of IBM (Article VI, Section 6) provide
the following:
"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 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 attorneys' 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 'permitted' 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."
The Certificate of Incorporation of IBM (Article Eleven) provides
the following:
"Pursuant to Section 402(b) of the Business Corporation
Law of the State of New York, the liability of the Corporation'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."
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's interest and additionally,
in criminal actions, had no reasonable cause to believe his conduct was unlawful.
In addition, IBM maintains directors' and
officers' liability insurance policies.
Item 7.
Exemption from Registration Claimed.
Not applicable.
3
Item 8.
Exhibits.
Exhibit Number
Description
4.1
Certificate of Incorporation of IBM (incorporated by reference to Exhibit 3.1 to Form 10-K filed on February 22, 2022)
4.2
By-Laws of IBM, as amended through April 30, 2024 (incorporated by reference to Exhibit 3.2 to Form 10-Q filed on April 30, 2024)
4.3
HashiCorp Inc. 2014 Stock Plan, as amended, and forms of agreement thereunder (incorporated by reference to Exhibit 10.2 to Form S-1 filed by HashiCorp, Inc. on November 4, 2021)
4.4
HashiCorp, Inc. 2021 Equity Incentive Plan and forms of agreement thereunder (incorporated by reference to Exhibit 10.3 to form S-1 filed by HashiCorp, Inc. on November 4, 2021)
4.5
IBM HashiCorp Acquisition Long-Term Performance Plan
5.1
Opinion of Jane P. Edwards, Esq., Vice President, Assistant General Counsel and Secretary, regarding the legality of the securities being issued
23.1
Consent of PricewaterhouseCoopers LLP
23.2
Consent of Jane P. Edwards, Esq., Vice President, Assistant General Counsel and Secretary (included in Exhibit 5.1)
24.1
Powers of Attorney
107
Filing Fee Table
Item 9.
Undertakings.
The undersigned registrant hereby undertakes:
(a)                         (1)       To file, during any period in which
offers or sales are being made, a post-effective amendment to this Registration Statement:
(i)       to
include any prospectus required by Section 10(a)(3) of the Securities Act;
(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 "Calculation of Filing
Fee Tables" or "Calculation of Registration Fee" table, as applicable, in the effective Registration Statement;
and
(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;
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.
4
(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.
(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.
(b)       The
undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the
registrant'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'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.
(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 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 Act and will be governed by the final adjudication of such issue.
5
SIGNATURES
Pursuant to the requirements of the Securities
Act of 1933, 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 Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the Town
of North Castle, State of New York, on the 27th day of February, 2025.
INTERNATIONAL BUSINESS MACHINES CORPORATION
By:
/s/ Jane P. Edwards
Name:
Jane P. Edwards
Title:
Vice President, Assistant General Counsel and Secretary
Pursuant to the requirements of the Securities
Act of 1933, this Registration Statement has been signed by the following persons in the capacities indicated, on the 27th day of February,
2025.
Signature
Title
*
Chairman, President and Chief Executive Officer (Principal Executive Officer)
Arvind Krishna
*
Senior Vice President and Chief Financial Officer (Principal Financial Officer)
James J. Kavanaugh
*
Vice President and Controller (Principal Accounting Officer)
Nicolás A. Fehring
*
Director
Marianne C. Brown
*
Director
Thomas Buberl
*
Director
David N. Farr
*
Director
Alex Gorsky
*
Director
Michelle Howard
*
Director
Andrew N. Liveris
*
Director
F. William McNabb III
*
Director
Michael Miebach
*
Director
Martha E. Pollack
*
Director
Peter R. Voser
*
Director
Frederick H. Waddell
*
Director
Alfred W. Zollar
* The undersigned, by signing her name hereto, does hereby execute
this Registration Statement pursuant to powers of attorney filed as Exhibit 24.1 to this Registration Statement.
By:
/s/ Jane P. Edwards
Name:
Jane P. Edwards
Title:
Attorney-in-Fact