Item 11. Executive Compensation:

Refer to the information under the captions “2024 Summary Compensation Table and Related Narrative,” “2024 Summary Compensation Table,” “2024 Compensation Discussion and Analysis,” “2024 Grants of Plan-Based Awards Table,” “2024 Outstanding Equity Awards at Fiscal Year-End Table,” “2024 Option Exercises and Stock Vested Table,” “2024 Retention Plan Table,” “2024 Pension Benefits Narrative,” “2024 Pension Benefits Table,” “2024 Nonqualified Deferred Compensation Narrative,” “2024 Nonqualified Deferred Compensation Table,” “2024 Potential Payments Upon Termination Narrative,” “2024 Potential Payments Upon Termination Table,” “2024 Director Compensation Table,” “Director Compensation under the IBM Deferred Compensation and Equity Award Plan (DCEAP),” “Governance and the Board—Compensation Committee Interlocks and Insider Participation: None,” “Compensation Program as It Relates to Risk,” “2024 Executive Compensation—Report of the Executive Compensation and Management Resources Committee of the Board of Directors,” “Pay Ratio, ” "Pay Versus Performance," and "Equity Award Grant Practices" in IBM’s definitive Proxy Statement to be filed with the SEC and delivered to stockholders in connection with the Annual Meeting of Stockholders to be held April 29, 2025, all of which information is incorporated herein by reference.