Amdahl Corporation and Consolidated Subsidiaries - Page 8

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          The contracts of sale between the RSC and the employees require             
          the employees to transfer marketable title of the residences                
          within 1 year to a person designated by the RSC.  Generally, the            
          designated person is the third-party purchaser.  If a third party           
          has not purchased a residence within 1 year, title passes to the            
          RSC or an affiliate of the RSC.                                             
               To facilitate the transfer of title to the third-party                 
          purchaser, the employee signs and delivers a deed in blank to the           
          RSC when the employee accepts the RSC's offer.  The deed in blank           
          contains a legal description of the property and includes the               
          relocating employee's signature as grantor and a notary                     
          acknowledgment.  Everything else in the deed, including the name            
          of the grantee, is left blank.  Neither the deed nor the contract           
          of sale with the RSC is recorded.  The RSC will not return a deed           
          to an employee unless told to do so by petitioner.  The RSC holds           
          the unrecorded deed until it finds a third-party purchaser for              
          the residence.  At that time, the name of the third-party                   
          purchaser is entered onto the deed as grantee.  The relocating              
          employee retains legal title to the residence until the sale of             
          the residence to a third party.                                             
               Under the terms of their contracts of sale with the RSC,               
          relocating employees generally vacate their residences within 60            
          days of accepting the RSC's offer.  Under the Intergroup and                
          VanRelco contracts of sale, employees who continue to occupy the            
          residences after 60 days must pay rent.  Employees are                      




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Last modified: May 25, 2011