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1993 (the lump-sum payment) in connection with his termination.
The lump-sum payment was termed "separation pay" by IBM, and the
amount of the lump-sum payment was based on length of service and
salary.
On June 30, 1993, Mr. Carey signed a General Release and
Covenant Not to Sue (the release) as a condition for the sums and
benefits, including the lump-sum payment, he received pursuant to
the terms of the Skills Dynamics Transition Program (SDTP
Program) offered by IBM. Pertinent sections of the release read
as follows:
In exchange for the sums and benefits which you
will receive pursuant to the terms of the * * * [SDTP
Program], ALLEN CAREY (hereinafter "you") agrees to
release * * * [IBM] and its benefits plans from all
claims, demands, actions, or liabilities you may have
against IBM of whatever kind, including but not limited
to those which are related to your employment with IBM,
the termination of that employment or other severance
payments or your eligibility or participation in the
Retirement Bridge Leave of Absence. * * * You also
agree that this release covers, but is not limited to,
claims arising from the Age Discrimination in
Employment Act of 1967, as amended, Title VII of the
Civil Rights Act of 1964, as amended, and any other
federal, state or local law dealing with discrimination
in employment, including but not limited to
discrimination based on sex, race, national origin,
religion, disability, veteran status or age. You also
agree that this release includes claims based on
theories of contract or tort, whether based on common
law or otherwise.
This agreement covers both claims that you know
about and those that you may not know about which have
accrued by the time you execute this release. This
release does not include your nonforfeitable rights to
your accrued benefits * * * , as of the date of your
retirement from IBM under the IBM Retirement Plan and
the IBM Tax Deferred Savings Plan, which are not
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