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Option Program (ITO-II 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 * * * [ITO-II
Program], Dorothy M. Keel (hereinafter "you") agrees to
release * * * [IBM] 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 or the termination
of that employment. * * * 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 or state law dealing
with discrimination in employment on the basis of sex,
race, national origin, religion, disability, 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 release does not include
your vested rights, if any, in the IBM Retirement Plan,
which survive unaffected by this release.
* * * * * * *
3. This release does not waive any claims that
you may have which arise after the date you
sign this release.
* * * * * * *
6. In the event of rehire by IBM or any of its
subsidiaries as a regular employee, you
understand that IBM reserves the right to
require repayment of a prorated portion of
the ITO-II Program payment. The amount of
repayment will be based on the number of
weeks off the IBM payroll compared with the
number of weeks' salary used to calculate
your payment.
On April 15, 1993, petitioners filed their 1992 Federal
income tax return. They included the amount of the lump-sum
payment in the amount reported on Form 1040, line 7 (Wages,
salaries, tips, etc.).
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