Wilton Earl and Dorothy M. Keel - Page 3

                                                - 3 -                                                 
            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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