James J. and Linda J. Harford - Page 4

                                        - 4 -                                         

               Pursuant to the termination of his employment, petitioner              
          husband received benefits under the "Networking Hardware Division           
          and Networking Software Division Resource Transition Program"               
          (NRTP) established by IBM to induce employees to resign or retire           
          early under a plan of corporate downsizing.  Under the NRTP, a              
          participating employee was entitled to a lump-sum payment,                  
          temporary medical and dental insurance (which the employee could            
          continue later at his or her own cost), and career transition               
          services.  The lump-sum payment was payable at the time of a                
          participating employee's departure and was reduced by any                   
          advances or loans owed to IBM at the time of departure.  If a               
          participating employee resumed his employment with IBM within a             
          specified period, a prorated amount of the lump-sum payment was             
          required to be repaid.                                                      
               In connection with his participation in NRTP, petitioner               
          husband executed, on July 15, 1994, a document entitled "General            
          Release and Covenant Not to Sue" (the Release) setting out the              
          terms of his severance package.  The Release stated:                        

               In exchange for the sums and benefits which you will                   
               receive pursuant to the terms of the * * * [NRTP] * * *                
               [petitioner husband] agrees to release International                   
               Business Machines Corporation, its subsidiaries and                    
               affiliates, and its benefits plans, (hereinafter "IBM")                
               from all claims, demands, actions or liabilities you                   
               may have against IBM of whatever kind, including but                   
               not limited to those that 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                  




Page:  Previous  1  2  3  4  5  6  7  8  9  10  11  Next

Last modified: May 25, 2011