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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
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