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July 22, 2001 We hope to have this information confirmed very soon ... On Friday we received the following via e-mail: Senior Vice President and Group Executive IBM Technology Group John E. Kelly III announced today that he would retroactively change the rules for variable pay for employees in band 1-9. Insead of being based 100% on the perfromance of the IBM corporation, variable pay will be based 60% on the performance of the Technology Group and 40% on the perfromance of IBM corp. Given the difficult business conditions being faced by IBM Microelectronics this could result in a 6% reduction in annual pay (based on a 60% cut in variable pay).
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