EXHIBIT XI
AMENDMENT TO EMPLOYMENT AGREEMENT
---------------------------------
Agreement made and entered into effective as of the first day of
January, 1996 by and between International Business Machines Corporation (the
"Company"), a New York Corporation, and Xxxxx X. Xxxxxxxx, Xx. (the
"Executive").
Pursuant to Section 17 of the Employment Agreement dated as of March
26, 1993 between the Company and the Executive, said Agreement is amended as
follows:
1. Section 4 is amended to provide that Executive's annual Base
Salary shall be $1,500,000.
2. Section 5 is amended to provide that Executive's annual incentive
award target opportunity shall be at least $2,000,000.
3. Section 6 is amended to provide that Executive's long-term
performance incentive award target opportunity shall be at least $1,500,000.
IN WITNESS WHEREOF, the undersigned have executed this Agreement as of
the date first written above.
INTERNATIONAL BUSINESS MACHINES CORPORATION
/s/ Xxxxxx X. Xxxxxxxx
By:
--------------------------
J. Xxxxxx Xxxxxxxx
Senior Vice President,
Human Resources
Agreed to and accepted by:
/s/ Xxxxx X. Xxxxxxxx, Xx.
----------------------------
Xxxxx X. Xxxxxxxx, Xx.
