Common use of Amount and Form Clause in Contracts

Amount and Form. a. Except as otherwise provided under Paragraphs 4(b) and 4(c), an eligible Employee shall receive a single lump sum payment equal to one (1) week of pay at the Employee’s Vacation Rate of Pay for each year of Continuous Service or portion thereof, up to a maximum of eight (8) weeks. b. An eligible Employee other than an Employee accruing service under the U.S. Steel Pension Agreement shall receive: (1) One (1) week of pay at the Employee’s Vacation Rate of Pay for each year of Continuous Service or portion thereof; and (2) In the case of Paragraph 2(b)(3) above, an additional two (2) weeks of pay at the Employee’s Vacation Rate of Pay for each year of service over fifteen (15) years of Continuous Service or portion thereof. c. In the case of Paragraph 2(b)(3) above, the Severance Allowance payable to an Employee accruing service under the U.S. Steel Pension Agreement will be reduced by the amount of any Supplemental Unemployment Benefits paid for the sixty (60) days ending with the request for Severance Allowance. d. Notwithstanding any other provision of this Agreement, any Severance Allowance payable to an Employee who is eligible for an immediate unreduced pension under the U.S. Steel Pension Agreement shall be reduced by (1) the present value of the incremental pension benefits as defined below; and (2) the value of retiree health benefits as determined in accordance with the Age Discrimination in Employment Act as amended. As used in the preceding sentence, “the present value of the incremental pension benefits” shall be understood to mean the present value of the difference between (1) the total amount of pension payable to such Employee prior to age 62; and (2) the portion of such pension not attributable to the occurrence of the contingent event of Permanent Closure. The interest rates used to determine present value shall be the PBGC rates for single life annuities in effect for the month in which Severance Allowance would otherwise be paid.

Amount and Form. a. Except as otherwise provided under Paragraphs 4(b) and 4(c), an eligible Employee shall receive a single lump sum payment equal to one (1) week of pay at the Employee’s Vacation Rate of Pay for each year of Continuous Service or portion thereof, up to a maximum of eight (8) weeks. b. An eligible Employee other than an Employee accruing service under the U.S. Steel Pension Agreement shall receive: (1) One (1) week of pay at the Employee’s Vacation Rate of Pay for each year of Continuous Service or portion thereofthereof but not less than three (3) weeks; and (2) In the case of Paragraph 2(b)(3) above, an additional two (2) weeks of pay at the Employee’s Vacation Rate of Pay for each year of service over fifteen (15) years of Continuous Service or portion thereof. c. In the case of Paragraph 2(b)(3) above, the Severance Allowance payable to an Employee accruing service under the U.S. Steel Pension Agreement will be reduced by the amount of any Supplemental Unemployment Benefits paid for the sixty (60) days ending with the request for Severance Allowance. d. Notwithstanding any other provision of this Agreement, any Severance Allowance payable to an Employee who is eligible for an immediate unreduced pension under the U.S. Steel Pension Agreement shall be reduced by (1) the present value of the incremental pension benefits as defined below; and (2) the value of retiree health benefits as determined in accordance with the Age Discrimination in Employment Act as amended. As used in the preceding sentence, “the present value of the incremental pension benefits” shall be understood to mean the present value of the difference between (1) the total amount of pension payable to such Employee prior to age 62; and (2) the portion of such pension not attributable to the occurrence of the contingent event of Permanent Closure. The interest rates used to determine present value shall be the PBGC rates for single life annuities in effect for the month in which Severance Allowance would otherwise be paid.