Common use of Optional Termination Pay Clause in Contracts

Optional Termination Pay. (a) If the Company notifies the Union in writing of a surplus which would necessitate layoffs, the Company may, to the degree necessary to resolve the surplus, in order of seniority, offer employees not affected by the surplus condition the opportunity of Optional Termination Pay. The Company will offer Optional Termination Pay where there is an employee(s) at risk of layoff having more than five (5) years TERM OF EMPLOYMENT at the time surplus is declared. Optional Termination Pay offers will not exceed the number of employees declared surplus in the affected Production universe, Tier universe, or Trades classification. (b) Regular full-time employees who are not affected by the surplus condition may, to the degree necessary to relieve the surplus and in order of seniority, request Optional Termination Pay on a voluntary basis. (c) An employee who elects this option shall leave the payroll without recall rights on a date determined by the Company and receive any unused accrued vacation pay to which the employee is entitled plus a lump sum payment calculated using the following table: 3 3 12 14 4 4 13 16 5 5 14 18 6 6 15 20 7 7 16 22 8 8 17 24 9 9 18 26 10 10 19 28 (d) Three (3) weeks of additional pay for each full year of service in excess of nineteen (19) years.

Optional Termination Pay. (a) If the Company notifies the Union in writing of a surplus which would necessitate layoffs, the Company may, to the degree necessary to resolve the surplus, in order of seniority, offer employees not affected by the surplus condition the opportunity of Optional Termination Pay. The Company will offer Optional Termination Pay where there is an employee(s) at risk of layoff having more than five (5) years TERM OF EMPLOYMENT at the time surplus is declared. Optional Termination Pay offers will not exceed the number of employees declared surplus in the affected Production universe, Tier universe, or Trades classification. (b) Regular full-time employees who are not affected by the surplus condition may, to the degree necessary to relieve the surplus and in order of seniority, request Optional Termination Pay on a voluntary basis. (c) An employee who elects this option shall leave the payroll without recall rights on a date determined by the Company and receive any unused accrued vacation pay to which the employee is entitled plus a lump sum payment calculated using the following table: 3 3 12 14 4 4 13 16 5 5 14 18 6 6 15 20 7 7 16 22 8 8 17 24 9 9 18 26 10 10 19 28 (d) Three (3) weeks of additional pay for each full year of service in excess of nineteen (19) years.