Common use of Permanent Closure Clause in Contracts

Permanent Closure. In the case of a permanent closure of all or a portion of a Business Unit, the Company will; (a) Offer the Voluntary Early Retirement Incentive in accordance with section 17.01(a) (Voluntary Early Retirement Incentive). If sufficient numbers of employees do not retire under the terms of the Voluntary Early Retirement Incentive, the Company will; (b) Implement the bumping procedure as outlined in sections 17.02 (Layoffs in Excess of 14 Days) and 17.04 (Bumping Between Business Units). Employees who have exhausted all opportunities to displace: (i) an employee within their own Business Unit as per section 17.02 (Layoffs in Excess of 14 Days) may; prior to displacing an employee in another Business Unit in accordance with section 17.04 (Bumping Between Business Units), opt to accept severance pay in accordance with section 17.01 (b) (Severance Pay). (ii) any other employee in any Business Unit, in accordance with section 17.02 (Layoffs in Excess of 14 Days) and 17.04 (Bumping Between Business Units) may decide to accept severance pay in accordance with section 17.01 (b) (Severance Pay) or may choose to be laid off and placed on the recall list, in which case they will receive the Supplemental Unemployment Benefit as per 17.01 (c)(Supplemental Unemployment Benefits).

Permanent Closure. In the case of a permanent closure of all or a portion of a Business Unit, the Company will; (a) Offer the Voluntary Early Retirement Incentive in accordance with section 17.01(a) (Voluntary Early Retirement Incentive). If sufficient numbers of employees do not retire under the terms of the Voluntary Early Retirement Incentive, the Company will; (b) Implement the bumping procedure as outlined in sections 17.02 (Layoffs in Excess of 14 Days) and 17.04 (Bumping Between Business Units). Employees who have exhausted all opportunities to displace: (i) an employee within their own Business Unit as per section 17.02 (Layoffs in Excess of 14 Days) may; prior to displacing an employee in another Business Unit in accordance with section 17.04 (Bumping Between Business Units), opt to accept severance pay in accordance with section 17.01 (b) (Severance Pay). (ii) any other employee in any Business Unit, in accordance with section 17.02 (Layoffs in Excess of 14 Days) and 17.04 (Bumping Between Business Units) may decide to accept severance pay in accordance with section 17.01 (b) (Severance Pay) or may choose to be laid off and placed on the recall list, in which case they will receive the Supplemental Unemployment Benefit as per 17.01 (c)(Supplemental Unemployment Benefits).

Permanent Closure. In the case of a permanent closure cIosure of all aII or a portion of a Business Unit, the Company willwiII; (a) Offer the Voluntary Early VoIuntary EarIy Retirement Incentive in accordance with section 17.01(a) (Voluntary Early VoIuntary EarIy Retirement Incentive). If sufficient numbers of employees empIoyees do not retire under the terms of the Voluntary Early VoIuntary EarIy Retirement Incentive, the Company willwiII; (b) Implement ImpIement the bumping procedure as outlined outIined in sections 17.02 (Layoffs in Excess of 14 Days) and 17.04 (Bumping Between Business Units). Employees EmpIoyees who have exhausted all aII opportunities to displacedispIace: (i) an employee empIoyee within their own Business Unit as per section 17.02 (Layoffs in Excess of 14 Days) may; prior to displacing dispIacing an employee empIoyee in another Business Unit in accordance with section 17.04 (Bumping Between Business Units), opt to accept severance pay in accordance with section 17.01 (b) (Severance Pay). (ii) any other employee empIoyee in any Business Unit, in accordance with section 17.02 (Layoffs in Excess of 14 Days) and 17.04 (Bumping Between Business Units) may decide to accept severance pay in accordance with section 17.01 (b) (Severance Pay) or may choose to be laid Iaid off and placed pIaced on the recall list, in which case they will receive the Supplemental Unemployment Benefit as per 17.01 (c)(Supplemental Unemployment Benefits)recaII Iist.