Common use of Voluntary Severance Clause in Contracts

Voluntary Severance. During the period of July 10, 1993 to July 30, 0000, Xxxxxx Xxxxx Inc. employees who have not received termination notices will be eligible for voluntary severance upon providing two weeks’ notice, subject to the following conditions: (a) Employees, 55 years of age with 15 years or more of service as of December 31, 1993 are not eligible for voluntary severance. (b) The amount of severance pay will be calculated as follows: One (1) week’s pay for each year of service (maximum 26 weeks) based on the employee’s May 7, 1993 model payroll rate x 40. (c) The Company will have the right to retain employees, if deemed necessary, for up to six (6) months. (d) The number of employees exercising this option will be limited to: the total number of active employees who are eligible to retire under the Early Retirement package by Local Union the number of employees who exercise this option to retire under the Early Retirement package by Local Union.

Voluntary Severance. During the period of July 10, 1993 to July 30, 0000, Xxxxxx Xxxxx Inc. employees who have not received termination notices will be eligible for voluntary severance upon providing two weeks’ notice, subject to the following conditions: (a) Employees, Employees 55 years of age with 15 years or more of service as of December 31, 1993 are not eligible for voluntary severance. (b) The amount of severance pay will be calculated as follows: One (1) week’s pay for each year of service (maximum 26 weeks) based on the employee’s May 7, 1993 model payroll rate x 40. (c) The Company will have the right to retain employees, if deemed necessary, for up to six (6) months. (d) The number of employees exercising this option will be limited to: the total number of active employees who are eligible to retire under the Early Retirement package by Local Union the number of employees who exercise this option to retire under the Early Retirement package by Local Union.