1998 GENERAL MEMORANDUM OF UNDERSTANDING
Whereas, the Potomac Electric Power Company (the "Company") and
Local 1900 of the International Brotherhood of Electrical Workers
(the "Union") by mutual agreement conducted early negotiations to
extend the 1995 Collective Bargaining Agreement;
Whereas, the Company and the Union have agreed to a successor
Collective Bargaining Agreement (hereinafter referred to as the
"1998 Agreement'), whose terms are set forth below; and
Whereas, the Company and Union have agreed that the 1998 Agreement
shall be subject to ratification by the bargaining unit and shall
be effective upon ratification except as provided elsewhere in the
Agreement;
It is, therefore, further agreed and understood between the Company
and Union that:
I. The 1998 Agreement shall extend the 1995 Collective
Bargaining Agreement for one (1) year (until 6/1/99).
II. Within thirty (30) days of ratification, each employee
who is a member of the bargaining-unit on the date this
1998 Agreement is ratified shall be paid a lump-sum,
ratification incentive of 2.5% (less applicable taxes) of
their annual base earnings for 1997.
III. In addition to the days set forth in Section 11.01 of the
1993 Collective Bargaining Agreement, December 24, 1998
shall be observed as a uniform and fixed holiday during
the 1998 Agreement.
IN WITNESS WHEREOF, on this 8th day of January 1988, the parties
have caused their appropriate and duly authorized representatives
to sign this General Memorandum of Understanding, signifying
thereby their agreement hereon.
For the Union For the Company
/S/ XXXXX X. XXXXXX /S/ A. S. XXXXXXXXX
Xxxxx X. Xxxxxx Xxxxxxx X. Xxxxxxxxx,
President/Financial Secretary/ Group Vice-President
Business Manager Corporate Services
/S/ XXXXXXX X. XXXXXXXXX
Manager, Industrial Relations
& Employee Benefits
