EXHIBIT 10-PP
VOLUNTARY ENHANCED RETIREMENT PROGRAM (VERP)
THE AGREEMENT
For Nonbargaining Employees
VOLUNTARY ENHANCED RETIREMENT PROGRAM (VERP)
For Nonbargaining Employees
The Agreement
The Agreement
August 3, 1998
By accepting to participate in the Voluntary Enhanced Retirement Program being
offered by GPU Generation, Inc. and GPU Nuclear, Inc. (hereinafter referred to
as the "Company"), I fully understand that:
- My employment with the Company will end with my retirement on the date
established by the Company but no later than September 30, 1999; and
- In exchange for the benefits I will receive under the Voluntary Enhanced
Retirement Program, I am giving up forever any and all rights and claims I
have against the Company and others with respect to my employment up
through the date I execute this Agreement, except for the right to
retirement benefits, enforcement of the Voluntary Enhanced Retirement
Program, and Workers' Compensation claims.
- If I am employed by the buyer of the GPU Generation assets, I will continue
to receive Voluntary Enhanced Retirement Program benefits, but will not be
entitled to transition benefits, whether pension related or otherwise,
provided to employees who transition directly from the Company to the
buyer.
Page 1
VOLUNTARY ENHANCED RETIREMENT PROGRAM (VERP)
For Nonbargaining Employees
The Agreement
PART I: ACCEPTANCE TO PARTICIPATE IN THE VOLUNTARY ENHANCED RETIREMENT PROGRAM
1. Conclusion of Employment: I, Xxxxxx X. Xxxx, hereby voluntarily elect
to participate in the Company's Voluntary Enhanced Retirement Program
(the "Program") and retire from the Company on the date established by
the Company but no later than September 30, 1999.
The Program is set forth in the Plan Description, a copy of which has
been provided to me and is incorporated herein by reference.
2. I UNDERSTAND AND AGREE THAT MY ELECTION TO RETIRE WILL BECOME
IRREVOCABLE AS OF THE CLOSE OF BUSINESS SEVEN (7) DAYS FOLLOWING THE
DATE I SIGN THIS AGREEMENT UNLESS I REVOKE MY ACCEPTANCE TO PARTICIPATE
IN THE PROGRAM BY MY DELIVERING IN HAND, WITHIN SUCH SEVEN (7) DAY
PERIOD, TO AN R&DP OR HUMAN RESOURCES REPRESENTATIVE AT MY WORK SITE
(OR DESIGNEE IF NO SUCH REPRESENTATIVE IS LOCATED THERE) A SIGNED AND
DATED "REVOCATION FORM", A COPY OF WHICH FORM HAS BEEN PROVIDED TO ME.
3. Separation Incentive: I understand that the Program provides the
following incentive to which I am otherwise not entitled under the
Company's Employee Pension Plan (hereinafter referred to and the
"pension plan") and Retiree Health Care Plan, and I accept this
incentive as the full, sufficient and complete consideration for my
agreement to retire on the agreed-upon date but no later than September
30, 1999 and for the Full and Final Waiver and Release which is a part
of this Agreement:
- The basic pension, as defined in the pension plan, will be
calculated by adding five (5) years to my age and five (5) years
to my years of Creditable Service. With respect to any Social
Security Equalization option benefit I may elect, my actual age
will be used for that part of the calculation and the 20% first
year increase will not be applied to that portion of the benefit.
- A Social Security Supplement will be payable in the amount of $500
monthly, commencing at retirement and continuing until my
attaining age 62. With respect to any Social Security Supplement
benefit, the 20% first year increase will not be applied to that
portion of the benefit.
- I shall be eligible for retiree health coverage regardless of my
length of service.
Page 2
VOLUNTARY ENHANCED RETIREMENT PROGRAM (VERP)
For Nonbargaining Employees
The Agreement
PART II: FULL AND FINAL WAIVER AND GENERAL RELEASE
In return for the benefits available to me under the Program, I hereby fully
release the Company from any and all claims and rights which I now have or may
have against it, including claims for attorney's fees through the date I sign
this Agreement. Such claims and rights include those of which I am aware and
those of which I may be presently unaware. They extend to those arising under
any contract and those involving any tort or personal injury I may have
suffered. Such claims and rights also include those which may arise under any
federal, state, or local statute or under common law, including those dealing
with employment discrimination, such as the Age Discrimination in Employment
Act, the Pennsylvania Human Relations Act, the New Jersey Law Against
Discrimination, or the New Jersey Conscientious Employee Protection Act, as
amended, and those which may arise under any other legal restriction on an
employer's rights with respect to its employees.
I also waive all rights I might have to share in any damages or other relief
awarded under any class action, EEOC charge, Pennsylvania Human Relations
Commission complaint, New Jersey Division on Civil Rights complaint, or as a
result of any federal, state, or local administrative agency action. I also
hereby fully release the Company's parent, affiliated and subsidiary companies
and the present and former directors, officers, employees and agents and their
successors in interest of the Company and its parent, affiliated and subsidiary
companies from any such claims or rights I might have.
The only exceptions to this Waiver and General Release of claims and rights are
with respect to my retirement benefits, enforcement of the Program, and claims
under applicable Workers' Compensation laws for occupational injuries or
illnesses. I understand and agree that after the Agreement becomes effective, I
cannot bring or participate as a party, or member of a class, in any lawsuit or
receive any portion of any recovery in a proceeding conducted or brought by the
EEOC or other administrative agency which is based on any claims or rights
covered by this Waiver and General Release.
Page 3
VOLUNTARY ENHANCED RETIREMENT PROGRAM (VERP)
For Nonbargaining Employees
The Agreement
PART III: EMPLOYEE CERTIFICATION
I certify to the Company the following:
1. I voluntarily elect to participate in the Program and execute this
Agreement;
2. The only consideration for executing this Agreement is the benefit to
be provided to me under the Program as set forth in Part I above and,
more fully, in the Plan Description;
3. No other promise, inducement, threat, agreement or understanding of any
kind or description whatsoever has been made with or to me by any
person or entity to cause me to execute this Agreement;
4. I have carefully read the Plan Description and this Agreement;
5. I have been given at least forty-five (45) days from the date on which
I received this Agreement within which to consider this Agreement. If I
have executed this Agreement before the end of the full forty-five (45)
days, I did so of my own free will;
6. I was advised by the Company to consult with my personal attorney prior
to executing this Agreement;
7. I fully understand that if I want to revoke this Agreement and my
election to participate in the Program, I must do so by delivering in
hand to a Human Resources representative at my work site (or its
designee if no Human Resources representative is located there) a fully
executed Revocation Form within seven (7) days from the date I executed
this Agreement; and
8. During the period between my execution of this Agreement and my
retirement date, I will promptly notify the Company, in writing, of
any change of circumstances that relates to the matters to which I
have certified in this Agreement or of any events that I believe may
give rise to a claim or cause of action by me against the Company or
any of its officers, directors, employees, and agents. If I have not
so notified the Company, it and the others I have released and waived
rights against in this Agreement can rely that no such change in
circumstances or events occurred during that period; and I will be
precluded from participating as a party, or as a member of a class, in
any lawsuit or receive any portion of any recovery in a proceeding
conducted or brought by the EEOC or other administrative agency which
is based on any such claim or cause of action.
Page 4
VOLUNTARY ENHANCED RETIREMENT PROGRAM (VERP)
For Nonbargaining Employees
The Agreement
PART IV: EFFECTIVE DATE AND EXECUTION
This Agreement will become effective and irrevocable on the eighth (8th) day
after the date I execute this Agreement unless I revoke my acceptance to
participate in the Program in the manner described above.
IN WITNESS WHEREOF, I, for myself and my heirs, administrators, executors,
representatives and assigns, intending to be legally bound by this Agreement,
have executed and sealed this Agreement this 17 day of September , 1998,
before a Notary Public.
Xxxxxx Xxxx
Employee Name (please print) Employee Signature
--- --- --- - --- --- - --- --- --- ---
Social Security Number
Sworn to and subscribed before me this 17 day of September , 1998.
-------- -----------------
__________________________ My Commission expires: ___________________
Notary Public Signature
EMPLOYEE AND MANAGEMENT RETIREMENT DATE CONSULATION
The retirement date the Company has established for me. See attached for
qualifier.
Retirement Date: June 30, 1999
________________________________ Sept. 29, 1999
-----------------------------------
Employee Signature Date
Page 5
VOLUNTARY ENHANCED RETIREMENT PROGRAM (VERP)
For Nonbargaining Employees
The Agreement
Xxxx X. Xxxxx
Manager Name (please print) Manager Signature
HUMAN RESOURCES USE ONLY
This Agreement has been received this 17 day of Sept. , 1998, by
me as a Human Resources representative or Human Resources designee of the
Company.
--------------------------------- --------------------------------
Human Resources/Designee Name Human Resources/Designee Signature
(please print)
Page 6
