Common use of Second Lump Sum Payment Clause in Contracts

Second Lump Sum Payment. On July I, 1998, each employee will be paid a lump sum equal to the excess of (i) three-and-one-half (3%) percent of the employee’s compensation for 1997, including pay for overmiles but excluding pay elements not subject to general wage increases under Paragraph B.4. of this Article and lump sums, over (ii) the lesser of (x) one-half of the amount described in clause (i) above and (y) one-and-one-half times one-quarter of the amount, if any, by which the Carriers’ payment rate for 1998 for foreign-to-occupation health benefits under the Plan exceeds such payment rate for 1995.

Second Lump Sum Payment. On July I1, 1998, each employee will be paid a lump sum equal to the excess of (i) three-three- and-one-half (3%-1/2) percent of the employee’s 's compensation for 1997, including pay for overmiles but excluding pay elements not subject to general wage increases under Paragraph B.4. Section 8 of this Article and lump sums, over (ii) the lesser of (x) one-half of the amount described in clause (i) above and (y) one-and-one-half times one-quarter of the amount, if any, by which the Carriers’ ' payment rate for 1998 for foreign-to-occupation health benefits under the Plan exceeds such payment rate for 1995.