Optional Termination Pay Sample Clauses

Optional Termination Pay. (a) If the Company notifies the Union in writing of a surplus which would necessitate layoffs, the Company may, to the degree necessary to resolve the surplus, in order of seniority, offer employees not affected by the surplus condition the opportunity of Optional Termination Pay. The Company will offer Optional Termination Pay where there is an employee(s) at risk of layoff having more than five (5) years TERM OF EMPLOYMENT at the time surplus is declared. Optional Termination Pay offers will not exceed the number of employees declared surplus in the affected Production universe, Tier universe, or Trades classification.
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Optional Termination Pay. Regular full-time or part-time bargaining unit employees may request optional termination pay on a voluntary basis provided they have two (2) or more years of net credited service at the time of the request. An employee who elects this option shall leave the payroll without recall rights on a date determined by the Company and will receive any vacation pay to which the employee is entitled plus a lump sum payment calculated as follows: A matching number of weeks of pay for each net credited year of service for those with two
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Optional Termination Pay. (a) The Company may, to the degree necessary to resolve a surplus, in order of seniority, offer employees in the surplus universe the opportunity to elect Optional Termination Pay.
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Related to Optional Termination Pay

  • Termination Pay Effective upon the termination of this Agreement, the Employer will be obligated to pay the Executive (or, in the event of his death, his designated beneficiary as defined below) only such compensation as is provided in this Section 6.5, and in lieu of all other amounts and in settlement and complete release of all claims the Executive may have against the Employer. For purposes of this Section 6.5, the Executive's designated beneficiary will be such individual beneficiary or trust, located at such address, as the Executive may designate by notice to the Employer from time to time or, if the Executive fails to give notice to the Employer of such a beneficiary, the Executive's estate. Notwithstanding the preceding sentence, the Employer will have no duty, in any circumstances, to attempt to open an estate on behalf of the Executive, to determine whether any beneficiary designated by the Executive is alive or to ascertain the address of any such beneficiary, to determine the existence of any trust, to determine whether any person or entity purporting to act as the Executive's personal representative (or the trustee of a trust established by the Executive) is duly authorized to act in that capacity, or to locate or attempt to locate any beneficiary, personal representative, or trustee.

  • Vacation Pay Upon Termination When an employee in the bargaining unit is terminated for any reason, he/she shall be entitled to all vacation pay earned and accumulated up to and including the effective date of the termination.

  • Additional Termination Rights In addition to any right to terminate this Agreement under the provisions of this Section 16, either party shall have the further right to terminate this Agreement, upon delivery of written notice to the Agent, upon the occurrence of any of the following:

  • Early Contract Termination The State may terminate this contract in whole or in part by giving fifteen (15) days written notice to the Purchaser when it is in the best interests of the State. If this contract is so terminated, the State shall be liable only for the return of that portion of the initial deposit that is not required for payment, and the return of unapplied payments. The State shall not be liable for damages, whether direct or consequential.

  • Benefit Termination Any employee terminating employment shall be entitled to receive the District insurance contribution for the remainder of the calendar month in which the contribution is effective. In cases where separation occurs after completion of the employee’s full contract obligation (i.e. the end of the school/work year), benefit coverage will continue through August 31 of that year.

  • Vacation Pay on Termination An employee whose employment is terminated shall receive vacation pay at the appropriate percentage of the wages or salary earned during the period of entitlement in accordance with the employee's years of service.

  • Term Termination 8.1 This Agreement shall be effective as of the date hereof and shall continue in force until terminated in accordance with the provisions herein.

  • Early Termination Date The date upon which an Early Termination becomes effective as specified in Section 5.2 of this Agreement. Effective Date - The date specified above as the effective date. Electric Distribution Company or “EDC” – A public utility providing facilities for the transmission and distribution of electricity to retail customers in Pennsylvania. Electric Generation Supplier or “EGS” – A person or entity that is duly certified by the Commission to offer and provide competitive electric supply to retail customers located in the Commonwealth of Pennsylvania.

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