Standard Severance Program. 1. In the event that further reductions in the numbers of Employees are required following operation of Option I above, or in the event that the Employer has chosen not to offer severance in accordance with Option I above, then the Employer will offer the following Standard Severance Program to eligible Regular Employees. 2. A Regular Employee who has received layoff notice in accordance with Article 15 and for whom no alternate vacant position is available, shall have the option to select either of: (a) Layoff with recall rights as specified in Article 15 of the Collective Agreement; or (b) Severance in accordance with this Letter of Understanding.
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Sources: Collective Agreement, Collective Agreement