LETTER 11

Ratification Bonus

 

Mr. James M. Parent

Assistant Directing Business Representative

District Lodge No. 26

I.A.M.A.W., AFL-CIO

365 New Britain Road

Kensington, Connecticut 06037

 

Dear Mr. Parent:

This letter will confirm the understanding and agreement between the Company and the Union concerning the payment of a $1500 ratification bonus.

Following the ratification of this Agreement, employees who are both on the payroll of the Company and covered by this Agreement as of December 6, 2004, shall receive a $1,500 cash bonus.  No other employee or former employee shall be eligible for this bonus.  The cash bonus will be paid under the following guidelines: 

  1. Employees will be given the opportunity to place some or all of this bonus in the Savings Plan.
  2. Employees must elect in writing to put some, or all, of their bonus, in $250 increments, into the Savings Plan no later than December 17, 2004.
  3. The Company will match at 50% any of the ratification bonus placed in the Savings Plan.
  4. Employees who do not make such election will be paid a ratification bonus of $1,500 (Gross) no later than December 23, 2004.

Sincerely,

James R. Miller

Vice President, Industrial Relations

Accepted this 6th day of December 2004