(1) Beginning November 1, 1988, the Company will solicit for a period of thirty (30) days voluntary separation requests from eligible employees. The amount of the separation allowance shall be an amount equal to the greater of the employee's earnings on the territory Hinkle North during either the 1986 or 1987 calendar years, subject to all applicable taxes. There shall be a $25,000 minimum separation allowance (subject to all applicable taxes).

(2) Under this Article II, an employee eligible for a separation allowance is an active or furloughed employee holding seniority on the territory north of Hinkle, and who is a protected employee under the basic crew consist agreement effective September 15, 1980.

(3)(a) Eligible employees applying for the separation allowance under (1) above may elect to receive the allowance in one lump sum payment or elect to receive it in four (4) equal amounts over a two (2) year period.

(b) Any employee who wishes to accept the separation allowance in four (4) equal amounts must give the designated officer notice when making application.