8.01       As of January 1, employees with three (3) or more years of seniority shall receive a vacation bonus payable in cash and equal to twenty percent (20%) of such employee's normal vacation payment.

8.02       In the event any employee who has Benefit Service is expected to be laid off during any calendar year, the Company and the Union shall discuss the matter and, if the Union agrees, instead of cash vacation bonus payments hereunder, time off with pay may be scheduled for certain of the employees who would otherwise be entitled to such payment.

8.03       Such discussions shall be held in the month of December of each year (and at such other times as the parties may agree) to determine to what extent vacation time off with pay should be scheduled in lieu of payment of cash vacation bonuses to alleviate lay off of junior employees having Benefit Service.

8.04       Should the Union decide to use vacation bonus credits to stabilize the employment of employees, the outstanding vacation bonus entitlement will not be paid off prior to December 15th. If however, the Union decides to use the vacation bonus entitlement as a straight cash supplement to vacations, the bonus will be paid in cash at the time of the employee's vacation.

8.05       Notwithstanding the provisions of Article 8.01, an employee must have actually worked ninety [90] days including all days on Workers Compensation in the previous calendar year to be entitled to his full vacation bonus. Employees who have worked less than ninety [90] days including all days on Workers Compensation shall receive the vacation bonus to which they otherwise be entitled under Article 8 pro-rated to reflect the ratio of the days actually worked to total working days (i.e. Regular entitlement x days worked divided by 249). Days on Workers Compensation is to be counted as days worked strictly for the purposes of this Article.