COLLECTIVE BARGAINING AGREEMENT Between NEW YORK UNIVERSITY And LOCAL ONE SECURITY OFFICERS UNION
July 1, 2001 - June 20, 2006

ARTICLE 10 - SEVERANCE PAY

A. In the event of severance of employment by reason of layoff, all regular full-time Employees covered by this Agreement shall be paid, in addition to any accrued vacation allowance, a severance allowance of one (1) week's pay for each full year of service with the Employer. However, in no event, shall an Employee receive in severance allowance an amount in excess of that which he would receive for the maximum unemployment allowance provided under the New york State Unemployment Insurance Laws.

B. This Article 10 shall be applicable only to those Employees on payroll as of September 1, 1972. With respect to all Employees hired subsequent to that date, the provisions of Appendix B, attached hereto, shall govern.