You have reasonably accurate info, Heilhaavir. The other option mentioned, only consisted of a meager 1 month's salary of severance pay (an insult to 12 yr FE's!). Neither option was accepted, so the company fired the engineers under what little obscure contractual language they could scrounge (section 19 - misbehavior /incompetence). They did this under the grounds that Polar's PFE's were incompetent to pass an FO check ride (the only seat remaining).
What a shame that the Atlas and Polar pilot groups could not get along over the years. They now need each other's solidarity more than ever. Sadly instead, both will inherit the mud that was created.