(Bloomberg) -- Boeing Co. and the union representing 33,000 striking workers reached a tentative agreement on a new contract with help from the White House, underscoring the high stakes to end a work stoppage that has crippled one of the largest US exporters.

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The proposal hammered out overnight in Seattle includes a wage increase of 35% spread over four years, a guaranteed annual bonus of at least 4% and an additional $7,000 bonus if workers approve the contract, IAM District 751 said in a statement on its website Saturday. A ratification vote is set for Oct. 23.

The potential breakthrough ends a lengthy impasse marked by miscues and finger-pointing on both sides. The White House sent Acting Secretary of Labor Julie Su to Seattle to support the collective bargaining process, and she met multiple times with both the union and new Boeing Chief Executive Officer Kelly Ortberg to overcome the stalemate.

“President Biden believes the collective bargaining process is the best way to achieve good outcomes for workers, and the ultimate decision on a contract will be for the union workers to decide,” the White House said in a statement after the two sides confirmed that they’d reached a deal.

Resolving the strike would provide a boost to Ortberg, who joined Boeing in August with a mandate to revamp operations. He is slated to address analysts and investors for the first time Oct. 23, when Boeing reports its third-quarter results.

A tentative deal between Boeing and the union doesn’t guarantee that workers will also fall in line. When the first proposal, which was backed by both sides, was put to a vote last month, employees overwhelmingly turned it down.

Boeing has since come back twice with sweetened bids, first with a 30% increase that it took directly to workers, and now with the latest plan that is on the table and is 10 percentage points above the initial offer.

“We look forward to our employees voting on the negotiated proposal,” Boeing said in a statement.

Pressure Mounting

Pressure is mounting for Boeing, its suppliers and striking workers as the strike enters a sixth week. The work stoppage that began Sept. 13 stretches along the West Coast and has forced Boeing to shut down assembly lines for its cash-cow 737 Max, 767 and 777 aircraft.