Weary Boeing (BA) investors are getting a lift on Friday after the planemaker and its main worker union, the International Association of Machinists (IAM), struck a tentative deal.

Under the proposal, Boeing upped its pay hike to 38% over the course of the four-year contract, up from the last offer’s 30% raise; merged the prior $7,000 ratification bonus with a $5,000 lump sum payment for a total $12K into 401(k) plans or as a cash payout; increased its 401(K) match; and lowered health care premiums, among other things.

Boeing stock is up nearly 4% in midday trade as traders and investors bet the new offer will seal the deal.

“It is time for our Members to lock in these gains and confidently declare victory,” the IAM said to its 30,000 union members. “We believe asking members to stay on strike longer wouldn't be right as we have achieved so much success.”

Boeing’s only statement with regards to the sweetened offer: “We encourage all of our employees to learn more about the improved offer and vote on Monday, Nov. 4.”

Interestingly, Boeing committed to building its next airplane in the Seattle/Puget Sound region, where IAM is located, suggesting union members will assemble it. Boeing has a non-union plant in South Carolina, where some 787 Dreamliners are built.

For Boeing, the resolution of this labor strike is tantamount. Last week, the company reported negative operating cash flow of $1.34 billion and a staggering third quarter net loss of $6.17 billion, bringing total losses in 2024 to nearly $8 billion.

Boeing said negative operating cash flow reflected lower commercial plane deliveries as well as the impact of the work stoppage. Prior to the labor strike, Boeing was under heavy scrutiny to improve its safety culture following the Alaska Airlines door blowout in January, which was limiting the number of 737 MAX aircraft it could produce.

Boeing’s dwindling cash position threatened the company’s investment credit rating, which led to the company announcing earlier this week that it would launch a $19 billion share sale to boost its cash reserves.

The financial impact of the ongoing labor strike, entering its sixth week, has been costly for Boeing, the industry, and its union workers. The Anderson Economic Group estimates union members lost $808.3 million in wages, with Boeing suppliers losing over $2.3 billion.

With Anderson estimating losses for Boeing at nearly $5.6 billion, the research firm projects overall direct losses for all parties involved, and the Seattle Metro area, at $9.66 billion.

Pras Subramanian is a reporter for Yahoo Finance. You can follow him on Twitter and on Instagram.