Editor’s note: This story has been updated to state that Boeing ( BA ) reports earnings premarket Wednesday, not after the closing bell.

Boeing Co. ( BA ) and its striking machinists reached a preliminary agreement to resolve the five-week strike over the weekend. Union members will vote on the proposal on Wednesday.

The Details: The proposed contract includes 35% wage increases over four years, a one-time ratification bonus of $7,000, guaranteed minimums in Boeing's ( BA ) annual bonus program and higher 401(k) contributions. 

Analysts at BofA Securities noted they are "more optimistic" about members voting in favor of the contract due to mounting pressure from both sides to end the strike and the involvement of U.S. Secretary of Labor Julie Su who met with both parties earlier this week.

"With the help of Acting U.S. Secretary of Labor Julie Su, we have received a negotiated proposal and resolution to end the strike, and it warrants presenting to the members and is worthy of your consideration," the International Association of Machinists and Aerospace Workers District 751 said in a statement Saturday.

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While some see the offer as an improvement, others view it as insufficient. Boeing’s new contract offer does not include the reinstatement of a defined-benefit pension plan, which was one of the key demands of the striking workers. One machinist interviewed by Seattle's KREM 2 News said he was disappointed by the proposed contract. 

“It’s just another slap in the face just like the past 10 years have been,” the union member said in the interview.

What's Next: Boeing ( BA ) is also set to report its third-quarter financial results premarket Wednesday before the union vote concludes.

A ratified contract with the workers would be a win for new CEO Kelly Ortberg who held Boeing's ( BA ) top executive position for only a month before the strike began.

"If union members do agree to end the strike — the supply chain, investors, and Boeing ( BA ) management will share a collective sigh of relief," BofA Securities wrote. 

BA Price Action: According to Benzinga Pro, Boeing ( BA ) shares are up 23.22% at $160.01 at the time of publication Monday.

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