Annual Cash Out Sample Clauses

Annual Cash Out. In January of each year, eligible faculty may elect to participate in the attendance incentive program authorized by RCW 28B.50.553 and cash out unused Personal Leave accrued during the prior calendar year, subject to the following: a. Faculty must maintain a minimum balance of sixty (60) days of Personal Leave following any cashout. b. For full-time faculty, Personal Leave will be cashed out at a rate of one (1) full day’s per diem pay for each four (4) full accumulated Personal Leave days; for part-time faculty, Personal Leave will be cashed out at a rate of one (1) hour’s pay for each four (4) hours of Personal Leave. For part-time faculty, the cash-out rate will be the hourly rate in effect at the time of the cash out.
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Annual Cash Out. Employees accruing vacation are eligible to cash out up to five (5) days of vacation at their hourly rate of pay per year so long as a minimum of ten (10) days is maintained.
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Annual Cash Out. An Annual Leave Cash Out Program (Attendance Incentive Program) shall be implemented as provided for in appropriate state law. On the effective date of this Agreement that program authorized by law is described below. If during the term of this Agreement the Legislature modifies the program as specified below, this Agreement shall be deemed to be amended to conform with such modifications. If during the term of this Agreement, the law authorizing such a program to be negotiated is nullified or repealed, the parties hereby agree that the program outlined herein shall also be nullified, provided the parties agree to immediately negotiate over the issue regarding whether to continue with the same or modified program or to let the Agreement stand with no such program. The Attendance Incentive Program as it exists on the effective date of this Agreement is as follows: In January of the year following any year in which a minimum of sixty (60) days of leave for illness is accrued, and each January thereafter, any eligible employee may exercise an option to receive remuneration for unused leave for illness or injury accumulated in the previous year at a rate equal to one day’s monetary compensation of the employee for each four full days of accrued leave for illness or injury in excess of sixty (60) days. Leave for illness or injury for which compensation has been received shall be deducted from accrued leave for illness or injury at the rate of four (4) days for every one day’s monetary compensation, PROVIDED that no employee may receive compensation under this section for any portion of leave for illness or injury accumulated at a rate in excess of one (1) day per month.
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Annual Cash Out a. An employee may cash out, at 100% value of the regular rate of pay, up to 350 hours at any time during the fiscal year based on the following: 1. Total Universal and Vacation leave balances combined does not fall below 250 hours. 2. At least 80 hours of Universal and/or Vacation leaves (not including sick leave and/or donations) has been used in the last twelve (12) months (calculated using the rolling backward method). 3. An employee must be a current member of the BMA group. If an employee transfers into a non-BMA group position, Universal Leave hours may be used, but are not eligible for the annual cash-out unless allowed for that new non-BMA position.
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Annual Cash Out. On January 1 of each year each faculty member at her/his option may cash in their unused personal leave earned during the previous calendar year less personal leave actually utilized during this period. Full-time faculty may cash in unused compensable personal leave days above an accumulation of sixty (60) compensable days at a ratio of one (1) full day's per diem pay for each four (4) full accumulated compensable Personal Leave Days. Part-time faculty may cash in unused compensable personal leave above an accumulation of 360 hours at a ratio of one (1) hour’s pay for each four (4) accumulated compensable hours. For part-time faculty, the cash-in rate will be equivalent to the per-hour rate in effect in the quarter of cash out.
Sample 1
Annual Cash Out. Once each calendar year, an employee, after providing 30 days’ written notice, will be permitted to cash-out up to forty (40) hours of accrued ETO leave, so long as the employee retains forty (40) hours of accrual, which would be paid on the following payday and be subject to all normal withholdings
Sample 1
Annual Cash Out. Unit members may request and receive payment at the base hourly rate for up to forty (40) hours of accrued vacation on an annual basis, provided that the unit member has a minimum remaining vacation balance of eighty (80) hours following payment. A unit member may request to sell back vacation by entering the number of desired hours on his/her time card. Payment for the hours shall be made in a supplemental paycheck in the following month. The vacation sell-back option is only available once each fiscal year for each unit member.
Sample 1
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Annual Cash Out. With the approval of the Department Director or designee, an employee may cash out, at 100% current value, up to 350 Universal Leave hours anytime during the fiscal year, provided the below requirements are met.  All combined leave balances do not fall below 80 hours after cash out.  At least 36 hours of leave has been used the last twelve (12) months (calculated using the rolling backward method) for time that would have been otherwise worked (i.e. not including donations received pursuant to the City’s leave donation programs or holidays).  An employee must be a current member of the IBEW Local 18 (see below – Transfer to a Non-Universal Leave Unit).
Sample 1
Annual Cash Out a. An employee may cash out, at 100% value of the regular rate of pay, up to 350 hours at any time during the fiscal year. Effective June 28, 2020, the amount of hours an employee can cash out will be increased to 500 hours. This cash out is based on the following. 1. Total Universal and Vacation leave balances combined does not fall below 250 hours. Effective the beginning of the pay period following Council adoption of the MOU, the minimum threshold will be decreased to 160 hours. 2. At least 80 hours of Universal and/or Vacation leaves (not including sick leave and/or donations) has been used in the last twelve (12) months (calculated using the rolling backward method). 3. An employee must be a current BMA-represented employee to cash out Universal Leave. If an employee transfers into a non-BMA group position, Universal Leave hours may be used, but are not eligible for the annual cash-out unless allowed for that new non-BMA position.
Sample 1

Related to Annual Cash Out

  • Sick Leave Annual Cash Out ‌ Each January, employees are eligible to receive cash on a one (1) hour for four (4) hours basis for ninety-six (96) hours or less of their accrued sick leave, if: A. Their sick leave balance at the end of the previous calendar year exceeds four hundred and eighty (480) hours; B. The converted sick leave hours do not reduce their previous calendar year sick leave balance below four hundred and eighty (480) hours; and C. They notify their payroll office by January 31st that they would like to convert their sick leave hours earned during the previous calendar year, minus any sick leave hours used during the previous year, to cash. All converted hours will be deducted from the employee’s sick leave balance.

  • Vacation Cash Out In each calendar year, an employee may make a one-time request to cash out and receive payment for up to forty (40) hours of vacation. In order to be eligible to cash out vacation hours, the employee must be a regular status employee and have a remaining vacation balance of sixty (60) hours or more. Vacation leave that has been pre-approved will be considered when the request is made in order to determine if they will maintain the minimum vacation balance requirement.

  • Earnout (a) The Purchaser shall pay to the Shareholders earnout payments, each in an amount equal to seventy percent (70%) of Earnout Period Revenues generated in each Earnout Period, in accordance with this Section 3.6 (each such payment, an “Earnout Payment”). Notwithstanding the foregoing provisions of this Section 3.6(a), in no event shall the aggregate Earnout Payments payable hereunder be less than zero or greater than Nine Million Eight Hundred Thousand Dollars ($9,800,000). (b) Within ninety (90) days following the end of the First Earnout Period and the Second Earnout Period, as the case may be, the Purchaser shall prepare and deliver to the Shareholders a report setting forth its calculation of the Earnout Payment for such applicable Earnout Period, including a statement of the Earnout Period Revenues for such applicable Earnout Period (the “Earnout Report”). The Purchaser shall provide a reasonable level of supporting documentation for the Earnout Payment and any additional information reasonably requested by the Shareholders related thereto together with the Earnout Report. The Earnout Payment for the applicable Earnout Period shall represent only a right to receive a cash payment from the Purchaser, subject to the terms set forth herein, and shall not be deemed an interest in any security or certificate or entitle the holders thereof to any rights of any kind other than as specifically set forth herein. No interest is payable with respect to any Earnout Payment to the extent timely paid when due. (c) The Shareholders shall have thirty (30) days following receipt of the applicable Earnout Report delivered pursuant to Section 3.6(b) during which to notify the Purchaser of any dispute of any item contained therein or related thereto, which notice shall set forth in detail the basis for such dispute. The Purchaser and the Shareholders shall cooperate in good faith to resolve any such dispute as promptly as possible. Upon such resolution, a Final Earnout Report shall be prepared in accordance with the agreement of the Purchaser and the Shareholders and the calculation of the applicable Earnout Payment, if any, based thereon, shall constitute the applicable Final Earnout Payment and be final and binding upon the Parties. In the event the Shareholders do not notify the Purchaser of any such dispute within such thirty (30)-day period or notify the Purchaser within such period that they do not dispute any item contained therein, the applicable Earnout Report delivered pursuant to Section 3.6(b) shall constitute the Final Earnout Report with respect to such Earnout Period and the Purchaser’s calculation of the applicable Earnout Payment, if any, based thereon shall be final and binding upon the Parties. (d) In the event the Purchaser and the Shareholders are unable to resolve any dispute regarding an Earnout Report delivered pursuant to Section 3.6(b) within thirty (30) days following the Purchaser’s receipt of notice of such dispute, such dispute shall be submitted to, and all issues having a bearing on such dispute shall be resolved by, an Accounting Referee. In resolving any such dispute, the Accounting Referee shall consider only those items or amounts in or related to the Earnout Report as to which the Shareholder has disagreed. The Accounting Referee’s determination of the Earnout Report and the Earnout Payment, if any, based thereon shall constitute the applicable Final Earnout Report and Final Earnout Payment and shall be final and binding on the Parties. The Parties shall direct the Accounting Referee to use commercially reasonable efforts to complete its work within thirty (30) days following its engagement. All fees and expenses of the Accounting Referee shall be shared equally by the Shareholders and the Purchaser. (e) The Parties acknowledge that there is no assurance that the Shareholders will have the right to receive any Earnout Payment and Purchaser has not promised or projected any particular Earnout Payment. The earnout opportunity in this Section 3.6 is presented under the understanding that the Purchaser will have full control and direction over the Company and its business following the Closing, including decisions regarding strategic initiatives, management, legal structure, finance and accounting, marketing and branding and expenses. Notwithstanding the foregoing provisions of this Section 3.6(e), during the Earnout Period, the Purchaser shall not, nor shall it permit any of its Affiliates to, terminate the Earnout Contract and enter into a separate Contract with the Earnout Customer or any of its Affiliates for utilization management services for the purpose or effect of avoiding or reducing its obligations with respect to the Earnout Payments hereunder. (f) All payments made pursuant to this Section 3.6 shall be treated by the Parties for tax purposes as adjustments to the Purchase Price, unless otherwise required by applicable Law.

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