Award and Accrual of Vacation. Beginning with the first full pay period after the effective date of this Agreement, an employee shall be awarded the employee's vacation allowance on the first day of the pay period following the pay period in which the allowance is accrued. An employee does not accrue vacation allowance in the first year of continuous service. However, at the end of one (1) year of continuous service, an employee shall be awarded a vacation allowance computed at the rate of .0385 of an hour for each hour of paid service in the preceding year up to a maximum of 80 hours. Starting with the one-year anniversary date of continuous service, an employee earns .0385 hours of vacation credit each pay period for each hour of paid time in the pay period, up to a maximum of 80 hours per year. At the end of five (5) years of continuous service, an employee shall be awarded a one-time vacation allowance computed at the rate of .01924 of an hour for each hour of paid service in the preceding year, except that the amount of the vacation allowance shall not exceed forty
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