Cash Out. In the event of a Change in Control, the Committee may, in its discretion and upon at least ten (10) days’ advance notice to the Participant, cancel the Option and pay to the Participant the value of the Option based upon the price per Share of Common Stock received or to be received by other shareholders of the Company in the event. Notwithstanding the foregoing, if at the time of a Change in Control the Exercise Price of the Option equals or exceeds the price paid for a Share of Common Stock in connection with the Change in Control, the Committee may cancel the Option without the payment of consideration therefor.
Cash Out. Upon retirement or death, an employee or his or her estate will receive cash at the employee’s straight-time hourly rate for all sick leave hours. Sick leave will be cashed out at a rate of one (1) hour’s pay for each four (4) hours of sick leave. In lieu of a cash payout for sick leave at retirement as provided by this section, an employee will receive the amount of any such payout in the form of a contribution to a medical reimbursement plan if the employee is eligible to participate in such a plan at the time of his or her retirement.
Cash Out. In the event of a Change in Control, the Committee may, in its discretion and upon at least ten (10) days’ advance notice to the Participant, cancel the SARs and pay to the Participant the Appreciation Value of the SARs based upon the price per share of Common Stock received or to be received by other shareholders of the Company in the event. Notwithstanding the foregoing, if at the time of a Change in Control the Exercise Price of the SAR equals or exceeds the price paid for a share of Common Stock in connection with the Change in Control, the Committee may cancel the SAR without the payment of consideration therefor.
Cash Out. All accumulated vacation credit will be paid when an employee leaves the Employer’s employment for any reason.
Cash Out. At the end of September of each year of this Agreement, employees may elect to cash out their accrued, unused PTO. If the employee does not exercise the cash-out option, then the full remaining unused PTO shall be carried forward. No later than September 1 of each year of this contract, the Employer shall notify employees of the cash-out option under this Agreement and shall provide a form for employees who wish to exercise their cash-out option. The Employer will make a good faith effort to offer monthly cash-out of PTO. To facilitate this effort, the Employer will require monthly cash-out specifications be included in the programming of a new payroll system. Employees who resign, retire, who are terminated, or who are laid off, shall be paid for all unused, accrued PTO. Such cash out shall be made by the Employer at the time of the employee’s final paycheck.
Cash Out. As used herein, the term “cash out” refers to the process by which accrued CTO is debited from a sworn employee’s CTO time banks, and paid to the sworn employee in a payroll check, or to the employee’s City of Los Angeles Deferred Compensation Plan account in accordance with the processes for employee contributions already established by the Deferred Compensation Plan Board and in accordance with Internal Revenue Code requirements.
Cash Out. All benefit eligible CSEA employees of the District will be afforded the opportunity to cash out the Health Benefit cap of $3,843.00 per year if they choose not to take a District provided health plan and must provide proof of insurance. All benefit eligible CSEA employees of the District hired on or after July 1, 2016 will be afforded the opportunity to cash out the Health Benefit cap of $3,000.00 per year if they choose not to take a District provided health plan and must provide proof of insurance annually.
Cash Out. When the outcome of a vote is non-VEBA participation, each retiring faculty member from the date of the vote until June 30 of the same instructional year will receive a sick leave cash-out subject to taxes and other customary withholdings in the individual faculty member’s final paycheck. Thereafter, the default will return to VEBA participation.
Cash Out. 1. 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 (1) day’s monetary compensation of the employee for each four (4) 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 (1) 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.
2. At the time of separation from District employment due to retirement or death, an eligible employee or the employee’s estate shall receive remuneration at the rate equal to one (1) day’s current monetary compensation of the employee for each four (4) full day’s accrued leave for illness or injury.
Cash Out. If a Change in Control should occur, the Committee may, in its discretion, cancel the Option and pay to you an amount equal to the excess, if any, of the Fair Market Value of the Common Stock as of the date of the Change in Control over the Exercise Price of the Option. Notwithstanding the foregoing, if at the time of a Change in Control the Exercise Price of the Option equals or exceeds the price paid for a share of Common Stock in connection with the Change in Control, the Committee may cancel the Option without the payment of consideration therefor.
