Conversion to Cash. Twice during each fiscal year, each employee shall have the option to convert into a cash payment up to a total of one hundred twenty (120) hours of earned General Leave benefits. The employee shall give two (2) weeks advance notice of their desire to exercise such option.
Conversion to Cash. Following completion of an employee’s evaluation period, a full time employee or a part-time employee may request a cash payment, in whole or part, for accrued hours of personal leave. However, the exercise of this option does not eliminate the mandatory use of personal leave as provided for in Section 17.06 above. In no case shall conversion to cash reduce the employee’s leave balance to less than 40 hours. Requests for conversion must be received by the Payroll Department prior to the end of the pay period and will be paid on the following payday.
Conversion to Cash. 25.2.1. Any employee may elect to convert to cash at the employee's current hourly rate of pay thirty percent (30%) of the unused sick leave each July that was accrued during the preceding fiscal year provided the subject employee leaves a minimum sick leave balance of one hundred sixty (160) hours. Employees must submit a pre-election agreement to convert sick leave to cash by June 30 of the year before the leave will accrue. For example, an employee must elect by June 30, 2016 to convert 30% of unused sick leave earned from July 1, 2016 – June 30, 2017 to cash in July 2017 if the employee’s remaining sick leave balance at the time of conversion will be at least 160 hours.
Conversion to Cash. Upon vesting, the Limited Partner and OP GP hereby agree that a portion of the Partnership Class A-3 Common Units of Holdings shall be converted into cash in an aggregate amount equal to such Limited Partner’s estimated tax liability (as determined by OP GP in its sole discretion and to the extent OP GP determines sufficient cash is available for such purpose) in connection with the vesting event and paid to the Limited Partner on a day determined by OP GP, in its sole discretion (but in no event later than June 1, 2024), and the units so converted (such units the “Cancelled Holdings Units”) shall automatically be deemed cancelled in accordance with the Second A&R Holdings LPA.
Conversion to Cash. By December 15 of each year, an employee may make an irrevocable election to cash out up eighty (80) hours (for employees assigned to the 40 hour workweek) at the 40 hour rate, or one hundred and twelve (112) hours (for employees assigned to the 24 hour suppression shift) at the 56 hour rate, which will be earned in the following calendar year. In the following year, the employee can receive the cash for the vacation they irrevocably elected to cash out in either two (2) equal increments of half of what they elected to cash out or one (1) increment of up the maximum they elected to cash out. The employee would be paid one half of what they irrevocably elect to cash out on both the second pay day in July and the first pay day in December or the employee can elect to be paid the full amount they elected to cash out on the first pay day in December. However, if the employee’s vacation balance is less than the amount the employee elected to cash out (in the prior calendar year) the employee will receive cash for the amount of vacation the employee has accrued at the time of the cash out. If an employee makes an irrevocable election to cash out vacation in the following calendar year and uses vacation in that subsequent year, the vacation used will come from vacation the employee had earned prior to January 1 of the year the employee has elected to cash out vacation. This is to ensure that assuming an employee had a vacation balance prior to January 1, the vacation used will not result in a reduction in the amount of vacation the employee will be eligible to cash out. In addition to the above, an employee who has an “unforeseen emergency” (defined as an unanticipated emergency that is caused by an event beyond the control of the employee and that would result in severe financial hardship to the employee if early withdrawal were not permitted) shall be entitled to make a request to the Administrative Services Director for a payoff of accrued vacation. The amount of vacation which may be paid off is limited to the amount necessary to meet the emergency. The maximum payoff the employee can receive for an emergency is limited to eighty (80) for forty hour employees and 112 hours for 56 hour employees. In addition to the employee’s election to cash out vacation, any vacation accumulated in excess of three hundred-forty-two (342) hours at the forty (40) hour rate, or four hundred and eighty (480) hours at the fifty-six (56) hour rate shall be paid in cash at the regu...
