Conversion Upon Separation Sample Clauses

Conversion Upon Separation. The employee may convert Sick Leave subject to all of the following conditions: 1. The employee separates employment while in good standing (employee’s separation must not be for just cause) with the City; 2. The employee has at least ten (10) years of full-time public service, five (5) years of which must be full-time continuous service with the City; and 3. The employee must have a Sick Leave Balance of at least five hundred (500) hours at the time of separation; The rate of pay for such accumulated Xxxx Leave will be at the employee's straight time hourly rate of pay at separation multiplied by one-third (1/3) of the total number of accumulated Sick Leave hours. Total payment under this provision will not exceed 700 hours. In the event an employee dies while in the employ of the City, except as provided in paragraph (C) of this section, and the employee has at least ten (10) years of full-time public service, five (5) of which is full-time continuous service with the City, their spouse, or secondarily their estate, will be paid the aforementioned rate of redemption for accumulated unused Sick Leave.
Sample 1Sample 2See All (6)
AutoNDA by SimpleDocs
Conversion Upon Separation. Upon separation from the county service, an employee is entitled to compensation for any earned, but unused vacation leave credit at the time of separation, provided the employee has completed at least one year of service. The accrual cannot exceed (two) 2 years vacation time, based on the individual employee accrual rate. The payment will be made at the employee’s current rate of pay based on their permanent position.
Sample 1Sample 2See All (6)
Conversion Upon Separation. The employee may convert his/her Sick Leave subject to all of the following conditions: 1) The employee separates employment while in good standing (employee’s separation must not be for just cause) with the City; 2) The employee has at least ten (10) years of full-time public service, five (5) years of which must be full-time continuous service with the City; and 3) The employee must have a Sick Leave Balance of at least five hundred (500) hours at the time of separation; The rate of pay for such accumulated Sick Leave shall be at the employee's straight time hourly rate of pay at separation multiplied by one-third (1/3) of the total number of accumulated Sick Leave hours. Total payment under this provision shall not exceed 700 hours. In the event an employee dies while in the employ of the City, except as provided in paragraph (C) of this section, and the employee has at least ten (10) years of full-time public service, five
Sample 1Sample 2
Conversion Upon Separation. Upon death, retirement, resignation or termination of employment not as a direct consequence of disciplinary action, a member shall be entitled to a conversion of any unused sick leave as described in Section 22.1 based on the following: A. A member shall be paid at the time of separation one (1) hour of sick leave for every two (2) hours of accumulated but unused sick leave, up to a maximum of 1000 hours of accumulated but unused sick leave and 500 hours of payments. Such payment shall be made at the rate of pay in effect at the time of separation. Members shall request such conversion in writing prior to the effective date of their separation or as soon as possible thereafter. B. In addition to the above, a member may, at the end of the calendar year, elect to receive a cash payment for unused sick leave as described in Section 22.1 (but not including Transferred Sick Leave Bank hours), not to exceed a total of sixty (60) hours, at the rate of pay in effect as of December 31st of that calendar year. Payment made pursuant to this paragraph shall be made in January of the next calendar year. C. Each member retiring, resigning, or terminating employment under the provisions of this article shall be furnished a statement by the Director of Finance stating the amount of non-reimbursed sick leave hours available to the member on the date of retirement, resignation or termination. D. In no event shall a member receive any pay out for Transferred Sick Leave Bank hours upon separation from employment.
Sample 1Sample 2
Conversion Upon Separation. Sick leave can also be converted to cash at separation from the Agency by the following method: 1) calculate fifty (50%) percent of accumulated sick leave time; 2) this amount will be reimbursed to the employee up to a maximum of four hundred eighty (480) hours.
Sample 1Sample 2
Conversion Upon Separation. The employee may convert his/her sick leave subject to all of the following conditions: 1) The employee separates employment while in good standing (employee’s separation must not be for just cause) with the City; 2) The employee has at least ten (10) years of full-time public service, five
Sample 1
Conversion Upon Separation. The member may convert his/her sick leave subject to all of the following conditions: 1. must not be for just cause) with the City;
Sample 1
AutoNDA by SimpleDocs

Related to Conversion Upon Separation

  • Termination Upon Sale Notwithstanding anything to the contrary contained herein, a Party may terminate its obligations under this Agreement as to a specific operating area or portion thereof if such Party sells or otherwise transfers the area or portion thereof to a non-Affiliate in compliance with the terms and conditions of this Agreement. The selling or transferring Party shall provide the other Party with at least sixty (60) Days prior written notice of such termination, which shall be effective on the date specified in the notice. Notwithstanding termination of this Agreement as to a specific operating area, this Agreement shall remain in full force and effect in the remaining operating areas.

  • Automatic Conversion (a) Immediately upon the consummation of a Qualified IPO, each share of Exchangeable Preferred Stock shall automatically be converted into the right to receive (such conversion, a “ERPS Conversion Event”): (i) an amount of cash equal to (I) the ERPS Liquidation Value; multiplied by (II) the Discount Ratio; multiplied by (III) 0.85 and (ii) that number of shares of Common Stock (valued at the initial Qualified IPO offering price to the public) equal to (I) the ERPS Liquidation Value; multiplied by (II) the Discount Ratio; multiplied by (III) 0.15; provided, however no fractional shares of Common Stock shall be issued upon an ERPS Conversion Event but, in lieu thereof, the holder shall be entitled to receive an amount of cash equal to the fair market value of a share of Common Stock (valued at the initial Qualified IPO offering price to the public) at the time of such ERPS Conversion Event multiplied by such fractional amount (rounded to the nearest cent). (b) The Corporation shall promptly notify the holders of Exchangeable Preferred Stock in writing of the occurrence of an ERPS Conversion Event; provided, that, the Corporation’s failure to provide such notice, or its failure to be received, shall not alter or affect the automatic conversion of the Exchangeable Preferred Stock occurring in connection therewith. In addition to any information that is required by law, such notice shall state: (i) the date of the ERPS Conversion Event; (ii) the amount of cash per share to be paid to each holder of shares of Exchangeable Preferred Stock in connection with the ERPS Conversion Event; (iii) the number of shares of Common Stock per share of Exchangeable Preferred Stock to be issued to each holder of shares of Exchangeable Preferred Stock in connection with the ERPS Conversion Event; (iv) the place or places where the certificates representing shares of Exchangeable Preferred Stock are to be surrendered (or a Statement of Loss as defined in paragraph 8(c) of this Section 5.4 in lieu thereof) in connection with the ERPS Conversion Event; and (v) that payment of the foregoing cash sum (including any payment for fractional shares) and issuance of Common Stock will be made upon presentation and surrender of certificates representing shares of the Exchangeable Preferred Stock (or a Statement of Loss in lieu thereof) without any other obligation or deliverable required of any holder of shares of Exchangeable Preferred Stock in order to receive such cash and Common Stock. (c) Upon an ERPS Conversion Event, the outstanding Exchangeable Preferred Stock shall be converted automatically without any further action by the holders thereof or by the Corporation and whether or not the certificates evidencing such Exchangeable Preferred Stock are surrendered to the Corporation or its transfer agent upon the occurrence of an ERPS Conversion Event; provided, that, the Corporation shall not be obligated to pay cash payable or issue certificates evidencing the Common Stock issuable upon such ERPS Conversion Event unless the certificates evidencing such Exchangeable Preferred Stock are delivered to the Corporation or its transfer agent, or the holder notifies the Corporation or its transfer agent that such certificates have been lost, stolen or destroyed and executes an agreement reasonably satisfactory to the Corporation solely to indemnify the Corporation from any claim that may be made against the Corporation on account of the alleged loss, theft or destruction of such certificate (a “Statement of Loss”). (d) Upon receipt of notice of the occurrence of an ERPS Conversion Event, the holders of Exchangeable Preferred Stock shall promptly surrender the certificates evidencing such shares (or a Statement of Loss in lieu thereof) at the office of the Corporation or any transfer agent for the Exchangeable Preferred Stock. Thereupon, (i) there shall be issued and delivered to such holder promptly at such office and in its name as shown on such surrendered certificate or certificates or on the Statement of Loss in lieu thereof, a certificate or certificates for the number of shares of Common Stock, as applicable, to which such holder is entitled in connection with such ERPS Conversion Event; and (ii) the cash consideration described in paragraph 8(a) of this Section 5.4. (e) Any Common Stock issued upon an ERPS Conversion Event shall be validly issued, fully paid and non-assessable. The Corporation shall endeavor to take any action necessary to ensure that any Common Stock issued upon an ERPS Conversion Event are freely transferable and not subject to any resale restrictions under the Securities Act of 1933, as amended (the “Securities Act”) or any applicable state securities or blue sky laws (in each case other than any shares of Common Stock that may be held by an “affiliate” (as defined in Rule 144 promulgated under the Securities Act) of the Corporation). No share of Common Stock issuable or issued to the holders of Exchangeable Preferred Stock in connection with an ERPS Conversion Event under this paragraph 8 shall be encumbered by, or subject to, any agreement, term or condition imposed by the Corporation, any underwriter or other agent of the Corporation restricting: (i) the sale, tradability, distribution, pledge or other disposition of such Common Stock; (ii) the ability to offer to sell, trade, distribute, pledge or dispose such Common Stock; (iii) the ability to contract to sell, trade, distribute, pledge or dispose (including any short sale) such Common Stock; and/or (iv) the right to grant any option to purchase such Common Stock or enter into any hedging or similar transaction with the same economic effect as a sale, trade, distribution, pledge or disposition of such Common Stock. Without limiting the generality of the foregoing, no holder of the shares of Common Stock that are issuable or issued in connection with an ERPS Conversion Event shall be subject to any lock-up agreement or market standoff agreement imposed by the Corporation, any underwriter or other agent of the Corporation with respect to such shares. The Corporation shall use its best efforts to list the Common Stock required to be delivered upon an ERPS Conversion Event on the Nasdaq Stock Market at or prior to the time of such delivery.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!