Base Annual Salary “Base Annual Salary” means the greater of (1) the highest annual rate of base salary in effect for the Executive during the 12 month period immediately prior to a Change in Control or, (2) the annual rate of base salary in effect at the time Notice of Termination is given (or on the date employment is terminated if no Notice of Termination is required).
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.
Cashing out annual leave The employee may, with the agreement of the employer, request in writing, to cash out up to two weeks of their annual leave during each 12 month period. Annual leave cannot be cashed out in advance of it being credited to the employee. Cashed out annual leave will be paid at the rate of pay that the employee receives at the time when the request is made.
Compensation for Holidays Falling Within Vacation Schedule If a paid holiday falls on or is observed during an Employee's vacation period, she shall be allowed an additional vacation day with pay at a time mutually agreed upon by the Employer and the Employee.
Entitlement to Annual Leave For each year of service with the Employer a full-time or part-time Employee is entitled to four (4) weeks of paid annual leave.
Cashing out of Annual Leave (a) Paid Annual Leave must not be cashed out except in accordance with an agreement under clause 41.8.
(b) Each cashing out of a particular amount of paid Annual Leave must be the subject of a separate agreement under clause 41.8.
(c) The Employer and an Employee may agree in writing to the cashing out of a particular amount of accrued paid Annual Leave by the Employee. An agreement this clause must state:
(i) the amount of Annual Leave to be cashed out and the payment to be made; and
(ii) the date on which the payment is to be made.
(d) An agreement under clause 41.8 must be signed by the Employer and Employee and, if the Employee is under 18 years of age, by the Employee’s parent or guardian.
(e) The payment must not be less than the amount that would have been payable had the Employee taken the Annual Leave at the time the payment is made.
(f) An agreement must not result in the Employee’s remaining accrued entitlement to paid Annual Leave being less than four (4) weeks.
(g) The Employer must keep a copy of any agreement under clause 41.8 as an Employee record.
Average Annual Compensation The Executive's "Average Annual Compensation" for purposes of this Agreement shall be deemed to mean the average level of compensation paid to the Executive by the Employers or any subsidiary thereof during the most recent five taxable years preceding the Date of Termination, including Base Salary and benefits and bonuses under any employee benefit plans of the Employers.
Payment for annual leave (a) Before going on annual leave, an employee will be paid the amount of wages they would have received for ordinary time worked had they not been on leave during that period.
(b) At the election of the employee such payments may be paid in accordance with the usual pay day relevant to the period of leave being taken.
Payment of Annual Leave Upon resignation, retirement, or dismissal of any employee in the bargaining unit, he/she shall receive a sum equal to the number of days of annual leave remaining to his/her credit, provided that any or all amounts may be applied to offset any amounts owed the state by the employee. In the event of death of an employee while in the bargaining unit, a sum equal to the number of days annual leave remaining shall be paid to his/her estate.
Death of the Annuitant If the Annuitant is not an Owner and dies prior to the Annuity Date, Owner 1 will become the new Annuitant unless you designate otherwise. If any Owner is not an individual, we will treat the death of the Annuitant as the death of an Owner.
