Common use of Payoff Provision Clause in Contracts

Payoff Provision. a. At the end of Pay Period No. 26 of each year, all employees with a minimum of one (1) year of service who have used no more than twenty-seven (27) hours (exclusive of non–deductible bereavement leave) of sick leave during the preceding twelve (12) month period may convert up to twenty–four (24) additional hours of accumulated sick leave in eight (8) hour increments, to cash equal to the number of sick leave hours converted, multiplied by the employee’s normal hourly rate. Employees in a part time status or on leave of absence during the eligibility period will have their hours pro–rated. b. The employee must have been in paid status for the full twelve