PTO Cash Out Option Sample Clauses

PTO Cash Out Option. During February and August of each year, employees with a PTO balance greater than eighty (80) hours may choose to cash out up to forty (40) hours of their PTO balance such that their balance does not drop below eighty (80) hours.
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PTO Cash Out Option. Employees who have completed one year of service may elect to receive up to 40 PTO hours each year in cash in lieu of time off following their one-year anniversary. Employees with six plus years of continuous service may elect to receive up to 80 PTO hours each year in cash in lieu of time off. Such election must be submitted in writing at least 30 days prior to receiving payment.
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PTO Cash Out Option. During October of each year, nurses with a PTO balance equal to or greater than 200 hours may choose to cash out up to eighty (80) hours of their PTO balance such that their balance does not drop below 200 hours.
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PTO Cash Out Option. The Medical Center will allow PTO cash outs in accordance with IRS regulations. An employee may elect to cash out up to fifty percent (50%) of his or her annual PTO accrual. Employees electing to receive cash in lieu of paid time off must indicate their interest in doing so by making an irrevocable election during November Annual Enrollment each calendar year prior to accruing the time off in the following year. For example, during Annual Enrollment a 16+ year employee may make an irrevocable election to cash out up to no more than fifty percent (50%) of the PTO hours he or she will accrue in the next calendar year, not to exceed one hundred forty-four (144) hours. The payment will be made in the following calendar year during the pay periods defined below. Payments will be made as follows: Fifty percent (50%) of election amount paid by July 31 (not to exceed seventy-two (72) hours) and the remaining fifty percent (50%) paid by December 31 (not to exceed a total of one hundred forty-four (144) hours). By December 31– the remaining number of hours not cashed out up to one hundred forty- four (144) hours annual maximum).
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Related to PTO Cash Out Option

  • Vacation Cash Out In each calendar year, an employee may make a one-time request to cash out and receive payment for up to forty (40) hours of vacation. In order to be eligible to cash out vacation hours, the employee must be a regular status employee and have a remaining vacation balance of sixty (60) hours or more. Vacation leave that has been pre-approved will be considered when the request is made in order to determine if they will maintain the minimum vacation balance requirement.

  • Sick Leave Cash Out Eligible employees may elect to receive monetary compensation for accrued sick leave as follows: In January of each year an employee whose sick leave balance at the end of the previous year exceeds four hundred eighty (480) hours may elect to convert the sick leave hours earned in the previous calendar year, minus those hours used during the year, to monetary compensation. No sick leave hours may be converted which would reduce the calendar year end balance below four hundred eighty (480) hours. Monetary compensation shall be paid at the rate of twenty-five percent and shall be based on the employee’s current salary. All converted hours will be deducted from the sick leave balance. Employees who separate from University service due to retirement or death shall be compensated for the unused sick leave accumulation from the date of most recent hire in a leave eligible position with the State of Washington at the rate of 25%. Compensation shall be based upon the employee’s wage at the time of separation. For the purpose of this section, retirement shall not include vested out of service employees who leave funds on deposit with the retirement system. Former eligible employees who are re-employed within three (3) years of their separation from service shall be granted all unused sick leave credits, if any, to which they are entitled at time of separation.

  • XXXXX CASH 25 CONTRACTOR is authorized to establish a xxxxx cash fund in an amount not 26 to exceed one thousand dollars ($1,000).

  • Put Option The Company hereby grants to Lender an option (the “Put Option”) to sell all or any portion of the Issued Shares (the “Put Shares”) to the Company for a total purchase price of $195,000, pro-rated for any portion thereof (the “Put Price”). The Put Option may be exercised with respect to any amount that is equal to or less than the entire balance of the outstanding Put Shares, at any time during the earlier to occur of the following Put Option exercise periods (the “Put Period”): (a) the ten (10) Business Day period commencing on the first anniversary hereof, or (b) the ten (10) Business Day period commencing on the date which is nine (9) months after the date that the registration statement for the registration of the Issued Shares is declared effective by the SEC . If not exercised during the Put Period, the Put Option shall terminate and shall be of no further force or effect. The Put Option shall be exercisable by Lender’s delivery of written notice to the Company (the “Put Notice”). The Put Notice shall specify the date on which the closing of the purchase of the Put Shares shall take place (the “Put Closing Date”), which such date shall be no earlier than ten (10) days but no later than thirty (30) days from the date of the Put Notice. On or before the Put Closing Date, Lender will deliver to the Company the certificate(s) representing the Put Shares (duly endorsed for transfer by Lender or accompanied by duly executed stock powers in blank) and the Company shall tender to Lender the Put Price in cash by wire transfer of immediately available funds to an account at a bank designated by Lender. The Company and Lender acknowledge and agree that the Company’s obligation to purchase the Issued Shares from Lender pursuant to the Put Option is an Obligation secured by the Collateral and any related guarantees under the Loan Documents, and for so long as the Put Option is outstanding and, if exercised, the Put Price is not yet tendered, the Lender’s right to receive the Put Price shall be secured by the Collateral and any related guarantees under the Loan Documents. Lender’s right to exercise the Put Option shall not be transferred or assigned to any third party.

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