Common use of Upon Termination - 720 Hours or More Clause in Contracts

Upon Termination - 720 Hours or More. Upon termination under honorable conditions, as distinct from retirement or death, employees who have accrued sick leave of 720 hours or more will be exchanged for pay at the rate of 50% of the employee's current base pay, up to a maximum of and including 840 hours. Honorable termination includes layoff for budget reasons, as well as resignation with at least fourteen (14) calendar days’ notice. The maximum payment shall be $7,500.

Upon Termination - 720 Hours or More. Upon termination under honorable conditions, as distinct from retirement or death, employees who have accrued sick leave of 720 hours or more will be exchanged for pay at the rate of 50% of the employee's ’s current base pay, up to a maximum of and including 840 hours. Honorable termination includes layoff for budget reasons, as well as resignation with at least fourteen (14) calendar days’ days notice. The Effective January 1, 2006, maximum payment shall be $7,500.

Upon Termination - 720 Hours or More. Upon termination under honorable conditions, as distinct from retirement or death, employees who have accrued sick leave of 720 hours or more will be exchanged for pay at the rate of 50% of the employee's current base pay, up to a maximum of and including 840 hours. Honorable termination includes layoff for budget reasons, as well as resignation with at least fourteen (14) calendar days’ days notice. The maximum payment shall be $7,500.