Vacation Credit Conversion Sample Clauses

Vacation Credit Conversion. When it is necessary for the employer to assign an employee to a 40-hour work week from a 56-hour work week, whether temporary or permanent, the employee’s vacation credits will be converted as outlined below.
Sample 1
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Vacation Credit Conversion. When it is necessary for the employer to assign an employee to a 40-hour work week from a 56-hour work week, whether temporary or permanent, the employee’s vacation credits will be converted as outlined below. Vacation time credits will be converted by multiplying the employee’s current number of hours by the results of dividing the employee’s vacation accrual as a 40-hour work week employee by the vacation accrual he/she would earn as a 56-hour work week employee. As of January 15, 2021, the formula would be: Less than 5 years of service: 80 / 168 = 0.4762 More than 5 years, but less than 10 years: 96 / 180 = 0.5333 More than 10 years, but less than 15 years: 120 / 216 = 0.5556 More than 15 years, but less than 20 years: 160 / 288 = 0.5556 More than 20 years: 184 / 312 = 0.5897 In the event of a temporary assignment, when the employee is returned to a 56-hour work week, their sick and vacation credits will be converted again: Vacation: Less than 5 years of service: 168 / 80 = 2.100 More than 5 years, but less than 10 years: 180 / 96 = 1.875 More than 10 years, but less than 15 years: 216 / 120 = 1.800 More than 15 years, but less than 20 years: 288 / 160 = 1.800 More than 20 years: 312 / 184 = 1.696 In this section, temporary shall be defined as 30 days or more unless agreed upon by the Union and employer.
Sample 1

Related to Vacation Credit Conversion

  • Sick Leave Conversion Sick leave accumulation in excess of 1,440 hours may be converted to paid vacation time at a ratio of two (2) hours of sick leave time for one (1) hour of vacation time, to a maximum of five (5) regularly-assigned workdays (not to exceed a total of forty (40) hours in any year. There shall be no conversion of unused sick leave in any amount at any time to any cash payment other than the above-described conversion to vacation time or severance pay in Article 13.

  • Vacation Credit Any outstanding vacation entitlement for a person going on LTD will be paid in cash upon expiry of sick leave. The cash payment will be calculated on the base earnings at the expiration of sick leave for the prorated days of vacation entitlement, any outstanding lieu days, any outstanding floating statutory holidays, and banked time for 40-hour per week employees. No vacation entitlement, floating holidays, or banked time for 40-hour per week employees accrues while a member is in receipt of LTD benefits.

  • Vacation Leave Accrual Rate Schedule Full Years of Service Hours Per Year

  • Vacation Usage Each department or agency head shall be responsible for scheduling the vacation periods of their employees in such a manner as to achieve the most efficient functioning of the department or agency and the County service. The granting of a vacation period less than the employee's annual entitlement is to be discouraged so that the full benefit of the vacation plan can be realized by each employee. The appointing authority shall determine when vacations will be taken.

  • Vacation Leave Credits ‌ Full-time and part-time employees will be credited with vacation leave accrued monthly, according to the rate schedule and vacation leave accrual below.

  • Vacation Accrual Rates Laid off employees who are re-employed shall have the vacation accrual rate they held immediately prior to layoff restored.

  • Vacation Credits All employees shall participate in the County’s Terminal Pay Plan (Plan). However, only the terminal paychecks (including unused vacation) of those employees who have reached the age of fifty-five (55) shall be placed into the Plan. These terminal paychecks shall be placed into the Plan on a pre-tax basis in accordance with the Plan, all applicable laws and all rules and regulations applicable to the Plan.

  • Call Back From Vacation (a) Employees who have commenced their annual vacation shall not be called back to work, except in cases of extreme emergency. (b) When, during any vacation period, an employee is recalled to duty, he/she shall be reimbursed for all expenses incurred thereby by himself/herself, in proceeding to his/her place of duty and in returning to the place from which he/she was recalled upon resumption of vacation, upon submission of receipts (except for meals) to the Employer. (c) Time necessary for travel in returning to his/her place of duty and returning again to the place from which he/she was recalled shall not be counted against his/her remaining vacation entitlement.

  • Vacation Leave Accrual ‌ After a full-time employee has been in pay status for eighty (80) non-overtime hours in a calendar month, the employee will accrue vacation leave according to the rate schedule below. Vacation leave accrual for part-time employees will be proportionate to the number of hours the part-time employee is in pay status during the month to that required for full-time employment.

  • Automatic Conversion Subject to Section 5 below and, at the Company’s election and request, Holder’s reaffirmation of Holder’s representations and warranties under Section 3 of the Convertible Note Purchase Agreement, the principal amount of this Note (and all interest accrued on this Note at the option of the Payor) shall be converted into the number of shares of common stock as follows: (a) In the event of a next equity financing by the Company in one transaction or series of related transactions which raises an aggregate amount of at least One Million Five Hundred Thousand Dollars ($1,500,000) (the “Next Equity Financing”), the principal amount on this Note shall automatically be converted (regardless of whether or not the Note is surrendered to Payor) into the equity securities issued in the Payor’s Next Equity Financing (the “Next Equity Financing Stock”). Any accrued interest outstanding at the time of the conversion shall be paid in cash by the Company. This Note shall convert into the number of shares at the time of the “Next Equity Financing” equals to ___,000 shares of the Company’s Common Stock at an exercise price of $0.60 per share (the “Exercise Price”) This Note shall be deemed automatically cancelled immediately upon such conversion. As a condition precedent to the issuance of the Next Equity Financing Stock to Holder upon such conversion, Holder shall execute and deliver such agreements, instruments and other documents as are executed and delivered by the other investors in connection with their purchase of the Next Equity Financing Stock. (b) In the event of the “Company’s Sale”, defined below, at the option of Payor, the principal hereunder and, at the option of the Payor, shall automatically be converted (regardless of whether or not the Note is surrendered to Payor) into the number of shares (the “Company’s Sale Stock”) equals to ____,000 shares of the Company’s Common Stock at an exercise price of $0.60 per share (the “Exercise Price”). This Note shall be deemed automatically cancelled immediately upon such conversion.

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