Xxxxxxxxx/Retirement. Upon severance after a minimum of seven (7) years employment with Xxxxxx Area Schools, employees will be compensated at the rate of $7.50 per day for each day of unused sick leave, up to 50 days, and $10.00 per day over 50 accumulated days. Severance shall include resignations and resignation after layoff. Any employee retiring with MPSERS and having fifteen (15) years of employment and announcing 30 days prior to the effective date, shall receive $15.00 per day for each accumulated day.
Xxxxxxxxx/Retirement. Upon severance after a minimum of seven (7) years employment with Xxxxxx Area Schools, employees will be compensated at the rate of $7.50 per day for each day of unused sick leave, up to 50 days, and $10.00 per day over 50 accumulated days. Severance shall include resignations, dismissal and resignation after lay off. Any employee retiring with the MPSERS and having fifteen (15) years of employment and announcing 30 days prior to the effective date, shall receive $15.00 per day for each accumulated day. The employee would not be eligible for both the severance and retirement options. Beginning in the 2014-15 school year, the maximum number of days for sick leave payout will not exceed the number of days annually scheduled for that employee.
Xxxxxxxxx/Retirement. Xx. Xxxxxxxx further acknowledges that he has no further rights under the restricted stock unit grant for 85,000 shares of Company stock that was made to him in January 2008, which grant became vested as to 42,500 shares and expired without being vested as to the remaining 42,500 shares. Xx. Xxxxxxxx further acknowledges that, as of the date hereof, he has no claims against the Company or any of its affiliates for previously unpaid compensation or benefits.
Xxxxxxxxx/Retirement
