Annual Buy-Back Clause Samples
The Annual Buy-Back clause establishes a contractual right for one party, typically the issuer or seller, to repurchase certain assets, shares, or goods from the other party on an annual basis. This clause usually outlines the timing, pricing mechanism, and conditions under which the buy-back can occur, such as requiring notice before the anniversary date or specifying a formula for determining the repurchase price. Its core practical function is to provide flexibility and predictability for both parties by allowing for periodic reassessment and adjustment of ownership or inventory, thereby managing risk and supporting long-term planning.
Annual Buy-Back. An employee may elect to receive cash payment for up to forty hours of accumulated vacation leave credits during any calendar year (January 1 through December 31). Payment will be made within the pay period following the date the request was made. Payment will be at the employee’s then current rate of pay.
Annual Buy-Back. Employees may elect to receive cash payment in lieu of time off for up to one-half of their annual vacation allotment to a maximum of forty hours. Payment will be at the employee’s rate of pay on December 31st. However, payment shall be made in the second paycheck in the following January.
Annual Buy-Back. In addition to the above, all employees shall have the following option: An employee may at the end of the calendar year elect to receive cash payment for unused sick leave from the Current Sick Leave Bank only, not to exceed a total of eighty (80) hours, at the rate of pay in effect as of December 31st of that calendar year. An employee electing to participate in the annual Buy-Back program must have a minimum Current Sick Leave Bank balance of one-hundred twenty (120) hours after the pay out of the annual Buy Back provision. Payment made pursuant to this paragraph shall be made in January of the next calendar year.
Annual Buy-Back. Employees may request to buy back up to ½ of their current vacation bank in November of each year. The buyback will be paid in a regular paycheck and employees must give notice in October of intent to buy back. “Use” does not include donations. The buyback will be paid at the regular rate of pay.
Annual Buy-Back. Employees who have at least thirty (30) sick leave days accumulated, can elect to be paid for up to fifty percent (50%) of the maximum fifteen (15) day sick leave benefit or can add these unused sick leave days to their sick leave accumulation. The ples: (1) 50 days on the books. Where no days are used between 50 and 65, an employee can buy back 7.5 days and his/her total accumulation becomes 57.5; (2) Twenty-five (25) days on the books. No buy back possible and maximum total accumulation becomes 40 days; (3) 40 days on the books. Where 5 sick days are used between 40 and 55, an employee can buy back 5 days and his/her total accumulation becomes 45 days.
Annual Buy-Back. Upon prior notice of fourteen calendar days to the Clerk’s Office, an officer may elect to forego a part of the officer’s earned, unused vacation during any fiscal year (June 1 through May 31) and receive pay in lieu thereof, provided the pay not exceed forty hours. Payment shall be made within the pay period following the date the request was made. Payment shall be at the employee’s then current rate of pay.
Annual Buy-Back. Employees may take cash in lieu of up to three weeks of vacation in a year. All payments shall be made on one occasion, on the first pay date in December. No employee shall be eligible for cash in lieu of vacation unless that employee has made a written notification to the Town Board for the cash payment by at least two pay periods before the first pay date in December.
Annual Buy-Back. 1. If an employee wants to cash-out unused vacation leave they accrued during the calendar year, they must make an irrevocable election by December 15th of the prior calendar year (i.e. by December 15, 2022 for a cash-out in calendar year 2023).
2. The irrevocable election must indicate the amount of vacation hours the employee intends to cash-out during that next calendar year. The number of hours to be cashed-out cannot exceed the total number of hours the employee will accrue during that same calendar year, or a maximum of one hundred (100) hours, whichever is the lesser amount.
3. Once the election form is submitted to Human Resources, the amount of hours to be cashed-out cannot be changed for that calendar year.
4. Employees may submit a request for cash-out up to two times (2X) per year– for payment in the pay period which includes July 1 and/or December 15.
5. In the event an employee’s vacation leave balance (on either pay period when they can elect to cash-out) is less than the amount of hours the employee had previously elected to cash-out (in the prior calendar year), the employee will only receive payment for the amount of accumulated vacation leave remaining at the time of the cash-out in either July or December.
6. If an employee makes an irrevocable election to cash-out vacation in the following calendar year and uses vacation leave during that subsequent calendar year, the vacation leave used will first come from vacation leave the employee had earned (if any) prior to January 1st of the calendar year the employee had elected to cash-out. The use of such earned, but unused, vacation leave accumulated from previous calendar years shall not result in a reduction in the amount of vacation hours the employee is eligible to cash- out.
Annual Buy-Back. An employee may request to receive cash payment for up to forty hours of accumulated vacation leave credits during any calendar year (January 1 through December 31). Approval of the request will be at the sole discretion of the Town Supervisor in consideration of available funds in the respective department’s personnel accounts. The decision of the Town Supervisor may not be grieved. Payment shall be made within the pay period following the date the request was made. Payment shall be at the employee’s then current rate of pay.
Annual Buy-Back. Employees may sell back up to five (5) days vacation each year by providing notice to the District by August 31 each year for payment in September.