Common use of Annual Conversion Clause in Contracts

Annual Conversion. During December of each year, each employee may convert a portion of accrued but unused Sick Leave to a cash payment subject to all of the following conditions: 1. The employee must have a Sick Leave balance of at least five hundred (500) hours at the end of the first pay period in December; 2. The employee must have forty (40) hours or less of Sick Leave usage for the past 12 months as of the end of the first pay period in December (FMLA protected leave exempted); 3. The employee may convert no more than twenty-eight (28) hours of Sick Leave to pay; 4. Sick Leave will be converted at the rate of one (1) hour of Sick Leave to one (1) hour of pay at the straight time hourly rate of pay;

Annual Conversion. During December of each Each year, each an employee may convert a portion of the employee’s accrued but unused Sick Leave sick leave to a cash payment subject to all of the following conditions: 1. The employee must have a Sick Leave sick leave balance of at least five seven hundred twenty (500720) hours at the end of the first pay period in December; 2. The employee must have forty thirty two (4032) hours or less of Sick Leave sick leave usage for the past 12 months as of the end of the first pay period in December (FMLA protected leave exempted); 3. The employee may convert no more than twenty-eight thirty two (2832) hours of Sick Leave sick leave to pay; 4. Sick Leave will leave shall be converted at the rate of one (1) hour of Sick Leave sick leave to one (1) hour of pay at the straight time hourly rate of pay; 5. Once sick leave has been converted to pay, it shall not be converted back to sick leave; 6. This payment shall be made to the employee by separate check with the first pay of the following calendar year.