At Least Seven Hundred. Twenty (720) Hours, But Less Than Nine Hundred Sixty (960) Hours. With regard to an Eligible Employee who, as of December 31 of the Accrual Year, has accumulated at least seven hundred twenty (720) hours but less than nine hundred sixty (960) hours of sick leave, payment shall be made for the lesser of: the number of hours indicated by the employee on his/her election form; or the number of unused sick leave hours earned during the Accrual Year in excess of seven hundred twenty (720) hours. The amount of the payment shall be based on seventy-five percent (75%) of the employee’s regular hourly rate of pay in effect on December 31 of the Accrual Year.
