Holidays:The following days shall be recognized and observed as paid holidays: New Year’s Day January 1. Martin Luther King Jr. Day Third Monday in January President’s Day Third Monday in FebruaryMemorial Day Last Monday in MayIndependence Day July 4Labor Day First Monday in SeptemberVeteran’s Day November 11Thanksgiving Day Fourth Thursday in NovemberDay after Thanksgiving Fourth Friday in NovemberDay before Christmas December 24Christmas Day December 25 At the beginning of each year Guild members covered under this agreement shall receive 88 hours of holiday leave (11 holidays at 8 hours each). Holiday leave must be used by the endof the calendar year. Unused leave will be forfeited to the City. An employee may request a three month extension to use the holiday time, provided that the extension is needed due to a planned event (upcoming vacation, long term medical leave or retirement). Employees hired after January 1st will receive a pro-rated amount of holiday leave based on the remaining number of holidays left in the calendar year. Employees who separate will have their holiday leave prorated based on the number of holidays that have already occurred in the calendar year.Examples: Employee A separates from employment June 30th. Prior to June 30th he has already used 40 hours of holiday time. January 1-June 30th there were only four holidays (32 hours). The overage (8 hours) would be deducted from the employee’s vacation bank prior to separation pay out. If the employee doesn’t have adequate vacation hours it would be deducted from the final paycheck’s regular hours (to make the city whole). The overage would be reported the Department of Retirement Services in the period it was earned. Employee B separates from employment June 30th. Prior to June 30th he has only used 8 hours of holiday time. January 1-June 30th there were four holidays (32 hours). The shortage (24 hours) would be added to the separation pay out and would be reportable as wages to the Department of Retirement Services.