Annual Conversion Clause Samples
The Annual Conversion clause allows for the periodic conversion of a contract, agreement, or financial instrument on an annual basis. Typically, this means that at the end of each year, certain terms—such as interest rates, payment structures, or membership statuses—can be adjusted or converted according to predefined criteria. For example, a loan might switch from a fixed to a variable interest rate each year, or a membership could be upgraded annually based on usage. The core function of this clause is to provide flexibility and adaptability, ensuring that the agreement remains relevant and fair as circumstances change over time.
Annual Conversion. Provided that RCW 28A.400.210 is valid and in effect, any employee who at the end of the calendar year shall have accumulated in excess of sixty (60) days of unused sick leave may elect to convert unused sick leave earned the previous year in excess of sixty (60) days to monetary compensation at the rate of 25% of the employee's per diem salary rate for each full day of eligible sick leave. Any such election shall be made by written notice to the District payroll officer during the month of January. Any such annual conversion of accumulated sick leave shall be subject to the terms and limitations of applicable regulations.
Annual Conversion. Once per fiscal year, an employee may elect to cash out annual leave in the amount of forty
Annual Conversion. Once per fiscal year, an employee may elect to cash out annual leave in the amount of forty (40) hours. The employee must have a minimum of one hundred sixty (160) hours to utilize this benefit.
Annual Conversion. The number of hours an Educational Support Professional may convert on an annual basis is determined by the balance of their accrued sick leave hours.
Annual Conversion. The number of hours an employee may convert on an annual basis is determined by the balance of their accrued sick leave hours: • Employees who have an accrued sick leave balance of forty (40) days or more on September 1st may convert up to eight (8) days at their hourly rate of pay at the time the deposit is made to their Deferred Compensation Account. • Employees who have an accrued sick leave balance of sixty (60) days or more on September 1st may convert up to ten (10) days at their hourly rate of pay at the time the deposit is made to their Deferred Compensation Account.
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 year, each member may convert a portion of the member’s accrued but unused Sick Leave to a cash payment subject to all of the following conditions:
1. The member 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 member 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 member may convert no more than twenty-eight (28) hours of sick leave to pay;
4. Sick leave shall 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;
5. Once sick leave is converted to pay, it shall not be converted back to sick leave; and,
6. This payment shall be made to the member by separate deposit with the first pay of the following calendar year.
Annual Conversion. In the pay period including December 1, 2019 and for each pay period thereafter for the life of this agreement, which includes December 1st, each employee who has used less than forty (40) hours of sick leave in the previous twenty-six pay periods will be offered the opportunity to convert to cash any of the employee’s accrued, unused vacation leave to a maximum of forty (40) hours at the current rate of pay provided the employee maintains a minimum balance of forty (40) hours of vacation leave or compensatory time after the conversion. In the pay period which includes December 1, 2019, and for each pay period thereafter for the life of this agreement, which includes December 1st, employees will be offered the opportunity to convert to cash a maximum of forty (40) hours of unused vacation leave at a rate of one hundred percent (100%) of the employee’s current rate of pay; provided however, an employee is not eligible to convert unused accrued vacation leave to cash if the employee does not have at least two hundred (200) hours of vacation leave on the last day of the first pay period of November in each year the employee chooses to make such a conversion.
Annual Conversion. Any employee who at the end of the previous calendar year shall have 30 accumulated in excess of 60 days of unused sick leave, may convert unused sick leave earned 31 the previous year in excess of the said 60 days to monetary compensation at the rate of 25
Annual Conversion. Compensation for unused vacation days and when authorized pursuant to Section 20.2 of Article Twenty (20) and not to exceed forty (40) hours shall be paid only once a year and only after the approval of the Chief. If he has approved compensation for unused vacation days for employees under his jurisdiction, he shall submit a list of said employees, and the number of days of pay involved for each employee to the Township Fiscal Officer by December 15, of each year of this Agreement. Payments shall be