Annual Sick Leave Redemption Program Clause Samples

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Annual Sick Leave Redemption Program. Sick leave may be accumulated indefinitely, or an employee may exercise the following option once a year (this option to be exercised automatically by the City unless otherwise advised by the employee): In order to encourage regular attendance at work, an employee may, during the month of December, convert one- half of the unused sick leave hours accrued between the last full pay period of November of one fiscal year to the last full pay period of November of the next fiscal year (hereafter called the "accrual period")—up to a maximum of 48 hours for nonshift employees and 67.73 hours for Fire shift employees—to cash, computed using the base salary rate in effect on the last day of the last full pay period of November of the calendar year in which the conversion is applicable. The balance of remaining sick leave time will be credited to the employee's sick leave accrual account. The above plan applies only to: 1. Persons having been employed on a full-time basis with the City for the 2 years that immediately precede the last day of the last full pay period of November of each year; 2. Employees who accrued and maintained a minimum of 1 year's accrued sick leave (96 hours for nonshift employees and 135.46 hours for shift employees) prior to the last day of the last full pay period of November of the preceding year (the accrual period); and 3. Employees who, in the 12-month period that immediately precedes the last day of the last full pay period of November of each year (the accrual period), did not use, either separately or in combination, sick leave, FMLA, IOD, LTD, pregnancy leave, and/or leave without pay that, in total, is greater than 94 hours for nonshift employees and 133 hours for Fire shift employees. Employees who have reached the 1,250 sick leave cap during the accrual period will remain eligible to participate in the Sick Leave Redemption Program as set forth in this section. These employees will be eligible to convert one-half of the unused sick leave hours that they would have been eligible to accrue before reaching the cap during the preceding “accrual period” (the last full pay period of November of one fiscal year to the last full pay period of November of the next fiscal year), up to a maximum of 48 hours, to cash, computed using the base salary rate in effect on the last day of the last full pay period of November of the calendar year in which the conversion is applicable.
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Annual Sick Leave Redemption Program. Sick leave may be accumulated indefinitely, or an employee may exercise the following option once a year (this option to be exercised automatically by the City unless otherwise advised by the employee): In order to encourage regular attendance at work, an employee may, during the month of December, convert one- half of the unused sick leave hours accrued during the preceding "accrual period" (December 1 through November 30), up to a maximum of 48 hours for nonshift personnel and 67.73 hours for Fire shift personnel, to cash, computed using the base salary rate in effect on November 30 of the calendar year in which the conversion is applicable. (This option is suspended from July 1, 2009, through June 30, 2010.) The balance of remaining sick leave time will be credited to the employee's sick leave accrual account. The above plan applies only to: 1. Persons having been employed on a full-time basis with the City for the 2 years that immediately precede December 1 of each year; 2. Employees who accrued and maintained a minimum of 1 year's accrued sick leave (96 hours for nonshift employees and 135.46 hours for shift employees) prior to December 1 of the preceding year (the accrual period); and 3. Employees who, in the year that immediately precedes December 1 of each year (the accrual period) did not use, either separately or in combination, sick leave, FMLA, IOD, LTD, pregnancy leave, and/or leave without pay that, in total, is greater than 133 hours for shift employees, and 94 hours for nonshift employees.
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Related to Annual Sick Leave Redemption Program

  • Special Mandatory Redemption (a) If the Company does not consummate the Merger on or prior to June 17, 2020 (the “Outside Date”), or if, prior to the Outside Date, the Company notifies the Trustee in writing that the Merger Agreement is terminated or that in the Company’s reasonable judgment the Merger will not be consummated on or prior to the Outside Date (each, a “Special Mandatory Redemption Event”), the Company shall redeem the Notes in whole but not in part at a special mandatory redemption price (the “Special Mandatory Redemption Price”) equal to 101% of the aggregate principal amount of the Notes, plus accrued and unpaid interest, if any, to, but excluding, the Special Mandatory Redemption Date (as defined below) (subject to the right of Holders of record on the relevant Regular Record Date to receive interest due on any Interest Payment Date that is on or prior to the Special Mandatory Redemption Date), in accordance with the applicable provisions set forth herein and in Article 10 of the Base Indenture. (b) Upon the occurrence of a Special Mandatory Redemption Event, the Company shall promptly (but in no event later than 10 Business Days following such Special Mandatory Redemption Event) notify (such notice to include the Officers’ Certificate required by Section 10.2 of the Base Indenture) the Trustee in writing of such event, and the Trustee shall, no later than 5 Business Days following receipt of such notice from the Company, notify the Holders of Notes (such date of notification to the Holders, the “Special Mandatory Redemption Notice Date”) that all of the Notes outstanding will be redeemed on the 3rd Business Day following the Special Mandatory Redemption Notice Date (such date, the “Special Mandatory Redemption Date”) automatically and without any further action by the Holders of Notes, in each case in accordance with the applicable provisions set forth herein and in Article 10 of the Base Indenture, the form of such notice to the Holders of the Notes to be included in such notice to the Trustee. At or prior to 12:00 p.m., New York City time, on the Business Day immediately preceding the Special Mandatory Redemption Date, the Company shall deposit with the Trustee funds sufficient to pay the Special Mandatory Redemption Price for the Notes. If such deposit is made as provided above, the Notes will cease to bear interest on and after the Special Mandatory Redemption Date.

  • Special Optional Redemption In the event of a Change of Control, the Issuer will have the option to redeem the Series A Preferred Stock, in whole or in part, within 120 days after the first date on which such Change of Control has occurred for cash at a redemption price of $25.00 per share, plus any accrued and unpaid dividends (whether or not declared) to, but not including, the redemption date. If the Issuer exercises its redemption right, by sending the required notice, with respect to some or all of the Series A Preferred Stock, the holders of Series A Preferred Stock will not be permitted to exercise the conversion rights described below in respect of any Series A Preferred Stock called for redemption.

  • Notice of Optional Redemption (a) At least 30 days but not more than 60 days before a redemption date pursuant to Paragraph 5 of the applicable Security, the Issuers shall mail or cause to be mailed by first-class mail a notice of redemption to each Holder whose Securities are to be redeemed to such Holder’s registered address or otherwise in accordance with the procedures of the Depository, except that redemption notices may be delivered more than 60 days prior to a redemption date if the notice is issued in connection with a defeasance of the Securities or a satisfaction and discharge of this Indenture pursuant to Article 8 hereof. Any such notice shall identify the Securities to be redeemed and shall state: (i) the redemption date; (ii) the redemption price and the amount of accrued interest to the redemption date; (iii) the name and address of a Paying Agent; (iv) that Securities called for redemption must be surrendered to a Paying Agent to collect the redemption price, plus accrued interest; (v) if fewer than all the outstanding Securities are to be redeemed, the certificate numbers and principal amounts of the particular Securities to be redeemed, the aggregate principal amount of Securities to be redeemed and the aggregate principal amount of Securities to be outstanding after such partial redemption; (vi) that, unless the Issuers default in making such redemption payment or any Paying Agent is prohibited from making such payment pursuant to the terms of this Indenture, interest on Securities (or portion thereof) called for redemption ceases to accrue on and after the redemption date; (vii) the CUSIP number, ISIN and/or “Common Code” number, if any, printed on the Securities being redeemed; and (viii) that no representation is made as to the correctness or accuracy of the CUSIP number or ISIN and/or “Common Code” number, if any, listed in such notice or printed on the Securities. In addition, if such redemption is subject to satisfaction of one or more conditions precedent, such notice of redemption shall describe each such condition, and if applicable, shall state that, in the Issuers’ discretion, the redemption date may be delayed until such time as any or all such conditions shall be satisfied, or such redemption may not occur and such notice may be rescinded in the event that any or all such conditions shall not have been satisfied by the stated redemption date, or by the redemption date as so delayed. (b) At the Issuers’ request, the Trustee shall give the notice of redemption specified in this Section 3.05 in the Issuers’ names and at the Issuers’ expense; provided, however, that the Issuers have delivered to the Trustee, at least 45 days (unless a shorter period is acceptable to the Trustee) prior to the redemption date, an Officer’s Certificate requesting that the Trustee give such notice. In such event, the Issuers shall provide the Trustee in writing with the information required by this Section 3.05.

  • Notice of Optional Redemption; Selection of Notes (a) In case the Issuer exercises its Optional Redemption right to redeem all or, as the case may be, any part of the Notes pursuant to Section 16.02, it shall fix a date for redemption (each, a “Redemption Date”) and it or, at its written request received by the Trustee not less than 65 calendar days prior to the Redemption Date (or such shorter period of time as may be acceptable to the Trustee), the Trustee, in the name of and at the expense of the Issuer, shall provide notice of such Optional Redemption (a “Redemption Notice”) not less than 60 nor more than 90 calendar days prior to the Redemption Date by mail or electronic delivery to each Holder of Notes so to be redeemed as a whole or in part at its last address as the same appears on the Note Register; provided, however, that, if the Issuer shall give such notice, it shall also give written notice of the Redemption Date to the Trustee. The Redemption Date must be a Business Day. (b) The Redemption Notice, if mailed in the manner herein provided, shall be conclusively presumed to have been duly given, whether or not the Holder receives such notice. In any case, failure to give such Redemption Notice by mail or any defect in the Redemption Notice to the Holder of any Note designated for redemption as a whole or in part shall not affect the validity of the proceedings for the redemption of any other Note. (c) Each Redemption Notice shall specify: (i) the Redemption Date; (ii) the Redemption Price; (iii) that on the Redemption Date, the Redemption Price will become due and payable upon each Note to be redeemed, and that interest thereon, if any, shall cease to accrue on and after the Redemption Date; (iv) the place or places where such Notes are to be surrendered for payment of the Redemption Price; (v) that Holders may surrender their Notes for conversion at any time prior to the close of business on the Scheduled Trading Day immediately preceding the Redemption Date; (vi) the procedures a converting Holder must follow to convert its Notes and the Settlement Method and Specified Cash Amount, if applicable; (vii) the Conversion Rate and, if applicable, the number of Additional Shares added to the Conversion Rate in accordance with Section 14.03; (viii) the CUSIP, ISIN or other similar numbers, if any, assigned to such Notes; and (ix) in case any Note is to be redeemed in part only, the portion of the principal amount thereof to be redeemed and on and after the Redemption Date, upon surrender of such Note, a new Note in principal amount equal to the unredeemed portion thereof shall be issued.

  • Partial Redemptions, Payments, Etc The Custodian shall promptly advise the Fund or its designee upon its notification of a partial redemption, partial payment or other action with respect to a Security affecting fewer than all such Securities held within the Account. If the Custodian, any Foreign Custodian, Depository or Foreign Depository holds any Securities affected by one of the events described, the Custodian, the Foreign Custodian, Depository or Foreign Depository may select the Securities to participate in such partial redemption, partial payment or other action in any non-discriminatory manner that it customarily uses to make such selection.