Sick Time Conversion Sample Clauses

The Sick Time Conversion clause outlines the process by which unused sick leave can be converted into another form of benefit, such as additional vacation days, cash compensation, or retirement credits. Typically, this clause specifies eligibility criteria, the rate of conversion, and any limits on the amount of sick time that can be converted within a given period. Its core practical function is to provide employees with flexibility and an incentive to conserve sick leave, while also helping employers manage absenteeism and reward consistent attendance.
Sick Time Conversion. At the time a member is permanently placed in a new position, either through bidding, cross training or returning to a previous position, the accumulated sick leave hours shall be converted to equalize the rate of accrual: (1) Employees moving from a 12 hour per month accrual (56 hour employee) to an 8 hour accrual (42 employee) will have their accumulated sick hours divided by 11.16 (the rate of monthly accumulation), to arrive at the number of months of accumulation. This figure is then multiplied by the 8 hours per month accumulation rate of the 42 hour employees, to arrive at the total hours available. (2) Employees moving from an 8 hour per month accrual (42 hour employee) to a 12 hour accrual (56 hour employee) shall have their accumulated sick leave hours converted in the opposite manner; accumulated sick hours divided by 8 hours per month to determine number of months accrued. The number of months accrued is then multiplied by 11.16 (the rate of monthly accumulation) to arrive at the total hours available. (3) At the time of retirement, employees working the 56 hour schedule will have accrued hours converted back to the 42 hour equivalent prior to pay off. (4) The 11.16 conversion base represents the closest mathematical equation possible (2088 is to 8: 2912 is to x) = 2912 x 8 = 23,296; 23,296 ÷ 2088 = 11.16. (5) It is understood and agreed that the application of the above formula shall not result in significant loss or gain in any sick leave benefit.
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Sick Time Conversion. At the time a member is permanently placed in a new position, either through bidding, cross training or returning to a previous position, the accumulated sick leave hours shall be converted to equalize the rate of accrual: (1) Employees moving from a 12 hour per month accrual (56-hour employee) to an 8 hour accrual (42 employee) will have their accumulated sick hours divided by 11.16 (the rate of monthly accumulation), to arrive at the number of months of accumulation. This figure is then multiplied by the 8 hours per month accumulation rate of the 42-hour employees, to arrive at the total hours available. (2) Employees moving from an 8 hour per month accrual (42 hour employee) to a 12 hour accrual (56 hour employee) shall have their accumulated sick leave hours converted in the opposite manner; accumulated sick hours divided by 8 hours per month to determine number of months accrued. The number of months accrued is then multiplied by 11.16 (the rate of monthly accumulation) to arrive at the total hours available.
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Sick Time Conversion. In the event an employee should accrue more than sixty (60) days of sick leave at the end of any calendar year, he/she shall be granted one-half (½) of this excess sick leave accumulation to his/her vacation time available in the following year. For purposes of this computation one-half day of vacation time will be added for each full day of excess sick leave accumulation, i.e. 10 days = 5 days’ vacation; 13 days = 6.5 days’ vacation.
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Related to Sick Time Conversion

  • Sick Leave Conversion Sick leave accumulation in excess of 1,440 hours may be converted to paid vacation time at a ratio of two (2) hours of sick leave time for one (1) hour of vacation time, to a maximum of five (5) regularly-assigned workdays (not to exceed a total of forty (40) hours in any year. There shall be no conversion of unused sick leave in any amount at any time to any cash payment other than the above-described conversion to vacation time or severance pay in Article 13.

  • Casual Conversion A casual Employee, who has been engaged by the Employer on a regular and systematic basis for a period in excess of six-weeks, thereafter, will have their contract of employment converted to permanent employment unless otherwise agreed in writing between the parties. Regular and systematic shall be defined as an average of 4 days or more, per week, over 6 weeks. Eligible current employees will be transitioned to full time no later than 6 weeks from the date of approval of this agreement.

  • Date of Conversion Conversion Price: ---------------------------------------------------------------

  • Conversion Date The “Conversion Date” is a Switch or frame conversion planned day of cut-over to the replacement frame(s) or Switch. The actual conversion time typically is set for midnight of the Conversion Date. This may cause the actual Conversion Date to migrate into the early hours of the day after the planned Conversion Date.

  • Optional Conversion To convert any Conversion Amount into shares of Common Stock on any date (a "Conversion Date"), the Holder shall (A) transmit by email, facsimile (or otherwise deliver), for receipt on or prior to 11:59 p.m., New York, NY Time, on such date, a copy of an executed notice of conversion in the form attached hereto as Exhibit A (the "Conversion Notice") to the Company. On or before the third Business Day following the date of receipt of a Conversion Notice (the "Share Delivery Date"), the Company shall (A) if legends are not required to be placed on certificates of Common Stock pursuant to the then existing provisions of Rule 144 of the Securities Act of 1933 (“Rule 144”) and provided that the Transfer Agent is participating in the Depository Trust Company's ("DTC") Fast Automated Securities Transfer Program, credit such aggregate number of shares of Common Stock to which the Holder shall be entitled to the Holder's or its designee's balance account with DTC through its Deposit Withdrawal Agent Commission system or (B) if the Transfer Agent is not participating in the DTC Fast Automated Securities Transfer Program, issue and deliver to the address as specified in the Conversion Notice, a certificate, registered in the name of the Holder or its designee, for the number of shares of Common Stock to which the Holder shall be entitled which certificates shall not bear any restrictive legends unless required pursuant the Rule 144. If this Note is physically surrendered for conversion and the outstanding Principal of this Note is greater than the Principal portion of the Conversion Amount being converted, then the Company shall, upon request of the Holder, as soon as practicable and in no event later than three (3) Business Days after receipt of this Note and at its own expense, issue and deliver to the holder a new Note representing the outstanding Principal not converted. The Person or Persons entitled to receive the shares of Common Stock issuable upon a conversion of this Note shall be treated for all purposes as the record holder or holders of such shares of Common Stock upon the transmission of a Conversion Notice.