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e. In the event an employee's vacation leave balance (on either pay <br /> period when they can elect to cash-out) is less than the amount of hours <br /> the employee had previously elected to cash-out (in the prior calendar <br /> year), the employee will only receive payment for the amount of <br /> accumulated vacation leave remaining at the time of the cash-out. <br /> f. If an employee makes an irrevocable election to cash-out vacation in <br /> the following calendar year and uses vacation leave during that <br /> subsequent calendar year, the vacation leave used will first come from <br /> vacation leave the employee had earned(if any)prior to January 1 st of the <br /> calendar year the employee had elected to cash-out. The use of such <br /> earned, but unused, vacation leave accumulated from previous calendar <br /> years shall not result in a reduction in the amount of vacation hours the <br /> employee is eligible to cash out. <br /> E. Employees may cash out a combination of vacation and management vacation leaves, <br /> up to a maximum of two hundred sixty(260)hours in a calendar year, <br /> 10.3 Management Vacation Benefit. All employees will be granted one hundred (100) hours of <br /> management vacation per calendar year over the vacation schedules.Employees may accrue <br /> a maximum of four hundred eighty(480) hours of such Management Vacation. <br /> Employees may receive cash compensation, computed on a straight time basis, up to a <br /> maximum of one hundred fifty (150) hours of earned, unused management vacation leave <br /> benefits, subject to the provisions in Sections 10.2(D) and 10,2(E). <br /> 10.4 Effect of Extended Sick Leave on Vacation Accrual. An employee that is absent on paid sick <br /> leave or unpaid leave for a period of time greater than fifteen(15)consecutive calendar days <br /> in any one(1) calendar month shall not accrue vacation credits during that month. <br /> 28 <br />