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However, if an employee who separated from the service of the City has taken time off for <br />holidays in advance of the date or day the holiday actually occurred, he or she must pay the <br />City the cash value for such used but unearned holiday time off benefits prior to or at the <br />time of separation. <br />9.3 Cash Option. Employees covered by this Agreement shall be given an option twice per <br />calendar year to receive cash compensation ("cash out") computed on a straight time basis in <br />exchange for eighty (80) hours of their annual holiday leave benefits set forth in Section 9.2 <br />above. Specifically, employees may cash out up to 40 hours of holiday leave benefits in <br />April of each calendar year and an additiona140 hours of holiday leave benefits in November <br />of each calendar year. An employee that does not cash out holiday leave benefits in April <br />may cash out a maximum of 80 hours of holiday leave benefits in November. <br />The following terms and conditions apply to the Cash Option set forth above for the period <br />of time beginning July 1, 2009 and ending June 30, 2013. Effective July 1, 2013, the cash <br />out limits set forth in subparagraph "B" below shall no longer apply and the Cash Option <br />cash out limits shall be revised as set forth in 9.3C below. <br />A. The Cash Option is deferred for that period of time beginning July 1, 2009 and <br />ending June 30, 2010. The Cash Option, as modified below, is reinstated effective <br />July 1, 2010. The deferral of the Cash Option shall not affect an employee's ability <br />to be compensated for accumulated leave upon separation from employment with the <br />City, up to a maximum of 160 hours. <br />B. For that period of time beginning July 1, 2010, and ending June 30, 2013, employees <br />shall be given the option twice per calendar year to receive cash compensation ("cash <br />out") computed on a straight time basis in exchange for 106 hours of their annual <br />holiday leave benefits set forth in Section 9.2 above. Specifically, employees may <br />cash out up to 53 hours oi~ holiday leave benefits in November, 2010; November, <br />2011; and November 2012; and an additional 53 hours of holiday leave benefits in <br />April, 2011; April, 2012; and April, 2013. An employee that does not cash out <br />holiday leave benefits in the November period may cash out a maximum of 106 hours <br />of holiday leave benefits in the April period. <br />C. For the period December 1, 2011 and ending June 30, 2013, all employees covered <br />by this Agreement shall defer, for the duration of Fiscal Years 2011-12 and 2012-13, <br />an employee's ability to cash out annual holiday leave benefits. The ability to cash <br />out annual holiday leave benefits shall be re-instated July 1, 2013. Specifically, <br />employees may cash out up to 67 hours of holiday leave benefits in November, 2013; <br />April, 2014; November, 2014; April, 2015; November, 2015; and April, 2016, <br />respectively. An employee that does not cash out holiday leave benefits in the <br />November period may cash out a maximum of 134 hours of holiday leave benefits in <br />the April period for each fiscal year. Such deferral shall not affect an employee's <br />ability to be compensated for all accumulated leave upon termination of employment <br />with the City. <br />36 <br />