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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 />W. <br />