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Section 7. Leaves <br /> 7.1(1) Observed Holidays. <br /> Annual observed holidays are as follows: <br /> A. January 1st <br /> B. The third Monday in January, known as "Martin Luther King Day" <br /> C. The third Monday in February, known as "Washington Day" <br /> D. The last Monday in May, known as "Memorial Day" <br /> E. July 4th <br /> F. The first Monday in September, known as "Labor Day" <br /> G. The eleventh day of the eleventh month, known as "Veteran's Day" <br /> H. Thanksgiving Day <br /> I. The Friday following Thanksgiving Day <br /> J. Christmas Eve Day <br /> K. December 25th <br /> 7.1(2) Holidays Falling on Saturday. Sunday or Scheduled Day Off <br /> When a holiday falls on a Sunday, the following Monday shall be observed; when a <br /> holiday falls on a Saturday, the preceding Friday shall be observed; except that if <br /> Christmas Eve day falls on a Saturday or Sunday, the preceding Friday shall be observed. <br /> 7.4 Vacation <br /> 7.4(1) Vacation Eligibility/Allowance <br /> Management employees shall accrue vacation with pay in accordance with the following <br /> schedule: <br /> Years of Service Hour Accrual Rate Per Month <br /> First through fourth 6.667 <br /> Fifth through ninth 10.000 <br /> Tenth through fourteenth 13.334 <br /> Fifteenth 14.000 <br /> Sixteenth 14.667 <br /> Seventeenth 15.334 <br /> Eighteenth 16.000 <br /> Nineteenth and above 16.667 <br /> The maximum monthly accrual rate shall be 16.667 hours. <br /> -6- <br />