In addition to any other form of leave or excused absence, each employee in the Executive service as of January 1 may take up to Eighty (80) hours executive leave in any fiscal year, pro rated on a monthly basis.
(a) 
Executive leave may not be carried over from one year to the next, but will be compensated upon separation from the Executive service at the rate of 6.7 hours per month served in the current fiscal year until the month of separation, less any hours already used during that year.
(b) 
Approval for executive leave must be given in advance in the same manner as other planned absences.
(c) 
At the employee's option, unused executive leave remaining at the end of any fiscal year may be compensated by lump sum cash payment at the employee's usual pay rate.