For pay purposes, the following shall be recognized holidays except where the employer exchanges a holiday in accordance with this agreement.
Holiday pay is paid for the actual designated holiday.
If a new employee or an employee returning from inactive status, or layoff reports to work on a day following the holiday, the employee will not receive compensation for the holiday except as provided for herein. Any full-time employee who is scheduled for a day off on a day which is observed as a holiday shall be entitled to receive a day off either on the day preceding or following the holiday, whichever allows a day off in addition to the employee's regularly scheduled day off or an alternate day off which is agreeable to the employee and employer.