How does 'Use it or Lose it' vacation work?

I'm being told my work has a 'Use it or Lose it' vacation policy.

How does this work?? Am I understanding it correctly?

So I gain 5 hours of vacation every 2 weeks.

• So at the start of 2021, I'll have 0 hours of vacation? Making a vacation in January or February essentially impossible??
• On December 25th, I'll hit another pay period & gain 5 hours of vacation. Is this vacation time essentially guaranteed to be trashed if I don't use it within the next 3 business days before New Years?

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