So that's like a salaried employee, except worse?

Perhaps you get well compensated hourly, but your math suggests you get about 10 days off without pay.
That's pretty much an entry level amount of time a salaried employee gets for annual vacation time.
IIRC a base level salaried employee will then get another 7+ days sick time off (we're talking very rough number here for conversation sake).
Which means, uh, you get average vacation time, but no real sick time off?
Even if you switch vacation/sick time around it still doesn't sound too great.
Is there a union lurking around there some place?