Drain the maraschino cherries. Use a sharp knife to finely chop, then spread on doubled paper towels to dry. (Do this around 45-60 minutes prior to making the dough.)
In a large bowl, use an electric mixer to cream together the butter and sugar. Beat on medium-high speed to 2 minutes then add the vanilla extract and almond extract. Beat for another 2 minutes.
With the mixer on medium-low speed, add the flour mixture in thirds. Stop and scrap the bowl to incorporate fully.
Once all of the flour has been added, add 1/4 cup sliced almonds. Mix with the mixer until incorporated, some will break, this is what we want!
Now that the dough has formed, add the maraschino cherries. Stir in by hand or using the mixer on low speed just until they're evenly distributed. The dough will have a pink hue.
Transfer the dough to a large sheet of plastic wrap. Form into an even 12-inch to 14-inch log. Twist the ends to seal, then pop into the fridge to chill for at least 2-4 hours or until firm. (Overnight is fine!)
Preheat the oven to 325°F. Line a large sheet pan with parchment paper.
Remove the cookie dough from the fridge. Use a sharp knife to slice into 1/2-inch to 3/4-inch thick slices. Sprinkle the tops with the remaining sliced almonds.
Bake for 23-25 minutes or just until lightly golden brown around the edges.
Cool on the pan for 3 minutes then remove to a wire rack to completely cool.