Accrued Paid Time Off definition

Accrued Paid Time Off means for such purpose all accrued unused vacation, holiday, sick and personal time of an Employee as of the Closing Date, determined in accordance with Sellers' paid-time off policy.

Accrued Paid Time Off shall have the meaning assigned thereto in Section 2.5(j).

Accrued Paid Time Off has the meaning provided such term in Section 5.6(h).

Examples of Accrued Paid Time Off in a sentence

• Accrued Paid Time Off (PTO) and Extended Illness Bank (EIB) for the period of temporary disability shall be used during this period, except that an employee may elect to reserve up to eighty (80) hours (prorated for part-time employees) of PTO.

• Accrued Paid Time Off for the period of temporary disability shall be used during this period.

• Accrued Paid Time Off may be used to supplement the amount received by an employee from Workers’ Compensation Insurance as provided in Section 14.07 up to the amount of the employee’s pay for the hours the employee would have worked had the employee been available for work.

• Accrued Paid Time Off may be used to supplement the amount received by an employee from Workers Compensation Insurance as provided in Section 13.03 up to the amount of the employee’s pay for the hours the employee would have worked had the employee been available for work.

• An employee shall use accrued paid leave time for which the employee is eligible during family leave, except that the employee may elect to reserve up to eighty (80) hours (pro-rated for part-time employees) of Accrued Paid Time Off.

More Definitions of Accrued Paid Time Off

Accrued Paid Time Off is defined in Section 2.1(d).

Accrued Paid Time Off means, with respect to any Employee, the salary and wages which such Employee is entitled to receive for any vacation days, personal days or other paid time off accrued but unused by such Employee as of the time in question, but expressly excluding all other compensation accrued or payable to such Employee, such as bonus or incentive compensation, subject to all employment taxes with respect thereto and any withholding or employer contributions required under Applicable Law.)

Accrued Paid Time Off credited to him or her pursuant to the applicable policies and historical practices of a Selling Employer as in effect as of the Effective Time to the extent such Accrued Paid Time Off is reflected in Final Net Working Capital; provided, however, that to the extent applicable Law requires the payment in cash of any portion of the Accrued Paid Time Off, Seller shall, or shall cause its Affiliates to, pay such amounts to the Transferred Employees at, or promptly following the Closing, in lieu of carrying over such Accrued Paid Time Off. (iv) Purchaser shall, or shall cause its Affiliates to, maintain or establish, a 401(k) plan that is intended to be tax-qualified (the “Purchaser 401(k) Plan”) and in which the Transferred Employees shall be eligible to participate as of or as soon as reasonably practicable following the Closing Date, subject to satisfaction of eligibility provisions and after taking into account Section 9.1(b)(ii). Effective as of the Closing Date, each Transferred Employee shall become fully vested in his or her account balance in any Seller Employee Benefit Plan that is a tax-qualified 401(k) plan (the “Seller 401(k) Plan”). Seller agrees to cause the Seller 401(k) Plan to permit, and Purchaser agrees to cause the Purchaser 401(k) Plan to accept, rollovers by Transferred Employees from the Seller 401(k) Plan (including promissory notes evidencing outstanding plan loans). (e)

Accrued Paid Time Off has the meaning set forth in Section 9.1(d)(iii). “Acquisition Proposal” has the meaning set forth in Section 6.11. “Action” means any action, complaint, charge, claim, petition, audit, examination, investigation, inquiry, arbitration, judicial or administrative action, suit or proceeding (public or private), whether civil or criminal, at law or in equity, by or before any Governmental Authority. “Additional Seller Names” has the meaning set forth in Section 9.3(a)(i). “Affiliate” means, with regard to any Person, (a) any Subsidiary of such Person and (b) any other Person that, directly or indirectly, controls, is controlled by, or is under common control with, such Person. For the purposes of this definition, “control” means the possession of the power to direct, or cause the direction of, management and policies of a Person, whether through the ownership of voting securities, by Contract or otherwise. 65

Accrued Paid Time Off has the meaning set forth in Section 4.1(a)(ii).

Accrued Paid Time Off. PROVIDED that Buyer is reimbursed or credited by Sellers pursuant to Section 5.8(c) for such Accrued Paid Time Off. Without limiting any rights provided to Buyer in Article 9, Buyer's obligations under this Section 2.5 shall not be subject to offset or reduction by reason of any actual or alleged breach of any representation, warranty or covenant contained in this Agreement or any document delivered in connection herewith or any right or alleged right to indemnification hereunder arising from such actual or alleged breach. 2.6

Accrued Paid Time Off has the meaning set forth in Section 7.06.