Accrued Vacation. It is further agreed by the parties hereto that, upon sale or transfer of ownership of any store or upon dissolution of business, vacation pay for all months worked for which no vacation pay has been given shall be immediately paid to all employees coming under this Agreement, regardless of length of time said employee has been with the Employer.
Accrued Vacation. The Executive will receive payment for accrued but unused vacation, which payment will be equitably prorated based on the period of active employment for that portion of the fiscal year in which the Executive’s termination of employment becomes effective. Payment for accrued but unused vacation will be paid in one lump sum within 30 days following the date of the Executive’s Termination of Employment.
Accrued Vacation. 35 15.9.3 Sale or Transfer 35 15.10 SEPARABILITY CLAUSE 36 15.11 TITLES 36 15.12 AMENDMENTS, ADDITIONS AND WAIVERS 36 15.13 EFFECTIVE DATES 36 15.14 401(K) PARTICIPATION 36 15.15 SEVERANCE 36 ARTICLE 16 - GRIEVANCE/MEDIATION AND ARBITRATION 37 16.1 DISPUTES OR QUESTIONS 37 16.2 GRIEVANCE FILING/STEPS 37
Accrued Vacation. Purchaser shall receive a credit in an amount equal to one hundred percent (100%) of the Accrued Vacation Pay as of the Cut-Off Time of all Employees. Purchaser shall (i) honor and credit each Employee’s unused accrued or earned vacation, sick-time-off or other paid time off of any Employee and (ii) be responsible for the payment of such Accrued Vacation Pay to the Employees (to the extent Purchaser received a credit therefor) when payable in accordance with applicable Legal Requirements. Notwithstanding the foregoing, to the extent required pursuant to any applicable Legal Requirements, at Closing, Seller shall cause Manager to pay to the Employees an amount equal to the unpaid Accrued Vacation Pay for each applicable Employee.
Accrued Vacation. Purchaser shall give each Continuing Employee credit for years of service with Seller for purposes of calculating such Continuing Employee’s vacation accrual rate with Purchaser. For Continuing Employees located in all jurisdictions other than India, the United States, and the United Kingdom, Purchaser shall permit each Continuing Employee to carry over to Purchaser any vacation time accrued but unused with Seller, up to a maximum of fifty percent (50%) of such Continuing Employee’s annual vacation accrual rate with Purchaser, and Seller shall pay to such Continuing Employee the remainder of any accrued but unused vacation time. For Continuing Employees located in India, on the Closing Date Seller shall pay each Continuing Employee for all accrued but unused vacation time through the Closing Date. For Continuing Employees located in the United States, on the Closing Date Seller shall pay each Continuing Employee for all accrued but unused vacation time through the Closing Date, unless the Continuing Employee consents to the partial payout and carryover described in the first sentence of this Section 5.7(d)(i). For Continuing Employees located in the United Kingdom, all Continuing Employees shall carry over to Purchaser all accrued and unused vacation time in accordance with applicable Law. The Purchase Price shall be reduced by an amount equal to the value of all vacation time carried over by Continuing Employees to Purchaser, calculated on the basis of each Continuing Employee’s base compensation rate as in effect immediately prior to the Effective Time (or on such other basis, if higher, as Seller actually uses in calculating the payments it makes or is required to make to Continuing Employees pursuant to the foregoing provisions of this Section 5.7(d)(i)). At least two (2) Business Days before the Closing Date, Seller shall deliver to Purchaser a certificate of Seller’s chief financial officer setting forth the amount of vacation time that will have accrued through (and including) the Closing Date for each Business Employee, the dollar amount of each such employee’s salary (or hourly wage rate), and the resulting value of each such employee’s accrued vacation time.