Payment of Accrued Vacation Pay. Any regular employee who is laid-off, retires, or resigns is entitled to receive accrued vacation pay prorated to the date when active employment ceases. All accrued vacation time shall be paid in a lump sum to the Employee’s Estate, if death occurs while employed by the Nashua Police Department.
Payment of Accrued Vacation Pay. A Hired Employee whose employment by Newco is voluntarily or involuntarily terminated during 2005 will be entitled to payment of vacation pay credited to the Hired Employee as of January 1, 2005 in accordance with Seller's vacation pay policy less the amount of vacation pay attributable to the number of days of vacation taken by such Hired Employee in 2005 before such termination ("Termination Vacation Pay"). Newco shall be responsible for funding the portion of such payment equal to such Hired Employee's Termination Date Accrual (as defined below). As used herein, "Termination Date Accrual" as to a Hired Employee shall mean (A) the total vacation pay to which such Hired Employee is entitled for 2005 multiplied by a fraction, the numerator of which is the number of weeks and fractions thereof elapsed from and after December 31, 2004 to and including the date of such Hired Employee's termination and the denominator of which is 52, less (B) the amount of vacation pay attributable to the number of days of vacation taken by such Hired Employee in 2005 on or before such date of termination. A Hired Employee's Termination Date Accrual may be a negative number. Seller shall pay to Newco with respect to such Hired Employee (X) an amount equal to such Hired Employee's Termination Vacation Pay minus such Hired Employee's Termination Date Accrual plus (Y) all applicable payroll taxes on the employer and the Hired Employee and other required withholdings on the amount expressed in clause (X) or, in the event not all of such amount is payable to such Hired Employee, on the portion of such amount that is payable to such Hired Employee. The parties acknowledge that if such Hired Employee's Termination Date Accrual is a negative amount, only a portion of the amount expressed in clause (X) in the preceding sentence will be payable to such Hired Employee and the balance will be retained by Newco. At least 10 business days before the date of each payment of Termination Vacation Pay Newco is required to make to a Hired Employee under this paragraph, Newco shall deliver to Seller an invoice for the gross amount of the payment Seller is required to make to Newco in respect of such Hired Employee as provided above (reflecting the payment date and a detailed calculation of the gross amount of such payment); and Seller shall pay in advance to Newco or Buyer, as applicable, the gross amount of such payment at least three business days before such payment date. Newco and Buyer shall...
Payment of Accrued Vacation Pay. An employee who resigns and whose resignation is approved by the Board shall be paid for accumulated vacation in the amount not to exceed 20 days.
