Unused Paid Time Off. Any unused Paid Time Off (“PTO”) for 2020 will be paid out upon Separation Date in the amount of $26,250, prior to applicable withholding taxes. Any PTO taken between November 23, 2020 and December 31, 2020 will be deducted from this amount.
Unused Paid Time Off. As of the Retirement Date, the Company will pay Executive the value of Executive’s accrued but unused vacation time, in accordance with Company policy, as determined and calculated by the Company, such amount to be paid within the time period required by law. This payment amount will be taxed and subject to usual and customary withholdings and in accordance with applicable federal, state and local tax laws and procedures.
Unused Paid Time Off. One business day prior to the Retirement Effective Date, Company will make a determination of the Employee’s earned but unused PTO as of the Retirement Effective Date as reflected in Company’s payroll system, in accordance with Company policy. Payment for such amount, subject to all applicable statutory tax withholdings or other deductions as required by law or authorized by the Employee, will be distributed as one lump sum in the next pay period subsequent to the Effective Date.
Unused Paid Time Off. Purchaser shall credit each Transferred Employee with the unused vacation, sick leave or personal days to which the Transferred Employee is entitled through the Closing Date that is accrued on the Final Statement (but not yet paid). To the extent required by Law, Seller shall pay any Transferred Employee the cash value of his or her unused vacation, sick leave or personal days.
