Vacation and Sick Leave Benefits. Executive shall be entitled to accrue eighteen (18) days of paid vacation annually. While Employer encourages Executive to take vacation, if he does not use all vacation accrued in each calendar year, Executive may carry it over from year to year; provided, however, that the maximum accrual of Executive’s vacation shall be capped at two times the annual accrual rate. Once the cap is reached, Executive shall no longer accrue vacation until such time as he uses accrued vacation and his accrued and unused vacation days fall below the cap, at which time he will again begin to accrue vacation at the appropriate accrual rate. Any vacation benefit granted or paid to Executive is based solely on his Base Salary. Executive shall be entitled to sick leave in accordance with Employer’s sick leave policy, as amended from time to time.
Vacation and Sick Leave Benefits. From and after the Effective Time of the Closing, Purchaser shall grant all Hired Employees credit for Seller Service (to the same extent such service with Purchaser is taken into account with respect to similarly situated employees of Purchaser) for purposes of determining Hired Employees' eligibility to participate in and receive benefits under the Purchaser's vacation, sick leave and other similar plans.
Vacation and Sick Leave Benefits. Company-paid vacation and sick leave will be governed by the Employee Handbook. In accordance with the terms of the Employee's offer letter, Employee will initially be eligible for 3 weeks per year, accrued monthly.
Vacation and Sick Leave Benefits. Executive shall be entitled to accrue four (4) weeks of paid vacation annually. While Employer encourages Executive to take vacation, if he does not use all vacation accrued in each calendar year, Executive may carry it over from year to year; provided, however, that the maximum accrual of Executive’s vacation shall be capped at one and one-half (1 & 1/2) times the annual accrual rate. Once the cap is reached, Executive shall no longer accrue vacation until such time as he uses accrued vacation and his accrued and unused vacation days fall below the cap, at which time he will again begin to accrue vacation at the appropriate accrual rate. Any vacation benefit granted or paid to Executive is based solely on his Base Salary. Executive shall be entitled to sick leave in accordance with Employer’s sick leave policy, as amended from time to time.
Vacation and Sick Leave Benefits. Company-paid vacation and sick leave will be governed by the Employee Handbook.
Vacation and Sick Leave Benefits. With respect to any accrued but unused vacation time to which any Transferred Employee is entitled pursuant to the vacation policy applicable to such Transferred Employee immediately prior to the Closing Date, the Buyer shall, to the extent permitted by applicable Law, assume the liability for such accrued vacation and allow such Transferred Employee to use such accrued vacation to the extent such Transferred Employee would have been entitled to such accrued vacation based on his level and years of service under the vacation policy of the Buyer Group in effect as of the Closing Date as if such Transferred Employee had been employed by the Buyer during such Transferred Employee’s employment with the Seller; provided, however, that if the Transferred Employee’s accrued vacation is greater than the amount of vacation to which such Transferred Employee would have been entitled under the Buyer Group’s vacation policy, the Buyer shall pay to such Transferred Employee within 90 days of the Closing Date an amount in cash equal to the difference.
Vacation and Sick Leave Benefits. Company-paid vacation and sick leave will be as per the Employee's offer letter.
