Accrued PTO definition
Accrued PTO means the amount of salaries and wages which the Employees are entitled to receive (including all employment taxes with respect thereto) for any personal time off for holiday or sick days accrued by such Employees as of the time in question (computed at the rate of the salaries and wages earned by such Employees as of the time in question), but expressly excluding any Accrued Vacation Pay.
Accrued PTO means, with respect to an Inland American Employee or a Xenia Employee, such individual’s accrued vacation, paid-time-off and sick time, if any.
Accrued PTO has the meaning set forth in Section 1.3(c). “Acquired Assets” has the meaning set forth in Section 1.1.
Examples of Accrued PTO in a sentence
If the applicable Accrued PTO Rollover Consents are obtained prior to the Closing, then for each Business Employee who becomes a Transferred Employee, the Buyer or an applicable Affiliate shall assume and honor such Transferred Employee’s Accrued PTO (the Accrued PTO so assumed, the “Assumed PTO”).
To the extent that an applicable Accrued PTO Rollover Consent is not obtained prior to the Closing, then the Seller or its applicable Affiliate employing such employee shall pay out to such Transferred Employee his or her Accrued PTO at Closing.
More Definitions of Accrued PTO
Accrued PTO has the meaning set forth in Section 2.3(d).
Accrued PTO has the meaning given to it in the Section 5.6(a).
Accrued PTO means accrued vacation, accrued sick time and earned time off.
Accrued PTO has the meaning set forth in Section 10.10(c).
Accrued PTO has the meaning set forth in Section 1.3(c).
Accrued PTO means, with respect to any Employee, the salary and wages which such Employee is entitled to receive for any personal time off accrued or earned but unused by such Employee as of the time in question, together with all employment taxes with respect thereto, including, without limitation, any withholding and employer contributions required under Applicable Law.
Accrued PTO means, with respect to a Demand Media Employee or a Rightside Employee, such individual’s accrued vacation and sick time, if any.