Rollover PTO definition

Rollover PTO means any banked accrued but unused vacation or other paid time off that a Transferred Employee is entitled to as of the Closing Date under Seller’s PTO policies that could have been used by the Transferred Employee in the calendar year in which the Closing Date occurs under Seller’s policies with respect to the use of banked vacation and other paid time off if such Transferred Employee had continued to be subject to such policies for the remainder of such calendar year and that is transferred to and assumed by Buyer or a Buyer Designee in accordance with Section 5.4(f).
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Rollover PTO has the meaning ascribed thereto in Section 2.7(2).
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Rollover PTO means any accrued but not used vacation or other paid time off to which a Transferred Employee is entitled as of the Closing Date that could have been used by the Transferred Employee in the calendar year in which the Closing Date occurs under Seller’s policies with respect to vacation and other paid time off if the Transferred Employee had continued to be subject to such policies for the remainder of such calendar year. “Sanctions” means all applicable trade and economic sanctions laws, regulations, or trade embargoes imposed, administered or enforced by the U.S. government (including those administered by the U.S. Department of the Treasury’s Office of Foreign Assets Control, the U.S. Department of Commerce and the U.S. Department of State), the United Nations Security Council,
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Examples of Rollover PTO in a sentence

  • If the actual value of the Rollover PTO with respect to each Hired Employee calculated by the Seller within ten (10) days after the Closing Date is greater than the estimated value of the Rollover PTO with respect to each Hired Employee calculated by the Seller as of the Closing Date, then the Seller shall promptly deliver to the Buyer an amount of cash equal to such difference.

  • For the avoidance of doubt, the Continuing Employee shall not be permitted to roll over any of his or her Permitted Rollover PTO that is unused as of December 31, 2018 and shall receive no consideration with respect to such unused Permitted Rollover PTO.

  • If such Hired Employee terminates employment with the Buyer prior to using his or her Rollover PTO, in addition to any paid time off then accrued under the Buyer's policies, the Buyer shall pay such Hired Employee an amount equal to any such unused Rollover PTO upon such employment termination.

  • The Buyer shall credit each Hired Employee with paid time off under Buyer's policies, in an amount equal to such actual number of Rollover PTO accrued for such Hired Employee as of the Closing Date.

  • On the Closing Date, the Seller shall notify the Buyer of the name and an estimate of the number of Rollover PTO hours accrued for each Hired Employee.

  • On the Closing Date, the Purchase Price will be decreased by the estimated value of the Rollover PTO with respect to each Hired Employee.

  • Within ten (10) days after the Closing Date, the Seller shall provide the Buyer with the actual number of Rollover PTO hours accrued for each Hired Employee.

  • If the actual value of the Rollover PTO with respect to each Hired Employee calculated by the Seller within ten (10) days after the Closing Date is less than the estimated value of the Rollover PTO with respect to each Hired Employee calculated by the Seller as of the Closing Date, then the Buyer shall promptly deliver to the Seller an amount of cash equal to such difference.

  • Following the Closing, each Hired Employee will be permitted to “roll over” one hundred percent (100%) of his or her hours of paid time off (including personal time off and vacation) that is accrued but unused by such Hired Employee as of the Closing Date (the "Rollover PTO").