Banked Vacation definition

Banked Vacation has the meaning set forth in Section 7.2(f).
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Banked Vacation means vacation time accrued on Seller's or its Affiliates' records as payable to any Transferred Salaried Employee for which vacation time has not been taken prior to May 31, 1997 and which was earned prior to January 1, 1997. If agreed to by the Unions prior to the Closing, on or promptly after the Closing Date Seller shall pay to each Union Employee any applicable Accrued Union Vacation. If there is no agreement with the Unions prior to the Closing, Seller shall exercise its rights under federal labor law to undertake to provide the benefit referred to in the preceding sentence. "Accrued Union Vacation" shall mean one-half of the vacation time accrued on Seller's or its Affiliate's records as payable to any Union Employee for which vacation time was earned prior to January 1, 1997, but has not been taken prior to May 31, 1997. In addition, Seller shall pay to Purchaser on or promptly after the Closing Date an amount equal to one-half of the aggregate vacation time accrued but not taken by the Transferred Salaried Employees and the Union Employees from January 1, 1997 until May 31, 1997.
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Banked Vacation has the meaning specified in Section 5.24(j) of the Agreement.
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Examples of Banked Vacation in a sentence

  • Example: 24 - Hour Entitlement Unused Vacation Hours x 8 Hour Entitlement = Banked Vacation Eight (8) hour employees using banked vacation hours shall convert the banked hours by multiplying the banked hours by a factor of their eight (8) hour entitlement divided by their twenty-four (24) hour entitlement.

  • The vacation amount will be prorated based on the hours of work and years of service: Two (2) weeks per scheduled hours of work 0-4 years of service Three (3) weeks per scheduled hours of work 5 plus years of service Banked Vacation The entitled vacation allotment will be given to eligible employees at the beginning of each calendar year.

  • I understand that accrued time will be exhausted in the following order: Sick, Vacation, Banked Vacation and only if elected prior to the start of the leave, Compensatory Time.I understand that if I have exhausted all accrued time, I will be placed in an unpaid status.

  • Banked Vacation Effective January upon eligibility for working days (five weeks) of annual vacation, employees may defer and accumulate any vacation entitlement beyond days per year.

  • Replaces National MOA – Exhibit VIII 5.06 Banked Vacation On July 31, 2014, the CWA/Frontier National MOA and more specifically Exhibit VIII – Vacation Carry Forward (Banking) expired by its terms.

  • Vacation accumulated indefinitely shall also be noted in the Banked Vacation section.

  • The Board reserves the right to eliminate and pay out Banked Vacation when it, at its sole discretion, believes it preferable to pay out, rather than continue accumulating, Banked Vacation, subject to the Code (as defined below).

  • You will receive a separate lump sum payment for Banked Vacation time equal to 136 hours or $16,346.18 and current accrued and unused vacation time equal to 57 hours or $6,850.97.

  • Section 5 - Banked Vacation DaysEmployees shall be allowed to bank up to twelve (12) vacation days in their career in accordance with Article 42, Section 2 or Article 35, Section 8 (c).

  • After effecting the AAI Banked Vacation Time Cash-Out, the remaining amount of Banked Vacation Time each Transferred Employee has available for use as of the Closing Date will become his or her starting amount of paid vacation with the Purchaser, or any Affiliate of the Purchaser, as the case may be, for the 2007 calendar year.


More Definitions of Banked Vacation

Banked Vacation means vacation time accrued on Contributor's records as payable to any Salaried Employee who becomes a Partnership Employee for which vacation time has not been taken prior to January 2, 1999.
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Banked Vacation is defined in Section 1.7(j).
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Banked Vacation means vacation time accrued on the Contributor's records as payable to any Partnership Employee who is a Non-Union Employee for which vacation time has not been taken for the period prior to January 1, 1982, 1986 or 1988, as appropriate for such Partnership Employee. "Carryover Vacation" shall mean vacation time which (a) is not Banked Vacation; (b) has been accrued on the Contributor's records as payable and approved by designated personnel for any Partnership Employee who is a Non-Union Employee; and (c) such vacation time has not been taken prior to the Expiration Date and which was earned for any period prior to January 1, 1998.
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Banked Vacation is defined in Section 2.8(g).
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Related to Banked Vacation

  • Vacation means annual vacation with pay.

  • Sick Leave means the period of time an employee is absent from work with or without pay, by virtue of sickness, quarantine, or accident, or out-of-town medical/dental referrals for which compensation is not payable under the Worker's Compensation Act.

  • Vacation Year means the twelve (12) month period commencing on the first (1st) day of April in each calendar year and concluding on the thirty-first (31st) day of March of the following calendar year.

  • Paid sick leave – means paid leave under the Emergency Paid Sick Leave Act.

  • Weeks Pay' means the ordinary time rate of pay for the employee concerned:

  • Holidays shall be deemed to mean and include New Year’s Day, Memorial Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day.

  • Compensatory time off means authorized time off earned by or awarded to an employee to compensate in whole or in part for time worked in excess of the minimum work time required of that employee as a condition of his or her employment.

  • Senior Executives has the meaning set forth in Section II.A.3.

  • Bonuses means current cash compensation over and above Base Salary whether awarded under the Company’s Incentive Compensation Plan or otherwise awarded.

  • Bonus means the bonus described in the Section 2.3.

  • Number of Employees enter the total number of Employees in the employment category employed to provide services under the Contract during the report period, including part time Employees and Employees of subcontractors.

  • Year of Employment means a period of service of 12 months.

  • Period of Employment shall include any extension thereof pursuant to the preceding sentence. Provision of notice that the Period of Employment shall not be extended or further extended, as the case may be, shall not constitute a breach of this Agreement and shall not constitute “Good Reason” for purposes of this Agreement. Notwithstanding the foregoing, the Period of Employment is subject to earlier termination as provided below in this Agreement.

  • Annual leave and Clause 6.3 “Personal (Sick) Leave” of this Agreement.

  • Senior Executive means the chief executive officer, chief operating officer, chief financial officer, and anyone in charge of a principal business unit or function.

  • Fringe benefits means the amount of:

  • Paid leave means time away from work by an employee for which the employee receives compensation, and is limited to sick time, vacation time, compensatory time and leave that is provided as an aggregate amount for use at the discretion of the employee for any of these same purposes. "Paid leave" does not include paid short-term or long-term disability, catastrophic leave or similar types of benefits.[PL 2005, c. 455, §1 (NEW).]

  • Incentive Compensation means any compensation that is granted, earned or vested based wholly or in part upon the attainment of a Financial Reporting Measure.

  • Recoverable Incentive Compensation means Incentive Compensation received by a Covered Officer during the Lookback Period that exceeds the amount of Incentive Compensation that would have been received had such amount been determined based on the Accounting Restatement, computed without regard to any taxes paid (i.e., on a gross basis without regard to tax withholdings and other deductions). For any compensation plans or programs that take into account Incentive Compensation, the amount of Recoverable Incentive Compensation for purposes of this Policy shall include, without limitation, the amount contributed to any notional account based on Recoverable Incentive Compensation and any earnings to date on that notional amount. For any Incentive Compensation that is based on stock price or TSR, where the Recoverable Incentive Compensation is not subject to mathematical recalculation directly from the information in an Accounting Restatement, the Administrator will determine the amount of Recoverable Incentive Compensation based on a reasonable estimate of the effect of the Accounting Restatement on the stock price or TSR upon which the Incentive Compensation was received. The Company shall maintain documentation of the determination of that reasonable estimate and provide such documentation to the Exchange in accordance with the Listing Standards.

  • Salary as defined in Section 3.1(a).