Assumed Paid Time Off Sample Clauses

Assumed Paid Time Off. For the period beginning on the Closing Date or the U.S. Delayed Transfer Date, as applicable, and continuing thereafter through April 30, 2024 (or such longer period as required by applicable Law outside of the United States), and without limiting the requirements under Section 4.5(b), Buyer shall, or shall cause one of its Affiliates or any PEO to (i) provide to the Continuing Employees paid time off, sick leave or vacation (“PTO Benefits”) that are no less favorable than the PTO Benefits in effect for such Continuing Employee immediately prior to the Closing or the U.S. Delayed Transfer Date, as applicable, and (ii) assume, recognize and credit paid time off, sick leave or vacation that are earned but unused by each applicable Continuing Employee prior to the Closing or the U.S. Delayed Transfer Date, as applicable, in accordance with the applicable paid time off, sick leave, vacation or similar benefit policy of the applicable Seller Plan or Company Plan; provided, that with respect to (ii) only, solely to the extent included in Indebtedness (along with the employer portion of any employment, payroll or similar Taxes related thereto) (as finally determined) (the “Assumed Paid Time Off”). For the avoidance of doubt, for the period beginning on May 1, 2024 and at all times thereafter, Buyer and its Affiliates or any PEO, as applicable, shall provide PTO Benefits to the Continuing Employees that are consistent with the PTO Benefits provided to similarly situated employees of Buyer, including provisions related to accrual, rollover, annual maximums and forfeiture, and/or forfeiture under any Seller Plan or Company Plan for the remainder of 2024 and thereafter (including as it relates to unused amounts of the Assumed Paid Time Off or PTO Benefits accrued through April 30, 2024) and Buyer and its Affiliates also shall have the discretion to cease accruals or forfeit accruals for the Continuing Employees during any period between May 1, 2024 and December 31, 2024 to ensure that the scope of PTO Benefits offered to the Continuing Employees during this period are not in excess of the PTO Benefits provided to similarly-situated employees of Buyer and its Affiliates; provided, that nothing herein shall result in a breach of applicable Laws, including TUPE. (h)
Sample 1
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Assumed Paid Time Off. From and after the Closing, Parent shall, or shall cause one of its Affiliates to, assume, recognize and credit paid time off that is earned but unused by each applicable Continuing Employee prior to the Closing in accordance with the applicable paid time off policy of the Seller Parties or their respective Affiliates and accrued on the Company’s balance sheet as of the Closing (the “Assumed Paid Time Off”).
Sample 1

Related to Assumed Paid Time Off

  • Vacation; Paid Time Off During the Employment Term, the Executive shall be entitled to fifteen (15) paid vacation days per calendar year (prorated for partial years) in accordance with the Company’s vacation policies, as in effect from time to time that is at least as favorable as that provided to other similarly situated executives of the Company. The Executive shall receive other paid time-off in accordance with the Company’s policies for executive officers as such policies may exist from time to time.

  • Paid Time Off The Executive shall be entitled to take paid time off in accordance with the Company’s applicable paid time off policy for executives, as may be in effect from time to time.

  • Vacation and Paid Time Off The Executive shall be entitled to vacation and paid time off in accordance with the standard policies of the Company for executives as in effect from time to time.

  • Time Off During the Term, Executive shall be entitled to vacation consistent with Company practice and policy for executive-level employees, but not less than five (5) weeks of vacation per year. In addition, Executive shall be entitled to those paid holidays granted to Company employees while Executive is employed.

  • Accrued Salary and Paid Time Off On the Separation Date, the Company will pay you all accrued salary, and all accrued and unused vacation earned through the Separation Date, subject to standard payroll deductions and withholdings. You are entitled to these payments by law.

  • Transferred Employees Harpoon’s employment of the Transferred Employees shall terminate at 11:59 p.m. Pacific Time on the Series B Closing Date. Prior to or in conjunction with the Series B Closing, Maverick shall in good faith offer employment to the Transferred Employees, pursuant to terms of written offer letters, with such employment to commence on the first Business Day immediately following the Series B Closing Date. In the event that any such Transferred Employee accepts Maverick’s offer of employment either before or after the Series B Closing, Maverick shall be responsible for all Liabilities (including salaries and benefits, including the maintenance of appropriate levels of workers’ compensation insurance) arising out of any such employment from and after the initial date of the Transferred Employee’s employment with Maverick. Harpoon shall be responsible for providing notice and health continuation coverage under COBRA to any Transferred Employee (and his/her qualified beneficiaries) who experiences a qualifying event after the Series B Closing Date. With respect to all confidentiality and invention assignment provisions applicable to Transferred Employees contained in Contracts that Transferred Employees entered into with Harpoon prior to the Series B Closing, Harpoon shall enforce such provisions on behalf of Maverick, at Maverick’s request and expense, to the extent that Maverick cannot enforce such Contracts directly. Effective upon the Series B Closing, Harpoon hereby waives (x) any non-competition or similar provisions and (y) any confidentiality provisions, to the extent restricting disclosure or use of the Transferred Intellectual Property or use of the license set forth in Section 2.2(a), in each case ((x) and (y)) applicable to Transferred Employees contained in Contracts that Transferred Employees entered into with Harpoon prior to the Series B Closing.

  • Personal Time Off Executive shall be entitled to paid time off in accordance with the Company’s policies applicable to executives.

  • Seller's Employees Purchaser will interview and evaluate in accordance with its normal employment procedures those Persons employed as field personnel in the capacity of pumper, foreman, operator, technician, mechanic, superintendent, repairman, utility man, or other similar field classifications by Seller in connection with the Subject Properties and identified by letter of even date herewith from Seller to Purchaser who desire to be considered for employment by Purchaser, and will offer in writing employment to those Persons for whom Purchaser in its sole discretion determines a need. If Purchaser fails to offer such employment to all of such Persons, Purchaser shall not, as a result of such failure, otherwise be in default under this Agreement, but shall be required to reimburse Seller for severance benefits paid by Seller to each such Person not offered employment by Purchaser; provided, that such reimbursement shall not exceed that amount determined by multiplying each such employee's normal weekly wage by twelve (12). Persons offered employment with Purchaser will be offered employment at their current work location with compensation and benefits comparable to those provided to Purchaser's current employees performing similar tasks, or, if none, with compensation and benefits comparable to those provided by Seller Such offers shall be made prior to Closing, but shall be contingent upon the occurrence of Closing and such employment shall not commence until Closing. If any such Person employed by Purchaser is terminated by Purchaser within six (6) months of Closing, Purchaser shall pay such Person a severance benefit equal to the amount determined by multiplying each such employee's normal weekly wage by ten (10). Purchaser shall have no obligation under this Section 13.19 with respect to Persons offered employment by Purchaser pursuant to this Section 13.19 who decline such employment, except that the foregoing provisions shall apply to the extent that such Person accepts employment with Purchaser or any of its Affiliates within twelve (12) months of Closing.

  • Accrued Vacation The Executive will receive payment for accrued but unused vacation, which payment will be equitably prorated based on the period of active employment for that portion of the fiscal year in which the Executive’s termination of employment becomes effective. Payment for accrued but unused vacation will be payable in one lump sum on the effective date of the termination of employment (or as soon thereafter as practicable).

  • Paid Vacation The Executive shall be entitled to paid vacation days in accordance with the Company’s vacation policies in effect from time to time for its executive team; provided, however, that the Executive shall be entitled to no less than fifteen (15) paid vacation days per calendar year during the Term.

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