CASHOUT IN THE EVENT OF SALE OR TRANSFER. (a) In the event a hotel is sold or transferred, all employees shall be paid severance pay up to the date of such sale by the outgoing owner or lessee. After payment has been made continuous service for the purpose of severance pay commences a new starting date from date of each sale. No duplication or pyramiding of payments is intended. (b) In the event of a transfer of shares from one shareholder to another and/or in the case of the sale of shares by one or more of the shareholders to new shareholders, it is understood that the new shareholder(s) will pay out accrued severance pay to the employees or will agree in writing to the signatories to this Collective Agreement and to the employees that the new shareholder(s) is assuming the liability for accrued severance pay.
Appears in 6 contracts
Samples: Collective Agreement, Collective Agreement, Collective Agreement
