Common use of Paid Time Off and Payroll Clause in Contracts

Paid Time Off and Payroll. Following the applicable Relevant Time, each Party shall establish or retain their own paid time off policy and (i) any earned but unused paid time off (including vacation pay) that a LSC Employee is entitled to as of the LSC Distribution Date will be credited to the LSC Employee under the LSC paid time off policy and provided in accordance with that policy; (ii) any earned but unused paid time off (including vacation pay) that a Donnelley Financial Employee is entitled to as of the Donnelley Financial Distribution Date will be credited to the Donnelley Financial Employee under the Donnelley Financial paid time off policy and provided in accordance with that policy; and (iii) any earned but unused paid time off (including vacation pay) that a RRD Employee is entitled to as of each applicable Relevant Time will be continued by the RRD paid time off policy and provided in accordance with that policy. On and after the applicable Distribution Date, each Party shall have no liability for paid time off on behalf of another Party’s employees.