Past Service and Vacations Sample Clauses

Past Service and Vacations. Transferring Employees will receive credit for Past Service (as hereinafter defined) in determining vacation and severance entitlement under Purchaser's applicable vacation and severance policies. "Past Service" means service (i) as an employee of Seller or Seller's subsidiaries or parent corporation and (ii) as an employee of predecessor companies prior to the acquisition of the Business by Seller, but only to the extent that such service is continuous through the Closing Date. Purchaser agrees to assume as of the Closing, Seller's liability for accrued vacation and sick pay to the extent reflected on the Closing Balance Sheet.
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Past Service and Vacations. Purchaser shall give New Employees and SOG's employees (other than Non-Retained SOG Employees) credit for Past Service (as hereinafter defined) in determining vacation entitlement under Purchaser's applicable vacation policy. "
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Past Service and Vacations. Transferred Employees will receive credit for Past Service (as hereinafter defined) in determining vacation entitlement under Buyer's applicable vacation policy. "PAST SERVICE" means service (i) as an employee of Seller or Seller's affiliates and (ii) as an employee of predecessor companies prior to the acquisition of the Business by Seller, but only to the extent that such service is continuous through the Closing Date; PROVIDED, HOWEVER, that in no event shall Buyer be required to provide or recognize past service for any period of service not recognized under Seller's Plans. Buyer will give credit to Transferred Employees for earned but unused vacation and/or accrued vacation (determined as of the Interim Employment Period Termination Date). Buyer shall have no obligation to make any cash payment in lieu of earned, but unused, or accrued vacation to any Transferred Employee. For purposes of this Section 4.5, "EARNED" vacation shall mean vacation earned under Seller's vacation policy with respect to service in 1998 but to be taken in 1998, while "ACCRUED" vacation shall mean vacation accrued under Seller's vacation policy with respect to service in 1997 but available only in 1998.
Sample 1
Past Service and Vacations. Transferring Employees will receive credit for Past Service in determining vacation entitlement under Purchaser's applicable vacation policy. Except to the extent that Transferring Employees receive payment from Seller for earned but unused vacation and/or accrued vacation (determined as of the Closing Date), Purchaser will give credit to Transferring Employees for such vacation. Purchaser shall have no obligation to pay wages in lieu of earned, but unused, or accrued vacation to any Employee. For purposes of this Section 14.3(d), "earned" vacation shall mean vacation earned under Seller's vacation policy with respect to service from July 1, 1995 through June 30, 1996, but to be taken in 1996, while "accrued" vacation shall mean vacation accrued under Seller's vacation policy with respect to service since July 1, 1996 but available only in 1997.
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Past Service and Vacations. 58 11.4 Participation in Purchaser's Plans........................................................... 58 11.5
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Past Service and Vacations. New Hire Employees who are salaried Employees (“Salaried New Hire Employees”) will receive credit for Past Service (as hereinafter defined) in determining vacation entitlement under Purchaser’s applicable vacation policy. “Past Service” means service (i) as an employee of Seller or Seller’s subsidiaries or parent corporation and (ii) as an employee of predecessor companies prior to the acquisition of the Business by Seller, but only to the extent that such service is recognized for vacation accrual purposes by Seller.
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Related to Past Service and Vacations

  • Holidays and Vacation Executive shall be eligible for paid holiday and vacation time in accordance with Company policy as in effect from time to time and made available to Company’s senior management employees.

  • Benefits and Vacation The Executive shall be eligible to participate in such insurance programs (health, disability or life) or such other health, dental, retirement or similar employee benefits programs as the Board may approve, on a basis comparable to that available to other officers and executive employees of the Company. The Executive shall be entitled to a minimum of three (3) weeks of paid vacation per year. Vacation time may be accumulated for up to one year beyond the year for which it is accrued and may be used any time during such year. Any vacation time not used during such additional year shall be forfeited. The value of any accrued but unused and unforfeited vacation time shall be paid in cash to the Executive upon termination of Executive's employment for any reason.

  • Annual Vacation Section 5.01. Employee shall be entitled to 20 days vacation time each year with full pay. Employee may be absent from his employment for vacation only at such times as approved by the board of directors.

  • Benefits; Vacation Employee shall be eligible to receive all benefits as are available to similarly situated employees of Employer generally, and any other benefits that Employer may, in its sole discretion, elect to grant to Employee from time to time. In addition, Employee shall be entitled to four (4) weeks paid vacation per year, which shall be pro-rated for the first partial year of employment and shall accrue in accordance with Employer’s policies applicable to similarly situated employees of Employer.

  • 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.

  • Vacations During the Term, the Executive shall be entitled to four weeks of vacation per calendar year, to be taken at such times and intervals as shall be determined by the Executive, subject to the reasonable business needs of the Company. The Executive may not accumulate or carry over from one calendar year to another any unused, accrued vacation time. The Executive shall not be entitled to compensation for vacation time not taken.

  • Vacations and Sick Leave The Executive shall be entitled to paid annual vacation leave in accordance with the policies as established from time to time by the Board of Directors, which shall in no event be less than four weeks per annum. The Executive shall also be entitled to an annual sick leave benefit as established by the Board for senior management employees of the Bank. The Executive shall not be entitled to receive any additional compensation from the Bank for failure to take a vacation or sick leave, nor shall he be able to accumulate unused vacation or sick leave from one year to the next; provided, however, such Executive may carry forward from year to year a maximum of ten days of unused vacation leave.

  • 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).

  • Employee Benefits and Vacation (a) During the Employment Term, Executive shall be entitled to participate in all benefit plans and arrangements and fringe benefits and perquisite programs generally provided to comparable senior executives of the Company.

  • Vacation and Sick Leave At such reasonable times as the Board of Directors shall in its discretion permit, the Employee shall be entitled, without loss of pay, to absent himself voluntarily from the performance of his employment under this Agreement, with all such voluntary absences to count as vacation time; provided that:

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