Time-Off Benefits. Spinco shall credit each Spinco Participant with the amount of accrued but unused vacation time, sick time and other time-off benefits as such Spinco Participant had with the MSG Networks Group as of the Distribution Date or as of an employee’s transfer date for an MSG Networks Employee who becomes a Spinco Employee prior to the Service Crediting Date. MSG Networks shall credit each MSG Networks Participant with the amount of accrued but unused vacation time, sick time and other time-off benefits as of an employee’s transfer date for a Spinco Employee who becomes an MSG Networks Employee prior to the Service Crediting Date. Notwithstanding the above, Spinco shall not be required to credit any Spinco Participant and MSG Networks shall not be required to credit any MSG Networks Participant with any accrual to the extent that a benefit attributable to such vacation time, sick time and other time-off benefits is paid by the MSG Networks Group or Spinco Group, respectively.
Appears in 4 contracts
Samples: Employee Matters Agreement (Madison Square Garden Entertainment Corp.), Employee Matters Agreement (Madison Square Garden Co), Employee Matters Agreement (MSG Spinco, Inc.)
Time-Off Benefits. Spinco MSG Entertainment shall credit each Spinco MSG Entertainment Participant with the amount of accrued but unused vacation time, sick time and other time-off benefits as such Spinco MSG Entertainment Participant had with the MSG Networks Spinco Group as of the Distribution Date or as of an employee’s transfer date for an MSG Networks a Spinco Employee who becomes a Spinco an MSG Entertainment Employee prior to the Service Crediting first anniversary of the Distribution Date. MSG Networks Spinco shall credit each MSG Networks Spinco Participant with the amount of accrued but unused vacation time, sick time and other time-off benefits as of an employee’s transfer date for a Spinco an MSG Entertainment Employee who becomes an MSG Networks a Spinco Employee prior to the Service Crediting first anniversary of the Distribution Date. Notwithstanding the above, MSG Entertainment shall not be required to credit any MSG Entertainment Participant and Spinco shall not be required to credit any Spinco Participant and MSG Networks shall not be required to credit any MSG Networks Participant with any accrual to the extent that a benefit attributable to such vacation time, sick time and other time-off benefits is paid by the MSG Networks Spinco Group or Spinco MSG Entertainment Group, respectively.
Appears in 3 contracts
Samples: Employee Matters Agreement (MSGE Spinco, Inc.), Employee Matters Agreement (Madison Square Garden Entertainment Corp.), Employee Matters Agreement (MSGE Spinco, Inc.)
