Time-Off Benefits. Unless otherwise required under applicable Law, (i) SpinCo shall (A) credit each SpinCo Employee with the amount of accrued but unused vacation time, paid time-off and other time-off benefits as such SpinCo Employee had with the DevCo Group as of immediately before the Distribution Date and (B) permit each such SpinCo Employee to use such accrued but unused vacation time, paid time off and other time-off benefits in the same manner and upon the same terms and conditions as the SpinCo Employee would have been so permitted under the terms and conditions of the applicable DevCo policies in effect for the year in which such Distribution Date occurs, up to and including full exhaustion of such transferred unused vacation time, paid-time off and other time-off benefits (if such full exhaustion would be permitted under the applicable DevCo policies in effect for that year in which the Distribution Date occurs) and (ii) DevCo shall (A) credit each DevCo Employee with the amount of accrued but unused vacation time, paid time-off and other time-off benefits as such DevCo Employee had with the DevCo Group as of immediately before the Distribution Date and (B) permit each DevCo Employee to use such accrued but unused vacation time, paid time off and other time-off benefits in the same manner and upon the same terms and conditions as the DevCo Employee would have been so permitted under the terms and conditions of the applicable DevCo Group policies in effect for the year in which the Distribution Date occurs, up to and including full exhaustion of such transferred unused vacation time, paid-time off and other time-off benefits (if such full exhaustion would be permitted under the applicable DevCo policies in effect for that year in which the Distribution Date occurs).
Appears in 4 contracts
Samples: Employee Matters Agreement (Aimco OP L.P.), Employee Matters Agreement (Aimco Properties L.P.), Employee Matters Agreement (Apartment Income REIT Corp.)
Time-Off Benefits. Unless otherwise required under applicable Law, Law (ia) SpinCo shall (Ai) credit each SpinCo Employee with the amount of accrued but unused vacation time, paid time-off and other time-off benefits as such SpinCo Employee had with the DevCo Group RemainCo as of immediately before the Distribution Date Date, and (Bii) permit each such SpinCo Employee to use such accrued but unused vacation time, paid time off and other time-off benefits in the same manner and upon the same terms and conditions as the SpinCo Employee would have been so permitted under the terms and conditions of the applicable DevCo RemainCo policies in effect for the year in which such Distribution Date occurs, up to and including full exhaustion of such transferred unused vacation time, paid-time off and other time-off benefits (if such full exhaustion would be permitted under the applicable DevCo RemainCo policies in effect for that year in which the Distribution Date occurs) ); and (iib) DevCo RemainCo shall (Ai) credit each DevCo RemainCo Employee with the amount of accrued but unused vacation time, paid time-off and other time-off benefits as such DevCo RemainCo Employee had with the DevCo Group RemainCo as of immediately before the Distribution Date Date, and (Bii) permit each DevCo RemainCo Employee to use such accrued but unused vacation time, paid time off and other time-off benefits in the same manner and upon the same terms and conditions as the DevCo RemainCo Employee would have been so permitted under the terms and conditions of the applicable DevCo Group RemainCo policies in effect for the year in which the Distribution Date occurs, up to and including full exhaustion of such transferred unused vacation time, paid-time off and other time-off benefits (if such full exhaustion would be permitted under the applicable DevCo RemainCo policies in effect for that year in which the Distribution Date occurs).
Appears in 3 contracts
Samples: Employee Matters Agreement (Xperi Inc.), Employee Matters Agreement (Xperi Inc.), Employee Matters Agreement (Xperi, Inc.)
