TIME OFF PROGRAMS Sample Clauses

TIME OFF PROGRAMS. Purchaser will establish for the benefit of New Employees vacation policies, sick time policies and other time off programs that are substantially identical to the vacation and sick time policies of Sellers. The New Employees will be granted credit for service with the Sellers for purposes of Purchaser's vacation and sick time policies that are maintained for the benefit of New Employees. Each of the Sellers and Purchaser agree that (i) past service liabilities incurred up to the Effective Date shall be the responsibility of the Sellers, and shall be accrued as of the Effective Date (up to three weeks) and (ii) service liabilities incurred on or after the Effective Date shall be the responsibility of, and shall be incurred by Purchaser. Vacation entitlement accrued by New Employees as of the Closing Date under the Sellers' vacation policy as in effect on the Closing Date shall be recognized by the Purchaser following the Closing, up to a maximum of three weeks vacation, and Purchaser assumes the liabilities and obligations of Seller with respect to such vacation entitlement. On or before the Closing Date, Sellers shall pay the New Employees who have unused accrued vacation in an amount in excess of three weeks as of the Closing Date an amount equal to the value of such unused vacation in excess of three weeks.
Sample 1
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TIME OFF PROGRAMS. Bargaining unit employees will move to the listed accrual rate schedule Employee Tenure Accrual Hours per pay period* Annual Accrual* Max Accrual* 0-4 years 8.00 208.00 312.0 hours 4-8 9.60 249.60 374.4 hours 8+ years 11.20 291.20 436.8 hours *Based on an employee who is regularly schedule to work 80 hours bi-weekly as defined by position.
Sample 1

Related to TIME OFF PROGRAMS

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