Common use of Vacation and Paid Time Off Clause in Contracts

Vacation and Paid Time Off. (i) The Executive will be entitled to 20 days of paid vacation during each 12-month period commencing on the Effective Date and on each subsequent anniversary thereof (each such 12-month period an “Anniversary Year”) in accordance with the policies and practices of the Corporation in effect from time to time. The Executive will take vacation at such times as are reasonably acceptable to the Corporation having regard to its operations. Any vacation days not used in an Anniversary Year will be automatically rolled over into the next Anniversary Year, provided that the total balance of the Executive’s earned and unused vacation at any point will not exceed the maximum allowable under the terms of the Corporation’s then current vacation policy and that the Executive will not earn or accrue any vacation above that maximum. (ii) The Executive will be entitled to additional paid time-off in respect of sick days, statutory holidays and Denver office closures in accordance with the Corporation’s policies as in effect from time to time.