Vacation and Sick Pay Liabilities. The New BBX Capital Employees on and after the Effective Time will have the same vested and unvested balances of vacation and sick leave as credited to the New BBX Capital Employees on Parent’s or its Affiliate’s payroll system immediately prior to the Effective Time and (ii) New BBX Capital or the New BBX Entity which is the employer of the Employee shall continue to accrue vacation and sick leave in effect immediately prior to the Effective Time.
Appears in 3 contracts
Samples: Employee Matters Agreement (BBX Capital Corp), Employee Matters Agreement (BBX Capital Florida LLC), Employee Matters Agreement (BBX Capital Florida LLC)
Vacation and Sick Pay Liabilities. The On and after the Effective Time, (i) New BBX Capital shall provide the New BBX Capital Employees on and after the Effective Time will have with the same vested and unvested balances of vacation and sick leave as credited to the New BBX Capital Employees on Parent’s or its Affiliate’s payroll system immediately prior to the Effective Time and (ii) New BBX Capital or the New BBX Entity which is the employer of the Employee shall continue to accrue vacation and sick leave in respect of each New BBX Capital Employee according to Parent’s accrual schedule as in effect immediately prior to the Effective Time.
Appears in 2 contracts
Samples: Employee Matters Agreement (BBX Capital Florida LLC), Employee Matters Agreement (BBX Capital Florida LLC)
