Accrued Vacation Payment definition
Examples of Accrued Vacation Payment in a sentence
The Purchaser covenants that it will pay vacation pay to the Transferred Canadian Employees in a cumulative amount not less than the Accrued Vacation Payment either at the times of their vacations, or upon termination of employment, or otherwise as required by Law.
For greater clarity, no part of the Accrued Vacation Payment will be used by the Purchaser to satisfy its obligations to Transferred Canadian Employees in respect of vacation time or vacation pay earned by Transferred Canadian Employees after the Closing Date.
If Executive's employment is terminated by the Company for Cause or if Executive voluntarily terminates employment with the Company under Sections 2.2 (a) or (e), within fifteen (15) days of the date of such termination, the Company will pay Executive the: Accrued Base Salary; Accrued Vacation Payment; Accrued Reimbursable Expenses; and Benefits, together with any benefits required to be paid or provided under applicable law.
The Accrued Vacation Payment is for vacation accrued but not used in the years 1999 and 2000.
In the event that the Employee's employment hereunder is terminated by the Company for any reason (other than a Change in Control (hereinafter defined) as provided in Paragraph (c) below), upon such termination the Company (i) shall pay the Employee (A) the balance of the Base Salary that would have been paid to the Employee had his employment not been terminated, (B) the MIP Bonus, (C) the Accrued Vacation Payment and (ii) shall make all further lease payments required pursuant to Section 4(b) hereof.
The Purchaser’s offers of employment to Current Canadian Employees as described in Section 11.1(b) shall provide such employees with the opportunity to elect (in a manner that complies with Section 36(4) of the Ontario Employment Standards Act, 2000) to receive from the Purchaser a lump sum payment of the employee’s portion of the Actual Accrued Vacation Payment no later than thirty (30) days after the Closing Date.
On April 21, 2000, Lefcort shall receive, in addition to the Biweekly Separation Payment, a one time payment in the amount of $ 6,346.16 (the "Accrued Vacation Payment").
In addition, upon the expiration or termination of the Employee's employment hereunder for any reason, the Employee shall be entitled to receive payment (the "Accrued Vacation Payment") for his forty (40) days of accrued but unused vacation time while employed by ▇▇▇▇▇▇▇▇▇▇/Lansing (i.e., $23,461.60 for the forty days), which amount is based upon the Employee's 1998 base salary.
For greater clarity, no part of the Estimated Accrued Vacation Payment or the Actual Accrued Vacation Payment will be used by the Purchaser to satisfy its obligations to Transferred Canadian Employees in respect of vacation time or vacation pay earned by Transferred Canadian Employees after the Closing Date.
To the extent the Purchaser fails to make payment, on or before thirty (30) days after the Closing Date, to any such electing Transferred Canadian Employee of the employee’s portion of the Actual Accrued Vacation Payment and ▇▇▇▇▇▇ makes such payment to such employee, the Purchaser shall reimburse ▇▇▇▇▇▇ dollar-for-dollar for the amount of payments ▇▇▇▇▇▇ makes in accordance with this Section 11.8.