Earned and Unused Vacation definition

Earned and Unused Vacation means the difference between (a) Earned Vacation (as hereinafter defined), and (b) the actual number of hours of vacation taken by the Executive from January 1 of the calendar year in which the Qualifying Termination occurs through and including the date of the Qualifying Termination; provided that if the difference between (a) and (b) is a negative number, then Executive's Earned and Unused Vacation shall be deemed to be zero.
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Earned and Unused Vacation means the difference between (i) Earned Vacation (as hereinafter defined) and (ii) the actual number of hours of vacation taken by the Executive from January 1 of the calendar year in which the Qualifying Termination occurs through and including the date of the Qualifying Termination; provided that if the difference between (i) and (ii) is a negative number, then Executive's Earned and Unused Vacation shall be deemed to be zero. As used in this paragraph, the term "Earned Vacation" means the product of (i) the aggregate number of hours of vacation which Executive is entitled to take during the calendar year in which the Qualifying Termination occurs, and (ii) the quotient obtained by dividing (A) the number of calendar days from January 1 of the year in which the Qualifying Termination occurs through and including the date of the Qualifying Termination, by (B) 365.
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Examples of Earned and Unused Vacation in a sentence

  • The term "Earned and Unused Vacation" shall mean the difference between (i) Earned Vacation (as hereinafter defined) and (ii) the actual number of hours of vacation taken by the Executive from January 1 of the calendar year in which the Qualifying Termination occurs through and including the date of the Qualifying Termination; provided that if the difference between (i) and (ii) is a negative number, then Executive's Earned and Unused Vacation shall be deemed to be zero.

  • As soon as practical following a Qualifying Termination, but no later than 10 business days following such Qualifying Termination, the Company shall provide the Executive with a lump sum cash payment equal to Executive's earned but unpaid base salary, the Executive's Earned and Unused Vacation Pay (as hereinafter defined), unreimbursed business expenses and all other amounts earned by and owed to Executive through and including the date of the Qualifying Termination.

  • As soon as practical following a ------------------------ Qualifying Termination, but no later than 10 business days following such Qualifying Termination, the Company shall provide the Executive with a lump sum cash payment equal to Executive's earned but unpaid base salary, the Executive's Earned and Unused Vacation Pay (as hereinafter defined), unreimbursed business expenses and all other amounts earned by and owed to Executive through and including the date of the Qualifying Termination.

  • For purposes of this paragraph, the term "Earned and Unused Vacation Pay" shall mean the product of (i) the Executive's annual base salary in effect on the date of the Qualifying Termination divided by 2080, and (ii) the Executive's Earned and Unused Vacation (as hereinafter defined).

Related to Earned and Unused Vacation

  • Vacation means annual vacation with pay.

  • Week means seven consecutive days.

  • Weeks Pay' means the ordinary time rate of pay for the employee concerned:

  • Vacation Year means the twelve (12) month period commencing on the first (1st) day of April in each calendar year and concluding on the thirty-first (31st) day of March of the following calendar year.

  • Unused means the Insured’s financial Loss of any whole, partial or prorated prepaid nonrefundable components of a Trip that are not depleted or exhausted, including award travel expenses.

  • Annual leave and Clause 6.3 “Personal (Sick) Leave” of this Agreement.

  • Current Sick Leave means those days of sick leave for the current contract year, which leave is granted at the rate of one day of sick leave per month worked, or major part thereof.

  • Paid sick leave – means paid leave under the Emergency Paid Sick Leave Act.

  • Unused Line Fee has the meaning specified in Section 2.5.

  • Base Compensation means the amount equal to the sum of (i) the greater of Executive’s then-current Annual Base Salary or Executive’s Annual Base Salary as of the date one day prior to the Change in Control, and (ii) the Average Incentive Bonus.

  • Bonus Period means the period for which a Bonus is payable. Unless otherwise specified by the Board, the Bonus Period shall be the fiscal year of the Company.

  • Working level month (WLM) means an exposure to 1 working level for 170 hours (2,000 working hours per year divided by 12 months per year is approximately equal to 170 hours per month).

  • Weeks pay means the rate of pay for the employee concerned at the date of termination, and shall include in addition to the ordinary pay any over- agreement payments and the following, if applicable:

  • Target Bonus Percentage means, with respect to any Executive, the target bonus percentage specified for such Executive in his or her Employment Agreement.

  • Annual Salary means the salary given under this Part.

  • Applicable Wages means the basic straight time wages for all hours worked, including:

  • Annual Earnings means your gross annual income from your Employer, not including shift differential, in effect just prior to the date of loss. It includes your total income before taxes. It is prior to any deductions made for pre-tax contributions to a qualified deferred compensation plan, Section 125 plan or flexible spending account. It does not include income received from commissions, bonuses, overtime pay or any other extra compensation or income received from sources other than your Employer.

  • Number of Employees enter the total number of Employees in the employment category employed to provide services under the Contract during the report period, including part time Employees and Employees of subcontractors.

  • Applicable Unused Line Fee Percentage means, as of any date of determination, the applicable percentage set forth in the following table that corresponds to the Average Revolver Usage of Borrowers for the most recently completed month as determined by Agent in its Permitted Discretion; provided, that for the period from the Closing Date through and including February 28, 2015, the Applicable Unused Line Fee Percentage shall be set at the rate in the row styled "Level II"; provided further, that any time an Event of Default has occurred and is continuing, the Applicable Unused Line Fee Percentage shall be set at the margin in the row styled "Level II": Level Average Revolver Usage Applicable Unused Line Fee Percentage I > 50% of the Maximum Revolver Amount 0.25 percentage points II < 50% of the Maximum Revolver Amount 0.375 percentage points The Applicable Unused Line Fee Percentage shall be re-determined on the first date of each fiscal month of Borrowers by Agent.

  • Cash Bonus means an award of a bonus payable in cash pursuant to Section 10 hereof.

  • Base Salary shall have the meaning set forth in Section 3(a) hereof.

  • Final average salary means whichever of the following is greater:

  • Annual Base Salary shall have the meaning set forth in Section 3(a).

  • Base Period Income is an amount equal to Executive's "annualized includable compensation" for the "base period" as defined in Sections 280G(d)(1) and (2) of the Code and the regulations adopted thereunder. Generally, Executive's "annualized includable compensation" is the average of Executive's annual taxable income from Company for the "base period," which is the five calendar years prior to the year in which the Change of Control occurs. These concepts are complicated and technical and all of the rules set forth in the applicable regulations apply for purposes of this Agreement.

  • Unused Portion has the meaning assigned to that term in Section 2.09(a).

  • Paid leave means time away from work by an employee for which the employee receives compensation, and is limited to sick time, vacation time, compensatory time and leave that is provided as an aggregate amount for use at the discretion of the employee for any of these same purposes. "Paid leave" does not include paid short-term or long-term disability, catastrophic leave or similar types of benefits.[PL 2005, c. 455, §1 (NEW).]