Rollover PTO definition

Rollover PTO has the meaning ascribed thereto in Section 2.7(2).
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Rollover PTO means any banked accrued but unused vacation or other paid time off that a Transferred Employee is entitled to as of the Closing Date under Seller’s PTO policies that could have been used by the Transferred Employee in the calendar year in which the Closing Date occurs under Seller’s policies with respect to the use of banked vacation and other paid time off if such Transferred Employee had continued to be subject to such policies for the remainder of such calendar year and that is transferred to and assumed by Buyer or a Buyer Designee in accordance with Section 5.4(f).
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Rollover PTO means any accrued but not used vacation or other paid time off to which a Transferred Employee is entitled as of the Closing Date that could have been used by the Transferred Employee in the calendar year in which the Closing Date occurs under Seller’s policies with respect to vacation and other paid time off if the Transferred Employee had continued to be subject to such policies for the remainder of such calendar year. “Sanctions” means all applicable trade and economic sanctions laws, regulations, or trade embargoes imposed, administered or enforced by the U.S. government (including those administered by the U.S. Department of the Treasury’s Office of Foreign Assets Control, the U.S. Department of Commerce and the U.S. Department of State), the United Nations Security Council,
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Examples of Rollover PTO in a sentence

  • If the actual value of the Rollover PTO with respect to each Hired Employee calculated by the Seller within ten (10) days after the Closing Date is less than the estimated value of the Rollover PTO with respect to each Hired Employee calculated by the Seller as of the Closing Date, then the Buyer shall promptly deliver to the Seller an amount of cash equal to such difference.

  • If the actual value of the Rollover PTO with respect to each Hired Employee calculated by the Seller within ten (10) days after the Closing Date is greater than the estimated value of the Rollover PTO with respect to each Hired Employee calculated by the Seller as of the Closing Date, then the Seller shall promptly deliver to the Buyer an amount of cash equal to such difference.

  • Any such Rollover PTO shall be available for Transferred Employee use in addition to Buyer’s or Buyer Designee’s customary vacation and other paid time off allowances provided to new employees.

  • As of the Closing, the estimated amount of the Rollover PTO is less than $300,000 in the aggregate.

  • If such Hired Employee terminates employment with the Buyer prior to using his or her Rollover PTO, in addition to any paid time off then accrued under the Buyer's policies, the Buyer shall pay such Hired Employee an amount equal to any such unused Rollover PTO upon such employment termination.

  • On the Closing Date, the Purchase Price will be decreased by the estimated value of the Rollover PTO with respect to each Hired Employee.

  • Following the Closing, each Hired Employee will be permitted to “roll over” one hundred percent (100%) of his or her hours of paid time off (including personal time off and vacation) that is accrued but unused by such Hired Employee as of the Closing Date (the "Rollover PTO").

  • To the extent that the transfer and assumption of the Rollover PTO with respect to any Transferred Employee is not permitted by applicable Law, Seller shall satisfy such accrued obligations on or as soon as administratively practicable after the Closing Date and such amounts shall not be included in the Rollover PTO.

  • On the Closing Date, the Seller shall notify the Buyer of the name and an estimate of the number of Rollover PTO hours accrued for each Hired Employee.

  • Within ten (10) days after the Closing Date, the Seller shall provide the Buyer with the actual number of Rollover PTO hours accrued for each Hired Employee.

Related to Rollover PTO

  • Rollover means the renewal of all or any part of any LIBOR Rate Loan upon the expiration of the Interest Period with respect thereto, pursuant to Section 2.3.

  • Rollover Loan means one or more Loans:

  • Rollover Contribution means any rollover contribution to the Plan made by a Participant as may be permitted under Article V.

  • Rollover Account means the account established hereunder to which amounts transferred from a qualified plan or individual retirement account in accordance with Section 4.6 are allocated.

  • Rollover Shares has the meaning given in the recitals.

  • Rollover Contributions means, for any Participant, his rollover contributions as provided in Section 7.1.

  • Rollover Contribution Account means the separate Account maintained for a Member to record such Member's share of the Trust Fund attributable to any Rollover Contribution made to the Plan on his behalf.

  • Rollover Amount has the meaning set forth in Section 7.16(b).

  • Rollover Distribution shall be defined as set forth in Section 5.05, herein."

  • Rollover Notice shall have the meaning ascribed thereto in Section 5.2.

  • Company Contribution Account means (i) the sum of the Participant’s Company Contribution Amounts, plus (ii) amounts credited or debited to the Participant’s Company Contribution Account in accordance with this Plan, less (iii) all distributions made to the Participant or his or her Beneficiary pursuant to this Plan that relate to the Participant’s Company Contribution Account.

  • Contribution Agreements has the meaning set forth in the Recitals.

  • Direct rollover means a payment by the Plan to the Eligible Retirement Plan specified by the Distributee.

  • Company Contributions means the contributions made by the Company pursuant to Section 3.3.

  • Elective Contribution means the Employer's contributions to the Plan of Deferred Compensation excluding any such amounts distributed as excess "annual additions" pursuant to Section 4.10(a). In addition, any Employer Qualified Non-Elective Contribution made pursuant to Section 4.6 shall be considered an Elective Contribution for purposes of the Plan. Any such contributions deemed to be Elective Contributions shall be subject to the requirements of Sections 4.2(b) and 4.2(c) and shall further be required to satisfy the discrimination requirements of Regulation 1.401(k)-1(b)(5), the provisions of which are specifically incorporated herein by reference.

  • Catch-Up Contribution means an Elective Deferral made to the Plan by a Catch-Up Eligible Participant that, during any taxable year of such Participant, exceeds one of the following: