Vacation Payout definition

Vacation Payout means, with respect to any New Employee, an amount equal to 109.15% of the product of (x) the total number of vacation hours accrued by such New Employee while employed by the Company and (y) such New Employee’s then current hourly rate at which such New Employee is paid by the Company. Each full-time employee of the Company who enters full-time employment with Purchaser with less than one (1) week of accrued paid vacation will be granted such additional vacation as will make the employee’s total accrued paid vacation equal to one week; provided that any and all costs and expenses incurred by Purchaser in connection with providing any additional vacation days shall be the sole responsibility of Purchaser and the Company shall have no obligation to pay for or incur any costs or expenses in connection therewith. Any additional vacation so granted must be taken within the first year of employment with Purchaser and shall be taken at the times mutually agreed to by Purchaser and the relevant New Employee. After the first year of full-time employment with Purchaser, each full-time employee will be entitled to paid vacation in accordance with Purchaser’s policies as from time to time constituted, based on the employee’s total years of continuous full-time employment (without breaks in service or any return to part-time status) with the Company and Purchaser combined.
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Examples of Vacation Payout in a sentence

  • An employee will not receive pay in lieu of vacation time, except upon retirement or termination, or as requested by the employee in Clause 18.13 (Vacation Payout).

  • Fringe benefits include: FICA, Unemployment Compensation, Workers' Compensation, Retirement, Medical Insurance, Dental Insurance, Life Insurance, Disability Insurance, Tuition Fee Waiver, Special Employee Death Benefit, Employee Service Award, Flexible Benefits Cash Out, Vacation Payout, and Mortgage Assistance.

  • The Vacation Payout will be calculated using the employee’s vacation pay entitlement percentage on any all pay received during the vacation year for overtime, shift premiums, and call-ins.

  • Eligibility and Allowances 10 Fire Fighting Division 10 Other Divisions 10 Fire Dispatchers 10 SECTION 2 Vacation Leave Credit 11 SECTION 3 Payment for Vacation Leave 11 SECTION 4 Vacation Leave Accrual 11 SECTION 5 Vacation Selection 12 SECTION 6 Scheduling 12 SECTION 7 Vacation Use Extension 13 SECTION 8 Vacation Payout at Retirement 13 SECTION 9 Vacation Payment at Retirement - 40 Hour Schedule 13 ARTICLE 12 WORK WEEK 14 SECTION 1 Workweek 14 SECTION 2.

  • As well, an employee may elect to apply for a partial Vacation Pay-out, waiving their right to time off.

  • Vacation Payout at Separation A Flight Attendant who resigns with a minimum of fourteen (14) days’ notice, is furloughed, or is otherwise separated from employment, shall be paid for all unused vacation at the value of 3.43 hours per day for which she/he is eligible at the time of separation.

  • Example of Application of Article July 2016 - June 2017 Earnings - $48,500 Weeks’ Vacation - 5 Weeks @ 10% Vacation Payout July 1, 2017 - $4,850 Vacation to Use - 5 Weeks in 2017 Employee has been off sick 5 months July 2016 - June 2017 Earnings - $30,000 Weeks’ Vacation - 5 Weeks @ 10% Vacation Payout July 1, 2017 - $3,000 Vacation to Use - 3.66 Weeks in 2017 Vacation payout divided by employee’s hourly rate to determine number of weeks or days.

  • An employee may submit an “Irrevocable Vacation Payout Election Form” to request up to two (2) irrevocable vacation payouts the following calendar year.

  • All notices, requests, demands or other communications ------- provided herein shall be made in writing and shall be deemed to have been duly given if delivered as follows: If to Premier: Premier Laser Systems, Inc.

  • L-13 Part-time Vacation Pay-out .....................................................................................

Related to Vacation Payout

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

  • Bonus Compensation shall have the meaning set forth in Section 3(b).

  • Earnable compensation means the full rate of the

  • Final compensation of a member means:

  • Incentive Pay means an annual amount equal to the aggregate annual bonus, in addition to Base Pay, made or to be made in regard to services rendered in any calendar year or performance period pursuant to any bonus plan of the Company.