Division of Liabilities. Effective on the Distribution Date, PriceSmart shall assume all accrued liabilities (whether vested or unvested, and whether funded or unfunded) for vacation and sick leave in respect of all Employees as of the Distribution Date. PriceSmart shall be solely responsible for the payment to PriceSmart Employees of vacation or sick leave accrued after the Distribution Date, and PEI shall be solely responsible for the payment to Retained Employees of vacation or sick leave accrued after the Distribution Date.
Appears in 2 contracts
Sources: Employee Benefits & Other Employment Matters Allocation Agreement (Pricesmart Inc), Employee Benefits & Other Employment Matters Allocation Agreement (Price Enterprises Inc)