I believe there is another part to this - Normally if there is a defined amount of PTO which accumulates over time, the company will have to buy it out when the

I believe there is another part to this - Normally if there is a defined amount of PTO which accumulates over time, the company will have to buy it out when the employee leaves. If the PTO is "unlimited", nothing accumulates, so there isn't anything to buy out other than any statutory holiday entitlement.