Vacation is untracked. There are limits, but the main criteria is about the impact on the project and how much prior-notice is being given for the request. In general, people are able to take off when they want. The only downside, is that you aren't able to accumulate vacation hours and cash them out. Some might say this is an upside though, as it encourages people to take time off rather than cash out those hours.
Unlimited vacation (expected to use appropriately within reason).
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