One-Time Benefit Sample Clauses

One-Time Benefit. Severance pay shall be allowed to the same employee only once. Should an employee retire and receive severance pay, and then be re-employed by the Employer, that employee shall not again be eligible for another severance pay when that employee retires. Further, the re-employed employee's spouse or estate shall not be entitled to any amount of money as provided in this article should that employee die while employed by the Employer. Severance pay shall not be granted to an employee that is fired or that voluntarily terminates employment with the Employer.
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One-Time Benefit. The Awards and Shares are extraordinary, one-time benefits granted to the Grantee, and are not and shall not be deemed a salary component for any purpose whatsoever, including in connection with calculating severance compensation under any applicable law.
Sample 1

Related to One-Time Benefit

  • Retirement Benefit Should the Director still be in the Directorship ------------------ of the Association upon attainment of his 70th birthday, the Association will commence to pay him $590 per month for a continuous period of 120 months. In the event that the Director should die after becoming entitled to receive said monthly installments but before any or all of said installments have been paid, the Association will pay or will continue to pay said installments to such beneficiary or beneficiaries as the Director has directed by filing with the Association a notice in writing. In the event of the death of the last named beneficiary before all the unpaid payments have been made, the balance of any amount which remains unpaid at said death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the estate of the last named beneficiary to die. In the absence of any such beneficiary designation, any amount remaining unpaid at the Director's death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the Director's estate.

  • Death Benefit Should Employee die during the term of employment, the Company shall pay to Employee's estate any compensation due through the end of the month in which death occurred.

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