Definition of Separation Benefit


Separation Benefit means the amount, if any, payable upon or sub- sequent to separation from service.
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Examples of Separation Benefit in a sentence

A Participant entitled to payment of a Separation Benefit or any other amounts under the Plan shall remain a Participant in the Plan until the full amount of the Separation Benefit and any other amounts payable under the Plan have been paid to the Participant.
Neither an Employing Company nor any fiduciary of this Plan shall be liable for any taxes incurred by an Eligible Employee or Beneficiary for Separation Benefit payments made pursuant to this Plan.
Notwithstanding the foregoing, a Participant who is entitled, as a result of ceasing to be an Employee under the circumstances set forth in Section 4.1, to payment of a Separation Benefit or any other amounts under the Plan shall remain a Participant in the Plan until the full amount of the Separation Benefit and any other amounts payable under the Plan have been paid to the Participant.
The Plan Committee shall designate each Participant in the Plan as a member of a specific tier for the purposes of calculating the Participants Separation Benefit under this Plan (Tier Level).
This Plan shall be known as the Separation Benefit Plan of Unit Corporation and Participating Subsidiaries.