Common use of COMPENSATION UPON RETIREMENT Clause in Contracts

COMPENSATION UPON RETIREMENT. In the event that the Executive’s employment terminates by reason of retirement, the provisions of this Section 7 shall determine the Executive’s entitlement to compensation and benefits in connection with and subsequent to such termination. If the Executive’s employment terminates as a result of his retirement on or after attaining retirement age, as defined in Section 6 of this Employment Agreement, the Company shall pay to the Executive, on the Payment Date after the date on which his employment terminates as a result of his retirement (the “Retirement Date”): (i) all accrued Base Salary and benefits accrued or earned but unpaid through the Retirement Date; (ii) any Annual Incentive earned in respect of the previous completed fiscal year but not paid as of the Retirement Date; (iii) the Average Incentive Amount, prorated based on the number of days elapsed in the current fiscal year as of the Retirement Date; and (iv) any other payments or benefits that may be approved by the Board in its sole discretion. All equity awards will be treated in accordance with the terms set forth in the Plans and Equity Award Agreements.

COMPENSATION UPON RETIREMENT. In the event that the Executive’s employment terminates by reason of retirement, the provisions of this Section 7 shall determine the Executive’s entitlement to compensation and benefits in connection with and subsequent to such termination. If the Executive’s employment terminates as a result of his retirement before attaining age 65, but subject to having already attained age 55, the Executive is eligible to certain medical and dental coverage as detailed in Schedule I. If the Executive’s employment terminates as a result of his retirement on or after attaining retirement age, as defined in Section 6 of this Employment Agreement, the Company shall pay to the Executive, on the Payment Date after the date on which his employment terminates as a result of his retirement (the “Retirement Date”): (i) all accrued Base Salary and benefits accrued or earned but unpaid through the Retirement Date; (ii) any Annual Incentive earned in respect of the previous completed fiscal year but not paid as of the Retirement Date; (iii) the Average Incentive Amount, prorated based on the number of days elapsed in the current fiscal year as of the Retirement Date; and (iv) any other payments or benefits that may be approved by the Board in its sole discretion. All equity awards will be treated in accordance with the terms set forth in the Plans and Equity Award Agreements.

COMPENSATION UPON RETIREMENT. In the event that the Executive’s employment terminates by reason of retirement, the provisions of this Section 7 shall determine the Executive’s entitlement to compensation and benefits in connection with and subsequent to such termination. If the Executive’s employment terminates as a result of his her retirement on or after attaining retirement age, as defined in Section 6 of this Employment Agreement, the Company shall pay to the Executive, on the Payment Date after the date on which his her employment terminates as a result of his her retirement (the “Retirement Date”): (i) all accrued Base Salary and benefits accrued or earned but unpaid through the Retirement Date; (ii) any Annual Incentive earned in respect of the previous completed fiscal year but not paid as of the Retirement Date; (iii) the Average Incentive Amount, prorated based on the number of days elapsed in the current fiscal year as of the Retirement Date; and (iv) any other payments or benefits that may be approved by the Board in its sole discretion. All equity awards will be treated in accordance with the terms set forth in the Plans and Equity Award Agreements.

COMPENSATION UPON RETIREMENT. In the event that the Executive’s employment terminates by reason of retirement, the provisions of this Section 7 shall determine the Executive’s entitlement to compensation and benefits in connection with and subsequent to such termination. If the Executive’s employment terminates as a result of his retirement on or after attaining retirement age, as defined in Section 6 of this Employment Agreement, the Company shall pay to the Executive, on the Payment Date after the date on which his employment terminates as a result of his retirement (the “Retirement Date”): (i) all accrued Base Salary and benefits accrued or earned but unpaid through the Retirement Date; Date; (ii) any Annual Incentive earned in respect of the previous completed fiscal year but not paid as of the Retirement Date; Date; (iii) the Average Incentive Amount, prorated based on the number of days elapsed in the current fiscal year as of the Retirement Date; Date; and (iv) any other payments or benefits that may be approved by the Board in its sole discretion. All equity awards will be treated in accordance with the terms set forth in the Plans and Equity Award Agreements.