Common use of Effect of Retirement Clause in Contracts

Effect of Retirement. If the termination of the Participant’s employment occurs as a result of the Participant’s retirement after age 55 and the sum of the Participant’s age and years of service to the Corporation is equal to 65 or more, (i) Options shall vest as provided in Section 2 and shall be exercisable during the period of five (5) years following the date of termination of employment, but in no event later than , 20___, and (ii) the Participant shall be entitled to receive distributions relating to the Participant’s Dividend Equivalent Rights as provided in Section 8.

Effect of Retirement. If the termination of the Participant’s 's employment occurs as a result of the Participant’s 's retirement after age 55 and the sum of the Participant’s 's age and years of service to the Corporation is equal to 65 or more, (i) Options shall vest as provided in Section 2 and shall be exercisable during the period of five (5) years following the date of termination of employment, but in no event later than _________, 20___, and (ii) the Participant shall be entitled to receive distributions relating to the Participant’s 's Dividend Equivalent Rights as provided in Section 8.

Effect of Retirement. If the termination of the Participant’s employment occurs as a result of the Participant’s retirement after age 55 and the sum of the Participant’s age and years of service to the Corporation is equal to 65 or more, (i) Options shall vest as provided in Section 2 and shall be exercisable during the period of five (5) years following the date of termination of employment, but in no event later than , 20___, and (ii) the Participant shall be entitled to receive distributions relating to the Participant’s Dividend Equivalent Rights as provided in Section 8.

Effect of Retirement. If the termination of the Participant’s employment occurs as a result of the Participant’s retirement after age 55 and the sum of the Participant’s age and years of service to the Corporation is equal to 65 or more, (i) Options shall vest as provided in Section 2 and shall be exercisable during the period of five (5) years following the date of termination of employment, but in no event later than , 20___, and (ii) the Participant shall be entitled to receive distributions relating to the Participant’s Dividend Equivalent Rights as provided in Section 820 .