Common use of Exercise Following Retirement Clause in Contracts

Exercise Following Retirement. In the event of termination of Optionee’s employment by reason of Retirement, Optionee may exercise the Option at any time subsequent to vesting and within five years following the date of Retirement (but in any event before the expiration date of the Option period specified in subsection 2(a) above). Notwithstanding the foregoing, in the event that the Optionee dies during the five year period following his termination of employment by reason of Retirement, the Option shall immediately become fully exercisable (if not exercisable already) and Optionee’s estate or the person or persons to whom the rights under the Option shall have passed by will or the laws of descent and distribution, may exercise the Option at any time within one year next following Optionee’s death (but in any event before the expiration date of the Option period specified in subsection 2(a) above). For purposes of this Section 3, it shall not be considered a termination of employment if Optionee is placed by the Company or any Subsidiary on military or sick leave or such other type of leave of absence that the Committee in its sole discretion considers as continuing the employment relationship intact. At the time of any exercise of any Option exercised pursuant to this Section 3, the Option Price shall be paid in full as provided in Section 2.

Exercise Following Retirement. In the event of termination of Optionee’s employment by reason of Retirement, Optionee may exercise the Option at any time subsequent to vesting and within five years following the date of Retirement (but in any event before the expiration date of the Option period specified in subsection 2(a) above). Notwithstanding the foregoing, in the event that the Optionee dies during the five year period following his termination of employment by reason of Retirement, the Option shall immediately become fully exercisable (if not exercisable already) and Optionee’s estate or the person or persons to whom the rights under the Option shall have passed by will or the laws of descent and distribution, may exercise the Option at any time within one year next following Optionee’s death (but in any event before the expiration date of the Option period specified in subsection 2(a) above). Capital One Confidential/Proprietary For purposes of this Section 3, it shall not be considered a termination of employment if Optionee is placed by the Company or any Subsidiary on military or sick leave or such other type of leave of absence that the Committee in its sole discretion considers as continuing the employment relationship intact. At the time of any exercise of any Option exercised pursuant to this Section 3, the Option Price shall be paid in full as provided in Section 2.