Common use of Retirement of Employee Clause in Contracts

Retirement of Employee. If the Employee's employment is terminated due to retirement, the unexercisable portion of the Option held by the Employee on the date of the Employee's retirement shall immediately be forfeited by the Employee as of such date, and the exercisable portion of the Option held by the Employee on such date shall remain exercisable until the earlier of (i) the end of the 90-day period following the date of the Employee's retirement, or (ii) the date the Option would otherwise expire.

Retirement of Employee. If the Employee's employment is terminated due to retirement, the unexercisable portion of the Option held by the Employee on the date of the Employee's retirement shall immediately be forfeited by the Employee as of such date, and the exercisable portion of the Option held by the Employee on such date shall remain exercisable until the earlier of (i) the end of the 903-day month period following the date of the Employee's retirement, retirement or (ii) the date the Option would otherwise expire.