Common use of Retirement of Employee Clause in Contracts

Retirement of Employee. If the employment of the Employee ------------------------ terminates by reason of retirement entitling the Employee to benefits under the provisions of any retirement plan of the Company or a subsidiary in which the Employee participates (or, if no such plans exist, at or after age sixty-five (65)), the Award may be exercised by the Employee (to the extent that he was entitled to do so at the time of his retirement) at any time within ninety (90) days after the date on which his employment terminated, but not beyond the original Term of the Award.

Retirement of Employee. If the employment of the Employee ------------------------ terminates by reason of retirement entitling the Employee to benefits under the provisions of any retirement plan of the Company or a subsidiary in which the Employee participates (or, if no such plans exist, at or after age sixty-five (65)), the Award may be exercised by the Employee (to the extent that he was entitled to do so at the time of his retirement) at any time within ninety (90) days after the date on which his employment terminated, but not beyond the original Term of the Award.