Common use of Retirement of Optionee Clause in Contracts

Retirement of Optionee. In the event of a termination of the Optionee’s employment by the Company or its subsidiary as a result of his or her “Retirement”, then provided the Option was granted to the Optionee at least one year prior to the Optionee's employment termination date, the portion of the Option which has vested and thus is exercisable as of the Optionee’s employment termination date shall remain exercisable until the expiration date specified on Exhibit A. The term “Retirement” as used in this Agreement means the termination of the Optionee's employment with the Company or its subsidiary on or after (a) the Optionee’s 65th birthday or (b) the Optionee’s 55th birthday if the Optionee has completed ten years of service with the Company or any of its subsidiaries.

Retirement of Optionee. In the event of a termination of the Optionee’s employment by the Company or its subsidiary as a result of his or her “"Retirement”", then provided the Option was granted to the Optionee at least one year prior to the Optionee's employment termination datedate or as otherwise determined by the Committee, the portion of the Option which has vested and thus is exercisable as of the date of the Optionee’s termination of employment termination date shall remain exercisable until the expiration date specified on Exhibit A. the Information Page. The term “"Retirement” " as used in this Agreement means the termination of the Optionee's employment with the Company or its subsidiary on or after (a) the Optionee’s 65th birthday or (b) the Optionee’s 55th birthday if the Optionee has completed ten years of service with the Company or any of its subsidiaries.