Common use of Retirement or Termination Clause in Contracts

Retirement or Termination. Upon Retirement or termination of employment of the Participant for reasons other than those described in Section 11 of this Agreement, Option privileges shall apply only to that portion of the Option immediately exercisable as of the date of such Retirement or termination. The Committee, however, in its discretion, may provide on a case-by-case basis that any portion of the Option that is not exercisable as of the date of such Retirement or termination may become exercisable in accordance with a schedule to be determined by the Committee. The portion of the Option exercisable upon the Retirement of the Participant shall remain exercisable for three (3) years after Retirement. The portion of the Option exercisable upon termination for reasons other than Retirement or those described in Section 11 of this Agreement shall remain exercisable for three (3) months after such termination.