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Common use of Retirement or Voluntary Resignation Clause in Contracts

Retirement or Voluntary Resignation. If you terminate employment with the Company and its Subsidiaries due to (i) Retirement, as defined hereinafter, or (ii) voluntary resignation with the consent of the Board of Directors of the Company or a Subsidiary, the Unexercised Option may be exercised until the expiration of three (3) months after the date your employment terminates. “Retirement” means a retirement from employment with the Company and its Subsidiaries either on or after the first day of the month coinciding with or next following your sixty-fifth (65th) birthday.

Appears in 4 contracts

Samples: Stock Option Agreement (Columbia Bancorp), Stock Option Agreement (Columbia Bancorp), Incentive Stock Option Agreement (Columbia Bancorp)

Retirement or Voluntary Resignation. If you terminate employment with the Company and its Subsidiaries due to (i) Retirement, as defined hereinafter, or (ii) voluntary resignation with the consent of the Board of Directors of the Company or a Subsidiary, the Unexercised Option may be exercised until the expiration of three (3) months after the date your employment terminates. "Retirement" means a retirement from employment with the Company and its Subsidiaries either on or after the first day of the month coinciding with or next following your sixty-fifth (65th) birthday.

Appears in 3 contracts

Samples: Non Qualified Stock Option Agreement (Columbia Bancorp), Incentive Stock Option Agreement (Columbia Bancorp), Incentive Stock Option Agreement (Columbia Bancorp)

Retirement or Voluntary Resignation. If you terminate employment with the Company and its Subsidiaries due to (i) Retirement, as defined hereinafter, or (ii) voluntary resignation with the consent of the Board of Directors of the Company or a Subsidiary, the Unexercised Option may be exercised until the expiration of three one (31) months year after the date your employment terminates. "Retirement" means a retirement from employment with the Company and its Subsidiaries either on or after the first day of the month coinciding with or next following your sixty-fifth (65th) birthday.

Appears in 1 contract

Samples: Non Qualified Stock Option Agreement (Columbia Bancorp)