{"component": "clause", "props": {"groups": [{"snippet_links": [{"key": "during-the-employment-period", "type": "clause", "offset": [4, 32]}, {"key": "the-employer-shall", "type": "clause", "offset": [52, 70]}, {"key": "an-agreement", "type": "clause", "offset": [79, 91]}, {"key": "the-early-retirement", "type": "clause", "offset": [106, 126]}, {"key": "of-the-executive", "type": "clause", "offset": [127, 143]}, {"key": "give-notice", "type": "definition", "offset": [196, 207]}, {"key": "accrued-benefits", "type": "definition", "offset": [303, 319]}, {"key": "termination-date", "type": "definition", "offset": [332, 348]}, {"key": "employment-is-terminated", "type": "clause", "offset": [384, 408]}, {"key": "by-the-executive-for-good-reason", "type": "clause", "offset": [409, 441]}, {"key": "by-the-company", "type": "clause", "offset": [445, 459]}, {"key": "by-reason-of-death", "type": "clause", "offset": [471, 489]}, {"key": "in-connection-with", "type": "clause", "offset": [535, 553]}, 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"discount-rate", "type": "clause", "offset": [3380, 3393]}, {"key": "qualified-retirement-plan", "type": "clause", "offset": [3418, 3443]}, {"key": "the-determination-of", "type": "definition", "offset": [3448, 3468]}, {"key": "lump-sum-payments", "type": "definition", "offset": [3469, 3486]}], "size": 91, "samples": [{"hash": "fdud4YJzJOZ", "uri": "/contracts/fdud4YJzJOZ#retirement", "label": "Employment Agreement (Rockville Financial, Inc. /CT/)", "score": 25.1971244812, "published": true}, {"hash": "4r4CINvGRYF", "uri": "/contracts/4r4CINvGRYF#retirement", "label": "Employment Agreement (Rockville Financial, Inc. /CT/)", "score": 25.1971244812, "published": true}, {"hash": "jaXLVhPzntU", "uri": "/contracts/jaXLVhPzntU#retirement", "label": "Employment Agreement (Rockville Financial, Inc. /CT/)", "score": 23.0314846039, "published": true}], "snippet": "Executive may elect to terminate employment hereunder by retirement at or after age 60 (\u201cRetirement\u201d). At the time Executive\u2019s employment terminates due to Retirement, the Term will terminate, all obligations of the Bank and Executive under Sections 1 through 5 of this Agreement will immediately cease except for obligations which expressly continue after termination of employment due to Retirement, and the Bank will pay Executive at the time specified in Section 6(d), and Executive will be entitled to receive, the following:\n(i) Executive\u2019s Compensation Accrued at Termination (as defined in Section 8(c));\n(ii) In lieu of any annual incentive compensation under Section 4(b) for the year in which Executive\u2019s employment terminated, a lump sum amount equal to the portion of annual incentive compensation that would have become payable in cash to Executive (i.e., excluding the portion payable in stock or in other non-cash awards) for that year if his employment had not terminated, based on performance actually achieved in that year (determined by the Committee following completion of the performance year and paid at the time specified in the applicable plan), multiplied by a fraction the numerator of which is the number of days Executive was employed in the year of termination and the denominator of which is the total number of days in the year of termination;\n(iii) The vesting and exercisability of stock options held by Executive at termination and all other terms of such options shall be governed by the plans and programs and the agreements and other documents pursuant to which such options were granted (subject to Section 10(f) hereof);\n(iv) All restricted stock and deferred stock awards, including outstanding stock plan awards, all other long-term incentive awards, and all deferral arrangements under Section 5(d), shall be governed by the plans and programs under which the awards were granted or governing the deferral, and all rights under the SERP and any other benefit plan shall be governed by such plans; and\n(v) Upon Retirement, if Executive is not eligible for retiree coverage under the Bank\u2019s health plan (the \u201cHealth Plan\u201d) or Medicare and provided that Executive shall be in compliance with the conditions set forth in Section 10, the Bank shall pay to Executive a lump sum amount equal on an after-tax basis to the present value of the total cost of medical coverage under the Health Plan that would have been incurred by both Executive and the Bank on behalf of Executive (and his spouse and eligible dependents, if any, for whom coverage had been provided under the Health Plan immediately prior to Executive\u2019s Retirement) from the date of Executive\u2019s Retirement until Executive\u2019s attainment of Social Security retirement age had Executive remained employed by the Bank during such period, calculated on the assumption that the cost of such coverage would remain unchanged from that in effect for the year of Executive\u2019s Retirement. Such lump sum amount shall be calculated by an actuary selected by the Bank and paid in cash at the time specified in Section 6(d). Such amount shall not be subject to reduction or forfeiture by reason of any coverage for which Executive may thereafter become eligible by reason of subsequent employment or otherwise. For purposes of this Section, present value shall be calculated on the basis of the discount rate set forth in the Bank\u2019s qualified retirement plan for the determination of lump sum payments.", "hash": "03292a2a37c434d8635893b6bc0fac0c", "id": 8}, {"snippet_links": [{"key": "for-purposes-of-this-agreement", "type": "definition", "offset": [0, 30]}, {"key": "voluntary-termination-of-employment", "type": "clause", "offset": [72, 107]}, {"key": "pursuant-to", "type": "definition", "offset": [108, 119]}, {"key": "normal-or-early-retirement", "type": "clause", "offset": [126, 152]}, {"key": "pension-plan", "type": "clause", "offset": [161, 173]}, {"key": "sponsored-by", "type": "definition", "offset": [174, 186]}, {"key": "termination-by-an-employer-without-cause", "type": "clause", "offset": [271, 311]}, {"key": "by-the-executive-for-good-reason", "type": "clause", "offset": [315, 347]}], "size": 102, "samples": [{"hash": "jbB6i0rWSkY", "uri": "/contracts/jbB6i0rWSkY#retirement", "label": "Continuity Agreement (Kerr McGee Corp /De)", "score": 21.0, "published": true}, {"hash": "f4sl0BrjqZj", "uri": "/contracts/f4sl0BrjqZj#retirement", "label": "Continuity Agreement (Kerr McGee Corp /De)", "score": 21.0, "published": true}, {"hash": "c1AIdh4wK3i", "uri": "/contracts/c1AIdh4wK3i#retirement", "label": "Continuity Agreement (Kerr McGee Corp /De)", "score": 21.0, "published": true}], "snippet": "For purposes of this Agreement, \"Retirement\" shall mean the Executive's voluntary termination of employment pursuant to late, normal or early retirement under a pension plan sponsored by an Employer, as defined in such plan, but only if such retirement occurs prior to a termination by an Employer without Cause or by the Executive for Good Reason.", "hash": "21929afd6f2e729cbb98cb65aa6e4363", "id": 6}], "next_curs": "ClMSTWoVc35sYXdpbnNpZGVyY29udHJhY3Rzci8LEhZDbGF1c2VTbmlwcGV0R3JvdXBfdjU2IhNyZXRpcmVtZW50IzAwMDAwMDBhDKIBAmVuGAAgAA==", "clause": {"title": "Retirement", "size": 29187, "parents": [["definitions", "Definitions"], ["termination-of-employment", "Termination of Employment"], ["termination", "Termination"], ["seniority", "Seniority"], ["termination-and-termination-pay", "Termination and Termination Pay"]], "children": [["", ""], ["eligibility", "Eligibility"], ["retirement", "Retirement"], ["early-retirement", "Early Retirement"], ["retirement-plan", "Retirement Plan"]], "id": "retirement", "related": [["normal-retirement", "Normal Retirement", "Normal <strong>Retirement</strong>"], ["early-retirement", "Early Retirement", "Early <strong>Retirement</strong>"], ["retirement-program", "Retirement Program", "<strong>Retirement</strong> Program"], ["savings-and-retirement-plans", "Savings and Retirement Plans", "Savings and <strong>Retirement</strong> Plans"], ["retirement-plans", "Retirement Plans", "<strong>Retirement</strong> Plans"]], "related_snippets": [], "updated": "2026-05-08T06:30:32+00:00", "also_ask": ["What are the essential terms to include in a retirement clause to avoid ambiguity?", "How can the retirement clause be leveraged strategically during negotiations?", "What are the most common legal pitfalls or risks associated with poorly drafted retirement clauses?", "How do retirement clauses differ across jurisdictions or under different governing laws?", "What factors do courts consider when determining the enforceability of a retirement clause?"], "drafting_tip": "Specify retirement age and conditions to prevent disputes; define benefits clearly to ensure enforceability; address early retirement options to provide flexibility.", "explanation": "The Retirement clause outlines the terms and conditions under which an employee may retire from their position within an organization. Typically, it specifies the eligible retirement age, any required notice period, and the benefits or entitlements the employee will receive upon retirement, such as pension payouts or continued healthcare coverage. This clause ensures both parties understand the process and expectations surrounding retirement, providing clarity and helping to manage workforce transitions smoothly."}, "json": true, "cursor": ""}}