Common use of Termination by Reason of Retirement Clause in Contracts

Termination by Reason of Retirement. If the Director shall cease to be a director of the Corporation by reason of retirement without meeting the requirements of section 6(a) above, this Option may thereafter be exercised by the Director, to the extent it was exercisable at the time of such cessation, for a period of one year from the date of such cessation or until the expiration of the stated term of the Option, whichever period is shorter; provided, however, that if the Director dies within such one-year period, the Option shall thereafter be exercisable to the extent to which it was exercisable at the time of death for a period of one year from the date of such death or until the expiration of the stated term of the Option, whichever period is shorter.

Termination by Reason of Retirement. If the Director shall cease to be a director of the Corporation by reason of retirement as a result of reaching the director retirement age set forth in the Corporation's Board Corporate Governance Guidelines without meeting the requirements of section 6(a) above, this Option may thereafter be exercised by the Director, to the extent it was exercisable at the time of such cessation, for a period of one year from the date of such cessation or until the expiration of the stated term of the this Option, whichever period is shorter; provided, however, that if the Director dies within such one-year period, the this Option shall thereafter be exercisable to the extent to which it was exercisable at the time of death for a period of one year from the date of such death or until the expiration of the stated term of the this Option, whichever period is shorter.