Common use of Termination by Retirement or by the Company Without Cause Clause in Contracts

Termination by Retirement or by the Company Without Cause. In the event the employment of the Optionee is terminated by reason of Retirement (at or after age 65) or by the Company for any reason other than for cause, the Option shall remain exercisable until seven (7) years after the date of grant or five (5) years after the date of termination, whichever is later (but in any event not beyond the Exercise Term). In the event of the Optionee's death after such Retirement or termination, the Option shall continue to be exercisable in accordance with this subsection (c) as if the Optionee had lived and the Options shall be exercisable by the persons described in (a) above.