Termination by Retirement. In the event the employment of the Optionee is terminated by reason of Retirement, all outstanding unvested Options shall expire, and any Options vested as of Optionee’s date of Retirement shall remain exercisable at any time prior to the end of the Exercise Term, or for five (5) years after the date of termination, whichever period is shorter. In the event of the Optionee’s death after Retirement, the vested Options shall be exercisable in accordance with this subsection (c) and the Option shall be exercisable by the persons described in (a) above.
Appears in 15 contracts
Samples: Stock Notification and Award Agreement (Acuity Brands Inc), Stock Notification and Award Agreement (Acuity Brands Inc), Incentive Stock Option Agreement (Zep Inc.)
