Common use of Termination by Retirement Clause in Contracts

Termination by Retirement. In the event the employment of Optionee is terminated by reason of retirement, any Option granted to Optionee that has not been exercised prior to the date of termination of employment may be exercised by Optionee (or the heirs or legatees of Optionee, as applicable) at any time within twelve (12) months after such termination of employment, unless the Option, by its term, expires earlier. For the purpose of the Plan and this Agreement, the criteria for retirement are defined as an employee whose age in years on the date of retirement when added to the number of years of continuous service with the Company and its subsidiaries immediately preceding such date equals a number greater than fifty-one (51), provided the number of such years of service is not less than five (5). Exceptions to these criteria may be made by action of the Company's Board of Directors.

Termination by Retirement. In the event that Optionee's Service to the employment of Optionee Company is terminated by reason of retirement, any Option granted to Optionee that has not been exercised prior to the date of termination of employment may be exercised by Optionee (or the heirs or legatees of Optionee, as applicable) at any time within twelve (12) months after such termination of employmentService, unless the Option, by its term, expires earlier. For the purpose of the Plan and this Agreement, the criteria for retirement are defined as an employee employee, officer or Director of the Company whose age in years on the date of retirement when added to the number of years of continuous service with the Company and its subsidiaries immediately preceding such date equals a number greater than fifty-one (51), provided the number of such years of service is not less than five (5). Exceptions to these criteria may be made by action of the Company's Board of Directors.