Termination Due to Retirement or Death. (a) In the event the Executive’s employment ends by reason of Retirement (as defined below), the Date of Termination shall be the date set forth in a notice by the Executive, which notice shall be given to the Company at least ninety (90) days prior to such date. In the event of the Executive’s death, the Date of Termination shall be the date of death. In either case, the Executive’s benefits shall be determined in accordance with the Company’s retirement, survivor’s benefits, insurance and other applicable plans and programs of the Company then in effect. For the purposes of this Agreement, “Retirement” shall mean the Executive’s voluntary termination of employment at a time during which he is eligible for “Normal Retirement” or “Early Retirement” as such terms are defined in the CarMax, Inc. Pension Plan as of the Effective Date.
Termination Due to Retirement or Death. Following a Change in Control, if the Executive's employment with the Company is terminated by reason of his voluntary normal retirement (as defined under the then established rules of the Company's tax-qualified retirement plan), or death, the Executive's benefits shall be determined in accordance with the Company's retirement, survivor's benefits, insurance, and other applicable programs then in effect.
Termination Due to Retirement or Death. In the event the Executive's employment is terminated while this Agreement is in force, by reason of Retirement (defined as voluntary Normal Retirement under the then established rules of the Company's tax-qualified retirement plan) or death, the Executive's benefits shall be determined in accordance with the Company's retirement, survivor's benefits, insurance, and other applicable programs of the Company then in effect. In addition all stock grants, except performance based grants in the case of retirement, will become immediately vested and may be exercised by you, your personal representatives, distributees, legatees, or estate at any time before the expiration date of the grant. The Effective Date of Termination shall be ninety (90) days following the date the Executive provides the Company with written notice that the Executive is terminating employment by reason of Retirement or on the Executive's date of death. Upon the Effective Date of Termination, the Company shall be obligated to pay the Executive or, if applicable, the Executive's estate: (a) any salary that was accrued but not yet paid as of the Effective Date of Termination; (b) the unpaid Annual Bonus, if any, with respect to the calendar year preceding the Effective Date of Termination (such Annual Bonus, if any, to be determined in the manner it would have been determined and payable at the time it would have been payable under Section 4.2 had there been no termination of the Employment Period); (c) a pro rata share of target Annual Bonus for the calendar year in which the Effective Date of Termination occurs (the calculation by which the Annual Bonus is multiplied by a fraction, the numerator of which is the number of full completed days in the bonus plan year through the Effective Date of Termination, and the denominator of which is three hundred sixty-five (365)); and (d) all other rights and benefits that the Executive is vested in, pursuant to other plans and programs of the Company
Termination Due to Retirement or Death. In the event the Executive's employment is terminated while this Agreement is in force by reason of retirement (as defined or provided for under the then established rules of the Company's tax-qualified retirement plan), or death, the Executive's benefits shall be determined in accordance with the Company's retirement, survivor's benefits, insurance, and other applicable programs of the Company then in effect (provided, however, that such benefits shall be no less than those set forth in Section 4.4 herein) and, upon the effective date of such termination, the Company's obligation under this Agreement to provide to the Executive the elements of pay described in Sections 4.1,
Termination Due to Retirement or Death. In the event the Executive's employment is terminated by reason of retirement or death during the term of this Agreement, the Executive's employment with the Company shall be deemed terminated as of the effective date of retirement or at the end of the month in which such death occurs and all benefits will be determined in accordance with the Company's retirement plans, survivor's benefits, insurance, Compensation Plan for Executives and other applicable programs then in effect, except that in the case of the death of the Executive the Company will pay a pro rata portion of any bonus which would have been payable to the Executive under Section 4.7a. hereof to his spouse if then living and otherwise to the executor or administrator of his estate. In no event will the other benefits described in the remainder of Section 4.7 hereof or the Severance Pay described in Section 4.8 hereof be paid in the event of death and in no event will any of
Termination Due to Retirement or Death. (a) In the event the Vice President’s employment ends by reason of Retirement (as defined below), the Date of Termination shall be the date set forth in a notice by the Vice President, which notice shall be given to the Company at least ninety (90) days prior to such date. In the event of the Vice President’s death, the Date of Termination shall be the date of death. In either case, the Vice President’s benefits shall be determined in accordance with the Company’s retirement, survivor’s benefits, insurance and other applicable plans and programs of the Company then in effect. For the purposes of this Agreement, “Retirement” shall mean the Vice President’s voluntary termination of employment at a time during which he is eligible for “Normal Retirement” or “Early Retirement” as such terms are defined in the CarMax, Inc. Pension Plan as of the Effective Date.
Termination Due to Retirement or Death. In the event the Executive's employment is terminated by reason of retirement or death, the Executive's benefits shall be determined in accordance with the Company's retirement, survivor's benefits, insurance or other applicable program then in effect. Upon the effective date of termination, the Company's obligation to pay and provide the compensation described in Section 5 shall expire, except to the extent the benefits described in Section 5 continue after retirement or death. In addition, the Company shall pay to the Executive or the Executive's beneficiaries or estate a pro rata share of the Bonus for the year in which the termination occurs based on the results of the Company for that fiscal year. This pro rata Bonus shall be determined by multiplying the Bonus for the applicable fiscal year by a fraction, the numerator of which is the number of days in such fiscal year prior to the date of termination and the denominator of which is the total number of days in such fiscal year. The pro rata Bonus shall be paid within sixty (60) days of the end of the applicable fiscal year.
Termination Due to Retirement or Death. In the event the Executive's employment is terminated while this Agreement is in force by reason of Retirement (as defined under the then established rules of the Company's tax- qualified retirement plan) or death, the Executive's benefits shall be determined in accordance with the Company's retirement, survivor's benefits, insurance, and other applicable programs of the Company then in effect. Upon the effective date of such termination, the Company's obligation under this Agreement to pay and provide to the Executive the elements of pay described in Article 4 herein shall immediately expire, except to the extent that the benefits described in Sections 4.4 and 4.5 continue after Retirement under the terms of the benefit plans and programs which apply generally to the Company's executives, and except that the Executive shall receive all other rights and benefits that he is vested in pursuant to other plans and programs of the Company. In addition, the Company shall pay to the Executive (or the Executive's beneficiaries, or estate, as applicable), a pro rata share of his Bonus for the fiscal year in which employment termination occurs, based on the results of the Company for such fiscal year. This pro rata Bonus amount shall be determined by multiplying the Bonus which otherwise would apply for such full fiscal year by a fraction, the numerator of which is the number of days in such fiscal year prior to the date of employment termination and the denominator of which is the total number of days in such fiscal year. The pro rata Bonus shall be paid within sixty (60) days of the end of such fiscal year.
Termination Due to Retirement or Death. In the event the Executive’s employment ends by reason of Retirement (defined as voluntary “Normal Retirement” under the then established definitions and rules of the Company’s tax-qualified retirement plan) or the Executive’s death during the term of this Agreement, the Executive’s benefits shall be determined in accordance with the Company’s retirement, survivor’s benefits, insurance, and/or other applicable programs of the Company then in effect. In addition, all stock grants, except performance-based grants in the case of Retirement, will become immediately vested and may be exercised by the Executive, the Executive’s personal representatives, distributees, legatees, or estate at any time before the expiration date of the grant. The Effective Date of Termination due to Retirement or death shall be (a) ninety (90) days following the date the Executive provides the Company with written notice that the Executive is ending employment by reason of Retirement or (b) on the Executive’s date of death, as the case may be. Upon the Effective Date of Termination, the Company shall be obligated to pay the Executive or, if applicable, the Executive’s estate; (a) any Base Salary or Annual Bonus that was accrued but not yet paid as of the Effective Date of Termination; and (b) all other rights and benefits that the Executive is vested in, pursuant to other plans and programs of the Company.
Termination Due to Retirement or Death. In the event the Executive's employment ends by reason of Retirement (defined as voluntary "Normal Retirement" under the then established definitions and rules of the Company's tax-qualified retirement plan) or the Executive's death during the term of this Agreement, the Executive's benefits shall be determined in accordance with the Company's retirement, survivor's benefits, insurance, and/or other applicable programs of the Company then in effect. In addition, in the case of the Executive's death, all stock grants will become immediately vested and may be exercised by the Executive's personal representatives, distributees, legatees, or estate at any time before the expiration date of the grant. The Effective Date of Termination due to Retirement or death shall be (a) ninety (90) days following the date the Executive provides the Company with written notice that the Executive is ending employment by reason of Retirement or (b) on the Executive's date of death, as the case may be. Upon the Effective Date of Termination, the Company shall be obligated to pay the Executive or, if applicable, the Executive's estate; (a) any Base Salary or Annual Bonus that was accrued but not yet paid as of the Effective Date of Termination; and (b) all other rights and benefits that the Executive is vested in, pursuant to other plans and programs of the Company.
