Common use of Termination Due to Retirement Clause in Contracts

Termination Due to Retirement. Any Options held by the Optionee on the date the Optionee ceases employment due to Retirement that were otherwise exercisable on such date shall terminate unless exercised within the period of three months from the date of termination of the Optionee due to “Retirement”, but in no event after the expiration date of the Option as set forth in Section 6(A). “Retirement” shall mean a termination of employment arrangement with the Company or a subsidiary or affiliate with the written consent of the Committee in its sole discretion.

Termination Due to Retirement. Any Options held by In the event ----------------------------- that the Optionee ceases to be an employee of the Company or any of its subsidiaries due to Options retirement on or after August 28, 1995 in compliance with the termination provisions of Section 4 of the 1990 Employment Agreement the exercisable portion of the Option on the date the Optionee ceases employment due to Retirement that were otherwise exercisable on such date shall terminate unless of retirement may be exercised at anytime within the period three years of three months from the date of termination of the Optionee due to “Retirement”, retirement (but not thereafter and in no event after the expiration date of on which the Option as set forth in Section 6(Awould otherwise expire). “Retirement” The Option, to the extent not exercised within such three year period shall mean a termination of employment arrangement with the Company or a subsidiary or affiliate with the written consent of the Committee in its sole discretionterminate forthwith.