Common use of Termination for Retirement or Death Clause in Contracts

Termination for Retirement or Death. Following a Change in Control, if the Executive’s employment with the Company is terminated by reason of his/her death or retirement, 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. The Company shall pay the Executive (or his/her estate) his/her full accrued Base Salary at the rate then in effect, accrued vacation or paid time off, and other items earned by and owed to the Executive through the Effective Date of Termination, plus all other amounts to which the Executive is entitled as of such date under any compensation plans of the Company at the time such payments are due, and the Company shall have no further obligations to the Executive (or his/her estate) under this Agreement.

Termination for Retirement or Death. Following a Change in Control, if the Executive’s employment with the Company is terminated by reason of his/her his death or retirement, 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. The Company shall pay the Executive (or his/her estate) his/her full accrued Base Salary at the rate then in effect, accrued vacation or paid time off, and other items earned by and owed to the Executive through the Effective Date of Termination, plus all other amounts to which the Executive is entitled as of such date under any compensation plans of the Company at the time such payments are due, and the Company shall have no further obligations to the Executive (or his/her estate) under this Agreement.