Common use of Termination of Employment by Reason of Retirement Clause in Contracts

Termination of Employment by Reason of Retirement. If Optionee's ------------------------------------------------- employment with the Company and/or any Subsidiary terminates by reason of Retirement (with Committee consent) under a formal plan or policy of the Company, then the Option may thereafter be exercised for a period of three (3) years from the date of such termination of employment or until the expiration of the Option Term, whichever period is the shorter, to the extent, but only to the extent, that Optionee could have exercised the Option as of the date of Retirement; and if Optionee dies within such period, any unexercised Option that was exercisable at the time of death shall thereafter be exercisable for the remainder of such period. Notwithstanding anything to the contrary herein, the Committee may, in connection with such Retirement, make such adjustments in the terms and conditions of the Option as the Committee in its sole discretion determines are equitably warranted under the circumstances, including, without limitation, acceleration of exercise terms.

Termination of Employment by Reason of Retirement. If Optionee's ------------------------------------------------- ’s employment with the Company and/or any Subsidiary terminates by reason of Retirement (with Committee consent) under a formal plan or policy of the Company, then the Option may thereafter be exercised for a period of three (3) years from the date of such termination of employment or until the expiration of the Option Term, whichever period is the shorter, to the extent, but only to the extent, that Optionee could have exercised the Option as of the date of Retirement; and if Optionee dies within such period, any unexercised Option that was exercisable at the time of death shall thereafter be exercisable for the remainder of such period. Notwithstanding anything to the contrary herein, the Committee may, in connection with such Retirement, make such adjustments in the terms and conditions of the Option as the Committee in its sole discretion determines are equitably warranted under the circumstances, including, without limitation, acceleration of exercise terms.