Common use of Termination of Employment by Retirement Clause in Contracts

Termination of Employment by Retirement. If Optionee's employment with the Company is terminated by reason of Retirement (as defined under the then established rules of the Company's tax-qualified retirement plans), any outstanding options granted to Optionee that are not exercisable at the date of termination shall be forfeited by Optionee and canceled by the Company. If, without having fully exercised this Option, Optionee's employment is terminated by reason of Retirement, Optionee shall have the same right to exercise options that are exercisable on the date of the termination of employment as Optionee had during his or her employment for a period ending on the Date of Expiration set forth above.

Termination of Employment by Retirement. If Optionee's employment with the Company is terminated by reason of Retirement (as defined under the then established rules of the Company's tax-qualified retirement plans), any outstanding options granted to Optionee Participant that are not exercisable at the date of termination shall be forfeited by Optionee and canceled by the Company. If, without having fully exercised this Option, If Optionee's employment is terminated by reason of Retirement, Optionee shall have the same right to exercise options that are exercisable on the date of the termination of employment as Optionee had during his or her employment for a period ending on the Date of Expiration set forth above.