Common use of Termination of Employment Due to Retirement Clause in Contracts

Termination of Employment Due to Retirement. In the event of the Retirement of the Grantee after nine months of the Performance Period have elapsed, the Grantee’s Performance Share Units shall be settled based on the performance for the Performance Period and payable on a pro-rata basis as determined and certified by the Committee after the close of the Performance Period, as described below. Subject to the negative discretion of the Committee, the Grantee will be entitled to receive shares of Common Stock with a value equal to the product of (i) the pro-rata vesting percentage equal to the days of Grantee’s Employment during the Performance Period divided by the total days in the Performance Period and (ii) the Performance Period Payout Value. Such transfer of shares of Common Stock shall be made in accordance with Paragraph 3 as soon as administratively feasible following the Committee’s determination under Paragraph 2 and, in any event, between January 1 and March 15 immediately following the end of the Performance Period. If, in accordance with the Committee’s determination under Paragraph 2, the Performance Period Payout is zero, the Grantee shall immediately forfeit any and all rights to the Performance Share Units. Upon the vesting and/or forfeiture of the Performance Share Units pursuant to this Paragraph 6 and the delivery of shares as provided above, if any, the rights of the Grantee and the obligations of the Company under this Award Agreement shall be satisfied in full. The death of the Grantee following Retirement but prior to the close of the Performance Period shall have no effect on this Paragraph 6.

Termination of Employment Due to Retirement. In the event of the Retirement of the Grantee after nine months of the Performance Period Cycle have elapsed, the Grantee’s Performance Share Units shall be settled based on the performance for the Performance Period Cycle and payable on a pro-rata basis as determined and certified by the Committee after the close of the Performance PeriodCycle, as described below. Subject to the negative discretion of the Committee, the Grantee will be entitled to receive shares of Common Stock with a value payment equal to the product of (i) the pro-rata vesting percentage equal to the days of GranteeXxxxxxx’s Employment during the Performance Period Cycle divided by the total days in the Performance Period Cycle and (ii) the Performance Period Cycle Payout Value. Such transfer of shares of Common Stock payment shall be made in accordance with Paragraph 3 as soon as administratively feasible following the Committee’s determination under Paragraph 2 and, in any event, between January 1 and March 15 immediately following the end of the Performance PeriodCycle. If, in accordance with the Committee’s determination under Paragraph 2, the Performance Period Cycle Payout is zero, the Grantee shall immediately forfeit any and all rights to the Performance Share Units. Upon the vesting and/or forfeiture of the Performance Share Units pursuant to this Paragraph 6 and the delivery making of shares as provided abovethe related cash payment, if any, the rights of the Grantee and the obligations of the Company under this Award Agreement shall be satisfied in full. The death of the Grantee following Retirement but prior to the close of the Performance Period Cycle shall have no effect on this Paragraph 6.

Termination of Employment Due to Retirement. In the event of the Retirement of the Grantee after nine months of the Performance Period Cycle have elapsed, the Grantee’s Performance Share Units shall be settled based on the performance for the Performance Period Cycle and payable on a pro-rata basis as determined and certified by the Committee after the close of the Performance PeriodCycle, as described below. Subject to the negative discretion of the Committee, the Grantee will be entitled to receive shares of Common Stock with a value equal to the product of (i) the pro-rata vesting percentage equal to the days of Grantee’s Employment during the Performance Period Cycle divided by the total days in the Performance Period Cycle and (ii) the Performance Period Cycle Payout Value. Such transfer of shares of Common Stock shall be made in accordance with Paragraph 3 as soon as administratively feasible following the Committee’s determination under Paragraph 2 and, in any event, between January 1 and March 15 immediately following the end of the Performance PeriodCycle. If, in accordance with the Committee’s determination under Paragraph 2, the Performance Period Cycle Payout is zero, the Grantee shall immediately forfeit any and all rights to the Performance Share Units. Upon the vesting and/or forfeiture of the Performance Share Units pursuant to this Paragraph 6 and the delivery of shares as provided above, if any, the rights of the Grantee and the obligations of the Company under this Award Agreement shall be satisfied in full. The death of the Grantee following Retirement but prior to the close of the Performance Period Cycle shall have no effect on this Paragraph 6.