Common use of Termination of Employment; Forfeiture Clause in Contracts

Termination of Employment; Forfeiture. (a) Upon termination of the Executive’s employment with the Company or any subsidiary of the Company (or the successor of any such company) as a result of the retirement of the Executive, the shares of Restricted Stock, after such retirement, shall continue to be subject to the restrictions set forth herein, which restrictions shall lapse and such shares shall vest in the Executive in accordance with the provisions of Section 3 hereof as if the Executive had remained employed by the Company. Retirement of the Executive shall mean (i) the termination of employment with the Company on or after the last day the month in which the Executive attains age 65 and has, as of such date of termination, been continuously employed by the Company for at least two years or (ii) otherwise as the Committee shall determine, in its sole discretion.

Termination of Employment; Forfeiture. (a) Upon termination of the Executive’s 's employment with the Company or any subsidiary of the Company (or the successor of any such company) as a result of the retirement of the Executive, the shares of Restricted Stock, after such retirement, shall continue to be subject to the restrictions set forth herein, which restrictions shall lapse and such shares shall vest in the Executive in accordance with the provisions of Section 3 hereof as if the Executive had remained employed by the Companyhereof. Retirement of the Executive shall mean (i) the termination of employment with the Company on or after the last day the month in which the Executive attains age 65 and has, as of such date of termination, been continuously employed by the Company for at least two years or (ii) otherwise as the Committee or the Board of Directors shall determine, in its sole discretion.