Common use of Vesting Upon Retirement Clause in Contracts

Vesting Upon Retirement. In the event Grantee retires prior to the third anniversary of the Date of Grant, then, subject to the payment provisions of Section 5 hereof, Grantee’s right to receive a cash payment in respect of the Deferred Share Equivalents covered by this Agreement, along with any Dividend Equivalents accumulated with respect thereto, shall become nonforfeitable in accordance with the terms and conditions of, and over the time period described in, Section 1(a) as if Grantee had remained in the continuous employ of the Company or a Subsidiary from the Date of Grant until the date of the third anniversary of the Date of Grant or the occurrence of an event referenced in Section 2, whichever occurs first. For purposes of this Agreement, “retire” or “retirement” shall mean: (i) Grantee’s voluntary termination of employment, with the consent of the Board or the Committee, at or after Grantee has reached age 55 and has accrued at least 15years of continuous employment with the Company or a Subsidiary; (ii) Grantee's voluntary termination of employment at or after age 62; or (iii) Grantee's termination of employment in accordance with applicable non-U.S. local law, if such non-U.S. law requires such termination to be treated as a retirement based on different criteria than those set forth in the proceeding clauses (i) and (ii).

Vesting Upon Retirement. In the event Grantee retires prior to the third fifth anniversary of the Date of Grant, then, subject to the payment provisions of Section 5 hereof, Grantee’s right to receive a cash payment in respect of the Deferred Share Equivalents covered by this Agreement, along with any Dividend Equivalents accumulated with respect thereto, shall become nonforfeitable in accordance with the terms and conditions of, and over the time period described in, Section 1(a) as if Grantee had remained in the continuous employ of the Company or a Subsidiary from the Date of Grant until the date of the third fifth anniversary of the Date of Grant or the occurrence of an event referenced in Section 2, whichever occurs first. For purposes of this Agreement, “retire” or “retirement” shall mean: (i) Grantee’s voluntary termination of employment, with the consent of the Board or the Committee, at or after Grantee has reached age 55 and has accrued at least 15years of continuous employment with the Company or a Subsidiary; (ii) Grantee's voluntary termination of employment at or after age 62; or (iii) Grantee's termination of employment in accordance with applicable non-U.S. local law, if such non-U.S. law requires such termination to be treated as a retirement based on different criteria than those set forth in the proceeding clauses (i) and (ii).

Vesting Upon Retirement. In the event Grantee retires prior to the third fifth anniversary of the Date of Grant, then, subject to the payment provisions of Section 5 hereof, Grantee’s right to receive a cash payment in respect of the Deferred Share Equivalents covered by this Agreement, along with any Dividend Equivalents accumulated with respect thereto, shall become nonforfeitable in accordance with the terms and conditions of, and over the time period described in, Section 1(a) as if Grantee had remained in the continuous employ of the Company or a Subsidiary from the Date of Grant until the date of the third fifth anniversary of the Date of Grant or the occurrence of an event referenced in Section 2, whichever occurs first. For purposes of this Agreement, “retire” or “retirement” shall mean: (i) the Grantee’s voluntary termination of employment, with the consent of the Board or the Committee, at or after Grantee has reached age 55 and has accrued at least 15years of continuous employment with the Company or a Subsidiary; (ii) Grantee's voluntary termination of employment at or after age 62; 62 or (iiiii) Grantee's termination of employment in accordance with applicable non-U.S. local law, if such non-U.S. law requires such termination to be treated as a retirement based on different criteria than those set forth in the proceeding clauses clause (i) and (ii).