Voluntary Termination or Retirement Clause Samples

Voluntary Termination or Retirement. In the event Executive’s employment is voluntarily terminated by the Executive other than for Good Reason (as defined in Section 4.2), Employer shall not thereafter be obligated to make any further payments hereunder other than amounts (including salary, expense reimbursement, and employee benefits) accrued under this Agreement as of the date of such termination in accordance with generally accepted accounting principles. Termination of Executive’s employment based on “Retirement” shall mean voluntary termination of Executive’s employment by Executive at any time after Executive reaches age 65 or in accordance with any retirement policy establish by the Board with Executive’s consent as it applies to him. In the event Executive’s employment terminates due to Retirement, the Employer shall be obligated to pay Executive an amount equal to six months’ Base Salary payable during such six (6) month period in accordance with the Employer’s normal payroll processing intervals in effect from time to time at the rate in effect immediately prior to the Date of Termination, together with a lump sum payment within thirty-five (35) days after Executive’s termination date in an amount equal to 150% of the Employer’s actual premium cost of providing group term life insurance coverage to Executive for the three year period following Executive’s termination date, applicable expense reimbursements and all accrued and unpaid benefits and vested benefits in accordance with the applicable employee benefit plans. Upon making the payments described in this Section 4.1, the Employer shall have no further compensation obligation to Executive hereunder.

Voluntary Termination or Retirement. If the Employee shall elect to voluntarily terminate his services under this Agreement (other than for "good reason" as defined in Section 5(f) above) or to retire during the Employment Period, this Agreement shall terminate automatically and the Company shall have no further obligations to the Employee under this Agreement, other than those obligations accrued, earned or vested as of the date of the termination or retirement. In the event of voluntary termination or early retirement (prior to the Employee's 65 birthday), the Employee shall be entitled to receive a pro-rated amount of any bonus payable in respect of the year of voluntary termination or early retirement. If the Employee retires upon the expiration of this Agreement at the end of the Employment Period, and in the event that a bonus would have been payable to the Employee pursuant to Section 3(c)(ii) of this Agreement in respect of such calendar year had this Agreement not terminated, the Employee shall be entitled to receive a pro-rated amount of such bonus based on a fraction in which the numerator is the number of days in the calendar year in which the Employee was terminated that he provided services to the Company and the denominator is 365, with such bonus payment to be paid in one cash lump sum paid as soon as practicable following delivery of audited financial statements for the year in which this Agreement is terminated.

Voluntary Termination or Retirement. If the Executive shall elect to voluntarily terminate his employment (other than for "good reason" as defined in Section 5(g) below) or to retire during the Employment Period, this Agreement shall terminate automatically and the Company shall have no further obligations to the Executive under this Agreement, other than those obligations accrued, earned or vested by the Executive as of the date of the termination or retirement.

Voluntary Termination or Retirement. If your employment is terminated voluntarily by you (whether upon retirement or otherwise), Options that are vested as of the date of termination of employment will remain exercisable for up to three (3) months after your employment ends, but not beyond the Expiration Date.

Voluntary Termination or Retirement. A former Employee is not eligible for benefits under this Plan if the Plan Administrator determines in its sole and exclusive judgment that termination of Employment was by reason of resignation or retirement, even if the Employee had good reasons for feeling compelled to resign or retire.

Voluntary Termination or Retirement. Voluntary termination or retirement by any employee of the bargaining unit with at least three (3) years seniority will entitle said employee to separation pay equal to fifty percent (50%) of up to 50 unused and accumulated sick days at the prevailing rate. Employees with five (5) years or more of seniority will be entitled, upon the above conditions, to separation pay equal to seventy-five percent (75%) of up to fifty (50) unused and accumulated sick days at the prevailing rate. Employees who fail to give the required two (2) weeks notice prior to resigning, as provided in Article VII, shall forfeit all rights to separation pay.

Voluntary Termination or Retirement. The employment of the Executive shall terminate if the Executive shall voluntarily leave the employment of the Company for other than good reason or shall retire. As used herein, "good reason" shall mean (i) the assignment to the Executive of any duties inconsistent in any respect with the Executive's position (including status, offices, titles and reporting relationships), authority, duties or responsibilities as contemplated by Section 4 of this Agreement or any other action by the Company that results in a diminution in such position, authority, duties or responsibilities, excluding for this purpose an isolated, insubstantial and inadvertent action not taken in bad faith that is remedied by the Company promptly after receipt of notice thereof given by the Executive; (ii) a decrease in the target annual incentive award opportunity below 56.25% of his base salary; (iii) the transfer or attempted assignment of the Executive without his consent to a location outside New York City or the assignment to the Executive of duties that require that he travel outside New York City in any fiscal year for more than the average number of days of business-related travel in the preceding three fiscal years; or (iv) any failure of the Company to comply with and satisfy Section 13(c) of this Agreement or any

Voluntary Termination or Retirement. The employment of the Executive shall terminate if the Executive