Common use of Option Rights Upon Retirement Clause in Contracts

Option Rights Upon Retirement. If the Optionee retires from the employment of the Corporation or any affiliate or subsidiary in accordance with the Corporation's retirement policy of the Corporation or any affiliate or subsidiary and prior to his complete exercise of the Option, the Board of Directors or the Stock Option Committee of the Corporation, in its discretion, may allow the Option to be fully exercised, at any time within one year after the date of such termination, to the extent that the Optionee was entitled to exercise the Option at the date of his retirement.

Option Rights Upon Retirement. If the Optionee Employee retires from the employment of the Corporation or any affiliate or subsidiary in accordance with the Corporation's retirement policy of the Corporation or any affiliate or subsidiary and prior to his complete exercise of the Optionsubsidiary, the Board of Directors or the Stock Option Committee of the Corporation, in its discretion, may allow the Option to be fully exercised, at any time within one year after the date of such termination, to the extent that the Optionee Employee was entitled to exercise the Option at the date of his retirement.