Common use of Retirement of Employee Clause in Contracts

Retirement of Employee. In the event that the Employee incurs a Termination of Service due to his or her Retirement during a Performance Period, the Employee shall immediately vest as to the number of Performance Shares determined by (i) multiplying the Target Number of Performance Shares by the percentage determined by dividing the number of days that have elapsed following the Grant Date to the date of the Employee’s Retirement by 1095 and (ii) subtracting the number of vested Performance Shares. In the event that any applicable law limits the Company’s ability to accelerate the vesting of this award of Performance Shares, this paragraph 4(c) shall be limited to the extent required to comply with applicable law.