Common use of Retirement or Death Clause in Contracts

Retirement or Death. In the event of the Executive's retirement or death during the term hereof, the Executive's employment hereunder shall immediately and automatically terminate. In the event of the Executive's retirement after the age of sixty-five or death during the term hereof, the Company shall pay to the Executive (or in the case of death, the Executive's designated beneficiary or, if no beneficiary has been designated by the Executive, to her estate) (i) any Base Salary and accrued vacation earned but unpaid through the date of such retirement or death, (ii) any Discretionary Bonus for the fiscal year preceding that in which such retirement or death occurs that was granted but has not yet been paid, (iii) at the times the Company pays its executives bonuses in accordance with its general payroll policies, an amount equal to that portion of any Discretionary Bonus, if any, earned but unpaid during the fiscal year of such retirement or death (pro-rated in accordance with Section 4.2), (iv) reimbursement for any reasonable expenses of the types specified in Section 4.3 incurred with respect to periods prior to date of such retirement or death. In the event of the Executive's death during the term hereof, the Company shall pay to the Executive's designated beneficiary or, if no beneficiary has been designated by the Executive, to her estate (x) proceeds from the Life Insurance Policy.

Retirement or Death. In the event of the Executive's ’s retirement or death during the term hereof, the Executive's ’s employment hereunder shall immediately and automatically terminate. In the event of the Executive's ’s retirement after the age of sixty-five or death during the term hereof, the Company shall pay to the Executive (or in the case of death, the Executive's ’s designated beneficiary or, if no beneficiary has been designated by the Executive, to her his estate) (i) any Base Salary and accrued vacation earned but unpaid through the date of such retirement or death, (ii) any Discretionary Bonus for the fiscal year preceding that in which such retirement or death occurs that was granted but has not yet been paid, (iii) at the times the Company pays its executives bonuses in accordance with its general payroll policies, an amount equal to that portion of any Discretionary Bonus, if any, earned but unpaid during the fiscal year of such retirement or death (pro-rated in accordance with Section 4.2), (iv) reimbursement for any reasonable expenses of the types specified in Section 4.3 incurred with respect to periods prior to date of such retirement or death. In the event of the Executive's ’s death during the term hereof, the Company shall pay to the Executive's ’s designated beneficiary or, if no beneficiary has been designated by the Executive, to her estate his estate, (x) proceeds from the Life Insurance PolicyPolicy and (y) any accrued but unpaid Deferred Salary.

Retirement or Death. In the event of the Executive's ’s retirement or death during the term hereof, the Executive's ’s employment hereunder shall immediately and automatically terminate. In the event of the Executive's ’s retirement after the age of sixty-five or death during the term hereof, the Company shall pay to the Executive (or in the case of death, the Executive's ’s designated beneficiary or, if no beneficiary has been designated by the Executive, to her his estate) (i) any Base Salary and accrued vacation earned but unpaid through the date of such retirement or death, (ii) any Discretionary Bonus for the fiscal year quarter preceding that in which such retirement or death occurs that was granted but has not yet been paid, (iii) at the times the Company pays its executives bonuses in accordance with its general payroll policies, an amount equal to that portion of any Discretionary Bonus, if any, earned but unpaid during the fiscal year quarter of such retirement or death (pro-rated and paid in accordance with Section 4.2), (iv) reimbursement for any reasonable expenses of the types specified in Section 4.3 incurred with respect to periods prior to date of such retirement or death. In the event of the Executive's ’s death during the term hereof, the Company shall pay to the Executive's ’s designated beneficiary or, if no beneficiary has been designated by the Executive, to her estate his estate, (x) proceeds from the Life Insurance Policy, if applicable and (y) any accrued but unpaid deferred salary, payable in accordance with the terms thereof.

Retirement or Death. In the event of the Executive's retirement or death during the term hereof, the Executive's employment hereunder shall immediately and automatically terminate. In the event of the Executive's retirement after the age of sixty-five or death during the term hereof, the Company shall pay to the Executive (or in the case of death, the Executive's designated beneficiary or, if no beneficiary has been designated by the Executive, to her his estate) (i) any Base Salary and accrued vacation earned but unpaid through the date of such retirement or death, (ii) any Discretionary Bonus for the fiscal year preceding that in which such retirement or death occurs that was granted but has not yet been paid, (iii) at the times the Company pays its executives bonuses in accordance with its general payroll policies, an amount equal to that portion of any Discretionary Bonus, if any, earned but unpaid during the fiscal year of such retirement or death (pro-rated in accordance with Section 4.2), (iv) reimbursement for any reasonable expenses of the types specified in Section 4.3 incurred with respect to periods prior to date of such retirement or death. In the event of the Executive's death during the term hereof, the Company shall pay to the Executive's designated beneficiary or, if no beneficiary has been designated by the Executive, to her estate his estate, (x) proceeds from the Life Insurance Policy.