Retirement, Permanent Disability, or Death. Upon termination of the Participant’s employment by reason of retirement, permanent disability or death (as determined by the Committee), all unvested stock options shall continue to vest and all vested Stock Options shall continue to be outstanding. The Participant (or in the case of death, the Participant’s estate, or any person who acquires the right to exercise the Stock Option by bequest or inheritance or otherwise by reason of Participant’s death) may, within sixty (60) months from the date of termination, exercise the Stock Option, to the extent that it is exercisable during the sixty-month period. At the end of the sixty-month period, all unexercised stock options shall terminate.
Retirement, Permanent Disability, or Death. (a) In the event that during the payment period and prior to full payment of the Buy-Out Amount, a teacher:
Retirement, Permanent Disability, or Death. Upon termination of the Participant’s employment by reason of retirement or permanent disability (as determined by the Committee) or death, all unvested stock options shall terminate immediately. All vested Stock Options shall not terminate, and the Participant (or in the case of death, the Participant’s estate, or any person who acquires the right to exercise the Stock Option by bequest or inheritance or otherwise by reason of Participant’s death) may exercise the Stock Option during the remaining term of the Stock Option.
Retirement, Permanent Disability, or Death. In the event the ----------------------------------------- Optionee shall cease to be a director of the Company or any of its subsidiaries or affiliates (such event shall be referred to herein as the "Termination" of such director's "Status") by reason of retirement as a director, death or Permanent Disability, the provisions applicable to employees of the Company or any of its subsidiaries or affiliates set forth in Sections 2(a)(i) and 2(a)(ii) shall be applicable, as appropriate. As used in this Section 2(b)(i), if Optionee is a director of the Company or any of its subsidiaries, retirement of a director shall mean such director has completed his or her term(s) as a director of the Company or any of its subsidiaries in accordance with the charter and bylaws of the Company or any such subsidiary.
Retirement, Permanent Disability, or Death. Upon termination of the Participant’s employment by reason of retirement or permanent disability (as determined by the Committee) or death, (1) the unvested portion of the Stock Option shall terminate immediately, and (2) the Participant (or in the case of death, the Participant’s estate, or any person who acquires the right to exercise the Stock Option by bequest or inheritance or otherwise by reason of Participant’s death) may exercise the vested portion of the Stock Option until the tenth anniversary of the Grant Date.
