Common use of Termination of Employment On Account of Retirement Clause in Contracts

Termination of Employment On Account of Retirement. Upon the Grantee’s retirement (as defined below) prior to the Vesting Date for Performance RSUs, then this Award of Performance RSUs shall remain outstanding and the number of Performance RSUs to vest shall be determined in accordance with the process set forth in Section 2, provided that the resulting number of vested Performance RSUs will be reduced pro rata to correspond with the portion of the period commencing on the Grant Date and ending on [last day of Performance Period] that has elapsed as of the effective date of the Grantee’s retirement (and the remainder of this Award of Performance RSUs will be forfeited). For purposes of this Section 3(b), “retirement” means the termination of employment with the Company and each of its Subsidiaries or Affiliates by the Grantee on or after reaching age 63; provided that the Grantee’s employment is not terminated for Cause and provided further that such termination will constitute a retirement for these purposes only if, at least one year prior to the Grantee’s desired retirement date, the Grantee delivers a written notice (by any means, including by email) to the VP - Human Resources or other employee within the Human Resources Department of the Company that (x) indicates the Grantee intends to retire and (y) specifies an intended retirement date.

Termination of Employment On Account of Retirement. Upon the Grantee’s retirement (as defined below) prior to the Vesting Date for the Performance RSUsAward, then this the Performance Award of Performance RSUs shall remain outstanding and the number amount of the Performance RSUs Award to vest shall be determined in accordance with the process set forth in Section 2, provided that the resulting number amount of vested the Performance RSUs Award that vests will be reduced pro rata to correspond with the portion of the period commencing on the Grant Date and ending on [last day of Performance Period] that has elapsed as of the effective date of the Grantee’s retirement (and the remainder of this the Performance Award of Performance RSUs will be forfeited). For purposes of this Section 3(b), “retirement” means the termination of employment with the Company and each of its Subsidiaries or Affiliates by the Grantee on or after reaching age 63; provided that the Grantee’s employment is not terminated for Cause and provided further that such termination will constitute a retirement for these purposes only if, at least one year prior to the Grantee’s desired retirement date, the Grantee delivers a written notice (by any means, including by email) to the VP - Human Resources or other employee within the Human Resources Department of the Company that (x) indicates the Grantee intends to retire and (y) specifies an intended retirement date.

Termination of Employment On Account of Retirement. Upon Except as otherwise provided in the Employment Agreement to the extent then in effect, upon the Grantee’s retirement (as defined below) prior to the Vesting Date for Performance RSUsDate, then this Award of Performance RSUs shall remain outstanding and the number of Performance RSUs to vest shall be determined in accordance with the process set forth in Section 2, provided that the resulting number of vested Performance RSUs will be reduced pro rata to correspond with the portion of the period commencing on the Grant Date and ending on [last day of Performance Period] that has elapsed as of the effective date of the Grantee’s retirement (and the remainder of this Award of Performance RSUs will be forfeited). For purposes of this Section 3(b3(c), “retirement” means the termination of employment with the Company and each of its Subsidiaries or Affiliates by the Grantee on or after reaching age 63; provided that the Grantee’s employment is not terminated for Cause and provided further that such termination will constitute a retirement for these purposes only if, at least one year prior to the Grantee’s desired retirement date, the Grantee delivers a written notice (by any means, including by email) to the VP - Human Resources or other employee within the Human Resources Department of the Company that (x) indicates the Grantee intends to retire and (y) specifies an intended retirement date.