Common use of Termination of Your Employment Clause in Contracts

Termination of Your Employment. In the event the Company makes an Offer of Continued Employment, you may elect to accept or decline such offer. If you accept such offer, your eligibility to receive the termination benefits set forth herein shall be extended to such date as you and the Company agree, or the date upon which the Company terminates your employment without Cause. In the event you decline the Offer of Continued Employment, you will be expected to retire on September 30, 2002, and you will be entitled to receive the termination benefits set forth herein. Assuming you retire on September 30, 2002, you will be eligible for a pay out under the 2002 Executive Annual Incentive Plan, but you will not be eligible for any further stock option grants.

Termination of Your Employment. In the event the Company makes an Offer of Continued Employment, you may elect to accept or decline such offer. If you accept such offer, your eligibility to receive the termination benefits set forth herein shall be extended to such date as you and the Company agree, or the date upon which the Company terminates your employment without Cause. In the event you decline the Offer of Continued Employment, you will be expected to retire on September 30, 20022003, and you will be entitled to receive the termination benefits set forth herein. Assuming you retire on September 30, 20022003, you will be eligible for a pay out under the 2002 2003 Executive Annual Incentive Plan, but you will not be eligible for any further stock option grants.