Common use of Effect of Retirement Clause in Contracts

Effect of Retirement. If the termination of the Participant’s employment occurs as a result of the Participant’s retirement after age 55 and the sum of the Participant’s age and years of service to the Corporation is equal to 65 or more, vesting shall be accelerated and all of the restrictions imposed on the Restricted Shares by this Agreement shall lapse immediately upon retirement, provided that the Participant delivered to the Corporation, at least six months prior to the date of his or her retirement, written notice specifying such retirement date and the Participant remained in the continuous service of the Corporation from the date such notice was provided until his or her retirement date. Such written notice may not be modified or revoked. The Participant’s retirement under any circumstances other than as specified in the preceding provisions of this Section 9 shall result in the immediate forfeiture of all Restricted Shares that remain subject to the restrictions imposed by this Agreement.