Common use of Effect of Retirement Clause in Contracts

Effect of Retirement. If Participant experiences a termination of employment because of Participant’s Retirement (as defined below) on or after the second anniversary of the Grant Date, then a number of Performance Shares shall be earned and result in payment, at the time described in Section 6, in an amount equal to the number of Performance Shares that would have resulted in payment in accordance with the terms of Section 4 if Participant had remained in the continuous employ of Corporation or a Subsidiary from the Grant Date until the end of the Performance Period. For purposes of this Agreement, “Retirement” shall mean the voluntary termination of the Participant’s employment with Corporation and its Subsidiaries if (i) Participant is then at least age 55 and has completed at least twenty (20) years of continuous service with Corporation or a Subsidiary, (ii) Participant is then at least age 60 and has completed at least ten (10) years of continuous service with Corporation or a Subsidiary or (iii) Participant is then at least age 65 and has completed at least five (5) years of continuous service with Corporation or a Subsidiary.

Effect of Retirement. If Participant experiences a termination of employment because of Participant’s Retirement (as defined below) on or after the second anniversary of the Grant Date), then a number of Performance Shares shall be earned and result in payment, at the time described in Section 6, in an amount equal to the number of Performance Shares that would have resulted in payment in accordance with the terms of Section 4 if Participant had remained in the continuous employ of Corporation or a Subsidiary from the Grant Date until the end of the Performance Period. For purposes of this Agreement, “Retirement” shall mean the voluntary termination of the Participant’s employment with the Corporation and its Subsidiaries if if: (i) Participant is then at least age 55 and has completed at least twenty (20) years of continuous service with the Corporation or a Subsidiary, (ii) Participant is then at least age 60 and has completed at least ten (10) years year of continuous service with the Corporation or a Subsidiary as Subsidiary, or (iii) Participant is then at least age 65 and has completed at least five (5) years of continuous service with the Corporation or a Subsidiary.

Effect of Retirement. If Participant experiences a termination of employment because of Participant’s Retirement (as defined below) on or after the second first anniversary of the Grant Date, then a number of Performance Shares shall be earned and result in payment, at the time described in Section 6, in an amount equal to the number of Performance Shares that would have resulted in payment in accordance with the terms of Section 4 if Participant had remained in the continuous employ of Corporation or a Subsidiary from the Grant Date until the end of the Performance Period. For purposes of this Agreement, “Retirement” shall mean the voluntary termination of the Participant’s employment with Corporation and its Subsidiaries if (i) Participant is then at least age 55 and has completed at least twenty (20) years of continuous service with Corporation or a Subsidiary, (ii) Participant is then at least age 60 and has completed at least ten (10) years of continuous service with Corporation or a Subsidiary or (iii) Participant is then at least age 65 and has completed at least five (5) years of continuous service with Corporation or a Subsidiary.