Termination for Retirement Sample Clauses
The 'Termination for Retirement' clause allows a party to end an agreement upon their retirement from active business or professional activities. Typically, this clause outlines the notice period required and any conditions that must be met, such as providing written notice or ensuring a smooth transition of responsibilities. Its core function is to provide a clear and fair mechanism for parties to exit contractual obligations due to retirement, thereby addressing the practical need for flexibility as individuals or entities conclude their professional careers.
Termination for Retirement. Subject to clause (v) of this Section 5(d), if the Executive’s employment is terminated by reason of Retirement during the Term, the Executive shall be entitled to the payments and benefits identified in this Section 5(d).
(i) The Company shall pay to the Executive, at the times specified in clause (iv), the following amounts:
A. the Accrued Obligation;
B. the Executive’s Annual Base Salary earned through the Date of Termination for a period following his Separation From Service, to the extent not theretofore paid.
(ii) The Executive shall be entitled to use of the Automobile for a period of six (6) months from the Date of Termination; provided, however, that during such time period, the Executive shall be solely responsible for all expenses incurred in the use of the Automobile, including maintaining insurance of the same types and at the same levels as previously maintained by the Company immediately prior to the Date of Termination. The amount of expenses eligible for reimbursement under this Section 5(d)(ii), or in-kind benefits provided, during the Executive’s taxable year shall not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year of the Executive. The Executive’s right to reimbursement or in-kind benefits pursuant to this Section 5(d)(ii) shall not be subject to liquidation or exchange for another benefit.
(iii) Until the Executive becomes eligible for Medicare, provided that the Executive’s continued participation is possible under the general terms and provisions of the Company’s medical plans and programs, the Company shall continue to provide medical benefits to the Executive and/or the Executive’s family at least equal to those which would have been provided to them if the Executive’s employment had not terminated; provided, however, that if the Executive becomes reemployed with another employer and is eligible to receive medical benefits under another employer-provided plan, the medical benefits described herein shall be secondary to those provided under such other plan during such applicable period of eligibility. In the event that the Executive’s participation in any such plan or program is barred, the Company shall arrange to provide the Executive with benefits substantially similar to those which he is entitled to receive under such plans and programs. To the extent that the medical or other welfare benefits provided hereunder are taxable to the Executive, the following provisions...
Termination for Retirement or Death 7 2.6 Termination for Cause or by the Executive Other Than for Good Reason 7 2.7 Notice of Termination 7 Article 3. Form and Timing of Severance Benefits 7 3.1 Form and Timing of Severance Benefits 7 3.2 Withholding of Taxes 7
Termination for Retirement. In the event Optionee’s employment is terminated by Optionee’s Retirement, all outstanding unvested Options shall be forfeited and all vested Options shall remain exercisable at any time prior to the end of the Exercise Term or for one (1) year after the date of Retirement, whichever period is shorter.
Termination for Retirement. If the Participant’s employment with the Company terminates due to Retirement, the Vested Portion of the SSARs shall remain exercisable until the Expiration Date; and
Termination for Retirement. Termination by the Company of the Executive's employment based on "Retirement" shall mean termination in accordance with the Corporation's normal retirement policy applicable to its salaried employees as in effect immediately prior to the Change in Control or in accordance with any other retirement arrangement established with the Executive's consent with respect to the Executive.
Termination for Retirement. If the Participant ceases to be an employee of the Company or any Affiliate by reason of Retirement at a time when the participant’s employment could not have been terminated for Cause, then the Award (i) shall be exercisable in full without regard to any vesting requirements; provided that an Option of a Participant who Retires shall be exercisable in full only if the participant Retires on or after the first anniversary of the Grant Date, and (ii) will remain exercisable until the Award’s expiration date.
Termination for Retirement. If a Termination of Service occurs with respect to the Participant due to the Participant’s Retirement prior to the [applicable] Vesting Date for the shares of Restricted Stock, then, with the approval of the Committee or its designee (which may be withheld in its absolute discretion), the restrictions with respect to a pro rata portion of the shares of Restricted Stock that were scheduled to lapse on the next Vesting Date immediately following the date of such Retirement shall lapse and such shares shall be deemed vested in a pro rata amount equal to the quotient, expressed as a percentage (which shall not be greater than 100%), resulting from dividing: (i) the number of days that have lapsed from the most recent Vesting Date preceding the date of such Retirement (or, if there is no such Vesting Date, then the Grant Date); and (ii) [365]. In such event, the remaining portion of the shares of Restricted Stock which have not so vested, and for which the restrictions have not so lapsed, prior to the date of such Retirement shall be immediately forfeited, and the Participant shall have no further rights with respect to such shares of Restricted Stock.
Termination for Retirement. If the Participant’s employment with the Company terminates due to Retirement, the Vested Portion of an Option shall remain exercisable until the Expiration Date; and
Termination for Retirement. If the Optionee’s employment with the Company terminates as a result of Retirement (as defined below), then the Optionee (or any individual authorized to act on the Optionee’s behalf) may exercise the Option, to the extent it was exercisable on the date of Optionee’s Retirement, for four years following such date. At the end of such period the exercisable portion of the Option shall immediately terminate.
Termination for Retirement. Upon reaching the age of 70, Executive may terminate his employment for “Retirement” upon not less than 30 days’ prior written notice to the Company.