; and (2) in subsection (f)— (A) by redesignating paragraphs (1) and (2) as paragraphs (2) and (3), respectively; (B) by inserting before paragraph (2) (as so designated) the following: (1) Definitions In this subsection: (A) Covered farmer or rancher The term covered farmer or rancher means— (i) a beginning farmer or rancher; (ii) a veteran farmer or rancher (as defined in section 2501(e) of the Food, Agriculture, Conservation, and Trade Act of 1990 ( 7 U.S.C. 2279(e) )); or (iii) a socially disadvantaged farmer or rancher. (B) Eligible owner or operator The term eligible owner or operator means a farmer or rancher who is— (i) an owner or operator who is retired or retiring; or (ii) an owner who is not less than 65 years of age. ; (C) in paragraph (2) (as designated by subparagraph (A))— (i) in the matter preceding subparagraph (A), by striking a retired farmer or rancher and all that follows through covered farmer or rancher ) and inserting an eligible owner or operator to a covered farmer or rancher ; (ii) by redesignating subparagraphs (A) through (E) as subparagraphs (B) through (F), respectively; (iii) by inserting before subparagraph (B) (as so designated) the following: (A) allow, without any penalty, the eligible owner or operator to terminate the contract entered into under this subchapter during the 3-year period ending on the date on which the contract would expire; ; (iv) by striking retired or retiring owner or operator each place it appears and inserting eligible owner or operator ; (v) by striking subparagraph (D) (as designated by clause (ii)) and inserting the following: (D) require the covered farmer or rancher to develop and implement, and provide to the covered farmer or rancher technical and financial assistance in the development of, a comprehensive conservation plan that addresses any resource concerns and meets such sustainability criteria as the Secretary may establish;