Terence McCoy, from Newtownards, was rejected for two sales jobs at James McGregor & Son Ltd in 2006. Mr McCoy was aged 58 at the time.
Mr McCoy took his case to an industrial tribunal, in January, aided by the Equality Commission.
The tribunal was centred on the link between the use of the word "drive", in reference to the job, and its possible connection to age.
The tribunal's decision was that Mr McCoy had been the victim of age discrimination. The first such finding in Northern Ireland since Employment Equality (Age) Regulations were introduced.
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A hearing had been scheduled by the tribunal to discuss remedies for the case, but both parties reached a settlement of £70,000, with the firm agreeing to meet with the Equality Commission regarding procedures and practices.
Discrimination was found to be in the use of the phrase "youthful enthusiasm" in the job advertisement.
Mr McCoy, who had been rejected for the posts after two interviews, "but for his age would more probably than not have been selected for one of the two posts", according to the tribunal.
"I am relieved that this is now at an end, but I feel it is unfortunate that I was treated in such a way that it was necessary to take this action in the first place," said Mr McCoy.
The Equality Commission's Eileen Lavery said all employers must treat such issues seriously.
"Decisions about recruitment, or any other matters in the workplace, should not be based on assumptions about the capacity or suitability of individuals just because of their age," Mrs Lavery told the BBC.
(PR/JM)
