Termination of Plan and Trust. This Plan and any related Trust Agreement shall in any event terminate whenever all property held by the Trustee shall have been distributed in accordance with the terms hereof.
Termination of Plan and Trust. If an Employer determines to terminate (as to such Employer) the Plan and Trust completely, they shall be terminated insofar as they are applicable to such Employer as of the date specified in certified copies of resolutions or other formal written instrument pursuant to Section 21.07 hereof, delivered to the Committee and the Trustee. Upon such termination of the Plan and Trust and before liquidation of the Trust, the Committee shall require a special valuation of the Trust, if the liquidation is not to occur as of a Valuation Date. After payment of all expenses and proportional adjustment of Accounts of Participants with respect to such Employer to reflect such expenses, Trust Fund profits or losses, and subject to the limitations contained in Section 5.04 hereof, allocations of any previously unallocated funds to the date of termination, such Employer’s Participants shall be entitled to receive the amount then credited to their respective Accounts in the Trust Fund in a lump-sum payment. If, in the opinion of the Committee, assets in the Trust Fund or certain of them may possibly not be readily salable (i) because of federal or state securities laws, or the rules and regulations thereunder, or (ii) at their fair market value, the Committee may direct and the Trustee shall effect, a distribution of such assets in kind. If the entire Plan is terminating, upon completion of liquidation and distribution of the assets of the Trust to the Participants as provided for herein, the Trustee shall thereby complete the Trustee’s duties, and the Trust shall terminate.
Termination of Plan and Trust. The Company reserves the right to amend the Plan and the terms of the Trust or terminate the Plan at any time, except that no amendment or termination may affect the rights of Nonemployee Directors to: - amounts previously credited to their Company Accounts or - additional amounts credited thereto for earnings on the assets thereof following termination. The Trust will remain in effect until its entire corpus has been distributed. The Plan will remain in effect until all amounts credited to Company Accounts have been distributed, in accordance with the Plan. RESALES OF COMMON SHARES Nonemployee Directors who are "affiliates" of the Company may resell Common Stock acquired under the Plan in brokerage transactions on the New York Stock Exchange without registration under the Securities Act of 1933 under compliance with Rule 144 of the Securities and Exchange Commission, except that the one-year holding period requirement of Rule 144 will not apply. For this purpose, the term "affiliate" includes any Nonemployee Director who directly, or through one or more intermediaries, controls, or is controlled by, or is under common control with, the Company. Nonemployee Directors who are not "affiliates" may make resales in such brokerage transactions or otherwise without the need to comply with Rule 144. TAX CONSEQUENCES The Plan is intended to be treated as an unfunded deferred compensation plan under the Internal Revenue Code of 1986 (the "Code"). It is the Company's intention that the amounts by which Nonemployee Directors elect to have their compensation reduced pursuant to the Plan will not be included in the gross income of the Nonemployee Directors or their beneficiaries until such time as distributions are made pursuant to the Plan. If at any time the Company determines that amounts attributable to either the Nonemployee Directors' of their compensation-reduction elections or their Company Accounts are includible in the gross income of the Nonemployee Directors or their beneficiaries prior to distribution pursuant to the Plan, all such amounts will immediately be paid or distributed to the Nonemployee Directors or their beneficiaries or estates, as the case may be; these payments or distributions will be made from the Trust if the Company is not insolvent at the time. BECAUSE THE TAX CONSEQUENCES TO A PARTICIPANT MAY VARY DEPENDING ON HIS INDIVIDUAL CIRCUMSTANCES, EACH PARTICIPANT SHOULD CONSULT HIS PERSONAL TAX ADVISOR REGARDING THE FEDERAL AND ANY STATE, LOC...
Termination of Plan and Trust. The Employer reserves the right at any time and from time to time to terminate the Plan and this trust in whole or in part by resolution of the board of directors of the Employer. At least ninety (90) days prior to the proposed effective date of the intended termination, the Employer shall notify the Trustee in writing of such intended termination.
Termination of Plan and Trust. Section 3 Liquidation of Trust Assets in the Event of Termination
Termination of Plan and Trust. 88 12.3 DISTRIBUTIONS UPON TERMINATION OF PLAN AND TRUST: ......................................................88 12.4 MERGER, CONSOLIDATION, OR TRANSFER OF ASSETS OR LIABILITIES OF THE PLAN: ...............................88 12.5 EXCLUSION FOR FAILURE TO SATISFY CODE SECTION 401: .....................................................89
Termination of Plan and Trust. The Employer expects to continue this Plan and Trust indefinitely, but the continuance of the Plan and Trust is not assumed as a contractual obligation by the Employer and the right is reserved to the Employer to terminate this Plan and Trust in whole or part at any time. At any time after termination of the Plan and Trust, but not before the earlier of [a] the receipt of appropriate rulings as to qualification upon termination, or [b] the receipt of instructions from the Plan Administrator, the Trustee may distribute the interest of any Participant to him or her under Articles 8 and 9. The Plan Administrator will file any required terminal reports. In its discretion, the Employer may require the Plan Administrator to receive a favorable determination letter from the Internal Revenue Service stating that the prior qualified status of the Plan and Trust has not been affected by termination. Termination will take effect as of the date designated by the Employer. Upon termination of the Plan, unallocated forfeitures may be returned to the Employer in its discretion and to the extent permitted by law. The Plan and Trust created by execution of this agreement will be terminated in the event of the dissolution, consolidation, or merger of the Employer, or the sale by the Employer of substantially all of its assets, unless the resulting successor corporation or business entity adopts and continues the Plan and Trust. Upon the death of a sole proprietor, the Plan will terminate unless the personal representative of the sole proprietor elects to maintain the Plan. All responsibilities and discretion exercisable by the sole proprietor as the Employer or as a named fiduciary under this Plan and Trust will be exercised by the personal representative of the sole proprietor.
Termination of Plan and Trust. Upon the termination of the Plan and Trust, if a money purchase pension plan is elected in the Adoption Agreement, the Trustee may purchase annuity contracts from a commercial insurance provider and may distribute such contracts to Participants within a reasonable period of time after such termination in satisfaction of the Participants' interest in the Plan provided that any such annuity contract provides all of the optional forms of benefit available under the Plan upon the termination of the Plan. Upon the termination of the Plan and Trust, if a profit-sharing plan is elected in the Adoption Agreement and if the Employer does not maintain any other defined contribution plan (other than an employee stock ownership plan, as defined in Code Section 4975(e)(7)), the Trustee may distribute each Participant's interest in the Plan in a lump sum within a reasonable period of time after the termination of the Plan and Trust. For purposes of this Section, a "reasonable period of time" shall include any time needed to obtain a favorable determination letter from the Internal Revenue Service on the qualification of the Plan and Trust upon such termination.
Termination of Plan and Trust. The Company contemplates that the Plan shall be permanent and that it shall be able to continue to grant shares of Common Stock under the Plan. Nevertheless, in recognition of the fact that future conditions and circumstances cannot now be entirely foreseen, the Company reserves the right to terminate either the Plan or the Plan and the Trust by action of the Board of Directors. The termination of this Plan shall not affect the rights of Participants under Stock Awards theretofore granted to receive Common Stock under the Plan, and, all such awards shall continue in force and operation after termination of the Plan until which time the Participant receives the distributed shares of Common Stock due to vesting or forfeits such shares of Common Stock pursuant to Section 4.2. Upon termination of the Plan and after all vesting and distributions of all allocated shares, the Trust shall return and unallocated shares of Common Stock and any unallocated dividends and interest earnings, if any, to the Company. Prior to termination, the Company shall have the right, at any time, to request the Trustee to return to the Company any unallocated Common Stock held in Trust.
Termination of Plan and Trust. Removal of ---------- ----------------------------------------- Trustee; Merger or Consolidation of Plan: ----------------------------------------
