Common use of Amendment and Modification of this Plan Clause in Contracts

Amendment and Modification of this Plan. The Board may at any ----------- --------------------------------------- time, and from time to time, amend or modify this Plan (including the form of Stock Grant Agreement) in any respect, subject to any applicable regulatory requirements and any required stockholder approval or any stockholder approval which the Board may deem advisable for any reason, such as for the purpose of obtaining or retaining any statutory or regulatory benefits under tax, securities or other laws or satisfying applicable stock exchange or quotation system listing requirements. However, any amendment or modification of this Plan shall not in any manner affect any Award of shares theretofore made to a Participant under this Plan without the consent of such Participant or any Permitted Transferee of such Participant.

Appears in 3 contracts

Samples: Management Recognition Plan and Trust Agreement (Scotland Bancorp Inc), Management Recognition Plan and Trust Agreement (Innes Street Financial Corp), Management Recognition Plan and Trust Agreement (South Street Financial Corp)

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Amendment and Modification of this Plan. The Board may at any ----------- --------------------------------------- any time, and from time to time, amend or modify this Plan (including the form of Stock Grant Agreement) in any respect, subject to any applicable regulatory requirements and any required stockholder approval or any stockholder approval which the Board may deem advisable for any reason, such as for the purpose of obtaining or retaining any statutory or regulatory benefits under tax, securities or other laws or satisfying applicable stock exchange or quotation system listing requirements. However, any amendment or modification of this Plan shall not in any manner affect any Award of shares theretofore made to a Participant under this Plan without the consent of such Participant or any Permitted Transferee of such Participant.

Appears in 1 contract

Samples: Management Recognition Plan and Trust Agreement (Innes Street Financial Corp)

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