Common use of Amendment or Termination by the Employer Clause in Contracts

Amendment or Termination by the Employer. The Employer may at any time, and from time to time amend this Prototype Plan and the Adoption Agreement (including a change in any election it has made in the Adoption Agreement), or suspend or terminate this Plan by giving written notice to the Trustee, but the Trust may not thereby be diverted from the exclusive benefit of the Participants, their Beneficiaries, survivors or estates, or the administrative expenses of the Plan, nor revert to the Employer, nor may an allocation or contribution theretofore made be changed thereby, nor may any amendment directly or indirectly deprive a Participant of such Participant's nonforfeitable rights to benefits accrued to the date of the amendment. No amendment to the Plan shall be effective to the extent that it would have the effect of decreasing a Participant's Account balance or eliminating an optional form of distribution. Notwithstanding the preceding sentence, a Participant's Account balance may be reduced to the extent permitted under Code Section 412(c)(8). Furthermore, no amendment to the Plan shall have the effect of decreasing a Participant's vested interest determined without regard to such amendment as of the later of the date such amendment is adopted or the date on which it becomes effective. The Employer may amend the Plan by adding overriding Plan language to the Adoption Agreement where such language is necessary to satisfy Code Sections 415 or 416 because of the required aggregation of multiple plans under these Code Sections. The Employer may also amend the Plan by adding language to allow the Plan to operate under a waiver of the minimum funding requirement. Any amendment by the Employer which is other than (a) a change in the Employer's prior designation of an option in the Adoption Agreement (b) an amendment referred in the Adoption Agreement which will allow the Plan to satisfy the requirements of Code Section 415 or to avoid duplication of minimum benefits or accruals under Code Section 416 because of the required aggregation of multiple plans, or (c) an amendment which allows the Plan to operate under a waiver of the minimum funding requirement, will constitute a substitution by the Employer of an individually designed plan for this Prototype Plan; thereafter, the Plan shall no longer participate in the Prototype Plan and the general amendment procedure of the Internal Revenue Service governing individually designed plans will be applicable. If an amendment changing the vesting schedule is executed (including execution of this Adoption Agreement as an amendment to an existing plan), Participants with five or more Vesting Years before the expiration of the election period described in the next sentence shall have the right to elect the vesting schedule in effect on the day before the election period. The election period shall commence on the date the amendment is adopted and end on the latest of (a) 60 days after the amendment is adopted, (b) 60 days after the Effective Date, or (c) 60 days after the Participant is issued written notice of the amendment by the Administrator. Failure to so elect shall be treated as a rejection and such election or rejection shall be final. Nothing contained herein shall constitute an agreement or representation by any Sponsor or the Distributor that it will continue to maintain its sponsorship of the Plan indefinitely.

Amendment or Termination by the Employer. The Employer by action of the Board of Directors, other governing board, general partner or sole proprietor, as the case may be, may at any time, and from time to time amend this Prototype Plan and the Adoption Agreement (including a change in any election it has made in the Adoption Agreement), or suspend or terminate this Plan by giving written notice to the Trustee, but the Trust may not thereby be diverted from the exclusive benefit of the Participants, their Beneficiaries, survivors or estates, or the administrative expenses of the Plan, nor revert to the Employer, nor may an allocation or contribution theretofore made be changed thereby, nor may any amendment directly or indirectly deprive a Participant of such Participant's nonforfeitable rights to benefits accrued to the date of the amendment. No amendment to the Plan shall be effective to the extent that it would have the effect of decreasing a Participant's Account balance or eliminating an optional form of distribution. Notwithstanding the preceding sentence, a Participant's Account balance may be reduced to the extent permitted under Code Section 412(c)(8). Furthermore, no amendment to if the vesting schedule of the Plan shall have is amended, in the effect case of decreasing an Employee who is a Participant's vested interest determined without regard to such amendment Participant as of the later of the date such amendment is adopted or the date on which it becomes effective, the nonforfeitable percentage (determined as of such date) of such Employee's right to his Employer-derived Account balance will not be less than his percentage computed under the Plan without regard to such amendment. The Employer may amend (a) change the Plan by adding choice of options in the Adoption Agreement, (b) add overriding Plan language to in the Adoption Agreement where when such language is necessary to satisfy Code Sections 415 or 416 because of the required aggregation of multiple plans under these Code Sections. The Employer may also amend the Plan by adding language to allow the Plan to operate under a waiver of the minimum funding requirement. Any amendment by the Employer which is other than (a) a change in the Employer's prior designation of an option in the Adoption Agreement (b) an amendment referred in the Adoption Agreement which will allow the Plan to satisfy 126 149 the requirements of Code Section 415 or to avoid duplication of minimum benefits or accruals under Code Section 416 because of the required aggregation of multiple plans, or (c) an adopt a model amendment published by the Internal Revenue Service which allows specifically provides that the adoption of such a model amendment will not cause the Plan to operate under a waiver of be treated as an individually designed plan. Any other amendment by the minimum funding requirement, Employer will constitute a substitution by the Employer of an individually designed plan for this Prototype Plan; thereafterthe sponsor's prototype plan. After such an amendment, the Plan shall no longer participate in the Prototype Plan sponsor's prototype plan and the general amendment procedure of the Internal Revenue Service governing individually designed plans will be applicable. If an amendment changing the vesting schedule is executed (including execution of this Adoption Agreement as an amendment to an existing plan), Participants with three or more Vesting Years (five or more Vesting Years for Participants who have not been credited with an Hour of Service in a Plan Year beginning after December 31, 1988) before the expiration of the election period described in the next sentence shall have the right to elect the vesting schedule in effect on the day before the election period. The election period shall commence on the date the amendment is adopted and end on the latest of (ax) 60 days after the amendment is adopted, (by) 60 days after the Effective Date, or (cz) 60 days after the Participant is issued written notice of the amendment by the Administrator. Failure to so elect shall be treated as a rejection and such election or rejection shall be final. Nothing contained herein shall constitute an agreement or representation by any Sponsor or the Distributor that it will continue to maintain its sponsorship of the Plan indefinitely.

Amendment or Termination by the Employer. The Employer by action of the Board of Directors, other governing board, general partner or sole proprietor, as the case may be, may at any time, and from time to time amend this Prototype Plan and the Adoption Agreement (including a change in any election it has made in the Adoption Agreement), or suspend or terminate this Plan by giving written notice to the Trustee, but the Trust may not thereby be diverted from the exclusive benefit of the Participants, their Beneficiaries, survivors or estates, or the administrative expenses of the Plan, nor revert to the Employer, nor may an allocation or contribution theretofore made be changed thereby, nor may any amendment directly or indirectly deprive a Participant of such Participant's nonforfeitable rights to benefits accrued to the date of the amendment. No amendment to the Plan shall be effective to the extent that it would have the effect of decreasing a Participant's Account balance or eliminating an optional form of distribution. Notwithstanding the preceding sentence, a Participant's Account balance may be reduced to the extent permitted under Code Section 412(c)(8). Furthermore, no amendment to if the vesting schedule of the Plan shall have is amended, in the effect case of decreasing an Employee who is a Participant's vested interest determined without regard to such amendment Participant as of the later of the date such amendment is adopted or the date on which it becomes effective, the nonforfeitable percentage (determined as of such date) of such Employee's right to his Employer-derived Account balance will not be less than his percentage computed under the Plan without regard to such amendment. The Employer may amend (a) change the Plan by adding choice of options in the Adoption Agreement, (b) add overriding Plan language to in the Adoption Agreement where when such language is necessary to satisfy Code Sections 415 or 416 because of the required aggregation of multiple plans under these Code Sections. The Employer may also amend the Plan by adding language to allow the Plan to operate under a waiver of the minimum funding requirement. Any amendment by the Employer which is other than (a) a change in the Employer's prior designation of an option in the Adoption Agreement (b) an amendment referred in the Adoption Agreement which will allow the Plan to satisfy the requirements of Code Section 415 or to avoid duplication of minimum benefits or accruals under Code Section 416 because of the required aggregation of multiple plans, or (c) an adopt a model amendment published by the Internal Revenue Service which allows specifically provides that the adoption of such a model amendment will not cause the Plan to operate under a waiver of be treated as an individually designed plan. Any other amendment by the minimum funding requirement, Employer will constitute a substitution by the Employer of an individually designed plan for this Prototype Plan; thereafterthe sponsor's prototype plan. After such an amendment, the Plan shall no longer participate in the Prototype Plan sponsor's prototype plan and the general amendment procedure of the Internal Revenue Service governing individually designed plans will be applicable. If an amendment changing the vesting schedule is executed (including execution of this Adoption Agreement as an amendment to an existing plan), Participants with three or more Vesting Years (five or more Vesting Years for Participants who have not been credited with an Hour of Service in a Plan Year beginning after December 31, 1988) before the expiration of the election period described in the next sentence shall have the right to elect the vesting schedule in effect on the day before the election period. The election period shall commence on the date the amendment is adopted and end on the latest of (ax) 60 days after the amendment is adopted, (by) 60 days after the Effective Date, or (cz) 60 days after the Participant is issued written notice of the amendment by the Administrator. Failure to so elect shall be treated as a rejection and such election or rejection shall be final. Nothing contained herein shall constitute an agreement or representation by any Sponsor or the Distributor that it will continue to maintain its sponsorship of the Plan indefinitely.

Amendment or Termination by the Employer. The Employer may at any time, and from time to time amend this Prototype Plan and the Adoption Agreement (including a change in any election it has made in the Adoption Agreement), or suspend or terminate this Plan by giving written notice to the Trustee, but the Trust may not thereby be diverted from the exclusive benefit of the Participants, their Beneficiaries, survivors or estates, or the administrative expenses of the Plan, nor revert to the Employer, nor may an allocation or contribution theretofore made be changed thereby, nor may any amendment directly or indirectly deprive a Participant of such Participant's nonforfeitable rights to benefits accrued to the date of the amendment. No amendment to the Plan shall be effective to the extent that it would have the effect of decreasing a Participant's Account balance or eliminating an optional form of distribution. Notwithstanding the preceding sentence, a Participant's Account balance may be reduced to the extent permitted under Code Section 412(c)(8). Furthermore, no amendment to if the vesting schedule of the Plan shall have is amended, in the effect case of decreasing an Employee who is a Participant's vested interest determined without regard to such amendment Participant as of the later of the date such amendment is adopted or the date on which it becomes effective, the nonforfeitable percentage (determined as of such date) of such Employee's right to his Employer-derived Account balance will not be less than his percentage computed under the Plan without regard to such amendment. The Employer may amend the Plan by adding overriding Plan language to the Adoption Agreement where such language is necessary to satisfy Code Sections 415 or 416 because of the required aggregation of multiple plans under these Code Sections. The Employer may also amend the Plan by adding language to allow the Plan to operate under a waiver of the minimum funding requirement. Any amendment by the Employer which is other than (a) a change in the Employer's prior designation of an option in the Adoption Agreement Agreement, (b) an amendment referred in the Adoption Agreement which will allow the Plan to satisfy the requirements of Code Section 415 or to avoid duplication of minimum benefits or accruals under Code Section 416 because of the required aggregation of multiple plans, or (c) an amendment which allows adopts a model amendment published by the Internal Revenue Service which specifically provides that the adoption of such a model amendment will not cause the Plan to operate under a waiver of the minimum funding requirementbe treated as an individually designed plan, will constitute a substitution by the Employer of an individually designed plan for this Prototype Planthe sponsor's prototype plan; thereafter, the Plan shall no longer participate in the Prototype Plan sponsor's prototype plan and the general amendment procedure of the Internal Revenue Service governing individually designed plans will be applicable. If an amendment changing the vesting schedule is executed (including execution of this Adoption Agreement as an amendment to an existing plan), Participants with three or more Vesting Years (five or more Vesting Years for Participants who have not been credited with an Hour of Service in a Plan Year beginning after December 31, 1988) before the expiration of the election period described in the next sentence shall have the right to elect the vesting schedule in effect on the day before the election period. The election period shall commence on the date the amendment is adopted and end on the latest of (ax) 60 days after the amendment is adopted, (by) 60 days after the Effective Date, or (cz) 60 days after the Participant is issued written notice of the amendment by the Administrator. Failure to so elect shall be treated created as a rejection and such election or rejection shall be final. Nothing contained herein shall constitute an agreement or representation by any Sponsor or the Distributor that it will continue to maintain its sponsorship of the Plan indefinitely.

Amendment or Termination by the Employer. The Employer by action of ---------------------------------------- the Board of Directors, other governing board, general partner or sole proprietor, as the case may be, may at any time, and from time to time amend this Prototype Plan and the Adoption Agreement (including a change in any election it has made in the Adoption Agreement), or suspend or terminate this Plan by giving written notice to the Trustee, but the Trust may not thereby be diverted from the exclusive benefit of the Participants, their Beneficiaries, survivors or estates, or the administrative expenses of the Plan, nor revert to the Employer, nor may an allocation or contribution theretofore made be changed thereby, nor may any amendment directly or indirectly deprive a Participant of such Participant's nonforfeitable rights to benefits accrued to the date of the amendment. No amendment to the Plan shall be effective to the extent that it would have the effect of decreasing a Participant's Account balance or eliminating an optional form of distribution. Notwithstanding the preceding sentence, a Participant's Account balance may be reduced to the extent permitted under Code Section 412(c)(8). Furthermore, no amendment to if the vesting schedule of the Plan shall have is amended, in the effect case of decreasing an Employee who is a Participant's vested interest determined without regard to such amendment Participant as of the later of the date such amendment is adopted or the date on which it becomes effective, the nonforfeitable percentage (determined as of such date) of such Employee's right to his Employer-derived Account balance will not be less than his percentage computed under the Plan without regard to such amendment. The Employer may amend (a) change the Plan by adding choice of options in the Adoption Agreement, (b) add overriding Plan language to in the Adoption Agreement where when such language is necessary to satisfy Code Sections 415 or 416 because of the required aggregation of multiple plans under these Code Sections. The Employer may also amend the Plan by adding language to allow the Plan to operate under a waiver of the minimum funding requirement. Any amendment by the Employer which is other than (a) a change in the Employer's prior designation of an option in the Adoption Agreement (b) an amendment referred in the Adoption Agreement which will allow the Plan to satisfy the requirements of Code Section 415 or to avoid duplication of minimum benefits or accruals under Code Section 416 because of the required aggregation of multiple plans, or (c) an adopt a model amendment published by the Internal Revenue Service which allows specifically provides that the adoption of such a model amendment will not cause the Plan to operate under a waiver of be treated as an individually designed plan. Any other amendment by the minimum funding requirement, Employer will constitute a substitution by the Employer of an individually designed plan for this Prototype Plan; thereafterthe sponsor's prototype plan. After such an amendment, the Plan shall no longer participate in the Prototype Plan sponsor's prototype plan and the general amendment procedure of the Internal Revenue Service governing individually designed plans will be applicable. If an amendment changing the vesting schedule is executed (including execution of this Adoption Agreement as an amendment to an existing plan), Participants with three or more Vesting Years (five or more Vesting Years for Participants who have not been credited with an Hour of Service in a Plan Year beginning after December 31, 1988) before the expiration of the election period described in the next sentence shall have the right to elect the vesting schedule in effect on the day before the election period. The election period shall commence on the date the amendment is adopted and end on the latest of (ax) 60 days after the amendment is adopted, (by) 60 days after the Effective Date, or (cz) 60 days after the Participant is issued written notice of the amendment by the Administrator. Failure to so elect shall be treated as a rejection and such election or rejection shall be final. Nothing contained herein shall constitute an agreement or representation by any Sponsor or the Distributor that it will continue to maintain its sponsorship of the Plan indefinitely.