Discontinuance of Plan. Effective January 1, 1976, the plan was abolished except for employees currently in the plan to the extent provided for in Sections
Discontinuance of Plan. The Employer reserves the right to discontinue and terminate this plan for any reason whatsoever, however a similar or like plan must be substituted. Such expenses as shall be incurred prior to such discontinuance and termination shall be reimbursed pursuant to the terms of the Plan.
Discontinuance of Plan. This Agreement shall terminate automatically if the Plan is discontinued in accordance with its terms or by operation of law.
Discontinuance of Plan. (a) It is the expectation of the Companies that they will continue this Plan and the payment of contributions hereunder indefinitely, and this Trust is irrevocable, but continuance of the Plan is not assumed as a contractual obligation of the Companies, and the right is reserved by the Companies at any time to reduce, completely suspend, or completely discontinue contributions hereunder. In the event of such complete or partial suspension or complete or partial discontinuance of contributions, any Participant whose participation is terminated during the period of such complete or partial suspension or complete or partial discontinuance shall have a vested interest in the Participant’s ESOP account to the extent of one hundred percent (100%)
(b) The Sponsor may, by resolution of its Board of Directors, terminate this Plan completely or with respect to any Company at any time upon fifteen (15) days written notice to the Trustee. Upon such complete or partial termination of the Plan the entire interest of each affected Participant in the Participant’s ESOP account shall vest to the extent of one hundred percent (100%) immediately.
(c) The Committee, in its discretion, shall direct the Trustee to distribute account balances of all affected Participants in Stock, with cash for fractional shares, or alternatively, to liquidate part or all of the assets remaining in the Trust and, after deducting estimated expenses for liquidation and distribution, to make the allocations required under Article VI, where applicable, with the same effect as though the date of completion of liquidation of the Plan was an Anniversary Date of the Plan. Following appropriate allocations, the Committee shall direct the Trustee to distribute benefits. Such direction shall be in accordance with Section 7.2 and, where appropriate, section 403 (d) (1) of ERISA and regulations of the Secretary of Labor thereunder as may affect allocation of assets upon termination of the Plan. Notwithstanding the foregoing, the provisions of this Section 10.2(c) shall be applicable only with respect to benefits accrued under the Plan as of the date of closing of the Sale.
(d) The Committee shall direct the Trustee to allocate to the ESOP accounts of Participants all Stock released from the ESOP Suspense Account for the period preceding the date of Plan termination to the extent Company contributions have been applied to repay an Exempt Loan or Loans in accordance with Section 6.5, subject to the limitations...
Discontinuance of Plan. In the event of discontinuance of the Plan for any reason, the assets of the Fund shall be applied in a manner which complies with Applicable Legislation.
Discontinuance of Plan. It is the Company's expectation that this Plan and the payment of contributions hereunder will be continued indefinitely, but continuance of the Plan by the Company is not assumed as a contractual obligation, and the Company reserves the right to permanently discontinue contributions hereunder. In the event of the complete discontinuance of contributions by the Company, the entire interest of each Participant affected thereby shall immediately become 100% vested. The Company shall not be liable for the payment of any benefits under this Plan and all benefits hereunder shall be payable solely from the assets of the Trust.
Discontinuance of Plan. Termination and Amendment 60 15.2 Time for Distributions Upon Plan Termination 60 15.3 Distributions Upon Sale of Assets - Time for Distributions 61 15.4 Distributions Upon Sale of Subsidiary - Time for Distributions 61 ARTICLE XVI PROHIBITION OF ASSIGNMENT OF INTEREST
Discontinuance of Plan. Upon expiration of this Plan, the remaining assets in the Fund shall be used for payments under the Plan or for cost related to the administration of the Plan and the excess, if any, will revert back to the Company.
