PLAN MODIFICATION, TERMINATION ETC Clause Samples
The "Plan Modification, Termination, etc." clause defines the rights and procedures for altering, discontinuing, or otherwise changing an established plan, such as an employee benefit or retirement plan. Typically, this clause outlines who has the authority to make modifications, the process for implementing changes, and any notice requirements to affected parties. For example, an employer may reserve the right to amend plan terms or terminate the plan entirely, provided certain conditions are met. The core function of this clause is to provide flexibility for the plan sponsor to adapt or end the plan as circumstances change, while also clarifying the process and protecting the interests of both the sponsor and participants.
PLAN MODIFICATION, TERMINATION ETC. Except as provided in the Plan, the board of directors of the Company may amend or terminate the Plan at any time. In addition, the board of directors may amend, modify or terminate outstanding awards, provided that an award holder’s consent is obtained unless the board of directors determines that the action would not materially or adversely affect the award holder.
PLAN MODIFICATION, TERMINATION ETC. Except as provided in the 2024 Plan, the Board may amend or terminate the 2024 Plan at any time, including any form of Award agreement and any outstanding Awards.
PLAN MODIFICATION, TERMINATION ETC. The Administrator may at any time amend, alter, suspend or terminate the Plan.
PLAN MODIFICATION, TERMINATION ETC. The Board may amend, alter, suspend, discontinue or terminate the Plan, in accordance with the terms of the Plan.
PLAN MODIFICATION, TERMINATION ETC. The Board may terminate or amend the Plan or any portion of it at any time. No amendment or termination of the Plan affects Awards already granted. Those Awards remain in full force and effect as if the Plan had not been amended or terminated, unless the Award recipient and the Company mutually agree otherwise in a document signed by the Award recipient and the Company.
PLAN MODIFICATION, TERMINATION ETC. Except as provided in the Plan, the Board may amend, alter or terminate the Plan at any time. However, no amendment, alteration, suspension or termination of the Plan will materially impair the rights of any Participant, unless mutually agreed otherwise between the Participant and the Administrator, which agreement must be in writing and signed by the Participant and the Company.
PLAN MODIFICATION, TERMINATION ETC. The Board may amend, alter, suspend, discontinue or terminate the Plan, retroactively or otherwise, but no such amendment, alteration, suspension or termination of the Plan shall be made which would materially impair the previously accrued rights of any participant with respect to a previously granted RSU without such participant’s consent, except any such amendment made to comply with applicable law, tax rules, stock exchange rules or accounting rules.