Common use of Power to Amend Clause in Contracts

Power to Amend. The Company, by action of its Board of Directors on behalf of all Employers, the Management Resources and Compensation Committee of the Board of Directors (the “Compensation Committee”) on behalf of the Board of Directors, the Senior Vice President as provided in Subsection (c) below, or the Administrator as provided in Subsection (d) below, may amend, modify, change, revise or discontinue this Plan or any Appendix, in whole or in part, or with respect to all persons or a designated group of persons, by amendment at any time; provided, however, that no amendment shall: (1) increase the duties or liabilities of the Custodian, the Administrator or the Management Committee without its written consent; (2) have the effect of vesting in any Employer any interest in any funds, securities or other property, subject to the terms of this Plan and the Custodial Agreement; (3) authorize or permit at any time any part of the corpus or income of the Plan’s assets to be used or diverted to purposes other than for the exclusive benefit of Participants and Beneficiaries; (4) except to the extent permissible under XXXXX and the Code, make it possible for any portion of the Trust assets to revert to an Employer to be used for, or diverted to, any purpose other than for the exclusive benefit of Participants and Beneficiaries entitled to Plan benefits and to defray reasonable expenses of administering the Plan; (5) permit an Employee to be paid the balance of his or her Pre-Tax Account unless the payment would otherwise be permitted under Section 401(k) of the Code; and (6) have any retroactive effect as to deprive any such person of any benefit already accrued, except that no amendment made in order to conform the Plan as a plan described in Section 401(a) of the Code of which amendments are permitted by the Code or are required or permitted by any other statute relating to employees’ trusts, or any official regulations or rulings issued pursuant thereto, shall be considered prejudicial to the rights of any such person.