Common use of RIGHT OF PROTOTYPE SPONSOR TO AMEND THE Clause in Contracts

RIGHT OF PROTOTYPE SPONSOR TO AMEND THE. PLAN A. The Employer, by adopting the Plan, expressly delegates to the Prototype Sponsor the power, but not the duty, to amend the Plan without any further action or consent of the Employer as the Prototype Sponsor deems necessary for the purpose of adjusting the Plan to comply with all laws and regulations governing pension or profit sharing plans. Specifically, it is understood that the amendments may be made unilaterally by the Prototype Sponsor. However, it shall be understood that the Prototype Sponsor shall be under no obligation to amend the Plan documents and the Employer expressly waives any rights or claims against the Prototype Sponsor for not exercising this power to amend. For purposes of Prototype Sponsor amendments, the mass submitter shall be recognized as the agent of the Prototype Sponsor. If the Prototype Sponsor does not adopt the amendments made by the mass submitter, it will no longer be identical to or a minor modifier of the mass submitter plan.

RIGHT OF PROTOTYPE SPONSOR TO AMEND THE. PLAN A. The Employer, by adopting the Plan, expressly exptessly delegates to the Prototype Sponsor the power, but not the duty, to amend the Plan without any further flintier action or consent of the Employer as the Prototype Sponsor deems necessary for the purpose of adjusting the Plan to comply with all laws and regulations governing pension or profit sharing plans. Specifically, it is understood that the amendments may be made unilaterally tinilaterally by the Prototype Sponsor. However, it shall be understood that the Prototype Prototppe Sponsor shall be under no obligation to amend the Plan documents and the Employer expressly waives any rights or claims against the Prototype Sponsor for not exercising this power to amendarnend. For purposes of Prototype Sponsor amendments, the mass submitter subminer shall be recognized as the agent of or the Prototype Sponsor. If the Prototype Sponsor does not adopt the amendments made by the mass submitter, it will no longer be identical to or a minor modifier of the mass submitter plan.