Right to Amend and Terminate. The Executive’s right to participate in the plans, programs and arrangements described in this Section 3(c) shall not affect the Company’s right to amend or terminate the general applicability of such plans, programs and arrangements. The Company may, in its sole discretion and from time to time, amend, eliminate or establish additional benefit plans, programs and arrangements.
Right to Amend and Terminate. Either Franklin or a Franklin Subsidiary has all power and authority necessary to amend or terminate each Benefit Plan without incurring any penalty or liability provided that, in the case of an employee pension benefit plan (as defined in Section 3(2) of ERISA), benefits accrued as of the date of amendment or termination are not reduced.
Right to Amend and Terminate. Except as listed on Schedule 1, Emerald or Thrift Subsidiary has all power and authority necessary to amend or terminate each Benefit Plan without incurring any penalty or liability provided that, in the case of an employee pension benefit plan (as defined in section 3(2) of ERISA), benefits accrued as of the date of amendment or termination are not reduced.
Right to Amend and Terminate. The Board of Directors of the Company shall have the right to terminate this Plan at any time or to modify, alter or amend it in whole or in part, subject to the Company's obligations to pay all sums then credited to Participants, Participant/Beneficiaries and Beneficiaries under the terms of this Plan.
Right to Amend and Terminate. Except as listed on Schedule 1, CitFed Bancorp or one of the Subsidiaries has all power and authority necessary to amend or terminate each Qualified Benefit Plan without incurring any penalty or liability provided that, in the case of an employee pension benefit plan (as defined in section 3(2) of ERISA), benefits accrued as of the date of amendment or termination are not reduced.
Right to Amend and Terminate. Except as listed on Schedule 1, Suburban Bancorp or Thrift Subsidiary has all power and authority necessary to amend or terminate each Benefit Plan without incurring any penalty or liability provided that, in the case of an employee pension benefit plan (as defined in section 3(2) of ERISA), benefits accrued as of the date of amendment or termination are not reduced.
Right to Amend and Terminate. Except as disclosed in the BSC Schedules, BSC, the Subsidiary or the Affiliates have all power and authority necessary to amend or terminate each BSC Benefit Plan without incurring any penalty or liability provided that, in the case of an employee pension benefit plan (as defined in section 3(2) of ERISA), benefits accrued as of the date of amendment or termination are not reduced.
Right to Amend and Terminate. Xxxxx or the Xxxxx Subsidiaries have all power and authority necessary to amend or terminate each Xxxxx Benefit Plan without incurring any penalty or liability provided that, in the case of an employee pension benefit plan (as defined in section 3(2) of ERISA), benefits accrued as of the date of amendment or termination are not reduced.
Right to Amend and Terminate. The Employer represents that the Plan is intended to be a continuing and permanent program for Participants, but reserves the right to terminate the Plan and Trust at any time. The Employer may, by action of the Board, modify, alter, or amend this Plan and Trust in whole or in part, provided that no such modification, alteration, or amendment shall enlarge the duties or liabilities of the Trustee without its consent, nor reduce the Participant's Accrued Benefit hereunder, except to the extent permitted by Code Section 412(c)(8). For purposes of this Article, a Plan amendment which has the effect of (1) eliminating or reducing an early retirement benefit or retirement-type subsidy, or (2) eliminating an optional form of benefit, with respect to benefits attributable to service before the amendment, shall be treated as reducing the Accrued Benefit. In the case of a retirement-type subsidy, the preceding sentence shall apply only with respect to a Participant who satisfies (either before or after the amendment) the preamendment conditions for the subsidy.
Right to Amend and Terminate. Except as set forth on Schedule 1, Peoples Bank Corporation, the Bank Subsidiary and the PBC Subsidiaries have all power and authority necessary to amend or terminate each Benefit Plan in accordance with its terms (and the terms of each Benefit Plan, authorize amendments and terminations) and applicable law, without incurring any penalty or liability provided that, in the case of an employee pension benefit plan (as defined in section 3(2) of ERISA), benefits accrued as of the date of amendment or termination are not reduced, provided, further, that no such amendment or termination may eliminate contractual rights without the consent of the party holding such rights under any Benefit Plan not subject to ERISA.
