RIGHT TO TERMINATE OR AMEND. The Company reserves the right at its absolute discretion to terminate or amend at any time the PHI scheme or the Executive's membership of any scheme. The Company will provide an equivalent benefit unless, in the reasonable opinion of the Managing Director, it is unable to secure insurance at reasonable premiums due to the medical condition of the Executive.
RIGHT TO TERMINATE OR AMEND. Except during any two year period after any Change of Control of Xxxxx, Xxxxx reserves the sole right to terminate the Plan at any time and to terminate an Agreement with any Participant at any time. In the event of termination of the Plan or of a Participant's Agreement, a Participant shall be entitled to only the vested portion of his or her accrued benefits under Section 3 of the Plan as of the time of the termination of the Plan or his or her Agreement. All further vesting and benefit accrual shall cease on the date of Plan or Agreement termination. Benefit payments would be in the amounts specified and would commence at the time specified in Section 3 as appropriate. Xxxxx further reserves the right in its sole discretion to amend the Plan in any respect except that Plan benefits cannot be reduced during any two-year period after any Change of Control of Xxxxx. No amendment of the Plan (whether there has or has not been a Change of Control of Xxxxx) that reduces the value of the benefits theretofore accrued and vested by the Participant shall be effective.
RIGHT TO TERMINATE OR AMEND. The right to terminate or amend this Trust, or to amend or modify same (except as provided in Article VI, Section 3, Paragraph (11)) is hereby reserved by the Association. Amendments may be altered, repealed or amended in a like manner. No amendment or modification shall be authorized which will prevent the Trust from being operated and existing wholly as a supporting organization for the purpose of serving the Association in awarding educational scholarships as set forth in Article IV.
