Amendment of Plan Clause Samples
The Amendment of Plan clause establishes the procedures and authority for making changes to an existing plan, such as an employee benefit or compensation plan. Typically, this clause outlines who has the power to propose and approve amendments, the process for implementing changes, and any limitations or conditions that must be met before modifications take effect. For example, it may require board approval or notice to participants before altering plan terms. The core function of this clause is to provide a clear and orderly mechanism for updating the plan as needed, ensuring flexibility while maintaining transparency and compliance with governing rules.
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Amendment of Plan. The Board of Directors may amend the Plan with respect to all Participating Companies or with respect to a particular Participating Company at any time, and from time to time, pursuant to written resolutions adopted by the Board of Directors (and all Employees and persons claiming any interest hereunder shall be bound thereby); provided, however, that no such amendment shall:
(a) Alter the rights, duties or responsibilities of the Named Fiduciary or Trustees without their written consent;
(b) Permit any portion of the Trust Fund to inure to the benefit of the Company or permit any portion of the Trust Fund to be held or used other than for the exclusive purpose of providing benefits to Participants and their Beneficiaries and defraying reasonable costs of administering the Plan; or
(c) Have the effect of decreasing the “accrued benefit” of any Participant as proscribed in Section 411(d)(6) of the Code;
(d) Have the effect of reducing any then vested percentage of benefits of any Participant as computed in accordance with the vesting schedule under Article VII of the Plan. If the vesting schedule under Article VII of the Plan shall be amended and such an amendment would, at any time, decrease the percentage of vested benefits which any Participant would have been entitled to receive had the vesting schedule not been so amended, then each Participant who is an Employee on the date such amendment is adopted, or the date such amendment is effective, whichever is later, and who has three (3) or more Periods of Service as of the end of the period within which such Participant may make the election provided for herein, shall be permitted, beginning on the date such amendment is adopted, to irrevocably elect to have the Participant’s vested interest computed without regard to such amendment. Written notice of such amendment and the availability of such election must be given to each such Participant, and each such Participant shall be granted a period of sixty (60) days after the later of:
(1) The Participant’s receipt of such notice; or
(2) The effective date of such amendment within which to make such election. Such election shall be exercised by the Participant by delivering or sending written notice thereof to the Named Fiduciary prior to the expiration of such sixty (60) day period.
Amendment of Plan. The Board may amend the Plan at any time with or without prior notice; provided, however, that no action authorized by this Section 16.2 shall reduce the amount of any outstanding Award or change the terms and conditions thereof without the Participant's consent. No amendment of the Plan shall, without the approval of the stockholders of the Company:
(a) increase the total number of shares which may be issued under the Plan;
(b) increase the maximum number of shares with respect to all Awards measured in Common Stock that may be granted to any individual under the Plan;
(c) increase the maximum dollar amount that may be paid with respect to all Awards measured in cash; or
(d) modify the requirements as to eligibility for Awards under the Plan. In addition, the Plan shall not be amended without the approval of such amendment by the Company's stockholders if such amendment (i) is required under the rules and regulations of the stock exchange or national market system on which the Common Stock is listed or (ii) will disqualify any ISO granted hereunder.
Amendment of Plan. The Plan of Arrangement may be amended, modified or supplemented in accordance with Section 6.1 of the Plan of Arrangement.
Amendment of Plan. The Board may amend, suspend or terminate the Plan or any portion thereof at any time; provided that if at any time the approval of the Company’s stockholders is required as to any modification or amendment under Section 422 of the Code or any successor provision with respect to Incentive Stock Options, the Board may not effect such modification or amendment without such approval. Unless otherwise specified in the amendment, any amendment to the Plan adopted in accordance with this Section 10.4 shall apply to, and be binding on the holders of, all Awards outstanding under the Plan at the time the amendment is adopted, provided the Board determines that such amendment does not materially and adversely affect the rights of Participants under the Plan.
Amendment of Plan. Employer may amend the Plan at any time, by action of its Board of Education or by the written approval of an officer or committee to whom Employer’s Board of Education has delegated the authority to amend the Plan. Any amendment shall be subject to the following:
(a) No amendment shall be effective unless the Plan, as amended, shall be for the exclusive benefit of Participants.
(b) No amendment shall reduce or eliminate a Participant’s right to have his premium under the Health Benefits Plan paid in accordance with the provisions of the Plan to the extent a Participant has used Compensation Reductions to pay the premiums.
(c) No amendment shall be inconsistent with any applicable collective bargaining agreement. Any amendment may be made retroactively effective to the extent permitted by the Code.
Amendment of Plan. The Owner and the Company can mutually agree to amend this Plan and such amendment shall be in writing and signed by the Owner and the Company.
Amendment of Plan. 6.1. The Plan may be amended or modified at any time by written agreement approved by the Boards of Directors of the Holding Company and the Bank (i) prior to the approval hereof by the stockholders of the Bank, in any respect, and (ii) subsequent to such approval, in any respect, provided that the Bank Commissioner shall approve of such amendment or modification.
Amendment of Plan. The Board may at any time amend the Plan in whole or in part, provided, however, that no amendment shall be effective to decrease or restrict any Deferred Compensation Account maintained pursuant to any existing Deferred Compensation Agreement under the Plan.
Amendment of Plan. The Committee may amend, suspend or terminate the Plan or any portion thereof at any time; provided, however, that no amendment shall be made without stockholder approval if such approval is necessary to comply with any applicable law, rules or regulations.
Amendment of Plan. The Employer or its delegate reserves the right to amend any provisions of the Plan at any time to the extent that it may deem advisable without the consent of Participants or any Beneficiaries provided that no such amendment shall reduce the amount of Compensation deferred before such amendment without the consent of affected Participants or Beneficiaries. If this Plan is an amendment, restatement, and continuation of a Prior Plan, as indicated in Section 4 of the Adoption Agreement, and if the Plan Administrator, in its sole discretion, determines that an amendment to this Plan will result in a material modification of the Prior Plan, as defined under Code section 409A and Internal Revenue Service guidance issued thereunder, the amendment shall not become effective unless and until the Plan Administrator determines that the amendment will not result in such a material modification.