Amendment or Termination of the Plan Clause Samples
The "Amendment or Termination of the Plan" clause grants the authority to modify or discontinue an existing plan, such as an employee benefit or incentive plan, at the discretion of the governing body or employer. In practice, this means the plan's terms, conditions, or even its existence can be changed or ended, often with or without prior notice to participants, depending on the specific language of the clause. This clause is essential for providing flexibility to the organization, allowing it to adapt the plan to changing legal, financial, or business circumstances, and to address unforeseen issues that may arise over time.
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Amendment or Termination of the Plan. The Plan, or any part thereof (including the TSRP and/or Administrative Rules) may be terminated or may, from time to time, be amended, each in accordance with the Plan, TSRP or Administrative Rules, as applicable, provided, however, the termination or amendment of the Plan, the Administrative Rules or TSRP shall not, without the consent of the Participant, affect Participant’s rights under this Award Agreement.
Amendment or Termination of the Plan. If deemed necessary or desirable by the Boards of Directors of the Primary Parties, this Plan may be substantively amended, as a result of comments from regulatory authorities or otherwise, at any time prior to the solicitation of proxies from Members and Shareholders to vote on the Plan and at any time thereafter with the concurrence of the OTS. Any amendment to this Plan made after approval by the Members and Shareholders with the concurrence of the OTS shall not necessitate further approval by the Members or Shareholders unless otherwise required by the OTS. This Plan shall terminate if the sale of all shares of Conversion Stock is not completed within 24 months from the date of the Special Meeting. Prior to the earlier of the Special Meeting and the Shareholders' Meeting, this Plan may be terminated by the Boards of Directors of the Primary Parties without approval of the OTS; after the Special Meeting or the Shareholders' Meeting, the Boards of Directors may terminate this Plan only with the approval of the OTS.
Amendment or Termination of the Plan. The Plan, or any part thereof (including the Administrative Rules) may be terminated or may, from time to time, be amended, each in accordance with the Plan or LTPP Administrative Rules, as applicable, provided, however, the termination or amendment of the Plan or the LTPP Administrative Rules shall not, without the consent of the Participant, affect Participant's rights under this Award Agreement.
Amendment or Termination of the Plan. The Torstar Board of Directors may, from time to time, amend or terminate the Plan as it shall deem advisable, except that any amendment or termination of the Plan pursuant to this Section H shall not take effect prior to the commencement of the next fiscal year of the Corporation. The number of full-time equivalent Eligible Participants is arrived at by dividing the number of straight time regular hours paid to permanent full or part-time employees in the fiscal year by the regular full-time hours in a work year by shift and department. Regular Work Week (Hours) Regular Work Week (Shifts) Full-Time Calculation Full-Time Equivale nt Part-Time (3 shift example assuming full shifts) Full-Time Equivalent 37.5 5 37.5/3.75 1 22.5/37.5 0.6 35 5 35/35 1 21/35 0.6 35 4 35/35 1 26.25/35 0.75 34 4 34/34 1 25.5/34 0.75 32 4 32/32 1 24/32 0.75 This formula is then used at the end of the year to calculate FTE’s for that fiscal year. For example, in 1997, total unionized FTE’s were 1,414 under this formula. The cash margin for 1997 was $84,253,000 or 20.9% of revenue which was $402,881,000. Based on that, the profit sharing pool for 1997 would have been as follows:
Amendment or Termination of the Plan. Except to the extent prohibited by applicable law and unless otherwise expressly provided in an Award Agreement or in the Plan, the Board may amend, alter, suspend, discontinue or terminate the Plan or any portion thereof at any time; provided, however, that no such amendment, alteration, suspension, discontinuation or termination shall be made without (i) shareholder approval if such approval is required by applicable law or the rules of the stock market or exchange, if any, on which the Shares are principally quoted or traded or (ii) subject to Section 5(c) and Section 12, the consent of the affected Participant, if such action would materially adversely affect the rights of such Participant under any outstanding Award, except (x) to the extent any such amendment, alteration, suspension, discontinuance or termination is made to cause the Plan to comply with applicable law, stock market or exchange rules and regulations or accounting or tax rules and regulations or (y) to impose any “clawback” or recoupment provisions on any Awards (including any amounts or benefits arising from such Awards) in accordance with Section 18. Notwithstanding anything to the contrary in the Plan, the Committee may amend the Plan, or create sub-plans, in such manner as may be necessary or desirable to enable the Plan to achieve its stated purposes in any jurisdiction in a tax-efficient manner and in compliance with local rules and regulations.
Amendment or Termination of the Plan. The Plan may be amended or terminated whole or in part by the Board of Directors of the Company (in its sole discretion), but no such action shall adversely affect or alter any right or obligation with respect to any reward therefore made.
Amendment or Termination of the Plan. 9.1 The Board may at any time, subject, if the Common Shares are listed on the TSX-V, to the approval of the TSX-V, and the rules, regulations and policies of such other stock exchange on which the Common Shares may be listed or quoted, amend, suspend or terminate this Plan, or any portion thereof, provided that no change in any Option grant previously made may be made which would impair the rights of the Optionee thereunder without the consent of the affected Optionee.
Amendment or Termination of the Plan. 12.1 The Board reserves the right at any time to modify or amend the Plan in whole or in part, provided, however, that the Board shall have no power to modify or amend the Plan in such manner as would cause or permit any funds held by the Trustee hereunder to be used for, or diverted to, purposes other than for the exclusive benefit of Participants or their beneficiaries, or as would cause or permit any portion of such funds or assets to become the property of the Board until all liabilities pursuant to the Plan are satisfied. No such modification or amendment shall have the effect of retroactively changing or depriving Participants or beneficiaries of rights already accrued under the Plan.
12.2 The Plan may be terminated by a caucus of U.S. Regional Members of the Church but only upon condition that such action be taken under the Trust as shall render it impossible at any time prior to the satisfaction of all liabilities with respect to Participants and beneficiaries for any part of the corpus or income of the Trust to be at any time used for, or diverted to, purposes other than for the exclusive benefit of Participants and beneficiaries.
12.3 Upon termination of the Plan with respect to a group of Participants which constitutes a partial termination of the Plan, a proportionate interest shall be determined by the actuary upon the request of the Board. The fiduciaries shall have no responsibility with respect to the determination of any such proportionate interest. The funds so allocated and segregated shall be used by the Trustee to pay benefits to or on behalf of Participants in accordance with Section 12.4.
12.4 Upon termination of the Plan, or upon termination of employment of a group of Participants constituting a partial termination of the Plan, each such Participant’s Accrued Benefit, based on his Service prior to the date of termination shall become fully vested and nonforfeitable to the extent funded. The assets of the Trust Fund, or the portion thereof segregated in accordance with Section 12.3, shall be liquidated (after provision is made for the expenses of liquidation) by the payment or provision for the payment of benefits in the order of preference set forth in this Section 12.4, with all liabilities to the persons in each class to be fully satisfied before any allocation is made to the next class. In the event the Fund shall be insufficient to satisfy the liabilities of any given class, a pro rata allocation shall be made to each individua...
Amendment or Termination of the Plan. The Board of Directors of the Company may amend this Plan from time to time as it may deem advisable. No amendment of the Plan, however, shall, without shareholder approval, increase the maximum number of shares under the Plan as provided in Section 4, or decrease the minimum option price provided in Section 6. Except as provided in Section 5, the Board shall not alter or impair any option theretofore granted under the Plan without the consent of the holder of the option. The Board of Directors may at any time terminate the Plan, provided that any such termination of the Plan shall not adversely affect options already granted and such options shall remain in full force and effect as if the Plan had not been terminated.
Amendment or Termination of the Plan. If deemed necessary or desirable by the Board of Directors of the Primary Parties, this Plan may be substantively amended, as a result of comments from regulatory authorities or otherwise, at any time before the solicitation of proxies from Members to vote on the Plan and at any time thereafter with the concurrence of the OTS. Any amendment to this Plan made after approval by the Members with the concurrence of the OTS shall not necessitate further approval by the Members unless otherwise required by the OTS. This Plan shall terminate if the sale of all shares of Common Stock is not completed within 24 months from the date of the Special Meeting. Before the Special Meeting, this Plan may be terminated by the Board of Directors of the Primary Parties without approval of the OTS. After the Special Meeting, the Board of Directors may terminate this Plan only with the concurrence of the OTS.