Termination and Modification of Benefit Plans Clause Samples

Termination and Modification of Benefit Plans. On or before the Closing Date, 1ST BANCORP shall terminate the 1ST BANCORP Stock Option Plan, the 1ST BANCORP 1997 Employee Stock Purchase Plan, and the 1ST BANCORP Automatic Dividend Reinvestment and Stock Purchase Plan. On or before the date employees of 1ST BANCORP and its Subsidiaries may begin participating in German American Bancorp's Retirement Profit Sharing Plan, 1ST BANCORP shall terminate and freeze its defined benefit pension plan and, in connection therewith, shall take and shall have taken all necessary action to apply to the IRS for a determination letter in connection with such termination and provide all notices to participants and to the Pension Benefit Guaranty Corporation as required by and in accordance with ERISA. Upon such termination, all accrued benefits of participants in the pension plan shall be payable at the times and in the amounts provided for under that plan. The Bank shall continue to make contributions to the pension plan through the date of such termination only to the extent required to maintain the plan's tax-qualified status and to avoid any federal income taxes or penalties attributable to the plan's funding status. Subject to Section 5.12 hereof, on or before November 1, 1998, 1ST BANCORP shall take and have taken all necessary steps to discontinue all medical insurance benefits provided to any party who would not be eligible for such benefits under the German American Bancorp Employee Benefits Plan.
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Related to Termination and Modification of Benefit Plans

  • Term, Termination and Modification This Agreement is effective for the time period indicated on Appendix A, unless sooner terminated as provided below in this Paragraph. This Agreement may be terminated by mutual agreement of the parties at any time or by the Registrant on behalf of any one or more of the Funds upon thirty (30) days’ written notice to the Adviser. In addition, this Agreement shall terminate with respect to a Fund upon termination of the Advisory Agreement with respect to such Fund.

  • TERM, TERMINATION, AND MODIFICATION OF RIGHTS 12.1 This Agreement is effective beginning with the Effective Date and shall extend to the expiration of the last to expire of the Patent Rights unless sooner terminated as provided in this Article 12. Upon termination of this Agreement pursuant to this Article 12 as to a Licensed Product prior to expiration of Company’s royalty obligations with respect to such Licensed Product, Company’s rights under Article 3 of this Agreement shall cease, effective immediately, with respect to such Licensed Product. After Company’s royalty obligations as to a Licensed Product have expired in a country, Company shall have a perpetual, full and unrestricted right to make, use, offer for sale, sell and import such Licensed Product in such country under the Patent Rights, Gene-Therapy Know-How and Know-How. Following expiration of this Agreement in its entirety, Company’s rights under Article 3 of this Agreement shall convert to a fully paid-up, non-royalty bearing, perpetual, unrestricted right to use the Patent Rights, Gene-Therapy Know-How and Know-How. 12.2 In the event that Company is in default in the performance of any material obligations under this Agreement, and if the default has not been remedied within [**] days after the date of notice in writing of such default, CHOP may terminate this Agreement by written notice. 12.3 In the event that Company becomes insolvent, files a petition in bankruptcy, has such a petition filed against it, determines to file a petition in bankruptcy, or receives notice of a third party’s intention to file an involuntary petition in bankruptcy, Company shall immediately notify CHOP in writing. 12.4 Company shall have a unilateral right to terminate this Agreement and/or any licenses in any country without cause by giving CHOP ninety (90) days prior written notice to that effect. 12.5 CHOP reserves the right of 35 U.S.C. §203 to terminate or modify this Agreement solely to the extent that such action is legally necessary to meet requirements of the applicable federal statutes or regulations and such requirements are not reasonably satisfied by Company. Within [**] days of receipt of written notice of CHOP’s belief or notification from the government that it is legally necessary to modify or terminate this Agreement, Company shall, if Company disagrees with such assessment, notify CHOP of such disagreement and the basis for Company’s position and this Agreement shall not be terminated or modified unless and until such disagreement is resolved in accordance with Paragraph 13.12 or by the exercise of the march-in-rights by the government. 12.6 Within [**] days of termination or expiration of this Agreement, a final report and all accrued payments shall be submitted by Company. If this Agreement is terminated under this Article 12, sublicenses may be converted to direct licenses with CHOP pursuant to Paragraph 4.4.

  • TERMINATION AND MODIFICATION 271 - This Agreement shall continue in full force and effect from the date hereof until 11:59 p.m., June 30, 2002, and from year to year thereafter unless notice of termination or modification is given as provided in Paragraphs 273, 274, and 275 below. 272 - If either party desires to terminate this Agreement, it shall, sixty (60) days prior to the termination date, give written notice of termination. If neither party shall give notice of termination of this Agreement as provided in this paragraph or notice of amendment, as hereinafter provided, or if each party giving a notice of termination withdraws the same prior to termination date, this Agreement shall continue in effect from year to year thereafter subject to notice of termination by either party on sixty (60) days written notice prior to the current year's termination date. 273 - If either party desires to modify or change this Agreement, it shall sixty (60) days prior to the termination date or any subsequent termination date, give written notice of amendment in which event the notice of amendment shall set forth the nature of the amendment or amendments desired. If notice of amendment of this Agreement has been given in accordance with this paragraph, this Agreement may be terminated by either party on ten (10) days written notice of termination but not before the effective termination date of this Agreement. Any amendments that may be agreed upon shall become and be a part of this Agreement without modifying or changing any of the other terms of this Agreement. 274 - Notice of Termination Modification. Notice shall be in writing and shall be sufficient if sent by certified mail addressed to the Union, and if to the Employer, addressed to Director, Employee Relations, or to any such address as the Union or the Employer may make available to each other. 275 - This Agreement shall be effective from and after July 1, 1999, until and including June 30, 2002, with respect to all provisions of this Agreement.

  • Termination of Benefits Except as provided in Section 2 above or as may be required by law, Executive’s participation in all employee benefit (pension and welfare) and compensation plans of the Company shall cease as of the Termination Date. Nothing contained herein shall limit or otherwise impair Executive’s right to receive pension or similar benefit payments that are vested as of the Termination Date under any applicable tax-qualified pension or other plans, pursuant to the terms of the applicable plan.

  • Extension of Benefits Upon termination of insurance, whether due to termination of eligibility, or termination of the Contract, an extension of benefits shall be provided for a period of no less than 30 days for completion of a dental procedure that was started before Your coverage ended.