Common use of Plan Termination Clause in Contracts

Plan Termination. The Employer shall have the right to terminate its Plan at any time. The Sponsor of this Prototype Defined Contribution Plan is to be given sixty (60) days notice in writing of the Employer’s intent to terminate or transfer the assets of the Plan. If the Plan is terminated, partially terminated, or if there is a complete discontinuance of contributions under a profit-sharing plan maintained by the Employer, all amounts credited to the accounts of Participants shall vest and become nonforfeitable. In the event of a partial termination, only those who are affected by such partial termination shall be fully vested. In the event of termination, the Plan Administrator shall direct the Trustee or the Custodian as applicable with respect to the distribution of accounts to or for the exclusive benefit of Participants or their Beneficiaries. Such distribution shall be made directly to Participants or, at the direction of the Participant, may be transferred directly to another Eligible Retirement Plan or individual retirement account. In the absence of an election by a Participant who has received notice from the Plan Administrator under paragraph 6.11, the Plan Administrator may direct the Trustee or Custodian to transfer the Participant’s benefit to another Defined Contribution Plan maintained by the Employer, other than an employee stock ownership plan. If the Employer does not maintain another Defined Contribution Plan, the Plan Administrator may direct the Trustee or Custodian to transfer the Participant’s benefit to an individual retirement account with an institution selected by the Plan Administrator, or make a distribution pursuant to paragraph 7.15. Prior to making any distribution, the Plan Administrator shall establish in a manner acceptable to the Trustee or Custodian, that the Plan has received a favorable determination letter from the Internal Revenue Service approving the Plan termination and authorizing the distribution of benefits to Plan Participants. In the absence of such determination letter, the Trustee or Custodian may agree to make distributions to Participants if the Plan Administrator represents that the applicable requirements, if any, of ERISA and the Code governing the termination of employee benefit plans have been or are being complied with or that appropriate authorizations, waivers, exemptions, or variances have been or are being obtained.

Plan Termination. It is the expectation of the Company that it will continue the Plan and the payment of Contributions hereunder indefinitely, but the continuation of the Plan and the payment of Contributions hereunder is not assumed as a contractual obligation of the Company or any other Employer. The Employer shall have right is reserved by the right Company to terminate its the Plan at any time, and the right is reserved by the Company by action of its Board of Directors or the Compensation Committee. The Sponsor of this Prototype Defined Contribution Plan is to be given sixty (60) days notice in writing Senior Vice President, acting on behalf of the Company, has the authority pursuant to its power to amend the Plan at any time to reduce, suspend or discontinue its or any other Employer’s intent Contributions hereunder (but not to terminate the Plan or transfer Trust); provided, however, that the assets Contributions for any Plan Year accrued or determined prior to the end of said year shall not after the end of said year be retroactively reduced, suspended or discontinued, except as may be permitted by law. Upon termination of the PlanPlan or complete discontinuance of Contributions hereunder (other than for the reason that the Employer has had no net profits or accumulated net profits), each Participant’s Accrued Benefit shall be fully vested. If Upon termination of the Plan is terminated, partially terminated, or if there is a complete discontinuance of contributions under a profit-sharing plan maintained by Contributions, unclaimed amounts shall be applied as forfeitures and any unallocated amounts shall be allocated to Participants who are Eligible Employees as of the Employer, all amounts credited to date of such termination or discontinuance on the accounts basis of Participants shall vest and become nonforfeitableCompensation for the Plan Year (or short Plan Year). In the event of Upon a partial terminationtermination of the Plan, only those who are the Accrued Benefit of each affected by such partial termination Participant shall be fully vested. In the event of terminationtermination of the Plan, the Plan Administrator shall direct the Trustee Custodian to distribute to each Participant the entire amount of his or her Accrued Benefit as soon as administratively possible, but not earlier than would be permitted in order to retain the Plan’s qualified status under Sections 401(a), (k) and (m) of the Code, as if all Participants who are Employees had incurred a Termination of Employment on the Plan’s termination date. Should a Participant or a Beneficiary not elect immediate payment of a nonforfeitable Accrued Benefit in excess of one thousand dollars ($1,000), the Administrator shall direct the Custodian to continue the Plan and Custodial Agreement for the sole purpose of paying to such Participant his or her Accrued Benefit or death benefit, respectively, unless, in the opinion of the Administrator, to make immediate single sum payments to such Participant or Beneficiary would not adversely affect the tax qualified status of the Plan upon termination and would not impose additional liability upon any Employer or the Custodian as applicable with respect to the distribution of accounts to or for the exclusive benefit of Participants or their Beneficiaries. Such distribution shall be made directly to Participants or, at the direction of the Participant, may be transferred directly to another Eligible Retirement Plan or individual retirement account. In the absence of an election by a Participant who has received notice from the Plan Administrator under paragraph 6.11, the Plan Administrator may direct the Trustee or Custodian to transfer the Participant’s benefit to another Defined Contribution Plan maintained by the Employer, other than an employee stock ownership plan. If the Employer does not maintain another Defined Contribution Plan, the Plan Administrator may direct the Trustee or Custodian to transfer the Participant’s benefit to an individual retirement account with an institution selected by the Plan Administrator, or make a distribution pursuant to paragraph 7.15. Prior to making any distribution, the Plan Administrator shall establish in a manner acceptable to the Trustee or Custodian, that the Plan has received a favorable determination letter from the Internal Revenue Service approving the Plan termination and authorizing the distribution of benefits to Plan Participants. In the absence of such determination letter, the Trustee or Custodian may agree to make distributions to Participants if the Plan Administrator represents that the applicable requirements, if any, of ERISA and the Code governing the termination of employee benefit plans have been or are being complied with or that appropriate authorizations, waivers, exemptions, or variances have been or are being obtained.

Plan Termination. The Employer shall have the right to terminate its Plan at any time. The Sponsor of this Prototype Defined Contribution Plan is to shall be given sixty (60) days notice in writing of the Employer’s intent to terminate or transfer the assets of the PlanPlan or shall be notified by such other means and/or within such time period as the Sponsor may designate and/or may be agreed upon between the Sponsor and the Employer. If the Plan is terminated, partially terminated, or if there is a complete discontinuance of contributions under a profit-sharing plan maintained by the Employer, all amounts credited to the accounts of Participants shall vest and become nonforfeitable. In the event of a partial termination, only those who are affected by such partial termination shall be fully vested. In the event of termination, the Plan Administrator shall direct the Trustee or the Custodian as applicable with respect to the distribution of accounts to or for the exclusive benefit of Participants or their Beneficiaries. Such distribution shall may be made directly to Participants or, at the direction of the Participant, may be transferred directly to another Eligible Retirement Plan or Plan, including an individual retirement account. In the absence of an election by a Participant who has received notice pursuant to paragraph 6.5 from the Plan Administrator under paragraph 6.11Administrator, the Plan Administrator may direct the Trustee or and/or Custodian as applicable, to transfer the Participant’s benefit to another Defined Contribution Plan maintained by the Employer, other than an employee stock ownership plan. If the Employer does not maintain another Defined Contribution Plan, the Plan Administrator may direct the Trustee or Custodian to transfer the Participant’s benefit to an individual retirement account with an institution selected by the Plan Administrator, but only to the extent provided for in the Adoption Agreement, or make a distribution pursuant to paragraph 7.157.16. Prior to making any distribution, the Plan Administrator shall establish in a manner acceptable to the Trustee or Custodian, as applicable, may require the Plan Administrator to represent that the Plan has received a favorable determination letter from the Internal Revenue Service approving the Plan termination and authorizing the distribution of benefits to Plan Participants. In the absence of such determination letterletter and prior to agreeing to make any distributions in accordance with the Plan Administrator’s directions, the Trustee or Custodian may agree to make distributions to Participants if require the Plan Administrator represents to represent in an manner acceptable to the Trustee or Custodian that the applicable requirements, if any, of ERISA and the Code governing the termination of employee benefit plans have been or are being complied with or that appropriate authorizations, waivers, exemptions, or variances have been or are being obtained. Until final distribution of the assets of the Trust, the Plan Administrator and Trustee shall have all the powers necessary for the orderly administration, liquidation and distribution of the assets of the Trust.

Plan Termination. The Employer shall have the right to terminate its Plan at any time. The Sponsor of this Prototype Defined Contribution Plan is to be given sixty (60) days notice in writing of the Employer’s 's intent to terminate or transfer the assets of the Plan. If the Plan is terminated, partially terminated, or if there is a complete discontinuance of contributions under a profit-sharing plan maintained by the Employer, all amounts credited to the accounts of Participants shall vest and become nonforfeitable. In the event of a partial termination, only those who are affected by such partial termination shall be fully vested. In the event of termination, the Plan Administrator shall direct the Trustee or the Custodian as applicable with respect to the distribution of accounts to or for the exclusive benefit of Participants or their Beneficiaries. Such distribution shall be made directly to Participants or, at the direction of the Participant, may be transferred directly to another Eligible Retirement Plan or individual retirement account. In the absence of an election by a Participant who has received notice from the Plan Administrator under paragraph 6.11, the Plan Administrator may direct the Trustee or Custodian to transfer the Participant’s 's benefit to another Defined Contribution Plan maintained by the Employer, other than an employee stock ownership plan. If the Employer does not maintain another Defined Contribution Plan, the Plan Administrator may direct the Trustee or Custodian to transfer the Participant’s 's benefit to an individual retirement account with an institution selected by the Plan Administrator, or make a distribution pursuant to paragraph 7.15. Prior to making any distribution, the Plan Administrator shall establish in a manner acceptable to the Trustee or Custodian, that the Plan has received a favorable determination letter from the Internal Revenue Service approving the Plan termination and authorizing the distribution of benefits to Plan Participants. In the absence of such determination letter, the Trustee or Custodian may agree to make distributions to Participants if the Plan Administrator represents that the applicable requirements, if any, of ERISA and the Code governing the termination of employee benefit plans have been or are being complied with or that appropriate authorizations, waivers, exemptions, or variances have been or are being obtained.

Plan Termination. The Employer shall have the right to terminate its Plan at any time. The Sponsor of this Prototype Defined Contribution Plan is to shall be given sixty (60) days notice in writing of the Employer’s intent to terminate or transfer the assets of the PlanPlan or shall be notified by such other means and/or within such time period as the Sponsor may designate and/or may be agreed upon between the Sponsor and the Employer. If the Plan is terminated, partially terminated, or if there is a complete discontinuance of contributions under a profit-sharing plan maintained by the Employer, all amounts credited to the accounts of Participants shall vest and become nonforfeitable. In the event of a partial termination, only those who are affected by such partial termination shall be fully vested. In the event of termination, the Plan Administrator shall direct the Trustee or the Custodian as applicable with respect to the distribution of accounts to or for the exclusive benefit of Participants or their Beneficiaries. Such distribution shall may be made directly to Participants or, at the direction of the Participant, may be transferred directly to another Eligible Retirement Plan or Plan, including an individual retirement account. In the absence of an election by a Participant who has received notice pursuant to paragraph 6.5 from the Plan Administrator under paragraph 6.11Administrator, the Plan Administrator may direct the Trustee or and/or Custodian as applicable, to transfer the Participant’s 's benefit to another Defined Contribution Plan maintained by the Employer, other than an employee stock ownership plan. If the Employer does not maintain another Defined Contribution Plan, the Plan Administrator may direct the Trustee or Custodian to transfer the Participant’s 's benefit to an individual retirement account with an institution selected by the Plan Administrator, but only to the extent provided for in the Adoption Agreement, or make a distribution pursuant to paragraph 7.157.16. Prior to making any distribution, the Plan Administrator shall establish in a manner acceptable to the Trustee or Custodian, as applicable, may require the Plan Administrator to represent that the Plan has received a favorable determination letter from the Internal Revenue Service approving the Plan termination and authorizing the distribution of benefits to Plan Participants. In the absence of such determination letterletter and prior to agreeing to make any distributions in accordance with the Plan Administrator’s directions, the Trustee or Custodian may agree to make distributions to Participants if require the Plan Administrator represents to represent in an manner acceptable to the Trustee or Custodian that the applicable requirements, if any, of ERISA and the Code governing the termination of employee benefit plans have been or are being complied with or that appropriate authorizations, waivers, exemptions, or variances have been or are being obtained. Until final distribution of the assets of the Trust, the Plan Administrator and Trustee shall have all the powers necessary for the orderly administration, liquidation and distribution of the assets of the Trust.

Plan Termination. The Employer shall have the right to terminate its Plan at any time. The Sponsor of this Prototype Defined Contribution Plan is to be given sixty (60) days notice in writing of the Employer’s intent to terminate or transfer the assets of the Plan. If the Plan is terminated, partially terminated, or if there is a complete discontinuance of contributions under a profit-sharing plan maintained by the Employer, all amounts credited to the accounts of Participants shall vest and become nonforfeitable. In the event of a partial termination, only those who are affected by such partial termination shall be fully vested. In the event of termination, the Plan Administrator shall direct the Trustee or the Custodian as applicable with respect to the distribution of accounts to or for the exclusive benefit of Participants or their Beneficiaries. Such distribution shall may be made directly to Participants or, at the direction of the Participant, may be transferred directly to another Eligible Retirement Plan or Plan, including an individual retirement account. In the absence of an election by a Participant who has received notice pursuant to paragraph 6.5 from the Plan Administrator under paragraph 6.11Administrator, the Plan Administrator may direct the Trustee or and/or Custodian as applicable, to transfer the Participant’s benefit to another Defined Contribution Plan maintained by the Employer, other than an employee stock ownership plan. If the Employer does not maintain another Defined Contribution Plan, the Plan Administrator may direct the Trustee or Custodian to transfer the Participant’s benefit to an individual retirement account with an institution selected by the Plan Administrator, but only to the extent provided for in the Adoption Agreement, or make a distribution pursuant to paragraph 7.157.16. Prior to making any distribution, the Plan Administrator shall establish in a manner acceptable to the Trustee or Custodian, as applicable, may require the Plan Administrator to represent that the Plan has received a favorable determination letter from the Internal Revenue Service approving the Plan termination and authorizing the distribution of benefits to Plan Participants. In the absence of such determination letterletter and prior to agreeing to make any distributions in accordance with the Plan Administrator’s directions, the Trustee or Custodian may agree to make distributions to Participants if require the Plan Administrator represents to represent in an manner acceptable to the Trustee or Custodian that the applicable requirements, if any, of ERISA and the Code governing the termination of employee benefit plans have been or are being complied with or that appropriate authorizations, waivers, exemptions, or variances have been or are being obtained. Until final distribution of the assets of the Trust, the Plan Administrator and Trustee shall have all the powers necessary for the orderly administration, liquidation and distribution of the assets of the Trust.

Plan Termination. (a) The Employer Plan may be terminated at any time by the Board of Trustees. Such termination shall have be approved by resolution of the Board of Trustees, and shall be evidenced by the execution of an instrument of equal formality with the instrument constituting this Plan. (b) In the event of the termination or partial termination of the Plan, the rights of all affected Participants to benefits accrued to the date of termination, to the extent then funded, shall be or become nonforfeitable, subject to any applicable limitations contained in Article VII. (c) Upon termination or partial termination of the Plan, the Pension Fund shall be the sole source of benefits under the Plan. Except as otherwise may be required by ▇▇▇▇▇, neither the Employers nor the Trustees assume any liability or responsibility for the payment of such benefits, or for the sufficiency of plan assets to pay all benefits. Each Employee/Participant, Spouse, Beneficiary or other person who shall claim the right to terminate its any payment under the Plan at shall be entitled to look only to the Pension Fund for such payment and shall not have any time. The Sponsor right, claim or demand therefor against any Employer or any Trustee, or any employee, officer or director of this Prototype Defined Contribution Plan is to any Employer. (d) Notice of termination shall be given sixty to the Participants as and to the extent required by applicable law. Participants shall also receive notice that benefit accruals will cease at least fifteen (6015) days notice in writing prior to the date benefit accruals cease as and to the extent required by law (e) Upon termination of the Employer’s intent to terminate or transfer Plan, the assets of the Plan. If the Plan is terminated, partially terminated, or if there is a complete discontinuance of contributions under a profit-sharing plan maintained by the Employer, all amounts credited to the accounts of Participants shall vest and become nonforfeitable. In the event of a partial termination, only those who are affected by such partial termination Pension Fund shall be fully vestedallocated and distributed in the manner provided by ERISA and the Code. In the event of termination, the Plan Administrator shall direct the Trustee or the Custodian as applicable with respect The Trustees may but are not required to the distribution of accounts to or file for the exclusive benefit of Participants or their Beneficiaries. Such distribution shall be made directly to Participants or, at the direction of the Participant, may be transferred directly to another Eligible Retirement Plan or individual retirement account. In the absence of an election by a Participant who has received notice from the Plan Administrator under paragraph 6.11, the Plan Administrator may direct the Trustee or Custodian to transfer the Participant’s benefit to another Defined Contribution Plan maintained by the Employer, other than an employee stock ownership plan. If the Employer does not maintain another Defined Contribution Plan, the Plan Administrator may direct the Trustee or Custodian to transfer the Participant’s benefit to an individual retirement account with an institution selected by the Plan Administrator, or make a distribution pursuant to paragraph 7.15. Prior to making any distribution, the Plan Administrator shall establish in a manner acceptable to the Trustee or Custodian, that the Plan has received a favorable determination letter from with the Internal Revenue Service approving Service. The Trustees may defer any distributions until a reasonable time following the date the determination letter is received, a determination letter is denied or the submission is withdrawn. (f) Any surplus assets remaining after all of the benefit liabilities and administrative costs and expenses of the Plan termination and authorizing the distribution Pension Fund have been paid or otherwise adequately provided for shall be applied for the benefit of benefits to Plan the Participants. In , Spouses and Beneficiaries by means of the absence establishment of such determination lettera new trust fund, the Trustee or Custodian may agree to make distributions to Participants if purchase of insurance annuity contracts and/or cash payments as determined by the Plan Administrator represents that the applicable requirements, if any, of ERISA and the Code governing the termination of employee benefit plans have been or are being complied with or that appropriate authorizations, waivers, exemptions, or variances have been or are being obtainedTrustees.

Plan Termination. The Employer shall have the right to terminate its Plan at any time. The Sponsor of this Prototype Defined Contribution Plan is to be given sixty (60) days notice in writing of the Employer’s intent to terminate or transfer the assets of the Plan. If the Plan is terminated, partially terminated, or if there is a complete discontinuance of contributions under a profit-sharing plan maintained by the Employer, all amounts credited to the accounts of Participants shall vest and become nonforfeitable. In the event of a partial termination, only those who are affected by such partial termination shall be fully vested. In the event of termination, the Plan Administrator shall direct the Trustee or the Custodian as applicable with respect to the distribution of accounts to or for the exclusive benefit of Participants or their Beneficiaries. Such distribution shall be made directly to Participants or, at the direction of the Participant, may be transferred directly to another Eligible Retirement Plan or individual retirement account. In the absence of an election by a Participant who has received notice from the Plan Administrator under paragraph 6.11, the Plan Administrator may direct the Trustee or Custodian to transfer the Participant’s 's benefit to another Defined Contribution Plan maintained by the Employer, other than an employee stock ownership plan. If the Employer does not maintain another Defined Contribution Plan, the Plan Administrator may direct the Trustee or Custodian to transfer the Participant’s 's benefit to an individual retirement account with an institution selected by the Plan Administrator, or make a distribution pursuant to paragraph 7.15. Prior to making any distribution, the Plan Administrator shall establish in a manner acceptable to the Trustee or Custodian, that the Plan has received a favorable determination letter from the Internal Revenue Service approving the Plan termination and authorizing the distribution of benefits to Plan Participants. In the absence of such determination letter, the Trustee or Custodian may agree to make distributions to Participants if the Plan Administrator represents that the applicable requirements, if any, of ERISA and the Code governing the termination of employee benefit plans have been or are being complied with or that appropriate authorizations, waivers, exemptions, or variances have been or are being obtained.

Plan Termination. The Employer shall have the right to terminate its Plan at any time. The Sponsor of this Prototype Defined Contribution Plan is to be given sixty (60) days notice in writing of the Employer’s 's intent to terminate or transfer the assets of the Plan. If the Plan is terminated, partially terminated, or if there is a complete discontinuance of contributions under a profit-sharing plan maintained by the Employer, all amounts credited to the accounts of Participants shall vest and become nonforfeitable. In the event of a partial termination, only those who are affected by such partial termination shall be fully vested. In the event of termination, the Plan Administrator shall direct the Trustee or the Custodian as applicable with respect to the distribution of accounts to or for the exclusive benefit of Participants or their Beneficiaries. Such distribution shall be made directly to Participants or, at the direction of the Participant, may be transferred directly to another Eligible Retirement Plan or individual retirement account. In the absence of an election by a Participant who has received notice from the Plan Administrator under paragraph 6.11, the Plan Administrator may direct the Trustee or Custodian to transfer the Participant’s 's benefit to another Defined Contribution Plan maintained by the Employer, other than an employee stock ownership plan. If the Employer does not maintain another Defined Contribution Plan, the Plan Administrator may direct the Trustee or Custodian to transfer the Participant’s 's benefit to an individual retirement account with an institution selected by the Plan Administrator, or make a distribution pursuant to paragraph 7.15. Prior to making any distribution, the Plan Administrator shall establish in a manner acceptable to the Trustee or Custodian, that the Plan has received a favorable determination letter from the Internal Revenue Service approving the Plan termination and authorizing the distribution of benefits to Plan Participants. In the absence of such determination letter, the Trustee or Custodian may agree to make distributions to Participants if the Plan Administrator represents that the applicable requirements, if any, of ERISA and the Code governing the termination of employee benefit plans have been or are being complied with or that appropriate authorizations, waivers, exemptions, or variances have been or are being obtained.. 109

Plan Termination. The Employer shall have the right to terminate its Plan at any time. The Sponsor of this Prototype Defined Contribution Plan is to be given sixty (60) days notice in writing of the Employer’s 's intent to terminate or transfer the assets of the Plan. If the Plan is terminated, partially terminated, or if there is a complete discontinuance of contributions under a profit-sharing plan maintained by the Employer, all amounts credited to the accounts of Participants shall vest and become nonforfeitable. In the event of a partial termination, only those who are affected by such partial termination shall be fully vested. In the event of termination, the Plan Administrator shall direct the Trustee or the Custodian as applicable with respect to the distribution of accounts to or for the exclusive benefit of Participants or their Beneficiaries. Such distribution shall be made directly to Participants or, at the direction of the Participant, may be transferred directly to another Eligible Retirement Plan or individual retirement account. In the absence of an election by a Participant who has received notice from the Plan Administrator under paragraph 6.11, the Plan Administrator may direct the Trustee or Custodian to transfer the Participant’s 's benefit to another Defined Contribution Plan maintained by the Employer, other than an employee stock ownership plan. If the Employer does not maintain another Defined Contribution Plan, the Plan Administrator may direct the Trustee or Custodian to transfer the Participant’s 's benefit to an individual retirement account with an institution selected by the Plan Administrator, or make a distribution pursuant to paragraph 7.15. Prior to making any distribution, the Plan Administrator shall establish in a manner acceptable to the Trustee or Custodian, that the Plan has received a favorable determination letter from the Internal Revenue Service approving the Plan termination and authorizing the distribution of benefits to Plan Participants. In the absence of such determination letter, the Trustee or Custodian may agree to make distributions to Participants if the Plan Administrator represents that the applicable requirements, if any, of ERISA and the Code governing the termination of employee benefit plans have been or are being complied with or that appropriate authorizations, waivers, exemptions, or variances have been or are being obtained.. 110