Common use of Termination and Partial Termination Clause in Contracts

Termination and Partial Termination. The adopting Employer may, at any time, by written notice to the Trustee in such form as is acceptable to the Trustee, terminate the Plan and discontinue all further contributions hereunder. Upon termination or partial termination of the Plan or upon complete discontinuance of contributions to a Profit Sharing Plan, each affected Employee shall have a one hundred percent (100%) vested and nonforfeitable interest in his account balance. Upon a termination or partial termination of the Plan (and subject to the limitations of section 4.10 in the case of a cash or deferred arrangement qualified under section 401(k) of the Code), each affected Participant's account balance may be distributed in accordance with the provisions of Article VIII or, at the option of the Employer and with the Trustee's consent, shall continue to be held by the Trustee for distribution as authorized by Articles VIII and IX. Notwithstanding the preceding sentence, a Profit Sharing Plan which does not offer an annuity form of benefit (purchased from a commercial provider) may distribute each affected Participant's account balance immediately in a single sum without Participant consent, provided that neither the Employer nor any Affiliated Employer maintains another defined contribution plan, other than an employee stock ownership plan (as defined in section 4975(e)(7) of the Code). If either the Employer or any Affiliated Employer maintains another such defined contribution plan, then a Participant's account balance may be transferred to such plan without his consent if the Participant does not consent to the single sum distribution from this Plan.