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 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. SCHEDULE “A” 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. 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. 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) stockholder 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 19. 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 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. 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.
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. SCHEDULE “A” 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 Equiv- alent 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: 3% of the Cash Margin dollars from 15 to 19.99% ($80,576,000) $ 2,417,280 4% of the Cash Margin dollars from 20 to 20.9% ($3,677,000) $ 147,080 Total Profit Share Pool $2,564,360 In 1997, the payment for a permanent full-time Employee would have been $1,813.55 ($2,564,360 ÷ 1,414). A permanent part-time Employee’s payment would have been pro-rated based on the total regular hours he/she worked in the fiscal year. For example: Regular Full-time Work Week (Hours) Work Week (Shifts) Total Hours in a Year Regular Part-time Total Hours in a Year Full-time Equivalent Prorated Profit Share Amount 35 5 1,820 1,092 1092/1820 = .6 1813.55 x .6 = $1088.13 35 4 1,820 1,365 1365/1820 = .75 1813.55 x .75 = $1360.16 34 4 1,768 1,326 1326/1768 = .75 1813.55 x .75 = $1360.16 32 4 1,664 1,248 1248/1664 = .75 1813.55 x .75 = $1360.16 Note – all numbers rounded to the nearest 000’s APPENDIX D - RECLASSIFICATION AND WAGE TRANSITION PROVISIONS – EMPLOYEES ON STAFF AS OF AUGUST 22, 2010
Amendment or Termination of the Plan. The Board of Directors may, without further stockholder approval, amend or discontinue this Plan at any time, provided that no unexercised option granted under this Plan may be altered or canceled, except in accordance with its terms or as otherwise provided in Section 13 hereunder, without the written consent of the participant to whom such option was granted; and further provided that without the approval of the stockholders, no amendment may (i) increase the maximum number of shares for which options may be granted under the Plan (except in accordance with Section 13 hereunder), (ii) permit the grant of options under the Plan after the expiration date of the Plan, (iii) change the designation of the class of employees eligible to receive options under the Plan, or (iv) materially increase the benefits accruing to eligible employees.
Amendment or Termination of the Plan. 13.1 The Plan Committee (acting in its sole and absolute discretion) may alter, amend, suspend or terminate the Plan; provided however that, except as otherwise provided in the Plan, no such action shall deprive any Grantee, without his/her consent, of any his/her rights under an award of Shares already made to the Grantee pursuant to the Plan.
