Amendment or Termination Clause Example with 4 Variations from Business Contracts
This page contains Amendment or Termination clauses in business contracts and legal agreements. An example clause is provided at the top of the page, followed by clauses with minor variations. You can view the text differences by selecting the "Show Differences" option.
Amendment or Termination. The Company, by action of the Administrator, reserves the right to amend or terminate the Plan at any time, without advance notice (except as otherwise provided below) to any Participant or other person or entity, and without regard to the effect of the amendment or termination on any Participant or such other person or entity. Any amendment or termination of the Plan will be in writing. Notwithstanding the foregoing, any amendment to the Plan that (a) causes an individual or group of individual...s to cease to be a Participant, or (b) reduces or alters to the detriment of the Participant the Severance Benefits potentially payable to him or her (including, without limitation, imposing additional conditions or modifying the timing of payment), will not be effective unless it both is approved by the Administrator and communicated to the affected individual(s) in writing at least eighteen (18) months before the effective date of the amendment or termination and once a Participant has incurred an Involuntary Termination, no amendment or termination of the Plan may, without that Participant’s written consent, reduce or alter to the detriment of the Participant, the Severance Benefits payable to him or her. In addition, notwithstanding the preceding, upon, in connection with or after a Change in Control, the Company may not, without a Participant’s written consent, amend or terminate the Plan in any way, nor take any other action under the Plan, which (i) prevents that Participant from becoming eligible for Severance Benefits, or (ii) reduces or alters to the detriment of the Participant the Severance Benefits payable, or potentially payable, to him or her (including, without limitation, imposing additional conditions). Any action of the Administrator, on behalf of the Company, in amending or terminating the Plan will be taken solely in a non‐fiduciary capacity.View More
Variations of a "Amendment or Termination" Clause from Business Contracts
Amendment or Termination. The Company, by action of the Board or the Administrator, reserves the right to amend or terminate the Plan at any time, without advance notice (except as otherwise provided below) to any Participant or other person or entity, and without regard to the effect of the amendment or termination on any Participant or such other person or entity. Any amendment or termination of the Plan will must be in writing. Notwithstanding the foregoing, any amendment to the Plan that (a) causes an individual or g...roup of individuals to cease to be a Participant, or (b) reduces or alters to the detriment of the Participant the Severance Benefits potentially payable to him or her (including, without limitation, imposing additional conditions or modifying the timing of payment), will not be effective unless it both is approved by the Administrator and communicated to the affected individual(s) in writing at least eighteen (18) months before the effective date of the amendment or termination and once a Participant has incurred an Involuntary Termination, no amendment or termination of the Plan may, without that Participant’s written consent, reduce or alter to the detriment of the Participant, the Severance Benefits payable to him or her. In addition, notwithstanding the preceding, upon, in connection with or after a Change in Control, the Company may not, Company, without a Participant’s written consent, may neither amend or nor terminate the Plan in any way, way nor take any other action under the Plan, which (i) (a) prevents that Participant from becoming eligible for Severance Benefits, severance benefits under the Plan, or (ii) (b) reduces or alters to the detriment of the Participant the Severance Benefits severance benefits under the Plan, if any, payable, or potentially payable, to him or her (including, without limitation, imposing additional conditions). Any action of the Administrator, on behalf of the Company, in amending or terminating the Plan will be taken solely in a non‐fiduciary capacity.View More
Amendment or Termination. The Company, by action of the Administrator, reserves the right to amend or terminate the Plan at any time, without advance notice (except as otherwise provided below) to any Participant or other person or entity, and without regard to the effect of the amendment or termination on any Participant or on any other individual, subject to the following; provided, however, that any amendment or termination of the Plan that is materially detrimental to a Participant prior to such other person amendmen...t or entity. termination of the Plan will not be effective with respect to such Participant without such Participant’s prior written consent. Any amendment or termination of the Plan will be in writing. Notwithstanding the foregoing, any amendment to the Plan that (a) causes an individual or group of individuals to cease to be a Participant, or (b) reduces or alters to the detriment of the Participant the Severance Benefits potentially payable to him or her that Participant (including, without limitation, imposing additional conditions or modifying the timing of payment), will not be effective unless it both is approved by the Administrator and communicated to the affected individual(s) in writing at least eighteen (18) months before the effective date of the amendment or termination and once a Participant has incurred an Involuntary Termination, no amendment or termination of the Plan may, without that Participant’s written consent, reduce or alter to the detriment of the Participant, the Severance Benefits payable to him or her. In addition, notwithstanding the preceding, upon, in connection with or after a Change in Control, the Company may not, without a Participant’s written consent, amend or terminate the Plan in any way, nor take any other action under the Plan, which (i) prevents that Participant from becoming eligible for Severance Benefits, or (ii) reduces or alters to the detriment of the Participant the Severance Benefits payable, or potentially payable, to him or her (including, without limitation, imposing additional conditions). consent. Any action of the Administrator, on behalf of the Company, Company in amending or terminating the Plan will be taken solely in a non‐fiduciary non-fiduciary capacity. View More
Amendment or Termination. The Company, by action of the Administrator, reserves the right to amend or terminate the Plan at any time, time after July 1, 2019, without advance notice (except as otherwise provided below) to any Participant or other person or entity, and without regard to the effect of the amendment or termination on any Participant or such on any other person or entity. individual. Any amendment or termination of the Plan will be in writing. Notwithstanding the foregoing, any amendment to the Plan that (a)... causes an individual or group of individuals to cease to be a Participant, Participants or (b) reduces or alters to the detriment of the a Participant the Severance Benefits potentially payable to him or her that Participant (including, without limitation, imposing additional conditions or modifying the timing of payment), will not be effective unless it both is approved by the Administrator and communicated to the affected individual(s) in writing at least eighteen (18) months before 90 days prior to the effective date of the amendment or termination termination, and once a Participant has incurred an Involuntary Termination, no amendment or termination of the Plan may, without that Participant’s written consent, reduce or alter to the detriment of the Participant, the Severance Benefits payable to him or her. that Participant. In addition, notwithstanding the preceding, upon, in connection with upon or after a Change in Control, the Company may not, without a Participant’s written consent, amend or terminate the Plan in any way, nor take any other action under the Plan, which action, that (i) prevents that Participant from becoming eligible for the Severance Benefits, Benefits under the Plan, or (ii) reduces or alters to the detriment of the Participant the Severance Benefits payable, or potentially payable, to him or her a Participant under the Plan (including, without limitation, imposing additional conditions). Any action of the Administrator, on behalf of the Company, Company in amending or terminating the Plan will be taken solely in a non‐fiduciary non-fiduciary capacity. View More
Amendment or Termination. The Company, by action of the Administrator, reserves the right to amend or terminate the Plan Plan, any Participation Agreement issued pursuant to the Plan, or the benefits provided hereunder at any time, without advance notice (except as otherwise provided below) to any Participant or other person or entity, and without regard subject to the effect provisions of the amendment or termination on any Participant or such other person or entity. this Section 13. Any amendment or termination of the ...Plan will be in writing. Notwithstanding the foregoing, any Any amendment to the Plan that (a) (1) causes an individual or group of individuals to cease to be a Participant, or (b) (2) reduces or alters to the detriment of the Participant the Severance Benefits potentially payable to him or her the Participant (including, without limitation, imposing additional conditions or modifying the timing of payment), payment) (an amendment described in clause (1) and/or clause (2) being an “adverse amendment or termination”), will not be effective unless only if it both is approved by the Administrator Company and communicated to the affected individual(s) in writing at least eighteen (18) more than 18 months before the effective date of the adverse amendment or termination and once termination. Once a Participant has incurred an Involuntary Termination, no amendment or termination of the Plan may, without that Participant’s written consent, reduce or alter to the detriment of the Participant, the Severance Benefits payable to him or her. the Participant. In addition, addition and notwithstanding the preceding, upon, in connection with or after beginning on the date that a Change in Control, Control occurs, the Company may not, without a Participant’s written consent, amend or terminate the Plan in any way, nor take any other action under the Plan, which (i) prevents that Participant from becoming eligible for Severance Benefits, or (ii) reduces or alters to the detriment of the Participant the Severance Benefits payable, or potentially payable, to him or her the Participant (including, without limitation, imposing additional conditions). The preceding sentence shall not apply to any amendment that otherwise both (x) would take effect before a Change in Control, and (y) meets the requirements of this Section 13 without regard to the preceding sentence. Any action of the Administrator, on behalf of the Company, Company in amending or terminating the Plan will be taken solely in a non‐fiduciary non-fiduciary capacity. View More
