Amendment Termination and Duration Clause Example from Business Contracts

Amendment Termination and Duration. (a) Amendment, Suspension, or Termination. The Administrator may amend or terminate the Plan, or any part thereof, at any time and for any reason. The amendment, suspension or termination of the Plan will not, without the consent of the Participant, alter or impair any rights or obligations under any Actual Award earned by such Participant. No award may be granted during any period of suspension or after termination of the Plan. (b) Duration of Plan. The Plan will commence on the date first adop...ted by the Board or the Compensation Committee of the Board, and subject to Section 7(a) (regarding the Administrator's right to amend or terminate the Plan), will remain in effect thereafter until terminated. View More