Termination or Suspension of the Plan Clause Example from Business Contracts

This example Termination or Suspension of the Plan clause appears in 4 contracts from 4 companies

Termination or Suspension of the Plan. (a) Plan Term. Unless sooner terminated by the Board pursuant to Section 2, the Plan shall automatically terminate on the day before the tenth (10th) anniversary of the date the Plan is adopted by the Board or approved by the stockholders of the Company, whichever is earlier. No Awards may be granted under the Plan while the Plan is suspended or after it is terminated. (b) No Impairment of Rights. Termination of the Plan shall not impair rights and obligations under any Award granted while the P...lan is in effect except with the written consent of the affected Participant. View More Arrow