Example ContractsClausesamendment, modification, suspension, or discontinuance of the planVariants
Amendment, Modification, Suspension, or Discontinuance of the Plan
Amendment, Modification, Suspension, or Discontinuance of the Plan contract clause examples

The Company intends to continue the Plan indefinitely but reserves the right, in its sole discretion, to modify the Plan from time to time, or to terminate the Plan entirely or to direct the permanent discontinuance or temporary suspension of deferral contributions under the Plan; provided that no such modification, termination, discontinuance or suspension shall reduce the benefits accrued for the benefit of any Participant or beneficiary under the Plan as of the date of such modification, termination, discontinuance or suspension.

The Company expects to continue the Plan indefinitely. However, the Company shall have the right at any time to terminate the Plan in whole or in part by suspending or discontinuing contributions hereunder, or to terminate the Plan.

It is the intention of the Company that the Plan will continue indefinitely, but the Company may, by action of its Board of Directors, its Executive Chairman, its Chief Executive Officer or a committee or individual(s) acting pursuant to a valid delegation of authority, at any time and for any reason, amend the Plan retroactively or prospectively, terminate the Plan or permanently discontinue Company Contributions hereunder without terminating the Trust Agreement or the other provisions of the Plan.

Draft better contracts
faster with AllDrafts

AllDrafts is a cloud-based editor designed specifically for contracts. With automatic formatting, a massive clause library, smart redaction, and insanely easy templates, it’s a welcome change from Word.

And AllDrafts generates clean Word and PDF files from any draft.