Discretionary Termination. The Company may terminate the Plan at any time in its discretion, provided that: # the termination does not occur proximate to a downturn in the financial health of the Company; # all arrangements sponsored by the Company and its affiliates that would be aggregated with any terminated arrangement under Section 409A if the same individual participated in all of the arrangements, are terminated; # no payments other than payments that would be payable under the terms of the arrangements if the termination had not occurred are made within twelve months of the termination of the arrangements; # all payments are made within twenty-four months of the termination of the arrangements; and # the Company and its affiliates do not adopt a new arrangement that would be aggregated with any terminated arrangement under Section 409A if the same individual participated in both arrangements, at any time within three years following the date of termination of the Plan.
Discretionary Termination. The Company mayPlan Sponsor retains the discretion to terminate the Plan at any time in its discretion, provided that: # the termination does not occur proximate to a downturn in the financial health of the Company;if # all arrangements sponsored by the Company and its affiliatesPlan Sponsor that would be aggregated with any terminated arrangement under Code Section 409A if the same individual participated in all of the arrangements,and Treas. Reg. § 1.409A-1(c)(2) are terminated;terminated, # no payments other than payments that would be payable under the terms of the arrangements if the termination had not occurred are made within twelve months of the termination of the arrangements;arrangements, # all payments are made within twenty-four months of the termination ofdate the arrangements;Plan Sponsor takes all necessary action to irrevocably terminate and liquidate the arrangements, # the Company and its affiliates doPlan Sponsor does not adopt a new arrangement that would be aggregated with any terminated arrangement under Code Section 409A ifand the same individual participated in both arrangements,regulations thereunder at any time within the three yearsyear period following the date of termination of the Plan.arrangement, and # the termination does not occur proximate to a downturn in the financial health of the Plan Sponsor. The Plan Sponsor also reserves the right to amend the Plan to provide that termination of the Plan will occur under such conditions and events as may be prescribed by the Secretary of the Treasury in generally applicable guidance published in the Internal Revenue Bulletin.
Discretionary Termination. The Company mayPlan Sponsor retains the discretion to terminate the Plan at any time in its discretion, provided that: # the termination does not occur proximate to a downturn in the financial health of the Company;if # all arrangements sponsored by the Company and its affiliatesPlan Sponsor that would be aggregated with any terminated arrangement under Code Section 409A if the same individual participated in all of the arrangements,and Treas. Reg. § 1.409A-1(c)(2) are terminated;terminated, # no payments other than payments that would be payable under the terms of the arrangements if the termination had not occurred are made within twelve months of the termination of the arrangements;arrangements, # all payments are made within twenty-four months of the termination ofdate the arrangements;Plan Sponsor takes all necessary action to irrevocably terminate and #liquidate the Company and its affiliates doarrangements,(d) the Plan Sponsor does not adopt a new arrangement that would be aggregated with any terminated arrangement under Code Section 409A ifand the same individual participated in both arrangements,regulations thereunder at any time within the three yearsyear period following the date of termination of the Plan.arrangement, and # the termination does not occur proximate to a downturn in the financial health of the Plan Sponsor. The Plan Sponsor also reserves the right to amend the Plan to provide that termination of the Plan will occur under such conditions and events as may be prescribed by the Secretary of the Treasury in generally applicable guidance published in the Internal Revenue Bulletin.
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