ACL » Topics » AMENDMENT AND TERMINATION

This excerpt taken from the ACL 6-K filed Feb 17, 2005.

AMENDMENT AND TERMINATION

6.1 Amendment. The Plan may be amended at any time and from time to time by the Board without the approval of shareholders of the Company, except that no amendment that increases the aggregate number of Shares may be issued pursuant to the Plan shall be effective unless and until the same is approved by the shareholders of the Company. No amendment of the Plan shall adversely affect any right of any Participant with respect to any Award theretofore granted without such Participant’s written consent.
 
6.2 Termination. The Plan shall terminate upon the earlier of the following dates or events to occur:
    (a)        the adoption of a resolution of the Board terminating the Plan; or
    (b)        the tenth anniversary of the date of the Company’s 2002 Annual Meeting of Stockholders
 

 

No Awards shall be granted under this Plan after it has been terminated. However, the termination of the Plan shall not alter or impair any of the rights or obligations of any person, without such person’s consent, under any Award theretofore granted under the Plan. After the termination of the Plan, any previously granted Awards shall remain in effect and shall continue to be governed by the terms of the Plan and the applicable Award Certificate.


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