CYMI » Topics » Section 14. Amendment and Termination of Plan:

This excerpt taken from the CYMI 10-Q filed May 6, 2008.

Section 14.    Amendment and Termination of Plan:

        The Company may amend any provision of the Plan or terminate the Plan at any time; provided, that in no event shall such amendment or termination reduce the balance in any Participant's Deferred Compensation Account as of the date of such amendment or termination, nor shall any such amendment affect the terms of the Plan relating to the payment of such Deferred Compensation Account. Notwithstanding the foregoing, the following special provisions shall apply:

        14.1    Termination in the Discretion of the Employer.    Except as otherwise provided in Sections 14.2, the Company in its discretion may terminate the Plan and distribute benefits to Participants subject to the following requirements and any others specified under Section 409A of the Code:

            14.1.1    All arrangements sponsored by the Employer that would be aggregated with the Plan under Section 1.409A-l(c) of the Treasury Regulations are terminated.

            14.1.2    No payments other than payments that would be payable under the terms of the Plan if the termination had not occurred are made within 12 months of the termination date.

            14.1.3    All benefits under the Plan are paid within 24 months of the termination date.

            14.1.4    The Employer does not adopt a new arrangement that would be aggregated with the Plan under Section 1.409A-1(c) of the Treasury Regulations providing for the deferral of compensation at any time within 3 years following the date of termination of the Plan.

            14.1.5    The termination does not occur proximate to a downturn in the financial health of the Employer.

        14.2    Termination Upon Change in Control Event.    If the Company terminates the Plan within thirty days preceding or twelve months following a Change in Control Event, the Deferred Compensation Account of each Participant shall become fully vested and payable to the Participant in a lump sum within twelve months following the date of termination, subject to the requirements of Section 409A of the Code.

This excerpt taken from the CYMI 10-K filed Feb 28, 2007.

Section 14.     Amendment and Termination of Plan:

The Employer may amend any provision of the Plan or terminate the Plan at any time; provided, that in no event shall such amendment or termination reduce the balance in any Participant’s Deferred Compensation Account as of the date of such amendment or termination, nor shall any such amendment affect the terms of the Plan relating to the payment of such Deferred Compensation Account. Notwithstanding the foregoing, the following special provisions shall apply:

EXCERPTS ON THIS PAGE:

10-Q
May 6, 2008
10-K
Feb 28, 2007
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