This excerpt taken from the DLM 8-K filed Sep 29, 2009.
ARTICLE 10 AMENDMENT AND TERMINATION
This excerpt taken from the DLM DEF 14A filed Aug 19, 2009.
Amendment and Termination
Del Monte has the authority to amend, modify or cancel the Amended AIP at any time.
This excerpt taken from the DLM 10-Q filed Mar 4, 2009.
Amendment and Termination
Section 5.1. Right to Terminate. The Board reserves the right to terminate the Plan at any time. The Board has the right to terminate or suspend any future benefit accrual. The Board in its sole discretion has the right to unilaterally terminate this Plan and provide for accelerated payment of benefits that may be vested hereunder to the extent permitted under Code Section 409A, including:
(a) within twelve (12) months of a corporate dissolution taxed under Code Section 331 or with the approval of a bankruptcy court pursuant to 11 U.S.C. 503(b)(1)(A), provided that the amounts deferred under the Plan are included in the Participants gross income in the latest of:
(b) within the thirty (30) days preceding or the twelve (12) months following a change in control event (as defined in Code Reg. Section 1.409A-3(i)(5)); provided that all substantially similar arrangements for the Participant are also terminated; or
(c) at any time if all arrangements that would be aggregated with the Plan under Code Reg. Section 1.409A-1(c) are terminated and liquidated and no payments other than payments that would be payable under the terms of the Plan if the termination had not occurred are made within twelve (12) months of the termination and all payments are made within twenty-four (24) months of the date the Board takes all necessary action to irrevocably terminate and liquidate the Plan (the Termination Date) and no new arrangement that would be aggregated with the Plan under Code Reg. Section 1.409A-1(c) is adopted within three (3) years following the Termination Date; or
(d) at such other events and conditions as the Commissioner of Internal Revenue may prescribe in generally applicable guidance published in the Internal Revenue Bulletin.
Section 5.2. Amendment. The Board may, at any time, amend or modify the Plan in whole or in part; provided, however, that no amendment or modification shall be effective to decrease the vested portion of a Participants accrued benefit, calculated as though the Participant had experienced a Termination of Employment as of the effective date of the amendment or modification. In addition, no amendment or modification of the Plan shall affect the right of any Participant or Beneficiary who was eligible to or did have a Termination of Employment or incurred a Disability on or before the effective date of such amendment or modification to receive benefits in the manner designated.