LAB » Topics » Amendment; Termination

This excerpt taken from the LAB DEF 14A filed Apr 12, 2006.
Amendment; Termination.   The Board reserves the right at any time and from time to time to modify, alter, amend, suspend, discontinue or terminate the Plan in any respect whatsoever, provided that no such action may reduce the amount of any bonus previously determined by the Committee pursuant to Section 7 hereof (including any bonus (and any earnings thereon) deferred pursuant to Section 8 hereof) that is then owed by the Firm to a Participant without such Participant’ s consent, and no modification, amendment or alteration that would require stockholder approval in order for bonuses paid pursuant to the Plan to constitute “performance-based compensation” within the meaning of Section 162(m)(4)(C) of the Code shall be effective without the approval of the stockholders of the Company as required by Section 162(m) of the Code and the Treasury Regulations issued thereunder, unless the Board determines that the qualification of such bonuses as “performance-based compensation” within the meaning of Section 162(m)(4)(C) of the Code is no longer necessary or desirable.

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