PCG » Topics » Section 14. Amendment or Termination
This excerpt taken from the PCG 10-K filed Feb 18, 2005.
Section 14. Amendment or Termination
(a)
This
Trust Agreement may be amended by a written instrument executed by the Trustee and the Company. Notwithstanding the foregoing, no such amendment shall conflict with the terms of
the Arrangements or shall make the Trust revocable after it has become irrevocable in accordance with Section 1 hereof.
(b)
The
Trust shall not terminate until the date on which Participants and their Beneficiaries have received all of the benefits due to them under the terms and conditions of the
Arrangements. Upon termination of the Trust, the Trust assets shall be returned to the Company.
(c)
Upon
written approval of all Participants or Beneficiaries entitled to payment of benefits pursuant to the terms of the Arrangements, the Company may terminate this Trust prior to the
time all benefit payments under the Arrangements have been made. All assets in the Trust at termination shall be returned to the Company.
(d)
This
Trust Agreement may not be amended or terminated by the Company for two (2) years following a Change of Control without the written consent of a majority of the
Participants.
