SIVB » Topics » ARTICLE 8 - AMENDMENT AND TERMINATION

This excerpt taken from the SIVB 10-Q filed Nov 9, 2007.

ARTICLE 8 – AMENDMENT AND TERMINATION

 

8.1 Amendment by Employer. The Plan Sponsor reserves the right to amend the Plan (for itself and each Employer) through action of the Board. An amendment must be in writing and executed by an officer authorized to take such action. Each amendment shall be effective when approved by the Board in its resolution. No amendment can directly or indirectly deprive any current or former Participant or Beneficiary of all or any portion of his Account, which had accrued prior to the amendment.

 

8.2 Retroactive Amendments. An amendment made by the Plan Sponsor in accordance with Section 8.1 may be made effective on a date prior to the first day of the Plan Year in which it is adopted if such amendment is necessary or appropriate to enable the Plan to satisfy the applicable requirements of the Code or ERISA or to conform the Plan to any change in federal law or to any regulations or ruling thereunder. Any retroactive amendment by the Plan Sponsor shall be subject to the provisions of Section 8.1.

 

8.3 Plan Termination. The Plan has been adopted with the intention and expectation that it will be continued indefinitely. Each Employer, however, reserves the right to terminate the Plan with respect to its participating employees. Each Employer has no obligation or liability whatsoever to maintain the Plan for any length of time and may discontinue contributions under the Plan or terminate the Plan at any time without any liability hereunder for any such discontinuance or termination.

 

8.4 Distribution Upon Termination of the Plan. Upon termination of the Plan, no further Contributions shall be made under the Plan and if such termination meets the distribution acceleration requirements of Code Section 409A, all amounts credited to each Participant’s Account shall be paid out as soon as administratively feasible in a single lump sum payment regardless of the elections the Participant had made concerning the time and form of payment of the amounts credited to his Account and regardless of whether the Participant was receiving installments at the time of such Plan termination.

 

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This excerpt taken from the SIVB 8-K filed Mar 13, 2006.
Amendment or Termination.  Other than as expressly provided by Section 10, this Plan cannot be amended, altered, suspended or terminated in a manner that adversely affects a Covered Employee except upon six (6) months prior written notice by the Company to the affected Covered Employee, which notice cannot be given (i) after the occurrence of a Change in Control, or (ii) following or in connection with the approval by the Board of a Change in Control (unless such Change in Control is not reasonably expected to occur); provided, however, that no such amendment, alteration, suspension or termination will affect the right to any unpaid benefit of any Covered Employee whose termination date has occurred prior to amendment, alteration, suspension or termination of the Plan.

 

EXCERPTS ON THIS PAGE:

10-Q
Nov 9, 2007
8-K
Mar 13, 2006
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