SNPS » Topics » 9.5 Amendment, Modification, Suspension or Termination

This excerpt taken from the SNPS 10-Q filed Mar 9, 2009.
9.5          Amendment, Modification, Suspension or Termination.  The Committee may amend, modify, suspend or terminate the Plan in whole or in part, except that no amendment, modification, suspension or termination shall have any retroactive effect to reduce any amounts credited to a Participant’s Account other than pursuant to a distribution to such Participant.  Notwithstanding the foregoing, if (i) there is a Change in Control, (ii) lump sum distributions of all remaining Account balances can be made within the twelve (12) months following the Change in Control, and (iii) the successor employer, by resolution of its board of directors, within twelve (12) months following the Change in Control, elects to terminate the Plan, then the Account balances, or remaining Account balances, of each Participant, whether such Participant is receiving installment payments or not, shall be paid to the Participant in a single lump sum payment.  Such lump sum payment shall be made no later than sixty (60) days following the adoption of the resolutions of the board of directors of the successor employer to terminate the Plan and within twelve (12) months following the Change in Control.

 

This excerpt taken from the SNPS 8-K filed Nov 16, 2005.
9.5          Amendment, Modification, Suspension or Termination.  The Committee may amend, modify, suspend or terminate the Plan in whole or in part, except that no amendment, modification, suspension or termination shall have any retroactive effect to reduce any amounts credited to a Participant’s Account.  Notwithstanding the foregoing, if there is a Change in Control and the successor employer, by resolution of its board of directors, within twelve (12) months following the Change in Control, elects to terminate the Plan, then the Account balances, or remaining Account balances, of each Participant, whether such Participant is receiving installment payments or not, shall be paid to the Participant in a single lump sum payment.  Such lump sum payment shall be made no later than sixty (60) days following the adoption of the resolutions of the board of directors of the successor employer to terminate the Plan and within twelve (12) months following the Change in Control.  If the lump sum distributions cannot be made within the twelve (12) months following the Change in Control, then such distributions shall not be made and distributions of Plan benefits shall be made in accordance with the remaining provisions of the Plan.

EXCERPTS ON THIS PAGE:

10-Q
Mar 9, 2009
8-K
Nov 16, 2005

RELATED TOPICS for SNPS:

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