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These excerpts taken from the GWW 10-K filed Feb 27, 2008. Right to Terminate Plan. The Company reserves the right to reduce or terminate benefits under the Plan with regard to any or all Participants at any time before the date of a Change in Control by a resolution of the Board of Directors delivered to the Committee; provided however, that both before and after a Change in Control, a Beneficiary receiving benefits payable by the Plan shall continue to receive such benefits, and further provided, that at any time before the date of a Change in Control, the Company may not terminate its obligation to pay the death benefit to the Beneficiary of a Participant who:
(a) already has incurred a Separation from Service after his Early or Normal Retirement Date, or
(b) is still an active Employee but has attained an Early Retirement Date.
The amount of the benefit payable in the event clause (b) above is applicable shall be determined as if the date of the reduction in benefits or termination of the Plan is a Date Creating an Entitlement. The Committee shall notify any Participant affected by such reduction of termination or such action and its effective date within thirty (30) days after it receives notice from the Company. Notwithstanding the foregoing, on and after the date of a Change in Control, the provisions of Section 4.5 shall be applicable, rather than the foregoing provisions of this Section 8.2, with respect to participants who are then living. Right to Terminate Plan. The Company reserves the right to reduce or terminate benefits under the Plan with regard to any or all Participants at any time before the date of a Change in Control by a resolution of the Board of Directors delivered to the Committee; provided however, that both before and after a Change in Control, a Beneficiary receiving benefits payable by the Plan shall continue to receive such benefits, and further provided, that at any time before the date of a Change in Control, the Company may not terminate its obligation to pay the death benefit to the Beneficiary of a Participant who:
(a) already has incurred a Separation from Service after his Early or Normal Retirement Date, or
(b) is still an active Employee but has attained an Early Retirement Date.
The amount of the benefit payable in the event clause (b) above is applicable shall be determined as if the date of the reduction in benefits or termination of the Plan is a Date Creating an Entitlement. The Committee shall notify any Participant affected by such reduction of termination or such action and its effective date within thirty (30) days after it receives notice from the Company. Notwithstanding the foregoing, on and after the date of a Change in Control, the provisions of Section 4.5 shall be applicable, rather than the foregoing provisions of this Section 8.2, with respect to participants who are then living. | EXCERPTS ON THIS PAGE:
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