Resolutions 1301 - Laserfiche WebLink

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~, -6- t.... .. , "....... - '" 9. AMENDMENT OR TERMINATION OF PLAN -The Village may at any time terminate this Plan. Upon such termination, the Participants in the Plan will be deemed to have withdrawn from the Plan as of the date of such termination, the Participant's full compensation on a non-deferred basis will be thereupon restored, and the Village agrees to pay such Participants the amount of money determined as if th.e Participant had terminated his employment, said payment to be made in five substantially equal annual installments, or in the sole discretion of the Village, in a lump-sum, commencing on the effective date of such termination. The Village may also amend' the provisions of this Plan at any time; provided, however, that no amendment shall affect the rights of Participants or their beneficiaries to the receipt of payment of benefits, to the extent of any compensation deferred at the time of the amendment as adjusted for investment experience hereunder prior to and subsequent to the amendment. 10. NON-ASSIGNABILITY CLAUSE - It is agreed that neither the Participant, nor his beneficiary nor any other designee, shall have any right to commute, sell, assign, transfer or otherwise convey the right to receive any payments hereunder which payments and right thereto are expressly declared to be nonassignable and nontransferable; and, in the event of any attempted assignment or transfer, the Village shall have no further liability hereunder; nor shall any payments be subject to attachment, garnish- ment or execution, or be transferable by operation of law in event of bankruptcy, insolvency, except to the extent otherwise provided by law, notwithstanding the above clause. 11. PROHIBITION AGAINST FUNDING - If the Village shall acquire a variable annuity contract or any other asset in connection with the liabilities assumed by it hereunder it is expressly understood and agreed that neither the Participant nor any beneficiary of the Participant shall have any right with respect to, or claim against, such contract or other asset. Such contract or other asset shall not be held in any way as collateral security for the fulfilling of the obligations of the Village under this Agreement, and shall be subject to the claims of creditors of the Village. 12. APPLICABLE LAW - This Agreement shall be construed under the law of the State of Minnesota. IN WITNESS WHEREOF, the Village has caused this Agreement tOJe signed by its duly authorized Officers and attested by its Clerk on the J 1 day of December, 1973. ATT_EST . () ~e.~.~ e Clerk By: ~ayor .~ / I :t---/ And: (lAi~ l:7'Je . (SEA L) Manager v I