116 Plan Committee

116 Plan Committee. Means the body of individuals appointed by the Board to handle the day-to-day responsibilities of administering the Plan. The Committee shall consist of at least three individuals who shall be appointed by the Board to serve at the pleasure of the Board. Unless the Board specifies otherwise, the Committee members shall be the Company's Chief Executive Officer; Chief Financial Officer; and Vice President, Human Resources, and each member shall be removed from the Committee immediately upon the... termination of his service in such capacity and assumed by any successor to the designated office. Any member of the Committee may resign, and his successor, if any, shall be appointed by the Board. The Committee shall be responsible for the general administration and interpretation of the Plan and for carrying out its provisions, except to the extent all or any of such obligations are specifically imposed on the Board. Any Committee member who is an employee of the Company shall be deemed to have been removed by the Board immediately as of his termination of employment with the Company, without the necessity of further action by the Board. View More