Common use of 401(k) Plan Termination Clause in Contracts

401(k) Plan Termination. The Company shall terminate the Incentive Technology Group, LLC 401(k) Profit Sharing Plan (the “401(k) Plan”) by proper board action and plan amendments effective no later than the day before the Closing Date. Such board action and plan amendments shall eliminate all forms of distribution other than lump sums effective immediately prior to the termination of the 401(k) Plan and shall limit distributions from the 401(k) Plan upon its termination to lump sums.

401(k) Plan Termination. The Company shall terminate the Incentive Technology Group, LLC Company’s 401(k) Profit Sharing Plan (the “401(k) Plan”) by proper board action and plan amendments effective no later than the day before the Closing Date. Such board action and plan amendments shall eliminate all forms of distribution other than lump sums effective immediately prior to the termination of the 401(k) Plan and shall limit distributions from the 401(k) Plan upon its termination to lump sums.