Common use of Errors and Corrections Clause in Contracts

Errors and Corrections. The Sponsor agrees • and acknowledges that TAG cannot provide legal or tax advice on behalf of the Sponsor, the Plan or the Participants; • that it, not TAG, bears the full legal responsibility as a Plan Administrator for penalties; excise taxes; lost earnings; or calculation costs due for failure to transmit timely contributions or failure to make timely corrective distributions from Participants’ accounts, when such failure was caused by the Sponsor or conditions outside of TAG’s control. It also agrees the Sponsor, not TAG will be responsible for taking any corrective action with regard to the Plan; • to pay for any costs (including filing fees, legal fees, corrections) required by any governmental agency under any correction programs or settlement agreement that may be required to be taken, including but not limited to the IRS’s Employee Plans Compliance Resolution System (EPCRS) or the DOL’s Voluntary Fiduciary Correction Program (VFCP), or other such other program to correct failures related to the Sponsor’s acts or omissions which cause the need for such corrections; • that Sponsor, not TAG, bears the full legal responsibility as a Plan Administrator for any fees or penalties (including prohibited transaction penalties) related to the untimely filing of the Plan’s Form 5500, related audit opinions or required schedules, should any such delay be a consequence of the Sponsor’s, or any of the Plan’s vendors’ (including its auditor’s) actions, or by any such parties’ failure to timey provide necessary information. • that sponsor will pay for any of TAG’s reasonable costs, including legal fees, related to participating in any regulatory investigation related to the Plan, or arising from the implementation of any correction programs, or from participating in any litigation involving the Plan. • that TAGis authorized to file the IRS Form 5330 related to late deferrals excise taxes only if specifically designated in Appendix A. • Sponsor is responsible for and agrees to obtain a properly completed and executed participant investment election and beneficiary designation forms, or opt-out forms, from each eligible participant and will subsequently maintain theoriginal forms for their records and will forward a copy of the participation election and beneficiary designation forms to TAG. The participant investment elections will be provided in an electronic form (Microsoft Excel format) to TAG by the Sponsor or their designated representative at time of conversion. In lieu of a participant election form, auto enrollment is an acceptable alternative. In lieu of a participant investment election form, triple mapping is an acceptable format. Sponsor understands that if the Plan, becomes “top heavy” (as defined in Section 416 of the Internal Revenue Code), a minimum contribution must be made to the Plan on behalf of the Sponsor’s “non-key employees” (as defined in Section 416 of the Internal Revenue Code). If the Plan, as adopted by the Sponsor, becomes top heavy, the Sponsor solely bears the full legal responsibility to make any minimum contribution required by law, and agrees to make any such contribution in a timely manner, and the Sponsor acknowledges that it shall be solely responsible for any such required contribution.

Errors and Corrections. The Sponsor agrees • and acknowledges that TAG cannot provide legal or tax advice on behalf of the Sponsor, the Plan or the Participants; • that it, not TAG, bears the full legal responsibility as a Plan Administrator for penalties; excise taxes; lost earnings; or calculation costs due for failure to transmit timely contributions or failure to make timely corrective distributions from Participants’ accounts, when such failure was caused by the Sponsor or conditions outside of TAG’s control. It also agrees the Sponsor, not TAG will be responsible for taking any corrective action with regard to the Plan; • to pay for any costs (including filing fees, legal fees, corrections) required by any governmental agency under any correction programs or settlement agreement that may be required to be taken, including but not limited to the IRS’s Employee Plans Compliance Resolution System (EPCRS) or the DOL’s Voluntary Fiduciary Correction Program (VFCP), or other such other program to correct failures related to the Sponsor’s acts or omissions which cause the need for such corrections; • that Sponsor, not TAG, bears the full legal responsibility as a Plan Administrator for any fees or penalties (including prohibited transaction penalties) related to the untimely filing of the Plan’s Form 5500, related audit opinions or required schedules, should any such delay be a consequence of the Sponsor’s, or any of the Plan’s vendors’ (including its auditor’s) actions, or by any such parties’ failure to timey provide necessary information. • that sponsor will pay for any of TAG’s reasonable costs, including legal fees, related to participating in any regulatory investigation related to the Plan, or arising from the implementation of any correction programs, or from participating in any litigation involving the Plan. • that TAGis TAG is authorized to file the IRS Form 5330 related to late deferrals excise taxes only if specifically designated in Appendix A. • Sponsor is responsible for and agrees to obtain a properly completed and executed participant investment election and beneficiary designation forms, or opt-out forms, from each eligible participant and will subsequently maintain theoriginal forms for their records and will forward a copy of the participation election and beneficiary designation forms to TAG. The participant investment elections will be provided in an electronic form (Microsoft Excel format) to TAG by the Sponsor or their designated representative at time of conversion. In lieu of a participant election form, auto enrollment is an acceptable alternative. In lieu of a participant investment election form, triple mapping is an acceptable format. Sponsor understands that if the Plan, becomes “top heavy” (as defined in Section 416 of the Internal Revenue Code), a minimum contribution must be made to the Plan on behalf of the Sponsor’s “non-key employees” (as defined in Section 416 of the Internal Revenue Code). If the Plan, as adopted by the Sponsor, becomes top heavy, the Sponsor solely bears the full legal responsibility to make any minimum contribution required by law, and agrees to make any such contribution in a timely manner, and the Sponsor acknowledges that it shall be solely responsible for any such required contribution.