Plan Compliance. The Plan in form and in operation, to the knowledge of the Company and Sellers, satisfies the requirements to be qualified under Section 401(a) of the Code and constitutes an employee stock ownership plan within the meaning of Section 4975(e)(7) of the Code, and the Buyer is exempt from taxation under Section 501(a) of the Code.
Appears in 2 contracts
Sources: Stock Purchase Agreement (Taylor Capital Group Inc), Stock Purchase Agreement (Taylor Capital Group Inc)