Qualified Defined Contribution Plan. Section 3.1 Furiex 401(k) Plan. (a) Establishment of the Furiex 401(k) Plan. Effective as of the Distribution Date, Furiex shall, or shall have caused one of its Affiliates to, establish a defined contribution plan and trust for the benefit of Furiex Participants (the “Furiex 401(k) Plan”). Furiex shall be responsible for taking all necessary, reasonable and appropriate action to establish, maintain and administer the Furiex 401(k) Plan so that it is qualified under Section 401(a) of the Code and that the related trust thereunder is exempt from Federal income tax under Section 501(a) of the Code. Furiex (acting directly or through its Affiliates) shall be responsible for any and all Liabilities and other obligations with respect to the Furiex 401(k) Plan.
Appears in 2 contracts
Sources: Employee Matters Agreement (Furiex Pharmaceuticals, Inc.), Employee Matters Agreement (Furiex Pharmaceuticals, Inc.)