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

Termination of 401(k) Plan. If requested by Parent in writing not later than ten (10) calendar days prior to Closing, the Company will adopt, or will cause to be adopted, all necessary corporate resolutions (which shall be subject to Parent’s reasonable and timely review and approval) to terminate each 401(k) Plan sponsored or maintained by the Company, effective as of no later than one day prior the Effective Time (but such termination may be contingent upon the Closing). For this purpose, the term “401(k) Plan” means any Company Benefit Plan that is intended to be qualified under Code Section 401(a) which includes a cash or deferred arrangement intended to qualify under Code Section 401(k). The Company shall provide Parent with a copy of resolutions duly adopted by the Company Board so terminating any such 401(k) Plan.

Termination of 401(k) Plan. If requested by Parent in writing not later than ten The Company (10or the Subsidiary, as applicable) calendar days prior to Closing, the Company will adopt, or will cause to be adopted, all necessary corporate resolutions (which shall be subject to ParentBuyer’s reasonable and timely review and approval) to terminate each 401(k) Plan sponsored or maintained by the CompanyCompany or the Subsidiary (the “Company 401(k) Plan”), effective as of no later than one day prior the Effective Time to Closing (but such termination may be contingent upon the Closing). For this purpose, the term “401(k) Plan” means any Company Benefit Plan that is plan intended to be qualified under Code Section 401(a) which includes a cash or deferred arrangement intended to qualify under Code Section 401(k). The Company shall provide Parent Buyer with a copy of resolutions duly adopted by the Company Board Company’s board of directors (or the Subsidiary’s board of directors, as applicable) so terminating any such the Company 401(k) Plan.)