Common use of Termination of Plans Clause in Contracts

Termination of Plans. Wood agrees to terminate both its ESOP -------------------- and 401(k) plan immediately prior to the Effective Time, unless iPrint, in its sole and absolute discretion, agrees to sponsor and maintain either or both plans by providing Wood with written notice of such election at least three (3) days before the Closing Date. Unless iPrint provides such notice, Wood shall deliver to iPrint evidence that Wood's ESOP and 401(k) plan have been terminated pursuant to resolutions of Wood's board of directors (the form and substance of which resolutions shall be subject to review and approval of iPrint), effective as of the day immediately preceding the Closing Date.

Termination of Plans. Wood agrees to terminate both its ESOP -------------------- and 401(k) plan immediately prior to the Effective Time, unless iPrint, in its sole and absolute discretion, agrees to sponsor and maintain either or both plans by providing Wood with written notice of such election at least three (3) days before the Closing Date. Unless iPrint provides such notice, Wood shall deliver to iPrint evidence that Wood's ESOP and 401(k) plan have been terminated pursuant to resolutions of Wood's board of directors (the form and substance of which resolutions shall be subject to review and approval of iPrint), effective as of the day immediately preceding the Closing Date.