Seller 401(k) Plan definition
Examples of Seller 401(k) Plan in a sentence
In the event that such Company 401(k) Plan is adopted, Seller may, following the Closing in its discretion, cause a trust-to-trust transfer of Company Employees’ (and their beneficiaries’) account balances, including any outstanding loans, in the Seller 401(k) Plan to the Company 401(k) Plan, and in such case, Buyer (or an Affiliate of Buyer) shall cause the Company 401(k) Plan to accept such transfer, in accordance with Sections 411(d)(6) and 414(1) of the Code.
Preamble Seller 401(k) Plan .......................................................................................................
To the extent permitted by applicable plans, Purchaser shall cause its benefit plan qualified under Section 401(a) of the Code and containing a Code Section 401(k) cash or deferred arrangement to accept a direct rollover of any Business Employee’s benefits under Seller 401(k) Plan in cash and, if applicable, promissory notes.
Effective as of the date of any such transfer, Seller, its Affiliates, the Seller 401(k) Plan and the trust thereunder shall be relieved of all liabilities and obligations with respect to such Company Employees (and their beneficiaries).