Examples of Seller 401(k) Plan in a sentence
Prior to the Closing, Seller or its Affiliates shall fully fund, through the Closing, all employee contributions and employer matching contributions required pursuant to the terms of the Seller 401(k) Plan with respect to Covered Employees.
The terms of the Purchaser DC Plan shall provide that Covered Employees shall have the right to make direct rollovers to the applicable Purchaser DC Plan of their accounts in the Seller 401k Plan, including if the entire account balance is rolled over, a direct rollover of any notes evidencing loans made to such Covered Employees with respect to the transferred accounts.
Effective as of the Closing Date, each Covered Employee shall cease active participation in and benefit accrual under, and each CCG Entity shall cease to be a contributing sponsor of, and participating employer in, any benefit plans, programs or arrangements, including the Seller 401k Plan, that are sponsored or maintained by Seller or LSB.
Each of the Employee Plans, the Seller 401k Plan and each “employee benefit plan” (within the meaning of 3(3) of ERISA) sponsored, maintained or contributed to by any CCG Entity or any of their affiliates in which any Employee participates, has been maintained in material compliance with its terms and with the requirements prescribed by ERISA, the Code and all other applicable Laws.
Prior to taking any such action, Seller and Seller Sub shall provide Buyer with a copy of such resolutions or consent in connection with such Seller 401(k) Plan termination, and shall consider any comments provided by Buyer in good faith.