Examples of Seller’s Savings Plan in a sentence
In consideration of the Seller’s agreement to fully vest Employees in their account balances under the Seller’s Savings Plan, the Purchaser agrees to pay to the Seller at Closing $500,000, in U.S. dollars, by wire transfer in immediately available funds to the Purchase Price Bank Account.
To the extent not prohibited by applicable Law, effective as of the day immediately following the Closing Date, Purchaser shall make available to each Employee on a non-discriminatory basis and on commercially reasonable terms, a short-term loan in an amount equal to such Employee’s aggregate unpaid loan balance with respect to any outstanding loans under Seller’s Savings Plan.
Effective as of the Closing Date, the Buyer will establish a new savings plan or designate an existing savings plan qualified under Code Section 401(a) and including a cash or deferred feature under Code Section 401(k) and a related trust thereunder which shall be exempt under Code Section 501(a) (“Buyer’s Savings Plan”) that will permit participation by all Employees who are participating in Seller’s Savings Plan as of the Closing Date (the “Participating Employees”).
As soon as reasonably practical after the Closing Date, Buyer shall adopt a qualified defined contribution plan or cause Buyer’s Plan to accept, in accordance with applicable law, a “direct rollovers” within the meaning of Section 401(a)(31) of the Code, from Seller’s Savings Plan, including a rollover of any valid, non-defaulted loans, of all assets held on behalf of Transferred Employees that timely and properly elect such treatment.
Seller’s Savings Plan has received a favorable determination letter from the IRS as to its qualification under Section 401(a) of the Code, and nothing has occurred since the date of such determination letter that could adversely affect such qualification or tax-exempt status of Seller’s Savings Plan or its related trust other than a change in Applicable Law which is subject to retroactive amendment privilege at least until the end of the first Plan year beginning after December 31, 2008.