Common use of 401(k) Plans Clause in Contracts

401(k) Plans. Unless otherwise directed in writing by Parent at least ten (10) Business Days prior to the Effective Time, effective as of the day immediately preceding the Effective Time, (i) the Company and each Subsidiary thereof shall take all actions necessary to effect the termination of any and all Company Employee Plans intended to qualify as a qualified cash or deferred arrangement under Section 401(k) of the Code, and (ii) no Company employee shall have any right thereafter to contribute any amounts to any Company Employee Plan intended to qualify as a qualified cash or deferred arrangement under Section 401(k) of the Code. The Company shall provide Parent with evidence that each such Company Employee Plan has been terminated pursuant to an action by the Company Board or the board of directors of a Subsidiary, as applicable.

Appears in 1 contract

Samples: Agreement and Plan of Merger (Taleo Corp)

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401(k) Plans. Unless Effective as of immediately prior to the Effective Time, unless otherwise directed in writing by Parent at least ten five (105) Business Days prior to the Effective Time, effective as of the day immediately preceding the Effective Time, (i) the Company and each Subsidiary thereof shall take all actions necessary to effect the termination of any and all Company Employee Plans intended to qualify as a qualified cash or deferred arrangement under Section 401(k) of the Code, and (ii) effective as of immediately prior to the Effective Time, no Company employee shall have any right thereafter to contribute any amounts to any Company Employee Plan intended to qualify as a qualified cash or deferred arrangement under Section 401(k) of the Code. The Company shall provide Parent with evidence that each such Company Employee Plan has been terminated pursuant to an action by the Company Board or the board of directors of a Subsidiary, as applicable.

Appears in 1 contract

Samples: Agreement and Plan of Merger (Netsuite Inc)

401(k) Plans. Unless Effective as of immediately prior to the Effective Time, unless otherwise directed in writing by Parent at least ten five (105) Business Days prior to the Effective Time, effective as of the day immediately preceding the Effective Time, (i) the Company and each Subsidiary thereof shall take all actions necessary to effect the termination of any and all Company Employee Plans intended to qualify as a qualified cash or deferred arrangement under Section 401(k) of the Code, and (ii) effective as of immediately prior to the Effective Time, no Company employee shall have any right thereafter to contribute any amounts to any Company Employee Plan intended to qualify as a qualified cash or deferred arrangement under Section 401(k) of the Code. The Company shall provide Parent with evidence that each such Company Employee Plan has been terminated pursuant to an action by the Company Board or the board of directors of a Subsidiary, as applicable.. Table of Contents CONFIDENTIAL

Appears in 1 contract

Samples: Agreement and Plan of Merger (Oracle Corp)

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401(k) Plans. Unless otherwise directed in writing by Parent at least ten (10) Business Days prior to the Effective Time, effective as of the day immediately preceding the Effective Time, (i) the Company and each Subsidiary thereof shall take all actions necessary to effect the termination of any and all Company Employee Plans intended to qualify as a qualified cash or deferred arrangement under Section 401(k) of the Code, and (ii) no Company employee shall have any right thereafter to contribute any amounts to any Company Employee Plan intended to qualify as a qualified cash or deferred arrangement under Section 401(k) of the Code. The Company shall provide Parent with evidence that each such Company Employee Plan has been terminated pursuant to an action by the Company Board or the board of directors of a Subsidiaryterminated, as applicableupon request. Section 6.07.

Appears in 1 contract

Samples: Agreement and Plan of Merger (Bidz.com, Inc.)

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