401(k) Profit Sharing Plan. During the Term, Executive will continue to be eligible to participate in the Xxxxxx Capital Group, Inc. 401(k)/Profit Sharing plan or any successor plan in effect from time to time in accordance with its terms as in effect from time to time.
401(k) Profit Sharing Plan. If this is a 401(k) profit sharing plan, unless the Adoption Agreement indicates otherwise, Forfeitures of Employer Profit Sharing Contributions, Matching Contributions and Excess Aggregate Contributions shall be used to reduce Employer Contributions.
401(k) Profit Sharing Plan. If this Plan is a 401(k) profit sharing plan, any Nondeductible Employee Contributions and Elective Deferrals, plus any income allocable thereto, shall be distributed to the Participant to the extent they would reduce the Excess Annual Additions. Income allocable to such Excess Annual Additions shall be computed in a manner consistent with the manner described in Section 7.02(B) of the Plan (i.e. the usual manner used by the Plan Administrator for allocating income or loss to Participants' Individual Accounts); If, after distributing Nondeductible Employee Contributions (including any earnings thereon) and Elective Deferrals (including any earnings thereon), Excess Annual Additions still exist, the Excess Annual Additions attributable to Employer Profit Sharing Contributions shall be deemed Forfeitures and shall be allocated in accordance with Section 3.01(C) of the Plan to all Qualifying Participants that have not reached their Annual Additions limit. If all Qualifying Participants have reached their Annual Additions limit before all Excess Annual Additions have been allocated, the remaining amount will be held unallocated in a suspense account. The suspense account will be applied to reduce future Employer Contributions (including allocation of any Forfeitures) for all remaining Participants in the next Limitation Year, and each succeeding Limitation Year if necessary. If a suspense account is in existence at any time during a Limitation Year pursuant to this Section 3.12 of the Plan, it will participate in the allocation of the Fund's investment gains and losses. If a suspense account is in existence at any time during a particular Limitation Year, all amounts in the suspense account must be allocated and reallocated to Participants' Individual Accounts before any Employer Contributions or any Nondeductible Employee Contributions may be made to the Plan for that Limitation Year. Excess Annual Additions may not be distributed to Participants or former Participants.
401(k) Profit Sharing Plan. The Company shall terminate its 401(k) Profit Sharing Plan effective immediately prior to Closing, unless Parent provides written notice to the Company at least five (5) Business Days prior to the Closing Date.
401(k) Profit Sharing Plan. If requested by First Merchants, IALB shall cause the IAB 401(k) Profit Sharing Plan to be terminated prior to the Effective Date.
401(k) Profit Sharing Plan. If this is a 401(k) profit sharing plan, unless the Adoption Agreement indicates otherwise, Forfeitures of Employer Profit Sharing Contributions, Matching Contributions, ACP Test Safe Harbor Matching Contributions, and Excess Aggregate Contributions shall be used to reduce Employer Contributions. Notwithstanding the foregoing, Forfeitures arising under Plan Section 3.12 (Excess Annual Additions) may be allocated to Qualifying Participants in accordance with Plan Section 3.04(B).
401(k) Profit Sharing Plan. Prior to the Closing Date, the Stockholder shall cause the Company to adopt a resolution terminating the Company’s 401(k) Plan (the “401(k) Plan”), effective immediately prior to the Closing; provided, however, such resolution shall provide that the 401(k) Plan shall not terminate in the event that the stock sale transaction contemplated under this Agreement is not consummated and the Closing does not occur as provided herein. Upon the Closing, Stockholder agrees to proceed expeditiously with all of the necessary and appropriate steps in furtherance of the termination of the 401(k) Plan. As part of the foregoing actions to terminate the 401(k) Plan, the Company shall specifically authorize the distribution of the account balance of each 401(k) Plan participant, in accordance with the distribution method elected by each such participant (the “Distributions”) with the Distributions to take place as soon as practicable following the Closing and in accordance with the provisions of the Code, ERISA, the 401(k) Plan, and Buyer’s 401(k) Plan (“Buyer’s 401(k) Plan”). The Company shall allow any participant in the 401(k) Plan who is employed by the Company immediately after the Closing Date (the “Hired Employees”) to elect to have a direct transfer, pursuant to Section 401(a)(31) of the Code, of his/her Distribution made to Buyer’s 401(k) Plan. To the extent permitted by the Code or ERISA, Buyer’s 401(k) Plan shall accept (by direct transfer or otherwise) the Distributions. Buyer and Stockholder hereby mutually agree to exercise their reasonable best efforts to facilitate and complete the actions described in this Section 5.15.
401(k) Profit Sharing Plan. In the event that Executive's employment is terminated under the circumstances contemplated by Subsection 7(a) above, the Bank shall, under this Agreement make such payments at such times and in such amounts as necessary to produce the same chronological sequence and amount of payments which Executive would have been eligible in the context of such termination to receive under the Bank's 401k Profit Sharing Plan (the "Plan"), including calculation of credited service for vesting purposes to include both actual credited service and the Severance Period. Payments under Section 7(b) shall be in addition to any payments made to Executive under Section 7(a)(i), 7(a)(ii), 7(a)(iii), and/or 7(a)(iv).
