Buyer 401(k) Plan. To the extent permitted by applicable law and subject to Buyer’s and Seller’s reasonable satisfaction that the Reuters 401(k) Plan and Buyer’s 401(k) Plan, respectively, meet the requirements for qualification under Section 401(a) of the Code, (i) Seller shall permit each In-Scope Employee to effect, and Buyer agrees to cause Buyer’s 401(k) Plan to accept, a “direct rollover” (within the meaning of Section 401(a)(31) of the Code) of his or her account balances under the Reuters 401(k) Plan if such rollover is elected in accordance with applicable law and the terms of the Reuters 401(k) Plan by such In-Scope Employee and (ii) Seller shall permit each In-Scope Employee to roll over any loan balance outstanding under the Reuters 401(k) Plan as of the date of such direct rollover and Buyer agrees to accept and administer each such outstanding loan balance under Buyer’s 401(k)
Buyer 401(k) Plan. Subject to the delivery to Buyer of a currently effective IRS determination letter with respect to the 401(k) Plan, and to the extent necessary under the Buyer 401(k) Plan (as defined below) and Applicable Law, Buyer shall adopt (or shall cause there to be adopted), effective as of the Closing Date, resolutions amending (or directing the appropriate officers of Buyer to amend) Buyer’s employee pension benefit plan intended to be qualified under Section 401(a) of the Code that includes a cash or deferred arrangement intended to qualify under Section 401(k) of the Code (the “Buyer 401(k) Plan”) so as to permit such Buyer 401(k) Plan to accept rollover contributions attributable to the termination of the 401(k) Plan contemplated by Section 7.10 of this Agreement, including any promissory notes presently representing outstanding participant loans under such 401(k) Plan.
Buyer 401(k) Plan. Buyer will, or will cause the applicable employer of the employees of the Company as of the Closing Date (the “Affected Employees”) to, provide to the Affected Employees credit for all service with the Company for purposes of eligibility and vesting under the 401(k) Plan maintained by Buyer, except to the extent that it would result in a duplication of benefits with respect to the same period of service. As permitted by applicable Law, the Affected Employees will be permitted to timely transfer to the 401(k) Plan maintained by Buyer their account balances with and their personal loans from the 401(k) Plan maintained by the Company and any applicable thirty (30) day wait period required by the 401(k) plan maintained by Buyer shall be waived. Nothing contained herein shall be construed as requiring Buyer or the Company to continue any specific Employee Benefit Plan, or requires Buyer or the Company to continue the employment of any specific person after the Closing.
Buyer 401(k) Plan. Buyer shall, or shall cause one of its Affiliates to, continue to maintain the Tock, Inc. 401(k) Plan (the “Company 401(k) Plan”) through December 31, 2021. Effective as of January 1, 2022, Buyer shall, or shall cause one of its Affiliates to, maintain or establish, a defined contribution plan that is intended to be tax-qualified (the “Buyer 401(k) Plan”) and in which the Continuing Employees shall be eligible to participate as of January 1, 2022, subject to satisfaction of eligibility provisions and after taking into account Section 0.
Buyer 401(k) Plan. Buyer agrees to cause Buyer’s 401(k) plan to accept a “direct rollover” of the account balances of all Transferred Employees from any Seller’s 401(k) plan if such rollover is elected in accordance with the terms of such Seller’s 401(k) plan and applicable Law by such Transferred Employees.
