Establishment and Spinoff of 401(k) Plan. (a) Effective as of the Distribution Time (the “AOUT 401(k) Plan Effective Date”), (i) AOUT (or a designated member of the AOUT Group) shall have adopted a defined contribution plan that contains a cash or deferred arrangement within the meaning of Section 401(k) of the Code and is intended to be qualified under Section 401(a) of the Code (the “AOUT 401(k) Plan”), and (b) each member of the AOUT Group shall no longer be a participating employer in the SWBI 401(k) Plan (the “SWBI 401(k) Plan”). The AOUT 401(k) Plan is intended to have terms and features (including employer contribution provisions) substantially similar to the SWBI 401(k) Plan for the applicable AOUT Employees.
Appears in 4 contracts
Samples: Employee Matters Agreement (American Outdoor Brands, Inc.), Employee Matters Agreement (Smith & Wesson Brands, Inc.), Employee Matters Agreement (American Outdoor Brands, Inc.)
