Common use of Establishment of Chaparral 401(k) Plan Clause in Contracts

Establishment of Chaparral 401(k) Plan. Effective as of the Distribution Date, Chaparral shall adopt, establish and maintain a Pension Plan and trust qualified under section 401(a) and section 501(a) of the Code (the “Chaparral 401(k) Plan”) that is substantially similar to the TXI Retirement Plan and trust (the “TXI 401(k) Plan”). Chaparral shall assume and thereafter be solely responsible for all then existing or future employer Liabilities arising from or related to the Chaparral 401(k) Plan and the administration thereof. As soon as practicable after the adoption of the Chaparral 401(k) Plan, Chaparral shall submit an application to the IRS for a determination regarding the qualification of the Chaparral 401(k) Plan and shall take any actions not inconsistent with Chaparral’s other general commitments contained in this Agreement and make any amendments necessary to receive a favorable determination letter.