Common use of Establishment of Plan Clause in Contracts

Establishment of Plan. Effective on or before the Distribution Date, the Varex Board shall adopt and establish the Varex 401(k) Plan and a related trust, which shall be intended to meet the qualification requirements of Section 401(a) of the Code (including under Sections 401(k) and (m) of the Code) including the safe-harbor requirements of Section 401(k)(12) of the Code. Varex may make such changes, modifications or amendments to the Varex 401(k) Plan as may be required by applicable Law or as are necessary and appropriate to reflect the Separation or which result from vendor limitations. Before the Distribution Date, Varex shall provide Parent with (a) a copy of the Varex 401(k) Plan and related trust and applicable IRS volume submitter approval or other IRS favorable determination letter with respect to the plan and (b) a copy of certified resolutions of the Varex Board (or its authorized committee or other delegate) evidencing adoption of the Varex 401(k) Plan and related trust and the obligations described in Section 5.02.

Establishment of Plan. Effective on or before the Distribution Date, the Varex C2 Board shall adopt and establish the Varex 401(k) C2 Savings Incentive Plan and a related trust, which shall be intended to meet the qualification requirements of Section 401(a) of the Code (including under Sections 401(k) and (m) of the Code) including the safe-harbor requirements of Section 401(k)(12) of the Code. Varex C2 may make such changes, modifications or amendments to the Varex 401(k) C2 Savings Incentive Plan as may be required by applicable Law or as are necessary and appropriate to reflect the Separation or which result from vendor limitations. Before the Distribution Date, Varex C2 shall provide Parent CIT with (ai) a copy of the Varex 401(k) C2 Savings Incentive Plan and related trust and applicable IRS volume submitter approval or other IRS favorable determination letter with respect to the plan and (bii) a copy of certified resolutions of the Varex C2 Board (or its authorized committee or other delegate) evidencing adoption of the Varex 401(k) C2 Savings Incentive Plan and related trust and the obligations assumption by the C2 Savings Incentive Plan of the Liabilities described in Section 5.025.02(b).