Common use of Termination of Benefit Plans Clause in Contracts

Termination of Benefit Plans. Effective as of the day immediately preceding the Closing Date, the Company or the Subsidiaries, as applicable, shall terminate the 401(k) Plan (unless Acquirer provides written notice to the Company no later than three Business Days prior to the Closing Date that such 401(k) Plan shall not be terminated). The Company shall provide Acquirer with evidence that such Company Employee Plan(s) and the Company Option Plan have been terminated (effective no later than the day immediately preceding the Closing Date) pursuant to resolutions of the Board or any applicable committee thereof. The form and substance of such resolutions shall be subject to review and approval by Acquirer. The Company also shall take such other actions in furtherance of terminating such Company Employee Plan(s) as Acquirer may reasonably require. In the event that termination of the Company’s 401(k) Plan would reasonably be anticipated to trigger liquidation charges, surrender charges or other fees then the Company or the Subsidiaries shall take such actions as are necessary to reasonably estimate the amount of such charges and/or fees and provide such estimate in writing to Acquirer.

Termination of Benefit Plans. Effective as of the day immediately preceding the Closing Date, the Company or the Subsidiaries, as applicable, shall terminate the Company 401(k) Plan and no later than the Closing Date shall terminate the Company’s 2021 Equity Incentive Plan (unless Acquirer provides written notice to the Company no later than three Business Days prior to the Closing Date that such 401(k) Plan plans shall not be terminated). The Company shall provide Acquirer with evidence that such Company Employee Plan(s) and the Company Option Plan have been terminated (effective no later than the day immediately preceding the Closing Date) pursuant to resolutions of the Company Board or any applicable committee thereof. The form and substance of such resolutions shall be subject to review and approval by Acquirer. The Company also shall take such other actions in furtherance of terminating such Company Employee Plan(s) as Acquirer may reasonably require. In the event that termination of the Company’s 401(k) Plan would reasonably be anticipated to trigger liquidation charges, surrender charges or other fees then the Company or the Subsidiaries shall take such actions as are necessary to reasonably estimate the amount of such charges and/or fees and provide such estimate in writing to AcquirerAcquirer no later than 10 Business Days prior to the Closing Date.

Termination of Benefit Plans. Effective as of the day immediately preceding the Closing Date, the Company or the Subsidiaries, as applicable, Subsidiary shall terminate all Company Employee Plans that are “employee benefit plans” within the meaning of ERISA, including the Company’s 401(k) Plan (unless Acquirer provides written notice to the Company no later than three Business Days prior to the Closing Date that such 401(k) Plan Company Plans shall not be terminated). The Company shall provide Acquirer with evidence that such Company Employee Plan(s) and the Company Option Plan Plans have been terminated (effective no later than the day immediately preceding the Closing Date) pursuant to resolutions of the Board or any applicable committee thereof. The form and substance of such resolutions shall be subject to review and approval by Acquirer. The Company shall also shall take such other actions in furtherance of terminating such Company Employee Plan(s) as Acquirer may reasonably require. In the event that termination of the Company’s 401(k) Plan would reasonably be anticipated to trigger liquidation charges, surrender charges or other fees then the Company or the Subsidiaries Subsidiary shall take such actions as are necessary to reasonably estimate the amount of such charges and/or fees and provide such estimate in writing to Acquirer.

Termination of Benefit Plans. Effective as of the day immediately preceding the Closing Date, the Company or the Subsidiaries, as applicable, shall terminate the any and all Company Employee Plans intended to include a Code Section 401(k) Plan arrangement (unless Acquirer provides written notice to the Company that such 401(k) plans shall not be terminated). Unless Acquirer provides such written notice to the Company, no later than three five Business Days prior to the Closing Date that such 401(k) Plan shall not be terminated). The Date, the Company shall provide Acquirer with evidence that such Company Employee Plan(s) and the Company Option Plan have been terminated (effective no later than as of the day immediately preceding the Closing Date) pursuant to resolutions of the Board or any applicable committee thereofCompany Board. The form and substance of such resolutions shall be subject to review and approval by of Acquirer. The Company also shall take such other actions in furtherance of terminating such other Company Employee Plan(s) as Acquirer may reasonably require. In the event that termination of the Company’s 401(k) Plan would reasonably be anticipated to trigger liquidation charges, surrender charges or other fees then the Company or the Subsidiaries shall take such actions as are necessary to reasonably estimate the amount of such charges and/or fees and provide such estimate in writing to AcquirerAcquirer no later than 10 Business Days prior to the Closing Date.