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 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 Company Plans shall not be terminated). The Company shall provide Acquirer with evidence that such Company Employee 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 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 401(k) Plan would reasonably be anticipated to trigger liquidation charges, surrender charges or other fees then the Company or the 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. (a) Effective as of the day immediately preceding the Closing Date, the Company or the Subsidiary shall terminate all any Company Employee Plans that are “employee benefit plans” within the meaning of ERISA, including the Company’s intended to include a Section 401(k) Plan arrangement (unless and to the extent that Acquirer provides written notice to the Company no later than three Business Days prior to the Closing Date that such Company Plans plans shall not be terminated). The Company shall provide Acquirer with evidence that such Company Employee Plans Plan(s) 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 the reasonable review and approval by of Acquirer. The Company also shall also 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 (not in the ordinary course of plan termination), then the Company or the 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, which charges and/or fees shall be deemed Transaction Expenses hereunder.

Termination of Benefit Plans. Effective as of the day immediately preceding the Closing Date, the Company or the Subsidiary Subsidiaries, as applicable, 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 Company Plans 401(k) Plan shall not be terminated). The Company shall provide Acquirer with evidence that such Company Employee Plans 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 also 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 Subsidiary 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 Subsidiary shall terminate all the Company Employee Plans that are “employee benefit plans” within 401(k) Plan and no later than the meaning of ERISA, including Closing Date shall terminate the Company’s 401(k) 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 Company Plans 401(k) plans shall not be terminated). The Company shall provide Acquirer with evidence that such Company Employee Plans Plan(s) 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 also 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 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 AcquirerAcquirer no later than 10 Business Days prior to the Closing Date.