Examples of Varex Board in a sentence
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.
Should a Director wish to serve on the board of directors of a for-profit entity other than Varex or a significant non-profit organization, such Director should first verify with the Chairman of the Board, Chairman of the Nominating and Corporate Governance Committee, and the Legal Department that no conflicts of interest with such other entity or organization exist andthat such other service would not otherwise compromise the Director’s service on the Varex Board.
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.
With respect to any Varex non-employee director, Varex shall be responsible for the payment of any fees for service on the Varex Board that are earned at any time after the Effective Time and Parent shall not have any responsibility for any such payments.