Common use of Qualified Defined Contribution Plan Clause in Contracts

Qualified Defined Contribution Plan. (i) Subject to the terms of this §8.5(e), Assets and Liabilities attributable to the vested and unvested account balances of the Transferred Employees (or any other applicable H▇▇▇ Employee who is an HBIO Participant) , including any notes relating to outstanding plan loans, which are held in the trust under the Harvard Bioscience, Inc. 401(k) Plan (the “DC Trust”) shall be spun off to a new 401(k) plan, the provisions of which shall initially mirror the plan under the DC Trust, and which H▇▇▇ shall sponsor and maintain (the “H▇▇▇ 401(k) Plan”). The Parties hereto shall cooperate in good faith to complete such separation on commercially reasonable terms and conditions, effective as of the Distribution Date or as soon thereafter as reasonably practicable. For purposes of counting service for eligibility, vesting and the accrual of benefits under the H▇▇▇ 401(k) Plan, the HBIO Employment of any Transferred Employee (or other H▇▇▇ Employee) shall count as H▇▇▇ Employment under the H▇▇▇ 401(k) Plan, as of the effective date of such Plan. (a) (ii) H▇▇▇ shall be responsible for taking all necessary, reasonable and appropriate actions to establish, maintain and administer the H▇▇▇ 401(k) Plan so that it is qualified under Section 401(a) of the Code, so that the trust related thereto is exempt from Federal income tax under Section 501(a) of the Code. H▇▇▇ (acting directly or through one or more of its Affiliates) shall be responsible for any and all Liabilities and other obligations with respect to the H▇▇▇ 401(k) Plan.