Termination of the plan is not an exception to the early-distribution penalty.
Exceptions to the early-distribution penalty:
https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-tax-on-early-distri...
Presumably this is a qualified retirement plan. If termination of the plan results in a distribution to you, you can roll the distribution over to an IRA to continue to defer the income and avoid an early-distribution penalty.
