Common use of Employee Benefit and Retirement Plans Clause in Contracts

Employee Benefit and Retirement Plans. Except as disclosed on Schedule 4.14, no Seller maintains any "employee pension benefit plan" or any "employee welfare benefit plan" (as defined respectively in Section 3(2) and 3(1) of the Employee Retirement Income Security Act of 1974, as amended ("ERISA")) on behalf of such Seller's employees engaged in the Business. Except as disclosed on Schedule 4.14, no Seller maintains any pension, retirement, profit-sharing, deferred compensation, stock option, employee stock ownership, share purchase, retention, change in control or severance plans; bonus or other incentive arrangements; life or disability insurance plans; medical, vision, dental or other health insurance plans; flexible spending account; vacation, holiday or any other fringe benefit arrangements for any employees engaged in the Business, whether written or unwritten, funded or unfunded, actual or contingent. Each Seller acknowledges and agrees that (i) Buyers shall not be treated as a successor employer within the meaning of Treasury Regulation § 54-4980B-9 (“COBRA”), (ii) Sellers will retain all obligations under COBRA for all employees of the Business, whether or not hired by Buyers, and (iii) Buyers shall have no liability under COBRA relating to the employees engaged in the Business for events occurring on or prior to the Closing. Sellers agrees to provide each employee engaged in the Business with COBRA notices.

Employee Benefit and Retirement Plans. Except as disclosed on Schedule 4.14, no Seller maintains does not maintain any "employee pension benefit plan" or any "employee welfare benefit plan" (as defined respectively in Section 3(2) and 3(1) of the Employee Retirement Income Security Act of 1974, as amended ("ERISA")) on behalf of such Seller's employees engaged in the Business. Except as disclosed on Schedule 4.14, no Seller maintains does not maintain any pension, retirement, profit-sharing, deferred compensation, stock option, employee stock ownership, share purchase, retention, change in control or severance plans; bonus or other incentive arrangements; life or disability insurance plans; medical, vision, dental or other health insurance plans; flexible spending account; vacation, holiday or any other fringe benefit arrangements for any employees engaged in the Business, whether written or unwritten, funded or unfunded, actual or contingent. Each Seller acknowledges and agrees that (i) Buyers Buyer shall not be treated as a successor employer within the meaning of Treasury Regulation § 54-4980B-9 (“COBRA”), (ii) Sellers Seller will retain all obligations under COBRA for all employees of the Business, whether or not hired by BuyersBuyer, and (iii) Buyers Buyer shall have no liability under COBRA relating to the employees engaged in the Business for events occurring on or prior to the Closing. Sellers Seller agrees to provide each employee engaged in the Business with COBRA notices.