Common use of Pension and Employee Benefits Clause in Contracts

Pension and Employee Benefits. (i) Each of the Company and its subsidiaries has complied with all the terms of, and all applicable Law in respect of, employee compensation and benefit obligations of the Company and its subsidiaries. Other than the Stock Option Plan and all Employee Plans set out in Section 3.1(ee) of the Exeter Disclosure Letter, neither the Company nor any of its subsidiaries has any pension or retirement income plans or other employee compensation or benefit plans, agreements, policies, programs, arrangements or practices, whether written or oral, which are maintained by or binding upon the Company. The Company is in compliance with the terms of the Stock Option Plan and all applicable Law related thereto. (ii) The Company does not have any stock option plan or similar arrangement other than the Stock Option Plan. Section 3.1(ee) of the Exeter Disclosure Letter sets out a complete, up-to-date and accurate list of all Exeter Optionholders together with the number of Exeter Options granted, the exercise price, vesting provisions and the expiry date thereof. (iii) All Employees Plans are set out in Section 3.1(ee) of the Exeter Disclosure Letter. Each of the Company and its subsidiaries has complied with all the terms of, and all applicable Laws in respect of, the Employee Plans. All contributions, and premiums owing under the Employee Plans have been paid when due in accordance with the terms of the Employees Plans and applicable Laws. All Employee Plans that provide group benefits are establish though a contract of insurance, and no retroactive increase in premiums is permitted thereunder. No Employee Plan is a “registered pension plan” as such term is defined in the Tax Act or provides benefits following the retirement or (except where required by statute) termination of employment of any employee of the Company or its subsidiaries.