Supercuts 2008 Annual Report Download - page 157

(b) Neither the Company nor any of its Subsidiaries has any obligation to contribute to (or any other liability, including current or potential
withdrawal liability, with respect to) any "multiemployer plan" (as defined in Section 3(37) of ERISA) or any employee benefit plan which is a
"defined benefit plan" (as defined in Section 3(35) of ERISA), whether or not terminated.
(c) Except as set forth on the Employee Benefits Schedule under the heading "Terminated Employee Benefits," neither the Company nor
any of its Subsidiaries has any obligation under any Plan or otherwise to provide medical, health, life insurance or other welfare-type benefits to
current or future retired or terminated employees (except for limited continued medical benefit coverage required to be provided under
Section 4980B of the Code or as required under applicable state law).
(d) Except as set forth on the Employee Benefits Schedule under the heading "Profit Sharing Plans," neither the Company nor any of its
Subsidiaries maintains, contributes to or has any liability or potential liability under (or with respect to) any employee benefit plan which is a
"defined contribution plan" (as defined in Section 3(34) of ERISA), whether or not terminated.
(e) With respect to the Plans, all required payments, premiums, contributions, reimbursements or accruals for all periods ending prior to or
as of the Closing shall have been made on a timely basis or properly accrued on the Latest Balance Sheet. None of the Plans has any unfunded
liabilities which are not reflected on the Latest Balance Sheet.
(f) The Plans and all related trusts, insurance contracts and funds have been maintained, funded and administered in compliance in all
material respects with their terms and with the applicable provisions of ERISA, the Code and other applicable laws. Neither the Company, any of
its Subsidiaries, nor, to the Company's knowledge, any trustee or administrator of any Plan has engaged in any transaction with respect to the
Plans which would subject the Company, any Subsidiary or any trustee or administrator of the Plans, or any party dealing with any such Plan,
nor do the transactions contemplated by this Agreement constitute transactions which would subject any such party, to either a civil penalty
assessed pursuant to Section 502(i) of ERISA or the tax or penalty on prohibited transactions imposed by Section 4975 of the Code. No actions,
suits, audits, investigations or claims with respect to the assets of the Plans (other than routine claims for benefits) are pending or threatened
which could result in or subject the Company or any of its Subsidiaries to any material liability and there are no circumstances which would give
rise to or be expected to give rise to any such actions, suits or claims. No liability to the Pension Benefit Guaranty Corporation or otherwise
under Title IV of ERISA has been, or could reasonably be expected to be, incurred by the Company or any of its Subsidiaries.
(g) Each of the Plans which is intended to be qualified under Section 401(a) of the Code has received a favorable determination from the
Internal Revenue Service that such plan is qualified under Section 401(a) of the Code or is entitled to rely upon an opinion or notification letter
issued to the sponsor of an IRS-approved M&P or volume submitter plan document, and, to the knowledge of the Company, there are no
circumstances which would adversely affect the qualified status of any such Plan.
(h) The Company has provided Buyer with true and complete copies of all documents pursuant to which the Plans are maintained, funded
and administered.
5.18 Insurance . The attached Insurance Schedule contains a true and complete list of all insurance policies to which the Company or
any of its Subsidiaries is a party or which provide coverage to or for the benefit of or with respect to the Company, its Subsidiaries or any
director or employee of the Company or its Subsidiaries in his or her capacity as such (the " Insurance Policies "), indicating in each case the
type of coverage, name of the insured, the insurer, the premium, the expiration date of each policy and the amount of coverage. The attached
Insurance Schedule
also describes any self-insurance or co-insurance arrangements by or affecting the Company or its Subsidiaries, including
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