CompUSA 2015 Annual Report Download - page 91

6.11 Employee Benefit Plans .Systemax’sandSeller’sEmployeeBenefitPlanshavebeenmaintainedinallmaterialrespectsinaccordancewith
their terms and all applicable Legal Requirements.  None of the Sellers nor any Member of the Controlled Group maintains or contributes to, or has ever
maintainedorcontributed to, any Defined Benefit PlanorMultiemployerPlan.No Employee Benefit Planisorisintended to be a“registered pensionplan”,
“deferredprofitsharingplan”,a“registeredretirementsavingsplan”,a“retirementcompensationarrangement”ora“tax-freesavingsaccount”assuchtermsare
defined in the Income Tax Act (Canada).  None of the Employee Benefit Plans provide for retiree or post-termination benefits or for benefits to retired or
terminated employees or to the beneficiaries or dependents of retired or terminated employees.  Nothing contained in any of the Employee Benefit Plans will
obligatePurchasertoprovideanybenefitstoemployees,formeremployeesorbeneficiariesofemployeesorformeremployees,ortomakeanycontributionstoany
plansfromandaftertheClosing,orcouldsubjectPurchaser,directlyorindirectly,toanyLiability,contingentorotherwise,withrespecttoanyEmployeeBenefit
Plan.
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6.12 Compliance with Laws .
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(a)Sellersareandatalltimesinthepastfiveyearshavebeen,incompliancewitheachLegalRequirementthatisapplicabletotheBusiness,
any Purchased Assets or any Assumed Liabilities, other than as would not have a Material Adverse Effect, and no event has occurred, and no condition or
circumstanceexists,thatmight(withorwithoutnoticeorlapseoftime)constitute,orresultdirectlyorindirectlyin,adefaultunder,abreachorviolationof,ora
failuretocomplywith,anysuchLegalRequirement,otherthanaswouldnothaveaMaterialAdverseEffect.NoSellerhasreceivedanynoticefromanythird
partyregardinganyactual,allegedorpotentialviolationofanysuchLegalRequirementthathasnotbeenfinallyresolvedpriortothedatehereof.
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(b)Tothe Knowledge of Sellers, no Governmental Authorityhas proposed oris considering anyLegal Requirementthatmayaffect the
Business,thePurchasedAssetsortheAssumedLiabilities,orSellers’rightsthereto,excepttotheextentthatanysuchLegalRequirement,ifadoptedorotherwise
putintoeffect,individuallyorintheaggregate,willnothaveaMaterialAdverseEffect.
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6.13 Governmental Approvals .
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(a)Sellershaveall materialGovernmentalApprovalsthatarenecessary inconnectionwithSellers’ownership anduseofthePurchased
AssetsandSellers’operationoftheBusiness,exceptforanytheabsenceofwhichwouldnothaveaMaterialAdverseEffect.WithrespecttotheBusiness,Sellers
havemadeallfilingswith,andgivenallnotificationsto,allGovernmentAuthoritiesasrequiredbyallapplicablematerialLegalRequirements,exceptforanythe
absenceof which would nothaveaMaterialAdverseEffect.  Each suchmaterial Governmental Approval,filingandnotificationisvalidandin full force and
effect, and there is not pending or, to the Knowledge of Sellers, threatened any Proceeding which could result in the suspension, termination, revocation,
cancellation,limitationorimpairmentofanysuchmaterialGovernmentalApproval,filingornotification.Noviolationshavebeenrecordedinrespectofanysuch
materialGovernmentalApprovals,andtotheKnowledgeofSellers,thereisnomeritoriousbasistherefor.Nofinesorpenaltiesaredueandpayableinrespectof
anysuchmaterialGovernmentalApprovaloranyviolationthereof.
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