This excerpt taken from the DYN 10-K filed Feb 28, 2008.
At December 31, 2007, we had approximately 500 employees at our administrative offices and approximately 1,300 employees at our operating facilities. Approximately 700 employees at Dynegy-operated facilities are subject to collective bargaining agreements with various unions that expire in March 2008 (as amended), August 2010 and June 2011. We believe relations with our employees are satisfactory.
This excerpt taken from the DYN 8-K filed May 31, 2007.
Section 3.13 Employees.
(a) The Company does not have any employees and does not have any liability with respect to a multiemployer plan (as such term is defined in Section 3(37) of ERISA). Seller has listed on Schedule 3.13(a), and made available to Buyer copies of, each Benefit Plan (including each employment, retention, severance, change in control or similar agreement or plan) and has identified on Schedule 3.13(a) each such Benefit Plan with respect to which the Company or Buyer could have any liability after the Closing Date. Each Benefit Plan with respect to which the Company or Buyer could have any liability after the Closing Date is in substantial compliance with all applicable laws and has been administered and operated in all material respects in accordance with its terms. All contributions or other amounts the Company was required to make under the terms of the Benefit Plans have been paid in a timely manner in
accordance with applicable law. None of the Company, Buyer or any Affiliate of Buyer will have any liability under Title IV of ERISA with respect to any Benefit Plan after the Closing Date. The transactions contemplated by this Agreement will not increase any compensation or benefits of any Employees under any Benefit Plan or increase or otherwise result in any liability of the Company or Buyer with respect to any Benefit Plan (including under any employment, retention, severance, change in control or similar agreement or plan).
(b) Schedule 3.13(b) sets forth the names and positions of all Employees as of the Effective Date and identifies whether such Employees are actively employed or on leave and whether any such Employees are subject to any employment agreements. Seller has provided to Buyer a spreadsheet dated May 25, 2007 that sets forth the salary, bonuses, base hours, service date and vacation benefits levels for all such Employees as of the Effective Date. To the Knowledge of Seller, none of the Employees are subject to any non-competition or similar covenants or other arrangements or restrictions that would prohibit the Employee from working for the Company, Buyer or any of their Affiliates after the Closing Date. Nothing in this Section 3.13 or this Agreement shall require Seller, its Affiliates or the Company to provide Buyer or its Affiliates copies of or access to information contained in any of Sellers or its Affiliates employee records or personnel files.
(c) To Sellers Knowledge, none of Seller, the Company or any Retained Affiliate: (i) is a party to or bound by any collective bargaining agreements or other similar labor contracts affecting the Employees, (ii) has any active union organizing activity with respect to the Business, or (iii) has any actually pending labor strike, walk-out, dispute, work-stoppage, lockout, arbitration or grievance proceeding relating to the Employees or to the Business, in each case, which would reasonably be expected to, individually or in the aggregate, have a Material Adverse Effect.
Section 3.14 Absence of Certain Changes. Except as set forth on Schedule 3.14, since December 31, 2006, the Company has operated in the ordinary course of business, consistent with past practices. Since December 31, 2006, there has not been any (a) Material Adverse Effect or (b) event or condition that would reasonably be expected to create a Material Adverse Effect or prevent or delay Seller from consummating the transactions contemplated by this Agreement.
Section 3.15 Liabilities. Except for (a) liabilities of the Company to Seller or Retained Affiliates that will be satisfied in full prior to or concurrently with the Closing, and (b) as set forth on Schedule 3.15, the Company does not have any liability in excess of $500,000.00 individually, or $5,000,000.00 in the aggregate, that would be required to be reflected on an unaudited balance sheet of the Company prepared in accordance with GAAP, other than current liabilities incurred in the ordinary course of business.
Section 3.16 Balance Sheets. Seller has delivered to Buyer true and complete copies of the unaudited balance sheet of the Company as of December 31, 2006 and the quarter ending March 31, 2007 (the Balance Sheets). Such balance sheets were prepared in accordance with GAAP using the same accounting principles, policies and methods as have been historically used in connection with the calculation of the items reflected thereon and fairly present in all material respects the financial condition of the Company as of the respective dates thereof and for the respective periods covered thereby, subject to normal year-end adjustments and the absence of footnote disclosure.