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This excerpt taken from the MRVL 10-Q filed Sep 8, 2005. Employee Plans”).
(b) Each Employee Plan has been maintained, funded, operated and administered in compliance in all material respects with all applicable laws and regulations, including but not limited to, ERISA, the Code, and the Health Insurance Portability and Accountability Act of 1996. Each Employee Plan that is intended to be qualified under Section 401(a) of the Code and each trust forming a part thereof that is intended to be exempt from taxation under Section 501(a) of the Code has received a favorable determination letter from the IRS as to its qualification and tax-exempt status and nothing has occurred since the date of such determination letter that would reasonably be expected to adversely affect the qualification of such Employee Plan or the
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tax-exempt status of such related trust. No Employee Plan is a plan subject to Section 302 or Title IV of ERISA, nor a “multiemployer plan” as defined in Section 3(37) of ERISA and 414(f) of the Code, nor a “multiple employer plan” as described in Section 4063(a) of ERISA and 413 of the Code, and neither Seller nor any Person which, together with Seller, would be (or would have ever been) treated as a single employer under Section 4001 of ERISA or Section 414 of the Code has ever contributed or had an obligation to contribute to any such plans.
(c) Except as set forth in Section 3.14(c) of the Seller Disclosure Letter, no current or former director, officer, consultant or other employee of the Business will become entitled to any retirement, severance or similar benefit or enhanced or accelerated benefit (including any acceleration of vesting or lapse of repurchase rights or obligations with respect to any employee stock option or other benefit under any stock option plan or compensation plan or arrangement of Seller) as a result of the transactions contemplated hereby or any termination of employment or service in connection therewith (except as required under COBRA or as may be required under Section 411(d)(3) of the Code).
(d) No Employee Plan provides post-retirement health and medical, life or other welfare benefits for retired employees of the Business (other than benefit coverage mandated by applicable statute, including benefits provided pursuant to COBRA).
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