Common use of LABOR-RELATED MATTERS Clause in Contracts

LABOR-RELATED MATTERS. Neither the Company nor --------------------- either of the Banks is, and neither the Company nor either of the Banks has been, a party to any collective bargaining agreement or agreement of any kind with any union or labor organization or to any agreement with any of its employees which is not terminable at will or upon ninety (90) days notice at the election of, and without cost or penalty to, the Company or the Banks. Except as set forth in Section 4.5.4 of the Company Disclosure Memorandum, neither the Company nor either of the Banks has received at any time in the past five (5) years, any demand for recognition from any union, and no attempt has been made, or will have been made as of the Closing Date, to organize any of their employees. The Company has complied with all obligations under the National Labor Relations Act, as amended, the Age Discrimination in Employment Act, as amended, and all other federal, state and local labor laws and regulations applicable to employees. To the knowledge of Management, there are no unfair labor practice charges pending or threatened against the Company or either of the Banks, and there are, and in the past three (3) years there have been, no charges, complaints, claims or proceedings, or slowdowns or strikes pending or threatened against, or involving, as the case may be, the Company or either of the Banks with respect to any alleged violation of any legal duty (including but not limited to any wage and hour claims, employment discrimination claims or claims arising out of any employment relationship) by the Company or either of the Banks as to any of their employees or as to any person seeking employment therefrom, and no such violations exist.

LABOR-RELATED MATTERS. Neither the Company Vail Banks nor --------------------- either of the Banks WestStar is, and neither the Company Vail Banks nor either of the Banks WestStar has been, a party to any collective bargaining agreement or agreement of any kind with any union or labor organization or to any agreement with any of its employees which is not terminable at will or upon ninety (90) days notice at the election of, and without cost or penalty to, the Company Vail Banks or the BanksWestStar. Except as set forth in Section 4.5.4 6.5.4 of the Company Vail Banks Disclosure Memorandum, neither the Company Vail Banks nor either of the Banks WestStar has received at any time in the past five (5) years, any demand for recognition from any union, and no attempt has been made, or will have been made as of the Closing Date, to organize any of their employees. The Company Vail Banks has complied with all obligations under the National Labor Relations Act, as amended, the Age Discrimination in Employment Act, as amended, and all other federal, state and local labor laws and regulations applicable to employees. To the knowledge of Management, there are no unfair labor practice charges pending or threatened against the Company Vail Banks or either of the BanksWestStar, and there are, and in the past three (3) years there have been, no charges, complaints, claims or proceedings, or slowdowns or strikes pending or threatened against, or involving, as the case may be, the Company Vail Banks or either of the Banks WestStar with respect to any alleged violation of any legal duty (including but not limited to any wage and hour claims, employment discrimination claims or claims arising out of any employment relationship) by the Company Vail Banks or either of the Banks WestStar as to any of their employees or as to any person seeking employment therefrom, and no such violations exist.