(h) William Penn has not communicated to any current or former employee thereof any intention or commitment to modify in any material respect any William Penn Benefit Plan or contract to establish or implement any other employee or retiree benefit or compensation plan or arrangement. (i) No liability under Subtitle C or D of Title IV of ERISA has been or is expected to be incurred by William Penn or any William Penn Subsidiary with respect to any ongoing, frozen, or terminated William Penn or William Penn Subsidiary Plan. (j) No notice of a reportable event within the meaning of Section 4043 of ERISA for which the 30-day reporting requirement has been waived, has been required to be filed for any William Penn Benefit Plan within the past twelve (12) months. (k) The William Penn ESOP grants its participants full voting rights as to all shares of William Penn Common Stock held by the William Penn ESOP on behalf of such participants and that have been allocated to their accounts. 4.13. Environmental Matters. Except as set forth on William Penn Disclosure Schedule 4.13, with respect to William Penn and each William Penn Subsidiary: (a) To the Knowledge of William Penn, neither (i) the conduct nor operation of the business of William Penn or any William Penn Subsidiary nor (ii) any condition of any property currently or previously owned or operated by William Penn or any William Penn Subsidiary (including, without limitation, in a fiduciary or agency capacity), results or resulted in a violation of any Environmental Laws that is reasonably likely to impose a material liability (including a material remediation obligation) upon William Penn or any William Penn Subsidiary. No condition exists or has existed or event has occurred with respect to any of them or any such property that, with notice or the passage of time, or both, is reasonably likely to result in any material liability to William Penn or any William Penn Subsidiary by reason of any Environmental Laws. Neither William Penn nor any William Penn Subsidiary during the past five (5) years has received any written notice from any Person or Governmental Entity that William Penn or any William Penn Subsidiary or the operation or condition of any property ever owned, operated, or held as collateral or in a fiduciary capacity by any of them (including any Other Real Estate Owned or property pledged as collateral for any loan held by William Penn or any William Penn Subsidiary) are currently in violation of or otherwise are alleged to have liability under any Environmental Laws or relating to Materials of Environmental Concern (including, but not limited to, responsibility (or potential responsibility) for the cleanup or other remediation of any Materials of Environmental Concern at, on, beneath, or originating from any such property) for which a material liability is reasonably likely to be imposed upon William Penn or any William Penn Subsidiary; (b) There is no suit, claim, action, demand, executive or administrative order, directive, investigation or proceeding pending or, to William Penn’s Knowledge, threatened, before any court, Governmental Entity or other forum against William Penn or any William Penn Subsidiary (i) for alleged noncompliance (including by any predecessor) with, or liability under, any Environmental Law or (ii) relating to the presence of or release into the environment of any Materials of Environmental Concern (as defined herein), whether or not occurring at or on a site owned, leased or operated by William Penn or any William Penn Subsidiary; and (c) There are no underground storage tanks on, in or under any properties owned or operated by William Penn or any of the William Penn Subsidiaries, and no underground storage tanks have been closed or removed from any properties owned or operated by William Penn or any of the William Penn Subsidiaries except in compliance with Environmental Laws in all material respects. A-27
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