Defined Benefit Retirement and Pension Plans. At such time on or after the Effective Time as FirstMerit shall deem appropriate, FirstMerit will either (a) cause the merger of the CoBancorp pension plan into the FirstMerit defined benefit plan, in which case (i) each CoBancorp employee shall be credited with the service for eligibility and vesting purposes (but not for benefit accrual purposes) with which he was credited under the CoBancorp pension plan as of the date of such merger, (ii) each participant in the CoBancorp pension plan shall be entitled to his benefit accrued under the CoBancorp plan as of the date of such merger, but only to the extent such participant is otherwise eligible therefor under the terms of the FirstMerit defined benefit plan, and (iii) each CoBancorp employee who satisfies the age and service eligibility requirements of the FirstMerit defined benefit plan (including the past service credit referred to in (i) above) shall be eligible to participate in the FirstMerit defined benefit plan and accrue benefits thereunder on and after the date of such merger in accordance with the provisions thereof; or (b) terminate the CoBancorp pension plan and provide benefits in accordance with the terms thereof, and extend the FirstMerit defined benefit plan to CoBancorp employees as of the effective date of the CoBancorp pension plan termination, in which case such CoBancorp employees shall be credited with service for eligibility and vesting purposes (but not for benefit accrual purposes) under the FirstMerit defined benefit plan for periods of their CoBancorp employment. CoBancorp may at any time prior to the Effective Time make amendments to the CoBancorp pension plan to assure that all accrued pension plan benefits shall be fully vested in the pension plan participants.
Defined Benefit Retirement and Pension Plans. At the Effective Time (i) each Security First employee shall be credited with their past service for eligibility and vesting purposes (but not for benefit accrual purposes) as of the Effective Date of the Merger, and (ii) each Security First employee who satisfies the age and service eligibility requirements of the FirstMerit defined benefit plan (including the past service credit referred to in (i) above) shall be eligible to participate in the FirstMerit defined benefit plan and accrue benefits thereunder on and after the date of the Merger in accordance with the provisions thereof.
Defined Benefit Retirement and Pension Plans. Signal does not have in effect any defined benefit retirement, pension or similar type plan for its employees. FirstMerit maintains the Pension Plan for Employees of FirstMerit Corporation and Subsidiaries ("FirstMerit Pension Plan"). No credit for years of service at Signal or of any of the Signal Subsidiaries for purposes of determining eligibility, vesting, for benefit accrual purposes, or as "participating" or "credit service" under the FirstMerit Pension Plan will be granted to employees of Signal or Signal Subsidiaries.
