Employment Matters; Other Post-Closing Items Sample Clauses

Employment Matters; Other Post-Closing Items. (a) Before or following consummation of the Merger, Valley will decide whether to continue each of the Westchester Benefit Plans for the benefit of employees of TWB and Westchester, or to have such employees become covered under a Valley benefit plan in accordance with the terms of the relevant Valley benefit plans. Subject to the foregoing, following consummation of the Merger, Valley shall make available to all employees and officers of Westchester who become employed by VNB coverage under the benefit plans generally available to VNB’s employees and officers (including pension and health and hospitalization) on the terms and conditions available to VNB’s employees and officers in Valley or VNB medical and dental plans for Westchester employees and their dependents. No prior existing condition limitation not currently imposed by Westchester or TWB medical or dental plans shall be imposed with respect to Valley’s or VNB’s medical and dental plans on Westchester or TWB employees. Westchester and TWB employees shall receive credit for any deductibles paid under Westchester and TWB existing medical and dental plans. Westchester employees will be given credit for eligibility and vesting purposes (but not for benefit accrual purposes) under Valley’s or VNB’s medical, life, vacation, sick leave, disability and other welfare plans for prior service with Westchester, and Westchester employees will be granted credit for such prior service with Westchester solely for purposes of eligibility and vesting under Valley’s or VNB’s 401(k) plan. No Westchester employee will be given credit for prior service under Valley’s or VNB’s defined benefit pension plan for any purpose.