Common use of Employees; Employee Benefit Plans Clause in Contracts

Employees; Employee Benefit Plans. (a) Parent shall, or shall cause the Surviving Corporation and its Subsidiaries to, (i) provide those employees who are, as of the Effective Time, employed by the Company or any of its Subsidiaries (the “Continuing Employees”) with full credit for their prior service with the Company or any Company Subsidiary for purposes of determining eligibility to participate, vesting and entitlement to benefits where length of service is relevant (including for purposes of vacation accrual) under any employee benefit plans or arrangement maintained or sponsored by Parent or the Surviving Corporation, or any subsidiary of Parent or Surviving Corporation, in which Continuing Employees participate (the “Parent Plans”) to the same extent recognized by the Company; (ii) waive all limitations as to preexisting conditions exclusions (or actively at work or similar limitations), evidence of insurability requirements and waiting periods with respect to participation and coverage requirements applicable to the Continuing Employees under any Parent medical, dental and vision plans in which Continuing Employees may be eligible to participate in after the Closing Date; and (iii) provide the Continuing Employees and their eligible dependents with credit for any co-payments, deductibles, offsets and maximum out-of-pocket requirements (or similar payments) made under the Company Benefit Plans for the remainder of the coverage period in which any transfer of coverage occurs, except, in any case of clause (i), (ii) or (iii) above, where doing so would cause a duplication of benefits.

Employees; Employee Benefit Plans. (a) Parent shall, or shall cause the Surviving Corporation Company and its Subsidiaries to, (i) provide give those employees who are, as of the Effective Time, employed by the Company or any of and its Subsidiaries (the “Continuing Employees”) with full credit for their prior service with the Company or any Company Subsidiary for purposes of determining eligibility to participate, and vesting and entitlement to benefits where length of service is relevant (including but not for purposes of vacation accrualany benefit accruals) under any employee benefit plans or arrangement arrangements maintained by Parent (other than any defined benefit or sponsored by equity-based plans), including, but not limited to, vacation and paid time off accruals, the Surviving Company or any Subsidiary of Parent or the Surviving CorporationCompany (collectively, or any subsidiary of Parent or Surviving Corporation, in which Continuing Employees participate (the “Parent Plans”) for such Continuing Employees’ service with the Company or any of its Subsidiaries (or any predecessor entity) to the same extent recognized by the CompanyCompany and its Subsidiaries; (ii) waive all limitations as to preexisting conditions conditions, exclusions (or actively at work or similar limitations), evidence of insurability requirements and waiting periods with respect to participation and coverage requirements applicable to the Continuing Employees under any Parent medical, dental and vision plans in which Continuing Employees Plan that is a welfare benefit plan that such employees may be eligible to participate in after the Closing DateEffective Time to the same extent waived by the Company and its Subsidiaries or otherwise not subject to a limitation by the Company and its Subsidiaries; and (iii) provide the Continuing Employees and their eligible dependents with credit under any such welfare plan for any co-payments, deductibles, offsets deductibles and maximum out-of-pocket requirements (or similar payments) made under the Company Benefit Plans expenditures for the remainder of the coverage period in during which any transfer of coverage occurs, except, ; and (iv) honor in any case of clause (i), (ii) accordance with their terms all employee benefit plans or (iii) above, where doing so would cause a duplication of benefitsarrangements maintained by the Company immediately prior to the Effective Time.

Employees; Employee Benefit Plans. (a) Parent shall, As of or shall cause the Surviving Corporation and its Subsidiaries to, (i) provide those employees who are, as of soon as practicable following the Effective Time, employed by the Company employees of SIB and its Subsidiaries (the "SIB Employees") shall become employees of ICBC or a Subsidiary thereof and shall be eligible to participate in the ICBC Plans in which similarly situated employees of ICBC or Independence Bank participate, to the same extent as similarly situated employees of ICBC or Independence Bank (it being understood that inclusion of SIB Employees in such employee benefit plans may occur at different times with respect to different plans); provided, however, that (i) nothing contained herein shall require ICBC or any of its Subsidiaries (to make any grants to any SIB Employee under the “Continuing Employees”) with full credit for their prior service with the Company or any Company Subsidiary for purposes of determining eligibility to participate, vesting and entitlement to benefits where length of service is relevant (including for purposes of vacation accrual) under any employee benefit plans or arrangement maintained or sponsored by Parent ICBC Stock Option Plans or the Surviving CorporationICBC 1998 Recognition and Retention Plan and Trust Agreement, or it being understood that any subsidiary of Parent or Surviving Corporation, in which Continuing Employees participate (the “Parent Plans”) to the same extent recognized by the Company; (ii) waive all limitations as to preexisting conditions exclusions (or actively at work or similar limitations), evidence of insurability requirements and waiting periods with respect to participation and coverage requirements applicable to the Continuing Employees under any Parent medical, dental and vision plans in which Continuing Employees may be eligible to participate in after the Closing Date; and (iii) provide the Continuing Employees and their eligible dependents with credit for any co-payments, deductibles, offsets and maximum out-of-pocket requirements (or similar payments) made under the Company Benefit Plans for the remainder of the coverage period in which any transfer of coverage occurs, except, in any case of clause (i)such grants are completely discretionary, (ii) nothing contained herein shall require ICBC or any of its Subsidiaries to permit a SIB Employee who is receiving severance as a result of the transactions contemplated by this Agreement pursuant to any employment, severance, consulting or other compensation agreements, plans and arrangements with SIB or any of its Subsidiaries to participate in any severance or change in control of agreement or plan offered by ICBC or any of its Subsidiaries, (iii) abovenothing contained herein shall require an SIB Employee's participation in the ICBC defined benefit pension plan and (iv) nothing contained herein shall require an SIB Employee's participation in the ICBC Employee Stock Ownership Plan prior to January 1, where doing so would cause a duplication of benefits2005.

Employees; Employee Benefit Plans. (a) Parent shall, On or shall cause the Surviving Corporation and its Subsidiaries to, (i) provide those employees who are, as of soon as practicable following the Effective Time, employed by the Company Employees who are employees of the Company or a Subsidiary of the Company at the Effective Time (the “Covered Employees”) shall become eligible to participate in the employee benefit plans sponsored or maintained by Acquiror or People’s United Bank, as applicable (excluding equity-based plans and defined benefit pension plans) (the “Acquiror Plans”) in which similarly situated employees of Acquiror or People’s United Bank, as applicable, participate, to the same extent as similarly situated employees of Acquiror or People’s United Bank, as applicable, so participate (it being understood that inclusion of Company Employees in such employee benefit plans may occur at different times with respect to different plans). Until such time, such Company Employees shall continue to participate in the Plans (excluding equity-based Plans and any Company Common Stock fund feature of the Company’s 401(k) Plan) in which each such Company Employee participated before the Effective Time on the same terms as in effect immediately prior to the Effective Time); provided, however, that (i) nothing contained herein shall require Acquiror or any of its Subsidiaries (the “Continuing Employees”) with full credit for their prior service with the Company or to make any grants to any Company Subsidiary for purposes of determining eligibility to participate, vesting and entitlement to benefits where length of service is relevant (including for purposes of vacation accrual) Employee under any employee benefit plans or arrangement maintained or sponsored by Parent or the Surviving Corporationequity-based plans, or it being understood that any subsidiary of Parent or Surviving Corporation, in which Continuing Employees participate (the “Parent Plans”) to the same extent recognized by the Company; such grants are completely discretionary and (ii) waive all limitations as to preexisting conditions exclusions (nothing contained herein shall require a Company Employee’s participation in Acquiror’s or actively at work or similar limitations), evidence any of insurability requirements and waiting periods with respect to participation and coverage requirements applicable to the Continuing Employees under any Parent medical, dental and vision plans in which Continuing Employees may be eligible to participate in after the Closing Date; and (iii) provide the Continuing Employees and their eligible dependents with credit for any co-payments, deductibles, offsets and maximum out-of-pocket requirements (or similar payments) made under the Company Benefit Plans for the remainder of the coverage period in which any transfer of coverage occurs, except, in any case of clause (i), (ii) or (iii) above, where doing so would cause a duplication of benefitsits Subsidiaries’ defined benefit pension plan.

Employees; Employee Benefit Plans. (a) Parent shall, or shall cause the Surviving Corporation Company and its Subsidiaries to, (i) provide give those employees who are, as of the Effective Time, employed by the Company or any of and its Subsidiaries (the “Continuing Employees”) with full credit under any employee benefit plans or arrangements maintained by Parent, the Surviving Company or any Subsidiary of Parent or the Surviving Company covering such Continuing Employees (other than any defined benefit, cash balance or equity-based plans), including, but not limited to, vacation and paid time off accruals, (collectively, the “Parent Plans”) for their prior such Continuing Employees’ service with the Company or any Company Subsidiary for purposes of determining eligibility to participate, vesting and entitlement to benefits where length of service is relevant its Subsidiaries (including for purposes of vacation accrual) under any employee benefit plans or arrangement maintained or sponsored by Parent or the Surviving Corporation, or any subsidiary of Parent or Surviving Corporation, in which Continuing Employees participate (the “Parent Plans”predecessor entity) to the same extent recognized by the CompanyCompany and its Subsidiaries; (ii) waive all limitations as to preexisting conditions conditions, exclusions (or actively at work or similar limitations), evidence of insurability requirements and waiting periods with respect to participation and coverage requirements applicable to the Continuing Employees under any Parent medical, dental and vision plans in which Continuing Employees Plan that is a welfare benefit plan that such employees may be eligible to participate in after the Closing DateEffective Time to the same extent waived by the Company and its Subsidiaries or otherwise not subject to a limitation by the Company and its Subsidiaries; and (iii) provide the Continuing Employees and their eligible dependents with credit under any such welfare plan for any co-payments, deductibles, offsets deductibles and maximum out-of-pocket requirements (or similar payments) made under the Company Benefit Plans expenditures for the remainder of the coverage period in during which any transfer of coverage occurs, except; and (iv) honor in accordance with their terms all employee benefit plans or arrangements maintained by the Company immediately prior to the Effective Time, in any each case of clause (i), (ii) or (iii) above, where doing so would cause a duplication of benefitsto the extent permitted under applicable Parent Plans.

Employees; Employee Benefit Plans. (a) Parent shall, or shall cause the Surviving Corporation and its Subsidiaries to, (i) provide those employees who are, as of Following the Effective Time, employed the Company Employees who are employees of the Company or a Subsidiary of the Company at the Effective Time (such Company Employees, “Transferred Employees”) shall continue to participate in all employee benefit plans of the Company until the later of December 31, 2013 or such time(s) as the Transferred Employees become eligible to participate in the corresponding employee benefit plans sponsored or maintained by Parent in which similarly situated employees of Parent participate (the “Parent Plans”), to the same extent as such similarly situated employees of Parent so participate (it being understood that inclusion of Transferred Employees in such Parent Plans may occur at different times with respect to different Parent Plans); provided, however, that (i) nothing contained herein shall require Parent or any of its Subsidiaries to make any grants to any Company Employee under any equity-based plans, it being understood that any such grants are completely discretionary, (ii) nothing contained herein shall require Parent or any of its Subsidiaries to permit a Company Employee who is receiving severance as a result of the transactions contemplated by this Agreement (or together with any other action) pursuant to any employment, severance, change-in-control, consulting or other compensation agreements, plans and arrangements with the Company or any of its Subsidiaries (the “Continuing Employees”) with full credit for their prior service with the Company to participate in any severance or any Company Subsidiary for purposes of determining eligibility to participate, vesting and entitlement to benefits where length of service is relevant (including for purposes of vacation accrual) under any employee benefit plans change-in-control agreement or arrangement maintained or sponsored plan offered by Parent or the Surviving Corporation, or any subsidiary of Parent or Surviving Corporation, in which Continuing Employees participate (the “Parent Plans”) to the same extent recognized by the Company; (ii) waive all limitations as to preexisting conditions exclusions (or actively at work or similar limitations), evidence of insurability requirements and waiting periods with respect to participation and coverage requirements applicable to the Continuing Employees under any Parent medical, dental and vision plans in which Continuing Employees may be eligible to participate in after the Closing Date; its Subsidiaries and (iii) provide the Continuing Employees and their eligible dependents with credit for nothing contained herein shall require a Company Employee’s participation in Parent’s or any coof its Subsidiaries’ post-payments, deductibles, offsets and maximum out-of-pocket requirements (retirement welfare benefit plans or similar payments) made under the Company Benefit Plans for the remainder of the coverage period in which any transfer of coverage occurs, except, in any case of clause (i), (ii) or (iii) above, where doing so would cause a duplication of benefitsdefined benefit pension plans.