Common use of Amendments to Plans Clause in Contracts

Amendments to Plans. 6.15.1 With respect to each Westbank Employee Plan subject to Section 409A of the Code, Westbank agrees to amend each such plan or cause each such plan to be amended to the extent necessary to comply with Section 409A of the Code (or to cause such plan, in whole or in part, to avoid the application of Section 409A of the Code by preserving the terms of such plan, and the law in effect, for benefits earned and vested as of December 31, 2004) prior to the earlier of the Effective Time or the deadline imposed by the IRS. Such amendments shall be provided to NewAlliance and its counsel at least ten days prior to their proposed adoption by Westbank or WB and shall be subject to the prior approval of NewAlliance, which shall not be unreasonably withheld. 6.15.2 Prior to December 31, 2006, Westbank shall amend its Money Purchase Pension plan and its 401(k) Retirement Plan (to the extent practicable under applicable law) in order to exclude from the compensation covered by such plans the following items: (a) any compensation recognized with respect to stock options or restricted stock awards subsequent to June 30, 2006, (b) any severance payments, including any severance to be prepaid in 2006, and (c) the payment of benefits pursuant to any Westbank Employee Plan, including the supplemental retirement plan agreements. Such amendments shall be provided to NewAlliance and its counsel at least ten days prior to their proposed adoption by Westbank or WB and shall be subject to the prior approval of NewAlliance, which shall not be unreasonably withheld.