Flexible Benefit Plans. The Parties shall take all steps necessary or appropriate so that the account balances (whether positive or negative) (the “Transferred Account Balances”) under the UTC Flexible Benefit Plans of each Carrier Group Employee, Former Carrier Group Employee, Otis Group Employee or Former Otis Group Employee who has elected to participate therein in the year in which the Effective Time occurs shall be transferred, as soon as practicable after the Effective Time, from the UTC Flexible Benefit Plans to the corresponding Carrier Flexible Benefit Plans and Otis Flexible Benefit Plans, as applicable. Carrier shall, and shall cause the Carrier Flexible Benefit Plans to, assume and retain responsibility, and the UTC Group shall be relieved of all responsibility, as of the Effective Time for all outstanding dependent care and medical care claims under the UTC Flexible Benefit Plans of each Carrier Group Employee or Former Carrier Group Employee for the year in which the Effective Time occurs and shall assume and agree to perform the obligations of the analogous UTC Flexible Benefit Plans from and after the Effective Time. Otis shall, and shall cause the Otis Flexible Benefit Plans to, assume and retain responsibility, and the UTC Group shall be relieved of all responsibility, as of the Effective Time for all outstanding dependent care and medical care claims under the Otis Flexible Benefit Plans of each Otis Group Employee or Former Otis Group Employee for the year in which the Effective Time occurs and shall assume and agree to perform the obligations of the analogous UTC Flexible Benefit Plans from and after the Effective Time. As soon as practicable after the Effective Time, and in any event within thirty (30) days after the amount of the Transferred Account Balances is determined or such later date as mutually agreed upon by the Parties, (i) UTC shall pay Carrier the net aggregate amount of the Transferred Account Balances for Carrier Group Employees and Former Carrier Group Employees if such amount is positive, and Carrier shall pay UTC the net aggregate amount of the Transferred Account Balances for Carrier Group Employees and Former Carrier Group Employees if such amount is negative and (ii) UTC shall pay Otis the net aggregate amount of the Transferred Account Balances for Otis Group Employees and Former Otis Group Employees if such amount is positive, and Otis shall pay UTC the net aggregate amount of the Transferred Account Balances for Otis Group Employees a...
Flexible Benefit Plans. 1. Pursuant to Section 125 of the Internal Revenue Code, the employee portion of the cost of the health and life insurance premiums shall be a pre-tax expense. There shall be no cost to the employer.
Flexible Benefit Plans. Parent will continue to maintain on behalf of Xxxx Employees the health care reimbursement program, the transit and parking reimbursement program and the dependent care reimbursement program and any similar reimbursement account program (all of such accounts, “Parent Flexible Benefit Plan”) for claims incurred prior to the Plan Milestone Date on the same basis as immediately prior to the A/L Split Date and in accordance with the terms of the Parent Flexible Benefit Plan. Effective as of the Plan Milestone Date, Xxxx shall establish a health care reimbursement program, transit and parking reimbursement program and the dependent care reimbursement program and any similar reimbursement account program for Xxxx Employees.
Flexible Benefit Plans. To the extent any FRP Employee contributed to an account under the Patriot Health Care Spending Account Plan (“Patriot HCSAP”) during the calendar year that includes the Distribution Date, effective as of Immediately after the Distribution Date, Patriot shall transfer to the corresponding New FRP Health and Welfare Plan the account balances of such FRP Employees for such calendar year under the Patriot HCSAP, regardless of whether the account balance is positive or negative.
Flexible Benefit Plans. (i) OMNOVA shall implement, as of the Closing Time, a flexible spending account plan, a dependent care reimbursement plan, a health care reimbursement plan and a pre-tax premium plan (collectively referred to as the "OMNOVA Flexible Benefit Plan") with provisions substantially similar to similar plans provided to OMNOVA Employees by GenCorp prior to the Closing Time; and (ii) Plan Year 1999 deferrals and reimbursements by or to OMNOVA Employees under the GenCorp Flexible Benefit Plan, shall be carried over and applied to their accounts under the OMNOVA Flexible Benefit Plan. Within a reasonable time after the Closing Time, GenCorp will pay to OMNOVA the net aggregate dependent day care reimbursement and health care reimbursement account balances of OMNOVA Employees held by GenCorp as of the Closing Time.
Flexible Benefit Plans. To the extent any TopBuild Employee contributed to an account under a Masco Health and Welfare Plan that provides or constitutes a health care or dependent care flexible spending account (“Masco Flex Plan”) during the calendar year that includes the Distribution Date, effective the Close of the Distribution Date Masco shall transfer to the corresponding New TopBuild Health and Welfare Plan the account balances of such TopBuild Employees for such calendar year under the Masco Flex Plan, regardless of whether the account balance is positive or negative.
Flexible Benefit Plans. As of the Closing Date, Buyer shall have established a flexible benefits plan that meets the requirements of Section 125 of the Code and shall allow Continued Employees who participated in Seller‘s flexible benefit plan immediately prior to the Closing Date to participate in such plan. To the extent permitted under Seller‘s flexible benefits plan, Seller shall transfer to Buyer’s flexible benefits plan, and Buyer shall cause Buyer’s flexible benefits plan to accept and assume, the health care flexible spending accounts and dependent care account balances (and related liabilities) and participant elections as of the Effective Time under Seller’s flexible benefit plan with respect to Continued Employees.
Flexible Benefit Plans. (a) To the extent any Xxxxxx USA Employee contributed to an account under the Xxxxxx Oil Health Care Spending Account Plan (“Xxxxxx Oil HCSAP”) during the calendar year that includes the Distribution Date, effective as of Immediately after the Distribution Date Xxxxxx Oil shall transfer to the corresponding New Xxxxxx USA Health and Welfare Plan the account balances of such Xxxxxx USA Employees for such calendar year under the Xxxxxx Oil HCSAP, regardless of whether the account balance is positive or negative.
Flexible Benefit Plans. 15 Section 5.08. Application of Article 5 to the Xxxxxx Oil Group 15
Flexible Benefit Plans. 10 Section 5.8 Application of Article 5 to the Real Estate Group. 10 ARTICLE 6 INDEMNIFICATION 11 ARTICLE 7 GENERAL PROVISIONS 11 Section 7.1 Notices. 11 Section 7.2 Amendments; No Waivers. 11 Section 7.3 Successors and Assigns. 12 Section 7.4 Governing Law. 12 Section 7.5 Counterparts; Effectiveness. 12 Section 7.6 Entire Agreement; No Change in Control or Severance Event. 12 Section 7.7 Dispute Resolution. 13 Section 7.8 No Third Party Beneficiaries. 13 Section 7.9 Headings. 13 Section 7.10 Severability. 13 Section 7.11 Schedules. 13 Section 7.12 Cooperation and Coordination. 13 Section 7.13 Withholdings. 13 EMPLOYEE MATTERS AGREEMENT THIS EMPLOYEE MATTERS AGREEMENT (the “Agreement”) is made as of [*], 2014, between FRP Holdings, Inc., a Florida corporation (“FRP”) and Patriot Transportation Holding, Inc., a Florida corporation (“Patriot”).
