Common use of Health Savings Accounts Clause in Contracts

Health Savings Accounts. As of the Operational Separation Date, Spinco shall, or shall cause a member of the Spinco Group to, establish a Spinco Welfare Plan that will provide health savings account benefits to Spinco Group Employees on and after the Operational Separation Date (an “Spinco HSA”). It is the intention of the Parties that all activity under a Spinco Group Employee’s health savings account under a Parent Welfare Plan (a “Parent HSA”) for the year in which the Operational Separation Date occurs be treated instead as activity under the corresponding account under the Spinco HSA, such that (i) any period of participation by a Spinco Group Employee in a Parent HSA during the year in which the Operational Separation Date occurs will be deemed a period when such Spinco Group Employee participated in the corresponding Spinco HSA; (ii) all expenses incurred during such period will be deemed incurred while such Spinco Group Employee’s coverage was in effect under the corresponding Spinco HSA; and (iii) all elections and reimbursements made with respect to such period under the Parent HSA will be deemed to have been made with respect to the corresponding Spinco HSA.

Health Savings Accounts. As of no later than the Operational Separation DateEffective Time, Spinco shall, or SpinCo shall cause a member of the Spinco Group to, establish a Spinco SpinCo Welfare Plan that will shall provide health savings account benefits to Spinco SpinCo Group Employees on and after the Operational Separation Date Effective Time (an a “Spinco SpinCo HSA”). It is the intention of the Parties that all activity under a Spinco SpinCo Group Employee’s health savings account under a Parent Welfare Plan, which for the avoidance of doubt includes a Pre-Separation Parent Welfare Plan (a “Parent HSA”) for the year in which the Operational Separation Date Effective Time occurs be treated instead as activity under the corresponding account under the Spinco SpinCo HSA, such that (i) any period of participation by a Spinco SpinCo Group Employee in a Parent HSA during the year in which the Operational Separation Date Effective Time occurs will shall be deemed a period when such Spinco SpinCo Group Employee participated in the corresponding Spinco SpinCo HSA; (ii) all expenses incurred during such period will shall be deemed incurred while such Spinco SpinCo Group Employee’s coverage was in effect under the corresponding Spinco SpinCo HSA; and (iii) all elections and reimbursements made with respect to such period under the Parent HSA will shall be deemed to have been made with respect to the corresponding Spinco SpinCo HSA.

Health Savings Accounts. As of Before the Operational Separation DateEffective Time, Spinco SpinCo shall, or shall cause a member of the Spinco SpinCo Group to, establish a Spinco SpinCo Welfare Plan that will provide health savings account benefits to Spinco SpinCo Group Employees on and after the Operational Separation Date Effective Time (an a “Spinco SpinCo HSA”). It is the intention of the Parties that all activity under a Spinco SpinCo Group Employee’s health savings account under a Parent Rayonier Welfare Plan (a “Parent Rayonier HSA”) for the year in which the Operational Separation Date Effective Time occurs be treated instead as activity under the corresponding account under the Spinco SpinCo HSA, such that (i) any period of participation by a Spinco SpinCo Group Employee in a Parent Rayonier HSA during the year in which the Operational Separation Date Effective Time occurs will be deemed a period when such Spinco SpinCo Group Employee participated in the corresponding Spinco SpinCo HSA; (ii) all expenses incurred during such period will be deemed incurred while such Spinco SpinCo Group Employee’s coverage was in effect under the corresponding Spinco SpinCo HSA; and (iii) all elections and reimbursements made with respect to such period under the Parent Rayonier HSA will be deemed to have been made with respect to the corresponding Spinco SpinCo HSA.