Health Savings Accounts. Without limiting the foregoing provisions of this Section 6.01, before the end of the Transition Period, nVent shall, or shall cause a member of the nVent Group to, make available health savings accounts to nVent Group Employees who are U.S. Employees on and after January 1, 2019 (an “nVent HSA”). The nVent HSAs will accept the transfer of the balances, effective as of January 1, 2019, of the nVent Group Employees from their health savings account under a Pentair Welfare Plan (a “Pentair HSA”). It is the intention of the Parties that all activity under such an nVent Group Employee’s Pentair HSA for the year in which the Effective Time occurs be treated instead as activity under the corresponding account under the nVent HSA, such that (i) any claims incurred during calendar year 2018 that are not reimbursed from the Pentair HSA by December 31, 2018 shall instead be reimbursed by the nVent HSA and (ii) all elections and reimbursements made with respect to such period under the Pentair HSA will be deemed to have been made with respect to the corresponding nVent HSA.
Appears in 4 contracts
Samples: Employee Matters Agreement, Employee Matters Agreement (nVent Electric PLC), Employee Matters Agreement (PENTAIR PLC)
