Common use of Allocation of Demutualization Proceeds Clause in Contracts

Allocation of Demutualization Proceeds. To the extent demutualization or similar proceeds were paid or credited to the RemainCo Group or a RemainCo Welfare Plan prior to the Employee Transfer Date with respect to an insurance contract that funded a RemainCo Welfare Plan covering SpinCo Welfare Plan Participants and such proceeds remain unallocated as of the Employee Transfer Date, RemainCo shall transfer to SpinCo as soon as practicable following the Employee Transfer Date a pro rata portion of such proceeds, according to the proportion of the total number of SpinCo Employees and Former SpinCo Employees participating in such plan as of the day before the Employee Transfer Date to the total number of employees participating in such plan as of the day before the Employee Transfer Date.

Allocation of Demutualization Proceeds. To the extent demutualization or similar proceeds were paid or credited to the RemainCo SpinCo Group or a RemainCo SpinCo Welfare Plan prior to the Employee Transfer Date with respect to an insurance contract that funded a RemainCo SpinCo Welfare Plan covering SpinCo RemainCo Welfare Plan Participants and such proceeds remain unallocated as of the Employee Transfer Date, RemainCo SpinCo shall transfer to SpinCo RemainCo as soon as practicable following the Employee Transfer Date a pro rata portion of such proceeds, according to the proportion of the total number of SpinCo RemainCo Employees and Former SpinCo RemainCo Employees participating in such plan as of the day before the Employee Transfer Date to the total number of employees participating in such plan as of the day before the Employee Transfer Date.