Common use of Flexible Benefit Plans Clause in Contracts

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 and Former Otis Group Employees if such amount is negative.

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 AIG Flexible Benefit Plans of each Carrier Corebridge Group Employee, and Former Carrier Corebridge Group Employee, Otis Group Employee or Former Otis Group Employee who has elected to participate therein in the year in which the Effective Time Benefits Transition Date occurs (collectively “Corebridge Flex Plan Participants”), shall be transferred, as soon as practicable after the Effective TimeBenefits Transition Date or, if later, the 2022 Employment Transfer Date from the UTC AIG Flexible Benefit Plans to the corresponding Carrier Flexible Benefit Plans and Otis Corebridge Flexible Benefit Plans, as applicable. Carrier Corebridge shall, and shall cause the Carrier Corebridge Flexible Benefit Plans to, assume and retain responsibility, and the UTC AIG Group shall be relieved of all responsibility, as of the Effective Time Benefits Transition Date or, if later, the 2022 Employment Transfer Date for all outstanding dependent care and medical care claims under the UTC Corebridge Flexible Benefit Plans of each Carrier Group Employee or Former Carrier Group Employee Corebridge Flex Plan Participant for the year in which the Effective Time Benefits Transition Date occurs and shall assume and agree to perform the obligations of the analogous UTC AIG Flexible Benefit Plans from and after the Effective Time. Otis shallBenefits Transition Date or, and shall cause if later, 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 Time2022 Employment Transfer Date. As soon as practicable after the Effective TimeBenefits Transition Date or, if later, the 2022 Employment Transfer Date, 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 Partiesdetermined, (i) UTC AIG shall pay Carrier Corebridge the net aggregate amount of the Transferred Account Balances for Carrier Group Employees and Former Carrier Group Employees such Corebridge Flex Plan Participants if such amount is positive, and Carrier Corebridge shall pay UTC AIG 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 and Former Otis Group Employees Corebridge Flex Plan Participants if such amount is negative.

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 AIG Flexible Benefit Plans of each Carrier Corebridge Group Employee, Former Carrier including any employee who transferred from a member of the AIG Group Employeeto a member of the Corebridge Group after the Separation Time, Otis Group Employee or Former Otis Corebridge Group Employee who has elected to participate therein in the year in which the Effective Time Benefits Transition Date occurs shall be transferred, as soon as practicable after the Effective TimeBenefits Transition Date, from the UTC AIG Flexible Benefit Plans to the corresponding Carrier Flexible Benefit Plans and Otis Corebridge Flexible Benefit Plans, as applicable. Carrier Corebridge shall, and shall cause the Carrier Corebridge Flexible Benefit Plans to, assume and retain responsibility, and the UTC AIG Group shall be relieved of all responsibility, as of the Effective Time Benefits Transition Date for all outstanding dependent care and medical care claims under the UTC Corebridge Flexible Benefit Plans of each Carrier such Corebridge Group Employee or Former Carrier Corebridge Group Employee for the year in which the Effective Time Benefits Transition Date occurs and shall assume and agree to perform the obligations of the analogous UTC AIG 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 TimeBenefits Transition Date. As soon as practicable after the Effective TimeBenefits Transition Date, 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 AIG shall pay Carrier Corebridge the net aggregate amount of the Transferred Account Balances for Carrier such Corebridge Group Employees and Former Carrier Corebridge Group Employees if such amount is positive, and Carrier Corebridge shall pay UTC AIG the net aggregate amount of the Transferred Account Balances for Carrier such Corebridge 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 and Former Otis Corebridge Group Employees if such amount is negative.