Common use of Flexible Spending Account Plans Clause in Contracts

Flexible Spending Account Plans. Effective not later than the Effective Time, Parent shall, or shall cause the Parent Subsidiaries to, have in effect flexible spending arrangements under a cafeteria plan qualifying under Section 125 of the Code (the “New Flexible Spending Account Plan”), and from and after the Effective Time, Parent shall be liable for all Liabilities and account balances of the Weyerhaeuser Flexible Spending Account Plan maintained in the United States with respect to WRECO Employees and their dependents (the “Weyerhaeuser Flexible Spending Account Plan”). From and after the Effective Time, all claims for reimbursement which have not been paid as of the Distribution Date and credited under the New Flexible Spending Account Plan shall be paid pursuant to and under the terms of the New Flexible Spending Account Plan. As soon as practicable following the Effective Time, (i) Weyerhaeuser shall, or shall cause the Weyerhaeuser Subsidiaries to, transfer to Parent or the applicable Parent Subsidiary an amount in cash equal to the excess, if any, of the aggregate contributions to the Weyerhaeuser Flexible Spending Account Plan made by WRECO Employees prior to the Effective Time for the plan year in which the Effective Time occurs over the aggregate reimbursement payouts made to WRECO Employees prior to the Effective Time for such year from such plan and (ii) Parent shall, or shall cause the Parent Subsidiaries to, cause such amounts to be credited to each such WRECO Employee’s accounts under the New Flexible Spending Account Plan. In connection with such transfer, Parent shall deem that such employees’ deferral elections made under the Weyerhaeuser Flexible Spending Account Plan for the plan year in which the Effective Time occurs shall continue in effect under the New Flexible Spending Account Plan for the remainder of the plan year in which the Effective Time occurs. If the aggregate reimbursement payouts made to WRECO Employees from the Weyerhaeuser Flexible Spending Account Plan prior to the Effective Time for the plan year in which the Effective Time occurs exceed the aggregate accumulated contributions made by the WRECO Employees to such plan prior to the Effective Time for such plan year, Parent shall make a payment equal to the value of such excess to Weyerhaeuser as soon as practicable following Parent’s receipt of additional contributions from the applicable WRECO Employee.

Flexible Spending Account Plans. (i) Effective not no later than the Effective TimeDistribution Date, Parent shall, DevCo shall take all steps necessary or shall appropriate to cause a member of the Parent Subsidiaries to, DevCo Group to have in effect a flexible spending arrangements under a cafeteria plan qualifying under Section 125 of the Code providing flexible spending accounts for medical and dependent care expenses (the “New DevCo Flexible Spending Account Plan”) with terms that are substantially similar to those provided to DevCo Employees under the DevCo flexible spending account plan that shall become a SpinCo Transferred Benefit Arrangement (the “SpinCo Flexible Spending Plan”), and from and after the Effective Time, Parent shall be liable for all Liabilities and account balances of the Weyerhaeuser Flexible Spending Account Plan maintained in the United States with respect to WRECO Employees and their dependents (the “Weyerhaeuser Flexible Spending Account Plan”). From and after the Effective Time, all claims for reimbursement which have not been paid as of the Distribution Date and credited under the New Flexible Spending Account Plan shall be paid pursuant to and under the terms of the New Flexible Spending Account Plan. As soon as practicable following the Effective Time, (i) Weyerhaeuser shall, or shall cause the Weyerhaeuser Subsidiaries to, transfer to Parent or the applicable Parent Subsidiary an amount in cash equal to the excess, if any, of the aggregate contributions to the Weyerhaeuser Flexible Spending Account Plan made by WRECO Employees prior to the Effective Time for the plan year in which the Effective Time occurs over the aggregate reimbursement payouts made to WRECO Employees prior to the Effective Time for such year from such plan and (ii) Parent shall, or each DevCo Employee shall cause cease to participate in the Parent Subsidiaries to, cause such amounts to be credited to each such WRECO Employee’s accounts under DevCo flexible spending account plan effective upon the New Flexible Spending Account Plan. In connection with such transfer, Parent shall deem that such employees’ deferral elections made under the Weyerhaeuser Flexible Spending Account Plan for the plan year in date on which the Effective Time occurs shall continue in effect under the New Flexible Spending Account Plan for the remainder of the plan year in which the Effective Time occurs. If the aggregate reimbursement payouts made to WRECO Employees from the Weyerhaeuser Flexible Spending Account Plan prior to the Effective Time for the plan year in which the Effective Time occurs exceed the aggregate accumulated contributions made by the WRECO Employees to such plan prior to the Effective Time for such plan yearbecomes a SpinCo Transferred Benefit Arrangement, Parent shall make a payment equal to the value of such excess to Weyerhaeuser (iii) as soon as practicable following Parent’s receipt after the SpinCo Flexible Spending Plan becomes effective, SpinCo will transfer all of additional contributions the obligations and Liabilities attributable to the DevCo Employees, including the account balances of DevCo Employees, to the DevCo Flexible Spending Plan, and the DevCo Flexible Spending Plan shall credit each such DevCo Employee’s’ flexible spending accounts with the full account balances (i.e., the amounts collected from participating DevCo Employees and not reimbursed) as of the Effective Time that were transferred from the applicable WRECO EmployeeSpinCo Flexible Spending Plan.

Flexible Spending Account Plans. Effective not later than as of the Effective TimeClosing Date, Parent Purchaser shall, or shall cause the Parent Subsidiaries its affiliates to, have in effect flexible spending arrangements under a cafeteria plan qualifying under Section 125 of the Code (the “New Flexible Spending Account Plan”), and from and after the Effective Time, Parent shall be liable for all Liabilities assume liabilities and account balances of the Weyerhaeuser Flexible Spending Account Plan Seller flexible spending account plan maintained in the United States with respect to WRECO Transferred Employees and their dependents (the “Weyerhaeuser Flexible Spending Account Plan”). From and after the Effective Time, all claims for reimbursement which have not been paid as of the Distribution Date and credited under the New Flexible Spending Account Plan Closing Date, Seller shall transfer or cause to be paid pursuant transferred to and under the terms of the New Flexible Spending Account Plan. As soon as practicable following the Effective Time, (i) Weyerhaeuser shall, or shall cause the Weyerhaeuser Subsidiaries to, transfer to Parent or the applicable Parent Subsidiary Purchaser an amount in cash equal to the excess, if any, of the aggregate contributions to the Weyerhaeuser Flexible Spending Account Plan made by WRECO Employees prior to the Effective Time for the plan year in which the Effective Time Closing Date occurs of all Transferred Employees then participating in the Flexible Spending Account Plan over the aggregate reimbursement payouts made reimbursements for the plan year in which the Closing Date occurs to WRECO all Transferred Employees prior to the Effective Time for under such year from such plan and (ii) Parent shall, or plan. Purchaser shall cause the Parent Subsidiaries to, cause such amounts to be credited to each such WRECO Employeeemployee’s accounts account under Purchaser’s (or one of its affiliate’s) corresponding flexible spending account plan, which plan shall be established and in effect for such employees as of the Closing Date and administered by Seller or a member of the Seller Group in accordance with the Transition Services Agreement, and all claims for reimbursement which have not been paid as of the date of the transfer to Purchaser (or one of its affiliates) and credited under Purchaser’s (or one of its affiliate’s) flexible spending account plan shall be paid pursuant to and under the New Flexible Spending Account Planterms of Purchaser’s (or one of its affiliate’s) flexible spending account plan. In connection with such transfer, Parent Purchaser shall deem that such employees’ deferral elections made under the Weyerhaeuser Flexible Spending Account Plan for the plan year in which the Effective Time Closing Date occurs shall continue in effect under the New Flexible Spending Account Plan Purchaser’s (or one of its affiliate’s) flexible spending account plan for the remainder of the plan year in which the Effective Time Closing Date occurs. If the aggregate reimbursement payouts made to WRECO Employees from the Weyerhaeuser Flexible Spending Account Plan prior to the Effective Time for the plan year in which the Effective Time occurs exceed the aggregate accumulated contributions made by the WRECO Employees to such plan prior to the Effective Time for such plan year, Parent shall make a payment equal to the value of such excess to Weyerhaeuser as soon as practicable following Parent’s receipt of additional contributions from the applicable WRECO Employee.

Flexible Spending Account Plans. Effective not no later than the Effective TimeClosing Date, Parent Purchaser shall, or shall cause the Parent Subsidiaries its subsidiaries to, have in effect flexible spending arrangements under a cafeteria plan qualifying under Section 125 of the Code (the “New Flexible Spending Account Plan”), and from and after the Effective Time, Parent shall be liable for all Liabilities and account balances of the Weyerhaeuser Flexible Spending Account Plan maintained in the United States with respect to WRECO Employees and their dependents (the “Weyerhaeuser Purchaser Flexible Spending Account Plan”). From and after the Effective TimeClosing Date, Purchaser shall be liable for all Liabilities and account balances of any Business Benefit Plan that is a flexible spending account plan maintained in the United States with respect to Transferred Employees and their dependents (the “Seller Flexible Spending Account Plan”), which Liabilities shall be Assumed Liabilities, and all claims for reimbursement which have not been paid as of the Distribution Closing Date and credited under the New Flexible Spending Account Plan shall be paid pursuant to and under the terms of the New Purchaser Flexible Spending Account Plan. As soon as practicable following the Effective TimeClosing Date, if applicable, (i) Weyerhaeuser Seller shall, or shall cause the Weyerhaeuser Subsidiaries its subsidiaries to, transfer to Parent Purchaser or the applicable Parent Subsidiary its subsidiaries an amount in cash equal to the excess, if any, of the aggregate contributions to the Weyerhaeuser Seller Flexible Spending Account Plan made by WRECO Transferred Employees prior to the Effective Time Closing Date for the plan year in which the Effective Time Closing Date occurs over the aggregate reimbursement payouts made to WRECO Transferred Employees prior to the Effective Time Closing Date for such year from such plan and (ii) Parent Purchaser shall, or shall cause the Parent Subsidiaries its subsidiaries to, cause such amounts to be credited to each such WRECO Transferred Employee’s accounts under the New Purchaser Flexible Spending Account Plan. In connection with such transfer, Parent Purchaser shall deem that such employees’ deferral elections made under 41 the Weyerhaeuser Seller Flexible Spending Account Plan for the plan year in which the Effective Time Closing Date occurs shall continue in effect under the New Purchaser Flexible Spending Account Plan for the remainder of the plan year in which the Effective Time Closing Date occurs. If the aggregate reimbursement payouts made to WRECO Transferred Employees from the Weyerhaeuser Seller Flexible Spending Account Plan prior to the Effective Time Closing for the plan year in which the Effective Time Closing Date occurs exceed the aggregate accumulated contributions made by the WRECO Transferred Employees to such plan prior to the Effective Time Closing Date for such plan year, Parent Purchaser shall make a payment equal to the value of such excess to Weyerhaeuser Seller as soon as practicable following ParentPurchaser’s receipt of additional contributions from the applicable WRECO Transferred Employee.