U.S. Flexible Spending Account Sample Clauses

U.S. Flexible Spending Account. As of the Closing Date, Imation shall establish flexible spending accounts for medical and dependent care expenses under a new or existing plan (an “Imation FSA”) for each Transferred Employee who, on or prior to the Closing Date, is a participant in TDK’s flexible spending account for medical and dependent care expenses (the “TDK FSA”) or who elects to participate in the Imation FSA. Subject to Imation being provided all information reasonably necessary to permit the administrator of the Imation FSA to accommodate the inclusion of the Transferred Employees in the Imation FSA on the basis described herein, Imation will credit or debit, as applicable, effective as of the Closing Date for Closing Transferees, and as of the date of transfer or secondment to Imation or an Affiliate of Imation in the case of other Transferred Employees (such date, the “Benefits Transfer Date”), the applicable account of each Transferred Employee under the Imation FSA with an amount equal to the balance of each such Transferred Employee’s account under the TDK FSA as of immediately prior to the Benefits Transfer Date. As soon as practicable after the expiration of the Transition Period, TDK will pay to Imation the net aggregate amount of the account balances credited under the Imation FSA, if such amount is positive, and Imation will pay to TDK the net aggregate amount of the account balances credited under the Imation FSA, if such amount is negative. No later than as soon as reasonably practicable following the Closing Date, TDK shall provide to Imation a complete and accurate listing of year-to-date contributions and reimbursements under the Imation FSA for the calendar year in which the Closing Date occurs (such listing to be updated periodically to reflect any such information reported following the Closing Date through the expiration of the Transition Period).