now the regen event just serves to begin the timer. the timer once started will loop (since the option is checked) at a interval of ever 0.2 seconds (the time value). this means it will call the add health event each time it triggers, so add health will be called every 0.2 seconds until we tell the timer to stop. the clear timer nodes are how we tell the timer to stop looping and end. on to the add health event, this events purpose is to fill health until full then once health is full fill the armor (i used 100 to represent full in this case). to accomplish this we first check is health not equal to 100, if its not 100 then we need to add health (this cant handle a value greater than full), if health does equal 100 then its full and we move on to armor. we then ask the same thing for armor. if both health and armor are full then we stop the timer since we dont need to regen anymore. i didnt mention this setup adds one health per 0.2 seconds due to the increment float (++) node. also if health is added it ends the script at that point and doesnt also add armor.
that should cover most of the logic. if you have questions on something let me know. as with anything if you have a problem or question try to be specific so we can better help.