Legacy Accounts. (A) The Parent Group shall maintain the Legacy Accounts in accordance with the terms of the Legacy Accounts and applicable Law through the Distribution Date. (B) Effective on the Distribution Date, Parent may transfer to a member of the SpinCo Group the Legacy Accounts. If such Legacy Accounts are transferred to a member of the SpinCo Group, (x) SpinCo shall assume all the Legacy Accounts and all related assets, liabilities and responsibilities of such Legacy Accounts and (y) the Parent Group (excluding the SpinCo Group) shall cease to have any liability or responsibility with respect to the Legacy Accounts immediately following the Distribution Date. Notwithstanding anything to the contrary, Parent shall retain the responsibility to distribute SpinCo stock in accordance with the Separation Agreement. Except as otherwise provided in this Appendix E with respect to the Legacy Accounts: (i) the SpinCo Group assumes no Liability with respect to, and receives no right or interest in, any Parent Share Plan; and (ii) the Parent Group shall retain all of the purchase plans sponsored or maintained by a member of the Parent Group, including all of the Parent Share Plans.
Appears in 2 contracts
Sources: Employee Matters Agreement (GE Vernova Inc.), Employee Matters Agreement (GE Vernova LLC)