Common use of Termination of Benefit Plan Participation; Termination of Employment with Parent and Seller Clause in Contracts

Termination of Benefit Plan Participation; Termination of Employment with Parent and Seller. As of the Closing Date, each Transferred Employee shall cease to be regarded as employed by Parent or any of its subsidiaries or Affiliates and shall cease to be an active participant in each Business Plan other than the Assumed Change of Control Agreements. Except as expressly provided in Section 5.7(c) with respect to Assumed Change of

Termination of Benefit Plan Participation; Termination of Employment with Parent and Seller. As of the Closing Date, each Transferred Employee shall cease to be regarded as employed by Parent or any of its subsidiaries or Affiliates and shall cease to be an active participant in each Business Plan other than the Assumed Change of Control Agreements. Except as expressly provided in Section 5.7(c5.8(c) with respect to Assumed Change ofof Control Agreements or Section 5.8(i) with respect to short-term incentive compensation, Seller and its Affiliates shall retain all (x) Liabilities in respect of all Business Plans and (y) Controlled Group Liabilities.