Common use of Effect of Exchange Clause in Contracts

Effect of Exchange. (a) The board of directors of the Company shall be expanded and consist of the following Persons: Mr. ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇. ▇▇▇ ▇▇▇▇, ▇▇. ▇▇ ▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ effective as of the Closing. (b) At the Closing, ▇▇. ▇▇▇ ▇▇▇▇ shall resign as Chief Executive Officer, and the Company Board shall appoint Mr. ▇▇▇▇▇ ▇▇▇▇▇▇ as Chief Executive Officer effective as of the Closing. (c) The Seller will continue to conduct its business as a wholly-owned subsidiary of the Company. (d) The Organizational Documents of the Seller in effect at the Closing shall continue as the Organizational Documents of the Seller. (e) From and after the Closing, the directors and the executive officers of the Seller immediately prior to the Closing shall continue to serve as the directors and the executive officers of the Seller until their successors are duly appointed or elected.