Employee Matters; Certain Resignations Clause Samples

Employee Matters; Certain Resignations. (a) BRE and BAM shall take all such action as may be required to cause the individuals designated as a “BRE Employee” on Schedule 2.10(a) to be employed by BRE effective immediately prior to the Separation Effective Time, and to cause the individuals designated as a “BAM Employee” on Schedule 2.10(a) to be employed by BAM (or, as directed by BAM, a BAM Subsidiary) effective immediately prior to the Separation Effective Time. (b) On or prior to the Separation Effective Time, BRE shall cause each director, manager or officer of BRE and its Subsidiaries who will not be an officer, manager or director of BAM or a BAM Subsidiary after the Separation Effective Time to resign, effective upon the Separation Effective Time, from all boards of directors or similar governing bodies of BAM or any BAM Subsidiary, and from all positions as officers of BAM or any BAM Subsidiary in which they serve, and BAM shall cause each director, manager or officer of BAM and its Subsidiaries who will not be an officer, manager or director of BRE after the Separation Effective Time to resign, effective upon the Separation Effective Time, from all boards of directors or similar governing bodies of BRE, and from all positions as officers of BRE in which they serve.