Common use of Equity Matters Clause in Contracts

Equity Matters. On or prior to the Effective Date, the Company shall have (i) entered into that certain Amendment No 1 to Incentive Stock Option Agreement with Executive in substantially the form attached hereto as Exhibit A (the “Option Amendment”) to provide for, inter alia, (A) the primacy of the definition of Cause and other terms set forth in this Agreement, as shall be incorporated by reference into the amended option agreement (such that in the event of a conflict between the terms and conditions of the OfferPad, Inc. 2016 Stock Option and Grant Plan (the “Plan”) and the Option Amendment, the terms and conditions of the amended option agreement shall prevail), (B) in the case of a Sale Event, the options shall immediately become fully vested and exercisable and (C) that upon the Executive’s Termination of Service (as defined in the Plan), the period within which the Executive may exercise the options shall expire upon the earlier to occur of (a) the Expiration Date indicated on the Notice of Grant or (b) the date that is one year from the date of such Termination of Service, provided, however, that Executive acknowledges that if such options are either (x) currently in the money or (y) if not currently in the money but not exercised within 90 days following the termination of employment, such options will no longer be considered incentive stock options under current IRS regulations and will be considered non-statutory stock options.