Common use of Equity Plan Clause in Contracts

Equity Plan. As promptly as reasonably practicable following the date of this Agreement, SPAC shall adopt an equity incentive plan in the form and with the terms proposed by the Sellers (the “Equity Incentive Plan”) and shall submit the Equity Incentive Plan for approval by SPAC’s stockholders as a proposal in the Proxy Statement/Registration Statement. Following the Closing, if the Equity Incentive Plan is approved by SPAC’s stockholders, then within two (2) Business Days following the expiration of the sixty (60) day period following the date SPAC has filed current Form 10 information with the SEC reflecting its status as an entity that is not a shell company, SPAC shall file an effective registration statement on Form S-8 (or other applicable form, including Form S-3) with respect to the SPAC Class A Common Stock issuable under the Equity Incentive Plan, and SPAC shall use its reasonable best efforts to maintain the effectiveness of such registration statement(s) (and maintain the current status of the prospectus or prospectuses contained therein) for so long as awards granted pursuant to the Equity Incentive Plan remain outstanding.

Equity Plan. As promptly as reasonably practicable following Prior to the date of this AgreementClosing Date, SPAC Acquiror shall approve and adopt an incentive equity incentive plan in the form and with the terms proposed by the Sellers attached hereto as Exhibit E (the “Incentive Equity Incentive Plan”) ), which Incentive Equity Plan shall become effective upon the Closing Date, and shall submit with any changes or modifications thereto as the Equity Incentive Plan for approval Company and Acquiror may mutually agree (such agreement not to be unreasonably withheld, conditioned or delayed by SPAC’s stockholders any of the Company or Acquiror, as a proposal in the Proxy Statement/Registration Statementapplicable). Following the Closing, if the Equity Incentive Plan is approved by SPAC’s stockholders, then within Within two (2) Business Days following the expiration of the sixty (60) day period following the date SPAC Acquiror has filed current Form 10 information with the SEC reflecting its status as an entity that is not a shell company, SPAC Acquiror shall file an effective a registration statement on Form S-8 (or other applicable form, including Form S-3) with respect to the SPAC Class A Acquiror Common Stock issuable under the Incentive Equity Incentive Plan, and SPAC Acquiror shall use its reasonable best efforts to maintain the effectiveness of such registration statement(s) (and maintain the current status of the prospectus or prospectuses contained therein) for so long as awards granted pursuant to the Incentive Equity Incentive Plan remain outstanding.