Common use of Post-Closing Equity Plan Clause in Contracts

Post-Closing Equity Plan. Following the Closing, Parent may adopt a stock equity plan (the “Equity Plan”) containing such terms and provisions as Parent’s board of directors may deem to be in the best interests of Parent. The Equity Plan shall be for the benefit of employees, directors and consultants of Parent and the Company, provided that grants under the Equity Plan shall not in the aggregate exceed fifteen percent (15%) of the outstanding shares of common stock after giving effect to the Split and to shares of Parent Common Stock issuable upon conversion of all Parent Preferred Stock, and, provided further that for a period of 12 months after the Closing, Parent shall not register with the Securities and Exchange Commission any of the shares to be issued or reserved for issuance under the Equity Plan, and provided further that all shares or other securities granted under the Equity Plan shall be “locked up” and not be permitted to be sold, hypothecated or transferred for a period that shall terminate not earlier than the date that is the one year anniversary of the Closing.

Post-Closing Equity Plan. Following the Closing, Parent may adopt a stock equity plan (the “Equity Plan”) containing such terms and provisions as Parent’s board of directors may deem to be in the best interests of Parent. The Equity Plan shall be for the benefit of employees, directors and consultants of Parent and the Company, provided that grants under the Equity Plan shall not in the aggregate exceed fifteen ten percent (1510%), with allowed five percent (5%) annual increases, of the outstanding shares of common stock after giving effect to the Split Reverse Stock Split, and to shares of Parent Common Stock issuable upon conversion of all Parent Preferred Stock, and, provided further that for a period of 12 months after the Closing, Parent shall not register with the Securities and Exchange Commission any of the shares to be issued or reserved for issuance under the Equity Plan, and provided further that all shares or other securities granted under the Equity Plan shall be “locked up” and not be permitted to be sold, hypothecated or transferred for a period that shall terminate not earlier than the date that is the one year anniversary of the Closing. Any prohibition in this Section shall be null and void one year after the Closing.

Post-Closing Equity Plan. Following the Closing, Parent may adopt a stock equity plan (the “Equity Plan”) containing such terms and provisions as Parent’s board of directors may deem to be in the best interests of Parent. The Equity Plan shall be for the benefit of employees, directors and consultants of Parent and the Company, provided that grants under the Equity Plan shall not in the aggregate exceed fifteen ten percent (1510%), with allowed five percent (5%) annual increases, of the outstanding shares of common stock after giving effect to the Split Reverse Stock Split, and to shares of Parent Common Stock issuable upon conversion of all Parent Preferred Stock, and, provided further that for a period of 12 months after the Closing, Parent shall not register with the Securities and Exchange Commission any of the shares to be issued or reserved for issuance under the Equity Plan, and provided further that all shares or other securities granted under the Equity Plan shall be “locked up” and not be permitted to be sold, hypothecated or transferred for a period that shall terminate not earlier than the date that is the one year anniversary of the Closing.. Any prohibition in this Section shall be null and void one year after the Closing. Cxxxxxxx/Splash Agreement and Plan of Merger