Common use of Management Transition Clause in Contracts

Management Transition. (a) The SPAC acknowledges and agrees that (i) the existing directors and officers (other than the Officer Designee) of the SPAC as of the date of this Agreement shall resign from their respective positions as directors and officers of the SPAC and (ii) the candidates designated by the New Sponsor (including the Officer Designee) and consented to by the SPAC (which consent shall not be unreasonably withheld) (collectively, the “New Sponsor Designees”) shall by appointed as directors and officers of the SPAC in connection with the Closing. (b) The Parties acknowledge and agree that the replacement of the directors of the SPAC cannot take effect until ten days after the mailing of an information statement to the SPAC shareholders in accordance with the requirements of Section 14(f) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 14f-1 under the Exchange Act (the “Schedule 14F”). Each of the Parties shall use its best efforts to prepare and coordinate the filing of the Schedule 14F with the SEC as promptly as reasonably practicable following the date of this Agreement.