EX-10.17





 Exhibit 10.17 

FORM OF XPONENTIAL FITNESS, INC. EMPLOYEE STOCK PURCHASE PLAN 

Section 1. Purpose. This Xponential Fitness, Inc. Employee Stock Purchase Plan (the “Plan”) is intended to
provide employees of the Company and its Participating Subsidiaries with an opportunity to acquire a proprietary interest in the Company through the purchase of Shares. Initially, the Plan is not intended to qualify as an “employee stock
purchase plan” under Section 423 of the Code. From and after such date as the Committee, in its discretion, determines that the Plan is able to satisfy the requirements under Section 423 of the Code and that it will operate the Plan
in accordance with such requirements (such date, the “Section 423 Effective Date”), the Plan is intended to qualify as an “employee stock purchase plan” under Section 423 of the Code and the Plan
shall be interpreted in a manner that is consistent with that intent. Except as specifically provided under Section 4, and unless the Plan is amended pursuant to Section 19(i), the operative terms of the Plan as in effect on the Effective
Date will remain the same on and after the Section 423 Effective Date. 
 Section 2. Definitions. 

(a) “Board” means the Board of Directors of the Company. 

(b) “Code” means the Internal Revenue Code of 1986, as amended from time to time, and the rules, regulations and guidance
thereunder. Any reference to a provision in the Code shall include any successor provision thereto. 
 (c) “Committee”
means the Compensation Committee of the Board, unless another committee is designated by the Board. If there is no compensation committee of the Board and the Board does not designate another committee, references herein to the “Committee”
shall refer to the Board. 
 (d) “Company” means Xponential Fitness, Inc., a Delaware corporation, including any successor
thereto. 
 (e) “Compensation” means the base salary, wages, annual cash bonuses and commissions paid to an Eligible
Employee by the Company or a Participating Subsidiary as compensation for services to the Company or Participating Subsidiary, before deduction for any salary deferral contributions made by the Eligible Employee to any
tax-qualified or nonqualified deferred compensation plan. 
 (f) “Corporate
Transaction” means a merger, consolidation, acquisition of property or stock, separation, reorganization or other corporate event described in Section 424 of the Code. 

(g) “Designated Broker” means the financial services firm or other agent designated by the Company to maintain ESPP Share
Accounts on behalf of Participants who have purchased Shares under the Plan. 












 (h) “Effective Date” means, once this Plan is adopted by the Board and
approved by the shareholders of the Company in accordance with Section 19(k), the later of (i) the date on which the registration statement covering the initial public offering of the Shares is declared effective by the Securities and
Exchange Commission and (ii) a date to be determined by the Committee. 
 (i) “Eligible Employee” means
(i) on and after the Section 423 Effective Date, an Employee who is customarily employed for at least twenty (20) hours per week and more than five (5) months in any calendar year, provided that the Committee (x) may exclude
from participation in the Plan or any Offering any Employees who are “highly compensated employees” or a sub-set of such “highly compensated employees” (within the meaning of
Section 414(q) of the Code) or who otherwise may be excluded from participation pursuant to Treasury Regulation Section 1.423-2(e) and (y) shall exclude any Employees located outside of the
United States to the extent permitted under Section 423 of the Code and (ii) prior to the Section 423 Effective Date, any Employee who is not otherwise excluded from participation in the Plan by the Committee. 

(j) “Employee” means any person who renders services to the Company or a Participating Subsidiary as an employee pursuant to
an employment relationship with such employer. For purposes of the Plan, the employment relationship shall be treated as continuing intact while the individual is on military leave, sick leave or other leave of absence approved by the Company or a
Participating Subsidiary that meets the requirements of Treasury Regulation Section 1.421-1(h)(2). Where the period of leave exceeds three (3) months, and the individual’s right to reemployment
is not provided by statute or contract, the employment relationship shall be deemed to have terminated on the first day immediately following such three-month period. 

(k) “Enrollment Form” means an agreement pursuant to which an Eligible Employee may elect to enroll in the Plan, to authorize
a new level of payroll deductions, or to stop payroll deductions and withdraw from an Offering. 
 (l) “ESPP Share Account”
means an account into which Shares purchased with accumulated payroll deductions at the end of an Offering Period are deposited on behalf of a Participant. 

(m) “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, and the rules, regulations and
guidance thereunder. Any reference to a provision in the Exchange Act shall include any successor provision thereto. 
 (n) “Fair
Market Value” means, as of any date, the closing price of a Share on the Trading Day immediately preceding the date of determination (or, if there is no reported sale on such date, on the last preceding date on which any reported sale
occurred), on the principal stock market or exchange on which Shares are quoted or traded, or if Shares are not so quoted or traded, the fair market value of a Share as determined by the Committee, which such determination shall be conclusive and
binding on all persons. 












 (o) “Offering Date” means the first Trading Day of each Offering Period as
designated by the Committee. 
 (p) “Offering” or “Offering Period” means the period described in
Section 5. 
 (q) “Offering Period Limit” has the meaning set forth in Section 7. 

(r) “Participant” means an Eligible Employee who is actively participating in the Plan. 

(s) “Participating Subsidiaries” means the Subsidiaries that have been designated by the Committee as eligible to participate
in the Plan, and such other Subsidiaries that may be designated by the Committee from time to time in its sole discretion. 
 (t)
“Plan” means this Xponential Fitness Inc. Employee Stock Purchase Plan, as set forth herein, and as amended from time to time. 

(u) “Purchase Date” means the last Trading Day of each Offering Period. 

(v) “Purchase Price” means an amount equal to eighty-five (85%) (or such greater percentage as designated by the Committee)
of the Fair Market Value of a Share on the Purchase Date; provided that the Purchase Price per Share will in no event be less than the par value of the Shares. 

(w) “Securities Act” means the Securities Act of 1933, as amended from time to time, and the rules, regulations and guidance
thereunder. Any reference to a provision in the Securities Act includes any successor provision thereto. 
 (x) “Share”
means a share of the Company’s Class A common stock, $0.0001 par value. 
 (y) “Subsidiary” means (i) on and
after the Section 423 Effective Date, any corporation, domestic or foreign, in an unbroken chain of corporations beginning with the Company of which at the time of the granting of an option pursuant to Section 7, not less than 50% of the
total combined voting power of all classes of stock are held by the Company or a Subsidiary, whether or not such corporation exists now or is hereafter organized or acquired by the Company or a Subsidiary; provided, however, that a limited
liability company or partnership may be treated as a Subsidiary to the extent either (a) such entity is treated as a disregarded entity under Treasury Regulation Section 301.7701-3(a) by reason of
the Company or any other Subsidiary that is a corporation being the sole owner of such entity or (b) such entity elects to be classified as a corporation under Treasury Regulation
Section 301.7701-3(a) and such entity would otherwise qualify as a Subsidiary; or (ii) prior to the Section 423 Effective Date, in addition to the entities in clause (i), “Subsidiary”
shall also include any entity that, directly or indirectly, is controlled by, controls or is under common control with the Company, and its subsidiaries, and excluding, in each case, any entity for which the Committee or the Board has excluded its
employees from participation in this Plan. 












 (z) “Trading Day” means any day on which the national stock exchange upon
which the Shares are listed is open for trading. 
 Section 3. Administration. 

(a) Administration of Plan. The Plan shall be administered by the Committee which shall have the authority to construe and interpret
the Plan, prescribe, amend and rescind rules relating to the Plan’s administration and take any other actions necessary or desirable for the administration of the Plan including, without limitation, adopting sub-plans applicable to particular
Participating Subsidiaries or locations, which sub-plans may be designed to be outside the scope of Section 423 of the Code. The Committee may correct any defect or supply any omission or reconcile any inconsistency or ambiguity in the Plan.
The decisions of the Committee shall be final and binding on all persons. All expenses of administering the Plan shall be borne by the Company. Notwithstanding anything in the Plan to the contrary and without limiting the generality of the
foregoing, the Committee shall have the authority to change the minimum amount of Compensation for payroll deductions pursuant to Section 6(a), the frequency with which a Participant may elect to change their rate of payroll deductions pursuant
to Section 6(b), the dates by which a Participant is required to submit an Enrollment Form pursuant to Section 6(b) and Section 10(a), and the effective date of a Participant’s withdrawal due to termination of employment or
change in status pursuant to Section 11, and the withholding procedures pursuant to Section 19(n). 
 (b) Delegation of
Authority. To the extent permitted by applicable law, including under Section 157(c) of the Delaware General Corporation Law, the Committee may delegate to (i) one or more officers of the Company some or all of its authority under the
Plan and (ii) one or more committees of the Board some or all of its authority under the Plan. 
 Section 4.
Eligibility. In order to participate in an Offering, an Eligible Employee must deliver a completed Enrollment Form to the Company at least five (5) business days prior to the Offering Date (unless a different time is set by the
Company for all Eligible Employees with respect to such Offering) and must elect their payroll deduction rate as described in Section 6. Notwithstanding any provision of the Plan to the contrary, no Eligible Employee shall be granted an option
under the Plan if (i) immediately after the grant of the option, such Eligible Employee (or any other person whose stock would be attributed to such Eligible Employee pursuant to Section 424(d) of the Code) would own stock of the Company
or hold outstanding options to purchase stock of the Company possessing 5% or more of the total combined voting power or value of all classes of stock of the Company or any Subsidiary or (ii) such option would permit such Eligible
Employee’s rights to purchase stock under all employee stock purchase plans (described in Section 423 of the Code) of the Company and its Subsidiaries to accrue at a rate that exceeds $25,000 of the Fair Market Value of such stock
(determined at the time the option is granted) for each calendar year in which such option is outstanding at any time, in accordance with the provisions of Section 423(b)(8) of the Code. 












 Section 5. Offering Periods. The Plan shall be implemented by a series of
Offering Periods, each of which shall be six (6) months in duration, with new Offering Periods commencing on January 1 and June 1 of each year. The Committee shall have, prior to the commencement of a particular Offering Period, the
authority to change the duration, frequency, start and end dates of Offering Periods (subject to a maximum Offering Period of twenty-seven (27) months). 

Section 6. Participation. 

(a) Enrollment; Payroll Deductions. An Eligible Employee may elect to participate in the Plan by properly completing an Enrollment
Form, which may be electronic, and submitting it to the Company, in accordance with the enrollment procedures established by the Committee. Participation in the Plan is entirely voluntary. By submitting an Enrollment Form, the Eligible Employee
authorizes payroll deductions from their paycheck in an amount equal to a percentage (of at least one percent (1%)) of their Compensation on each payday occurring during an Offering Period. Payroll deductions shall commence as soon as
administratively practicable following the Offering Date and end on the latest practicable payroll date on or before the Purchase Date. The Company shall maintain records of all payroll deductions but shall have no obligation to pay interest on
payroll deductions or to hold such amounts in a trust or in any segregated account. Unless expressly permitted by the Committee, a Participant may not make any separate contributions or payments to the Plan. 

(b) Election Changes. During an Offering Period, a Participant may decrease (but not increase) their rate of payroll deductions
applicable to such Offering Period only once. To make such a change, the Participant must submit a new Enrollment Form authorizing the new rate of payroll deductions at least fifteen (15) days before the Purchase Date. A Participant may
decrease or increase their rate of payroll deductions for future Offering Periods by submitting a new Enrollment Form authorizing the new rate of payroll deductions at least fifteen days before the start of the next Offering Period. 

(c) Automatic Re-enrollment. The deduction rate selected in the Enrollment Form shall remain in
effect for subsequent Offering Periods unless the Participant (i) submits a new Enrollment Form authorizing a new level of payroll deductions in accordance with Section 6(b), (ii) withdraws from the Plan in accordance with Section 10,
or (iii) terminates employment or otherwise becomes ineligible to participate in the Plan. 
 Section 7. Grant of Option.
On each Offering Date, each Participant in the applicable Offering Period shall be granted an option to purchase, on the Purchase Date, a number of Shares determined by dividing the Participant’s accumulated payroll deductions by the applicable
Purchase Price; provided, that the maximum number of Shares that may be purchased by all Participants during an Offering Period shall be determined by the Committee in its sole discretion, provided that they are subject to the limitations set
forth in Section 4 and Section 13 of the Plan) (the “Offering Period Limit”). 












 Section 8. Exercise of Option/Purchase of Shares. A
Participant’s option to purchase Shares will be exercised automatically on the Purchase Date of each Offering Period. The Participant’s accumulated payroll deductions will be used to purchase the maximum number of whole Shares that can be
purchased with the amounts in the Participant’s notional account, subject to the Offering Period Limit and the limitations set forth in Section 4 and Section 13 of the Plan. No fractional Shares may be purchased, and any contributions
unused in a given Offering Period due to being less than the cost of a Share will be returned to the Participant as soon as administratively practicable after the Purchase Date, subject to earlier withdrawal by the Participant in accordance with
Section 10 or termination of employment or change in employment status in accordance with Section 11. During a Participant’s lifetime, the Participant’s option to purchase Shares under the Plan is exercisable only by the
Participant. 
 Section 9. Transfer of Shares. As soon as administratively practicable, but in no event later than thirty
(30) days, after each Purchase Date, the Company will arrange for the delivery to each Participant of the Shares purchased upon exercise of the Participant’s option. The Committee may permit or require that the Shares be deposited directly
into an ESPP Share Account established in the name of the Participant with a Designated Broker and may require that the Shares be retained with such Designated Broker for a specified period of time. Participants will not have any voting, dividend or
other rights of a shareholder with respect to the Shares subject to any option granted under the Plan until such Shares have been delivered pursuant to this Section 9. 

Section 10. Withdrawal. 

(a) Withdrawal Procedure. A Participant may withdraw from an Offering by submitting to the Company a revised Enrollment Form indicating
their election to withdraw at least fifteen (15) days before the Purchase Date. The accumulated payroll deductions held on behalf of a Participant in their notional account (that have not been used to purchase Shares) shall be paid to the
Participant promptly following receipt of the Participant’s Enrollment Form indicating their election to withdraw and the Participant’s option shall be automatically terminated. If a Participant withdraws from an Offering Period, no
payroll deductions will be made during any succeeding Offering Period, unless the Participant re-enrolls in accordance with Section 6(a) of the Plan. 

(b) Effect on Succeeding Offering Periods. A Participant’s election to withdraw from an Offering Period will not have any effect
upon the Participant’s eligibility to participate in succeeding Offering Periods that commence following the completion of the Offering Period from which the Participant withdraws. 












 Section 11. Termination of Employment; Change in Employment Status.
Notwithstanding Section 10, upon termination of a Participant’s employment for any reason prior to the Purchase Date, including death, disability or retirement, or a change in the Participant’s employment status following which the
Participant is no longer an Eligible Employee, the Participant will be deemed to have withdrawn from an Offering in accordance with Section 10 and the payroll deductions in the Participant’s notional account (that have not been used to
purchase Shares) shall be returned to the Participant, or in the case of the Participant’s death, to the person(s) entitled to such amounts by will or the laws of descent and distribution, and the Participant’s option shall be
automatically terminated. 
 Section 12. Interest. No interest shall accrue on or be payable with respect to the payroll
deductions of a Participant in the Plan. 
 Section 13. Shares Reserved for Plan. 

(a) Number of Shares. The maximum number of Shares available for issuance under the Plan shall not exceed in the aggregate
[            ] Shares, subject to adjustment as provided in Section 18. The Shares may be newly issued Shares, treasury Shares or Shares acquired on the open market. The total number
of Shares available for purchase under the Plan shall be increased on the first day of each Company fiscal year following the Effective Date in an amount equal to the lesser of (i)
[             ] Shares and (ii) [            ]% of the aggregate number of Shares, of the Company outstanding (on a fully diluted
basis) on the last day of the immediately preceding fiscal year]; provided that the maximum number of Shares that may be issued under the Plan in any event shall be [            ]
Shares (subject to any adjustment in accordance with Section 18). If any purchase of Shares pursuant to an option under the Plan is not consummated, the Shares not purchased under such option will again become available for issuance under the
Plan. 
 (b) Over-subscribed Offerings. If the Committee determines that, on a particular Purchase Date, the number of Shares with
respect to which options are to be exercised exceeds either the number of Shares then available under the Plan or the Offering Period Limit, the Company shall make a pro rata allocation of the Shares remaining available for purchase in as uniform a
manner as practicable and as the Committee determines to be equitable. No option granted under the Plan shall permit a Participant to purchase Shares which, if added together with the total number of Shares purchased by all other Participants in
such Offering would exceed either the total number of Shares remaining available under the Plan or the Offering Period Limit. 

Section 14. Transferability. No payroll deductions credited to a Participant, nor any rights with respect to the exercise of an
option or any rights to receive Shares hereunder may be assigned, transferred, pledged or otherwise disposed of in any way (other than by will or the laws of descent and distribution, or as provided in Section 17) by the Participant. Any
attempt to assign, transfer, pledge or otherwise dispose of such rights or amounts shall be without effect. 












 Section 15. Application of Funds. All payroll deductions received or held by the
Company under the Plan may be used by the Company for any corporate purpose to the extent permitted by applicable law, and the Company shall not be required to segregate such payroll deductions or contributions. 

Section 16. Statements. Participants will be provided with statements at least annually which shall set forth the contributions
made by the Participant to the Plan, the Purchase Price of any Shares purchased with accumulated funds, the number of Shares purchased, and any payroll deduction amounts remaining in the Participant’s notional account. 

Section 17. Designation of Beneficiary. If permitted by the Committee, a Participant may file, on forms supplied by the Committee,
a written designation of beneficiary who, in the event of the Participant’s death, is to receive any Shares from the Participant’s ESPP Share Account or any payroll deduction amounts remaining in the Participant’s notional account.

 Section 18. Adjustments Upon Changes in Capitalization; Dissolution or Liquidation; Corporate Transactions. 

(a) Adjustments. In the event that any dividend or other distribution (whether in the form of cash, Shares, or other property),
recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase, or exchange of Shares or other
securities of the Company, or other change in the Company’s structure affecting the Shares occurs, then in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan, the
Committee will, in such manner as it deems equitable, adjust the number of Shares and class of Shares that may be delivered under the Plan, the Purchase Price per Share and the number of Shares covered by each outstanding option under the Plan, and
the numerical limits of Section 7 and Section 13. 
 (b) Dissolution or Liquidation. Unless otherwise determined by the
Committee, in the event of a proposed dissolution or liquidation of the Company, any Offering Period then in progress will be shortened by setting a new Purchase Date and the Offering Period will end immediately prior to the proposed dissolution or
liquidation. The new Purchase Date will be before the date of the Company’s proposed dissolution or liquidation. Before the new Purchase Date, the Committee will provide each Participant with written notice, which may be electronic, of the new
Purchase Date and that the Participant’s option will be exercised automatically on such date, unless before such time, the Participant has withdrawn from the Offering in accordance with Section 10 (or deemed to have withdrawn in accordance
with Section 11). 
 (c) Corporate Transaction. In the event of a Corporate Transaction, each outstanding option will be assumed
or an equivalent option substituted by the successor corporation or a parent or Subsidiary of such successor corporation. If the successor corporation refuses to assume or substitute the option, the Offering Period with respect to which the option
relates will be shortened by setting a new Purchase Date on which the Offering Period will end. The new Purchase Date will occur before the date of the 












 
Corporate Transaction. Prior to the new Purchase Date, the Committee will provide each Participant with written notice, which may be electronic, of the new Purchase Date and that the
Participant’s option will be exercised automatically on such date, unless before such date, the Participant has withdrawn (or, pursuant to Section 11, been deemed to have withdrawn) from the Offering in accordance with Section 10.
Notwithstanding the foregoing, in the event of a Corporate Transaction, the Committee may also elect to terminate all outstanding Offering Periods in accordance with Section 19(i). 

Section 19. General Provisions. 

(a) Equal Rights and Privileges. Notwithstanding any provision of the Plan to the contrary and in accordance with Section 423 of
the Code, all Eligible Employees who are granted options under the Plan shall have the same rights and privileges. 
 (b) No Right to
Continued Service. Neither the Plan nor any compensation paid hereunder will confer on any Participant the right to continue as an Employee or in any other capacity. 

(c) Rights as Shareholder. A Participant will become a shareholder with respect to the Shares that are purchased pursuant to options
granted under the Plan when the Shares are transferred to the Participant or, if applicable, to the Participant’s ESPP Share Account. A Participant will have no rights as a shareholder with respect to Shares for which an election to participate
in an Offering Period has been made until such Participant becomes a shareholder as provided herein. 
 (d) Successors and Assigns.
The Plan shall be binding on the Company and its successors and assigns. 
 (e) Entire Plan. This Plan constitutes the entire plan
with respect to the subject matter hereof and supersedes all prior plans with respect to the subject matter hereof. 
 (f) Compliance
with Law. The obligations of the Company with respect to payments under the Plan are subject to compliance with all applicable laws and regulations. Shares shall not be issued with respect to an option granted under the Plan unless the exercise
of such option and the issuance and delivery of the Shares pursuant thereto shall comply with all applicable provisions of law, including, without limitation, the Securities Act, the Exchange Act, and the requirements of any stock exchange upon
which the Shares may then be listed. 
 (g) Disqualifying Dispositions. On and after the Section 423 Effective Date, each
Participant shall give the Company prompt written notice of any disposition or other transfer of Shares acquired pursuant to the exercise of an option acquired under the Plan, if such disposition or transfer is made within two years after the
Offering Date or within one year after the Purchase Date. 
 (h) Term of Plan. The Plan shall become effective on the Effective Date
and, unless terminated earlier pursuant to Section 19(i), shall have a term of ten years. 












 (i) Amendment or Termination. The Committee may, in its sole discretion, amend,
suspend or terminate the Plan at any time and for any reason. If the Plan is terminated, the Committee may elect to terminate all outstanding Offering Periods either immediately or once Shares have been purchased on the next Purchase Date or permit
Offering Periods to expire in accordance with their terms (and subject to any adjustment in accordance with Section 18). If any Offering Period is terminated before its scheduled expiration, all amounts that have not been used to purchase
Shares will be returned to Participants (without interest, except as otherwise required by law) as soon as administratively practicable. 

(j) Applicable Law. The laws of the State of Delaware shall govern all questions concerning the construction, validity and
interpretation of the Plan, without regard to such state’s conflict of law rules. 
 (k) Shareholder Approval. The Plan shall be
subject to approval by the shareholders of the Company within twelve (12) months before or after the date the Plan is adopted by the Board. 

(l) Section 423. On and after the Section 423 Effective Date, the Plan is intended to qualify as an “employee stock purchase
plan” under Section 423 of the Code, and any provision of the Plan that is inconsistent with Section 423 of the Code shall be reformed to comply with Section 423 of the Code. 

(m) Section 409A; Limitation of Liability. Prior to the Section 423 Effective Date, the Plan and all options are intended to be
exempt from Section 409A of the Code as “short-term deferrals” within the meaning of Treasury Regulation §1.409A-1(b)(4), and on and after the Section 423 Effective Date, as
“statutory stock options” within the meaning of Treasury Regulation §1.409A-1(b)(5)(ii), and the Plan and the options will be interpreted and administered accordingly. Notwithstanding anything
to the contrary in the Plan, neither the Company nor the Committee, nor any person acting on behalf of the Company or the Committee, will be liable to any Participant or other person by reason of any acceleration of income, any additional tax, or
any other tax or liability asserted by reason of the failure of the Plan or any option to be exempt from or satisfy the requirements of Section 409A of the Code. 

(n) Withholding. To the extent required by applicable Federal, state or local law, a Participant must make arrangements satisfactory to
the Company for the payment of any withholding or similar tax obligations that arise in connection with the Plan. At any time, the Company or any Subsidiary may, but will not be obligated to, withhold from a Participant’s compensation the
amount necessary for the Company or any Subsidiary to meet applicable withholding obligations, including any withholding required to make available to the Company or any Subsidiary any tax deductions or benefits attributable to the sale or early
disposition of Shares by such Participant. In addition, the Company or any Subsidiary may, but will not be obligated to, withhold from the proceeds of the sale of 












 
Shares or any other method of withholding that the Company or any Subsidiary deems appropriate to the extent permitted by, where applicable, Treasury Regulation
Section 1.423-2(f). The Company will not be required to issue any Shares under the Plan until such obligations are satisfied. 

(o) Severability. If any provision of the Plan shall for any reason be held to be invalid or unenforceable, such invalidity or
unenforceability shall not affect any other provision hereof, and the Plan shall be construed as if such invalid or unenforceable provision were omitted. 

(p) Headings. The headings of sections herein are included solely for convenience and shall not affect the meaning of any of the
provisions of the Plan. 
 (q) Participating Subsidiaries. This Plan shall constitute the Employee Stock Purchase Plan of the Company
and each Participating Subsidiary. A Participating Subsidiary may withdraw from the Plan as of any Offering Date by giving written notice to the Board, which notice must be received by at least thirty (30) days prior to such Offering Date.