Complex sentence: The theory includes a framework with axes going from low to high equivocality, and low to high uncertainty, with low equivocality and low uncertainty being a clear, well-defined situation, and high equivocality and high uncertainty being ambiguous events that need clarification by managers.
Split into simpler sentences: The theory includes a framework with axes going from low to high equivocality and low to high uncertainty. Low equivocality and low uncertainty represents a clear, well-defined situation; high equivocality and high uncertainty indicates ambiguous events that need clarification by managers.