Document ID: 10916

Text:
4.8 Executive Lock-Up Period. The Executive acknowledges and agrees that at no time from the Effective Date until the first anniversary of the Closing Date, shall the Executive Transfer or permit to be Transferred any of the shares of Common Stock, including any shares received from an Annual Stock Bonus, (the Shares), except pursuant to an effective registration statement on Form S-1 or Form S-3 promulgated under the Securities Act of 1933 , as amended (the Securities Act ) or upon exercise of put rights (the Put Rights) pursuant to the put agreement between the Executive and the Company dated the date hereof (the Put Agreement). Furthermore, the Executive acknowledges and agrees that, except pursuant to an effective registration statement on Form S-1 or Form S-3 promulgated under the Securities Act , the Executive shall not: (i) on or after the first anniversary of the Closing Date but before the second anniversary of the Closing Date, Transfer or permit to be Transferred more than 262,878 Shares (the First Period Shares); (ii) on or after the second anniversary of the Closing Date but before the third anniversary of the Closing Date, Transfer or permit to be Transferred more than 262,878 Shares plus any portion of the First Period Shares not yet Transferred. After the third anniversary of the Closing Date the Exective shall no longer be restricted under this Section 4.8 from Transferring or permitting to be Transferred any of the Executives Shares. For purposes of this Agreement, Transfer means in respect of a Person, any direct or indirect transfer, sale, assignment, gift, exchange or other transaction (other than the creation of a Lien), whether voluntary, involuntary or by operation of law, by which the legal or beneficial ownership of, or other interest in, such Person, passes from one Person to another Person, whether or not for value.

Named Entities:
22
23
TerminationDate
77
80
Act
103
104
Title
117
118
Title
185
187
Shares

Tokenized Text:
4
.
8
Executive
Lock-Up
Period
.
The
Executive
acknowledges
and
agrees
that
at
no
time
from
the
Effective
Date
until
the
first
anniversary
of
the
Closing
Date
,
shall
the
Executive
Transfer
or
permit
to
be
Transferred
any
of
the
shares
of
Common
Stock
,
including
any
shares
received
from
an
Annual
Stock
Bonus
,
(
the
Shares
)
,
except
pursuant
to
an
effective
registration
statement
on
Form
S-1
or
Form
S-3
promulgated
under
the
Securities
Act
of
1933
,
as
amended
(
the
Securities
Act
)
or
upon
exercise
of
put
rights
(
the
Put
Rights
)
pursuant
to
the
put
agreement
between
the
Executive
and
the
Company
dated
the
date
hereof
(
the
Put
Agreement
)
.
Furthermore
,
the
Executive
acknowledges
and
agrees
that
,
except
pursuant
to
an
effective
registration
statement
on
Form
S-1
or
Form
S-3
promulgated
under
the
Securities
Act
,
the
Executive
shall
not
:
(
i
)
on
or
after
the
first
anniversary
of
the
Closing
Date
but
before
the
second
anniversary
of
the
Closing
Date
,
Transfer
or
permit
to
be
Transferred
more
than
262
,
878
Shares
(
the
First
Period
Shares
)
;
(
ii
)
on
or
after
the
second
anniversary
of
the
Closing
Date
but
before
the
third
anniversary
of
the
Closing
Date
,
Transfer
or
permit
to
be
Transferred
more
than
262
,
878
Shares
plus
any
portion
of
the
First
Period
Shares
not
yet
Transferred
.
After
the
third
anniversary
of
the
Closing
Date
the
Exective
shall
no
longer
be
restricted
under
this
Section
4
.
8
from
Transferring
or
permitting
to
be
Transferred
any
of
the
Executives
Shares
.
For
purposes
of
this
Agreement
,
Transfer
means
in
respect
of
a
Person
,
any
direct
or
indirect
transfer
,
sale
,
assignment
,
gift
,
exchange
or
other
transaction
(
other
than
the
creation
of
a
Lien
)
,
whether
voluntary
,
involuntary
or
by
operation
of
law
,
by
which
the
legal
or
beneficial
ownership
of
,
or
other
interest
in
,
such
Person
,
passes
from
one
Person
to
another
Person
,
whether
or
not
for
value
.