Document:

Promotional Share Lock-in Agreement

 Exhibit 10.3 
 PROMOTIONAL SHARES LOCK-IN AGREEMENT 
 Class A Limited Liability Company Units Issuer 

  

	I.	This Promotional Shares Lock-In Agreement (“Agreement”), which was entered into on the 15th day of October, 2008, by and between Waitlist, LLC, a Washington limited liability
company (“Issuer”), whose principal place of business is located in Seattle, WA, IndieShares Management LLC, a Washington limited liability company (“Owner”), and Beacon Law Advisors PLLC, a Washington professional limited
liability company (“Security Holder”) witnesses that: 

  

	 	A.	The Issuer has filed an application with the Securities Administrator of the States of AZ, CA, CO, CT, FL, GA, IL, IN, LA, MA, MD, MI, MN, MO, NJ, NY, OR, UT, VA, WI
(“Administrators”) to register certain of its Class A limited liability company units (the “CLASS A SHARES”) for sale to public investors who are residents of those states (“Registration”);

  

	 	B.	Owner is the owner of a common limited liability company unit (the “PROMOTIONAL SHARE”), and Security Holder has agreed to act as escrow agent to hold the PROMOTIONAL
SHARE on behalf of Owner until it is released from escrow in accordance with the terms of this Agreement. 

  

	 	C.	As a condition to Registration, the Issuer and Security Holder (“Signatories”) agree to be bound by the terms of this Agreement. 

  

	II.	THEREFORE, the Security Holder agrees to act as escrow agent and to hold the PROMOTIONAL SHARE on Owner’s behalf and agrees not to, on the Issuer’s behalf, sell, pledge,
hypothecate, assign, grant any option for the sale of, or otherwise transfer or dispose of, whether or not for consideration, directly or indirectly, the PROMOTIONAL SHARE as defined in the North American Securities Administrators Association
(“NASAA”) Statement of Policy on Corporate Securities Definitions and all certificates representing unit dividends, unit splits, recapitalizations, and the like, that are granted to, or received by, the Security Holder while the
PROMOTIONAL SHARE is subject to this Agreement (“Restricted Security”). 

  The Restricted Security shall be
released from this Agreement in accordance with the terms described in Paragraph I. 

	III.	THEREFORE, the Signatories agree and will cause the following: 

  

	 	A.	Issuer shall cause, in the event of a dissolution, liquidation, merger, consolidation, reorganization, sale or exchange of the Issuer’s assets or securities (including by way
of tender offer), or any other transaction or proceeding with a person who is not a “Promoter”, as that term is defined in the NASAA Statement of Policy on Corporate Securities Definitions, which results in the distribution of the
Issuer’s assets or securities (“Distribution”), while this Agreement remains in effect that: 

  

	 	1.	All holders of the Issuer’s CLASS A SHARES will initially share on a pro rata, per share basis in the Distribution, in proportion to the amount of cash or other consideration
that they paid per share for their CLASS A SHARES (provided that the Administrator has accepted the value of the other consideration), until the shareholders who purchased the Issuer’s CLASS A SHARES pursuant to the public offering
(“Public Shareholders”) have received, or have had irrevocably set aside for them, an amount that is equal to one hundred and five percent (105%) of the public offering’s price per share times the number of shares of CLASS A
SHARES that they purchased pursuant to the public offering and which they still hold at the time of the Distribution, adjusted for splits, dividends recapitalizations and the like; and 

  

	 	2.	Thereafter, fifty percent (50%) of the amount of Issuer’s cash or other consideration available for distribution shall be allocated to the Owner and fifty percent
(50%) shall be allocated to all holders of the Issuer’s CLASS A SHARES who shall thereafter participate in such fifty percent (50%) on an equal, per share basis times the number of shares of CLASS A SHARES, in accordance with the
public offering registration statement, they hold at the time of the Distribution, adjusted for splits, dividends, recapitalizations and the like. 

  

	 	3.	The Distribution may proceed on lesser terms and conditions than the terms and conditions stated in paragraphs 1 and 2 above if a majority of the CLASS A SHAREHOLDERS vote, or
consent by consent procedure, to approve the lesser terms and conditions. 

  

	 	B.	In the event of a dissolution, liquidation, merger, consolidation, reorganization, sale or exchange of the Issuer’s assets or securities (including by way of tender offer), or
any other transaction or proceeding with a person who is a Promoter, which results in a Distribution while this Agreement remains in effect, the Restricted Security shall remain subject to the terms of this Agreement. 

  

	 	C.	The Restricted Security may be transferred by will, the laws of descent and distribution, the operation of law, or by order of any court of competent jurisdiction and proper venue.

  

	 	D.	The economic value of the portion of a Restricted Security of a deceased member of the Owner may be hypothecated to pay the expenses of the deceased Owner’s estate. The
hypothecated Restricted Security shall remain subject to the terms of this Agreement. The Restricted Security may not be pledged to secure any other debt. 

  

	 	E.	The Restricted Security may be transferred by gift to the member of the Owner’s family members, provided that the Restricted Security shall remain subject to the terms of this
Agreement. 

  

	 	F.	The Restricted Security shall not have voting rights. 

	 	G.	A notice shall be placed on the face of each unit certificate of the Restricted Security covered by the terms of the Agreement stating that the transfer of the unit evidenced by the
certificate is restricted in accordance with the conditions set forth on the reverse side of the certificate; and 

  

	 	H.	A typed legend shall be placed on the reverse side of the unit certificate of the Restricted Security representing the unit covered by the Agreement which states that the sale or
transfer of such unit evidenced by the certificate is subject to certain restrictions pursuant to an agreement between the Security Holder, the Owner and the Issuer, which agreement is on file with the Issuer from which a copy is available upon
request and without charge. 

  

	 	I.	The term of this Agreement shall begin on the date that the Registration is declared effective by the Administrators (“Effective Date”) and shall terminate in accordance
with the following: 

 If the Issuer’s aggregate revenues are: 
 1. $500,000 or more, and neither the auditor’s opinion nor any footnote to the Issuer’s latest audited financial statements contain an opinion
or statement regarding the ability of the Issuer to continue as a going concern, then the required release of locked-in PROMOTIONAL SHARE is as follows: 
 a. Year 1 – none 
 b. Year 2 – 2  1/2% pro rata per quarter 
 c. Year 3 – all 
 2. Less than $500,000, then the required release of the locked-in PROMOTIONAL SHARE is as follows:

 a. Year 1 – none 
 b.
Year 2 – none 
 c. Year 3 – 2  1/2% pro rata per quarter 
 d. Year 4 – 2  1/2% pro rata per quarter 
 e. Year 5 – all 
 3. In the event the locked-in PROMOTIONAL SHARE become a “Covered Security” as defined in Section 18(b)(1) of the Securities Act of 1933,
the Security Holder must release the locked-in PROMOTIONAL SHARE. 
 4. If the public offering is terminated, and no securities were sold, the
Security Holder must release the PROMOTIONAL SHARE. 
 5. If the public offering is terminated, and all of the gross proceeds of the offering
have been returned to the public investors, the Security Holder must release the PROMOTIONAL SHARE. 

	 	J.	The documentation required for termination of this Agreement and/or release of the PROMOTIONAL SHARE must include: 

 a. A written request for release of the PROMOTIONAL SHARE to the Security Holder. 
 b. Documentation from the Issuer showing that the requirements described in Paragraph I have been met. 
 c. The Security Holder must maintain all records relating to this Agreement for three (3) years following termination of the Agreement. 

d. The Security Holder must forward copies of all retained records to the Administrator promptly upon written request. 
  

	 	K.	This Agreement to be modified only with the written approval of the Administrators. 

   

	IV.	THEREFORE, the Issuer will cause the following: 

  

	 	A.	A manually signed copy of the Agreement signed by the Signatories to be filed with the Administrators prior to the Effective Date; 

  

	 	B.	Appropriate unit transfer orders to be placed with the Issuer’s unit transfer agent against the sale or transfer of the limited liability company units covered by the Agreement
prior to its expiration, except as may otherwise be provided in this Agreement; 

  

	 	C.	The above unit restriction legends to be placed on the periodic statement sent to the registered owner if the security subject to this Agreement is an uncertificated security.

 Pursuant to the requirements of this Agreement, the Signatories have entered into this Agreement, which may be written in multiple
counterparts and each of which shall be considered an original. The Signatories have signed the Agreement in the capacities, and on the dates, indicated. 
 IN WITNESS WHEREOF, the Signatories have executed this Agreement. 
  

			
	ISSUER: Waitlist, LLC
		
	By:	 	 /s/ JAY T. SCHWARTZ

	Name:	 	 Jay T. Schwartz

	President of the manager of Waitlist, LLC
	
	SECURITY HOLDER: BEACON LAW ADVISORS, PLLC
		
	By:	 	 /s/ NOEL HOWE

	Name:	 	 Noel Howe

	Principal of Beacon Law Advisors, PLLC
	
	OWNER: INDIESHARES MANAGEMENT, LLC
		
	By:	 	 /s/ GEORGE R. BRUMDER

	Name:	 	George R. Brumder
	Chief Financial OfficerServices Agreement

 Exhibit 10.4 
 AGREEMENT FOR SERVICES 
 This Agreement is effective this 20th day of October 2008 and is entered into by and between Waitlist, LLC, a Washington limited liability company (“Waitlist”) and IndieShares, LLC, a Washington limited liability company (“IndieShares”). 
 IndieShares represents that it shall provide certain services (“Services”) as more fully described in the attached Exhibit A. Waitlist wishes to engage the Services of IndieShares, and in consideration of the covenants and agreements set forth

herein, the parties agree as follows: 
  

	1.	SERVICES 

  

	 	a.	Engagement of IndieShares. Waitlist hereby engages IndieShares to perform the Services described in Exhibit A, and IndieShares hereby accepts the engagement, and agrees to perform the Services upon

the terms and conditions set forth herein. 

  

	 	b.	Term. The engagement of IndieShares hereunder shall commence on October 20, 2008 and end upon the earlier of sale or dissolution of Waitlist. 

  

	 	c.	IndieShares’ Representations. In the performance of IndieShares’ duties under this Agreement, IndieShares represents that IndieShares has the qualifications and ability to perform the

Services in a professional manner, without the advice, control, or supervision of Waitlist. Manager agrees to comply with all applicable federal, state and local laws and regulations. 

  

	 	d.	Independent Contractor. 

  

	 	i.	The relationship of IndieShares to Waitlist is that of an independent contractor and nothing herein shall be construed as creating an employment or agency relationship. IndieShares may

adopt such arrangements as it may desire with regard to the details of the Services performed hereunder, the hours during which the Services are to be provided, and the place or places where the Services are to be furnished, provided that the

Services shall be performed in a manner calculated to attain the most satisfactory results for Waitlist. 

	 	ii.	IndieShares shall be obligated to pay any and all applicable local, state and federal payroll and other taxes incurred, if any, as a result of IndieShares’ provision of services hereunder. For clarity, no form of compensation, cash or otherwise, shall be paid to IndieShares by Waitlist in exchange for the Services, as further described below.

  

	2.	NO FEES OR EXPENSES 

  

	 	a.	Fees. Waitlist shall not pay IndieShares any fees in exchange for the Services.

  

	 	b.	Expenses. IndieShares shall not be entitled to reimbursement by Waitlist of expenses.

 

	 	c.	Audit Rights. IndieShares agrees that, during the term of this Agreement, Waitlist shall have access to and the right to examine any directly pertinent books, documents, and records of IndieShares relating to this Agreement.

  

 

	3.	OWNERSHIP OF INTELLECTUAL PROPERTY 

 IndieShares agrees

that all reports, specifications, drawings, schematics, prototypes, models, inventions, and all other information arising from the Services shall be deemed to be “works made for hire” and, to the extent that such doctrine does not apply,

are hereby assigned, conveyed, and transferred, along with all related intellectual property rights, to Waitlist, and shall be Waitlist’s sole and exclusive property. 
  

	4.	CONFIDENTIALITY AND NONDISCLOSURE 

  

	 	a.	 IndieShares acknowledges that in performing the Services hereunder, Waitlist may have to disclose to IndieShares orally and in writing certain confidential information that Waitlist considers proprietary and has developed at great expense and effort. As used herein, the term “Confidential Information” means any literary work associated with a motion picture, technical data, marketing, operating, financial, business or

any other information, design, process, procedure, formula or improvement in written, printed, graphic, or electronically recorded materials, that is commercially valuable to Waitlist and 

	 	 

not generally known in the industry. IndieShares further acknowledges that the Services and any deliverables may incorporate Confidential Information. IndieShares

agrees that all items of Confidential Information are proprietary to Waitlist and shall remain the sole property of Waitlist. 

  

	 	b.	IndieShares agrees as follows: 

  

	 	i.	To use the Confidential Information only for the purposes described herein; to not reproduce the Confidential Information; to hold in confidence and protect the Confidential

Information from dissemination to and use by anyone not a party to this Agreement; and to not use the Confidential Information to benefit others. 

  

	 	ii.	To restrict access to the Confidential Information to personnel of IndieShares who (i) have a need to have such access and (ii) have been advised of and have agreed in writing

to treat such information in accordance with the terms of this Agreement. 

  

	 	iii.	To hold in confidence information and materials, if any, developed pursuant to the Services hereunder. 

  

	 	c.	The provisions of this Paragraph 4 shall survive termination or expiration of this Agreement and shall continue for so long as the material remains confidential.

  

	5.	GOVERNING LAW 

 This Agreement shall be governed by

and interpreted under the laws of the State of Washington and the parties submit to jurisdiction in King County, in the event any action is brought in connection with this Agreement or the performance thereof. 
  

	6.	GENERAL PROVISIONS 

  

	 	a.	Entire Agreement. This Agreement constitutes the entire agreement of the parties and supersedes all prior written or oral and all contemporaneous oral agreements, understandings,

and negotiations between the parties with respect to the subject matter hereof. This Agreement is intended by the parties as the final expression of their agreement and may not be contradicted by evidence of any prior or contemporaneous agreement.

  

	 	b.	Modifications. This Agreement may not be modified, changed or supplemented, nor may any obligations hereunder be waived or extensions of time for performance granted, except by

written instrument signed by both parties. 

  

	 	c.	Assignment. This Agreement and the rights, duties, and obligations hereunder may not be assigned or subcontracted by IndieShares without the prior written consent of Waitlist.

	 	d.	Partial Invalidity. Any provision of this Agreement which is found to be invalid or unenforceable shall be ineffective to the extent of such invalidity or unenforceability, and the

invalidity or unenforceability of such provision shall not affect the validity or enforceability of the remaining provisions hereof. 

  

	 	e.	Notices. Any notice required to be given hereunder shall be deemed to have been given either when served personally, by facsimile, or when sent by first class mail addressed to the

parties at the addresses set forth in this Agreement. 

 IN WITNESS WHEREOF, the parties have executed this Agreement effective as of the date

first written above. 
  

									
	For Waitlist 	 		 	For IndieShares
					
	By:	 	 /s/ JULIE CHASE
	 		 	By:	 	 /s/ JAY T. SCHWARTZ

	Name:	 	Julie Chase	 		 	Name:	 	Jay T. Schwartz
	Title:	 	Secretary of Manager	 		 	Title:	 	President

 Exhibit A 
 Description of Services 
  

	1.	IndieShares will provide technology and associated film productions services to Waitlist, such as web hosting services; marketing and advertising, including SEO, SEM and other online services; and physical production management services as requested by Waitlist. 

   

	 	a.	IndieShares will facilitate involving Waitlist’s investors in a virtual filmmaking experience by providing technology services to Waitlist. For example, at Waitlist’s website sector, hosted and serviced by IndieShares, investors will be able to participate in certain of the film?s production activities, such as “chatting” online with the director and actors, and downloading clips from the shoot.

  

	 	b.	IndieShares will participate in, and assist with, web marketing and physical production activities as requested by Waitlist. 

  

	 	c.	For clarity, IndieShares will not coordinate payments, create accounts, or process investments for Waitlist. Waitlist will be responsible for creating and managing its own bank, impound, and investor accounts. Waitlist will also be responsible for all investor payment, payment distribution, if any, and required investor correspondence. It should be noted that IndieShares does not solicit or contract with investors in any way.

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