Ashford.com, Inc. Lock-Up Agreement Related to Merger and S-4 Registration
Summary
This agreement is between Ashford.com, Inc. and a shareholder, restricting the shareholder from selling, transferring, or otherwise disposing of their shares or related securities for 180 days after the company's S-4 registration statement becomes effective with the SEC. Limited exceptions apply for gifts, transfers to trusts or subsidiaries, or with company consent. The agreement is binding and ensures compliance with the company's merger and stock registration process.
EX-10.15 8 0008.txt FORM OF LOCK-UP AGREEMENT TO ASHFORD.COM EXHIBIT 10.15 ASHFORD.COM, INC. Lock-Up Agreement __________ __, 2001 Ashford.com, Inc. 3800 Buffalo Speedway, Suite 400 Houston, TX 77098 Re: Ashford.com, Inc. - Lock-Up Agreement ------------------------------------- Ladies and Gentlemen: The undersigned understands that Ashford.com, Inc., a Delaware corporation (the "Company"), pursuant to an Agreement and Plan of Reorganization, dated January 3, 2001 (the "Merger Agreement"), proposes to register shares of its common stock (the "Shares") pursuant to a Registration Statement on Form S-4 (the "S-4") to be filed with the Securities and Exchange Commission (the "SEC"). In consideration of the agreement by the Company to issue the Merger Consideration (as such term is defined in the Merger Agreement) and of other good and valuable consideration the receipt and sufficiency of which is hereby acknowledged, the undersigned agrees that, during the period beginning from the date the S-4 is declared effective by the SEC and including the date 180 days after such date, the undersigned will not offer, sell, contract to sell, pledge, grant any option to purchase, make any short sale or otherwise dispose of any shares of Common Stock of the Company, or any options or warrants to purchase any shares of Common Stock of the Company, or any securities convertible into, exchangeable for or that represent the right to receive shares of Common Stock of the Company, whether now owned or hereinafter acquired, owned directly by the undersigned (including holding as a custodian) or with respect to which the undersigned has beneficial ownership within the rules and regulations of the SEC (collectively the "Undersigned's Shares"). The foregoing restriction is expressly agreed to preclude the undersigned from engaging in any hedging or other transaction which is designed to or which reasonably could be expected to lead to or result in a sale or disposition of the Undersigned's Shares even if such Shares would be disposed of by someone other than the undersigned. Such prohibited hedging or other transactions would include without limitation any short sale or any purchase, sale or grant of any right (including without limitation any put or call option) with respect to any of the Undersigned's Shares or with respect to any security that includes, relates to, or derives any significant part of its value from such shares. Notwithstanding the foregoing, the undersigned may transfer the Undersigned's Shares (i) as a bona fide gift or gifts, provided that the donee or donees thereof agree to be bound in writing by the restrictions set forth herein, (ii) to any trust for the direct or indirect benefit of the undersigned or the immediate family of the undersigned, provided that the trustee of the trust agrees to be bound in writing by the restrictions set forth herein, and provided further that any such transfer shall not involve a disposition for value, or (iii) with the prior written consent of the Company. For purposes of this Lock-Up Agreement, "immediate family" shall mean any relationship by blood, marriage or adoption, not more remote than first cousin. In addition, notwithstanding the foregoing, if the undersigned is a corporation, the corporation may transfer the capital stock of the Company to any wholly-owned subsidiary of such corporation; provided, however, that in any such case, it shall be a condition to the transfer that the transferee execute an agreement stating that the transferee is receiving and holding such capital stock subject to the provisions of this Lock-up Agreement and there shall be no further transfer of such capital stock except in accordance with this Lock-up Agreement, and provided further that any such transfer shall not involve a disposition for value. The undersigned now has, and, except as contemplated by clause (i), (ii), or (iii) above, for the duration of this Lock-Up Agreement will have, good and marketable title to the Undersigned's Shares, free and clear of all liens, encumbrances, and claims whatsoever. The undersigned also agrees and consents to the entry of stop transfer instructions with the Company's transfer agent and registrar against the transfer of the Undersigned's Shares except in compliance with the foregoing restrictions. The undersigned understands that the Company is relying upon this Lock-Up Agreement in proceeding toward consummation of the offering. The undersigned further understands that this Lock-Up Agreement is irrevocable and shall be binding upon the undersigned's heirs, legal representatives, successors, and assigns. Very truly yours, ________________________________________ Signature ________________________________________ Printed Name
