Lockup Agreement Related to Merger of Polar Molecular Corporation and Murdock Communications Corporation

Summary

This agreement is between certain shareholders of Polar Molecular Corporation and the companies involved in its merger with Murdock Communications Corporation. Shareholders agree not to sell, transfer, or otherwise dispose of their shares (which will become shares of the new holding company) for specified periods after the merger: all shares for six months, two-thirds for nine months, and one-third for twelve months. The agreement is intended to support the merger and will end if the merger does not occur.

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EX-10.31 21 dex1031.txt FORM OF LOCKUP AGREEMENT Exhibit 10.31 FORM OF LOCKUP AGREEMENT Date: , 2003 -------- Polar Molecular Corporation Murdock Communications Corporation 4600 S. Ulster Street MCC Merger Sub Corporation Suite 900 701 Tama Street Denver, Colorado 80237 Marion, Iowa 52302 Ladies and Gentlemen: This letter is being delivered to you in connection with the proposed merger (the "Merger") of MCC Merger Sub Corporation ("Merger Sub") with and into Polar Molecular Corporation ("Polar") pursuant to the terms of the Agreement and Plan of Merger dated as of December 19, 2001, as amended, among Murdock Communications Corporation ("Murdock"), Merger Sub and Polar (the "Merger Agreement"). Defined terms used herein and not otherwise defined herein shall have the respective meanings given them in the Merger Agreement. Pursuant to the terms of the Merger Agreement, certain holders of the common stock, par value $.0001 per share, of Polar (the "Polar Common Stock") currently outstanding are required to enter into this agreement with respect to all or a portion of their shares of Polar Common Stock (which shares shall be converted into shares of Polar Molecular Holding Corporation (as successor to Murdock, "Holding") at the effective time of the Merger ("Holding Common Stock")). In order to induce each of Polar, Murdock and Merger Sub to consummate the transactions contemplated by the Merger Agreement, the undersigned will not, without the prior written consent of Holding, following the Merger, offer, sell, contract to sell, pledge or otherwise dispose of, (or enter into any transaction which is designed to, or might reasonably be expected to, result in the disposition (whether by actual disposition or effective economic disposition due to cash settlement or otherwise) by the undersigned or any affiliate of the undersigned or any person in privity with the undersigned or any affiliate of the undersigned (collectively, the "Undersigned Parties")) directly or indirectly, or establish or increase a put equivalent position or liquidate or decrease a call equivalent position within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Securities and Exchange Commission promulgated thereunder with respect to, shares of Holding Common Stock or securities convertible into, or exercisable or exchangeable for such Holding Common Stock, or publicly announce an intention to effect any such transaction, for the time period set forth below regarding the number of shares set forth below, other than shares of Holding Common Stock disposed of as bona fide gifts or by will or intestacy to persons who also enter into lock-up agreements in the form of this letter. Exhibit A sets forth the number of shares and the duration of applicability of this Agreement for each of the Undersigned Parties individually. For each Undersigned Party, all of its Holding Common Stock subject to this Agreement will remain subject to this Agreement for six months, two-thirds of its Holding Common Stock subject to this Agreement remain subject to this Agreement for nine months and one-third of its Holding Common Stock subject to this Agreement will remain subject to this Agreement for twelve months. If for any reason the Merger Agreement shall be terminated prior to the Merger, the agreement set forth above shall likewise be terminated. Yours very truly, Sign here if officer, director or individual stockholder: --------------------------------------- Name: --------------------------------- Address: ------------------------------ ------------------------------ ------------------------------ Sign here if corporate, partnership or other non-individual stockholder: By: ----------------------------------- Name: --------------------------------- Title: -------------------------------- Address: ------------------------------ ------------------------------ 2 EXHIBIT A STOCKHOLDERS AND LOCKED UP SHARES - ------------------------------------------------------------------------------- Total Number of Number of Shares Number of Shares Shares Locked Up Locked Up Locked Up Stockholder (for Six Months) for Nine Months for Twelve Months - ------------------------------------------------------------------------------- - ------------------------------------------------------------------------------- - ------------------------------------------------------------------------------- - ------------------------------------------------------------------------------- - ------------------------------------------------------------------------------- - ------------------------------------------------------------------------------- - ------------------------------------------------------------------------------- - ------------------------------------------------------------------------------- - ------------------------------------------------------------------------------- - ------------------------------------------------------------------------------- - ------------------------------------------------------------------------------- - ------------------------------------------------------------------------------- - ------------------------------------------------------------------------------- - ------------------------------------------------------------------------------- - ------------------------------------------------------------------------------- - ------------------------------------------------------------------------------- - ------------------------------------------------------------------------------- - ------------------------------------------------------------------------------- - ------------------------------------------------------------------------------- - ------------------------------------------------------------------------------- - ------------------------------------------------------------------------------- TOTAL - -------------------------------------------------------------------------------