Lock-Up Period Clause Example from Business Contracts
This example Lock-Up Period clause appears in
4 contracts
from
1 company
Lock-Up Period. 7.1 The Subscriber agrees that it shall not Transfer any Securities until 30 days after the completion of the Business Combination; provided, however, that Transfers of Securities are permitted (i) to our or our Sponsor's officers, directors, consultants or their affiliates, (ii) in the case of an entity, to its members upon its liquidation, (iii) in the case of an individual, to relatives and trusts for estate planning purposes, (iv) in the case of an individual, by virtue of the laws of descen...t and distribution upon death, (v) in the case of an individual, pursuant to a qualified domestic relations order, (vi) to us for no value for cancellation in connection with the consummation of our initial business combination, (vii) in connection with the consummation of a business combination at negotiated prices, or (viii) by virtue of the laws of Delaware or our sponsor's limited liability company agreement upon dissolution of our sponsor in each case (except for clause (vi) or (viii) or with our prior consent) where these permitted transferees must enter into a written agreement agreeing to be bound by the Transfer restrictions these transfer restrictions herein. 5 7.2 For purposes of Section 7.1, the term "Transfer" shall mean the (i) sale of, offer to sell, contract or agreement to sell, hypothecate, pledge, grant of any option to purchase or otherwise dispose of or agreement to dispose of, directly or indirectly, or establishment or increase of a put equivalent position or liquidation with respect to or decrease of 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 SEC promulgated thereunder with respect to, any of the Securities, (ii) entry into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of any of the Securities, whether any such transaction is to be settled by delivery of such Securities, in cash or otherwise, or (iii) public announcement of any intention to effect any transaction specified in clause (i) or (ii).View More
