Exhibit 10.6
LOCK-UP
AGREEMENT
THIS AGREEMENT (this " Agreement ") is
dated as of February 7, 2007 by and among United National Film
Corporation, a Nevada corporation (the " Company "), and the
shareholders of the Company listed on Schedule A attached
hereto (collectively, the " Shareholders ").
WHEREAS, to induce the Company and the investors
(the “ Investors ”) to enter into the Series A
Convertible Preferred Stock Purchase Agreement dated as of the date
hereof (the “ Purchase Agreement ”) by and among
the Company and the Investors, the Shareholders have agreed not to
sell any shares of the Company’s common stock, $0.0001 par
value per share (the " Common Stock "), that such
Shareholders presently own or may acquire after the date hereof,
except in accordance with the terms and conditions set forth
herein. Capitalized terms used herein without definition shall have
the meanings assigned to such terms in the Purchase
Agreement.
NOW, THEREFORE, in consideration of the
covenants and conditions hereinafter contained, the parties hereto
agree as follows:
1.
Restriction on Transfer;
Term . The Shareholders
hereby agree with the Company that the Shareholders will not offer,
sell, contract to sell, assign, transfer, hypothecate, pledge or
grant a security interest in, or otherwise dispose of, or enter
into any transaction which is designed to, or might reasonably be
expected to, result in the disposition of (whether by actual
disposition or effective economic disposition due to cash
settlement or otherwise by the Company or any affiliate of the
Company or any person in privity with the Company or any affiliate
of the Company), directly or indirectly, any of the shares of
Common Stock from the period commencing on the Closing Date and
expiring on the date that is thirty-six months following the
effective date of the registration statement (the “
Effective Date ”) filed by the Company with the
Securities and Exchange Commission providing for the resale of the
shares of Common Stock issuable upon conversion of the Preferred
Shares and exercise of the Warrants issued pursuant to the Purchase
Agreement (the “ Period ”); provided ,
however , that the Shareholders may make a bona fide gift of
such shares of Common Stock as long as the recipient of such bona
fide gift signs an agreement with the Company that is identical to
this Agreement; provided , further , that the amount
of such bona fide gift of shares of Common Stock shall not exceed
the following amounts: (i) during the twenty-four month period
following the Effective Date, one-twelfth (1/12 th ) of
the aggregate shares of Common Stock held by the Shareholders and
(ii) during the thirty-sixth month period following the Effective
Date, one percent (1%) of the outstanding shares of Common Stock of
the Company.
2.
Ownership . During the Period, the Shareholders shall
retain all rights of ownership in the Common Stock, including,
without limitation, voting rights and the right to receive any
dividends, if any, that may be declared in respect
thereof.
3.
Company and Transfer
Agent . The Company is
hereby authorized to disclose the existence of this Agreement to
its transfer agent. The Company and its transfer agent are hereby
authorized to decline to make any transfer of the Common Stock if
such transfer would constitute a violation or breach of this
Agreement and the Purchase Agreement.
4.
Notices . All notices, demands, consents, requests,
instructions and other communications to be given or delivered or
permitted under or by reason of the provisions of this Agreement or
in connection with the transactions contemplated hereby shall be in
writing and shall be deemed to be delivered and received by the
intended recipient as follows: (i) if personally delivered, on the
business day of such delivery (as evidenced by the receipt of the
personal delivery service), (ii) if mailed certified or registered
mail return receipt requested, four (4) business days after being
mailed, (iii) if delivered by overnight courier (with all charges
having been prepaid), on the business day of such delivery (as
evidenced by the receipt of the overnight courier service of
recognized standing), or (iv) if delivered by facsimile
transmission, on the business day of such delivery
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