Exhibit 10.2
LOCK-UP
AGREEMENT
LOCK-UP
AGREEMENT (this “ Agreement ”) dated as of June
30, 2005, by and among LIMELIGHT MEDIA GROUP, INC., a Nevada
corporation (the “ Company ”), and each Person
whose name appears on Schedule A attached hereto
(each a “ Former IMPART Shareholder
”).
WITNESSETH
WHEREAS , pursuant to the terms of an Agreement and Plan
of Merger dated as of June 30, 2005 (the “ Merger
Agreement ”) by and among the Company, IMPART, Inc., a
Washington corporation (“ IMPART ”), and
Limelight Merger II Corp., a Washington corporation, on the date
hereof, the Company has agreed to issue to each Former IMPART
Shareholder such number of shares of Common Stock, $.001 par value,
of the Company (the “ Common Stock ”) as
determined pursuant to the Merger Agreement; and
WHEREAS , as a condition precedent to the consummation
of the transactions contemplated by the Merger Agreement, the
Company and the Former IMPART Shareholders desire to provide for
certain restrictions on the transfer of such shares by the Former
IMPART Shareholders;
NOW THEREFORE , in consideration of the premises and the
mutual covenants of the parties hereto, it is hereby agreed as
follows:
ARTICLE
I
CERTAIN
DEFINITIONS
1.1
Definitions . Whenever used in this Agreement, unless
otherwise defined or the subject matter or context dictates, the
following terms shall have these respective meanings:
(a)
“ Affiliate ” shall have the meaning ascribed to
it in Rule 12(b)(2) promulgated under the Securities Exchange Act
of 1934, as amended.
(b)
“ Agreement ” means this Lock-Up Agreement, any
agreement which is supplementary to or in amendment or confirmation
of this Agreement, and any schedules hereto or thereto.
(c)
“ Disposition ” shall have the meaning assigned
in Section 2.1.
(d)
“ Person ” means any individual, estate, trust,
partnership, joint venture, limited liability company, association,
firm, corporation, company or other entity.
(e)
“ Sale Transaction ” shall have the meaning
assigned in Section 2.1.
(f)
“ Shares ” mean the shares of Common Stock
issued to the Former IMPART Shareholders pursuant to the Merger
Agreement, as well as: (i) any shares into which such shares may be
converted, reclassified, redesignated, subdivided, consolidated or
otherwise changed; (ii) any shares of the Company or any successor
or other body corporate which may be received by the holders of
such shares on a merger, amalgamation or other reorganization of or
including the Company; and (iii) any securities which may now or
hereinafter be convertible or exercisable into such
shares.
(g)
“ Transfer ” shall have the meaning assigned in
Section 2.1.
1.2
Extended Meanings . Words importing the singular number
include the plural and vice versa and words importing gender
include all genders.
ARTICLE
II
DISPOSITION OF
SHARES
2.1
Restriction on Transfer of Shares .
(a)
Except as provided in Section 2.1(b), prior to June 30, 2006, no
Former IMPART Shareholder may sell, assign, transfer, mortgage,
alienate, pledge, hypothecate, create or permit to exist a security
interest in or lien on, place in trust or in any other way encumber
or otherwise dispose of (any of the foregoing shall constitute a
“ Transfer ,” and the consummation of such being
a “ Disposition ”) any Shares now owned or any
interest therein except as expressly permitted by the terms and
provisions of this Agreement. The Company shall have no obligation
to recognize or accede to any Disposition or to register any
Transfer of Shares on its books unless such Disposition is effected
in accordance with the terms and provisions of this Agreement. No
Person who purports to be a holder of Shares acquired in violation
of the terms and provisions of this Agreement shall be entitled to
any rights with respect to such Shares, including any rights to
vote such Shares, to receive any dividends declared thereon, or to
receive any notice with respect thereto under this Agreement or
otherwise.
(b)
Any Former IMPART Shareholder may Transfer all or a portion of his,
her or its Shares to (i) any Person to which such Former IMPART
Shareholder shall sell, assign or transfer all or substantially all
of its assets; (ii) any Affiliate of such Former IMPART
Shareho