Exhibit 10.3
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 David V. Lott
(“ Lott ”).
W I T N E S S E T
H
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 acquire all of the outstanding
capital stock of IMPART and, in consideration therefor, 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 , Lott is the President and Chief Executive
Officer of the Company and its principal stockholder;
and
WHEREAS , as a condition precedent to the consummation
of the transactions contemplated by the Merger Agreement, the
Company and Lott desire to provide for certain restrictions on the
transfer of shares of Common Stock now held or hereafter acquired
by Lott;
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)
“ Shares ” mean the shares of Common Stock now
held or hereafter acquired by Lott, 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.
(f)
“ 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, Lott may not 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 or any interest therein except as expressly
permitted by the terms and provisions of this Agreement. The
Company shall have no obligation to recogn
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