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LOCK-UP AGREEMENT

Lockup Agreement

LOCK-UP AGREEMENT | Document Parties: LIMELIGHT MEDIA GROUP INC You are currently viewing:
This Lockup Agreement involves

LIMELIGHT MEDIA GROUP INC

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Title: LOCK-UP AGREEMENT
Governing Law: New York     Date: 7/7/2005
Law Firm: Pryor Cashman Sherman & Flynn LLP    

LOCK-UP AGREEMENT, Parties: limelight media group inc
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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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