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EXHIBIT 10.3
LOCK-UP AGREEMENT
LOCK-UP
AGREEMENT, dated as of July 27, 2005 (the "Agreement"), between
GP
Strategies Corporation, a Delaware
corporation (the "Company"), and Scott N.
Greenberg (the "Employee").
WHEREAS,
as a condition to the Company's willingness to issue 42,000
shares (the "Shares") of Company Common
Stock to the Employee pursuant to the
Company's 2003 Incentive Stock Plan, the
Company has requested that the Employee
agree to be bound by the terms of this
Agreement.
NOW,
THEREFORE, in consideration of the foregoing and the mutual
covenants
and agreements contained herein, and
intending to be legally bound hereby, the
parties hereby agree as follows:
Section 1 Lock-up. The Employee hereby
agrees that, except as provided pursuant
to Section 2, prior to January 1, 2008, the
Employee will not, without prior
written consent of the Company, directly or
indirectly, (i) offer, pledge,
hypothecate, sell, contract to sell, enter
any agreement to sell, sell any
option or contract to purchase, purchase
any option or contract to sell, grant
any option, right or warrant for the sale
of, or otherwise dispose of or
transfer any Shares, or (ii) enter into any
swap or any other agreement or any
transaction that transfers, in whole or in
part, directly or indirectly, the
economic consequence of any Shares, whether
any such transaction is to be
settled by delivery of Shares or other
securities, in cash or otherwise (all
actions referred to in this Section 1 are
hereinafter collectively referred to
as "Dispose Of").
Section 2 Restrictive Legend. Any
certificate representing Shares shall have a
legend substantially as follows:
"The
shares represented by this certificate have not been registered
under
the
Securities Act of 1933, as amended (the "Securities Act"), and may
not
be
offered, sold, pledged, or otherwise transferred (nor may the
holder
otherwise
hedge its exposure with respect to the shares) except (1) if
they have
been registered under the Securities Act or (2) if the
Corporation has been furnished with an opinion of legal
counsel,
reasonably
satisfactory to the Corporation, to the effect that such sale
or
transfer is exempt from the registration requirements of the
Securities
Act.
The shares
represented by this certificate are subject to a lock-up
agreement
until December 31, 2007 between the holder and the
Corporation."
The Employee agrees and consents to the
entry of stock transfer instructions
with the Company's transfer agent against
the transfer of any Shares held by the
Employee except in compliance with the
foregoing restrictions.
Section 3 Exempt Transacti