Wednesday, February 22, 2017 4:31:54 AM
The October 2016 written agreement between Midam and Progressive forbids Midam from selling more than 50,000 Progressive shares per day. That contractual prohibition applies to of all shares issued to Midam, including the shares issued to Midam in 2015.
Thus, Midam's sale of 1,000,000 shares on February 13, 2017, and any sales the prior week in excess of $50,000 per day were barred covered by this contractual limitation.
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