Luckily for us, the Reg 1A clearly states he wont and cannot sell his shares before 180 days after the placement. And I’m pretty sure the investors or investor will ask for a stipulation that no more the X% can be use for accrued salaries as no savvy investor of 5Mil would allow for 25%+ of his investment to go for back pay. But yah sure keep going with “the worst possible outcome”. I doubt the validity of anyone’s “50 Millions Shares Owned” when most of their posts are negative and way out in the “not very probably” plausible outcomes..
Lock-Up Agreements:
We and our officers, directors, and more than 5% stockholders have agreed, or will agree, with a Selling Agent, subject to certain exceptions, that, without the prior written consent of the Selling Agent, we and they will not, directly, or indirectly, during the period ending 180 days after the date of the Offering Circular.
- offer, pledge, sell, contract 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 of the Common Stock or any securities convertible into or exchangeable or exercisable for the Common Stock, whether now owned or hereafter acquired by the undersigned or with respect to which the undersigned has or hereafter acquires the power of disposition; or
- enter into any swap or any other agreement or any transaction that transfers, in whole or in part, the economic consequence of ownership of the Common Stock, whether any such swap or transaction is to be settled by delivery of the Common Stock or other securities, in cash or otherwise.
