Common use of Lock-up and Contribution Clause in Contracts

Lock-up and Contribution. The shares issued pursuant to section 2.2(a) (the “Employment Shares”) shall be subject to the terms and conditions of this section 2.2(b). The Employment Shares shall be represented by 36 certificates (the “Certificates”) of 100,000 shares each. All Certificates not delivered to the Executive shall be held by the Company. One Certificate representing 100,000 shares shall be delivered to the Executive on the 30th of each month beginning October 30, 2009. In the event the Executive’s employment pursuant to this agreement is terminated for any reason, the Employment Shares represented by Certificates still held by the Company are hereby contributed by the Executive back to the Company for cancellation. This lock-up provision shall not be applicable to any stock held by the Executive prior to entering into this agreement.

Appears in 3 contracts

Samples: Employment Agreement (Signature Exploration & Production Corp.), Employment Agreement (Signature Exploration & Production Corp.), Employment Agreement (Signature Exploration & Production Corp.)

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Lock-up and Contribution. The shares issued pursuant to section 2.2(a2.3(a) (the “Employment Shares”) shall be subject to the terms and conditions of this section 2.2(b2.3(b). The Employment Shares shall be represented by 36 120 certificates (the “Certificates”) of 100,000 175,000,000 shares each. All Certificates not delivered to the Executive shall be held by the Company. One Certificate representing 100,000 175,000,000 shares shall be delivered to the Executive on the 30th of each month beginning October 30, 2009. In the event the Executive’s employment pursuant to this agreement is terminated for any reasonreason except death, the Employment Shares represented by Certificates still held by the Company are hereby contributed by the Executive back to the Company for cancellation. This lock-up provision shall not be applicable to any stock held by the Executive prior to entering into this agreement.

Appears in 2 contracts

Samples: Employment Agreement (Universal Energy Corp.), Employment Agreement (Universal Energy Corp.)

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Lock-up and Contribution. The shares issued pursuant to section 2.2(a2.1(a) (the “Employment Shares”) shall be subject to the terms and conditions of this section 2.2(b2.1(b). The Employment Shares shall be represented by 36 certificates (the “Certificates”) of 100,000 shares each. All Certificates not delivered to the Executive shall be held by the Company. One Certificate representing 100,000 shares shall be delivered to the Executive on the 30th of each month beginning October 30November 8, 2009. In the event the Executive’s employment pursuant to this agreement is terminated for any reason, the Employment Shares represented by Certificates still held by the Company are hereby contributed by the Executive back to the Company for cancellation. This lock-up provision shall not be applicable to any stock held by the Executive prior to entering into this agreement.

Appears in 1 contract

Samples: Employment Agreement (Signature Exploration & Production Corp.)

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