Exhibit 1.4
LOCK-UP AGREEMENT
PELICAN FINANCIAL, INC.
PUBLIC OFFERING OF COMMON STOCK
July __, 1999
Xxxxxxx X. Xxxxx & Co.
As Underwriter
000 0xx Xxxxxx Xxxxx
Xxxxx 000
Xx. Xxxxxxxxxx, Xxxxxxx 00000
Ladies and Gentlemen:
This letter is being delivered to you in connection with the proposed
Underwriting Agreement (the "Underwriting Agreement"), between Pelican
Financial, Inc., a Delaware corporation (the "Company"), and you as Underwriter,
relating to an underwritten public offering of Common Stock, $.01 par value (the
"Common Stock"), of the Company.
In order to induce you to enter into the Underwriting Agreement, the
undersigned will not, without the prior written consent of Xxxxxxx X. Xxxxx &
Co., offer, sell, contract to sell, pledge or otherwise dispose of, (or enter
into any transaction which is designed to, or might reasonably be expected to,
result in the disposition (whether by actual disposition or effective economic
disposition due to cash settlement or otherwise) by the Company or any affiliate
of the Company or any person in privity with the Company or any affiliate of the
Company) directly or indirectly, including the filing (or participation in the
filing of) a registration statement with the Securities and Exchange Commission
in respect of, or establish or increase a put equivalent position or liquidate
or decrease a call equivalent position within the meaning of Section 16 of the
Securities Exchange Act of 1934, as amended, and the rules and regulations of
the Securities and Exchange Commission promulgated thereunder with respect to,
any shares of capital stock of the Company or any securities convertible into,
or exerciseable or exchangeable for such capital stock, or publicly announce an
intention to effect any such transaction, for a period of 180 days after the
date of this Agreement, other than shares of Common Stock disposed of as bona
fide gifts approved by Xxxxxxx X. Xxxxx & Co.
If for any reason the Underwriting Agreement shall be terminated prior
to the Closing Date (as defined in the Underwriting Agreement), the agreement
set forth above shall likewise be terminated.
Very truly yours,
By:
---------------------------
Name: Xxxxxxx X. Xxxxxxx
Title: Chief Executive Officer and
Chairman of the Board
Pelican Financial, Inc.
