OBN HOLDINGS
June 30, 2003
Xx. Xxxxx Xxxx Xxxxx
0000 Xxxxxxxx Xxxx., Xxxxx 000
Xxx Xxxxxxx, XX 00000
Re: OBN Holdings Stock Owned by Xxxxx Xxxx Xxxxx
Dear Xx. Xxxxx:
For good and valuable consideration, the receipt and adequacy of which
is hereby acknowledged by the parties, you agree to the following:
1. All shares of OBN Holdings, Inc. common stock owned by you,
which totals 1,857,131, including warrants, shall have a lock-
up period of one (1) year from the effective date of the
current SB-2 filing, and may not be sold prior to that time;
2. Should, prior to the aforementioned lock-up period, you elect
to gift, or otherwise grant any third party shares of stock
you currently own, any such stock gifted or granted shall have
the same lock-up provisions as if you continued to own the
shares; and
3. Once the lock-up period has expired, you shall not exceed the
currently existing SEC 144 Regulations, which includes not
selling any more than one percent (1%) of the outstanding
shares within a ninety (90) day period, and filing Forms 3, 4
or 5 with the SEC.
If you are in agreement with the aforementioned terms and conditions,
please acknowledge by signing below.
Sincerely,
/s/ Xxxxxx X. Xxxxxx
----------------------
Xxxxxx X. Xxxxxx
Corporate Secretary
Agreed and accepted
/s/ Xxxxx Xxxx Xxxxx
----------------------
Xxxxx Xxxx Xxxxx
0000 Xxxxx Xxxxxxx Xxx., Xxxxx 000 * Xxx Xxxxx, XX 00000
(000) 000-0000 * (000) 000-0000 Fax
