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Exhibit 10.36
[FORM OF]
SHAREHOLDER LOCK-UP AGREEMENT
The undersigned stockholders of Implant Sciences Corporation ("Company"), hereby
agree with Westport Investment Services, Inc. (WRIS) and the Company and in
order to further the underwriting of the initial public offering of the common
stock and common stock purchase warrants (offered as a unit) of the Company, do
agree as follows:
That the undersigned will not sell any of their shares, options,
warrants or underlying shares of common stock for the 13-month period
commencing on the effective date of the offering. In addition to the
thirteen month holding period, the undersigned also further agree not
to publicly sell or transfer any of their shares until the sooner of
(a) the share market price, adjusted for splits and like transactions,
closed at or above 200% of the initial public offering price per share
for a period of 20 consecutive trading days, or (b) the [fourth/second]
anniversary of the date of the offering.
The undersigned further agree that the Company will instruct the
Transfer Agent of the lock-up restrictions and cause it to note these
restrictions on its transfer book and on any certificate or warrant
that may issue and that the shares and/or warrants/options will not be
released unless consented to by both ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇ and by WRIS
together.
