Customer Acquisition Network, Inc. Boca Raton, Florida 33432 Attention: Michael Brauser, President Dear Sir:
_______
__, 2007
Customer
Acquisition Network, Inc.
000
X.
Xxxxxxx Xxxxxxx, Xxxxx 000
Boca
Raton, Florida 33432
Attention:
Xxxxxxx Xxxxxxx, President
Dear
Sir:
Reference
is made to that certain Employment Agreement (the “Employment Agreement”), of
even date herewith, by and between Customer Acquisition Network, Inc., a
Delaware corporation (the “Company”), and the undersigned. In
connection with the undersigned’s execution of the Employment Agreement, the
Company shall grant the undersigned ______________ shares (the “Executive
Shares”) of common stock, par value $0.001 per share, of the Company (the
“Common Stock”). In consideration of the grant of the Executive Shares, the
undersigned xxxxxx agrees as follows:
1. The
undersigned hereby covenants and agrees, except as provided herein, not to
(1)
offer, sell, contract to sell,
grant
any option to purchase, hypothecate, pledge,
or
otherwise dispose of or
(2)
transfer title to (a “Prohibited Sale”) any of the Executive Shares, during the
period commencing on the date hereof and ending on the 24-month anniversary
of
the date hereof (the “Lockup Period”), without the prior written consent of the
Company. Notwithstanding the foregoing, the undersigned shall be permitted
from
time to time during the Lockup Period, without the prior written consent of
the
Company, as applicable, (i) to transfer all or any part of the Executive Shares
to any family member, for estate planning purposes,
or to an
affiliate thereof (as such term is defined in Rule 405 under the Securities
Exchange Act of 1934, as amended), provided that such transferee agrees
in
writing with
the
Company to be bound hereby or
(ii)
to participate
in any
transaction in which holders of the Common Stock of the Company participate
or
have the opportunity to participate pro rata, including, without limitation,
a
merger, consolidation or binding share exchange involving the Company, a
disposition of the Common Stock in connection with the exercise of any rights,
warrants or other securities distributed to the Company’s stockholders, or a
tender or exchange offer for the Common Stock, and no transaction contemplated
by the foregoing clauses (i)
or
(ii)
shall be
deemed a Prohibited Sale for purposes of this Letter Agreement; provided,
however, that the Executive Shares shall remain subject to the provisions of
this Letter Agreement following consummation of the Company’s anticipated
reverse-merger transaction with a to be identified public company.
2. Notwithstanding
the provisions of Section 1 above, during
the period commencing eighteen (18) months after the date hereof and continuing
until the expiration of the Lockup Period, the undersigned may sell under Rule
144 of the Securities Act of 1933, as amended, such number of Executive Shares
as do not exceed, in the aggregate, 50% of the undersigned’s holdings of the
Executive Shares as of the date hereof.
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3. This
Letter Agreement shall be governed by and construed in accordance with the
laws
of the New
York.
4. This
Letter Agreement (and the agreements reflected herein) may be terminated by
the
mutual agreement of the Company and the undersigned, and if not sooner
terminated, will terminate upon the expiration date of the Lockup Period. This
Letter Agreement may be duly executed by facsimile and in any number of
counterparts, each of which shall be deemed an original, and all of which
together shall be deemed to constitute one and the same instrument. Signature
pages from separate identical counterparts may be combined with the same effect
as if the parties signing such signature page had signed the same counterpart.
This Letter Agreement may be modified or waived only by a separate writing
signed by each of the parties hereto expressly so modifying or waiving such
agreement.
Very truly yours, | ||
|
|
|
Print Name: |
Address:
______________________________________
Number
of
shares of Common Stock owned: ____________
Certificate
Numbers: ______________________________
[Company
signature on the following page]
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Accepted and Agreed to: | ||||
Customer Acquisition Network, Inc. | ||||
By: | ||||
Xxxxxxx
Xxxxxxx, President
|
||||
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