LOCKUP AGREEMENT
EXHIBIT
10.1
This
LOCKUP AGREEMENT is made as of the
18th day of September 2007, by Xxx Xxxxxxx (the “Holder”), in connection with
her ownership of shares of common stock of PlanetLink Communications, Inc.
(the
“Company”).
NOW,
THEREFORE, for good and valuable
consideration, the sufficiency and receipt of which consideration are hereby
acknowledged, Holder agrees as follows:
Background. As
of August 29, 2007 and on September 18, 2007, Holder is the beneficial owner
of
or entitled to receive 1,375,000,000 shares of common stock of the Company
(“Common Stock”).
Share
Restriction. Holder
hereby agrees that, until February 28, 2008, Holder will not sell or otherwise
dispose of any shares of the Common Stock that the Holder owns as of the date
hereof other than in connection with an offer made to all shareholders of the
Company or in the event of any merger, consolidation or similar transaction
involving the Company.
Additionally,
the Holder agrees not
to engage in any hedging or other transaction or arrangement that is designed
to, or which reasonably could be expected to, lead to or result in a sale,
disposition or transfer, in whole or in part, of any of the economic
consequences of ownership of the Holder’s shares, whether any such transaction
is to be settled by delivery of shares of Common Stock or other securities,
in
cash or otherwise, even if such shares would be disposed of by someone other
than the Holder. Such prohibited hedging or other transactions would include,
without limitation, any short sale or any purchase, sale or grant of any right
(including, without limitation, any put or call option) with respect to any
of
the Holder’s shares or with respect to any security that includes, relates to or
derives any significant part of its value from the Holder’s shares.
Share
Buy
Back. Holder
expressly agrees that it will return all or a portion of the Common Stock to
the
Company in the event the Company determines it can pay the Holder in cash for
services provided to the Company if the Company can present an acceptable offer
to the Holder prior to February 28, 2008.
Miscellaneous.
a. The
Holder warrants that the signatory to this Agreement has the power to bind
the
Holder.
b. This
Agreement contains the entire agreement of the Holder with respect to the
subject matter hereof.
c. This
Agreement shall be binding upon Holder, its legal representatives, successors
and assigns.
IN
WITNESS WHEREOF, and intending to be
legally bound hereby, Holder has executed this Agreement as of the day and
year
first above written.
HOLDER:
/s/
Xxx
Trombly_________________________
Xxx
Xxxxxxx
