RETENTION OF STOCK OWNERSHIP. (a) Borrower shall not offer, sell or otherwise dispose of any shares of Common Stock or securities exercisable or convertible into shares of Common Stock for a period of twelve (12) months following the Loan Closing without the written approval of the Lender, other than (i) Common Stock issued upon the conversion of any of the Debentures; and (ii) Common Stock issued upon exercise of any presently outstanding employee stock options or warrants.
RETENTION OF STOCK OWNERSHIP. 26 SECTION 5.22 SUBSEQUENTLY FORMED SUBSIDIARIES...........................................................26 ARTICLE VI. - NEGATIVE COVENANTS OF BORROWER.....................................................................26
RETENTION OF STOCK OWNERSHIP. Borrower shall not offer, sell or otherwise dispose of any shares of Common Stock or securities exercisable or convertible into shares of Common Stock for a period of twelve (12) months following the Loan Closing without the written approval of the Lender, other than (i) Common Stock issued upon the conversion of any of the Debentures; and (ii) Common Stock issued upon exercise of any presently outstanding employee stock options or warrants. Section 5.20
RETENTION OF STOCK OWNERSHIP. Walter Kornbluh and Stephen Crosson will execute and deliver Locx-Xx Xxxxxxxxxx on the Xxxxxxxxx Xxxe which shall provide that they will not offer, sell or otherwise dispose of the shares of Common Stock beneficially owned or controlled by them (including subsequently acquired shares or securities exercisable or convertible into shares) for a period of twelve (12) months following the Agreement Date, except for intra-family transfers or estate planning purposes, without the consent of the Lender. Thereafter, each such person shall only sell such shares pursuant to Rule 144, without the consent of the Lender, until the Debenture have been paid in full.
RETENTION OF STOCK OWNERSHIP. 31 SECTION 5.20 SUBSEQUENTLY FORMED SUBSIDIARIES ............................... 31
RETENTION OF STOCK OWNERSHIP. (a) As provided in Exhibit 6.12, so long as the Debentures remain outstanding, key members of management will agree to withhold sale or assignment of their ownership in Borrower until April 30, 1997, unless released earlier by Josexx Xxxxxxx & Xssociates or offered together with an underwritten offering of Borrower's common stock and otherwise, while and so long as they continue to be employed by the Borrower or its Subsidiaries, such members may only sell pursuant to Rule 144 until the Debentures have been repaid.
RETENTION OF STOCK OWNERSHIP. [intentionally omitted]
RETENTION OF STOCK OWNERSHIP. Xxxx Xxxxxx, Xxxxxxxx Xxxxxxxxx, Xxxxx Xxxxxx and Xxx Xxxxxx will execute and deliver Lock-Up Agreements at the Loan Closing which shall provide that they will not offer, sell or otherwise dispose Agreement -------------------------------------------------------------------------------- of the shares of Common Stock beneficially owned or controlled by them (including subsequently acquired shares or securities exercisable or convertible into shares) for a period of twelve (12) months following the Loan Closing other than as set forth therein. Thereafter, each such person shall only sell such shares pursuant to Rule 144, without the consent of the Lender, until the Debentures has been paid in full.
RETENTION OF STOCK OWNERSHIP. (a) Borrower shall not offer, sell or otherwise dispose of any shares of Common Stock or securities exercisable or convertible into shares of Common Stock for a period of 120 days following the Loan Closing, other than except (A) Common Stock issued upon the conversion of any of the Debentures; (B) Common Stock issued upon exercise of any outstanding warrants or options; (C) Common Stock issued upon exercise of outstanding employee stock options; (D) up to 200,000 shares of Common Stock issued upon exercise of employee stock options to be granted subsequent to the date hereof, and (E) Common Stock sold to the Lenders concurrently with the issuance of this Debenture.
RETENTION OF STOCK OWNERSHIP. (a) Borrower shall not offer, sell or otherwise dispose of any shares of Common Stock or securities exercisable or convertible into shares of Common Stock for a period of twelve (12) months following the Loan Closing without the written approval of the Lenders, other than (i) Common Stock issued upon the conversion of any of the Debentures; (ii) Common Stock issued upon exercise of any outstanding warrants, options or convertible debt instruments; (iii) Common Stock issued upon exercise of outstanding employee stock options; (iv) up to 200,000 shares of Common Stock issuable upon exercise of the Warrants; (v) Common Stock issued by Borrower in a registered public offering; and (vi) up to 200,000 shares of Common Stock issuable upon exercise of options or warrants to be granted to its investment advisors for consulting services or to employees under its employee stock option and stock compensation plans. -------------------------------------------------------------------------------- 28 Agreement (Continued) --------------------------------------------------------------------------------
