Leak Out definition

Leak Out has the meaning set out in Section 4.6;
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Leak Out. The Company has informed the Holders that it may be seeking additional funding, and that the requested “leak out” provisions set forth herein will benefit the Company and its shareholders generally by improving the Company’s prospects of obtaining such funding. The Company has further informed the Holders that it anticipates effecting a reverse split of its Common Stock in a range of not less than 100:1 and not greater than 800:1, with such ratio to be determined at the sole discretion of the Company’s Board of Directors (the “Reverse Split”). In consideration of the foregoing, and effective upon the Closing and the receipt of the Payoff Amount by Holders’ counsel hereunder, for a period of time beginning on the date of such Closing and ending 365 days thereafter, the Holders jointly and severally agree to not, directly or indirectly, sell, convey, assign, pledge or otherwise transfer any shares of Common Stock currently owned by the Holders except that, following the earlier of (i) the date that is 60 days after the Closing Date and (ii) the effectuation of the Reverse Split, the Holders may sell such aggregate number of shares of Common Stock per week as shall not exceed 25,000 shares (giving effect to an assumed post Reverse Split ratio of 200:1)(or such other amount as may be equitably adjusted to reflect the actual split ratio if different from 200:1 or the non-occurrence of the Reverse Split); provided, that, nothing herein shall prevent a Holder from conveying or otherwise transferring the Common Stock to an affiliate of such Holder if such affiliate confirms, in writing, to the Company its obligations to comply with the restrictions set forth herein. The Holders agree to the delivery of the Company’s transfer agent stop-transfer instructions reasonably necessary to prevent transfers of the Common Stock except as in compliance with the restrictions set forth herein.
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Leak Out. Agreements. At Closing, Millennium shall deliver to X-Net agreements from each person who owns 20,000 shares or more of Millennium's common stock, agreeing that unless otherwise agreed to by Millennium, during the two year period following the Closing Date, they will not publicly sell more than 5% of their holdings in any single calendar month, and that any purchaser of shares from such persons in private transactions will agree to be bound by the same restriction.
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Examples of Leak Out in a sentence

  • Worthington Financial Services Shares are under a voluntary Lock Up Leak Out agreement.

  • Edwin Mansfield, "How Rapidly Does New Industrial Technology Leak Out?" Journal of Industrial Economics 34, no.2 (December 1985): 217-23.

  • CVI and/or Hudson Bay—not Patriot National or Mariano—insisted on the Leak- Out Agreement.

  • May 14 Tr. at 121-22 (Dick); see also Edwin Mansfield, How Rapidly Does New Industrial Technology Leak Out?, 34 J.

  • Worthington Financial Services Share are under a voluntary Lock Up Leak Out agreement.

  • The pre-Closing officers, directors, and the holders of 5% or more of the Premier common stock shall have executed and delivered to Sheffield a Leak- Out Agreement to the effect that they will not sell or otherwise dispose of any equity securities of Sheffield for a period of one year (the "Leak-Out Period") following the Closing except in accordance with the Leak-Out Agreement, which would allow for the sale of no more than 1/12th of the registered securities owned by them per month.

  • WHEREAS, GFD has requested that Shareholder consider agreeing to this Leak- Out Agreement as GFD is listed on the OTC Pink Sheets and desires to limit Shareholder from selling large positions in GFD in the public market.

  • On the Closing Date, the Seller shall cause DIP SVP1, LP and Xxxxxxx Xxxxxxxx, Seller’s designees, a Leak Out Agreements, with Buyer in the forms attached as Exhibit C-1 and Exhibit C-2, respectively, to this Amendment.

  • The Purchaser represents and warrants that it has no agreement and will have no agreement with any other party for a period less restrictive than the Founder Leak Out and Vendor Leak Out, except that the Purchaser shall have the right, to the extent applicable, to allow the Alpha Founding Investors (as defined and further described at Schedule “C” attached hereto) to sell his, her, or its pro rata Purchaser Shares of up to a cumulative, maximum sale of up to twenty percent (20%).

  • Furthermore, as an alleged secured creditor, the Leak Out Restriction has absolutely no impact on the Desmarais Parties, raising serious questions as to why Desmarais would even make such allegations.


More Definitions of Leak Out

Leak Out shall have the meaning set forth in Section 8(k).
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Related to Leak Out

  • lock-out means the closing of a place of employment, or the suspension of work, or the refusal by an employer to continue to employ any number of persons employed by him in consequence of a dispute, done with a view to compelling those persons, or to aid another employer in compelling persons employed by him, to accept terms or conditions of or affecting employment;

  • Black-Out means a restriction imposed by the Company on all or any of its directors, officers, employees, insiders or persons in a special relationship whereby they are to refrain from trading in the Company's securities until the restriction has been lifted by the Company.

  • Leak means any visible leakage, including misting and clouding.

  • Injection means the pressurized placement of septage waste below the surface of soil.

  • Overflow means the intentional or unintentional diversion of flow from the collection and transport systems, including pumping facilities.

  • Knock-out Barrier means the Knock-out Barrier as specified in § 1 of the Product and Underlying Data.A "Knock-out Event" has occurred if the price of the Underlying, as published by the Reference Market with continuous observation during the Knock-out Period at any time is on or above the Knock-out Barrier.

  • Infiltration means water other than wastewater that enters a sewer system (including sewer system and foundation drains) from the ground through such means as defective pipes, pipe joints, connections, or manholes. Infiltration does not include, and is distinguished from, inflow.

  • Slug means any discharge of water, sewage, or industrial waste which in concentration of any given constituent or in quantity of flow exceeds for any period of duration longer than fifteen (15) minutes more than five (5) times the average twenty-four (24) hour concentration or flows during normal operation.

  • Spillage means a security incident that results in the transfer of classified or other sensitive or sensitive but unclassified information to an information system that is not accredited, (i.e., authorized) for the applicable security level of the data or information.

  • Debris means woody vegetative residue less than 3 cubic feet in size resulting from forest practices activities which would reasonably be expected to cause significant damage to a public resource.

  • Seepage pit means an excavation deeper than it is wide that receives septic tank effluent and from which the effluent seeps from a structural internal void into the surrounding soil through the bottom and openings in the side of the pit.

  • Alcoholic liquor means that term as defined in section 105 of the Michigan liquor control code of 1998, 1998 PA 58, MCL 436.1105.

  • Knock-out Event means the event as defined in §4(4).

  • Exfiltration means any unauthorized release of data from within an information system. This includes copying the data through covert network channels or the copying of data to unauthorized media.

  • Residual disinfectant concentration means the concentration of disinfectant measured in mg/L in a representative sample of water.

  • Alcohol concentration means the number of grams of alcohol per:

  • Spoil means excavated material which is unsuitable for use as material in the construction works or is material which is surplus to the requirements of the construction works;

  • Unassigned asthma medication means a fast-acting bronchodilator delivered by metered dose inhaler with single use spacer or by nebulizer as a rescue medication, prescribed by an authorized health-care provider in the name of the district with a non-patient-specific standing delegation order for the administration of an asthma medication, and issued by an authorized health-care provider.

  • Spill means the release of manure, manure contaminated runoff, or process wastewater from the confines of an animal feedlot, manure storage area, manure transfer system, or other component used to collect, transfer, or store manure, manure contaminated runoff, or process wastewater that if not recovered would pollute waters of the state. Spill includes releases from activities associated with land application that do not comply with this Permit.

  • Underground injection means the subsurface emplacement of fluids through a bored, drilled or driven well; or through a dug well, where the depth of the dug well is greater than the largest surface dimension. (See also “injection well”.)

  • Injection tool means a device used for controlled subsurface injection of radioactive tracer material.

  • Incineration means an engineered process involving burning or combustion of solid waste to thermally degrade waste materials at high temperatures;

  • Runway means a defined rectangular area on a land aerodrome prepared for the landing and take-off of aircraft;

  • Cleaner means a product designed and labeled primarily to remove soil or other contaminants from surfaces.

  • Vapor tight means equipment that allows no loss of vapors. Compliance with vapor-tight requirements can be determined by checking to ensure that the concentration at a potential leak source is not equal to or greater than 100 percent of the lower explosive limit (LEL) when measured with a combustible gas detector, calibrated with propane, at a distance of 1 inch (2.54 cm) from the source.

  • Herbicide means a pesticide product designed to kill or retard a plant’s growth, but excludes products that are: (A) for agricultural use, or (B) restricted materials that require a permit for use and possession.