Common use of Lockup Period Clause in Contracts

Lockup Period. During a period of twenty four (24) months from the Closing (“Lockup Period”), but provided that such period shall lapse upon an IPO of the securities of the Company, the Equityholders shall not sell, transfer, assign, pledge, hypothecate, mortgage or dispose of, by gift or otherwise, or in any way encumber or make any other Disposition any of their Equity rights in the Company, without the prior written consent of the other Equityholders, provided that an Equityholder shall be entitled to make a Disposition of its fully paid up Equity rights to its respective Permitted Transferee, and further provided, however, that such transferee shall execute a joinder to the JV Agreement, consenting to be bound under the same rights and obligations which apply to its respective transferor, as further set forth in Article 12.h) above.