Trading Instructions. Seller hereby authorizes and directs Broker to effect one or more sales (each, a “Sale”) of up to 1,750,000 Shares on September 1, 2009 and, thereafter, 250,000 Shares on the first day (or as soon thereafter as such Sales can be accomplished in accordance with the terms and provisions of this Trading Plan) of each succeeding calendar month in which the Common Stock is quoted on the OTC Bulletin Board Market (“OTC BB”) at a price of not less than $0.05 per Share (before brokerage commissions or other transaction fees and costs). The total number of Shares that Broker is authorized and directed to sell in any calendar month is limited to 1,750,000 Shares with respect to September 2009 and 250,000 Shares with respect to all other calendar months. Notwithstanding the immediately preceding sentence, in the event that any of the Shares that are authorized and directed to be sold in a calendar month under this Trading Plan are not sold in such calendar month, the subject remaining Shares are authorized and directed to be sold in the next succeeding calendar months until all of such Shares are sold; provided, however, that no Shares may be sold pursuant to this Trading Plan following the Termination Date (as such capitalized term is defined in section 2 of this Trading Plan).
Appears in 2 contracts
Sources: Rule 10b5 1 Trading Plan (Compliance Systems Corp), Rule 10b5 1 Trading Plan (Compliance Systems Corp)