Lock-up Period

The founders are "key people" for a company and the investment may be based on the team performance. Thus, applying this clause means that the Founders need to commit to stay and contribute to the Company for a certain period of time after the investment is realized, provided that the parties do not subsequently agree otherwise.

Therefore, during a period of time from the Closing Date, the Founders shall not transfer or create any security interest over their shares, except for transfers to affiliates.

This may also apply to the investors, meaning that they are not allowed to redeem or sell shares of a particular investment.