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Technology Stocks : IFLY - travel sales on the web pure play -- Ignore unavailable to you. Want to Upgrade?

To: IFLYer who wrote (3486)	1/3/1999 10:23:00 PM
From: LTK007	Respond to of 4761

I am slowly checking all this,there is much material--the lock-up for Trebatch I see is limited to just how many shaes in can sell per month-- here is the Trebatch fine print-- << In April 1996, Mr. Trebatch purchased 100,000 shares of Common Stock at a price of $2.00 per share. In January 1997, Mr. Trebatch was issued 60,000 shares in consideration of his agreement to extend the due date of the Company's notes. Immediately prior to the filing of the Registration Statement of which this Prospectus is a part, the Company agreed to redeem 250,000 shares of Common Stock held by Mr. Trebatch for a promissory note in the amount of $1,000,000 payable within five (5) days of the closing of this Offering. In the redemption agreement the Company also agreed to register for sale in this Registration Statement 210,000 of the remaining shares of Common Stock held by Mr. Trebatch and granted to him options to purchase 300,000 shares of Common Stock at an exercise price of equal to 110% of the initial public offering price of the shares. At the election of Mr. Trebatch any time prior to the first anniversary of the date of this Prospectus, such options may be exchanged for 300,000 Warrants. In addition, notwithstanding the registration of the 210,000 shares of Common Stock, Mr. Trebatch agreed that 110,000 of such shares would remain subject to the lock-up provisions provided for in the Subscription Agreement pursuant to which such shares were acquired and with respect to the remaining 100,000 shares that he would sell no more than 10,000 of such shares within closing of this Offering and 20,000 shares during each consecutive 30-day period thereafter. >>