This clause prevents the parties to the agreement from selling their shares during a certain period, except possibly to related persons.
They are usually put in place at the time of incorporation or following a capital raising to ensure the stability of the company and to prevent an imbalance in the respective weight of the shareholders.
The lock-up clause must always be justified by a legitimate reason and be limited in time when the company is a public limited company (SA). Where the company is an limited liability company (SRL), the agreement cannot reduce the legal or statutory restrictions.
