[pbreit]

I haven't seen this particular agreement but in general the clock starts ticking on the day of the IPO. Basing it on the date of the prospectus makes no sense. There's no guarantee that the IPO will even happen within 180 days.

[fan]

In this case, it's right under the section entitled "Lock Up Agreement", and seems to be indeed after the /prospectus date/ and not the IPO:

"...during the period ending 180 days after the date of this prospectus..."

[pbreit]

Right. I think we were both confusing the S-1 and the Prospectus. The Prospectus is dated 11/7 so it's correct that the lock-up begins on 11/7 when the stock starts trading, not on 6/2 when the first S-1 was filed.