When EROK insiders can sell

EagleRock Land, LLC · IPO prospectus filed 2026-05-14 · Single cliff · 180-day lock-up

Scheduled lock-up expiry
2026-11-10

That is the calendar date the clause computes to, counted from the prospectus date. It is the only date computable without knowing a future earnings date, which is why everything that could pull it earlier is printed below it on this page rather than folded into it.

The lock-up clause, in the issuer's words

Every other free lock-up calendar tells you 180 days and moves on. This is the actual sentence the date above was computed from, so that if the words do not support the number, the number is wrong and the filing is one click away.

…enter into lock-up agreements pursuant to which we and they will be subject to certain restrictions with respect to the sale or other disposition of our Class A shares or securities convertible into or redeemable, exercisable or exchangeable for Class A shares, including OpCo Units and Class B shares, for a period of 180 days following the date of this prospectus. Please see "Underwriting" for more information on these agreements. If the restrictions under the lock-up agreements are waived, then the Class A shares, subject to compliance with the Securities Act or exceptions therefrom, will be available for sale into the public markets, which could cause the market price of our Class A shares to decline and impair our ability to raise capital. For as long as we are an emerging growth company and/or a smaller reporting company, we will not be required to comply with certain reporting requi……

Where the share count comes from

The prospectus never prints the number of shares coming free, and nothing in it lets the figure be derived. That is why this deal carries no flow math.

Exceptions written into the lock-up (4)

Each of these is a route by which EROK shares can move before 2026-11-10. The 10b5-1 carve-out is the one worth reading twice: it lets insiders put a selling plan in place during the lock-up, so the first sales can be automatic and immediate rather than discretionary and later.

  • 10b5-1 plan
  • bona fide gift or charitable transfer
  • estate planning or family transfer
  • directed share program participants
10b5-1 plan
…), and may generally be exercised no more frequently than once per calendar quarter (subject to exceptions for redemptions in connection with a registered offering pursuant to the Registration Rights Agreement or a Rule 10b5-1 trading plan approved by the Managing Member). Redemptions will also be subject to the conditions, timing, notice and other procedural requirements set forth in the OpCo LLC Agreement and applicable law, which may include blackout periods or other restrictions to ensure compliance with securities and other regulatory requirements. OpCo will determine whether to issue Class A shares or pay cash in an amount equ…
bona fide gift or charitable transfer
Entities and certain of their respective affiliates (collectively, the "security holders") do not apply to, among other things, and subject in certain cases to various conditions, (a) transfers of lock-up securities as bona fide gifts, charitable contributions or for estate planning purposes, (b) transfers upon death by will, testamentary document or intestate succession, (c) transfers to immediate family members, trusts for the benefit of the security holder or their immediate family, or entities of which the security holder and their immediate family are the sole equity owners, (d) transfers to nominees or custodians of permitted…
estate planning or family transfer
…the applicable period was, one of our executive officers or one of our directors or a director nominee; any person who is known by us to be the beneficial owner of more than 5% of our outstanding common shares; and any immediate family member of any of the foregoing persons, which means any child, stepchild, parent, stepparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law or sister-in-law of a director, director nominee, executive officer or a beneficial owner of more than 5% of our common shares, and any person (other than a tenant or employee) sharing the household of such director, executive officer or beneficial owner of more than 5% of our common shares.
directed share program participants
…chase additional Class A shares, with our Existing Owners (as defined herein) owning approximately 72.8% of such total voting power, without giving effect to any purchases that any of our affiliates may make through the directed share program. We are an "emerging growth company" and a "smaller reporting company" under applicable federal securities laws and, as such, we have elected to take advantage of certain reduced public company reporting requirements for this prospectus and future filings. Please see the sections titled "Risk Factors" and "Summary—Emerging Growth Company and Smaller Reporting Company Status." Immediately follow…

What we could not establish

EROK is read but not publishable: the prospectus does not state how many shares come free. So there is no absorb-day figure on this page and no call, and there will not be one until the number exists in a filing.

The common case is a prospectus that says "substantially all" of the locked shares become eligible for sale without ever printing a count. The clause above is quoted in full so you can see that for yourself. An estimate presented with a filing link beside it would read as a filing figure, and that is worse than an admission — it is the one failure mode a reader cannot detect.

How this reading of EROK could be wrong

The volume is a vendor's, not ours. EROK is not in our own price table, so average daily volume comes from yahoo-finance2 daily bars (symbol not in our price table). Vendor bars for recently listed symbols are the ones most likely to be wrong.

Only 20 sessions of volume history. This is a recent IPO, and early volume is dominated by the offering itself. An average over 20 sessions of a stock that has barely traded is the weakest input on the page, and absorb days inherits every bit of that weakness.

The parser can misread a filing. That is why every number here is printed next to the words it came from. Earlier versions of this parser read the underwriters' 30-day over-allotment window as a 30-day lock-up on five deals, and double-counted one issuer's share total because the offering summary appears on both the cover and in the summary section.

Also unlocking in 2026-11 (10)

Lock-ups cluster, because IPOs cluster: these priced in the same window as EROK and come free in the same month. Several heavy releases landing together is a different situation from one.

DealExpiryShares freeAbsorb days
REA
Rare Earths Americas, Inc.
2026-11-03——
HAWK
HawkEye 360, Inc.
2026-11-0377.1M44.3 sessions
ODTX
Odyssey Therapeutics, Inc.
2026-11-0427.1M94.8 sessions
SUJA
SUJA LIFE, INC.
2026-11-0429.7M179 sessions
FRVO
Fervo Energy Co
2026-11-10205.0M22.3 sessions
GMRS
GMR Solutions Inc.
2026-11-1022.1M32.8 sessions
CBRS
Cerebras Systems Inc.
2026-11-10212.9M18.7 sessions
BXDC
Blackstone Digital Infrastructure Trust Inc.
2026-11-11——
GUAC
Berto Acquisition Corp. II
2026-11-14——
LCLN
Lincoln International, Inc.
2026-11-17——

Learn to read these clauses yourself

The flow arithmetic on this page — shares unlocking divided by average daily volume, and why the clause has to be read rather than assumed — taught step by step, free.

Lesson 6 →

Radar built 2026-11-07 from EDGAR full-text search over 424B4 filings · all 80 parsed lock-ups and the scoreboard · EROK's prospectus on EDGAR · what funds carried these companies at before listing