directed shares
USA
Usually issued in connection with a directed share program, these shares are shares of stock sold in an initial public offering directed to certain individuals, such as employees, officers, directors and other individuals (such as vendors, customers, family members and consultants). These individuals might not otherwise receive an allocation of shares in the offering. The underwriters usually permit the company to offer up to 5% of the total number of offered shares to the selected individuals.
See Practice Note, Directed Share Program (www.practicallaw.com/1-382-2518).

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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