“standstill”（If movement or activity comes to or is brought to a standstill, it stops completely. ）在这里是中止的意思。

“standstill agreement”即中止协议，是指目标公司与潜在收购者达成协议，收购者在一段时间内不再增持目标公司的股票，如需出售这些股票目标公司有优先购买的选择。这样的协议通常在收购方已持有目标公司大量股票并形成收购威胁时签署，目标公司往往会承诺溢价回购股票。A standstill agreement is a contract that contains provisions that govern how a bidder of a company can purchase, dispose of, or vote stock of the target company. A standstill agreement can effectively stall or stop the process of a hostile takeover if the parties cannot negotiate a friendly deal.

关于中止协议的典型案例是1986年雷夫隆公司对著名的吉列公司的收购，吉列公司提出：只要雷夫隆同意不以65美元的价钱收购股票，吉列愿意付给它5.58亿美元作为回报；它甚至提出付给代表雷夫隆的投资银行德雷克塞尔·伯纳姆·兰姆伯特公司175万美元，要后者承诺三年内不采取任何收购或试图收购吉列的举动。以后由于有许多公司试图收购吉列公司，吉列不得不与10家达成中止协议。

补充一些关于standstill的知识，standstill还经常在一些协议中作为独立的条款而存在，如以下为某有限合伙协议中的standstill条款：

Standstill. Each Limited Partner hereby agrees that, prior to an IPO and without the prior Consent of the General Partner, such Limited Partner shall not, directly or indirectly, acquire any Securities or assets of the Company or any of its material subsidiaries or Affiliates (or engage in any derivative or similar transaction which would have the same effect), other than Securities or assets acquired (a) indirectly through the Partnership or via distribution from the Partnership, or (b) through a "blind pool" investment fund, collective investment scheme, managed account or similar vehicle over which the Limited Partner does not exercise control. The General Partner will not unreasonably withhold such Consent. Each Limited Partner acknowledges and agrees that monetary damages could be both incalculable and an insufficient remedy for any breach or threatened breach of this paragraph 5.04, and that any such breach could cause the General Partner and its Affiliates irreparable harm. Accordingly, each Limited Partner agrees that in the event of any breach or threatened breach of this paragraph 5.04, in addition to any other remedies at law or in equity that the General Partner or its Affiliates may have, the General Partner and its Affiliates shall be entitled to seek equitable relief including injunctive relief and specific performance.

中止。各有限合伙人特此同意，在首次公开募股之前，未经普通合伙人事先同意，该有限合伙人不得直接或间接收购公司或其任何重要子公司或关联方的任何证券或资产（或开展任何具有相同效力的衍生工具交易或类似交易），但不包括（a）通过合伙企业或通过合伙企业分派间接获得的证券或资产，或（b）通过“盲池”投资基金、集体投资计划、管理账户或有限合伙人不行使控制权的类似工具获得的证券或资产。普通合伙人不得无理拒绝给予该等同意。各有限合伙人承认并同意，对于任何违反或潜在违反本第5.04款的行为，金钱损失可能是无法计算且不足以补救的，任何此类违反行为都可能给普通合伙人及其关联方造成不可弥补的损害。因此，各有限合伙人同意，出现任何违反或潜在违反本第5.04款的行为时，除普通合伙人或其关联方可获得的普通法或衡平法上的任何其他救济外，普通合伙人及其关联方应有权寻求禁令救济及实际履行等衡平法救济。