Some KOI will be delivered in a locked state. This locked KOI can be used for utility purposes and can be pledged for sale as part of the repurchase plan. Likewise unlocked KOI entitles the holder to its utility benefits, and can also be pledged for sale.
The only difference between locked and unlocked KOI is the priority in which they are purchased each quarter. Unlocked KOI will always have first priority during each repurchase period, while remaining funds will be used to purchase locked KOI.