Common use of Class B Shares Subject To The Plan Clause in Contracts

Class B Shares Subject To The Plan. Subject to the provisions of Section ---------------------------------- 12 of the Plan, the maximum aggregate number of Class B Shares which may be issued upon exercise of Options is 1,000,000 Class B Shares. If an Option is cancelled, expires or becomes unexercisable without having been exercised in full, the unpurchased Class B Shares which were subject thereto shall become available for future grant or sale under the Plan (unless the Plan has terminated). Class B Shares which are delivered by the Holder or withheld by the Company upon the exercise of an Option under the Plan, in payment of the exercise price thereof or tax withholding thereon, may again be optioned, granted or awarded hereunder, subject to the limitations of this Section 3.

Appears in 4 contracts

Samples: Limited Liability Company Operating Agreement (Bioral Nutrient Delivery LLC), Operating Agreement (Biodelivery Sciences International Inc), Limited Liability Company Operating Agreement (Bioral Nutrient Delivery LLC)

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Class B Shares Subject To The Plan. Subject to the provisions of Section ---------------------------------- 12 of the Plan, the maximum aggregate number of Class B Shares which may be issued upon exercise of Options is 1,000,000 Class B Shares. If an Option is cancelled, expires or becomes unexercisable without having been exercised in full, the unpurchased Class B Shares which were subject thereto shall become available for future grant or sale under the Plan (unless the Plan has terminated). Class B Shares which are delivered by the Holder or withheld by the Company upon the exercise of an Option under the Plan, in payment of the exercise price thereof or tax withholding thereon, may again be optioned, granted or awarded hereunder, subject to the limitations of this Section 3.

Appears in 3 contracts

Samples: Limited Liability Company Operating Agreement (Biodelivery Sciences International Inc), Limited Liability Company Operating Agreement (Bioral Nutrient Delivery LLC), Limited Liability Company Operating Agreement (Bioral Nutrient Delivery LLC)

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