Deliveries upon Exercise. All or a portion of an exercisable Option ------------------------ shall be deemed exercised upon delivery of all of the following to the Secretary of the Company or his or her office: (i) A written or electronic notice complying with the applicable rules established by the Board stating that the Option, or a portion thereof, is exercised. The notice shall be signed by the Holder or other person then entitled to exercise the Option or such portion of the Option; (ii) Such representations and documents as the Board, in its sole discretion, deems necessary or advisable to effect compliance with Applicable Laws. The Board may, in its sole discretion, also take whatever additional actions it deems appropriate to effect such compliance, including, without limitation, placing legends on Class B Share certificates and issuing stop transfer notices to agents and registrars; (iii) In the event that the Option shall be exercised pursuant to Section 10(f) by any person or persons other than the Holder, appropriate proof of the right of such person or persons to exercise the Option; and
Appears in 4 contracts
Samples: Limited Liability Company Operating Agreement (Bioral Nutrient Delivery LLC), Operating Agreement (Biodelivery Sciences International Inc), Operating Agreement (Bioral Nutrient Delivery LLC)
Deliveries upon Exercise. All or a portion of an exercisable Option ------------------------ shall be deemed exercised upon delivery of all of the following to the Secretary of the Company or his or her office:
(i) A written or electronic notice complying with the applicable rules established by the Board stating that the Option, or a portion thereof, is exercised. The notice shall be signed by the Holder or other person then entitled to exercise the Option or such portion of the Option;
(ii) Such representations and documents as the Board, in its sole discretion, deems necessary or advisable to effect compliance with Applicable Laws. The Board may, in its sole discretion, also take whatever additional actions it deems appropriate to effect such compliance, including, without limitation, placing legends on Class B Share certificates and issuing stop transfer notices to agents and registrars;
(iii) In the event that the Option shall be exercised pursuant to Section 10(f) by any person or persons other than the Holder, appropriate proof of the right of such person or persons to exercise the Option; and
Appears in 3 contracts
Samples: Limited Liability Company Operating Agreement (Bioral Nutrient Delivery LLC), Limited Liability Company Operating Agreement (Biodelivery Sciences International Inc), Limited Liability Company Operating Agreement (Bioral Nutrient Delivery LLC)
