Common use of Modification of Existing Holder Limits Clause in Contracts

Modification of Existing Holder Limits. The Existing Holder Limits may be modified as follows: (a) Subject to the limitations provided in Section 9.11, the Venture may grant options which result in Beneficial Ownership of Interests by an Existing Holder pursuant to an option plan approved by the Venture. Any such grant shall increase the Existing Holder Limit for the affected Existing Holder to the maximum extent possible under Section 9.11 to permit the Beneficial Ownership of the Interests issuable upon the exercise of such option. (b) The Venture shall reduce the Existing Holder Limit for any Existing Holder after any Transfer permitted in this Article 9 by such Existing Holder by the percentage of the outstanding Interests so Transferred or after the lapse (without exercise) of an option described in paragraph (a) of this Section 9.9 by the percentage of the Interests that the option, if exercised, would have represented, but in either case no Existing Holder Limit shall be reduced to a percentage which is less than the Ownership Limit.

Modification of Existing Holder Limits. The Existing Holder Limits may be modified as follows: (a) Subject to the limitations provided in Section 9.116.11, the Venture Manager may grant options which result in Beneficial Ownership of Interests Units by an Existing Holder pursuant to an option plan approved by the VentureManager. Any such grant shall increase the Existing Holder Limit for the affected Existing Holder to the maximum extent possible under Section 9.11 6.11 to permit the Beneficial Ownership of the Interests Units issuable upon the exercise of such option. (b) The Venture Manager shall reduce the Existing Holder Limit for any Existing Holder after any Transfer permitted in this Article 9 6 by such Existing Holder by the percentage of the outstanding Interests Units so Transferred or after the lapse (without exercise) of an option described in paragraph (a) of this Section 9.9 6.9 by the percentage of the Interests Units that the option, if exercised, would have represented, but in either case no Existing Holder Limit shall be reduced to a percentage which is less than the Ownership Limit.

Modification of Existing Holder Limits. The Existing Holder Limits may be modified as follows: (a) Subject to the limitations provided in Section 9.116.11, the Venture Managers may grant options which result in Beneficial Ownership of Interests Units by an Existing Holder pursuant to an option plan approved by the VentureManagers. Any such grant shall increase the Existing Holder Limit for the affected Existing Holder to the maximum extent possible under Section 9.11 6.11 to permit the Beneficial Ownership of the Interests Units issuable upon the exercise of such option. (b) The Venture Managers shall reduce the Existing Holder Limit for any Existing Holder after any Transfer permitted in this Article 9 6 by such Existing Holder by the percentage of the outstanding Interests Units so Transferred or after the lapse (without exercise) of an option described in paragraph (a) of this Section 9.9 6.9 by the percentage of the Interests Units that the option, if exercised, would have represented, but in either case no Existing Holder Limit shall be reduced to a percentage which is less than the Ownership Limit.

Modification of Existing Holder Limits. The Existing Holder Limits may be modified as follows: (a) Subject to the limitations provided in Section 9.1110.11, the Venture may grant options which result in Beneficial Ownership of Interests by an Existing Holder pursuant to an option plan approved by the Venture. Any such grant shall increase the Existing Holder Limit for the affected Existing Holder to the maximum extent possible under Section 9.11 10.11 to permit the Beneficial Ownership of the Interests issuable upon the exercise of such option. (b) The Venture shall reduce the Existing Holder Limit for any Existing Holder after any Transfer permitted in this Article 9 10 by such Existing Holder by the percentage of the outstanding Interests so Transferred or after the lapse (without exercise) of an option described in paragraph (a) of this Section 9.9 10.9 by the percentage of the Interests that the option, if exercised, would have represented, but in either case no Existing Holder Limit shall be reduced to a percentage which is less than the Ownership Limit.