Substitute and Additional Members. (a) Additional members may be admitted to the Company (the "Additional Members") upon the issuance of Membership Shares to such Additional Members, including, without limitation, upon the exercise on any Rights as contemplated by Section 3.7 hereof. No Additional Member and no Person who is the transferee or assignee of all or a portion of the Membership Shares of a Member (a "Substitute Member") shall be entitled to any of the rights and benefits under this Agreement of the transferor or assignor of such interest (other than the right to distributions) unless and until:
Appears in 4 contracts
Samples: Limited Liability Company Operating Agreement (Bioral Nutrient Delivery LLC), Limited Liability Company Operating Agreement (Bioral Nutrient Delivery LLC), Limited Liability Company Operating Agreement (Biodelivery Sciences International Inc)
Substitute and Additional Members. (a) Additional members may be admitted to the Company (the "Additional Members") upon the issuance of Membership Shares to such Additional Members, including, without limitation, upon the exercise on any Rights as distributions contemplated by Section 3.7 hereof. No Additional Member and no Person who is the transferee or assignee of all or a portion of the Membership Shares of a Member (a "Substitute Member") shall be entitled to any of the rights and benefits under this Agreement of the transferor or assignor of such interest (other than the right to distributions) unless and until:
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)
