Exhibit 3.2
FIRST AMENDMENT TO
LIMITED LIABILITY COMPANY OPERATING AGREEMENT OF
BIORAL NUTRIENT DELIVERY, LLC
This FIRST AMENDMENT LIMITED LIABILITY COMPANY OPERATING AGREEMENT (this
"Amendment") of Bioral Nutrient Delivery, LLC, a Delaware limited liability
company (the "Company") is entered into as of the 31st day of March, 2003, by
BioDelivery Sciences International, Inc., a Delaware corporation, as the
managing member of the Company (the "Managing Member").
WHEREAS, the Company is governed by that certain Limited Liability Company
Agreement, dated January 8, 2003, by and among the Managing Member and the other
signatories thereto (the "Agreement");
WHEREAS, pursuant to Section 10.8 of the Agreement, amendments to the
Agreement may be made only by the Managing Member;
WHEREAS, the Managing Member desires to (i) retire 1,514,138 Class B Shares
held by the Managing Member, and (ii) increase the number of Class B Shares
underlying the MM Option; and
WHEREAS, the Managing Member desires to enter into this Amendment in order
to memorialize such transactions.
NOW, THEREFORE, in light of the foregoing and intending to be legally
bound, the Managing Member hereby amends the Agreement as follows:
1. Capitalized Terms. Unless otherwise defined herein, all capitalized
terms used but not defined herein shall have the meanings ascribed such terms in
the Agreement.
2. Retirement of Class B Shares. The Managing Member hereby returns to the
Company for retirement 1,514,138 Class B Shares. As of the date hereof, such
Class B Shares shall be deemed to no longer be outstanding. Schedule A to the
Agreement is hereby deleted in its entirety and replaced by Schedule A-1
attached hereto, which schedule sets forth the amount of Membership Shares and
resulting Percentage Interest of each Member as of the date hereof. Schedule A-1
is also amended to reflect certain administrative changes thereto.
3. Increase in MM Option. Section 3.10(a) of the Agreement is hereby
deleted in its entirety and replaced with the following provision in lieu
thereof:
"(a) The Company hereby grants to the Managing Member an option (the "MM
Option") to purchase, in whole or in part, and from time to time in any amounts,
for the period beginning January 8, 2003 and ending January 8, 2008 (the "Option
Period"), an aggregate of 4,185,000 Class B Shares at a purchase price
throughout the Option Period of $0.01 per Class B Share."
4. Distributions. Section 4.2 of the Agreement is amended by renumbering
paragraph "(b)" thereof as paragraph "(c)" and adding the following new
paragraph "(b)" thereto:
"(b) Second, to the Members, pro rata, to the extent such Members have a
positive Capital Account balance, an amount equal to such Member's positive
Capital Account balance; and"
5. No Further Amendment. Except as amended hereby, the Agreement remains
unchanged and in full force and effect.
[Signature Page Follows]
2
IN WITNESS WHEREOF, the Managing Member has duly executed this Amendment as
of the date first set forth above.
BIODELIVERY SCIENCES INTERNATIONAL, INC.
By: /s/ ▇▇▇▇▇▇▇ ▇. ▇'▇▇▇▇▇▇▇, ▇▇.
-------------------------------------
Name: ▇▇▇▇▇▇▇ ▇. ▇'▇▇▇▇▇▇▇, ▇▇.
Title: Chairman, President and CEO
[Schedule A-1 Follows]
3
SCHEDULE A-1
Names, Contact Information and Membership Shares Held by the Members
------------------------------------------------ ------------------------------------------- --------------------------
Name/Contact Information Number/Class of Membership Shares Percentage Interest
------------------------------------------------ ------------------------------------------- --------------------------
BioDelivery Sciences International, Inc.
c/o UMDNJ - New Jersey Medical School
Administrative Building 4 708,586/Class A 94.972%
▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇ 7,085,862/Class B
▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇
------------------------------------------------ ------------------------------------------- --------------------------
▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇
c/o UMDNJ - New Jersey Medical School
Administrative Building 4
▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇ 125,000/Class B 1.523%
▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇
------------------------------------------------ ------------------------------------------- --------------------------
▇▇▇▇▇ ▇▇▇▇▇-Fogerite
c/o UMDNJ - New Jersey Medical School
Administrative Building 4 75,000/Class B 0.914%
▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇
------------------------------------------------ ------------------------------------------- --------------------------
▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
c/o Land Dynamics, Inc.
▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇
▇▇. ▇▇▇▇▇, ▇▇ ▇▇▇▇▇ 75,000/Class B 0.914%
------------------------------------------------ ------------------------------------------- --------------------------
Ellenoff ▇▇▇▇▇▇▇▇ & Schole LLP
▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇ ▇▇▇▇▇ 37,500/Class B 0.457%
▇▇▇ ▇▇▇▇, ▇▇ ▇▇▇▇▇
------------------------------------------------ ------------------------------------------- --------------------------
▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
▇▇▇▇ ▇. ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ 20,000/Class B 0.244%
▇▇▇▇▇, ▇▇ ▇▇▇▇▇
------------------------------------------------ ------------------------------------------- --------------------------
▇▇▇▇▇ ▇. ▇▇▇▇▇▇
21 Sleepy Hollow Drive 20,000/Class B 0.244%
▇▇▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇
------------------------------------------------ ------------------------------------------- --------------------------
▇▇▇▇▇ ▇▇▇▇
▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇ ▇▇,▇▇▇/▇▇▇▇▇ ▇ ▇.▇▇▇%
▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇
------------------------------------------------ ------------------------------------------- --------------------------
▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇
▇▇▇ ▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇ 20,000/Class B 0.244%
▇▇▇▇▇▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇
------------------------------------------------ ------------------------------------------- --------------------------
▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
▇.▇. ▇▇▇ ▇▇▇▇ 20,000/Class B 0.244%
Sarasota, Florida
------------------------------------------------ ------------------------------------------- --------------------------
TOTAL 708,586 Class A/7,498,362 Class B 100%
------------------------------------------------ ------------------------------------------- --------------------------
A-1