Common use of Authorization to Issue Shares Clause in Contracts

Authorization to Issue Shares. (a) The COMPANY may issue Shares, and options, rights, warrants and appreciation rights relating to Shares, for any COMPANY purpose at any time, and from time to time, to such Persons or entities for such consideration (which may be cash, property, services or any other lawful consideration) or for no consideration and on such terms and conditions as the MANAGING MEMBER or BOARD OF DIRECTORS shall determine, all without the approval of any Shareholders, notwithstanding any provision of Section 9.1 or Section 9.2 of this OPERATING AGREEMENT. Notwithstanding the foregoing, the share price for each Common Share being offered pursuant to any OFFERING STATEMENT shall equal the Market Price. Each Share shall have the rights and be governed by the provisions set forth in this OPERATING AGREEMENT and, with respect to additional Shares of the COMPANY that may be issued by the COMPANY in one or more classes or series, with such designations, preferences, rights, powers and duties (which may be junior to, equivalent to, or senior or superior to, any existing classes or series of Shares of the COMPANY), as shall be fixed by the MANAGING MEMBER of BOARD OF DIRECTORS and reflected in a written action or actions approved by the MANAGING MEMBER or BOARD OF DIRECTORS in compliance with Section 5.1 of this OPERATING AGREEMENT (each, a "SHARE DESIGNATION"). Except to the extent expressly provided in this OPERATING AGREEMENT (including any Share Designation), no Shares shall entitle any SHAREHOLDER to any preemptive, preferential or similar rights with respect to the issuance of Shares.