MARVIN MANDEL, Governor

1539

EXCEPT IN THE CASE OF STOCK PURCHASED BY AN OFFICER,
DIRECTOR, OR EMPLOYEE OF THE CORPORATION UNDER A STOCK
OPTION PLAN AUTHORIZED UNDER §2-207 OF THIS SUBTITLE, THE
FOLLOWING [[MAY]] DOES NOT CONSTITUTE PAYMENT FOR STOCK
OR CONVERTIBLE SECURITIES, BUT MAY CONSTITUTE PAYMENT FOR
WARRANTS OR OPTIONS IF PAID OR PERFORMED BEFORE THE STOCK
OR CONVERTIBLE SECURITIES [[SWUBJECT]] SUBJECT TO THE
WARRANTS OR OPTIONS ARE ISSUED:

(1)   FUTURE LABOR;

(2)   FUTURE SERVICES; OR

(3)    OBLIGATIONS OF THE PURCHASER FOR FUTURE
PAYMENT.

(C)   DEFAULT IN PAYMENT OF INSTALLMENT OR CALL.

(1)   IN CASE OF DEFAULT IN THE PAYMENT OF AN
INSTALLMENT OR CALL WHEN DUE, THE CORPORATION MAY PROCEED
TO COLLECT THE AMOUNT DUE IN THE SAME MANNER AS ANY DEBT
DUE THE CORPORATION.

(2)   IF THE CORPORATION IS UNABLE TO COLLECT
THE AMOUNT DUE WITHIN SIX MONTHS AFTER THE DEFAULT, THE
STOCK AND ANY CONSIDERATION PREVIOUSLY PAID BY THE
SUBSCRIBER SHALL BE FORFEITED TO THE CORPORATION IF:

(I)   THE CORPORATION HAS GIVEN THE SUBSCRIBER
AT LEAST TEN DAYS WRITTEN NOTICE OF THE PROPOSED
FORFEITURE, MAILED TO HIM AT HIS ADDRESS AS IT APPEARS ON
THE RECORDS OF THE CORPORATION; AND

(II)    THE SUBSCRIBER HAS NOT PAID THE AMOUNT
DUE WITHIN THE TEN-DAY PERIOD.

(D)   WHEN FULL PAID AND NONASSESSABLE.

WHEN THE CORPORATION RECEIVES PAYMENT OF THE
CONSIDERATION FOR WHICH STOCK OR CONVERTIBLE SECURITIES
ARE TO BE ISSUED, THE STOCK OR CONVERTIBLE SECURITIES ARE
FULL PAID AND NONASSESSABLE.

REVISOR'S NOTE: Subsections (a) and (b) of this
section presently appear as Art. 23, §22(a).
Material dealing with director and employee
stock options appears in §2—207.

The language of present §22 (a) which defines
warrants or options is deleted since these
terms are well understood.

Subsection (c) of this section presently