Document:

Management Measures for the Directors' Decision Making Risk Fund

 EXHIBIT 4.4 
  
 (English translation) 
  
 Management Measures for the Directors’ Decision Making Risk Fund 
  
 Chapter 1 Introduction 
  
 Article 1 
  
 These measures (the “Measures”) are formulated for giving full play to the functions of, raising the efficiency and quality of and taking precautions against the risk of, decision-making of the Board of
Directors (the “Board”) of Yanzhou Coal Mining Company Limited (the “Company”), and for ensuring that the directors, the supervisors, the management staff and the other relevant staff of the Company can honor his/her duties
actively. 
  
 Chapter 2 Source and Management of Fund 
  
 Article 2 
  
 The Directors’ Decision Making Risk Fund of the Company (the “Risk Fund”) shall be drawn from the Company’s own capital
in accordance with the following guideline: an annual amount of RMB100,000 for each incumbent director and an annual amount of RMB50,000 for each incumbent supervisor, management staff and other relevant staff (a higher amount shall be adopted for
those having dual capacities). The Risk Fund drawn shall be accounted for as the management cost of the Company for the relevant period. 
  
 Article 3 
  
 Money shall be drawn for the Risk Fund on a yearly basis. If the term of office of the directors, the supervisors, the management staff and the other relevant staff of the Company is less than one year but more than
half a year (including half a year), money shall be drawn for full year. If the term of office is less than half a year, no money shall be drawn for that year. 
  

Article 4 
  
 The Risk Fund shall be deposited in a special account for the Fund (the “Special Account”) managed by the Department of Planning and Finance of the Company as a special fund. 
  
 Chapter 3 Scope of Application 
  
 Article 5 
  
 The directors, the supervisors, the management staff and the other relevant staff of the Company shall be compensated by the Risk Fund if
they suffer individual economic loss in the following circumstances when acting honestly, conscientiously, industriously and responsibly in performing their duties in accordance with the requirements of the laws, the regulations and the articles of
association of the Company etc.: 
  
 (1) they are required to pay personally the
fines imposed by the China Securities Regulatory Commission or other supervisory institutions; 
  
 (2) they are required to pay personally the various fines imposed by the judiciary institutions through mediation and adjudication, or by arbitration through mediation or adjudication; 
  
 (3) other matters endorsed by the Board. 
  
 Chapter 4 Relevant Rules 
  
 Article 6 
  
 If the directors, the supervisors, the management staff and the other relevant staff of the Company suffer individual economic loss
specified in Article 5 of the Measures, they shall, upon personal payments, be entitled to apply for compensation by the Risk Fund. Applicants shall submit a written application and sufficient evidence to the Board and shall only be compensated on
approval by the Board. 

 Article 7 
  
 The maximum amount of the Risk Fund which the Board may approve to be used is the accumulated surplus in the Special Account. No overdraft shall be allowed. 

 
 If the circumstances specified in Article 5 of the Measures occur, and
there is sufficient accumulated surplus in the Risk Fund for payments of the necessary compensation for the incumbent directors, supervisors, management staff and other relevant staff of the Company and those who have left their offices,
compensation shall be made in full. Otherwise, compensation shall only be made on a pro rata basis for the incumbent directors, supervisors, management staff and other relevant staff of the Company and those who have left their offices. 

 
 Chapter 5 Miscellaneous 
  
 Article 8 
  
 The Measures have been approved by the Board. It will, after being submitted to and approved in the meeting of the shareholders, become
effective from January 1, 2005. 
  
 Article 9 
  
 The power of interpretation of the Measures belongs to the Board. 
  
 The Board of Yanzhou Coal Mining Company Limited 
  
 25 April 2005Amendment, dated June 29, 2005, to February 22, 2005 Laurus Master Fund, Ltd.

 Exhibit 10.1 
  
 AMENDMENT 
  
 This Amendment (this “Amendment”), dated as of June 29, 2005, is entered into by and between BIODELIVERY SCIENCES INTERNATIONAL,
INC., a Delaware corporation (the “Company”), and LAURUS MASTER FUND, LTD., a Cayman Islands company (“Laurus”), for the purpose of amending the terms of (i) the Secured Convertible Term Note, dated February 22,
2005 (as amended, modified or supplemented from time to time, the ”Term Note”) issued by the Company to Laurus and (ii) that certain Registration Rights Agreement, dated as of February 22, 2005, by and between the Company and Laurus
(as amended, modified or supplemented from time to time, the “Registration Rights Agreement”). Capitalized terms used herein without definition shall have the meanings ascribed to such terms in the Term Note. 
  
 WHEREAS, the Company and Laurus have agreed to make certain changes to the
Term Note and the Registration Rights Agreement as set forth herein; and 
  
 WHEREAS, Laurus has agreed to postpone the obligation of the Company to make certain scheduled amortization payments in accordance with the terms of the Term Note as set forth herein and, in consideration therefore
and in consideration of the other agreements set forth herein, the receipt of which is hereby acknowledged, the Company has agreed to issue an additional common stock purchase warrant to Laurus to purchase up to 22,500 shares of the Common Stock of
the Company at an exercise price of $0.001 per share (the “New Warrant”); 
  
 NOW, THEREFORE, in accordance with Section 5.5 of the Term Note and in consideration of the above, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the
parties hereto amend the Term Note and, as applicable, all the Related Agreements, and agree as follows: 
  
 1. Laurus hereby agrees that the Company shall not be required to pay the Monthly Principal Amount due on the first business day of June 2005, July 2005,
August 2005, September 2005, October 2005 and November 2005 on such dates, and instead such Monthly Principal Amounts shall be due and payable, in either cash of stock, as provided for in the Term Note, on the Maturity Date. In consideration of the
agreement set forth in the immediately preceding sentence, and the other agreements contained herein, the receipt of which is hereby acknowledged, the Company hereby agrees to issue to Laurus the New Warrant. The Company and Laurus hereby agree that
the New Warrant constitutes a “Warrant” under and as defined in the Registration Rights Agreement. 
  
 2. The Company hereby agrees, to the extent necessary to comply with Nasdaq Marketplace Rule 4350(i)(1)(D)(ii) with respect to the issuance of the New
Warrant, to either (i) promptly call a stockholders meeting to solicit stockholder approval for the issuance of the shares of Common Stock hereunder in excess of the Maximum Common Stock Issuance or (ii) provide for a stockholder vote on such
approval in the proxy statement and related materials for the Company’s 2005 annual meeting of stockholders. Laurus agrees that it shall not vote any shares of Common Stock held by Laurus at any such meeting in connection with the approval of
any issuance of Common Stock by the Company to Laurus. 

 3. This Amendment shall be effective as of the date hereof following (i) the execution and delivery of
same by each of the Company and Laurus and (ii) the execution and delivery of the New Warrant by the Company to Laurus. 
  
 3. Except as specifically set forth in this Amendment, there are no other amendments to the Term Note or the Registration Rights Agreement, or any of the
Related Agreements entered into therewith, and all of the other forms, terms and provisions of the Term Note and the Registration Rights Agreement and such Related Agreements shall remain unmodified and in full force and effect. 
  
 4. The Company hereby represents and warrants to Laurus that as of the date
hereof, after giving effect to this Amendment (the terms of which shall not constitute an Event of Default), (i) no Event of Default exists and is continuing and (ii) all representations, warranties and covenants made by Company in connection with
the Term Note, the Purchase Agreement and the Registration Rights Agreement are true, correct and complete and all of Company’s and its Subsidiaries’ covenant requirements have been met. 
  
 5. This Amendment shall be binding upon the parties hereto and their
respective successors and permitted assigns and shall inure to the benefit of and be enforceable by each of the parties hereto and its successors and permitted assigns. THIS AMENDMENT SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH AND
GOVERNED BY THE LAW OF THE STATE OF NEW YORK. This Amendment may be executed in any number of counterparts, each of which shall be an original, but all of which shall constitute one instrument. 
  
 * * * * 
  

 2 

 IN WITNESS WHEREOF, each of the Company and Laurus has caused this Amendment to be effective and
signed in its name effective as of the date set forth above. 
  

			
	BIODELIVERY SCIENCES INTERNATIONAL, INC.
		
	 By:
	 	 /s/ James A. McNulty

	 Name:
	 	James A. McNulty
	 Title:
	 	Secretary, Treasurer and CFO
	
	 LAURUS MASTER FUND, LTD.

		
	 By:
	 	 /s/ Eugene Grin

	 Name:
	 	 Eugene Grin

	 Title:
	 	 Director

  

 3Amendment, dated June 29, 2005, to May 31, 2005 Laurus Master Fund, Ltd.

 Exhibit 10.2 
  
 AMENDMENT 
  
 This Amendment (this “Amendment”), dated as of June 29, 2005, is entered into by and between BIODELIVERY SCIENCES INTERNATIONAL,
INC., a Delaware corporation (the “Company”), and LAURUS MASTER FUND, LTD., a Cayman Islands company (“Laurus”), for the purpose of amending the terms of (i) the Secured Convertible Term Note, dated May 31, 2005 (as
amended, modified or supplemented from time to time, the ”Term Note”) issued by the Company to Laurus and (ii) that certain Registration Rights Agreement, dated as of May 31, 2005, by and between the Company and Laurus (as amended,
modified or supplemented from time to time, the “Registration Rights Agreement”). Capitalized terms used herein without definition shall have the meanings ascribed to such terms in the Term Note. 
  
 WHEREAS, the Company and Laurus have agreed to make certain changes to the
Term Note and the Registration Rights Agreement as set forth herein; and 
  
 WHEREAS, Laurus has agreed to postpone the obligation of the Company to make certain scheduled amortization payments in accordance with the terms of the Term Note as set forth herein and, in consideration therefore
and in consideration of the other agreements set forth herein, the receipt of which is hereby acknowledged, the Company has agreed to issue an additional common stock purchase warrant to Laurus to purchase up to 7,500 shares of the Common Stock of
the Company at an exercise price of $0.001 per share (the “New Warrant”); 
  
 NOW, THEREFORE, in accordance with Section 5.5 of the Term Note and in consideration of the above, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the
parties hereto amend the Term Note and, as applicable, all the Related Agreements, and agree as follows: 
  
 1. Laurus hereby agrees that the Company shall not be required to pay the Monthly Principal Amount due on the first business day of September 2005,
October 2005 and November 2005 on such dates, and instead such Monthly Principal Amounts shall be due and payable, in either cash of stock, as provided for in the Term Note, on the Maturity Date. In consideration of the agreement set forth in the
immediately preceding sentence, and the other agreements contained herein, the receipt of which is hereby acknowledged, the Company hereby agrees to issue to Laurus the New Warrant. The Company and Laurus hereby agree that the New Warrant
constitutes a “Warrant” under and as defined in the Registration Rights Agreement. 
  
 2. The Company hereby agrees, to the extent necessary to comply with Nasdaq Marketplace Rule 4350(i)(1)(D)(ii) with respect to the issuance of the New Warrant, to either (i) promptly call a stockholders meeting to
solicit stockholder approval for the issuance of the shares of Common Stock hereunder in excess of the Maximum Common Stock Issuance or (ii) provide for a stockholder vote on such approval in the proxy statement and related materials for the
Company’s 2005 annual meeting of stockholders. Laurus agrees that it shall not vote any shares of Common Stock held by Laurus at any such meeting in connection with the approval of any issuance of Common Stock by the Company to Laurus.

  
 3. This Amendment shall be effective as of the date hereof
following (i) the execution and delivery of same by each of the Company and Laurus and (ii) the execution and delivery of the New Warrant by the Company to Laurus. 

 3. Except as specifically set forth in this Amendment, there are no other amendments to the Term Note or
the Registration Rights Agreement, or any of the Related Agreements entered into therewith, and all of the other forms, terms and provisions of the Term Note and the Registration Rights Agreement and such Related Agreements shall remain unmodified
and in full force and effect. 
  
 4. The Company hereby represents
and warrants to Laurus that as of the date hereof, after giving effect to this Amendment (the terms of which shall not constitute an Event of Default), (i) no Event of Default exists and is continuing and (ii) all representations, warranties and
covenants made by Company in connection with the Term Note, the Purchase Agreement and the Registration Rights Agreement are true, correct and complete and all of Company’s and its Subsidiaries’ covenant requirements have been met.

  
 5. This Amendment shall be binding upon the parties hereto and
their respective successors and permitted assigns and shall inure to the benefit of and be enforceable by each of the parties hereto and its successors and permitted assigns. THIS AMENDMENT SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH AND
GOVERNED BY THE LAW OF THE STATE OF NEW YORK. This Amendment may be executed in any number of counterparts, each of which shall be an original, but all of which shall constitute one instrument. 
  
 * * * * 
  

 2 

 IN WITNESS WHEREOF, each of the Company and Laurus has caused this Amendment to be effective and
signed in its name effective as of the date set forth above. 
  

			
	BIODELIVERY SCIENCES INTERNATIONAL, INC.
		
	 By:
	 	 /s/ James A. McNulty

	 Name:
	 	James A. McNulty
	 Title:
	 	Secretary, Treasurer and CFO
	
	 LAURUS MASTER FUND, LTD.

		
	 By:
	 	 /s/ Eugene Grin

	 Name:
	 	 Eugene Grin

	 Title:
	 	 Director

  

 3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00087-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00087-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00087-of-00352.parquet"}]]