“Reserved Shares” are the corporation’s shares that are reserved for some future purpose and will not otherwise be issued to shareholders. Reserved Shares consist of authorized but unissued shares and may only be issued in connection with the purpose for which they were reserved. Some shares are required to be reserved. For example, if a corporation issues Preferred Stock, the corporation must reserve enough shares for the Preferred Stock to convert into shares of Common Stock. Similarly, if a corporation issues warrants, the corporation must reserve enough shares for the warrants to convert into the applicable shares of stock. A corporation must also reserve that number of shares of Common Stock underlying the corporation’s stock option plan.
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