Terrell v. Kiromic Biopharma, Inc.

Summary

The Supreme Court of Delaware held that the waiver provision in Terrell’s third stock-option agreement was ambiguous because both parties offered reasonable interpretations of whether the carveout for previously issued securities preserved options granted under the first two agreements. Because the Court of Chancery could not choose between reasonable interpretations on a motion to dismiss, the court reversed the dismissal and remanded for further proceedings.