X0303 4 2011-02-21 0 0001103021 BIODELIVERY SCIENCES INTERNATIONAL INC BDSI 0001275857 MCNULTY JAMES A C/O BIODELIVERY SCIENCES INTL, INC. 801 CORPORATE CENTER DRIVE, SUITE 210 RALEIGH NC 27607 0 1 0 0 Chief Financial Officer Stock Option 3.55 2011-02-21 4 A 0 16219 A 2021-02-25 Common Stock 16219 16219 D One third of the options granted herein will vest and be exercisable on each of the following dates, February 25, 2012, February 25, 2013 and February 25, 2014, subject to the condition that the reporting person is employed by the Issuer on each of the respective dates. Not applicable. Such options were granted by Issuer's Board of Directors as compensation for serving as Chief Financial Officer. /s/ James A. McNulty 2011-03-15