The undersigned, as all of the members of the Board of Directors (the “Board”) of Company, a Delaware corporation (the “Company”), pursuant to Section 141(f) of the Delaware General Corporation Law and the Bylaws of the Company, hereby adopt the following resolutions by unanimous written consent, effective as of this Effective Date:
1. Certificate of Incorporation.
RESOLVED, that the Certificate of Incorporation of the Company filed with the Secretary of State of the State of Delaware on Effective Date be, and it hereby is, ratified and affirmed.
2. Adoption of Bylaws; Board Size.
RESOLVED, that the Bylaws attached hereto as Exhibit A be, and the same hereby are, adopted as the Bylaws of and for the Company;
RESOLVED FURTHER, that the Secretary of the Company be, and he hereby is, authorized and directed to execute a Certificate of Secretary to the Bylaws, to insert the Bylaws as so certified in the Company’s minute book and to see that a copy of the Bylaws, similarly certified, is kept at the Company’s principal office, as required by law; and
RESOLVED FURTHER, that pursuant to Section 3.1 of Article III of the Bylaws of the Company, the Board shall consist of 2 members.
3. Election of Officers.
RESOLVED, that the following persons be, and they hereby are, appointed as the officers of the Company, to serve until the annual meeting or until their successors are duly appointed and have qualified:
President, Chief Executive Officer President Name
Secretary and Treasurer Secretary Name
4. Designation of Depository.
RESOLVED, that the President and the Treasurer of the Company be, and each of them hereby is, authorized:
(a) To designate one or more banks or similar financial institutions as depositories of the funds of the Company;
(b) To open, maintain and close general and special accounts with any such depositories;
(c) To cause to be deposited, from time to time, in such accounts with any such depository, such funds of the Company as such officers deem necessary or advisable, and to designate or change the designation of the officer or officers or agent or agents of the Company authorized to make such deposits and to endorse checks, drafts and other instruments for deposit;
(d) To designate, change or revoke, the designation, from time to time, of the officer or officers or agent or agents of the Company authorized to sign or countersign checks, drafts or other orders for the payment of money issued in the name of the Company against any funds deposited in any of such accounts;
(e) To authorize the use of facsimile signatures for the signing or countersigning of checks, drafts or other orders for the payment of money, and to enter into such agreements as banks and similar financial institutions customarily require as a condition for permitting the use of facsimile signatures;
(f) To make such general and special rules and regulations with respect to such accounts as they may deem necessary or advisable and to complete, execute and certify any customary printed blank signature card forms in order to exercise conveniently the authority granted by this resolution; any resolutions printed on such cards are deemed adopted as a part of this resolution;
RESOLVED FURTHER, that all form resolutions required by any such depository be, and they hereby are, adopted in such form used by such depository, and that the Secretary be, and he hereby is, authorized to certify such resolutions as having been adopted and that the Secretary be, and he hereby is, directed to insert a copy of any such form resolutions in the Company’s minute book; and
RESOLVED FURTHER, that any such depository to which a certified copy of these resolutions has been delivered by the Secretary of the Company be, and it hereby is, authorized and entitled to rely upon such resolutions for all purposes until it shall have received written notice of the revocation or amendment of these resolutions adopted by the Board.
5. Fiscal Year.
RESOLVED, that the fiscal year of the Company shall end each year on the 31st day of the month of December.
6. Principal Office.
RESOLVED, that the principal executive office of the Company shall initially be at:
7. Ratification of Actions.
RESOLVED, that the prior acts made on behalf of the Company by the sole incorporator be, and the same hereby are, ratified and approved as acts of the Company.
8. Management Powers.
RESOLVED, that the officers of the Company be, and they hereby are, authorized to sign and execute in the name and on behalf of the Company all applications, contracts, leases and other deeds and documents or instruments in writing of whatsoever nature as may be required in the ordinary course of business of the Company and as may be necessary to secure for operation of the corporate affairs, governmental permits and licenses for, and incidental to, the lawful operation of the business of the Company, and to do such acts and things as such officers deem necessary or advisable to fulfill such legal requirements as are applicable to the Company and its business.
9. Stock Certificates.
RESOLVED, that the share certificates representing common shares of the Company be in substantially the same form as the form of share certificate attached hereto as Exhibit B; that each such certificate shall bear the name of the Company, the number of shares represented thereby, the name of the owner of such shares and the date such shares were issued; and
RESOLVED FURTHER, that such share certificates shall be consecutively numbered beginning with No. CS-1, shall be issued only when the signature of the President and Secretary, or other such officers as provided in Section 158 of the Delaware General Corporation Law, and the corporate seal (if one has been adopted) are affixed thereto, may also bear other wording related to the ownership, issuance and transferability of the shares represented thereby, and that the Secretary is instructed to annex the form of certificate to these minutes.
10. Sale of Common Stock.
RESOLVED, that the Board hereby determines, after consideration of all relevant factors, that the fair market value of the Company’s common stock (the “Common Stock”) as of the date hereof is equal to $ amount per share;
RESOLVED FURTHER, that the officers of the Company be, and each of them hereby is, authorized, empowered and directed, for and on behalf of the Company, to sell and issue an aggregate of Number of Shares shares of its Common Stock at a purchase price of $ Share Price per share, payable in cash or in consideration of execution and delivery of the Technology Assignment Agreement in the form set forth as Exhibit C hereto, as follows:
Name of Purchaser:
Number of Shares:
Total Purchase Price:
RESOLVED FURTHER, that the shares of Common Stock authorized to be sold and issued by the Company to the individuals listed above (each, a “Purchaser”) shall be offered and sold under the terms of a Stock Purchase Agreement entered into by and between the Company and each Purchaser in substantially the form attached hereto as Exhibit D-1 (shares fully vested) or Exhibit D-2 (shares subject to vesting); and
RESOLVED FURTHER, that when the consideration set forth in the Stock Purchase Agreement has been received by the Company for the shares of Common Stock that have been offered, issued and sold pursuant to the foregoing resolutions, such shares shall be duly and validly issued, fully paid and nonassessable; and
RESOLVED FURTHER, that the officers of the Company be, and each of them hereby is, authorized, empowered and directed, for and on behalf of the Company, to take such further action and execute such documents as each may deem necessary or appropriate to carry out the purposes of the above resolutions, including, but not limited to blue sky filings in accordance with state securities laws and regulations.
11. Proprietary Information and Inventions Agreement.
RESOLVED, that the form of Proprietary Information and Inventions Agreement attached hereto as Exhibit E be, and it hereby is, adopted and approved, with such changes as may be approved by the President of the Company in his sole discretion, his signature on such document to constitute conclusive evidence of such approval.
12. Nondisclosure Agreements.
RESOLVED, that the form of Nondisclosure Agreement attached hereto as Exhibit F and the form of Mutual Nondisclosure Agreement attached hereto as Exhibit G be, and each of them hereby is, adopted and approved, with such changes as may be approved by the President of the Company in his sole discretion, his signature on such document to constitute conclusive evidence of such approval.
13. Incorporation Expenses.
RESOLVED, that the officers of the Company be, and they hereby are, authorized and directed to pay the expenses relating to the incorporation and organization of this Company.
IN WITNESS WHEREOF, the undersigned has executed this Action by Unanimous Written Consent as of the date first set forth above.
Exhibit D[-1 and -2]