SHAREHOLDERS' RESOLUTION FOR APPROVAL OF BENEFIT PLAN
Pursuant to a duly made, seconded, and unanimously adopted motion, the shareholders of this Corporation ____________________ (hereinafter referred to as Corporation) adopted the following resolution:
WHEREAS the Board of Directors of said Corporation has adopted a resolution, a copy of which is attached to the minutes of this meeting, authorizing the establishment of an Employee Pension and Profit-sharing Plan, and
WHEREAS the resolution of the Board of Directors establishing the aforementioned Employee Pension and Profit-sharing Plan also contains the Board's conclusions on how that Plan shall be funded, it is hereby:
RESOLVED that the Employee Pension and Profit-sharing Plan approved by the Board of Directors in its resolution dated ____________________, a copy of which the Secretary of the Corporation is directed to attach to the minutes of this meeting, be and hereby is adopted; and it is
FURTHER RESOLVED that the funding for the above mentioned Employee Pension and Profit-sharing Plan approved by the Board in the aforementioned resolution be and hereby is adopted; and it is
1FURTHER RESOLVED that the Treasurer of this Corporation is hereby directed to set aside from the Corporation's annual net profits a sum not to exceed ______ percent of the aforesaid net profits to fund the aforementioned Employee Pension and Profit-sharing Plan and to do everything else necessary to fund the Employee Pension and Profit-sharing Plan as required by the aforementioned recommendations of the Compensation Committee that were approved by the aforementioned resolution of the Board of Directors.
The undersigned, _______________________, certifies that he or she is the duly appointed Secretary of __________________________ Corporation and that the above is a true and correct copy of a resolution duly adopted at a meeting of the shareholders thereof, convened and held in accordance with law and the Bylaws of said Corporation on ___________________, and that such resolution is now in full force and effect.
IN WITNESS THEREOF, I have affixed my name as Secretary of _______________________________ Corporation and have attached the seal of _____________________ Corporation to this resolution.
Dated: ________________________
_________________________ Secretary
Seal: