SHAREHOLDERS' RESOLUTION FOR APPROVAL OF STOCK OPTION PLAN
Pursuant to a duly made, seconded, and unanimously adopted motion, the shareholders of this __________________________ (hereinafter referred to as Corporation) adopted the following resolution:
WHEREAS the Board of Directors of this Corporation has adopted a resolution, a copy of which is attached to the minutes of this meeting, authorizing the establishment of a Stock Option Plan, and
WHEREAS the Corporation needs to have sufficient available shares of stock to satisfy the exercise of options under the Plan adopted by the Board of Directors establishing the aforementioned Stock Option Plan, it is hereby:
RESOLVED that the Stock Option Plan previously approved by the Board of Directors in its resolution dated on ______________, 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 _______________ shares of the common stock of said Corporation are authorized to be set aside in the Corporation's Treasury by the Treasurer as recommended by the Board of Directors in its aforesaid resolution. Such shares will be reserved for the sole purpose of sale to individuals entitled to exercise an option to purchase such shares according to the measures detailed in the Stock option Plan.
The undersigned, ______________________, certifies that he or she is the duly appointed Secretary of said Corporation and that the above is a true, accurate, 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: