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Shareholders' Resolution For Approval of Benefit Plan
SHAREHOLDERS' RESOLUTION FOR APPROVAL OF BENEFIT PLAN
Pursuant to a duly made, seconded, and unanimously adopted motion, the shareholders of this Corporation [Name of 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 [Date of plan], 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
FURTHER 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, [Name of Officer], 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 [Date of meeting], and that such resolution is now in full force and effect.
IN WITNESS THEREOF, I have affixed my name as Secretary of [Name of Corporation] Corporation and have attached the seal of [Name of Corporation] Corporation to this resolution.
Dated: [Date Signed]
Secretary
Seal: