DIY Legal Forms

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Approve Qualified Stock Option Plan

WHEREAS, the Board of Directors of this Corporation has determined that certain officers and key employees should have available to them an option to buy shares of the Corporation under a qualified Stock Option Plan; be it

RESOLVED, that the Corporation adopt a Stock Option Plan in accordance with the provisions and specifications of the Stock Option Plan presented to and reviewed by the Board, a copy of said specifications being annexed hereto; and, be it

RESOLVED FURTHER, that the Corporation shall set aside a total of (--) shares of the common stock of the Corporation for sale to officers and key employees under the plan, and all as further approved by the shareholders; and, be it

RESOLVED FURTHER, that the President or Treasurer of the Corporation shall undertake all actions necessary to implement and administer said plan.

The undersigned hereby certifies that [Name] is the duly elected and qualified Secretary and the custodian of the books and records and seal of [Name], a corporation duly formed pursuant to the laws of the State of [State], and that the foregoing is a true record of a resolution duly adopted at a meeting of the Board of Directors, and that said meeting was held in accordance with state law and the Bylaws of the above named Corporation on [Date], and that said resolution is now in full force and effect without modification or rescission.

IN WITNESS WHEREOF, I have executed my name as Secretary and have hereunto affixed the corporate seal of the above named Corporation on [Date].

A True Record.

Attest.

Secretary