DIY Legal Forms

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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 [Date], 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 [--%] 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], 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 [Date]. 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.

______________________

(Secretary)

Seal: