Operating Agreement Llc Page 7
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11(Only include this Article if Manager-Managed)
Section A – Election and Appointment
The Company shall be managed by one or more appointed Managers. The name and
address of the Managers of the Company can be found in Exhibit B, attached. The
Members, by a majority vote, shall elect and appoint as many Managers as the Members
determine shall be in the best interest of the Company, though no less than one.
One manager shall be elected to take the position of Chief Operating Manager. The Chief
Operating Manager shall be held responsible for managing the operations of the Company
and shall carry out the decisions of the Managers.
Members shall serve until they resign or their successors are duly elected and appointed
by the Members.
Section B - Delegation of Powers
The Managers are authorized on the Company’s behalf to bind the Company to contracts
and obligations, and to do or cause all acts to be done deemed necessary or appropriate
to carry out or further the business of the Company. All decisions and actions of the
Managers shall be made by majority vote of the Managers as provided in this Agreement.
The managers have in their power to authorize or decide the following:
(i)The employment of persons or institutions for the operation and management of
the company affairs.
(ii)Execute all checks, drafts and money orders for the payment of company funds.
(iii)Deliver and execute promissory notes, loans or security agreements.
(iv)The purchase or acquisition of company assets.
(v)The sale, lease or other disposition of company assets.
(vi)Granting security interests in the company assets in exchange for capital.
(vii)The pre-payment or refinancing of any loan secured by the company assets.
(viii)Execute and deliver all contracts, franchise agreements, licensing agreements,
assignments, leases, and subleases which affect the company assets.
Section C – Compensation
Any Manager whom renders services to the Company shall be entitled to compensation in
direct proportion to the value of such services. Additionally, the Company shall reimburse
all direct out-of-pocket expenses incurred by the Managers while managing the Company.
Section D – Indemnification
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