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Charles N Wyble
2025-03-04 17:01:57 -06:00
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src/TXSOS-Registered-ForProfit/TurnkeyNetworkSystemsLLC/TurnkeyNetworkSystemsLLC-OperatingAgreement.md
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@@ -104,19 +104,21 @@ Upon execution of this Agreement:
6. **Transitional Matters**: The following transitional provisions shall apply: 6. **Transitional Matters**: The following transitional provisions shall apply:
* All actions duly taken under the Prior Agreement shall remain valid and enforceable; * All actions duly taken under the Prior Agreement shall remain valid and enforceable
* All series established under the Prior Agreement shall continue under this Agreement; * All series established under the Prior Agreement shall continue under this Agreement
* All Members shall retain their membership interests, subject to the reclassification provisions in Article 5; * All Members shall retain their membership interests, subject to the reclassification provisions in Article 5
* The Board of Directors shall be constituted within 30 days of the Effective Date; * The Board of Directors shall be constituted within 30 days of the Effective Date
* The Company Committee shall be constituted within 45 days of the Effective Date; * The Company Committee shall be constituted within 45 days of the Effective Date
* All existing series shall adopt compliant Series Operating Agreements within 90 days of the Effective Date; and * All existing series shall adopt compliant Series Operating Agreements within 90 days of the Effective Date
* All operational policies required by this Agreement shall be implemented within 120 days of the Effective Date. * All operational policies required by this Agreement shall be implemented within 120 days of the Effective Date
* Failure to meet any of these deadlines shall require written notice to all Members explaining the delay and providing a revised timeline, which shall not exceed an additional 30 days without approval of a majority of all Members
7. **Binding Effect**: This Agreement shall be binding upon, and inure to the benefit of, all current and future series members, officers, directors, and representatives of the Company and its series. 7. **Binding Effect**: This Agreement shall be binding upon, and inure to the benefit of, all current and future series members, officers, directors, and representatives of the Company and its series.
@@ -128,8 +130,7 @@ Upon execution of this Agreement:
This integration provision cannot be amended, modified, or waived except through a written amendment to this Agreement executed with the same formalities as this Agreement. This integration provision cannot be amended, modified, or waived except through a written amendment to this Agreement executed with the same formalities as this Agreement.
9. **Dispute Resolution During Transition**: Any disputes arising specifically from the transition from the Prior Agreement to this Agreement shall be resolved in accordance with the dispute resolution procedures set forth in Schedule H, with priority given to ensuring business continuity and preserving series isolation throughout the resolution process. 9. **Dispute Resolution During Transition**: Any disputes arising specifically from the transition from the Prior Agreement to this Agreement shall be resolved in accordance with the dispute resolution procedures set forth in Schedule H, with priority given to ensuring business continuity and preserving series isolation throughout the resolution process. The Company Committee shall have temporary emergency authority to resolve critical transitional disputes if necessary to maintain business operations, subject to subsequent review by the Board of Directors.
## Section 1.5 - Securities Law Notice ## Section 1.5 - Securities Law Notice