Common use of Specified Obligations of the President Clause in Contracts

Specified Obligations of the President. (a) If the Board has not provided requisite approval for those matters enumerated in Section 5.4(a)(vi), Section 5.4(a)(vii) and Section 5.4(a)(viii) and 5.4(a)(ix), the President may nonetheless take all actions he or she may consider reasonably necessary in order to respond and protect the Licenses of the Company. (b) Subject to the provisions of this Agreement, including without limitation, the Administrative Services, the President shall keep, or cause to be kept, full and accurate records and accounts of all transactions entered into by or on behalf of the Company and of all Chargeable Costs made for the account of the Company, and of all funds disbursed by the President or under its direction. (c) Subject to any modifying instruction given by the Board and the provisions of this Agreement, including without limitation, the Administrative Services, the President shall promptly submit to the Board quarterly statements of account showing: (i) the current balance of Available Cash at the end of the most recent quarter; (ii) estimates of the amounts needed by the Company for expenditures to be made during the succeeding calendar quarter pursuant to the applicable Approved Operating Plan and otherwise including amounts needed to cover the quarterly general expenses of the Company; (iii) the estimated portions of such amounts that will be funded by the Company during such calendar quarter from general revenues, financing arrangements or other sources; and (iv) the estimated portions of such amounts, if any, that will need to be funded by Shareholder Contributions during such calendar quarter pursuant to the applicable Approved Operating Plan or otherwise hereunder. (d) Subject to the provisions of this Agreement, including without limitation, the Administrative Services, the President shall cause the Company to maintain, complete financial and cost accounting books and records and internal financial controls showing all costs, expenditures, receipts and disbursements hereunder. These accounts shall include general ledgers and supporting and subsidiary journals, invoices, checks and other customary documentation sufficient to provide a record of revenues and expenditures and periodic statements of financial position and the results of the Operations and other activities of the Company for managerial, tax and other financial reporting purposes. (e) The President shall, subject to any modifying instructions approved by the Board, prepare or cause to be prepared the reports for the Shareholders and Board as contemplated in Section 6.4. (f) The President shall be responsible for managing the overall implementation of the Intellectual Property obligations under this Agreement, and shall allocate sufficient resources in the Approved Operating Plan in order for the Company to carry out all necessary such Intellectual Property obligations relating to the implementation of this Agreement by incorporating the following items into the Approved Operating Plan: (i) developing a standard operating procedure for the identification and disclosure of new Company Improvement Intellectual Property by the Hired Employees; (ii) in respect of the prosecution, maintenance, management and enforcement of the Company Improvement Intellectual Property, developing the necessary plans, milestones, timelines, budgets and deliverables; and (iii) seeking out approval from the Board on a timely basis for any and all matters or issues relating to the implementation of this Agreement’s Intellectual Property obligations as required in accordance with Section 5.4 of this Agreement.