Following the proposals VDP-11 (Authorization to Mint), VDP-24 (Special Purpose Vehicle), and VDP-54 (Institutional Genesis Raise), this proposal requests the community authorise the Operations and Legal Working Groups to undertake the necessary legal and financial steps to receive funding as contemplated in VDP-54.
These steps include minting additional $VITA as contemplated in VDP-11, setup of the appropriate legal vehicle to allow participation of strategic contributors per VDP-24, and accepting of funds from those strategic contributors.
The longevity/dealflow and awareness working groups request further resources to continue funding projects, as well as expand the awareness of VitaDAO. As VDP-11 laid out, working group members believe it would be beneficial to the mission of VitaDAO to invite strategic members to contribute their expertise and capital, and to receive VITA governance tokens. By onboarding strategic members, VitaDAO will fill up its treasury, benefit from their unique value-add contributions, thereby accelerating its mission of funding longevity research.
The Operations Working Group shall coordinate the execution as follows:
Tokenomics and Tech Working Groups members shall execute a minting of $VITA tokens to the Treasury in the amounts provided by the Operations Working Group, in accordance with VDP-11 not to exceed 10% of the Total Token Supply. This will result in 40% of the Total Token Supply having been minted, of which it is anticipated between 36-37% will enter into Circulating Supply as a direct result of VDP-54 and this proposal.
The Operations Working Group shall authorise an agent and legal counsel to prepare a Special Purpose Vehicle (SPV) as originally contemplated in VDP-24. However, subsequent discussions between Operations and Legal Working Groups has determined that the jurisdiction for the SPV shall be changed from that proposed in VDP-24: from Swiss jurisdiction to Canadian in deference to the strategic contributors who require this vehicle for legal and taxation purposes.
The Legal Working Group shall facilitate the execution of agreements from strategic contributors in return for governance rights, the receipt of which shall authorise the Operations Working Group to issue governance tokens to a mutually acceptable custodian who shall release the tokens in accordance with a 4-year linear release schedule.
The Operations Working Group shall move to a separate wallet and custodian all VITA from the Treasury currently accrued under VDP-3 which remains to be vested or otherwise distributed to the founding group of contributors and service providers for the purpose of maintaining transparency in reporting.
The Operations Working Group proposes to receive an initial tranche of $2,3m USD as contemplated in VDP-54 and executed under this proposal.
Further tranches are coming up in future proposals
The Institutional Genesis Raise is deemed successful when the treasury grows by at least $4 million USD equivalent with the Strategic Members fit for VitaDAO.
The successful approval of this proposal will result in a request for capital contributions to be issued to committed strategic contributors in this first tranche on or about October 7th, 2022.
The budget allocation for legal, taxation and accounting services including incorporation of the SPV, associated with this proposal is estimated at 25 000 USDC
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