Abstract of Proposal
Telcoin Association (“TA”) was the beneficiary of and received services from Telcoin Holdings Pte. Ltd., its subsidiaries and their employees and agents (collectively “THPL”) during the first two calendar quarters of 2024 in order to create and start up the TA. These services were subsequently agreed to and ratified by the TA in the services agreement between TA and THPL. This proposal is to authorize payment by TA of those invoices through its wholly-owned subsidiary Telcoin Autonomous Ops Ltd. (“TAO”).
Proposal Specification
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Approve payment by TA/TAO the following invoices, true and correct copies of which are attached hereto:
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Information in support of the amounts invoiced by THPL is provided in the following spreadsheet documents, and services agreement, true and correct copies of which are attached hereto with the exception that confidential information has been redacted:
a. 2024 Q1 Telcoin_TAO Shared Service
b. 2024 Q2 Telcoin_TAO Shared Service -
The services agreement by and between Telcoin Holdings Pte. Ltd., and Telcoin Autonomous Ops Ltd., is the basis of the obligation to pay the foregoing invoices, a true and correct copy of which is attached hereto.
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Obligation of the TA to pay the invoices is provided by the Services Agreements between TA and TAO as well as between TAO and THPL respectively.
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Authority of the TAO to authorize payments is provided by the Telcoin Constitution.
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Tim Mahota and Parker Spann, both employees of THPL, have provided and continue to provide services to TA and TAO on behalf of THPL. Due to their affiliation with both TA/TAO and THPL, they have an actual conflict of interest and cannot advise TA/TAO or its Members on how to vote on this proposal. Members should obtain their own independent advice should they so choose.
Proposal Rationale
This proposal is also asking for approval for startup expenses for the TA and TAO which occurred in the first half of 2024. The TA and TAO would not exist had it not been for the organizers to extend their own funds and resources to create the TA and TAO. Thus, pursuant to the Services Agreements and Quantum Meruit, payment is justified.
Next Steps
The funds allocated to financing the budget for this proposal were already allocated to the TAO Safe in August, 2024. For recordkeeping purposes, the TAO will hold a vote on the Proposal through the TAO Snapshot. If the vote is in favor of the proposal, then the TAO will transmit funds to pay the invoices to THPL.
Q&A
What if Council Members have questions?
Please send any questions, comments or concerns to Tim Mahota at tim@telcoin.org or Parker Spann at parker@telcoin.org.