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Resolution: Declaring A Dividend In Kind

WHEREAS, this Corporation owns [number] shares of Common Stock of [name of corporation] with an adjusted basis of ........ dollars ($........) per share and a current fair market value of approximately ........ dollars ($........) per share;

IT IS RESOLVED THAT a dividend of [number] shares of [name of corporation] stock is declared on each share of Common Stock of this Corporation, payable on [date], to shareholders of record at the close of business on [date]; and

It is further resolved, that the President and Secretary of this Corporation are authorized and directed to transfer certificates for the proper number of shares of [name of corporation] stock, properly indorsed, to the shareholders of this Corporation and to take any other action as is necessary and proper to carry out this resolution.