Signatory

Signatory Adopted by the C.E.O 24-Mar-2020, altered signing authority February 23, 2021

Financial and Spending Authority

Signatory

The Executive Director, subject to the quarterly total spending as set forth in the Quarterly Breakdown of the Annual Budget (Quarterly Plan) approved by the C.E.O and C.F.O and exercising all necessary due diligence and care, is individually authorized by this delegation to obligate the funds of NolimitsSociety (NLS), to execute agreements reflecting those obligations, and to further delegate this authority as deemed appropriate, up to and including the limits set forth below per transaction, such limit shall include integrated or related transactions.

Budgeted or Discretionary per transaction (or related transactions), grant making, awards and scholarships, expense approvals, legally binding contractual arrangements, and purchasing assets:

• €0 – €10,000 Chief Executive Director can sign and approve without second approver
• €10,000 to €250,000 Chief Executive Director and Chief Financial Officer can sign and approve without community approval
• €250,000 or more requires an affirmative community vote

Signing authority:

• Transferring funds between and managing NolimitsSociety bank accounts and other financial accounts € 250,000
• Budgeted General Operational Spending (including but not limited to, payroll, expenses, and accounts payable), € 500,000

Any spending which exceeds the Quarterly Plan by more than 10%, must be approved by the C.E.O.

Chief Financial Officer

The Chief Financial Officer is authorized to oversee and manage NolimitsSociety’s bank accounts and other financial services related accounts, such as payments processing (or similar financial institution), and to authorize the transfer of funds from one NolimitsSociety account to any other NolimitsSociety account, and to further delegate this authority, up to and including the limits set forth below per transaction, which includes integrated or related transactions. Any transfer of funds from one NolimitsSociety account to any other NolimitsSociety account exceeding the amounts set forth in the immediately preceding resolution must be approved in writing by or signed by the C.E.O or C.F.O.

• Bank accounts €100,000
• Investment accounts €200,000
• Payment processing, or other financial institutions €500,000

Terms

Payments conforming to the limits and specifications above will be presented to the Chief Financial Officer of NolimitsSociety for review prior to final processing. Either the Chief Executive Director may refuse payment with an email received within 72 hours of presentation indicating its denial, otherwise those payments are considered approved for processing.

These polices are subject to annual review by the Chief Financial Officer and shall be considered in effect, unless revoked by resolution of the Chief Financial Officer. All delegations of authority granted in these policies are limited by the quarterly budget totals as set forth in Quarterly Plan as approved by the Chief Financial Officer, which retains the right to alter spending authority limits required.