The Governance team approves the following changes to the bylaws for submission to a GA vote:
Article 1
Section 1
Replace Section 1.1 (Funding), including subsections 1.1.1 (Token Awards) and 1.1.2 (Distribution of Tokens), with a single new Section 1.1:
- 1.1 Funding. Sponsor has committed up to 1% of the total token supply of the Network to the Program to provide a reward structure for Ambassadors.
+ 1.1 Token Grants. Sponsor shall make available the necessary tokens for Ambassador token grants as outlined in the Ambassador Benefits (https://ambassador.subspace.foundation/benefits) and formalized in each Ambassador Agreement.
- 1.1.1 Token Awards. Sponsor shall make available the necessary tokens to provide for the token grants specified in Article 2 Section 5 Rights of Ambassadors and in Article 2 Section 7 Rights of Lead Ambassadors.
- 1.1.2 Distribution of Tokens. Tokens that have been earned and vested under the Program may begin distribution to Ambassadors upon the launch of Mainnet Beta. All tokens distributed to Ambassadors under this Program at the beginning of Mainnet Beta will be subject to a 6-month lockup, meaning the tokens will not be transferable until 6 months after the launch of Mainnet Beta. The lockup period is static, so tokens vested and distributed 3 months after Mainnet Beta begins would be locked for a subsequent 3 months. Earned and vested tokens are able to be claimed (after the lockup period) by each Ambassador at any time.
Section 2
Update Section 1.2 (Ambassador Agreements) to clarify the relationship between the Agreement and Bylaws, and reference the Bylaws conflict resolution process:
1.2 Ambassador Agreements.
- The Ambassador agreements are between Sponsor and each Ambassador and implement the Bylaws between the Sponsor and the Ambassador (the "Ambassador Agreement(s)").
+ These Bylaws form an integral part of each Ambassador Agreement between Sponsor and an Ambassador.
If there are conflicts between an Ambassador Agreement and these Bylaws, Sponsor and the relevant Ambassador(s) shall work in good faith to
- complete amendments to conform with the Bylaws as in effect at the execution of the Agreement.
+ amend the Bylaws through the governance processes herein, and/or amend the Ambassador Agreement to resolve the conflict.
Article 2
Replace each of the following sections with Removed by GA Vote:
Section 2 (Ambassador Term)
Section 5.1 (Legacy Ambassador Token Grant)
Section 5.2 (Ambassador Token Grant)
Section 7.1 (Legacy Lead Ambassador Token Grant)
Section 7.2 (Lead Ambassador Token Grant)
