BSP-3: Reiumburse Root Finance for Legal Expenses

Proposed by:

mistermanifold

Summary:

Reiumburse Root Finance with 40,000 beans from the Q1 2022 Bean Sprout budget. The Root Finance team has covered $40,000 USDC for legal expenses before any external funding. The reiumbursement to the team will not be sell pressure on Beans, and will be deposited into the Silo to seed the Root Reserve.

Transaction receipt: (https://etherscan.io/tx/0xeb285798e15607a24934efbb6ac712ad10e9833df2ba62a09a79a698821114b5)

Reasoning:

Root Finance is building a fixed income product on top of Beanstalk. Root's goal is to attract new investors and billions in liquidity to Beanstalk, as well as talented developers building on and integrating with Beans. To kick off this effort, Root is fundraising and needs legal backing to execute their vision. The team has prepaid $40,000 to retain legal counsel, and is seeking support from the Beanstalk community with a grant to cover the initial expense. Notably, the team will not ‘sell’ any Beans funded. The team currently consists of 6 individuals who are committed to Root full-time in UI/UX, engineering, community, and BD roles.

This engagement will include, but is not limited to:

• Legal Structuring - formation services for corporate structure and token launch
• DAO foundation, foundation agreements, intercompany agreements
• Corporate Matters - preparation of equity and token incentive agreements
• Preparation of agreements for employees and contractors
• Financing Agreements and Negotiations - Preparation of SAFE, warrants, cap table and other matters to facilitate financing
• Product Advisory and Regulatory Strategy - Provision of guidance under the US federal securities, commodities, trading, and anti-money laundering regulations

Proposed Budget:

40,000 Beans from the Q1 2022 Bean Sprout budget. Payment will be delivered following approval of BSP-3.