SUMMARY

This proposal sets forth the makeup, qualifications, election procedures, and internal processes for the Community Council.

DESCRIPTION

The process described below sets forth the qualification and election process for the Community Council and thereby ensures the DAO has a fully elected body to oversee the proposal process. This proposal also defines the internal processes for considering proposals to ensure fairness and transparency throughout every stage of the process.

MOTIVATION

This proposal is intended to create an elected body that will facilitate the efficient operation of the DAO by ensuring proposals are fully vetted and supported before being presented to the DAO.

TECHNICAL DETAILS

Section 1. Size

The Community Council will consist of nine total members, including the head of the Community Council and the Treasurer.

Section 2. Qualifications

To be a member of the Community Council, an individual must be a holder of a Knight of Degen NFT (“Holder” or “Holders”) and must be elected pursuant to the election process described below. In the event, a member of the Community Council no longer meets the qualifications in this section, that member will immediately be removed from the Community Council without any affirmative action on the part of the DAO or the Community Council–a Community Council member may avoid immediate removal once during their tenure on the Community Council if they acquire a Knights of Degen NFT within 24 hours of no longer meeting the Holder requirement.

Section 3. Initial Community Council

As of the ratification of this Constitution, six individuals from the existing community council for the Knights of Degen NFT project that represented the Holders in managing the community fund are hereby confirmed as the Community Council for the DAO without the need for a new election, notwithstanding the requirements in the Constitution regarding election or language in this proposal to the contrary.

These individuals will serve as the DAO’s first Community Council, with the addition of the three additional members discussed below, and will need to be re-elected should they choose to continue servicing on the Community Council.

The Community Council will determine which members will be up for re-election in each of the upcoming election periods before the Community Council follows the normal twelve-month term process set forth below.

As noted above, the existing community council, consisting of six individuals, will serve as the initial Community Council with the addition of three additional members including the Treasurer discussed below. These three additional members will be elected by a majority vote of the six members of the existing community council. Following the initial election, these three new members will need to be elected pursuant to the same election procedures as every other member of the Community Council.

Section 4. Term

Other than as stated in Section 3 for the existing community council, once elected, members of the Community Council will serve for a term of twelve consecutive months unless they fail to meet the qualifications in Section 2.

Section 5. Removal

A member of the Community Council may be removed from the Community Council for any reason by a vote of five Community Council members.

Additionally, a member of the Community Council may be removed from the Community Council for any reason pursuant to the DAO Proposal Process. When the Community Council considers a Proposal to remove a Community Council member, the Community Council member at issue may not vote on the Proposal.

Section 6. Term Limits

There are no term limits for the Community Council. A member may be re-elected to membership an indefinite number of times.

Section 7. Elections

1. Regular Elections Other than as stated in Section 3 for the existing community council, every six months following the ratification of this Constitution, the DAO will hold an election for a number of spots on the Community Council (a “Regular Election”) equal to the number of Community Council members that have reached the end of their twelve month term. Prior to a Regular Election, the Community Council must solicit Holders who would like to run for election. At least one week prior to a Regular Election, the Community Council must distribute a list of the Holders running for election.

   In a Regular Election, Holders will be entitled to vote for up to the number individuals that is equal to the number of open seats on the Community Council. Voting power will be determined pursuant to the Constitution.

   The individuals that receive the most votes will be elected to the Community Council  for a twelve-month term.

2. Special Elections As noted above, there may be instances in which a member of the Community Council is removed prior to the completion of a full term. In addition, there may be instances in which a member of the Community Council chooses to voluntarily step down from the Community Council.

   In the event of an opening on the Community Council pursuant to one of the scenarios described in this paragraph, the Community Council will hold a special election (a “Special Election”) as soon as practicable. Prior to a Special Election, the Community Council must solicit Holders who would like to run for election. At least one week prior to a Special Election, the Community Council must distribute a list of the Holders running for election.

   In a Special Election, Holders will be entitled to vote for one individual. Voting power will be determined pursuant to the Constitution.

   The individual that receives the most votes will be elected to the Community Council for the remainder of the outgoing Community Council member’s term.

Section 8. Head of the Community Council

Following each Regular Election, the Community Council will elect a head of the Community Council. In that role, the head of the Community Council will be the outward face of the Community Council to the DAO and will organize and conduct Community Council meetings.

Section 9. DAO Treasurer

Following each Regular Election, the Community Council will elect a Treasurer. In that role, the Treasurer will assist the Community Council and the DAO as a whole in meeting its financial and reporting obligations.

Section 10. Meetings

The Community Council will meet at least once during each Governance Cycle unless the Community Council agrees that a meeting is unnecessary or impractical for that Governance Cycle. In the event the Community Council is unable to meet during a given Governance Cycle, the Community Council should convene a meeting as soon as practicable.

Unless agreed otherwise by the Community Council due to exigent circumstances, for a proposal to be considered by the Community Council, the proposal must have been provided at least 24 hours prior to its scheduled meeting.

Section 11. Quorum

A quorum of 6 Community Council members shall be necessary to approve or deny any proposal.

Section 12. Voting

Each Community Council member will be entitled to one vote on any proposal. A majority of attending Community Council members is necessary to approve or deny any proposal.

Section 13. Meeting Report

After each meeting of the Community Council, the Head of the Community Council must provide a summary of proposals considered, the Community Council’s decision on the proposals, a brief summary of the reason for the decision, and the margin of the Community Council’s vote on the proposal.

Section 14. Submission of Proposals

As soon as practicable after the approval of this proposal, the Community Council must adopt an efficient process for Holders to submit proposals for consideration by the Community Council.

Section 15. Improper Proposals

As set forth in the Constitution, a proposal cannot request that the DAO or someone acting on the DAO’s behalf do anything illegal, immoral, or unethical. The Community Council may consult with a third-party, including legal counsel, to assist in this determination.

Section 16. Approved Proposals

For any approved proposals, the Community Council must assign one member of the Community Council to serve as the point person for the approved proposal and help shepherd the proposal through the DAO governance process. This Community Council member will also work with the Holder or Holders making the proposal to ensure the Proposal is set forth in an appropriate written format for consideration by the DAO.

BUDGETARY ANALYSIS

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ARGUMENTATION

FOR

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AGAINST

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DAO VOTE

• Voting Details:
  • Because this is a DAY 0 Proposal, the vote will be open for 12 hours and be approved by a majority of votes cast during the 12 hour period.
  • Any holder of a Knights of Degen NFT through out the voting period on the Day 0 Proposals is eligible to vote.
  • Each holder of a Knights of Degen NFT is entitled to one vote per Knights of Degen NFT held.