Common use of Amending Clause in Contracts

Amending. The Telos Governance Documents may be amended by a vote of the TLOS token holders using the “ratifyamend” contract. To ratify or amend any Telos Governance Document, any user may execute the “ratifyamend” contract, paying its contract fee of 700 TLOS (the “Ratify/Amend Contract Fee”), which may be returned if the contract receives a minimum of 1% of votes from all TLOS voters. This fee may be paid by one Member or collected from many Members over time to execute when the full cost has been collected. Once the fee has been fully paid, the full text of the proposed new document, or the existing document in the case of ratification, shall be recorded to the Telos blockchain. No Telos Governance Documents shall be ratified or amended except by a vote of the TLOS token holders, as recorded by the “ratifyamend” contract with no less than 15% vote participation among votable TLOS tokens and no fewer than 10% more Yes than No votes, at the end of a 5,000,000 block voting period (approximately days).

Amending. The Telos Governance Documents may be amended by a vote of the TLOS token holders using the “ratifyamend” contract. To ratify or amend any Telos Governance Document, any user may execute the “ratifyamend” contract, paying its contract fee of 700 TLOS (the “Ratify/Amend Contract Fee”), which may be returned if the contract receives a minimum of 1% of votes from all TLOS voters. This fee may be paid by one Member or collected from many Members over time to execute when the full cost has been collected. Once the fee has been fully paid, the full text of the proposed new document, or the existing document in the case of ratification, shall be recorded to the Telos blockchain. No Telos Governance Documents shall be ratified or amended except by a vote of the TLOS token holders, as recorded by the “ratifyamend” contract with no less than 15% vote participation among votable TLOS tokens and no fewer than 10% more Yes than No votes, at the end of a 5,000,000 15,000,000 block voting period (approximately days3 months).