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OPERA
TTNG
AGREEMENT
OF
BRUNSWICK
EQUITIES,
LLC
05Z82
89730
0303
12
7/2000
GOVERNMENT
EXHIBITGT
-15
 
OPERATINGAGREEMENT
OF
BRUNSWICKEQUITIES.LLCThisAgreementismadeas
of
March16,2000,
by
andbetweenSAGEEQUITIES,INC.
of
86
LakeStreet,Burlington,
VCll110nt
05401-5297,CAPITALBUSINESSCONSULTANTS,LLC
of
345BulsonRoad,Troy,NewYork
121
80,andJLMEQUITIES,LLC
of3
899NYRoute
2,
Troy,NewYork12180whodesireto(ormalimited
liab
ilit
y
companyunder
N
ew
YorkStalelaw
and
agreeasfollows:
ARTICLE
I
Formation;
Purpose;
Term
1.1
Formation.TheCompany
will
beorganizedbythe
filing
of
Articl
es
or
Organization
(sec
Exhibit
A)
withtheNewYorkDepartment
of
Statepursuanttothe
provision
s
of
the
LLCLaw.
1.2Name.ThenameunderwhichtheCompanyshallconductItsbusinessis "BRUNSWICKEQUITIES.
LLC."
1.3
Pu
ose.
Theprincipalpurpose
of
theCompanyistoinvestventurecapital
HI
emergingbusiness
ennties
inconsideration
of
anownershipor
other
equityinterestin
such
entities
and
toconductanyotherlawfulbusiness
permuted
by
the
LLCLaworthelawofotherstatesin
which
theCompanymayconductitsbusiness.
897300303
/2712000
 
1.4
Principal
Office.
The
principaloffice
of
the
Company
shallbelocated
£1
1845CentralAvenue,Albany,
New
York,or
atsuch
other
addressastheMembers
may
determine.
1.5Term.
The
term
of
the
Company
shallcontinueuntil
it
is
terminatedpursuant
10
this
Agreement
ortheLLCLaw.
ARTICLE
II
Definitions
2
.1
De
fi
nition
of
Terms.
For
purposes
of
thisAgreement,
all
defined
terms,asindicated
bythecapitalization
of
thefirstletterof
such
terms,
shall
have
themeaningspecifiedin
the
table
of
definitionsinExhibitCor
inthe
LLCLaw.
ARTICLE
III
Members
3.\
NamesandAddresses.
The
names
andaddresses
oftheMembers
are
set
forthat
thebeginning
of
thisAgreement.Suchaddresses
shallbeused
forallNotice
purp
oses
under
theterms
of
thisAgreementunlesstheMembernotifies
the
Company
in
writing
of
a
chanue
in
address.
By
signatureat
theend
or
thisAgreement,eachMemberhasagreed
to
bebound
by
this
Agreement.
3.2
Voting.
(a)
Each
Member
shall
beentitledtoonevote
011
maucrs
submitted
toavote
of
theMember.The
meeting
of
Members
andthevoteofMembers.withorwithoutameeting. shallbegovernedbytheMemberBy-lawsattachedas
Exhibit
E.
-2-
8973003
03/2712000
of 00

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