Dear Co-operative Members
This is just a quick note to update you on the Co-op.
License Agreement Payments:
When:The first round of payments for License Agreements have been mailed and will be arriving this month.
Who: Members will be eligible for a License payment if they have;
- Provided all necessary documentation
- Purchased their Preference Shares; and
- Received a Welcome Letter acknowledging the execution of the License Agreement.
How Much: The amount of the License payment is based on the $1500 annual payment, which is paid bi-annually. The initial payment is pro-rated based on the number of days your License Agreement has been in force up to and including June 30, 2011. For example if your License Agreement was executed on February 8, 2011 than the calculation would be as follows:
Date of Execution of the License Agreement: February 8, 2011*
Number of Days to July 1: 143
Daily License Payment ($1500/365days): $4.11
Total Payment: $587.67
To determine the Date of Execution of your License Agreement refer to the date of your Member Welcome Letter. When you received the License Payment cheque it will include a letter explaining the exact calculation of the payment.
Please check out the web site for updates and announcements at www.agrissolar.coop .
Director Member Services, Government Relations
AGRIS Solar Co-operative
Tel: (905)829-3336 x141