OrangeDAO

Full proposal here: https://docs.google.com/document/d/1oIarBa_3maF9EGYinL8AU72Y3Xt7Sx8sPH1MjM_xWCQ/edit#heading=h.ddfcrao9n93f

Goals: Repayment of loans in Season 0 and Season 1 from @huh.eth, @oparrott, and @iamdonho totalling approximately $252,139.00 Pay Latham and Watkins remaining invoice for legal services to the DAO of $109,653.00

Single Point of Contact: (Only 1 individual for GovC to reach out with questions, and to represent at TownHall.) @huh.eth

Sponsors: Include folks planning to work on this proposal. Do not include folks who are just supportive of this proposal. @oparrott, @iamdonho

Description:

DAO Member Loans Three DAO members (@huh.eth, @oparrott, and @iamdonho) have personally advanced cash for DAO operations since January 2022. Now that the DAO has enough funds in the treasury, we should repay these loans and pay outstanding legal fees of the DAO.

Given the nature and tempo of the DAO, we expect more needs for short-term lending in the future. We would be happy to continue to make loans to the DAO when the need and urgency arises.

The details of the loans and the interest calculations are here: https://docs.google.com/spreadsheets/d/1To1gN37Yyd3o_LDfM2RCheilsnAf0equIO9ozA-cub4/edit#gid=1761874068 (Note: The IRS requires that any loans above $10K be charged a minimum federal interest rate or pay a penalty. That’s why there is a 3% simple interest added to the balance, totalling $1,829.69. However, given that the three of us are not here to make money on interest, we’ll be spending it on DAO member events.)

These loans covered spending by the DAO as a result of proposals that have passed as well as foundational operating costs like software.

The repayment of principal and interest can be sent via USDC on ETH Mainnet and will occur as soon as the stable coin balance is available to Treasury — estimated around 8/15. If the payment occurs later, the interest calculation will need to be adjusted, and this proposal authorizes that additional nominal amount. If the payment occurs sooner, less.

Latham and Watkins legal fees for services to the DAO Latham and Watkins is the Orange DAO and Orange DAO Foundation legal counsel. These bills are for legal services rendered to create the Cayman Islands Foundation as well as other work required for the establishment and operations of the DAO. The amounts are current as of 7/25/2022.

Invoice was provided by: ​​Dara B. Shapiro, Attorney Support Billing Specialist, LATHAM & WATKINS LLP, 1271 Avenue of the Americas | New York, NY 10020

Invoice Date Invoice No. Invoice Total 2/28/2022 2200602181 $10,775.50 3/31/2022 2200603593 $35,329.00 4/18/2022 2200604205 $53,237.00 5/9/2022 2200605215 $21,520.00 6/15/2022 2200606797 $8,791.50

$129,653.00

$20,000.00 paid in July by Maqq from Mercury using loaned funds. Remaining total: $109,653.00

Benefits: The DAO would build soft credit for authorized DAO business.

Success Metrics: Before proposal: DAO debt: $252,139.00 DAO legal fees outstanding: $109,653.00 After proposal: DAO debt: $0 DAO legal fees outstanding: $0 Success Confidence: (If this proposal was executed 100 times, how many times will it meet its goal?) 100%

Duration: Start: Season 0 End: Season 1

Tokens Requested: (Treasury control) (Treasury Guidance) $USDC Total: 361,792 plus any slippage. Need to offramp $361,792.

RISKS: (Open to All Members)

COUNTERPOINTS: (Open to All Members)