Exhibit 10.6

CERTIFICATION OF FORMATION

OF

RAND CAPITAL MANAGEMENT, LLC

 

        THIS CERTIFICATE OF FORMATION("Certificate") is made as of this 11th day of January, 2002 by AllenF. Grum, Jr., acting as Organizer, whose address is 2200 Rand Building, Buffalo,NY 14203 and who is at least eighteen years of age.

EXPLANATORY STATEMENT

        Allen F. Grum, Jr., desiring toorganize a limited liability company under and pursuant to the provisions of theDelaware Limited Liability Company Act (6 Del. C Section 18-101, et seq.)("Act"), hereby forms a limited liability company for the purposes and on theterms and conditions hereinafter set forth (the "Company"), and hereby certifiesto the Secretary of State of Delaware as follows:

- The name of the limited liability company is Rand Capital Management, LLC.   
- The address of its registered office in the State of Delaware is  Corporation Trust Center, 1209 Orange Street, in the City of Wilmington,  County of New Castle. The name of its registered agent at such address is The  Corporation Trust Company.   
- The purposes for which the company is formed are as follows:
        To engage solely in the businessof serving as the General Partner of Rand Capital SBIC, LP, which is applyingfor a license from the Small Business Administration to operate as a SmallBusiness Investment Company in accordance with the Small Business InvestmentCompany Act, and to perform any and all activities necessary and proper inconnection therewith and convenient or incidental thereto. 
- The United States Small Business Administration must approve any    person who will serve as an officer, director or manager of the Company.

        IN WITNESS WHEREOF, the undersigned have executed this Certificate ofFormation of Rand Capital Management, LLC this 11th day of January,2002.

WITNESS:

| /s/ Elspeth A. Doneldson               
   

   |  /s/ Allen F. Grum, Jr.                          Allen F. Grum, Jr.    Authorized Person |
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EXHIBIT A

ENTITY INSTITUTIONAL INVESTORS

| Name and    Address | Qualifying Subsection of Section (1) and     Type of Entity
Capital    Contribution
Paid-In     CapitalUnfunded    CommitmentRand Capital Corporation    2200 Rand Building    Buffalo, New York 14203(viii)$5,000,000$5,000,000$0Total: $5,000,000$5,000,000$0**APPLICANT'S

INDIVIDUAL INSTITUTIONAL INVESTORS**
Name and    Address

Qualifying Subsection   of Section (2)

Capital    Contribution
Paid-In     CapitalUnfunded    CommitmentN/AN/AN/AN/AN/S**APPLICANT'S

OTHER PARTNERS**
Name and    Address

Capital    Contribution
Paid-In     CapitalUnfunded    CommitmentRand Capital Management, LLC$50,000$0$50,000Total:$50,000$0$50,000**AGGREGATE

PARTNERSHIP TOTALS**
Name and    Address

Capital    Contribution
Paid-In     CapitalUnfunded    Commitment(a) All Institutional
Investors$5,000,000$5,000,000$0(b) All Partners$0$0$50,000PARTNERSHIP TOTAL$5,000,000$5,000,000$50,000 |
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