Document:

Certificate of Limited Partnership

Exhibit 10.4

CERTIFICATE OF LIMITED PARTNERSHIP

OF

RAND CAPITAL SBIC, L.P.

     The undersigned, desiring to form a limited partnership pursuant to the
Delaware Revised Uniform Limited Partnership Act, 6 Delaware Code, Chapter 17,
do hereby certify as follows:

	The name of the limited partnership is Rand Capital SBIC, L.P.

 
	The address of the Partnership's registered office in the State
        of Delaware is Corporation Trust Center, 1209 Orange Street, Wilmington,
        County of New Castle. The name of the Partnership's registered agent for
        service of process in the State of Delaware at such address is The
        Corporation Trust Company.
	The name and mailing address of the sole general partner is as
        follows:

	 	
    NAME	MAILING ADDRESS
	 	Rand Capital Management, LLC	2200 Rand Building

    Buffalo, NY 14203

     IN WITNESS WHEREOF, the undersigned have executed this Certificate of Limited
Partnership of Rand Capital SBIC, L.P., as of January 11, 2002.

                  	 	By: Rand Capital Management, LLC

                         
                    General Partner 
	 	 
	 	 
	 	By: /s/ Allen F. Grum, Jr. 

                          Allen F. Grum, Jr.

                         
                    MemberLimited Liability Company Agreement

Exhibit 10.5

Rand Capital Management, LLC

(A Delaware Limited Liability Company)

LIMITED LIABILITY COMPANY AGREEMENT

Dated as of January 16, 2002

 

LIMITED LIABILITY COMPANY AGREEMENT

__________________

RAND CAPITAL MANAGEMENT, LLC

 

     This LIMITED LIABILITY COMPANY AGREEMENT (this "Agreement")
of Rand Capital Management, LLC, a Delaware limited liability company (the "Company"),
is entered into this 16th day of January, 2002, by the Member set forth
on Schedule A attached hereto as such Schedule A may be amended
from time to time pursuant to this Agreement. The Member agrees as follows:

RECITALS

    

WHEREAS, on January 14, 2002, an authorized person filed a
Certificate of Formation forming the Company as a limited liability company
under the Delaware Limited Liability Company Act, 6 Del. C. Section 18-101 et
seq. (as amended from time to time, the "Act"), with the Secretary of
State of the State of Delaware (as such certificate may be amended from time to
time by additional filings with the Secretary of State of the State of Delaware,
the "Certificate"); and

    WHEREAS, the Member has agreed to enter into this Agreement
to continue the Company for the sole purpose of managing one or more small
business investment companies licensed under the Small Business Investment Act
of 1958, as amended (each, an "SBIC"), and to operate the Company in
accordance with the terms and subject to the conditions set forth in this
Agreement.

    NOW, THEREFORE, for and in consideration of the mutual
covenants contained herein and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the Member, intending
legally to be bound, agrees as follows:

ARTICLE 1

DEFINITIONS

    As used herein, the following capitalized terms shall have
the meanings specified in this Article unless the context otherwise specifies.
Other terms are defined in the text of this Agreement; and, throughout this
Agreement, those terms shall have the meanings respectively ascribed to them.
Section references, unless otherwise specified, are references to sections of
this Agreement.

    "Act" means the Delaware Limited Liability Company
Act, 6 Del. C. Section 18-101 et seq., as amended from time to time. 

    "Affiliate" means, with respect to any Person, any
other Person that directly or indirectly controls, is controlled by, or is under
common control with that Person. For purposes of this definition, a Person shall
be deemed to control an entity of which he is an officer, director or general
partner or in which such Person is the beneficial owner of ten percent (10%) or
more of the outstanding voting securities.

    "Agreement" means this written Limited Liability
Company Agreement of the Company, which is binding on the Member, as such
Agreement may be amended in writing from time to time by the Member.

    "Book Value" means, with respect to any Company asset,
the asset's adjusted basis for federal income tax purposes, except that the Book
Values of all Company assets shall be adjusted to equal their respective Fair
Market Values, in accordance with the rules set forth in Section 1.704-1(b)(2)(iv)(f)
of the Regulations, except as otherwise provided in this Agreement, immediately
prior to: (a) the date of the acquisition of any additional Interest by any new
or existing Member in exchange for more than a de minimis Capital Contribution;
(b) the date of the actual distribution of more than a de minimis amount of
Company property (other than a pro rata distribution) to a Member; or (c) the
date of the actual liquidation of the Company within the meaning of Section
1.704-1(b)(2)(ii)(g) of the Regulations; provided that adjustments
pursuant to clauses (a) and (b) above shall be made only if the Member
determines in its sole discretion that such adjustments are necessary or
appropriate to reflect the relative economic interests of the Member. The Book
Value of any Company asset distributed to the Member shall be adjusted
immediately prior to such distribution to equal its Fair Market Value. The Book
Value of any Company asset shall be adjusted to reflect any write-down that
constitutes a disposition of such asset.

    "Capital Contribution" means, with respect to
each Member, any contribution to the capital of the Company by such Member as
provided in this Agreement.

    "Certificate" means the Company's Certificate of
Formation as filed with the Secretary of State of Delaware, as such Certificate
may be amended from time to time by additional filings with the Secretary of
State of Delaware.

    "Code" means the Internal Revenue Code of 1986, as
amended, or any corresponding provision of any succeeding law. 

    "Company" means Rand Capital Management, LLC, a
Delaware limited liability company.

    "Conditions of Transfer" shall have the meaning set
forth in Section 6.1(a).

    "Fair Market Value" of an asset means
its fair market value as determined in accordance with the investment guidelines
provided in the Fund Agreement.

    "Fund" means Rand Capital SBIC, L.P., a Delaware
limited partnership.

    "Fund Agreement" means the Agreement of Limited
Partnership of the Fund, as amended from time to time.

    "Indemnified Party" shall have the meaning set forth
in Section 5.4.

    "Interest" means all of the Member's rights and
interests in the Company in its capacity as a member of the Fund.

    "Investment Company Act"
means the Investment Company Act
of 1940, as amended, or any corresponding provision of any succeeding law.

    "Management Committee" shall have the meaning set forth
in Section 5.2.

   "Member" means that Member set forth in Schedule A
and any additional substitute Member duly accepted pursuant to the terms of this
Agreement, provided no such Member has dissociated from the Company pursuant to
this Agreement or the Act.

    "Person" means an individual, a general partnership, a
limited partnership, a domestic or foreign limited liability company, a trust,
an estate, an association, a corporation, or any other legal or commercial
entity. 

    "Property" means all properties and assets, whether
tangible or intangible, that the Company may own or otherwise have an interest
in from time to time whether held in the name of the Company or in the name of
the Member, manager, agent or other nominee if the Member, manager, agent or
nominee is identified or holds himself out as a nominee for the Company.

    "Rand"
means Rand Capital Corporation, a New York
corporation and business development company as defined in Section 2(a)(48) of
the Investment Company Act.

    "Regulations" means the income tax regulations,
including any temporary regulations, from time to time promulgated under the
Code.

    "SBA" means the U.S. Small Business Administration.

    "SBIC" means a small business investment company
licensed under the Small Business Investment Act of 1958, as amended. 

    "Tax Matters Member" shall have the meaning set forth
in Section 8.5.

    "Transfer" means, when used as a noun, any voluntary
sale, hypothecation, pledge, assignment, attachment or other transfer, and, when
used as a verb, means voluntarily to sell, hypothecate, pledge, assign or
otherwise transfer. 

ARTICLE 2

GENERAL PROVISIONS

    2.1 ORGANIZATION. The Member formed the Company as a
Delaware limited liability company by filing the Certificate with the Secretary
of State of the State of Delaware on January 14, 2002.

    2.2 NAME. The name of the Company is Rand Capital
Management, LLC. The Company may do business under that name and under any other
name or names approved by the Member. If the Company does business under a name
other than that set forth in its Certificate, then the Company shall file a
trade name certificate as required by law. 

    2.3 PURPOSE. The Company is organized solely to
serve as the general partner of Rand Capital SBIC, L.P., a Delaware limited
partnership (the "Fund"), which is applying for a license from the SBA to
operate as an SBIC, and to operate, manage and maintain the Fund pursuant to the
Agreement of Limited Partnership of the Fund, as amended from time to time (the
"Fund Agreement"), and, subject to Section 3.01 of the Fund Agreement,
one or more additional SBICs that may be formed and licensed in the future, and
in furtherance thereof to engage in any lawful act or activity for which a
limited liability company may be organized under the Act. In furtherance of the
Company's purpose, the Company shall make the initial cash contribution, and the
additional contributions, stated in the Fund Agreement.

    2.4 TERM. The Company began upon the filing of the
Certificate and shall terminate thirty (30) days following the termination of
the Fund, unless the term is extended by the Member.

    2.5 PRINCIPAL OFFICE. The principal office of the
Company shall be at 2200 Rand Building, Buffalo, NY 14203, or at any other place
designated by the Member.

    2.6 RESIDENT AGENT. The name and address of the Company's
initial resident agent in the State of Delaware is The Corporation Trust
Company, 1209 Orange Street, Wilmington, Delaware 19801. Any change in the
resident agent or the resident agent's business or residence address shall be
timely filed with the Secretary of State of Delaware.

    2.7 MEMBER. The name, present mailing address and
maximum Capital Contributions of the Member are set forth on Schedule A
hereto. 

ARTICLE 3

CAPITAL

    3.1 CAPITAL CONTRIBUTIONS.

        a.    The current maximum Capital Contributions required to be
made by the Member pursuant to this Section 3.1 is set forth on 
Schedule A hereto.

        b.    Except as otherwise provided in this Section 3.1,
the Member shall not be required to contribute any capital to the Company. The
Member shall not have any personal liability for any obligation of the Company.

        c.    In the event that the Company is required to contribute
capital to the Fund, the Member shall make a Capital Contribution to the Company
in such amount. 

        d.    Each contribution of capital to the Company shall be made
by means of a check or by wire transfer of funds to an account designated by the
Company.

    3.2 NO INTEREST ON CAPITAL CONTRIBUTIONS. The Member
shall not be paid interest on its Capital Contributions. 

    3.3 RETURN OF CAPITAL CONTRIBUTIONS. Except as otherwise
provided in this Agreement, the Member shall not have the right to receive any
return of any Capital Contribution. If the Member is entitled to receive a
return of a Capital Contribution, the Company may distribute cash, notes,
Property or a combination thereof to the Member in return of the Capital
Contribution.

ARTICLE 4

DISTRIBUTIONS

    4.1  DISTRIBUTIONS GENERALLY. 
Distributions of cash and/or securities received by the
Company shall be made to the Member from time to time as determined by the
Company in its sole and absolute discretion.

    4.2 DISTRIBUTIONS IN KIND. If any assets of the Company
are distributed in kind to the Member, those assets shall be valued on the basis
of their Fair Market Value. The profit or loss for each unsold asset shall be
determined as if the asset had been sold at its Fair Market Value, and the
profit or loss shall be allocated as provided in Section 4.1.

ARTICLE 5

MANAGEMENT: RIGHTS, POWERS AND DUTIES

    5.1
MANAGEMENT.

        a.    Subject to Section 5.2, the Company shall be managed
by the Member, which shall have the right, power and authority, to manage,
operate and control the business and affairs of the Company and to do or cause
to be done any and all acts, at the expense of the Company, deemed by the Member
to be necessary or appropriate to effectuate the purposes of the Company. No
other person may manage the Company without the prior approval of the SBA and
the Member. Except as otherwise provided in the Agreement (including Section
5.2), all decisions and determinations with respect to the management or
operation of the Company shall be made by the Member. 

        b.    Without limiting the foregoing, the Member may make a
decision or determination with respect to the management or operation of the
Company in its discretion with respect to the following matters:

                            
              i.    open, maintain and close accounts for the
              Company and the Fund;

                           
              ii.    retain and dismiss investment bankers,
              attorneys, accountants, consultants, custodians, contractors,
              nominees and other agents of the Company and the Fund;

                          
              iii.    execute on behalf of the Company, as general
              partner of the Fund, any agreement between the Company and the
              Fund, or any amendment or termination thereof, where the amount at
              issue is less than $25,000;

                         
              iv.    enter into, make and perform contracts,
              agreements and other undertakings on behalf of the Company or the
              Fund with third parties where the amount at issue is less than
              $25,000; and

                          
              v.      expend any sum of money in an amount less than
              $10,000.

        c.    To the extent any action by the Company has been
appropriately authorized in accordance with this Article 5, the Member
shall have the right to act for and bind the Company to such action.

        d.    The Member's board of directors shall at all times be
comprised of a majority of individuals who are not "interested persons" (as
defined in Section 2(a)(19) of the Investment Company Act) of the Company or the
Member. If at any time the Member's board of directors fails to meet this
standard, the Member will take action within 90 days to correct that condition.

    5.2 MANAGEMENT COMMITTEE. There is hereby established a
management committee of the Company (the "Management Committee"), which
initially shall consist of Allen F. Grum, Jr. and Daniel P. Penberthy. The
Management Committee shall have the power to cause the Company to make
investment decisions on behalf of the Fund, including decisions to acquire or
sell or otherwise dispose of investments. All decisions of the Management
Committee shall require the unanimous consent of its members. A person may be
added to the Management Committee only with the prior written approval of the
Member and the SBA. In addition, the Member may remove any or all of the members
of the Management Committee in its discretion and with the approval of the SBA.
If the Member removes all of such members according to this Section 5.2,
then the Member may perform the duties described in this Section 5.2 or
appoint one or more Persons to perform such duties, in either case with the
approval of the SBA. When making investment decisions, the members of the
Management Committee and the Member shall meet the standard of care set forth in
Section 3.09 of the Fund Agreement.

    5.3 DUTIES OF CARE. The Member shall exercise its best
judgment in carrying out its obligations hereunder. The Member, its Affiliates
and the members of the Management Committee shall not be liable to the Company
or to one another for any loss suffered by the Company or the Member which
arises out of any action or omission of the Member, its Affiliates or a member
of the Management Comittee, provided that the action taken or omitted to be
taken by the Member, Affiliate or member of the Management Committee was taken
or omitted to be taken in good faith and in a manner the Member, its Affiliate
of the member of the Management Committee reasonably believed to be in or not
opposed to the best interests of the Company, and, with respect to any criminal
action or proceeding, had no reasonable cause to believe its conduct was
unlawful. 

    5.4 INDEMNIFICATION. Except as otherwise required by law
or the provisions of this Agreement, the Company shall indemnify the Member and
its owners, directors, officers, employees or agents and the members of the
Management Committee (each, an "Indemnified Party") against any losses,
liabilities, damages or expenses (including amounts paid for attorneys' fees,
judgments and settlements in connection with any threatened, pending or
completed action, suit or proceeding) to which any of such Persons may directly
or indirectly become subject for action taken or omitted to be taken consistent
with the duty of care set forth in Section 5.3; provided, however,
that no Indemnified Party shall be entitled to collect any amounts pursuant to
the provisions of this Section 5.4 unless such Indemnified Party has
previously exhausted such Indemnified Party's claim for indemnification from the
Fund for such losses, liabilities, damages or expenses pursuant to the
provisions in Section 3.10 of the Fund Agreement.

    5.5 AGREEMENTS WITH MEMBER. The Company may acquire
Property from or lease or sell Property to, borrow money from or lend money to,
enter into any agreement or contract with, or reimburse for reasonable
out-of-pocket expenses incurred in connection with business of the Company, the
Member, any Affiliate of the Member or other Person related to the Member, or
any member of the Management Committee on such arms-length terms and conditions
as the Member shall determine to be appropriate. 

ARTICLE 6

TRANSFER OF INTERESTS

    6.1
TRANSFERS.

        a.    The Member may not Transfer an Interest unless all of the
following conditions ("Conditions of Transfer") are satisfied:

                             
              i.    the Transfer will not require registration of Interests under
              any federal or state securities laws;

                             
              ii.    the transferee delivers to the Company a written instrument
              agreeing to be bound by the terms of this Agreement;

            
          
        
      
    
  

                             
              iii.    the Transfer will not result in the termination
              of the Company pursuant to Code Section 708;

            
          
        
      
    
  

                            
              iv.    the Transfer will not result in the Company
              being subject to the Investment Company Act of 1940, as amended;
              and

            
          
        
      
    
  

                             
              v.    the transferor or the transferee delivers the
              following information to the Company: (1) the transferee's
              taxpayer identification number; and (2) the transferee's initial
              tax basis in the Interest.

            
          
        
      
    
  

        b.    If the Conditions of Transfer are satisfied, then the Member
may Transfer all, but not less than all, of its Interest; provided, however,
that the transferee shall be admitted as a Member and be entitled to exercise
the rights of a Member only, if applicable under the SBIC Act, the consent of
the SBA has been obtained and the transferee has executed and delivered this
Agreement. 

        c.    A transferee that is not admitted as a Member shall have,
with respect to the transferred Interest, the economic rights to receive
distributions and allocations, and shall have the obligation to make capital
contributions pursuant to Section 3.1 but shall not be entitled to vote
on matters coming before the Members, participate in the management of the
Company, act as an agent of the Company, or have any other non-economic rights
of a "member" of the Company.

        d.    The Member hereby acknowledges the reasonableness of the
prohibition contained in this Section 6.1 in view of the purposes of the
Company. The Transfer of any Interest in violation of the prohibition contained
in this Section 6.1 shall be deemed invalid, null and void, and of no
force or effect.

        e.    The Member and the transferee of the Member's Interest shall
be jointly and severally obligated to reimburse the Company for all reasonable
expenses (including attorneys' fees and expenses) of any Transfer or proposed
Transfer of the Member's Interest, whether or not consummated.

        f.    The transferee of the Member's Interest shall be treated as
having made all of the Capital Contributions made by, and received all of the
distributions received by the transferor of such Interest.

ARTICLE 7

DISSOLUTION

    7.1 EVENTS OF DISSOLUTION.

        The Company shall be dissolved and shall commence the winding
up of its affairs upon the occurrence of any of the following events: (i) at the
time specified by the Member; or (ii) the occurrence of any other event that,
under the Act (taking into account the applicable provisions of this Agreement),
would cause the dissolution of the Company or that would make it unlawful for
the business of the Company to be continued. Notwithstanding the foregoing, the
Company shall not be dissolved at any time prior to the dissolution of the Fund.

    7.2 PROCEDURE FOR WINDING UP AND DISSOLUTION. If the
Company is dissolved, the Member shall wind up its affairs. On winding up of the
Company, the assets of the Company, subject to applicable provisions of the Act,
shall be distributed in the following manner and order:

         a.     First, to the payment of the expenses of liquidation;

        b.    Second, in satisfaction of the debts and liabilities of the
Company owing to creditors of the Company other than members of the Company;

        c.    Third, to the setting up of any reserves that the Member may
deem reasonably necessary for any contingent or unforeseen liabilities or
obligations of the Company;

        d.    Fourth, in satisfaction of the debts and liabilities of the
Company owing to creditors of the Company that are members of the Company; and

         e.    Thereafter, to the Member.

    7.3 FILING OF CERTIFICATE OF CANCELLATION. If the Company
is dissolved, the Member shall promptly file a Certificate of Cancellation with
the Secretary of State of Delaware.

ARTICLE 8

BOOKS, RECORDS, ACCOUNTING AND TAX ELECTIONS

    8.1 BANK ACCOUNTS. All funds of the Company shall be
deposited in a bank account or accounts maintained in the Company's name. The
Member shall determine the institution or institutions at which the accounts
will be opened and maintained, the types of accounts, and the Persons who will
have authority with respect to the accounts and the funds therein. 

    8.2 BOOKS AND RECORDS.

        a.    The Member shall keep or cause to be kept complete and
accurate books and records of the Company and supporting documentation of the
transactions with respect to the conduct of the Company's business. The records
shall include, but not be limited to, complete and accurate information
regarding the state of the business and financial condition of the Company,
copies of the Certificate and this Agreement and all amendments to the
Certificate and this Agreement; a current list of the name and last known
business, residence, or mailing addresses of the Member; and the Company's
federal, state, or local tax returns. 

        b.    The books and records shall be maintained in accordance with
sound accounting practices and shall be available at the Company's Principal
Office for examination by the Member or the Member's duly authorized
representative at any and all reasonable times during normal business hours. 

    8.3 ANNUAL ACCOUNTING PERIOD AND FISCAL YEAR. The
annual accounting period of the Company and the fiscal year of the Company shall
be the calendar year, subject to the requirements and limitations of the Code.

    8.4 REPORTS. Within ninety (90) days after the end of
each fiscal year of the Company, the Member shall cause to be sent to each
Person who was a Member at any time during the accounting year then ended: (i)
an annual compilation report, prepared by the Company's independent accountants
in accordance with standards issued by the American Institute of Certified
Public Accountants; and (ii) a report summarizing the fees and other
remuneration paid by the Company to the Member or any Affiliate in respect of
the fiscal year. In addition, within seventy-five (75) days after the end of
each fiscal year of the Company, the Member shall cause to be sent to each
Person who was a Member at any time during the fiscal year then ended, that tax
information concerning the Company which is necessary for preparing the Member's
income tax returns for that year. At the request of the Member, and at the
Member's expense, the Member shall cause an audit of the Company's books and
records to be prepared by independent accountants for the period requested by
the Member.

    8.5 TAX MATTERS MEMBER. The Member shall be the Company's
tax matters Member (the "Tax Matters Member"). The Tax Matters Member
shall have all the powers and responsibilities provided to a tax matters partner
in Code Section 6221 et seq. The Tax Matters Member shall keep the
Company informed of all notices from government taxing authorities which may
come to the attention of the Tax Matters Member. The Company shall pay and be
responsible for all reasonable third-party costs and expenses incurred by the
Tax Matters Member in performing those duties. The Member shall be responsible
for any costs incurred by the Member with respect to any tax audit or
tax-related administrative or judicial proceeding against the Member, even
though it relates to the Company. 

    8.6 TAX ELECTIONS. The Tax Matters Member shall have the
authority to make all Company elections permitted under the Code, including,
without limitation, elections of methods of depreciation and elections under
Code Section 754. 

ARTICLE 9

GENERAL

    9.1
ENTIRE AGREEMENT; AMENDMENT.

        a.    This Agreement (together with the Certificate) contains the
entire agreement by the Member, in such capacity, relative to the formation,
operation and continuation of the Company. This Agreement supersedes all prior
written and oral statements, including any prior representation, statement,
condition or warranty. 

        b.    This Agreement may be modified or amended only by the Member
and, if required by the Small Business Investment Act of 1958, as amended, and
the regulations thereunder, with the prior written consent of the SBA.

        c.    Upon the advice of counsel to the Company, this Agreement or
the Certificate may be amended by the Member from time to time to make such
amendments which, in the opinion of counsel, are necessary or advisable to
ensure (i) the classification of the Company as a partnership for federal income
tax purposes and (ii) the limited liability of the Member (in its capacity as
such); provided that any such amendments (x) shall be in writing, (y) shall not
reduce the rights of any Member that has not consented to the amendment to
receive distributions from the Company and (z) shall be delivered to each Member
and to each assignee of a Member who has not been admitted as a Member.

    9.2 ARBITRATION. Any dispute, controversy or claim
arising out of, in connection with, or relating to this Agreement or any breach
or alleged breach thereof shall be determined and settled by arbitration in
Buffalo, New York, pursuant to the rules then in effect of the American
Arbitration Association. Any award shall be final, binding and conclusive upon
the parties, and a judgment rendered thereon may be entered in any court having
jurisdiction thereof. This Section 9.2 shall not apply to the SBA.

    9.3 WAIVER OF DEFAULT. No consent or waiver, express or
implied, by the Company with respect to any breach or default by the Member
hereunder shall be deemed or construed to be a consent or waiver with respect to
any other breach or default by the Member of the same provision or any other
provision of this Agreement. Failure on the part of the Company to complain of
any act or failure to act of the Member or to declare the Member in default
shall not be deemed or constitute a waiver by the Company of any rights
hereunder. 

    9.4 NO THIRD PARTY RIGHTS. None of the provisions
contained in this Agreement shall be for the benefit of or enforceable by any
third parties, including creditors of the Company. 

    9.5 SEVERABILITY. In the event any provision of this
Agreement is held to be illegal, invalid or unenforceable to any extent, the
legality, validity and enforceability of the remainder of this Agreement shall
not be affected thereby and shall remain in full force and effect and shall be
enforced to the greatest extent permitted by law. 

    9.6 BINDING AGREEMENT. Subject to the restrictions on the
disposition of Interests herein contained, the provisions of this Agreement
shall be binding upon, and inure to the benefit of, the parties hereto and their
respective heirs, personal representatives, executors, successors and permitted
assigns. 

    9.7 HEADINGS. The headings of the Sections of this
Agreement are for convenience only and do not define, limit or describe the
scope of this Agreement or the intent of any of the terms or provisions hereof.

    9.8 COUNTERPARTS. This Agreement may be executed in any
number of counterparts, each of which shall be deemed to be an original and all
of which shall constitute one (1) agreement that is binding upon all of the
parties hereto, notwithstanding that all parties are not signatories to the same
counterpart. 

    9.9 GOVERNING LAW. All questions concerning the
construction, validity, and interpretation of this Agreement and the performance
of the obligations imposed by this Agreement shall be governed by the law of the
State of Delaware applicable to transactions to be entirely performed therein.

    9.10 USAGE. Any word or term used in this Agreement in
any form shall be masculine, feminine, neuter, singular or plural, as proper
reading requires. 

    9.11 ASSURANCES. The Member shall execute all such
certificates and other documents and shall do all such filing, recording,
publishing and other acts as the Member deems appropriate to comply with the
requirements of law for the formation and operation of the Company and to comply
with any laws, rules and regulations relating to the acquisition, operation or
holding of the Property of the Company. 

    9.12 NOTIFICATIONS. Any notice, demand, consent,
election, offer, approval, request or other communication (collectively, a
"notice") required or permitted under this Agreement must be in writing and
either delivered personally or sent by certified or registered mail, postage
prepaid, return receipt requested. Any notice to be given hereunder by the
Company shall be given by the Member. A notice to the Company must be addressed
to the Company's principal office. A notice delivered personally will be deemed
given only when acknowledged in writing by the person to whom it is delivered. A
notice that is sent by mail will be deemed given three (3) business days after
it is mailed. Any party may designate, by notice to all of the others,
substitute addresses or addressees for notices; and, thereafter, notices are to
be directed to those substitute addresses or addressees. 

    9.13 JURISDICTION AND VENUE. Any suit brought by the
Member involving any dispute or matter arising under this Agreement may only be
brought in a United States District Court in New York or in any New York state
court having jurisdiction over the subject matter of the dispute or matter. The
Member hereby consents to the exercise of personal jurisdiction by any such
court with respect to any such proceeding. The SBA is not subject to this 
Section 9.13.

(Signature Page to Follow)

    IN WITNESS WHEREOF, the Member has caused this Agreement to
be duly executed as of the date first written above.

	 	The Member
	 	 
	 	Rand Capital Corporation
	 	 
	 	 
	 	By:  /s/ Allen F. Grum, Jr.  
	 	Name: Allen F. Grum, Jr.   
	 	Title:  President                  

: 

SCHEDULE A

MEMBERS, MAXIMUM CONTRIBUTIONS

	
    Name and Address of Member
	
    Maximum Contribution
	
    Ownership Percentage

	 	 	 
	Rand Capital Corporation

    2200 Rand Building

    Buffalo, NY 14203	
    $50,000
	
    100%

TABLE OF CONTENTS

	
     
	
    Page

	
     
	
     

	
    ARTICLE 1
    DEFINITIONS............................................................................................
    
	
    1
	
     

	
    ARTICLE 2 GENERAL
    PROVISIONS..........................................................................
    
	
    3
	
     

	
    2.1  ORGANIZATION..................................................................................................
    
	
    3
	
     

	
    2.2  NAME.....................................................................................................................
    
	
    3
	
     

	
    2.3  PURPOSE...............................................................................................................
    
	
    4
	
     

	
    2.4  TERM.....................................................................................................................
    
	
    4
	
     

	
    2.5  PRINCIPAL OFFICE.............................................................................................
    
	
    4
	
     

	
    2.6  RESIDENT AGENT..............................................................................................
    
	
    4
	
     

	
    2.7  MEMBER...............................................................................................................
    
	
    4
	
     

	
    ARTICLE 3
    CAPITAL....................................................................................................
    
	
    4
	
     

	
    3.1  INITIAL CAPITAL CONTRIBUTIONS..............................................................
    
	
    4
	
     

	
    3.2  NO INTEREST ON CAPITAL CONTRIBUTIONS...........................................
    
	
    5
	
     

	
    3.3  RETURN OF CAPITAL CONTRIBUTIONS......................................................
    
	
    5
	
     

	
    ARTICLE 4
    DISTRIBUTIONS.......................................................................................
    
	
    5
	
     

	
    4.1  DISTRIBUTIONS..................................................................................................
    
	
    5
	
     

	
    4.2  DISTRIBUTIONS IN KIND.................................................................................
    
	
    5
	
     

	
    ARTICLE 5 MANAGEMENT:  RIGHTS, POWERS AND
    DUTIES.............................. 
	
    5
	
     

	
    5.1  MANAGEMENT...................................................................................................
    
	
    5
	
     

	
    5.2  MANAGEMENT COMMITTEE.........................................................................
    
	
    6
	
     

	
    5.3  DUTIES OF CARE.................................................................................................
    
	
    6
	
     

	
    5.4  INDEMNIFICATION............................................................................................
    
	
    6
	
     

	
    5.5  AGREEMENTS WITH MEMBER......................................................................
    
	
    7
	
     

	
    ARTICLE 6 TRANSFER OF
    INTERESTS.....................................................................
    
	
    7
	
     

	
    6.1  TRANSFERS..........................................................................................................
    
	
    7
	
     

	
    ARTICLE 7
    DISSOLUTION..........................................................................................
    
	
    8
	
     

	
    7.1  EVENTS OF DISSOLUTION...............................................................................
    
	
    8
	
     

	
    7.2  PROCEDURE FOR WINDING UP AND DISSOLUTION................................
    
	
    8
	
     

	
    7.3  FILING OF CERTIFICATE OF CANCELLATION...........................................
    
	
    9
	
     

	
    ARTICLE 8 BOOKS, RECORDS, ACCOUNTING AND TAX
    ELECTIONS.............. 
	
    9
	
     

	
    8.1  BANK ACCOUNTS...............................................................................................
    
	
    9
	
     

	
    8.2  BOOKS AND RECORDS.....................................................................................
    
	
    9
	
     

	
    8.3  ANNUAL ACCOUNTING PERIOD AND FISCAL YEAR................................
    
	
    9
	
     

	
    8.4  REPORTS...............................................................................................................
    
	
    9
	
     

	
    8.5  TAX MATTERS MEMBER.................................................................................
    
	
    10
	
     

	
    8.6  TAX ELECTIONS..................................................................................................
    
	
    10
	
     

	
    ARTICLE 9
    GENERAL...................................................................................................
    
	
    10
	
     

	
    9.1  ENTIRE AGREEMENT; AMENDMENT..........................................................
    
	
    10
	
     

	
    9.2  ARBITRATION.....................................................................................................
    
	
    10
	
     

	
    9.3  WAIVER OF DEFAULT........................................................................................
    
	
    11
	
     

	
    9.4  NO THIRD PARTY RIGHTS...............................................................................
    
	
    11
	
     

	
    9.5  SEVERABILITY....................................................................................................
    
	
    11
	
     

	
    9.6  BINDING AGREEMENT.....................................................................................
    
	
    11
	
     

	
    9.7  HEADINGS 
    ...........................................................................................................
    
	
    11
	
     

	
    9.8  COUNTERPARTS.................................................................................................
    
	
    11
	
     

	
    9.9  GOVERNING LAW...............................................................................................
    
	
    11
	
     

	
    9.10  USAGE..................................................................................................................
    
	
    11
	
     

	
    9.11  ASSURANCES.....................................................................................................
    
	
    11
	
     

	
    9.12  NOTIFICATIONS................................................................................................
    
	
    12
	
     

	
    9.13  JURISDICTION AND VENUE..........................................................................
    
	
    12
	
     

 

                                 

            SCHEDULE A                     MEMBERS and MAXIMUM CONTRIBUTIONS

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00035-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00035-of-00352.parquet"}]]