OPERATING AGREEMENT OF ESSI PROBE 1 LC
Among
EARTH SEARCH SCIENCES, INC.,
and
FRANCISCO ELMUDESI,
and
ARTHUR W. MCCLAIN TRUST
Dated June 3, 1997
Table of Contents
Page
1. Organization of the Company........................................1
1.1 Organization..............................................1
1.2 Purposes; Scope of Activities.............................1
2. Management of the Company..........................................1
2.1 Management by Manager; Authority..........................1
2.2 Term; Resignation and Removal.............................1
2.3 Approval of Members.......................................2
2.4 Payment to Integrated Spectronics ........................2
2.4 Competitive Activities....................................3
3. Capital Contributions; Percentage Interests........................3
3.1 Initial Capital Contributions.............................3
3.2 Additional Capital........................................3
4. Capital Accounts...................................................3
4.1 Capital Accounts..........................................3
4.2 Withdrawals...............................................3
4.3 No Interest on Capital....................................3
5. Distributions......................................................4
5.1 Net Cash Flow.............................................4
5.2 Special Distributions of Cash.............................4
5.3 Special Distribution of Royalties.........................4
6. Allocation of Profits and Losses...................................5
6.1 Tax Allocations...........................................5