Board resolution, allotment of sweat equity shares

Extract from the minutes of the meeting of the Board of Directors of [Company Name] Private Limited held on [Date of board meeting allotting sweat equity shares]

ALLOTMENT OF SWEAT EQUITY SHARES

The Chairman informed the Board that the Members had, by a special resolution passed at the general meeting held on [Date of general meeting approving the issue], approved the issue of [Number of sweat equity shares to be issued] sweat equity shares to [Sweat equity recipient's name], and that the allotment was being made within twelve months of the date of that resolution. The Chairman confirmed that the [deed of assignment of the intellectual property / agreement recording the know-how and value addition] dated [Date of the assignment or agreement] had been duly executed and stamped, and that the consideration had accordingly been received by the Company.