Update sip-364.md

content/sips/sip-364.md

@@ -13,7 +13,7 @@ Reconfigure the Grants Council to make it more efficient and effective for the c
 
 ### Abstract
 
-The Grants Council has been active for four years and has not been meaningfully modified or updated in the time since its creation. This SIP proposes to reduce the number of grants counselors from 5 to 1 technical project manager who will onboard two additional signing seats for a 2/3 multisig. This Grants Lead will be appointed rather than voted on by SNX debt share weighting. Further, this SIP proposes to redefine the mandate of the grants initiative, to provide greater focus moving forward. 
+The Grants Council has been active for four years and has not been meaningfully modified or updated in the time since its creation. This SIP proposes to reduce the number of grants counselors from 5 to 1 technical project manager and two additional signing seats for a 2/3 multisig. This Grants Lead will be appointed rather than voted on by SNX debt share weighting. Further, this SIP proposes to redefine the mandate of the grants initiative, to provide greater focus moving forward. 
 
 ### Motivation
 
@@ -28,12 +28,12 @@ The diffuse accountability and shifting members each epoch has hampered the exis
 
 #### Overview
 
-The Grants Council will be led by a single technical PM that will be appointed by the Spartan Council for 4 month terms in line with ongoing governance epochs. The Grant Lead may petition for further support as needed on a short term basis but will be responsible for the responsibilities outlined below and for updating the scope of the role on an ongoing basis to meet the needs of the community. The Grants Lead will coordinate closely with the Treasury Council on setting a budget for each epoch and funding grants that go beyond the existing funds in the Grants multisig. 
+The Grants initiative will be led by a single technical PM that will be appointed by the Spartan Council with a majority 5/8 vote in favor for an ongoing term that can be terminated by a majority 5/8 vote of the Spartan Council. The Grant Lead may petition for further support as needed on a short term basis but will be responsible for the responsibilities outlined below and for updating the scope of the role on an ongoing basis to meet the needs of the community. The Grants Lead will coordinate closely with the Treasury Council on setting a budget for each epoch and funding grants that go beyond the existing funds in the Grants multisig. 
 
 
 #### Appointing the Grants Lead
 
-At the start of each epoch the Spartan Council will choose a single member to lead the Grants Initiative. The Grant Lead will be appointed on 4 month epochs beginning on the standard election cycle. The Spartan Council can solicit candidates for the Grants Lead in a manner they deem most effective. The Grants Lead will coordinate with the SC to fill two additional seats on the Grants multisig for each epoch. 
+Upon approval of this SIP, the Spartan Council will choose a single member to lead the Grants Initiative. The Grant Lead will be appointed to begin work at the start of the next Synthetix election cycle. The Spartan Council can solicit candidates for the Grants Lead in a manner they deem most effective and with the support of the core Synthetix communication channels. The Spartan Council may request support from CCs and existing or previous Grants Council members for identifying quality candidates. A simple majority 5/8 vote is required to appoint the Grant Lead. 
 
 #### Responsibilities
 
@@ -47,13 +47,21 @@ The Grants Lead will be responsible for:
 - Product managing the scoping, development and delivery of valuable initiatives
 - Establishing regular communication with the Spartan Council, including briefs, memos, reports, and voice calls. 
 
+#### Compensation
+The Grant Lead is expected to be the equivalent of a full time position and will be paid an annual stipend of $70,000, complemented by an SNX grant vested over a specified period as determined by the Treasury Council. 
+
 #### Additional Multisig Signers
 
-The budget of the Grants body will continue to be managed out of the existing multisig and will be updated to a 2 of 3 signing threshold. Each epoch, two additional signers will be onboarded, or maintained from the previous epoch, to provide support in funding grant recipients. The process for this selection and onboarding may be determined by the Spartan Council and the first Grant Lead selected. 
+The budget of the Grants body will continue to be managed out of the existing multisig and will be updated to a 2 of 3 signing threshold. Two additional signers will be added as follows: 
+- One signer will be appointed from the CC’s by the CCC or the CC Lead
+- One signer will be appointed by the Treasury Council
+
+These signers will serve ongoing terms and may be paid a stipend as deemed appropriate by the Treasury Council. In the event that signers are non responsive, the Grants Lead can petition the respective bodies that appointed them to resolve the issue and/or replace them with new members. 
+
 
 #### Interim Period
 
-If approved mid-epoch, it is encouraged that the Spartan Council solicit Grant Lead candidates and select the incoming Grant Lead before the end of March. This will allow the new lead to coordiante with existing Grants Council members for up to a month to transition existing contacts, projects, account access, and procedures. The Existing Grants Council will work through the remainder of the current governance epoch to ensure a smooth handoff is completed.   
+If approved mid-epoch, it is encouraged that the Spartan Council solicit Grant Lead candidates and select the incoming Grant Lead before the end of April This will allow the new lead to coordinate with existing Grants Council members for up to a month to transition existing contacts, projects, account access, and procedures. The Existing Grants Council will work through the remainder of the current governance epoch to ensure a smooth handoff is completed.   
 
 ### Test Cases
 
@@ -68,3 +76,4 @@ Copyright and related rights waived via CC0.
 
 
 
+