220621 OPG-Membership Policies and Procedures

220621 OPG-Membership Policies and Procedures

Operating and Policy Guidelines

Subject: Membership Policies and Procedures

Issue Date: 21 June 2022

Policy Review Date: 21 June 2022

Review Conducted By: Board of Directors

Execution: Membership Committee; Membership Director

OVERVIEW:

Policies and procedures associated with membership categories and the rights, privileges and responsibilities associated with each membership category for the Marco Island Yacht Club are described in this document. For the purposes of this policy, the term ‘Member’ is consistent with the definition in the Bylaws: ‘Member’ means that person designated as Principal and includes all classes of membership. Furthermore, ‘Member’ shall include up to two persons who reside at the same legal address or share the membership but do not live at the same legal address. ‘Member’ is gender neutral. In addition, the terms ‘Member’ and ‘Membership,’ when referring to an individual or individual membership, refer to the Principal as defined above. The Board of Directors shall approve all new members. Prospective members will not be evaluated on the basis of factors that would be construed as discriminatory under applicable federal, state, or local laws. However, the Board may consider other background information that indicates behaviors inconsistent with the inclusive, respectful, collaborative nature of the Club and its various projects, events, and social activities. Examples would include, but not be limited to, prior rude or disrespectful treatment of staff or members of another organization; chronic complaints lodged by an applicant and disagreements with another organization; adverse administrative action taken against applicant by another organization; credible allegations of financial misconduct or unethical conduct with regard to another organization, and any history of disruptive litigation or administrative complaints brought by applicant against another organization. Recommendations for new categories, changes to existing categories and associated attributes of each category may be made by the Membership Committee (or equivalent), the Membership Director (or equivalent), or the Board of Directors. The Board of Directors shall approve changes to the rules, policies and procedures associated with existing or proposed member categories.

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The Board of Directors shall establish initiation fees, dues, and other charges and assessments associated with each member category. The Membership Committee (or equivalent) shall at least annually review initiation fees, dues, and other charges and assessments and recommends any changes to the Board. Initiation fees and dues for the succeeding fiscal year shall be published no later than the June Board meeting of the current year. Dues and fees for each Membership category will be published on the Member side of the Club website. From time to time, there may be special incentives or offers related to initiation and dues as part of member recruitment efforts. Such incentives shall be proposed by the Membership Committee (or equivalent) and approved by the Board of Directors. The Board of Directors may establish a maximum number of members (cap) for each membership category. The Membership Committee (or equivalent) shall annually review member category caps and recommend any changes to the Board of Directors. Any changes to caps shall be published as soon as adopted by the Board. The Secretary shall, in collaboration with the Membership Committee Chair (or equivalent), maintain this document in the Club records. Current Membership categories at the Marco Island Yacht Club include:

1) EQUITY MEMBERSHIP : a) D EFINITION : i) An Equity Member is a Member of the Club who owns an Equity Share.

ii) An Equity Member is a Voting Member of the Club. iii) The number of Equity Memberships is limited to 200. iv) The value of an Equity Share is determined as prescribed in the Bylaws of the Club. v) The Board of Directors determines the Market Value of an Equity Share as prescribed in the Bylaws of the Club. vi) A Marina Equity Share transfers with the sale of the slip lease. b) O WNERSHIP OF AN E QUITY S HARE : i) An Equity Share is only held by an Equity Member. ii) Should an Equity Member resign, the Member will be required to divest the Equity Share. (See Resignation of Member below.) iii) Should an Equity Member wish to change to a Non-Voting Membership, the Member will be required to divest of the Equity Share. (See Repurchase of Equity Shares below.) c) P URCHASE OF AN E QUITY S HARE :

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i) An Equity Share may be purchased from the Club, exclusively. ii) Should the active number of Equity Members be at the limit, the Membership Director (or equivalent) will maintain a wait list of individuals expressing an interest in purchasing an Equity Share. The sequence for considering prospective Equity Members on the wait list will be determined in date order in which they indicated their interest in writing to the Membership Director (or equivalent). iii) The Board may impose a non-refundable application fee to be accepted on the wait list. If the prospective Equity Member purchases an Equity Share, the application fee will be applied to the Equity Share Market Value purchase. d) R IGHTS , P RIVILEGES , AND R ESPONSIBILITIES OF AN E QUITY M EMBER i) May serve as an Officer of the Club, on the Board of Directors, Chair Committees and serve on Committees in accordance with the restrictions listed in the Bylaws. ii) May receive special benefits, from time to time, as recommended by the Membership Committee (or equivalent). In addition to any rights, privileges, and responsibilities associated with the normal Voting Membership, Equity Membership special benefits may include, but are not limited to: (1) Ability to pass the Equity Share to a surviving spouse or second name on the Membership and/or children. (See Passing Equity Shares, below.) (2) A discount may be applied to all Food and Beverage and Ship’s Store purchases made by the Equity Member. The Board will determine the amount of discount to be applied. The discount does not apply to Happy Hour pricing. (3) Reciprocal privileges accorded Marco Island Yacht Club Members in the Florida Council of Yacht Clubs (FCYC), the Yachting Club of America, and area Golf and Country Clubs with whom the MIYC has a reciprocal relationship. iii) May sell the Equity Share to the Club. (See Repurchase of Equity Shares, below.) iv) Shall annually update Member contact information. In the event of a change of address, the Member shall, in a timely fashion, update the Club with the new contact information. Such updates may be made by notification to the Membership Director of the Club (or equivalent). v) In the event of a dissolution of the Club or liquidation of the Club assets, an Equity Share owner will share equally in the distribution of Club net assets, as provided for in the Bylaws. vi) An Equity Member will be responsible for payment of Dues, Fees, and purchases of food & beverage and Ship’s Store merchandise. Dues and Fees paid (with the exception noted below) are not refundable in case of resignation or forfeiture of Membership. vii) An Equity Member must have been an Equity member for a minimum of three (3) years before the Membership may be sold back to the Club. viii) Members acquiring an Equity Share after 1 October 2012 who subsequently resign but retain their Equity Share will be responsible for any future capital assessments,

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debt service fees and debt reduction fees, and other general assessments levied by the Board. The Resigned Member may choose to relinquish the Equity Share to the Club in lieu of paying any current or future assessments and fees. e) R EPURCHASE OF E QUITY S HARES : i) An Equity Member may sell his/her Equity Share to the Club, and to no other individual or entity. ii) An Equity Member may tender his/her Equity Share for purchase to the Board at any time. iii) The Board may offer to repurchase a tendered Equity Share: (1) If there is a Member willing to purchase an Equity Share. (a) The value offered will be as described below. (b) The order of repurchase shall be as described in the section ‘Equity Share Repurchase List’ below. (2) If there is no Member available to purchase the Equity Share, the Board and the Equity Member may mutually agree on a value for which the Club will repurchase the Equity Share, as described below. (3) If there is no Member available to purchase the Equity Share, and the Board is not willing to purchase at that time, the Equity Share will be recorded on the Equity Share Repurchase List, as described in the section ‘Equity Share Repurchase List .’ (a) If the Member stays an active, but non-Equity Member, he/she will immediately become subject to the rights and privileges of the non-Equity membership to which he/she subscribes. (b) If the Member resigns at the time his/her Equity Share is offered to the Club, the terms, and conditions under the section ‘Resignation of Member’ apply. (4) An Equity Member may donate his/her Equity Share to the Club at any time. iv) The Board shall establish an Equity Share Market Value annually. This value is the value that the Club will offer shares for purchase by individuals. v) The Repurchase Value the Club will offer an existing Equity Member when another Member is willing to purchase an Equity Share shall be established at 80% of the Equity Share Market Value. (1) For Equity holders who participated in the Capital Contributions program prior to 1 December 2006, the Repurchase Value will be incremented by 1 percentage point for each $1,000 contributed. (2) For Equity holders who participated in the Capital Contributions program prior to 31 January 2005, and for Equity holders that became Equity Holders prior to 1 December 2006 and participated in the Capital Contributions program within 60 days of acquiring the Equity, the Repurchase Value will be incremented by an additional percentage point for each $1000 contributed.

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(3) The maximum additional increment shall not exceed six percent (6%). (4) Resigned Equity holders are required to update their information with the Club. If a resigned member is bypassed for payment of the refund because the Club is unable to contact the resigned member, the member will receive payment of their Equity when the next share is purchased, either the existing share price or the price when the Club first tried to contact them, whichever is lower. vi) From time to time, the Club may offer to repurchase Equity Shares from one or more Members holding an Equity Share on the Equity Share Repurchase List, without an active Member willing to purchase the Equity Share. (1) An offer to repurchase may include a cash offer or an exchange of value. (2) If the Resigned Member rejects the offer to repurchase, his/her Equity Share will rotate to the bottom of the Equity Share Repurchase List. (3) If the Club is able to repurchase the Equity Share, the Equity Share will retain its position on the Equity Share Repurchase List. (4) If the Club subsequently sells the Club Owned Equity Share, that Equity Share will be removed from the Equity Share Repurchase List. vii) The Secretary of the Board will maintain a record of the Repurchase Value associated with each Active Equity Member and any Resigned Member on the Equity Share Repurchase List. f) R ESIGNATION OF AN E QUITY M EMBER : i) Upon the resignation of an Equity Member, his/her Equity Share shall return to the Club in one of two ways: (1) The Member may donate his/her Equity Share back to the Club. (2) If the Resigning Member tenders his/her Equity Share to the Board, the repurchase of that share will be as described in the section ‘Repurchase of Equity Shares’ above. If the Equity Member does not donate his/her Equity Share back to the Club and the Club does not repurchase the Equity Share from the Resigned Equity Member, the Equity Share shall be placed in its appropriate position on the Equity Share Repurchase List as described in the Equity Share Repurchase List, below. ii) Any outstanding amounts, including outstanding fees, assessments, debt service fees, and charges for services rendered, and which are owed the Club at the time of must be paid in full. Should a resigned member not pay any outstanding amounts on their account, the amount will be deducted from the Repurchase Value as determined herein. g) P ASSING E QUITY S HARES : i) An Equity Member may not pass the Equity Share to any individual, except as provided below.

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ii) An Equity Member may, with written instructions filed with the Board Secretary, direct the passing of the Equity Share to an adult child upon the death of the Equity Member. iii) Upon the death of either person listed on the Equity Membership, the surviving Member shall retain all rights, privileges, and responsibilities associated with the ownership of the Equity Share. iv) Upon death of either person in the Membership owning an Equity Share, and if there is no designated successor, the Equity Share ownership will revert to the Club. In such instance, shall be placed in its appropriate position based on the Equity Share Repurchase List. h) Equity Share Repurchase List Effective 19 April 2011, the Board established an Order of Repurchase Offers List for the 200 Equity Shares. The sequence of Equity Shareholders on the Order of Repurchase Offers List was reviewed and updated in conjunction with an audit of the Resigned Equity Members completed on 31 December 2016. It has since been reviewed each September since that audit. As of September 30, 2021, there is no repurchase list. All Resigned Equity Shareholders shares have been purchased. The sequence on the list was verified to comply with the Bylaws in place at that time. In conjunction with the adoption of the revised Bylaws dated 15 March 2017, Equity Shares owned by Active Members were removed from the list so that the remaining list contains only Equity Shares available for repurchase. This list is defined as the Equity Share Repurchase List. i) The Equity Share Repurchase List shall contain only Equity Shares available for repurchase. (1) Equity Shares will be added to or subtracted from the Equity Share Repurchase List in the manner described herein. (2) The Secretary shall maintain a current version of the Equity Share Repurchase List at all times. ii) When a Member wishes to purchase an Equity Share, the first available share, whether Club owned or held by a Resigned Member and starting at the top of the Equity Share Repurchase List will be considered for repurchase by the Club and sold to the prospective Equity Share Member. The Board may authorize bypassing a Club owned share leaving it at the top of the list to pay off the next resigned member. (1) If the Resigned Member holding the Equity Share refuses the offer to purchase, his/her Equity Share will rotate to the bottom of the Equity Share Repurchase List. Said Resigned Member will then be responsible for annual assessments and fees until the share is re-purchased. (2) If the Club is able to purchase the Equity Share, and sell it to the prospective Member, that Equity Share will be removed from the Equity Share Repurchase List.

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(3) The Secretary will update the total list, reflecting the changes as a result of this transaction. ii) The Secretary will annually make available to the Board and to individuals on the Equity Share Repurchase List a summary of names and sequence on the list.

2) FULL MEMBERSHIP a) D EFINITION : i) A Full Member has use of all Clubhouse facilities and full participation in all on water activities. ii) The Full Member is a Voting Member. iii) Full Members joining prior to 15 April 2003 may also be referred to as Refundable General Members. Refundable General Members may have the right to have their initiation fee refunded. (See Refundable General Initiation Fees, below.) b) A PPLICATION , I NITIATION F EES AND D UES : i) A prospective Full Member will be accepted for membership having completed an application for membership, paid applicable initiation fees, paid applicable dues and any associated assessments, and been approved by the Board of Directors. ii) The number of active Full Members in the Club will be established by the Board of Directors and in consultation with the Membership Director (or equivalent). The Board shall, annually, review the maximum number of active members permitted in this category. iii) Should the active number of Full Members be at the prescribed limit, the Membership Director (or equivalent) will maintain a wait list of prospective Full Members. iv) The prospective Full Member shall complete an application for membership to be added to the wait list. The sequence for considering prospective Full Members on the wait list will be determined by the date order in which they completed their application. v) The Board of Directors may impose a non-refundable application fee to be accepted on the wait list. If the prospective Full Member is invited to join the Club, the application fee will be applied to the initiation fee. c) R IGHTS , P RIVILEGES , AND R ESPONSIBILITIES : i) May serve as an Officer of the Club, on the Board of Directors, Chair Committees and serve on Committees in accordance with the restrictions listed in the Bylaws. ii) May receive special benefits, from time to time, as recommended by the Membership Committee (or equivalent). Such special benefits may include, but are not limited to: (1) Eligible to purchase an Equity Share, and thereby become an Equity Member.

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(2) Right and responsibility to vote in membership solicited elections. (3) A discount may be applied to all Food and Beverage and Ship’s Store purchases made by the Full Member. The Board will determine the amount of discount to be applied. The discount does not apply to Happy Hour pricing. (4) Eligibility to participate fully in reciprocal programs established by the Club, including FCYC, YCA, Area Golf and Country Clubs, etc. iii) Shall annually update the Member’s contact information. In the event of a change of address, the Member shall, in a timely fashion, update the Club with the new contact information. Such updates may be made by notification of the Membership Director of the Club (or equivalent). iv) With the exception noted below, a Full Membership may be transferred only to the Club. v) Upon the death of either person listed on the Full Membership, the surviving Member, if any, shall automatically succeed to the Principal individual listed on the Membership record. If there is no surviving Member, the Membership shall be transferred to the Club. vi) A Full Member will be responsible for payment of Dues, Fees, and purchases of food and beverage and Ship’s Store. Dues and Fees paid (with the exception noted below) are not refundable in case of resignation or forfeiture of Membership. vii) Full Members will be responsible for any capital maintenance assessments debt service fees and debt reduction fees, and other general assessments levied by the Board. Should a Member choose to not pay an assessment levied by the Board, they will immediately forfeit their Membership and any rights associated with that Membership. d) Refundable Initiation Fees: i) A General Member who has a right of refund for initiation fees must provide notice to the Membership Director (or equivalent) of their intention to resign and their request for refund of initiation fees. (1) Refundable Initiation Fees were applicable to General Members joining the Club prior to 15 April 2003. As of May 19, 2020, the Board put in place new procedures for Refundable General Members. Resigned General Members as of August 1, 2020 were offered half-priced Dues for FY2021, Full Membership or Social Membership, receiving credit for their outstanding refundable initiation fees. They do not pay capital or debt service fees for FY2021. (2) If a resigned Refundable General Member does not select the option in (1) above, they will then be charged debt service fee and capital annually until the refundable portion of their initiation fee is exhausted. (3) The amount of the refund will be decreased each year beginning with FY2021 for debt service fees and capital. The list will no longer exist as of FY2025.

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ii) Upon approval of the resignation request, the Full Member with a right for refund will be placed on the Refundable Initiation Fee List. (The list is memorialized on May 19, 2020.) (1) The position on the list shall be determined by the date of resignation, such that the Member resigning will be placed at the bottom of the list. (2) The Secretary shall maintain the Refundable Initiation Fee List and audit the list for correct application from time to time. (3) Resigned Members on the Refundable Initiation Fee list may ascertain their position on the list at any time by sending a request to the Membership Director (or equivalent). iii) The Board will authorize repayment of Refundable Initiation Fees from the list annually. (1) At the end of each fiscal year, the Board shall determine the number of new Full Members who have paid an initiation fee during the year. (2) Within 60 days of the end of the fiscal year, the Board will refund one (1) Refundable Imitation Fee from the list for every four (4) new Full Members who have joined during the year and paid an initiation fee. iv) The Board may, from time to time, offer to repurchase outstanding Refundable Initiation Fees on the Refundable Initiation Fee List outside the process described above. The offer may be for cash or an exchange of value. If the Resigned General Member chooses not to take the offer, he/she will remain on the Refundable Initiation Fee List, in sequence order. The Secretary will annually make available to the Board and to individuals on the Repurchase List a summary of names and sequence on the list.

3) FREEDOM BOAT CLUB FULL MEMBER a) D EFINITION : i)

A Freedom Boat Club Full Member has all the same rights, privileges, and responsibilities of a Full Member. This member receives a discount on initiation fees and a discount on Dues for one year. All other rights, privileges and responsibilities are the same as listed in the Full Membership in the previous section.

4) NON-RESIDENT FULL MEMBER (GRANDFATHERED; NO LONGER AVAILABLE) a) D EFINITION : i) A Non-Resident Full Member has all the same rights, privileges, and responsibilities of a Full Member, with the exception of Voting. This member is not a Florida Resident and pays 90% of the Full Member Dues. ii) The Non-Resident Membership is a Non-Voting Member.

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b) A PPLICATION , I NITIATION F EES AND D UES : i) A prospective Non-Resident Member will be accepted for membership having completed an application for membership, paid applicable initiation fees, paid applicable dues and any associated assessments, and been approved by the Board of Directors. ii) The Board of Directors may impose a non-refundable application fee to be accepted on the wait list. If the prospective Non-Resident Member is invited to join the Club, the application fee will be applied to the initiation fee. c) Rights, Privileges, and Responsibilities: i) May serve on Committees in accordance with the restrictions listed in the Bylaws. ii) May receive special benefits, from time to time, as recommended by the Membership Committee (or equivalent). Such special benefits may include, but are not limited to: (1) Eligibility to participate fully in reciprocal programs established by the Club, including FCYC, area Golf Clubs, etc. iii) Shall annually update the member’s contact information. In the event of a change of address, the member shall, in a timely fashion, update the Club with the new contact information. Such updates may be made by notification of the Membership Director of the Club (or equivalent). iv) A Non-Resident Membership may be transferred only to the Club. Upon the death of either person listed on the Membership, the surviving Member, if any, shall automatically succeed to the Principal individual listed on the Membership record. If there is no surviving Member, the Membership shall be transferred to the Club.

5) NAVIGATOR MEMBERSHIP (GRANDFATHERED; NO LONGER AVAILABLE) a) D EFINITION :

i) A Navigator Member has all the same rights, privileges and responsibilities of a Full Member and is a membership for members under the age of 55. ii) Both individuals identified on the membership must be under age 55. If one of the individuals is younger than the other, the age of the older individual will be used to establish the appropriate tier of membership. iii) Upon the older individual reaching the age of 55, the membership will revert to Full, and all rights, privileges, dues, and fees associated with the Full Membership will be applied at the beginning of the Club fiscal year. iv) Navigator members are considered a Voting Member, with all rights and privileges associated with voting membership.

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b) A PPLICATION , I NITIATION F EES AND D UES : i) A prospective Navigator Member will be accepted for membership having completed an application for membership, paid applicable initiation fees, paid applicable dues and any associated assessments, and been approved by the Board of Directors. (1) At such time one of the individuals on the membership record reaches the age of 56, the Member will be required to transition to a Full Membership. (2) Dues for the member age category being transitioned to will be due at the beginning of the Club Fiscal Year following the Member’s next tier birthday. ii) The Board of Directors may impose a non-refundable application fee to be accepted on the wait list. If the prospective Navigator Member is invited to join the Club, the application fee will be applied to the initiation fee. c) Rights, Privileges, and Responsibilities: i) May serve as an Officer of the Club, on the Board of Directors, Chair Committees and serve on Committees in accordance with the restrictions listed in the Bylaws. ii) May serve as a Bridge Staff Officer. iii) May receive special benefits, from time to time, as recommended by the Membership Committee (or equivalent). Such special benefits may include, but are not limited to: (1) Eligibility to participate fully in reciprocal programs established by the Club, including FCYC, area Golf Clubs, etc. iv) Shall annually update the member’s contact information. In the event of a change of address, the member shall, in a timely fashion, update the Club with the new contact information. Such updates may be made by notification of the Membership Director of the Club (or equivalent). v) A Navigator Membership may be transferred only to the Club. Upon the death of either person listed on the Navigator Membership, the surviving Member, if any, shall automatically succeed to the Principal individual listed on the Membership record. If there is no surviving Member, the Membership shall be transferred to the Club.

6) SOCIAL MEMBERSHIP a) D EFINITION :

i) A Social Member has use of the Clubhouse facilities. ii) Social Members may participate in all social, and any other Club Activity with the exception of on water activities unless specifically included below. iii) The Social Membership is a Non-Voting Membership. b) A PPLICATION , I NITIATION F EES AND D UES :

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i) A prospective Social Member will be accepted for membership having completed an application for membership, paid applicable initiation fees, paid applicable dues and any associated assessments, and been approved by the Board of Directors. ii) The number of active Social Members in the Club is limited to 15% of the total membership and can be no higher than 35 members (The only exception is if existing Club members ask to downgrade.) iii) Should the active number of Social Members be at the prescribed limit, the Membership Director (or equivalent) will maintain a wait list of prospective Social Members. iv) The prospective Social Member shall complete an application for membership to be added to the wait list. The sequence for considering prospective Social Members on the wait list will be determined by the date order in which they completed their application. v) The Board of Directors may impose a non-refundable application fee of 25% of joining fees to be accepted on the wait list. If the prospective Social Member is invited to join the Club, the application fee will be applied to the initiation fee. c) Rights, Privileges, and Responsibilities: i) May serve on Committees and Chair non-standing committees in accordance with the restrictions listed in the Bylaws. ii) May receive special benefits, from time to time, as recommended by the Membership Committee (or equivalent). Such special benefits may include, but are not limited to: (1) A discount may be applied to all Food and Beverage and Ship’s Store purchases made by the Social Member. The Board will determine the amount of discount to be applied. The discount does not apply to Happy Hour pricing. iii) Shall annually update the Member’s contact information on the Club’s member roster. In the event of a change of address, the Member shall, in a timely fashion, update the Club with the new contact information. Such updates may be made by notification of the Membership Director of the Club (or equivalent). iv) With the exception noted below, a Social Membership may be transferred only to the Club. v) Upon the death of either person listed on the Social Membership, the surviving Member, if any, shall automatically succeed to the Principal individual listed on the Membership record. If there is no surviving Member, the Membership shall be transferred to the Club. vi) A Social Member will be responsible for payment of Dues, Fees, and purchases of food & beverage or Ship’s Store merchandise. Dues and Fees paid are not refundable in case of resignation or forfeiture of Membership. vii) Social Members will be responsible for any capital maintenance assessments, debt service fees and debt reduction fees, and other general assessments levied by the Board. Should a Member choose to not pay an assessment levied by the Board,

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they will immediately forfeit their Membership and any rights associated with that Membership.

7) SURVIVING SPOUSE MEMBERSHIP a) D EFINITION : i) An Equity, Full or Social Member whose spouse passes away while members of the Club, and the membership rights have passed to the surviving member. ii) The Surviving Spouse Membership is a Voting Member only if the original membership category is an Equity Member or Full Member. b) D UES AND F EES : i) A Surviving Spouse will be billed a discounted percentage [currently ninety percent (90%) of the annual dues] for the membership category to which the surviving spouse belongs. ii) The reduced billing rate will begin with the next Club Fiscal Year after the passing of the Member. iii) A Surviving Spouse will be responsible for payment of Dues, Fees, and purchases of food & beverage and Ship’s Store merchandise. Dues and Fees paid are not refundable in case of resignation or forfeiture of Membership. iv) A Surviving Spouse will be responsible for any capital maintenance assessments, debt service fees and debt reduction fees, and other general assessments levied by the Board. Should a Member choose to not pay an assessment levied by the Board, they will immediately forfeit their Membership and any rights associated with that Membership. c) Rights, Privileges, and Responsibilities: i) All rights and privileges associated with the member category to which the surviving spouse belongs will apply. 8) SHARING A MEMBERSHIP We allow single members to share a membership. The primary member will be invoiced for the capital, debt service fees and any other assessments. There will only be one invoice for the shared membership. 9) TRIAL MEMBERSHIP a) D EFINITION : i) A Trial Member is a temporary Membership in the Club for up to three (3) consecutive months’ time period.

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ii) The prospective Trial Member may specify the consecutive months within the fiscal year the Trial Membership is obtained. iii) The Trial Membership is a Non-Voting Membership. iv) In some cases, Trial Memberships will be granted as part of a promotion by the Club or by a business that has purchased Trial Memberships to provide as a part of their promotional activities. A completed application is required for all Trial Memberships. b) A PPLICATION , I NITIATION F EES AND D UES : i) A prospective Trial Member will be accepted as a temporary Member of the Club, having paid the one-time Trial Membership Fee, and completed a Trial Member application and been approved by the Board of Directors. ii) The number of active Trial Members in the Club is limited to 50. From time to time, the Board may act to increase the number of Trial Members to facilitate growth objectives or other reasons which may be considered based on the recommendation of the Membership Committee. iii) The prospective Trial Member shall complete an application for membership to be added to the wait list. The sequence for considering prospective Trial Members on the wait list will be determined by the date order in which they completed their application. c) Rights, Privileges, and Responsibilities: i) May not serve on any Board or Committee or as an officer of the Club. ii) Shall have full use of all facilities and may participate in all boating, social and any other Club activity. iii) Shall be required to use a credit card. An open account status is not available to a Trial Member. iv) Is not eligible for reciprocal privileges with other organizations. v) At the end of the trial period, the Trial Membership is cancelled, and is not renewable. vi) The Trial Membership is not transferable. vii) At the conclusion of the trial period, the Trial Member may apply for membership in the Club. The Board will determine the amount of the Trial Membership Fee that may be applied to applicable initiation fees.

9) SUMMER MEMBERSHIP a) D EFINITION :

i) The Summer Membership is a temporary Membership in the Club from June 1 through October 31. The Summer member is considered the same as a Social member but may sometimes be offered some on the water activities. ii) The Summer Membership is a Non-Voting Membership.

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b) A PPLICATION , I NITIATION F EES AND D UES : i) A Summer Member will be accepted as a temporary Member of the Club, having paid the one-time Membership Fee, and completed a Member application and been approved by the Board of Directors. c) Rights, Privileges, and Responsibilities: viii)May not serve on any Board or Committee or as an officer of the Club. ix) Shall have full use of all facilities and may participate in all social and any other Club activity. x) Shall be required to use a credit card. An open account status is not available to a Summer Member. xi) Is not eligible for reciprocal privileges with other organizations. xii) At the end of the summer period, the Membership is cancelled, and is not renewable. xiii)The Summer Membership is not transferable. xiv) At the conclusion of the summer period, the Member may apply for membership in the Club. The Board will determine the amount of the Summer Membership Fee that may be applied to applicable initiation fees. 10) HARBOR ROOM (BANQUET) MEMBERSHIP a) D EFINITION : i) A Harbor Room Membership is provided for dining and banquet privileges at the Club and is applicable for a period of 30 days or less. ii) The Harbor Room Member has no rights or privileges beyond the ability to use the Club for luncheon, dining, or banquets within the duration noted on the Membership. iii) When appropriate, the Event Manager (or Equivalent) will include a Harbor Room Membership, in the name of the organizer for the event. A fee for the Harbor Room Membership will be applied to the event bill of sale (or equivalent). iv) The Harbor Room Membership does not include the privilege to establish a regular member account with the Club. All expenses associated with the event will be charged to a credit card or an event account. b) Harbor Room Dues: i) Harbor Room Membership Dues of $200 will be added to the event charges, when appropriate. ii) The Event Manager, the Chair of the Operations and HR Committee and the Executive Chef have the ability to waive all or part of the Membership Dues if necessary. When the dues are waived, a written notification will be provided to the Chairman of the Board.

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11) EMERITUS MEMBERSHIP a) D EFINITION : i) From time to time, the Board of Directors may consider bestowing Emeritus Status on an Active Member. Consideration to do so will include: (1) Tenure as an Equity Member of the Marco Island Yacht Club. (2) Considered a Member in good standing. (3) Significant contributions to the Club throughout the Member’s tenure. ii) The Membership Director (or equivalent), the Membership Committee (or equivalent), or a Voting Member of the Club may recommend to the Board an Equity Club Member worthy of Emeritus Status. Such recommendation will include a written summary of the reason the individual should be considered. iii) The Board will consider the nomination. Upon approval of the nomination, the Chairman of the Board will inform the Member of achieving Emeritus Membership. iv) The Emeritus Member shall pay nominal annual dues as well as any Equity capital and assessments. The Emeritus Membership will be effective with the beginning of the following fiscal year. v) The Emeritus Member will have the same rights, privileges and responsibilities associated with a Full Member. The Emeritus Member will be a Voting Member. vi) Emeritus status shall continue as long as the Member recognized continues to pay the annual Emeritus dues, other fees and remains in good standing. vii) Emeritus Status is not transferable. viii)Emeritus Membership does not contribute to the membership cap. 12) HONORARY MEMBERSHIP a) D EFINITION : i) The Board may, from time to time, appoint such Honorary Members, as it may deem appropriate for their service to Club, Community or Country. ii) Honorary Members shall pay no initiation fees, dues, or assessments. iii) Honorary Members shall not be entitled to vote. iv) Honorary Members shall not serve on any committees. v) The Chairman will establish the privileges and rights accorded each Honorary Member. Such privileges and rights will be determined individually and may address such issues as credit card usage, access to Club events, reciprocity, etc. vi) Honorary memberships shall expire at the end of each fiscal year unless otherwise specified at the time of appointment but shall be renewable by the Board in its discretion. Some lifetime Honorary memberships do exist. vii) Honorary Membership does not contribute to the Membership cap.

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13) SUSTAINING MEMBERSHIP a) D EFINITION :

i) From time to time, the Board of Directors may consider bestowing Sustaining Membership Status on an Active Member. Consideration to do so will include: (1) Tenure as an Equity Member of the Marco Island Yacht Club. (2) Considered a Member in good standing. ii) The Member willingly donates their Equity Membership to the Club because of age, primary residence is not near the Club, medical or other valid reason as deemed by the Board. iii) The Board will consider the nomination. Upon approval of the nomination, the Membership Chair will inform the Member of the Sustaining Membership. iv) The Sustaining Member shall pay nominal annual dues as well as any Equity capital and assessments. The Sustaining Membership will be effective with the beginning of the following fiscal year. v) The Sustaining Member will have the same rights, privileges and responsibilities associated with a Full Member except that they will not be a voting member, nor will they receive a discount. vi) Sustaining status shall continue as long as the Member recognized continues to pay the annual Sustaining dues, other fees and remains in good standing. vii) Sustaining Status is not transferable. viii) Sustaining Membership is not counted in the membership cap ix) Full members may be considered for a sustaining membership if they have been members of the Club for at least 10 years. 14) WAITLIST PROCEDURES a) DEFINITION: i) Waitlist procedures are to be followed when the membership cap gets close to the level approved by the Board of Directors. ii) Prospective members on the waitlist will be offered membership in the Club as a membership is resigned. The highest-level categories will be cleared first (e.g., a Full

Membership will be offered before a Social membership is offered.) iii) Current members can downgrade into a category with no penalty.

(1) If an Equity member would like to downgrade, the Equity member must pay capital and assessments for their Equity membership while remaining on the waitlist for payoff as well as Dues and Fees associated with the lower membership category if the Equity membership was obtained after 1October2012.

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