1. An ASSOCIATE FIRM (A-F) membership may be issued only in conjunction with a Regular Firm (R-F) membership.

2. The membership is issued to an individual who is an owner, shareholder, officer, director or a full-time employee of a firm that is currently a R-F member or has concurrently filed for a R-F membership. The membership is a non-proprietary membership with the member having no right to vote, hold office, propose new members or have any equity value. The membership includes the member, the member’s spouse and member’s children under age 21 and living at home or under 23 and a full-time student at an educational institution.

3. The A-F member is subject to the same dues, assessments, range fee and minimum food and beverage purchases as the R-F member.

4. The initiation fee for an A-F membership is 25% of the initiation fee for an R-F member.

5. As long as the R-F membership is maintained continuously with no break in club affiliation with a R-F member so designated, the firm will be allowed to change, substitute or replace the A-F member upon payment of a transfer fee in the amount of 25% of the then current initiation fee for a Regular membership. If there is a break in Club affiliation by the Regular Firm membership for any reason, the A-F member may retain his/her non-proprietary status as an individual, but will not be allowed to be changed, substituted or replaced thereafter.

6. The R-F member may be changed, substituted or replaced by the firm without payment of a transfer fee.

7. The A-F member would have the right to convert to a Regular membership at any time upon payment of the then current initiation fee less the A-F initiation fee or transfer fee originally paid, if the firm indicated in writing that said initiation or transfer fee may be credited to the individual.

8. R-F memberships may continue to be issued without an A-F member.

9. If there are no non-proprietary openings available at the time of application for a R-F membership with an A-F member, the membership may be approved with the R-F member activated and the A-F member placed on the waiting list. On the contrary, if there are no proprietary openings available for the R-F member, both the R-F and A-F member will be placed on the waiting list until there is a proprietary opening available.

10. R-F memberships require an executive officer of the firm to provide a form letter provided by the Club with the membership application indicating that the payment of all dues, assessments and charges of the R-F and A-F member will be the responsibility of the firm and specifying each applicant’s position with the firm.

11. Applications for A-F members to an existing R-F membership must include a letter as per item #10, the required initiation fee and the application fully completed, including signatures from the proposer and seconder.

12. Applications for these memberships will be processed in the order received and will only be processed if the application is complete and the required payment accompanies the application.

13. Membership certificates are jointly issued in the name of the firm and the R-F member. No certificate is issued to the A-F member.

14. Although there will be no limitations initially as to the number of allowable A-F memberships, the Board of Directors at its sole discretion may at any time so limit the number of these memberships.