Page 18 - 2017 Club Rules and Regulations

charges which the Company sets for Fitness Members and may change from time to time. Fitness Members
shall only be invited and/or included in Powder Horn Club sponsored social events and activities on a space
available basis as allowed by the Club Manager.

e. Corporate Members. A special category of Corporate Membership may be available, in
connection with a Premium Membership that is owned by a business entity, such as a corporation,
partnership, or limited liability company, or in connection with a Premium Membership that is owned by a
Trust entity. The use privileges of a Corporate Member are associated with the Premium Membership
which is owned by the business entity or Trust entity that owns the residential lot which is the basis upon
which the associated Premium Membership is granted to the entity owner. The use privileges, conditions,
and limitations which apply to Corporate Memberships are determined by the Company; and, a copy of the
current provisions can be obtained from the Club Manager upon request. [NOTE: Add designee
information.]

f. Founder Members. The Company has created and still maintains a category of Founder
Members for a limited number of Members whose foresight, investment, design, or other special efforts
have made, or continue to make, extraordinary contributions to the successful development and operation
of the Powder Horn Ranch golf community. Being a Founder Member enables that Member to enjoy the
full use of all of the Club Facilities, including the golf, other recreational, and social amenities which the
Club offers. A Founder Member shall not be charged an initiation fee, membership dues, green fees, golf
cart fees, or any other use fees, assessments, or charges.

g. Honorary Members. The Company reserves the right and power to designate Honorary
Members and to define the use privileges and conditions of any Honorary Member, or to change them from
time to time. The Company shall define, and may re-define at any time, the kind and extent of use of the
Club Facilities that any Honorary Member may be allowed, and the fees or other charges to be charged any
Honorary Member.

h. Founder’s Circle Members. The Company reserves the right and power to designate
Founder’s Circle Members and to define the use privileges and conditions of any Founder’s Circle Member,
or to change those privileges and conditions at any time. The individual Founder’s Circle Members shall
have the same use privileges that the Club provides for Premium Members, but subject to the payment of
the initiation fees, membership dues, golf cart fees, all other applicable use fees, assessments, Club Account
balances, and any other charges which the Company sets for individual Founder’s Circle Members, and
may change from time to time. Each designees of a corporate Founder’s Circle Member shall have the
privileges and status of membership that is described in that particular designee’s portion of the
Membership Application and Membership Agreement for the sponsoring corporate Founder’s Circle
Member, but subject to the payment of the initiation fees, membership dues, golf cart fees, all other
applicable use fees, assessments, Club Account balances, and any other charges which the Company sets
for corporate Founder’s Circle Members, and may change from time to time.

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