1. The Club

The Cat Island Club (the “Club”) is expected to be available in Summer/Fall of 2022. The Club will be owned and operated by Linx of Beaufort, LLC, a Virginia limited liability company duly registered to conduct business in the State of South Carolina. The Club is offering a limited number of membership reservations to access accommodations owned by the Club and access to a collection of services, benefits and privileges offered by the Club from time to time.

2. Membership Benefits

Membership at the Club will provide access to the amenities and other services provided at the newly renovated Cat Island Club. Members also have access to several area New York and New Jersey clubs as well as clubs in North Carolina, Pennsylvania, Indiana, and Virginia. Members will have exclusive access to all Club amenities. The Club plans to offer golf, pool, dining, and tennis (fitness under consideration).

3. Club Membership

The Club will offer a non-equity membership to persons who desire an unparalleled private club and social experience and are approved for membership on a first-come, first-served basis. Membership allows use of the Club facilities by the member, his/her family members, and guests subject to the reservation procedures and other rules and regulations.

4. Family and Guest Use of Facilities

Club benefits are available to the member, his/her family members, and guests.

5. Individual or Company Owned Membership

Each membership shall be issued in the name of the individual submitting the Application for Membership Privileges who will be known as the “Primary Member” until changed in accordance with the policies established by the Club, or in the name of a company or other business entity. As a result, a membership may be owned in the name of a corporation, partnership, limited liability company, trust, or other form of business ownership (the “Entity”).

6. Eligibility for Membership

Membership is available by invitation only. Invitations may be extended only by the Club. An applicant desiring a membership must first deliver a copy of this Membership Reservation Form to the Club prior to April 22, 2022. Then, a fully completed and signed Application for Membership Privileges, Membership Agreement and applicable membership fee deposit to the Club by May 20, 2022.

7. Membership Fee

Individuals or Entities desiring a membership shall pay to the Club a non-refundable membership fee. The Club anticipates that the required membership fee may increase without notice as memberships are reserved/issued.

8. No Assessments

Members are not subject to any assessments for operating deficits incurred in the operation of the facilities or for any capital improvements to the Club facilities.

9. Membership Resignation/Transferability

Members may not sell, transfer, or otherwise assign their membership except to the Club. Members who desire to resign their membership must notify the Club in writing at least thirty (30) days before the end of the current membership year. However, no resignations will be effective until the membership fee and all dues and other fees owed to the Club are paid in full. Properly noticed resignations will be effective at the end of the next calendar month and no membership fee, dues and any other fees previously paid to the Club will be refunded upon resignation
or other termination of Membership.

10. Permitted Transfer of Membership

A Member in good standing, owning a residence on Cat Island shall have the privilege of resigning and causing the Club to transfer his/her membership to a spouse or adult child of the member, or purchaser of the residential unit on Cat Island during the term of membership (“Permitted Transferee”). Upon the transfer of a membership to a Permitted Transferee, all privileges and obligations of the membership shall be transferred to the Permitted Transferee. A transfer fee or other administrative fee may be charged by the Club for the transfer. The Permitted Transferee must be at least 21 years old, must submit a fully completed and signed Application for Membership Privileges, and be approved by the Club.

The Member may exercise this right of transfer in writing during his/her lifetime or death (by will or other estate planning document). Once a membership is transferred to a Permitted Transferee during the term of membership, it may subsequently transferred by the Permitted Transferee in accordance with the governing documents of the Club.

11. Membership Fee Is Not Refundable

Any fee paid for a membership shall not be refundable under any circumstances.

12. Dues

Each member at the Club will pay annual dues established by the Club. Dues shall be due and payable in accordance with the Club’s Rules and Regulations.

13. Member’s Website

Members will have access to a member website via a username and password provided by the Club.

14. Membership Reservation

Cat Island Club is currently accepting membership reservations on a first-come, first-served basis. Only a limited number of memberships are available. To reserve your membership, a fully completed Membership Reservation Form must be submitted to The Cat Island Club. Reservation Forms may be:

1. Dropped off at the Club in an envelope addressed to Linx of Beaufort, LLC
2. Sent electronically to catisland@resortdevpartners.com
3. Sent via United States Postal Service to Linx of Beaufort, P.O. Box 647, Haymarket, VA 20168

The Company anticipates closing on the purchase of The Cat Island Club on Monday, May 16, 2022. All persons reserving a membership shall have until Friday, April 22, 2022 to submit the Membership Reservation Form.

The Application for Membership Privileges, Membership Agreement and applicable membership fee deposit shall be due to the Club by Friday, May 20, 2022, five (5) days after closing on the purchase and sale agreement. The balance of the initiation fee for Social Members will be due to the Club by Wednesday, June 1, 2022, five (5) days after the scheduled opening of the pool complex. The balance of the initiation fee for
Golf Members will be due to the Club by Friday, July 1, 2022.

Upon receipt of the Application for Membership Privileges, Membership Agreement and the applicable membership fee deposit, the Club shall evaluate each application and conduct such investigation and consideration of the applicant as it deems appropriate. All applicants will be evaluated on the basis of their interest in the Cat Island Club, their financial responsibility and their compatibility with other members at the Club. Following such evaluation, the Club shall determine whether to invite the applicant to membership. In the event the Application for Membership Privileges is acted upon favorably, the Club will notify the applicant immediately and invite the applicant to membership. If the Application for Membership Privileges is not acted upon favorably, the Club shall notify the applicant that he/she will not be invited to membership and all funds
previously paid will be refunded.

This is a general description of the possible membership opportunities that may be available at the Cat Island Club and reflects the understanding as of March 31, 2022.

For additional information, please contact catisland@resortdevpartners.com.