Sailplane Partnership Agreement (Page 2 of 2) in pdf

Sailplane Partnership Agreement Page 2

Resignation of a Partner

In the event a member wishes to resign, that person must first offer his share to the remaining

partners. If one or more of the partners wishes to purchase another partner’s share, they may do

so if all partners agree on the current value of the assets. If they do not desire to purchase the

share, the share may be sold to another party meeting the approval of the other members. If the

partner is unable to find a buyer meeting the approval of the other partners, the assets may be

sold to another party as described below.

Sunset Clause

The owners agree to dissolve the partnership and sell the assets at the beginning of each calendar

year unless they agree to continue the partnership.

Valuation of the Assets

The “current value of the assets” shall be determined by averaging the prices advertised in

SOARING magazine for the particular glider type (Ventus B with wingtip extensions and

winglets) over the previous 2 years with adjustments made for differences in instruments,

equipment and trailer.

Sale of the Assets to Another Party

If the assets are to be sold to another party the owners agree to accept any offer greater than 90%

of the “current value of the assets” unless all owners agree to wait for a better offer.

Signed

________________________________________________Date_______________________

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Sailplane Partnership Agreement Page 2