Golf Course Project FAQs

VOTING

53. What constitutes approval of the vote? Our bylaws require a majority affirmative vote of golf equity members for “Major Decisions”. Given the magnitude of dollar amounts that are discretionary, this would be a Major Decision. 54. Are we going to be able to vote on whether we want the course enhancements? Will we vote on the project separately or as just one with all elements included? Our preliminary recommendation based on due diligence by the Board and management team, subject to member feedback, is for members to support the infrastructure needs and golf course enhancements as a whole. The Post and On Course Refreshment Stations would be voted on as individual optional projects. 55. If the majority of members do not support these projects what happens? Will the board move forward with the most urgent projects? It is currently contemplated that if members do not support the proposed projects, the Board will assess whether to bring individual elements of the plans forth for another vote. 56. What percentage of the vote will be needed for the Board to feel they should to move forward with the project? Our bylaws require a majority affirmative vote of golf equity members. The Board may choose to require a greater percentage of support than the minimum, however, that has not been determined at this point.

Glenwild Golf Course Project Plan FAQs | 15