April 24, 2017

Shareholder Agreement

Chandelle Flying Club Inc.

Shareholder’s Agreement

Each shareholder of Chandelle Flying Club Inc. (“CFC”), a Texas corporation, agrees to the following terms and conditions of their stock ownership in CFC. For the purposes of this agreement, “Shareholder” shall refer to the person or entity signing this agreement and any successors in ownership including, but not limited to, the shareholder’s estate.

  1. Shareholder affirms that he/she has received, read and understood the current CFC bylaws and will abide by all provisions therein and any modifications to same.
  2. Shareholder affirms that he/she has received, read and understood the current CFC insurance policy and will abide by all provisions therein and any modifications to same.
  3. Shareholder affirms that he/she has received, read and understood the current CFC scheduling policies and will abide by all provisions therein and any modifications to same.
  4. Shareholder agrees to comply with all rules regarding operation, maintenance, storage, and scheduling of CFC aircraft as determined by the CFC board of directors.
  5. Shareholder agrees to use CFC aircraft solely for personal purposes and shall not use CFC aircraft for commercial purposes as defined by current Federal Aviation Regulations.
  6. Shareholder agrees to operate CFC aircraft in strict compliance with all current Federal Aviation Regulations, including, but not limited to, proper pilot certification, medical certification, and pilot recency of experience requirements.
  7. Shareholder agrees that he/she shall always operate CFC aircraft in a safe manner and within the limits of his/her experience and ability.
  8. Shareholder agrees that he/she shall not sue or take similar legal action against any current, former, or future shareholder of CFC for actions related to operation, maintenance, or any aspect of owning and operating CFC aircraft. Shareholder agrees that he/she is solely responsible for determining the airworthiness of CFC aircraft before each flight.
  9. Shareholder agrees that if he/she fails to comply with any terms of this agreement, he/she may be prohibited from operating CFC aircraft at the discretion of the board of directors.

The Shareholder signing below agrees to all the terms and conditions of this agreement.

SHAREHOLDER

Signature: ________________________

Print Name: ________________________

Date: ________________________

WITNESS

Signature: ________________________

Print Name: ________________________

Date: ________________________