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Partnership greennentf theEquifyBuildersnvestment lub

THISAGREEMENTOFPARTNERSHIP,adeasofJanuary1, l99j by anc! etweenheundersigheal:

DavidStokesMichaelMcColloughRick WoodyMark GaffGreggMasonJoeBryantcreg Lindley

WITNESSETH:

L Formation of partnership: The undersigned ereby orm a Generalpartnership,in, andin accordance ith th€ awsofthe StateolCalifomi;.

2. Nameof Partnership:Thename fthe partnershiphallbe heEquityBuilde$Investdnent lub.

3 T,ermrThepartnership hall beginon January , 1 )93and continueuntil December311993and hereafter rom year o yearunlessearlier erminatedashercinafterplovided.

4. Purpose:Thepurposeofthe partnerships to invest he assets fthe partnership olely nstocks,bonds,andsecurities,or theeducation ndbenefitof thepartners.

5. Meetings: Periodicmeetings hallbeheld as detennined y thepartne$hip.

6. Contributions; Thepartnersmaymakecontributionso thepaftiershipon thedat€ofeachperiodicmeeting, n suchamountsas hepartne$hipsh;l detemme,however, hatnopartnorscapitalaccount ashereindefined)shallexceedifteen (15%)percentofthecapitalaccounts f all partners.

/-\

, | 7 / Valuatiul T.h: curr:D_t.lalue of the assets ndprcpertyof theparbrership,ess he current\__// valueot tie-debrs-andiabilitiesqfthe partn€rship,hereinafterefered to as ,value

oftheparme$hp ) shallbederermired sof l0 businessays recedinghedateofeachperiodicmeeting. The aforementionedateof valuationshall herlinafterbe referred o as"valuation ate.',

8. Capital Accounts: Thereshall bemaintainedn thenameofeach patner, a capltalaccount.Any inqeaseor decreasen thevalueofthe parhrersirip n any valuationdateshallbecreditedor debited, espectively,o eachparhe/s capiialaccounton saiddate. Any othermethodof valuingeachparher'scapitalaccountmaybesubstitutedor thlsmethodprovided hat

saidsubstitutedmethod esults rl exaclly hesamevuluationusp."]rio.rslyI

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C) A two thirdsmajority ofthe partnarsn attendancer polledby phonemust agreeo thelransaanon.

D) Ifaphone poll is conducted,48oursmustelapseefweenhe ime hephone allsaremadeand he final votes allied, Votesmaybereceived erbally,by phone,phone

message r e-mailduringthattime periodby thepannership,sfresiding officer or apartnerdesignated y thepresidingofficer. Tbepresidingofficer will verify the voteandcoordinatea transaction,frequired. The voiemustbe confirmedanddocumeotedat the nextscheduledmeeting.

E) Thestockunderconsiderationmusthavebeenanalyzedwithill the last hreemeetingswhereaquorumexisted.

16. No Competrsation:No partnershallbe compensatedor servicesenderedo thepaxtneNhip, xcept eimbursemelt or experues.

17.Additional Partnersi Additional partnersmay be admittedat anytime,upon heunanimous onsentofall thepartnercn attendancet apa.rtnershipmeetingwhereat least51%ofthe patnemare n attendance,o ongas henumber fp;ners does ot exceedfifteen.

18.VoluntaryTermilation: Thepartnershipaybe rlissolvedy a$eement fthe partnerswhosecapitalaccountsotal amajority in amountofthe capitalaccounts fthe partners.Noticeofsaiddecisiono dissolvehepartnershiphallbegiven o all thepartne$.Thepartnership hall thereupon e terminated y thepalmentofall thedebtsand iabilities ofthepartnershipand hedistdbutionofthe remaininllassets ither n cashor in kind to thepartnersor their penonalrcpresentativen proportion o theiraapitalvaluationaccounts.

19.Withdraw of a Partner: Any paftter may witldraw apartor all of his interest. He shaligive notice n writing to the recordingpadner. His noticeshall bedeemedo be receivedasofthe first meeting fthe clubatwhich t ispresenled.fnotice s rcceived etweenmeetingst will be treatedasreceivedat thefust following meeting. In maklng pa).rnentthe valuationstatement rcparedor thefiIst meeting ollowing thJmeetingwhich notice sreceivedwill be used o detenninehevalueof the partner,s ccoult. BetJeenrecerptofnoticeand he withdrawvaluationdate he otherpattne$ shallhaveandaregiventheoptionduringsaid period o puchase, n proportion o the capitalaccountsn theparbxership,hecapitalaccountofthe withdrawingpafiner. Ifthe otheipa.rtneN onot exerciseheir optionto puchase, h€n he parhershipshall paythewithdrawingpartner hevalueol his

interestin.thepartnershipas shownby the valuationstatementn jccordaucewith pamgaph20 of*is pannershipgreement.

20.Death or Incapacity of a partner: In the eventof thedeathor incapacityof apatner,receiptofsuch noticeshallbe treatedasa noticeofwithdraw. Liquiladon ana pal,rnentoftheparhre/saccountshallproceedn accordance ith paragraphsg and20 (2i).

2I . PurchasePrice: Uponthe death,ncapacity,withdrawal,or rcmovalof apartneror silentp"rtner, and he exerciseof theoption o puchaseby theotherpartnels,saidotherpartnercshallpaythewithdrawingpatller or his estate, s he casemay be,apurchase rice,when

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pa).ments made n aash, ess heactualcostofselling suffrcientsecurities o obtain hecash o meet he withdraw. Saidpuchasepriceshall bepaidwithin two weeksafterthevaluation dateused n detemining thepwchasep ce. The nitial account aluationshallbean estimate.The final determination fvalue shall occurupon hedateofthe saleor

tmnsfer fthe saidassets.nthe case fa complete ithdrawn liquidation fa partnersentire nterest,paymentmay be n cashor securities t the optionofthe remainingpartnersof the club. In llle caseof apartialwithdraw n partial iquidationof pafinersintercst,palanentmay be made n cashor securities t theoptionsofthe withdrawing patner.Whercpalrnent s made n securities,he fulI pwchasepriceofthe accountwill bepaidtheadvance ayment,heclub at it's conveniencemaypayhim 80%ofthe estimated alueofhis accountandsettle he balanceofthe accountn accordance ith thevaluationdateset npara$aph18(7). Whercpalanerlts made n securities, he club,sbrokershall be advisedthat the ownershipof thesecurities asbeenchanged t leastby the valuationdateused orthe withdrarv.

22. Amendmentsto the Partnership Agreement: Aroendmentso this agreementanonly bedonewith a two{hirds (2/3)-majorityvoteofthe currentpartners.

23. ForbiddenActs: No Partner hall:

A. Have he dght or authority o bind or obligate hepartnenhip o any extentwhatsoeverwith rcgad to anymatteroutsidehe scopeofthe partnership usiness.

B. Without the unanimous onsent fall the otherpartneN,assign, ansfer,pledge,mortgageor sell all or partofhis interest |1 hepartnershipo anyotherpartneror otherpelsonwhomsoever, r enter nto any agrcament s he resultofwhich anyperconor

personsnot apaftle! shall becomenterestedwith him in thepartnership.

C. Puchasean nvestmentor fie parhershipwhexeess han he full purchase ncerspaid or same.

D. Use thepartnership ame,credit,or property or other hanpartnership urposes.E. Do arlyact detrimentalo the nterestsof thepartnership r whichwould make t

impossible o carryon thebusiness r affaj$ ojithepadnership.

24.Silent Partner: Any partnerwho fails to atteld foru aonsecutivemeetingseither n personor teleconference ould be subjecto a voteon theirpartnership tatus.The votewould bewhethq to allow th€partner o stayactiveor be collvertedo a silentpartner. The votewillbe conducted y mail and will requireamajority vote to convertapartner o a silent status.The ballots will be mailed by thesecretary, r in his absencenypatner designated y thepresidingpartnerso all partne$ mmediately ollowing the four*r consecutivemeetingmissed. The resultswill be tabulated y the seqet?Lrynd reportedat the rtextmeeting.Any changeof statuswill becomeeffectiveatthat time. No partnermaybe subject o motethanone voteofstatus in anyfour-monthperiod. A silentpartnerdoesnot havevotingrights and doesnot count asapartnerwhendetemining thequorum equirementsor anyofficial act ofthe parhlership.A silent partnermay attendpartnershipmeetingsandmaymakecontributions o thepafnershipunder hetenns and conditions equiredof allparhers. Silentparhrersmaybe reinstat€do apairer only afferattendingwo consecutive

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meetingsanduponunanimous onsent f all partnersn attendance t apartne$hipmeetingwhere at least5l% ofthe parh€Is are n aftendancendwheresuch cinstatement oesnotviolatethe maximum partnerprovisionof paragraph17. Any partnermayvoluntarily electto becomea silontpartnerat anltime.

25.Removal of Partner: Any partneror silentpartnel.may e removedas apartneror silentpatner upona2/3rdsmajority voteof all eligiblevoting partners y mail ballot or at ameetingwhercat least2/3rdsof all eligiblevotingpartosrsarepresentand3/4thsof thosevote for removal. The equity nterestsof aremovedpaftler or silentpartnerwill bepaidtothe removedpartller n accordance ith Paragraph; l ofthis Agreement.No vote forremovalof apartnereitherby mail ballot or at amgetingmaytakeplaceunless he tem hasbeenplacedon an agenda nd mailed o all parhersat least7 daysprior to apartoemhipmeetlng.

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' This AgreementofPatuership is herebydeclared ndshall be binding upon herespectiveheirs, executors,administrators, ndpersonalepresentativesfthe parties.

IN WITNESSWHEREOF, hepartieshaveset heirhandsand seals n theyearandday of the

fiIst abovewritten.

Partnem

David Stokes Mike McCollough

Rick Woody Mark Galf

GreggMason GregLindley

JoeBryant C. DonaldHanson

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Commifteesuggestionso befler the bylows.

In paragraph , our bylawsrefer to valuationda& ofthe portfolio and

when t shouklbe done- In this paragaph t statest to be 10daysbefore

themeeting. We havebeendoing it the day of tle meetingor the daybefore. tnorder to beconect we shouldmakechange o t reflects how

we cu$entlydo t.

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f 2. Pangraph2l refers o patiat withdr:r,wan.t sates hat thepayment y?e'

would be up o thewithdrawingpartrrer-We suggFsthat this bechanged

//

thatthe rcmainingpartnersshould haLvellesay.

r/ 3. Paragraph15 refers o voting on investsent deoisions, ut no definition

ofwhat a nvestment ecisions madle.We eel oneshould eadded

4 Allowing tra:rsfer o a living trust, This would ba added o paragaph I 7

an exampleof how it slrould eadis in th'e t'[OLIC bylawsparagraph

16.a. If we shouldadoptedlis addilionwe shouldalso adparagraph

2 1 B of MOLIC to our paragraph 3

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