Member-Owner Contract

I agree to become a Member-Owner of the Kitsap Community Food Co-op under these terms and conditions:

PURCHASE AND PAYMENT OF SHARES

A Full Share costs $200, payable in one lump sum, or in annual or semi-annual installments totaling at least $50 per year. Paying by installment requires payment of a one-time $10 service fee.

Annual installments are due on or before January 31. Semiannual

installments are due on or before January 31, and July 31.

Full-Share Member-Owners may, at any time, purchase additional $50 Quarter Shares. Quarter Shares, gratefully welcomed as an additional investment in the Co-op, confer no additional rights or privileges on the purchaser.

After the co-op store has been open for business for one full year, and the Board deems it prudent, a Member-Owner may retire their shares and receive a full refund of all share payments (not including the $10 installment service fee), and of payment for any Quarter Shares purchased.

MEMBER-OWNER RIGHTS, PRIVILEGES & RESPONSIBILITIES

Patronage Dividends: Only Member-Owners who have paid their

full share investment are entitled to receive Patronage Dividends.

Patronage Dividends are issued at the end of profitable fiscal

years, as determined by the Board of Directors. Patronage

Dividends are proportionate to a Member-Owner’s total purchases

during the prior fiscal year. Patronage Dividends are issued as

store credit, or in some cases, by check (upon Member-Owner

request), according to Co-op Policy. Patronage Dividends are

valid for use for one year after the date they are issued.

Governance Rights: Member-Owners who have paid in full; or

Member-Owners who have paid an initial installment, and who

are not delinquent in later installments; may participate in elections,

run for the Board, and may attend Board Meetings which

are open according to Co-op Policy.

Member-Owner Responsibilities: Member-Owners must keep

the Co-op informed of their current address, and must stay

current in any share installment payments (if applicable).

Termination and Inactive Status: Member-Owners who fail to

make a timely annual or semi-annual installment payment will,

after a 30-day grace period, become Inactive. Inactive members

may not participate in elections or run for the Board,

attend Board Meetings, and are not entitled to a refund of

Member-Ownership payments. Inactive Member-Owners may

restore regular active status by paying delinquent amounts.

For a complete list of Member-Owner rights and responsibilities,

you may refer to and download a copy of the Co-op bylaws at

Member-Owner 101 (listed in sidebar).