Owner Financial Assistance

Step 1 of 5

Name (Primary Food Shed Co-op Owner)

First

Last

Phone

Address

Address Line 1

Address Line 2

City

State

Zip Code

Name(s) of additional adults in household:

I (as PRIMARY OWNER) hereby agree to purchase, and McHenry County Food Cooperative doing business as Food Shed Co-op, a cooperative corporation organized under the laws of Illinois, agrees to transfer to me two (2) shares of common stock in the Cooperative. With this transfer of stock, I will become a member and part owner of the Cooperative. I certify that I am a resident of the State of Illinois or Wisconsin and that I am at least 18 years old.

YES - I ATTEST to the statement below.
NO - I DO NOT AGREE with the statement below.

Owner Responsibilities

Owner responsibilities bestowed upon Founding Owners

I accept the duties of ownership in the Cooperative, including:

Shopping at the Cooperative's store at least once every 12 months.
Notifying the Cooperative of my current contact information.
Attending annual owner meetings when possible.
Exercising my right to vote for board of director positions and/or any other voting opportunity that comes before the membership.

I understand that if my contact information changes and I fail to notify the Cooperative, I forfeit any right to receive notice of meetings, patronage dividends, and any other amount that would have been due to me from the Cooperative. If the Cooperative determines that I have not shopped at the Cooperative's store (once opened) for 12 months, and the Cooperative does not have my current contact information, the Cooperative may terminate my ownership without notice.

I have read the OWNER RESPONSIBILITIES statement and fully agree with the OWNERS RESPONSIBILITIES.

Agree

Limits on Equity

I understand that the Cooperative's stock will not increase in value, and that I will receive no dividends or other monetary return on my capital contribution. (Patronage dividends are based on purchases made, not capital contribution.) Therefore, this stock is NOT a security.

When I leave the Cooperative, the Cooperative will buy back my stock for its full original price of $200 and return all the funds to the Food Shed Co-op Financial Assistance Fund. The Cooperative may owe me money if it has retained some of my patronage dividends (see Bylaw 9.4). My shares of the Cooperative's stock may not be sold or transferred to anyone.

I understand that my investment is subject to the same risks inherent in any business enterprise, and that I may lose part or all of my investment.

I have read the LIMITS ON EQUITY statement and fully agree with the LIMITS ON EQUITY.

Agree

Other Acknowledgements

I hereby waive my right to receive written notice of owner meetings by mail or personal delivery. I agree to receive notice of meetings exclusively by email. If I DO NOT have an email address, I will visit the Cooperative's website to check for posted notifications.

My ownership interest is governed by the Cooperative's Articles of Incorporation, Bylaws, and Board Resolutions, which are available online or by request.

Signature (TYPE YOUR FULL NAME AS YOUR ELECTRONIC SIGNATURE).

Date