• The name of the entity shall be the Clubhouse Management Board (hereinafter called "CMB").

• All the participants in the operation of CMB shall work together to ensure that the Clubhouse shall serve as a useful community center for all residents in the Hyundai Foreigner's Compound (hereinafter called "HFC"), New Foreigners' Apartment (hereinafter called "NFA") as well as those foreigners staying in Ulsan in connection with HHI-related business. They shall work in good faith to achieve this objective.

• The CMB shall consist of the following three parties:
• 1) Representatives of the Expatriate Community (3 persons)
  • a. Chairman of the Hyundai Foreigners' Compound Committee (hereinafter called "HFCC")
  • b. A member of HFCC whom he considers best-suited to deal with any particular matter on the agenda (HFCC Chairman can be represented by one of his colleague members of the HFCC in case of his absence. In such case, the replacement shall be informed before the meeting.)
  • c. A representative of the social group or any other person within the Expatriate Community in Ulsan who makes application with the nomination of 10 other members of the expatriate community.
• 2) HHI (2 persons): 2 representatives from the Overseas PR Department (When they are designated, they will be
      informed. In the event of their replacement, it shall be informed as well.)
• 3) Agent (1 person) : Manager of the Agent
• 4) Representatives of the Expatriate Community (hereinafter "RECs") and HHI may bring one more person to attend
      the CMB meeting as an observer, if necessary.

• 1) Representatives of the Expatriate Community
  • a. The RECs have the right to participate in the operation of the Clubhouse as one of the parties to the CMB.
  • b. The RECs have the right to make suggestions to the HHI concerning the way to run the Clubhouse.
• 2) HHI
  • a. As a provider of all facilities in the HFC, HHI retains the rights to all facilities in HFC and shall, therefore, reserve the right to take any necessary measures in relation to them, as it sees fit, including repair, replacement, removal of facilities at the Clubhouse.
  • b. In case of damage done to the facilities by any member of HFC or any other person in the course of using them, HHI may require compensation for the damage from the person who has caused the damage. HHI shall determine whether to demand compensation for the damage in consultation with the RECs at the CMB.
  • c. HHI has the right to appoint the Agent, who, on behalf of CMB, shall operate the Clubhouse with the general interests of the HFC residents and expatriates specified under the Objective in mind, in consultation with CMB.
• 3) Agent

  The Agent shall operate the Clubhouse as the agent of HHI and it shall attend the CMB meeting as a party to the CMB.

• 1) Representatives of the Expatriate Community
  • a. The RECs shall cooperate for smooth operation of the CMB as the sole representative of the expatriate community and as HHI’s partner for the operation of the CMB.
  • b. The RECs or any member of the HFC community shall inform and obtain approval from HHI for the use of any of the Clubhouse facilities such as the banquet room(s), the barbecue area, the kitchen for their events. HHI shall not withdraw its consent except under inevitable circumstances such as the renovation, etc. In case of overlapping applications, HHI shall give priority to the RECs’ application in making available the Clubhouse facilities.
• 2) HHI

  HHI shall respect the opinions of the RECs in the operation of the CMB and be forthcoming in listening to their opinions. HHI shall also make their best efforts to incorporate their opinion in the operation of the Clubhouse within a reasonable scope.

• 3) Agent
  • a. The Agent shall make their best efforts for successful operation of the Clubhouse, on behalf of CMB.
  • b. The Agent shall keep records of the deposit, membership fees, etc. In case of absence or unavailability of the Agent, a staff member from FLiK shall temporarily carry out such responsibilities.
• 4) CMB shall discuss and agree on the specific set of procedures for the management of the Clubhouse.

• 1) CMB shall meet on every first Wednesday of each month. If it is not possible to meet on the day due to RECs or HHI’s unavailability, then either party can propose another date and, in the case of mutual agreement, the newly proposed date shall be the date of the CMB’s monthly meeting.
• 2) In the event that there is any urgent issue(s) that needs to be addressed, RECs or HHI may propose to the other party and, in the case of mutual agreement, an extraordinary meeting can be convened on that day.
• 3) RECs and HHI shall decide the items for the meeting agenda through mutual consultation at least a week before the meeting, provided, however, that if there is an urgent issue(s) requiring immediate attention, either party may propose it (them) to be included in the agenda on the day of the meeting.
• 4) All parties shall participate in the CMB meeting with sincerity and in good faith.
• 5) HHI shall take the minutes of the meeting and send it to RECs and the Agent for their opinion. If any party disagrees on the content of the minutes, it may notify HHI and request for amendment thereof. If both sides agree on the content of the minutes as they are or after amendment thereof, then the minutes shall be accepted as valid.

RECs and HHI shall work together in good faith, respecting each other as partner for the management of the Clubhouse. All members of the CMB shall be expected to behave in a polite manner towards the member(s) of the other party at the CMB management meeting.