Summary of Provisions

The Virginia LLC Model LLC Operating Agreement

ARTICLE I: Organization

1.1 Formation

1.2 Name

1.3 Principal Office

1.4 Registered Office and Registered Agent

1.5 Purposes

1.6 Powers

1.7 Term

2.1 Membership Units

2.2 Member Authority and Limitations

2.3 Voting Rights

2.4 Member Meetings

2.5 Action by Written Consent

2.6 Limitation on Liability

2.7 Admission of Additional Members

2.8 Additional Capital

3.1 Member Management

3.2 Member Powers

3.3 Officers

3.4 Bank Accounts

4.1 Capital Contributions

4.2 Additional Capital Contributions and Membership Units Issued

4.3 Interest on and Return of Capital Contributions

4.4 Withdrawal

4.5 Capital Accounts

5.1 Incorporate of Treasury Regulations

5.2 Distributions

6.1 Transferability of Membership Interests

6.2 Events Triggering Disassociation

6.3 Charging Order Limitations

7.1 Term

7.2 Dissolution

7.3 Liquidation

7.4 No Recourse Against Members

8.1 Fiscal Year

8.2 Books of Account

8.3 Tax Matters

10.1 Duty of Loyalty

10.2 Duty Not to Compete Against Company

10.3 Competition with Consent of Members

10.4 Duty in Doing Business with Company

10.5 Duty of Confidentiality