DECLARATION OF TRUST

WHEREAS, JOHN PARKINSON was for long years prior to his death in 1953 a foremost figure in large and small boat racing and cruising, a much beloved member of the Cruising Club of America and a participant in numerous long distance races and passages, including trans-Atlantic; and WHEREAS, Mrs. Parkinson and his sons and daughter desire to establish in his memory a trophy or award commemorative of long ocean passages; and

WHEREAS, THE CRUISING CLUB OF AMERICA desires to join in doing honor to the memory of John Parkinson:

Now, THEREFORE, the Donors have this day transferred and set over to the Cruising Club of America certain property and funds to be held and administered by the said Club as sole trustee; and The Cruising Club of America hereby accepts the trusteeship and agrees to administer the trust in the spirit in which the gift is made.

The conditions governing the competition for this trophy or award are, in part, as follows:

ARTICLE I

The trophy shall be in the form of a plaque awarded to any member of the Cruising Club of America, who, in his own yacht, makes a transoceanic passage.

ARTICLE II

There shall be no size limitation as to the yacht in which the passage is made, but the passage must be made exclusively or predominantly under sail and not as a participant in an organized race.

ARTICLE III

The plaque shall be exactly or generally in the form presently submitted by the Donors and shall have inscribed upon it the name of the owner-donee, the name of his yacht, together with the date and place of departure and arrival.

ARTICLE IV

Recognizing that changes occur in sailing practices, facilities, customs and locale, the Donors specifically authorize and empower the trustee by its Board of Governors, duly constituted, in its uncontrolled discretion to amend the terms of Articles I, II, and Ill hereof, provided only that such amendment or amendments be made as closely as may be within the pattern and spirit in which this trust is created.