Common use of Important Disclosures Clause in Contracts

Important Disclosures. Client acknowledges that important information about Client’s Accounts and certain programs, services and features available to Client’s Accounts, including the terms, conditions, fees and costs applicable to those programs, services and features and certain risks and conflicts of interest associated with those programs, services and features, is contained the Additional Program Documents. Client understands and acknowledges that there are important differences between a Brokerage Account and an Advisory Account and that the Brokerage Services and Advisory Programs and Advisory Services have different structures, administration, types and levels of service, and fees and expenses. Client also understands that Brokerage Services and Advisory Programs and Advisory Services are designed to address different investment needs of clients, and that Brokerage Services and certain Advisory Programs or Advisory Services discussed in this Agreement may not be appropriate for Client. Client further understands that Brokerage Services and Advisory Programs and Advisory Services are governed by different laws and regulations and by different terms and conditions in Client’s agreements with Baird. As a result, Client understands that ▇▇▇▇▇’▇ legal duties and contractual obligations to Client differ depending upon whether Baird is acting as broker-dealer or investment adviser for Client or Client’s Account. Client understands and acknowledges that additional important information about ▇▇▇▇▇’▇ Brokerage Services and Advisory Programs and Advisory Services and related Accounts, including the terms, conditions, fees and costs applicable to those Accounts and certain risks and conflicts of interest associated with those Accounts, is contained in ▇▇▇▇▇’▇ Form CRS Client Relationship Summary and Client Relationship Details documents (together they are referred to as the Client Relationship Booklet), as required under SEC Form CRS and Regulation Best Interest. If Client is a natural person, or the legal representative of such natural person, who seeks to receive or receives services primarily for personal, family or household purposes (a “Retail Investor”), by signing this Agreement, such Retail Investor Client acknowledges and agrees that Client received a copy of each of those documents. If Client selects an Advisory Program or Advisory Service for an Account, Client understands and acknowledges that important information about the Advisory Program or Advisory Service (including the associated fees and costs and certain risks and conflicts of interest) and about certain persons providing services to Client, is contained in the Form ADV Part 2A Brochure(s), Form ADV Part 2B Brochure Supplement(s) and other supplements or amendments to those documents (collectively, “Brochure Documents”) that have been or will be delivered to Client. Client should read those documents carefully. Client understands and acknowledges that certain investment products or investment strategies may not be appropriate for Client. Baird makes available to certain clients the ability to pursue alternative investment strategies (“Alternative Strategies”) or other non-traditional or complex investment strategies that involve special risks not apparent in more traditional investments like stocks and bonds (collectively, “Complex Strategies”). Similarly, Baird makes available to certain clients the ability to invest in non-traditional or real assets (“Non-Traditional Assets”) or the ability to invest in investment products that pursue Alternative Strategies (“Alternative Investment Products”) or other Complex Strategies (collectively, “Complex Investment Products”). The use of certain strategies and investment products involves special risks, and a client should not engage in a strategy or purchase an investment product unless the client understands the related risks. Client can obtain more specific information by reviewing the “Important Information about Investment Products and Investment Strategies” Section of the Important Account Disclosures document or by contacting Client’s Baird Financial Advisor. Client understands that Baird makes available to Client products and services offered by parties affiliated with or related to Baird. Client can obtain more specific information by reviewing the “Conflicts of Interest” Section of the Client Relationship Details document and the “Certain Financial Industry Activities and Affiliations” Section of the Important Account Disclosures document or by contacting Client’s Baird Financial Advisor. Client understands and acknowledges that the most up-to-date version of the documents described in this Section are always available on our website at ▇▇▇▇▇▇▇▇▇▇▇.▇▇▇/▇▇▇▇▇▇▇▇▇▇▇▇▇▇. Client also understands and acknowledges that additional important disclosure documents about Baird and certain programs, services, investment products and investment strategies that Baird makes available to Client (including the associated fees and costs and certain risks and conflicts of interest) are available on ▇▇▇▇▇’▇ website at ▇▇▇▇▇▇▇▇▇▇▇.▇▇▇/▇▇▇▇▇▇▇▇▇▇▇▇▇▇. Client can request paper copies of those documents at any time by contacting Client’s Baird Financial Advisor or Baird at ▇-▇▇▇-▇▇▇-▇▇▇▇.

Important Disclosures. Client acknowledges that important information about Client’s Accounts and certain programs, services and features available to Client’s Accounts, including the terms, conditions, fees and costs applicable to those programs, services and features and certain risks and conflicts of interest associated with those programs, services and features, is contained the Additional Program Documents. Client understands and acknowledges that there are important differences between a Brokerage Account and an Advisory Account and that the Brokerage Services and Advisory Programs and Advisory Services have different structures, administration, types and levels of service, and fees and expenses. Client also understands that Brokerage Services and Advisory Programs and Advisory Services are designed to address different investment needs of clients, and that Brokerage Services and certain Advisory Programs or Advisory Services discussed in this Agreement may not be appropriate for Client. Client further understands that Brokerage Services and Advisory Programs and Advisory Services are governed by different laws and regulations and by different terms and conditions in Client’s agreements with Baird. As a result, Client understands that ▇▇▇▇▇’▇ legal duties and contractual obligations to Client differ depending upon whether Baird is acting as broker-dealer or investment adviser for Client or Client’s Account. Client understands and acknowledges that additional important information about ▇▇▇▇▇’▇ Brokerage Services and Advisory Programs and Advisory Services and related Accounts, including the terms, conditions, fees and costs applicable to those Accounts and certain risks and conflicts of interest associated with those Accounts, is contained in ▇▇▇▇▇’▇ Form CRS Client Relationship Summary and Client Relationship Details documents (together they which are referred to as included in the Client Relationship Booklet), as required under SEC Form CRS and Regulation Best Interest. If Client is a natural person, or the legal representative of such natural person, who seeks to receive or receives services primarily for personal, family or household purposes (a “Retail Investor”), by signing this Agreement, such Retail Investor Client acknowledges and agrees that Client received a copy of each of those documents. If Client selects an Advisory Program or Advisory Service for an Account, Client understands and acknowledges that important information about the Advisory Program or Advisory Service (including the associated fees and costs and certain risks and conflicts of interest) and about certain persons providing services to Client, is contained in the Form ADV Part 2A Brochure(s), Form ADV Part 2B Brochure Supplement(s) and other supplements or amendments to those documents (collectively, “Brochure Documents”) that have been or will be delivered to Client. Client should read those documents carefully. Client understands and acknowledges that certain investment products or investment strategies may not be appropriate for Client. Baird makes available to certain clients the ability to pursue alternative investment strategies (“Alternative Strategies”) or other non-non- traditional or complex investment strategies that involve special risks not apparent in more traditional investments like stocks and bonds (collectively, “Complex Strategies”). Similarly, Baird makes available to certain clients the ability to invest in non-traditional or real assets (“Non-Traditional Assets”) or the ability to invest in investment products that pursue Alternative Strategies (“Alternative Investment Products”) or other Complex Strategies (collectively, “Complex Investment Products”). The use of certain strategies and investment products involves special risks, and a client should not engage in a strategy or purchase an investment product unless the client understands the related risks. Client can obtain more specific information by reviewing the “Important Information about Investment Products and Investment Strategies” Section of the Important Account Disclosures document or by contacting Client’s Baird Financial Advisor. Client understands that Baird makes available to Client products and services offered by parties affiliated with or related to Baird. Client can obtain more specific information by reviewing the “Conflicts of Interest” Section of the Client Relationship Details document and the “Certain Financial Industry Activities and Affiliations” Section of the Important Account Disclosures document or by contacting Client’s Baird Financial Advisor. Client understands and acknowledges that the most up-to-date version of the documents described in this Section are always available on our website at ▇▇▇▇▇▇▇▇▇▇▇.▇▇▇/▇▇▇▇▇▇▇▇▇▇▇▇▇▇. Client also understands and acknowledges that additional important disclosure documents about Baird and certain programs, services, investment products and investment strategies that Baird makes available to Client (including the associated fees and costs and certain risks and conflicts of interest) are available on ▇▇▇▇▇’▇ website at ▇▇▇▇▇▇▇▇▇▇▇.▇▇▇/▇▇▇▇▇▇▇▇▇▇▇▇▇▇. Client can request paper copies of those documents at any time by contacting Client’s Baird Financial Advisor or Baird at ▇-▇▇▇-▇▇▇-▇▇▇▇.

Important Disclosures. Client acknowledges that important information about Client’s Accounts and certain programs, services and features available to Client’s Accounts, including the terms, conditions, fees and costs applicable to those programs, services and features and certain risks and conflicts of interest associated with those programs, services and features, is contained the Additional Program Documents. Client understands and acknowledges that there are important differences between a Brokerage Account and an Advisory Account and that the Brokerage Services and Advisory Programs and Advisory Services have different structures, administration, types and levels of service, and fees and expenses. Client also understands that Brokerage Services and Advisory Programs and Advisory Services are designed to address different investment needs of clients, and that Brokerage Services and certain Advisory Programs or Advisory Services discussed in this Agreement may not be appropriate for Client. Client further understands that Brokerage Services and Advisory Programs and Advisory Services are governed by different laws and regulations and by different terms and conditions in Client’s agreements with Baird▇▇▇▇▇. As a result, Client understands that ▇▇▇▇▇’▇ legal duties and contractual obligations to Client differ depending upon whether Baird ▇▇▇▇▇ is acting as broker-dealer or investment adviser for Client or Client’s Account. Client understands and acknowledges that additional important information about ▇▇▇▇▇’▇ Brokerage Services and Advisory Programs and Advisory Services and related Accounts, including the terms, conditions, fees and costs applicable to those Accounts and certain risks and conflicts of interest associated with those Accounts, is contained in ▇▇▇▇▇’▇ Form CRS Client Relationship Summary and Client Relationship Details documents (together they which are referred to as included in the Client Relationship Booklet), as required under SEC Form CRS and Regulation Best Interest. If Client is a natural person, or the legal representative of such natural person, who seeks to receive or receives services primarily for personal, family or household purposes (a “Retail Investor”), by signing this Agreement, such Retail Investor Client acknowledges and agrees that Client received a copy of each of those documents. The Client Relationship Booklet also contains an important disclosure document for retirement investors that have retirement accounts, which include employee pension benefit plan accounts that are subject to the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) and individual retirement accounts (“IRAs”) that are subject to the Internal Revenue Code of 1986, as amended (“IRC”) (collectively, “Retirement Accounts”). If Client selects an Advisory Program or Advisory Service for an Account, Client understands and acknowledges that important information about the Advisory Program or Advisory Service (including the associated fees and costs and certain risks and conflicts of interest) and about certain persons providing services to Client, is contained in the Form ADV Part 2A Brochure(s), Form ADV Part 2B Brochure Supplement(s) and other supplements or amendments to those documents (collectively, “Brochure Documents”) that have been or will be delivered to Client. Client should read those documents carefully. Client understands and acknowledges that certain investment products or investment strategies may not be appropriate for Client. Baird ▇▇▇▇▇ makes available to certain clients the ability to pursue alternative investment strategies (“Alternative Strategies”) or other non-non- traditional or complex investment strategies that involve special risks not apparent in more traditional investments like stocks and bonds (collectively, “Complex Strategies”). Similarly, Baird ▇▇▇▇▇ makes available to certain clients the ability to invest in non-traditional or real assets (“Non-Traditional Assets”) or the ability to invest in investment products that pursue Alternative Strategies (“Alternative Investment Products”) or other Complex Strategies (collectively, “Complex Investment Products”). The use of certain strategies and investment products involves special risks, and a client should not engage in a strategy or purchase an investment product unless the client understands the related risks. Client can obtain more specific information by reviewing the “Important Information about Investment Products and Investment Strategies” Section of the Important Account Disclosures document or by contacting Client’s Baird ▇▇▇▇▇ Financial Advisor. Client understands that Baird ▇▇▇▇▇ makes available to Client products and services offered by parties affiliated with or related to Baird. Client can obtain more specific information by reviewing the “Conflicts of Interest” Section of the Client Relationship Details document and the “Certain Financial Industry Activities and Affiliations” Section of the Important Account Disclosures document or by contacting Client’s Baird ▇▇▇▇▇ Financial Advisor. Client understands and acknowledges that the most up-to-date version of the documents described in this Section are always available on our website at ▇▇▇▇▇▇▇▇▇▇▇.▇▇▇/▇▇▇▇▇▇▇▇▇▇▇▇▇▇. Client also understands and acknowledges that additional important disclosure documents about Baird ▇▇▇▇▇ and certain programs, services, investment products and investment strategies that Baird makes available to Client (including the associated fees and costs and certain risks and conflicts of interest) are available on ▇▇▇▇▇’▇ website at ▇▇▇▇▇▇▇▇▇▇▇.▇▇▇/▇▇▇▇▇▇▇▇▇▇▇▇▇▇/retailinvestor. Client can request paper copies of those documents at any time by contacting Client’s Baird ▇▇▇▇▇ Financial Advisor or Baird ▇▇▇▇▇ at ▇-▇▇▇-▇▇▇-▇▇▇▇.