Common use of Subscriptions and Redemptions Clause in Contracts

Subscriptions and Redemptions. Unless otherwise explicitly agreed with us in writing, we require notice (via electronic mail or a phone call) of one business day for any increase or reduction of the amount of Assets subject to our investment direction. In the case of an increase of the amount of Assets subject to our investment direction which is greater than or equal to $50,000, and in which the new assets are contributed in cash, and unless otherwise explicitly agreed with us in writing: we will make reasonable efforts to allocate the new Assets, according to our latest investment parameters, on the next business day following the day on which the new Assets are available for our instructions and reflected in the custodian’s daily reporting. In the case of an increase of the amount of Assets subject to our investment direction and in which any part of the new Assets is contributed in securities, and unless otherwise explicitly agreed with us in writing: we will allocate the new Assets, according to our latest investment parameters, on a best-efforts basis as quickly as is reasonable and practical given the nature of the securities contributed. Given that we use a limited set of securities in our Investment Program, You acknowledge and agree that any securities so contributed may at any time be sold at our discretion regardless of tax basis or any other considerations, unless otherwise explicitly agreed with us in writing. In the case of an increase of the amount of Assets subject to our investment direction, which is less than $50,000, and in which the new assets are contributed in cash, and unless otherwise explicitly agreed with us in writing, we will allocate the new Assets, according to our latest investment parameters, during the next portfolio rebalancing. In the case of a reduction in Assets subject to our investment direction, which does not constitute a full redemption, and unless explicitly agreed with us in writing, we will liquidate the necessary Assets to cash on a best efforts basis on the business day following your notification. In the case of a full redemption of Assets, and unless otherwise explicitly agreed with us in writing, you can either remove us as Investment Managers from the Account or we can liquidate the portfolio to cash on a best efforts basis on the business day following your notification. In all cases, we will confirm to you in writing that your notice has been received. If we have not confirmed that the notice has been received within one business day, you should assume that we have not received your notification and it is your responsibility to make further contact.

Subscriptions and Redemptions. Unless otherwise explicitly agreed with us in writing, we require notice (via electronic mail or a phone call) of one business day for any increase or reduction of the amount of Assets subject to our investment direction. In the case of an increase of the amount of Assets subject to our investment direction which is greater than or equal to $50,000, and in which the new assets are contributed in cash, and unless otherwise explicitly agreed with us in writing: we will make reasonable efforts to allocate the new Assets, according to our latest investment parameters, on the next business day following the day on which the new Assets are available for our instructions and reflected in the custodian’s daily reporting. In the case of an increase of the amount of Assets subject to our investment direction and in which any part of the new Assets is contributed in securities, and unless otherwise explicitly agreed with us in writing: we will allocate the new Assets, according to our latest investment parameters, on a best-efforts basis as quickly as is reasonable and practical given the nature of the securities contributed. Given that we use a limited set of securities in our Investment Program, You acknowledge and agree that any securities so contributed may at any time be sold at our discretion regardless of tax basis or any other considerations, unless otherwise explicitly agreed with us in writing. In the case of an increase of the amount of Assets subject to our investment direction, which is less than $50,000, and in which the new assets are contributed in cash, and unless otherwise explicitly agreed with us in writing, we will allocate the new Assets, according to our latest investment parameters, during the next portfolio rebalancing. In the case of a reduction in Assets subject to our investment direction, which does not constitute a full redemption, and unless explicitly agreed with us in writing, we will liquidate the necessary Assets to cash on a best efforts basis on the business day following your notification. In the case of a full redemption of Assets, and unless otherwise explicitly agreed with us in writing, you can either remove us as Investment Managers from the Account or we can liquidate the portfolio to cash on a best efforts basis on the business day following your notification. In all cases, we will confirm to you in writing that your notice has been received. If we have not confirmed that the notice has been received within one business day, you should assume that we have not received your notification and it is your responsibility to make further contact.. _______________________________________________

Subscriptions and Redemptions. Unless otherwise explicitly agreed with us in writing, we require notice (via electronic mail or a phone call) of one business day for any increase or reduction of the amount of Assets subject to our investment direction. In the case of an increase of the amount of Assets subject to our investment direction direction, which is greater than or equal to $50,000, and in which the new assets are contributed in cash, and unless otherwise explicitly agreed with us in writing: we will make reasonable efforts to allocate the new Assets, according to our latest investment parameters, on the next business day following the day on which the new Assets are available for our instructions and reflected in the custodian’s daily reporting. In the case of an increase of the amount of Assets subject to our investment direction and in which any part of the new Assets is contributed in securities, and unless otherwise explicitly agreed with us in writing: we will allocate the new Assets, according to our latest investment parameters, on a best-efforts basis the business day following your notification so long as quickly as is reasonable and practical given the nature we have received confirmation of the securities contributedAssets arriving in your Account from Fidelity by 12 noon that day in New York. Given that If we use a limited set receive confirmation of securities the Assets arriving in our Investment Programthe Account after this time, You acknowledge and agree that any securities so contributed may at any time the Assets will be sold at our discretion regardless of tax basis or any other considerations, unless otherwise explicitly agreed with us in writingallocated the following business day. In the case of an increase of the amount of Assets subject to our investment direction, which is less than $50,000, and in which the new assets are contributed in cash, and unless otherwise explicitly agreed with us in writing, we will allocate the new Assets, according to our latest investment parameters, during the next portfolio rebalancing. In the case of a reduction in Assets subject to our investment direction, which does not constitute a full redemption, and unless explicitly agreed with us in writing, we will liquidate the necessary Assets to cash on a best efforts basis on the business day following your notification. In the case of a full redemption of Assets, and unless otherwise explicitly agreed with us in writing, you can either remove us as Investment Managers from the Account or we can liquidate the portfolio to cash on a best efforts basis on the business day following your notification. In all cases, we will confirm to you in writing that your notice has been received. If we have not confirmed that the notice has been received within one business day, you should assume that we have not received your notification and it is your responsibility to make further contact.

Subscriptions and Redemptions. Unless otherwise explicitly agreed with us in writing, we require notice (via electronic mail or a phone call) of one business day for any increase or reduction of the amount of Assets subject to our investment direction. In the case of an increase of the amount of Assets subject to our investment direction which is greater than or equal to $50,000, and in which the new assets are contributed in cash, and unless otherwise explicitly agreed with us in writing: we will make reasonable efforts to allocate the new Assets, according to our latest investment parameters, on the next business day following the day on which the new Assets are available for our instructions and reflected in the custodian’s daily reporting. In the case of an increase of the amount of Assets subject to our investment direction and in which any part of the new Assets is contributed in securities, and unless otherwise explicitly agreed with us in writing: we will allocate the new Assets, according to our latest investment parameters, on a best-efforts basis as quickly as is reasonable and practical given the nature of the securities contributed. Given that we use a limited set of securities in our Investment Program, You acknowledge and agree that any securities so contributed may at any time be sold at our discretion regardless of tax basis or any other considerations, unless otherwise explicitly agreed with us in writing. In the case of an increase of the amount of Assets subject to our investment direction, which is less than $50,000, and in which the new assets are contributed in cash, and unless otherwise explicitly agreed with us in writing, we will allocate the new Assets, according to our latest investment parameters, during the next portfolio rebalancing. In the case of a reduction in Assets subject to our investment direction, which does not constitute a full redemption, and unless explicitly agreed with us in writing, we will liquidate the necessary Assets to cash on a best efforts basis on the business day following your notification. In the case of a full redemption of Assets, and unless otherwise explicitly agreed with us in writing, you can either remove us as Investment Managers from the Account or we can liquidate the portfolio to cash on a best efforts basis on the business day following your notification. In all cases, we will confirm to you in writing that your notice has been received. If we have not confirmed that the notice has been received within one business day, you should assume that we have not received your notification and it is your responsibility to make further contact.

Subscriptions and Redemptions. Unless otherwise explicitly agreed with us in writing, we require notice (via electronic mail or a phone call) of one business day for any increase or reduction of the amount of Assets subject to our investment direction. In the case of an increase of the amount of Assets subject to our investment direction direction, which is greater than or equal to $50,000, and in which the new assets are contributed in cash, and unless otherwise explicitly agreed with us in writing: we will make reasonable efforts to allocate the new Assets, according to our latest investment parameters, on the next business day following the day on which the new Assets are available for our instructions and reflected in the custodian’s daily reporting. In the case of an increase of the amount of Assets subject to our investment direction and in which any part of the new Assets is contributed in securities, and unless otherwise explicitly agreed with us in writing: we will allocate the new Assets, according to our latest investment parameters, on a best-efforts basis the business day following your notification so long as quickly as is reasonable and practical given the nature we have received confirmation of the securities contributedAssets arriving in your Account from Fidelity by 12 noon that day in New York. Given that If we use a limited set receive confirmation of securities the Assets arriving in our Investment Programthe Account after this time, You acknowledge and agree that any securities so contributed may at any time the Assets will be sold at our discretion regardless of tax basis or any other considerations, unless otherwise explicitly agreed with us in writingallocated the following business day. In the case of an increase of the amount of Assets subject to our investment direction, which is less than $50,000, and in which the new assets are contributed in cash, and unless otherwise explicitly agreed with us in writing, we will allocate the new Assets, according to our latest investment parameters, during the next portfolio rebalancing. In the case of a reduction in Assets subject to our investment direction, which does not constitute a full redemption, and unless explicitly agreed with us in writing, we will liquidate the necessary Assets to cash on a best efforts basis on the business day following your notification. In the case of a full redemption of Assets, and unless otherwise explicitly agreed with us in writing, you can either remove us as Investment Managers from the Account or we can liquidate the portfolio to cash on a best efforts basis on the business day following your notification. In all cases, we will confirm to you in writing that your notice has been received. If we have not confirmed that the notice has been received within one business day, you should assume that we have not received your notification and it is your responsibility to make further contact.. Although the Investment Program is executed largely on a rules-based process, you should expect circumstances, which are difficult to foresee and describe fully in advance, when we will judge it is beneficial to you to use our discretion in a departure from our rules-based investment process. The most common example of such a deviation is during portfolio rebalancing, where investment decisions may be subject to restrictions or costs associated with mutual fund redemptions or liquidity or deviation from net asset value in the ETFs. Transactions costs can produce a significant difference

Subscriptions and Redemptions. Unless otherwise explicitly agreed with us in writing, we require notice (via electronic mail or a phone call) of one business day for any increase or reduction of the amount of Assets subject to our investment direction. In the case of an increase of the amount of Assets subject to our investment direction which is greater than or equal to $50,000, and in which the new assets are contributed in cash, and unless otherwise explicitly agreed with us in writing: we will make reasonable efforts to allocate the new Assets, according to our latest investment parameters, on the next business day following the day on which the new Assets are available for our instructions and reflected in the custodian’s daily reporting. In the case of an increase of the amount of Assets subject to our investment direction and in which any part of the new Assets is contributed in securities, and unless otherwise explicitly agreed with us in writing: we will allocate the new Assets, according to our latest investment parameters, on a best-efforts basis as quickly as is reasonable and practical given the nature of the securities contributed. Given that we use a limited set of securities in our Investment Program, You acknowledge and agree that any securities so contributed may at any time be sold at our discretion regardless of tax basis or any other considerations, unless otherwise explicitly agreed with us in writing. In the case of an increase of the amount of Assets subject to our investment direction, which is less than $50,000, and in which the new assets are contributed in cash, and unless otherwise explicitly agreed with us in writing, we will allocate the new Assets, according to our latest investment parameters, during the next portfolio rebalancing. In the case of a reduction in Assets subject to our investment direction, which does not constitute a full redemption, and unless explicitly agreed with us in writing, we will liquidate the necessary Assets to cash on a best best-efforts basis on the business day following your notification. In the case of a full redemption of Assets, and unless otherwise explicitly agreed with us in writing, you can either remove us as Investment Managers from the Account or we can liquidate the portfolio to cash on a best best-efforts basis on the business day following your notification. In all cases, we will confirm to you in writing that your notice has been received. If we have not confirmed that the notice has been received within one business day, you should assume that we have not received your notification and it is your responsibility to make further contact.