Common use of DISCRETIONARY MANAGEMENT SERVICES Clause in Contracts

DISCRETIONARY MANAGEMENT SERVICES. By this Relationship Agreement and instructions (hereinafter "Agreement"), each person or entity listed on the “Account Title” field of a New Account Form (a “Client”) appoints Xxxxxxxxx Management Corporation, a California Corporation dba Xxxxxxxxx Management Group (“Management”), a registered investment adviser, to manage Client’s securities portfolio(s) (the “Account(s)”) in accordance with the following. In addition, in the case of a financial planning client who may not have signed a New Account Form, each person who has signed this Agreement (also a “Client) appoints Management to provide Financial Planning services in accordance with the following. The “Account Contacts” listed below are authorized to sign for the Client, to provide instructions on behalf of and receive notices for Client and to take any other actions with respect to the Client or the Accounts. In order for Management to proceed with the management of any Account, Client must complete and sign a separate New Account Form, which is incorporated into this Agreement, for that individual account. These New Account Forms may be signed at the same time as this Agreement or in the future. This Agreement is enforceable as to all Accounts opened under any of the legal titles as listed on these New Account Forms (Account Title). This Agreement is effective upon Management signing the Agreement (including for Financial Planning services). However, Management shall not have any obligation to manage any Account unless and until the later of the date the Account(s) are under the control of Management, the date Management signed the accompanying New Account Form (per Account) and, upon the Account’s liquidation even if such liquidation was done by Management on behalf of the Client prior to or after the opening date. Client authorizes Management to liquidate such assets as Management deems necessary in all Strategies prior to opening the Account(s) as part of the opening procedures. Client will not receive a statement from Management showing the initial liquidation transactions. Client will need to go to their broker to see these transactions. Control means when the assets are in the Account(s) over which Management has limited power of attorney, regardless of guidance Client may have received from Management prior to control including trades executed as part of the opening procedures, and the assets have been loaded onto Management’s computer system for that Account. In the case of certain custodians, which provide electronic data feeds for loading the assets onto Management’s computer system, Client understands it might take significant additional time for Management to assume control over the Account(s) as it waits for such data feed. Client is solely responsible for all assets and investment sell decisions regarding those assets before they are in the control of Management. This is true even if Management provided investment guidance as to holding or selling assets and/or if Management assisted in the Account(s) transfer process. Management may rely on statements or the list of assets provided by Client, Client’s broker, or Client’s representative as being complete and accurate when setting up the Account(s). If Client has requested an analysis of Client’s present holdings or a financial plan prior to Management taking control of Client’s Account, it might significantly slow down the opening process even if Client has signed the New Account Form and/or given the transfer/journaling instructions in writing or otherwise. If Client has given transfer/journal instructions between Accounts orally or by signing a blank transfer/journal form, but request a portfolio manager’s initial review prior to proceeding, Client authorizes Management to complete the form post signature or to use the oral instructions to proceed with the transfer/journal process. If Client requests assets be placed in an Institutional Brokerage account under Management, but does not intend to have this account managed by Management, Client is solely responsible for all investment decisions for the assets within this account regardless of any advice Management might provide.