Common use of Handling Your Orders Clause in Contracts

Handling Your Orders. Window vs. Direct Trade We offer two broad categories of orders: Window orders and Direct Trade orders. Within these two categories, various sub-order types and/or special handling instructions may also be available. Please consult our website for more information regarding order types and special handling instructions. By submitting an order to us for execution, you and your Authorized person acknowledge and agree that you have reviewed the terms of such order type on our website and understand that we will handle the order in accordance with the terms of the order and instructions entered by you or your Authorized person. Window Trading Our Window Trading, often referred to as “a Window”, is an innovative way to execute orders efficiently for long-term investors. Instead of being executed immediately, Window orders are processed one or more times per day and executed. The current number and timing of Windows available to you is as provided on our website or is as negotiated with your Advisor or third party brokerage firm. We may provide from time to time fewer or additional Windows for various reasons and at different fees. We reserve the right to add, remove and change Window Trade deadlines, without notice, at any time. We cannot guarantee that every Window will occur as scheduled or at all. You understand and agree that there may be times when Windows are delayed or are cancelled for various reasons, such as quote vendor failures, computer failures or events affecting the markets. To execute Window orders, we generally send an order (which may be an aggregate of orders for your account(s), the orders from other customer accounts and our account(s) when necessary to facilitate fractional shares) to a market center for execution or to a mutual fund company for fulfillment. We may also execute Window orders or participate in aggregate orders using our own inventory of securities, unless otherwise prohibited. When handling orders from an Advisor under common ownership with us for your account(s) or the account(s) of another customer, we may participate in any aggregate Window order sent to a market center for execution to facilitate fractional share trading or odd lots using our own inventory of securities. We will not execute such orders ourselves. Accordingly, we may send multiple orders to a market center in order to fulfill the aggregate Window order or we may be unable to fulfill your order in its entirety, depending on market conditions. Window Tradable Securities and Rules Some of the securities available for trading through us cannot be traded in a Window. We choose the securities that are available for trading in a Window based on a combination of factors, including the security’s market capitalization and trading volume. Some Window tradable securities may be available only to certain customers or for which an extra charge is levied for trading them. We also generally restrict our selection of Window tradable securities to those securities that are traded on an exchange. The securities available for Window orders for your account also may be limited based on a special offering we make, our arrangement with your Advisor or an arrangement with a third party brokerage firm that handles your account. Our list of Window tradable securities (which is available on our website) will change over time. We may drop a security from our list for a variety of reasons. For instance, a security may be delisted from an exchange or no longer be actively traded. If you own a folio containing a security that is no longer listed as Window tradable, you generally will be able to “sell all” of the security in a Window. You cannot, however, sell a portion of your holdings in the security or buy more of the security through a Window. There may be securities that you can hold in your account that are not Window tradable securities. Such non-Window tradable securities may only be traded using Direct Trade orders. Direct Trade Orders Although as few as one security can be traded in a folio using a Window order, you or your Authorized person may not want to wait for a Window to trade a security. A Direct Trade order can be sent to the market at any time for execution. Direct Trade orders sent to the market for execution must be in whole shares; fractional shares or dollar-based orders are not accepted as Direct Trade orders. We generally charge a commission for Direct Trade orders. Please consult our Pricing page, your Advisor or third party brokerage firm regarding the related charges for those orders. Market Volatility You understand that, when an order is place with us for your account, the execution price is dependent upon the market price for the security at the time of execution. You understand that special handling or order instructions, such as “stop-loss” or “stop-limit” orders will not necessarily limit losses to the intended amounts since market conditions may, despite our efforts, make it impossible to carry-out such instructions as intended. Similarly, you understand that execution quality can be significantly impacted by volatility in the market at the time the order is executed. The current market price in active stocks can differ significantly from the last sale price, particularly during periods of high volume, illiquidity, fast movement or volatility. The execution price received may differ, perhaps substantially, from the quote provided on entry of an order and, if using a Direct Trade order, there may be partial executions of the order at different prices. You understand that we are not liable for any differences between quoted and execution prices. You also understand that quoted prices generally are for only a small number of shares as specified by the marketplace, and larger orders (such as the aggregate orders we may send to a market center when executing a Window order) are relatively more likely to receive executions at prices that vary from the quotes or in multiple lots at different prices. Securities may open for trading at prices substantially higher or lower than the previous closing price or the anticipated price. If a Direct Trade order is placed for your account (whether during normal market hours or when the market is closed), you agree to pay or receive the prevailing market price at the time the Direct Trade order is executed, which may be significantly higher or lower than anticipated. To reduce the risk of buying a security at a higher price, or selling it at a lower price than desired, Direct Trade orders may be submitted to us with limit prices and Window Trade orders may be submitted with a Cancel Order Limit. You also understand that Direct Trade limit orders are executed only once they become marketable, which may not be immediate, may not be for a time period after order entry and may not be at all if there is insufficient trading interest in the market at or better than the limit price specified, if any. Our website contains further information regarding orders types and limitations, which you agree are applicable to any order placed for your account.

Handling Your Orders. Window vs. Direct Trade We offer two broad categories of orders: Window orders and Direct Trade orders. Within these two categories, various sub-order types and/or special handling instructions may also be available. Please consult our website websites for more information regarding order types and special handling instructions. By submitting an order to us for execution, you and your Authorized person acknowledge and agree that you have reviewed the terms of such order type on our website websites and understand that we will handle the order in accordance with the terms of the order and instructions entered by you or your Authorized personentered. Window Trading Our Window Trading, often referred to as “a Window”, is an innovative way to execute orders efficiently for long-term investors. Instead of being executed immediately, Window orders are processed one or more times per day and executed. The current number and timing of Windows available to you is as provided on our website websites or is as negotiated with your Advisor or third party brokerage firm. We may provide from time to time fewer or additional Windows for various reasons and at different fees. We reserve the right to add, remove and change Window Trade deadlines, without notice, at any time. We retain discretion as to the timing of a Window Trade, and therefore we cannot guarantee that every Window will occur as scheduled or at all. You understand and agree that there may be times when Windows are delayed or are cancelled for various reasons, such as quote vendor failures, computer failures or events affecting the markets. When you submit an order to participate in a Window Trade, you are not instructing us to execute your order immediately when we receive it, but instead you are instructing us to treat your order as “not held” and to execute it in the next scheduled Window, the timing of which will occur in our sole discretion but generally around the times posted on our websites. In this regard, you are providing us discretion as to the timing of when we will attempt to execute your order and the price to be obtained. To execute Window orders, we generally send an order (which may be an aggregate of orders for your account(s), the orders from other customer accounts and orders from our account(s) when necessary to facilitate fractional sharesshares and/or odd lots) to a market center for execution or to a mutual fund company for fulfillment. We may also execute Window orders or participate in aggregate orders using our own inventory of securities, unless otherwise prohibited. When handling orders from an Advisor under common ownership with us for your account(s) or the account(s) of another customer, we may participate in any add to the aggregate Window order sent to a market center for execution to facilitate fractional share trading or and/or odd lots using our own inventory of securitieslot trading. We will not execute such orders ourselves. Accordingly, we may send multiple orders to a market center in order to fulfill the aggregate Window order order, or we may be unable to fulfill your order in its entirety, depending on market conditions. Window Tradable Securities and Rules Some of the securities available for trading through us cannot be traded in a Window. We choose the securities that are available for trading in a Window based on a combination of factors, including the security’s market capitalization and trading volume. Some Window tradable securities may be available only to certain customers or for which an extra charge is levied for trading them. We also generally restrict our selection of Window tradable securities to those securities that are traded on an exchange. The securities available for Window orders for your account also may be limited based on a special offering we make, our arrangement with your Advisor Advisor, or an arrangement with a third party brokerage firm that handles your account. Our list of Window tradable securities (which is available on our websitewebsites) will change over time. We may drop a security from our list for a variety of reasons. For instance, a security may be delisted from an exchange or no longer be actively traded. If you own a folio containing a security that is no longer listed as Window tradable, you generally will be able to “sell all” of the security in a Window. You cannot, however, sell a portion of your holdings in the security or buy more of the security through a Window. There may be securities that you can hold in your account that are not Window tradable securities. Such non-Window tradable securities may only be traded using Direct Trade ordersorders or as otherwise indicated on our websites. Direct Trade Orders Although as few as one security can be traded in a folio using a Window order, you or your Authorized person may not want to wait for a Window to trade a security. A Direct Trade order can be sent to the market submitted at any time time, but such orders will not be eligible for executionexecution until the markets are open. Direct Trade orders sent to the market for execution must be in whole shares; fractional shares or dollar-based orders are not accepted as Direct Trade orders. We generally charge a commission for Direct Trade orders. Please consult our Pricing pagewebsites, your Advisor or third party brokerage firm regarding the related charges for those orders. Market Volatility You understand that, when an order is place placed with us for your account, the execution price is dependent upon the market price for the security at the time of execution. You understand that special handling or order instructions, such as a “stop-loss” or “stop-limit” orders order will not necessarily limit losses to the intended amounts since market conditions may, despite our efforts, make it impossible to carry-out such instructions as intendedmay result in executions at prices below your stop loss price. Similarly, you understand that execution quality can be significantly impacted by volatility in the market at the time the order is executed. The current market price in active stocks can differ significantly from the last sale price, particularly during periods of high volume, illiquidity, fast movement movement, or volatility. Our system provides you with delayed quotes when you create an order. The execution price received may differ, perhaps substantially, from the quote provided on entry of an order and, if using a Direct Trade order, there may be partial executions of the order at different prices. You understand that we are not liable for any differences between quoted and execution prices. You also understand that quoted prices generally normally are only for only a small number of shares as specified by the marketplace, and larger orders (such as the aggregate orders we may send to a market center when executing a Window order) are relatively more likely to receive executions at prices that vary from the quotes or in and may be composed of executions of multiple lots at different prices. Securities may open for trading at prices substantially higher or lower than the previous closing price or the anticipated price. If a Direct Trade order is placed for your account (whether during normal market hours or when the market is closed), you agree to pay or receive the prevailing market price at the time the Direct Trade order is executed, which may be significantly higher or lower than anticipated. To reduce the risk of buying a security at a higher price, or selling it at a lower price than desired, Direct Trade orders may be submitted to us with limit prices and Window Trade orders may be submitted with a Cancel Order Limit. You also understand that Direct Trade limit orders are executed only once when they become marketable, which may not be immediate, may not be executed for a period time period after order entry and may not be executed at all if there is insufficient trading interest in the market market, or may be executed at or better prices than the limit price specified, if any. Our website contains websites contain further information regarding orders types and limitations, which you agree are applicable to any order placed for your account. Day Trading We do not promote directly or indirectly “Day Trading.” Our electronic trading services should not be construed as an endorsement or promotion of Day Trading. Day Trading can be very risky and is not appropriate for customers with limited resources, limited investment or trading experience, or a low risk tolerance. We reserve the right, in our sole discretion and without prior notice to you, to restrict, suspend, or close accounts identified by us as engaging in Day Trading.