Common use of Program Reorganizations Clause in Contracts

Program Reorganizations. In Sponsor’s sole discretion Sponsor may reorganize any of the portfolios or investment strategies (each, an “Investment”) in the Active Portfolios® investments, Select Separate Account, Investor Unified Account, Vista Separate Account, or Access Account (the “Manager Directed Programs”) into another Manager Directed Program. Sponsor may reorganize an existing Investment into a different Manager Directed Program, in which case the services provided by the Advisory Service Provider and the particular Investment will not change as a result of the reorganization. Alternatively, Sponsor may terminate the existing Advisory Service Provider or discontinue the Advisory Service Provider’s services with respect to a particular Investment and identify and name a successor Advisory Service Provider providing a similar Investment in a different Manager Directed Program. Sponsor will notify you of the planned reorganization, the new Manager Directed Program, and the successor Advisory Service Provider and Investment, as applicable. If you prefer to remain in the Manager Directed Program you have previously selected you must work with your financial advisor to select an Investment available in that Manager Directed Program or terminate your Account within thirty (30) days from the notice date of the reorganization. You may also choose to open a new Account in a different Manager Directed Program. If you do not designate an alternative Investment from the options available in your existing Manager Directed Program or transfer your assets to a new Account in a different Manager Directed Program, you understand, agree and authorize Sponsor to effect the reorganization and transfer your assets to the new Manager Directed Program.

Program Reorganizations. In Sponsor’s 's sole discretion and with advance notice to you Sponsor may reorganize any of the portfolios or investment strategies (each, an “Investment”) in the Active Portfolios® investments, Select Separate Account, Investor Unified Account, Vista Separate Account, or Access Account in the following manners: (the “Manager Directed Programs”i) into another Manager Directed Program. Sponsor may reorganize reorganizing an existing Investment into a different Manager Directed Program, in which case the services provided by the Advisory Service Provider and the particular Investment will not change as a result of the reorganization. Alternatively, ; or (ii) Sponsor may terminate the existing Advisory Service Provider or discontinue the Advisory Service Provider’s services with respect to a particular Investment and identify and name a successor Advisory Service Provider providing a similar Investment in a different Manager Directed Program. Sponsor will notify you of the planned reorganization, the new Manager Directed Program, and the successor Advisory Service Provider and Investment, as applicable. If you prefer to remain in the Manager Directed Program you have previously selected selected, you must work with your financial advisor to select an Investment available in that Manager Directed Program or terminate your Account within thirty (30) days from the notice date of the reorganization. You may also choose to open a new Account in a different Manager Directed Program. If you do not designate an alternative Investment from the options available in your existing Manager Directed Program or transfer your assets to a new Account in a different Manager Directed Program, you understand, agree and authorize Sponsor to effect the reorganization and transfer your assets to the new Manager Directed Program.