Common use of Referral Fee Clause in Contracts

Referral Fee. This disclosure is being provided to you in order to address any potential conflicts of interest as a result of the fact that the Referring Entity (defined below) may receive a fee for referring you to a Receiving Entity (defined below). The prospect of the receipt, or the actual receipt of compensation for referrals may provide the Referring Entity or its employees to favor sales of products for which they can receive compensation for making referrals. You may wish to take referral arrangements into consideration in evaluating recommendations made by the referring registrant. We have entered into referral agreements with certain other members of BMO Financial Group, specifically, BMO ▇▇▇▇▇▇▇ ▇▇▇▇▇ Inc., BMO Estate Insurance Advisory Services Inc. (formerly, BMO ▇▇▇▇▇▇▇ ▇▇▇▇▇ Financial Services Inc.), Bank of Montreal, BMO InvestorLine Inc. and BMTC (the “Referral Agreements”). The purpose of these Referral Agreements is to facilitate referrals of Clients to other members of BMO Financial Group to better serve Clients and prospective Clients. Each entity (a “Referring Entity”) which successfully refers Clients (each a “Referred Client”) to another entity which is a party to the Referral Agreement (a “Receiving Entity”) may receive a referral fee from the Receiving Entity. A portion of this referral fee may be paid to the individual employee of the Referring Entity (the “Referring Employee”). Alternatively, there may also be situations where the Referring Employee is compensated, directly or indirectly, by the Referring Entity for referring a Client of the Referring Entity to a Receiving Entity. Clients of BPIC and BMO Financial Group do not pay any additional charges and fees in connection with such referrals. More details of these potential referral fees are outlined in the chart starting on page 19. All activity requiring registration under securities laws and regulations will be performed by an entity with an appropriate registration under applicable securities laws. For additional information about referrals, please consult with your Investment Counsellor. Acknowledgements: You acknowledge receipt and understanding of the above referral disclosure, and further confirm your understanding and agree with the Referring Entity and the Receiving Entity that: a) We (or, if we are not the Referring Entity, the Referring Entity) may disclose Information about you to the Receiving Entity in order to make the referral and allow for the ongoing administration of the referral. The word “Information” means financial and financially-related information about you, including information to identify you or qualify you for products and services, or information needed for regulatory requirements. b) All activity requiring registration resulting from the Referral Agreements will be provided by the Receiving Entity or outsourced to a party duly licensed or registered to carry on such activity. It is illegal for any party to the Referral Agreement to effect trades, advise in respect of certain securities or engage in investment fund management if it is not duly licensed or registered under applicable securities legislation as a broker- dealer or investment advisor. c) The Referring Entity does not have authority to make any commitments for or on behalf of the Receiving Entity; you will deal directly with the Receiving Entity in respect of any products or services the Receiving Entity may provide to you. d) The Referring Entity and its employees and officers are not and will not be deemed to be agents, employees or representatives of the Receiving Entity, and the Receiving Entity is not responsible for any acts, omissions, statements or negligence of the Referring Entity or any employee or officer of the Referring Entity. e) Referral Fees are paid by the Receiving Entity and may change from time to time. f) You are under no obligation to purchase any product or service of the Receiving Entity. The Client will receive specific disclosures in writing before BPIC opens the referred Client’s account, including among other things, the name of each party to the referral agreement, the terms of the referral arrangement and any associated conflicts of interested generated by the referral arrangement. g) A referral fee may also be paid if a referral arrangement is entered into between us and a person or entity outside of BMO Financial Group. As with referral arrangements between us and another member of BMO Financial Group, details of these referral arrangements, including the manner in which the referral fee for referral services is calculated and the party to whom it is paid, will be provided to referred Clients.

Referral Fee. This disclosure is being provided 9.1 Unless we have informed you otherwise in writing or have a written bespoke agreement in place with you, the Rebate Schedule available in the Partner Portal Account sets out the applicable rates used to you in order to address any potential conflicts of interest calculate the Referral Fee owed. 9.2 Any Referral Fee generated as a result of the fact trading activities of Approved Clients referred by an Approved Sub-Referrer will be apportioned between the Master Referrer and any concerned Sub-Referrer(s) within the chain in accordance with the rates outlined in your Partner Portal Account. The breakdown of the Referral Fee rates that apply respectively to you, as a Master Referrer, and to your network of Approved Sub-Referrers within the Referring Entity (defined below) may receive a fee for referring you chain, can be viewed under the ‘Rebate Schedule’ tab in your Partner Portal Account. This program is referred to as the Multi-Tier Referral Scheme and typically applies to a Receiving Entity chain of up five (defined below5) tiers (including the Master Referrer and Approved Sub-Referrers), although CMC Markets reserves the right to modify the number of tiers at its sole discretion. The prospect Consequently, any Approved Sub-Referrer will have to share a portion of the receipt, or Referral Fee with the actual receipt Master Referrer and any other Approved Sub-Referrers that are a part of compensation for referrals may provide the Referring Entity or its employees to favor sales prior tiers above their respective tier in accordance with the rates of products for which they can receive compensation for making referrals. You may wish to take referral arrangements into consideration in evaluating recommendations made by the referring registrant. We have entered into referral agreements with certain other members of BMO Financial Group, specifically, BMO ▇▇▇▇▇▇▇ ▇▇▇▇▇ Inc., BMO Estate Insurance Advisory Services Inc. (formerly, BMO ▇▇▇▇▇▇▇ ▇▇▇▇▇ Financial Services Inc.), Bank of Montreal, BMO InvestorLine Inc. and BMTC (Rebate Schedule. 9.3 CMC Markets will pay the “Referral Agreements”). The purpose of these Referral Agreements is to facilitate referrals of Clients to other members of BMO Financial Group to better serve Clients and prospective Clients. Each entity (a “Referring Entity”) which successfully refers Clients (each a “Referred Client”) to another entity which is a party Fee to the Referral Agreement (a “Receiving Entity”) may receive a referral fee from the Receiving Entity. A portion of this referral fee may be paid to the individual employee of the Referring Entity (the “Referring Employee”). Alternatively, there may also be situations where the Referring Employee is compensated, directly or indirectly, by the Referring Entity for referring a Client of the Referring Entity to a Receiving Entity. Clients of BPIC and BMO Financial Group do not pay any additional charges and fees in connection with such referrals. More details of these potential referral fees are outlined in the chart starting on page 19. All activity requiring registration under securities laws and regulations will be performed by an entity with an appropriate registration under applicable securities laws. For additional information about referrals, please consult with your Investment Counsellor. Acknowledgements: You acknowledge receipt and understanding of the above referral disclosure, and further confirm your understanding and agree with the Referring Entity and the Receiving Entity that: a) We Referrer (or, if we are not the Referring Entityas applicable, the Referring Entity) may disclose Information about you to the Receiving Entity in order to make the referral and allow for the ongoing administration of the referral. The word “Information” means financial and financially-related information about you, including information to identify you or qualify you for products and services, or information needed for regulatory requirements. b) All activity requiring registration resulting from will apportion the Referral Agreements will be provided by Fee between the Receiving Entity or outsourced to a party duly licensed or registered to carry on such activity. It is illegal for any party to Master Referrer and the Referral Agreement to effect trades, advise concerned Approved Sub-Referrers) in respect of certain securities Orders placed by each Approved Client on the Products listed in the Partner Portal Account, subject to the terms of this Agreement and conditional to the following: (a) The Referrer must maintain a Partner Portal Account with CMC Markets to receive the Referral Fee; (b) The Approved Client must open an Account with CMC Markets and trade on it for the Referrer to receive the Referral Fee (or engage in investment fund management if it is for the Master Referrer and concerned Approved Sub-Referrers to receive their respective apportionment of the Referral Fee, as applicable). For the avoidance of doubt, the Referrer (or the Master Referrer and the concerned Approved Sub-Referrers) will not duly licensed earn any Referral Fee or registered under applicable securities legislation as any other remuneration when Approved Clients open and trade with a broker- dealer or investment advisor.CMC Markets Next Generation account. Any Orders placed by an Approved Client on a CMC Markets Next Generation account will not be considered for the purposes of calculating the Referral Fee; (c) The Referring Entity does not have authority No Referral Fee is payable by CMC Markets to make any commitments for the Referrer in respect of an Account held by the Referrer or on behalf a Representative of the Receiving Entity; you Referrer; (d) No Referral Fee will deal directly with the Receiving Entity be payable in respect of any products Clients who are deemed by CMC Markets, in our sole discretion, to be Inappropriate Clients; (e) Any Orders that are subsequently voided, reversed, or services cancelled by CMC Markets in accordance with the Receiving Entity may provide to you. d) The Referring Entity Client Legal Documents and its employees and officers are not and related documentation will not be deemed considered for the purposes of calculating the Referral Fee; (f) All payments under this Agreement are inclusive of all taxes, duties or levies, however designated or computed, including but not limited to value -added taxes (VAT) or any such similar consumption taxes. The Referrer is an independent contractor and shall be agentsresponsible for, employees or representatives and shall pay, all taxes which may arise out of the Receiving Entityconduct by the Referrer of its activities or as contemplated under this Agreement, including but not limited to sales, use, or value-added taxes, duties, withholding taxes and other assessments now or hereafter imposed on or in connection with this Agreement; (g) The Referral Fee will be paid net of any rebate paid to any Approved Client; and (h) Unless otherwise agreed in writing, CMC Markets will credit all accrued Referral Fees in arrears to the Referrer’s Partner Portal Account on a daily basis in line with our internal policy available in the payment hub. 9.4 In accordance with the Client Legal Documents, CMC Markets may, without notice to the Referrer, amend the fees and charges (including commissions, financing rates and spreads) relating to Products, Services, and Accounts, at any time and in its sole discretion. 9.5 Referral Fees shall be calculated by CMC Markets and the Receiving Entity Referrer shall be entitled to details of the total amount of the Referral Fee. 9.6 If the Referrer (or any Approved Sub-Referrer, as applicable) is in breach of this Agreement, then CMC Markets shall be entitled, without prejudice to any other remedies that may be available to us, to withhold payment of part or of all the Referral Fees that would otherwise be due to the Referrer (or to the Master Referrer and any concerned Approved Sub-Referrers, as applicable). If CMC Markets determines that the breach is incapable of remedy, then the Referrer (or the Master Referrer, if applicable) agrees that it shall cease to have any right, title or interest in or to any withheld Referral Fees, the entirety of which shall irrevocably pass to CMC Markets. 9.7 CMC Markets will be entitled to immediately cease any payments for Referral Fees to the Referrer (or to the Master Referrer and any concerned Approved Sub-Referrers, as applicable) if: (a) CMC Markets determines, in its sole and absolute discretion, that it is not responsible for permitted to make such payments pursuant to Applicable Law or on direction or order of an Official Body, a Regulatory Authority, or a court; (b) CMC Markets, acting reasonably, determines that the Referrer (or the Master Referrer or any actsconcerned Approved Sub-Referrers, omissionsas applicable) is in breach of this Agreement in any material respect or in breach of Applicable Law in respect of this Agreement; or (c) upon the termination of this Agreement. 9.8 Referral Fees will be repayable by the Referrer (or by the Master Referrer and any concerned Approved Sub-Referrers, statements as applicable) to CMC Markets to the extent that the Referral Fees have been: (a) incorrectly calculated or negligence over-paid; (b) paid in error; (c) paid where a Client is or becomes an Inappropriate Client; or (d) paid after the entitlement of the Referring Entity Referrer (or any employee or officer of the Referring Entity. eMaster Referrer and any concerned Approved Sub-Referrers, as applicable) has ceased under this Agreement. Any repayable Referral Fees are paid a debt that is due and payable on demand. CMC Markets may set off any repayable Referral Fees against other Referral Fees that are or become payable to the Referrer (or to the Master Referrer and any concerned Approved Sub- Referrers, as applicable). CMC Markets may set-off any such sum against any amount standing to the credit of the Referrer (or the Master Referrer and any concerned Approved Sub-Referrers, as applicable) in its/their Partner Portal Account. 9.9 Notwithstanding any other provision of this Agreement, if the Referrer (or the Master Referrer or any concerned Approved Sub-Referrers, as applicable), their Representative or any Approved Client referred by the Receiving Entity and may change from time Referrer (or Master Referrer or any concerned Approved Sub-Referrers, as applicable) owe money to time.CMC Markets or the Group under this Agreement or otherwise, we may: f(a) You are under no obligation withhold payment of Referral Fees to purchase any product or service the extent of the Receiving Entity. The Client will receive specific disclosures in writing before BPIC opens the referred Client’s accountdebt owed; and (b) set off, including among other thingsagainst any Referral Fees payable, the name of each party to the referral agreement, the terms of the referral arrangement and any associated conflicts of interested generated by the referral arrangementdebt owed. g) A referral fee may also be paid if a referral arrangement is entered into between us and a person or entity outside of BMO Financial Group. As with referral arrangements between us and another member of BMO Financial Group, details of these referral arrangements, including the manner in which the referral fee for referral services is calculated and the party to whom it is paid, will be provided to referred Clients.

Referral Fee. This disclosure is being provided to you in order to address any potential conflicts of interest as a result of the fact that the Referring Entity (defined below) may receive a fee for referring you to a Receiving Entity (defined below). The prospect of the receipt, or the actual receipt of compensation for referrals may provide the Referring Entity or its employees to favor sales of products for which they can receive compensation for making Section One: BMO Private Investment Counsel Inc. Client Account Agreement (cont’d) referrals. You may wish to take referral arrangements into consideration in evaluating recommendations made by the referring registrant. We have entered into referral agreements with certain other members of BMO Financial Group, specifically, BMO ▇▇▇▇▇▇▇ ▇▇▇▇▇ Inc., BMO Estate Insurance Advisory Services Inc. (formerly, BMO ▇▇▇▇▇▇▇ ▇▇▇▇▇ Financial Services Inc.), Bank of Montreal, BMO InvestorLine Inc. and BMTC (the “Referral Agreements”). The purpose of these Referral Agreements is to facilitate referrals of Clients to other members of BMO Financial Group to better serve Clients and prospective Clients. Each entity (a “Referring Entity”) which successfully refers Clients (each a “Referred Client”) to another entity which is a party to the Referral Agreement (a “Receiving Entity”) may receive a referral fee from the Receiving Entity. A portion of this referral fee may be paid to the individual employee of the Referring Entity (the “Referring Employee”). Alternatively, there may also be situations where the Referring Employee is compensated, directly or indirectly, by the Referring Entity for referring a Client of the Referring Entity to a Receiving Entity. Clients of BPIC and BMO Financial Group do not pay any additional charges and fees in connection with such referrals. More details of these potential referral fees are outlined in the chart starting on page 1914. All activity requiring registration under securities laws and regulations will be performed by an entity with an appropriate registration under applicable securities laws. For additional information about referrals, please consult with your Investment Counsellor. Acknowledgements: You acknowledge receipt and understanding of the above referral disclosure, and further confirm your understanding and agree with the Referring Entity and the Receiving Entity that: a) We (or, if we are not the Referring Entity, the Referring Entity) may disclose Information about you to the Receiving Entity in order to make the referral and allow for the ongoing administration of the referral. The word “Information” means financial and financially-related information about you, including information to identify you or qualify you for products and services, or information needed for regulatory requirements. b) All activity requiring registration resulting from the Referral Agreements will be provided by the Receiving Entity or outsourced to a party duly licensed or registered to carry on such activity. It is illegal for any party to the Referral Agreement to effect trades, advise in respect of certain securities or engage in investment fund management if it is not duly licensed or registered under applicable securities legislation as a broker- broker-dealer or investment advisor. c) The Referring Entity does not have authority to make any commitments for or on behalf of the Receiving Entity; you will deal directly with the Receiving Entity in respect of any products or services the Receiving Entity may provide to you. d) The Referring Entity and its employees and officers are not and will not be deemed to be agents, employees or representatives of the Receiving Entity, and the Receiving Entity is not responsible for any acts, omissions, statements or negligence of the Referring Entity or any employee or officer of the Referring Entity. e) Referral Fees are paid by the Receiving Entity and may change from time to time. f) You are under no obligation to purchase any product or service of the Receiving Entity. The Client will receive specific disclosures in writing before BPIC opens the referred Client’s account, including among other things, the name of each party to the referral agreement, the terms of the referral arrangement and any associated conflicts of interested generated by the referral arrangement. g) A referral fee may also be paid if a referral arrangement is entered into between us and a person or entity outside of BMO Financial Group. As with referral arrangements between us and another member of BMO Financial Group, details of these referral arrangements, including the manner in which the referral fee for referral services is calculated and the party to whom it is paid, will be provided to referred Clients.

Referral Fee. This disclosure is being provided to you in order to address any potential conflicts of interest as a result of the fact that the Referring Entity (defined below) may receive a fee for referring you to a Receiving Entity (defined below). The prospect of the receipt, or the actual receipt of compensation for referrals may provide the Referring Entity or its employees to favor sales of products for which they can receive compensation for making referrals. You Clients may wish to take such referral arrangements into consideration in evaluating recommendations made by the referring registrant. We have BPIC has entered into referral agreements with certain other members of BMO Financial Group, specifically, BMO ▇▇▇▇▇▇▇ ▇▇▇▇▇ Inc., BMO Estate Insurance Advisory Services Inc. (formerly, BMO ▇▇▇▇▇▇▇ ▇▇▇▇▇ Financial Services Inc.), Bank of Montreal, BMO InvestorLine Inc. and BMTC BMO Trust Company (the “Referral Agreements”). The purpose of these Referral Agreements is to facilitate referrals of Clients to other members of BMO Financial Group to better serve Clients and prospective Clients. Each entity (a “Referring Entity”) which successfully refers Clients (each a “Referred Client”) to another entity which is a party to the Referral Agreement (a “Receiving Entity”) may receive a referral fee from the Receiving Entity. A portion of this referral fee may be paid to the individual employee of the Referring Entity (the “Referring Employee”). Alternatively, there may also be situations where the Referring Employee is compensated, directly or indirectly, by the Referring Entity for referring a Client of the Referring Entity to a Receiving Entity. Clients of BPIC and BMO Financial Group do not pay any additional charges and fees in connection with such referrals. More details of these potential referral fees are outlined in the chart starting on page 1914. All activity requiring registration under securities laws and regulations will be performed by an entity with an appropriate registration under applicable securities laws. For additional information about referrals, please consult with your Investment Counsellor. Acknowledgements: You acknowledge receipt and understanding of the above referral disclosure, and further confirm your understanding and agree with the Referring Entity and the Receiving Entity that: a) We (or, if we are BPIC is not the Referring Entity, the Referring Entity) may disclose Information about you to the Receiving Entity in order to make the referral and allow for the ongoing administration of the referral. The word “Information” means financial and financially-related information about you, including information to identify you or qualify you for products and services, or information needed for regulatory requirements. b) All activity requiring registration resulting from the Referral Agreements will be provided by the Receiving Entity or outsourced to a party duly licensed or registered to carry on such activity. It is illegal for any party to the Referral Agreement to effect trades, advise in respect of certain securities or engage in investment fund management if it is not duly licensed or registered under applicable securities legislation as a broker- broker-dealer or investment advisor. c) The Referring Entity does not have authority to make any commitments for or on behalf of the Receiving Entity; you will deal directly with the Receiving Entity in respect of any products or services the Receiving Entity may provide to you. d) The Referring Entity and its employees and officers are not and will not be deemed to be agents, employees or representatives of the Receiving Entity, and the Receiving Entity is not responsible for any acts, omissions, statements or negligence of the Referring Entity or any employee or officer of the Referring Entity. e) Referral Fees are paid by the Receiving Entity and may change from time to time. f) You are under no obligation to purchase any product or service of the Receiving Entity. The Client will shall receive specific disclosures in writing before BPIC opens the referred Client’s account, including among other things, the name of each party to the referral agreement, the terms of the referral arrangement and any associated conflicts of interested generated by the referral arrangement. g) A referral fee may also be paid if a referral arrangement is entered into between us BPIC and a person or entity outside of BMO Financial Group. As with referral arrangements between us BPIC and another member of BMO Financial Group, details of these referral arrangements, including the manner in which the referral fee for referral services is calculated and the party to whom it is paid, will be provided to referred Clients.

Referral Fee. This disclosure is being provided to you in order to address any potential conflicts of interest as a result of the fact that the Referring Entity (defined below) may receive a fee for referring you to a Receiving Entity (defined below). The prospect of the receipt, or the actual receipt of compensation for referrals may provide the Referring Entity or its employees to favor sales of products for which they can receive compensation for making referrals. You may wish to take referral arrangements into consideration in evaluating recommendations made by the referring registrant. We have entered into referral agreements with certain other members of BMO Financial Group, specifically, BMO ▇▇▇▇▇▇▇ ▇▇▇▇▇ Inc., BMO Estate Insurance Advisory Services Inc. (formerly, BMO ▇▇▇▇▇▇▇ ▇▇▇▇▇ Financial Services Inc.), Bank of Montreal, BMO InvestorLine Inc. and BMTC Trustco (the “Referral Agreements”). The purpose of these Referral Agreements is to facilitate referrals of Clients to other members of BMO Financial Group to better serve Clients and prospective Clients. Each entity (a “Referring Entity”) which successfully refers Clients (each a “Referred Client”) to another entity which is a party to the Referral Agreement (a “Receiving Entity”) may receive a referral fee from the Receiving Entity. A portion of this referral fee may be paid to the individual employee of the Referring Entity (the “Referring Employee”). Alternatively, there may also be situations where the Referring Employee is compensated, directly or indirectly, by the Referring Entity for referring a Client of the Referring Entity to a Receiving Entity. Clients of BPIC and BMO Financial Group do not pay any additional charges and fees in connection with such referrals. More details of these potential referral fees are outlined in the chart starting on page 1914. All activity requiring registration under securities laws and regulations will be performed by an entity with an appropriate registration under applicable securities laws. For additional information about referrals, please consult with your Investment Counsellor. Acknowledgements: You acknowledge receipt and understanding of the above referral disclosure, and further confirm your understanding and agree with the Referring Entity and the Receiving Entity that: a) We (or, if we are not the Referring Entity, the Referring Entity) may disclose Information about you to the Receiving Entity in order to make the referral and allow for the ongoing administration of the referral. The word “Information” means financial and financially-related information about you, including information to identify you or qualify you for products and services, or information needed for regulatory requirements. b) All activity requiring registration resulting from the Referral Agreements will be provided by the Receiving Entity or outsourced to a party duly licensed or registered to carry on such activity. It is illegal for any party to the Referral Agreement to effect trades, advise in respect of certain securities or engage in investment fund management if it is not duly licensed or registered under applicable securities legislation as a broker- broker-dealer or investment advisor. c) The Referring Entity does not have authority to make any commitments for or on behalf of the Receiving Entity; you will deal directly with the Receiving Entity in respect of any products or services the Receiving Entity may provide to you. d) The Referring Entity and its employees and officers are not and will not be deemed to be agents, employees or representatives of the Receiving Entity, and the Receiving Entity is not responsible for any acts, omissions, statements or negligence of the Referring Entity or any employee or officer of the Referring Entity. e) Referral Fees are paid by the Receiving Entity and may change from time to time. f) You are under no obligation to purchase any product or service of the Receiving Entity. The Client will receive specific disclosures in writing before BPIC opens the referred Client’s account, including among other things, the name of each party to the referral agreement, the terms of the referral arrangement and any associated conflicts of interested generated by the referral arrangement. g) A referral fee may also be paid if a referral arrangement is entered into between us and a person or entity outside of BMO Financial Group. As with referral arrangements between us and another member of BMO Financial Group, details of these referral arrangements, including the manner in which the referral fee for referral services is calculated and the party to whom it is paid, will be provided to referred Clients.