Trading Acknowledgment and Trading Services. You hereby acknowledge that Managers you select may select Pershing, a Xxxxxxxx affiliated broker-dealer, for trade execution. For third-party Managers, you acknowledge that Xxxxxxxx has no involvement in any Manager’s selection. You further acknowledge and agree that trades may be executed on a principal basis, unless your Account(s) is an IRA account or subject to ERISA. Xxxxxxxx monitors third-party Managers’ ability to achieve best execution with respect to such trades. Unless you direct otherwise, you hereby instruct your Manager(s) (including Xxxxxxxx if acting as Manager) to use the execution services of Broker via Pershing to etfect transactions for the purchase and/or sale of securities and other investments. However, if a Manager reasonably believes in good faith that another broker or dealer will provide better execution considering all factors, which may include the total price (including commissions) being lower than it believes is obtainable through Broker, then it may execute elsewhere. In particular, some third- party Managers have historically executed all or a portion of their trades for fixed-income, foreign or small cap securities or strategies with broker- dealers other than Pershing. If a Manager executes trades with a broker- dealer other than Xxxxxxxx, the expenses of transaction-related services provided by that other broker-dealer will cause your Account(s) to incur commissions, mark-ups, xxxx-xxxxx, or other additional trading costs that are in addition to the Program Fee. Xxxxxxxx is not responsible for any such decision by a third-party Manager. You may direct that one or more of the Managers utilize the services of one or more particular broker-dealers. In that case, you acknowledge that you may not always be charged the lowest available fee, that such arrangement may atfect the Managers’ ability to negotiate commissions, obtain volume discounts or achieve best execution for broker-directed Account(s) in some transactions, and, as noted above, you will incur trading costs that are in addition to the Program Fee. There is a conflict of interest where Xxxxxxxx’x affiliate, PAS, serves as Broker and performs execution services. As the Account is managed via a bundled fee arrangement, utilizing PAS will not result in additional fees to you.
