Document:

EX-10.15

 Exhibit 10.15 
  

			
	 APEX Clearing Corporation.
 Full
Service-Omnibus
	  	Execution Copy

 *Portions of this exhibit have been excluded because it both (i) is not material and (ii) would be competitively
harmful if publicly disclosed. 
 CLEARING AGREEMENT 

(OMNIBUS—FULL SERVICE) 
 THIS
CLEARING AGREEMENT (the “Agreement”) is made as of this 31st day of December, 2015 (“Effective Date”), by and between Charles Schwab & Co., Inc., a California corporation (“Schwab”) and
APEX Clearing Corporation a New York corporation (“Correspondent”).  
 1. Clearing Accounts. During the term of
this Agreement, Schwab will carry, for purposes of clearing transactions in open-end investment company shares, or shares of a series or class thereof (hereinafter referred to as “mutual funds”
or a “Fund”), one or more brokerage clearing accounts, which may contain multiple sub-accounts, of Correspondent (the “Clearing Accounts”) on an omnibus or other basis on
behalf of Correspondent’s customers, as defined in Rule 15c3-3(a)(l) of the Securities Exchange Act of 1934 (the “1934 Act”), including the customers of introducing brokers clearing
through Correspondent on a fully disclosed basis (“Initial Correspondents”) (collectively, “Customers”). References herein to Clearing Accounts shall be deemed to include the Customer
sub-accounts (hereinafter, “Customer Sub-Accounts”). 

2. Services to be Performed by Schwab. During the Term of this Agreement, Schwab will execute and clear mutual fund transactions for
the Clearing Accounts, based on instructions received from Correspondent or its authorized persons, and perform the following services (the “Services) in accordance with the terms and conditions stated below. 

(a) Execute transactions in the Clearing Accounts in accordance with the terms and conditions of this Agreement and Schwab’s operating
procedures as set forth in Exhibit A of this Agreement (the “Clearing Procedures”), which Clearing Procedures may be amended from time to time upon prior written notice to and written consent of Correspondent, which consent shall
not be unreasonably withheld; 
 (b) Prepare and give Correspondent transactional files as set forth in Exhibit E hereto. Such files may be
provided by electronic transmission, or another mutually agreed upon method should electronic transmission be unavailable; 
 (c) Perform
cashiering functions for Clearing Accounts, including crediting and debiting mutual fund shares purchased and redeemed, and making payment and receiving payment therefor; 

(d) Maintain custodial control and safekeeping of mutual fund shares; provided, however, that Schwab shall not be responsible for any mutual
fund shares transferred by Correspondent to Schwab unless Schwab receives appropriate notification of such transfer and such shares are transferred to an account maintained by Schwab with the mutual fund and registered in Schwab’s name for the
benefit of its customers; 
 (e) Collect and promptly pay distributions, including capital gains distributions and dividends, required in
connection with holding mutual fund shares in custodial control in the Clearing Accounts; 

  
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	 APEX Clearing Corporation.
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 (f) Reconcile the mutual fund shares in the Clearing Accounts with Schwab’s positions maintained at
the mutual funds; 
 (g) Maintain books and records of all transactions executed or cleared through Schwab, as required of Schwab by
applicable law, rule, or regulation, or as otherwise may be required herein; 
 (h) Provide to Correspondent any documents, records, data
and other information in Schwab’s possession as may be reasonably necessary for Correspondent’s proper performance and supervision of its duties under Section 5 of this Agreement; 

(i) Promptly furnish to Correspondent, and to the extent required by applicable law, rules and regulations, furnish promptly to
Correspondent’s designated examining authority or its appropriate regulatory agency or authority (“Regulatory Authority”), if any, any written complaint or other written communication received by Schwab from a Customer
regarding Correspondent and the duties and responsibilities of Schwab in connection with this Agreement. In connection with the foregoing, Schwab will notify the complaining Customer, in writing, that it has received the complaint and such complaint
has been furnished to the Correspondent and its designated examining authority or its appropriate regulatory agency or authority, if any; and 

(j) If required by any Regulatory Authority or securities exchange with jurisdiction over Schwab, Schwab will submit this Agreement after
execution by the parties to the appropriate Regulatory Authority or exchange for its review and approval as required by the rules and regulations of such Regulatory Authority or exchange. Any amendments to this Agreement shall also be submitted to
the appropriate Regulatory Authority or exchange for review and approval if and as required. Schwab agrees to notify Correspondent upon receipt by Schwab of any approval letter from the Regulatory Authority or exchange. 

3. Acceptance and Execution of Transactions; Reliance on Communications. 

(a) Schwab may, without prior notice, (i) refuse to open any account for Correspondent; (ii) refuse to execute any order (based upon
rejection of the order by the Fund, the transfer agent to the Fund, or the underwriter for the Fund or by Schwab as specified in Section 4 of Exhibit A); or (iii) reject a transfer of mutual fund shares to any account at Schwab. Such
action or inaction shall have a reasonable basis, and Schwab shall promptly notify Correspondent of such action or inaction and the reason(s) therefor. 

(b) Correspondent shall be responsible for the accuracy of the content of orders or other instructions it or its authorized person transmits
to Schwab and for any errors in such orders or other instructions. Schwab shall be responsible for the correction of any separate and additional errors it might make in connection with the further transmission and execution of such instructions
after their receipt from Correspondent. Schwab shall be entitled to rely on any communications or instructions that it reasonably believes were provided to it by Correspondent or its authorized persons as accurate without obligation of further
inquiry. The parties acknowledge that while instructions will generally be transmitted between the parties in file transmissions, as further described in the following paragraph, instructions may also be provided by either party’s authorized
persons. 

  
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 (i) File Transmissions: Any instructions transmitted by file between the parties shall be as set forth on
Exhibit E hereto, in a file format reasonably acceptable to both parties. Any changes or additions to file content, file transmission times or destinations will be agreed upon in writing by the parties, and will be effected as soon as reasonably
practicable following such agreement. Files will be transmitted through a security protocol both parties agree to be a commercially reasonably method of transmitting files. 

(ii) Correspondent agrees to provide to Schwab in writing a list of persons that Correspondent has authorized to establish, maintain and
provide instructions with respect to the Clearing Accounts as well as any supporting documentation of such authority reasonably required by Schwab. This written list of authorized persons shall be provided to Schwab in a format substantially similar
to Exhibit G hereto. Correspondent will notify Schwab in writing of any modifications to the list of authorized persons when applicable. 

(c) Schwab may record telephone calls with Correspondent’s employees and other authorized persons without providing further notice to
Correspondent or its employees that such calls are being recorded, consistent with industry standard practices between like parties, and Schwab acknowledges that Correspondent may also record telephone calls with Schwab’s authorized
representatives without further notice that such calls are being recorded. By signing this Agreement, each party consents to any such recording of telephone calls and agrees to notify its employees of the foregoing. 

4. Services for Which Schwab is Not Responsible. Schwab shall be responsible for performing only those Services it has specifically
agreed in writing to perform. Among others, Schwab will not provide the following Services: 
 (a) Extend margin credit by or through the
Clearing Accounts; 
 (b) Execute or clear any transaction not involving mutual fund shares; 

(c) Prepare, maintain, or update any records of Correspondent, including but not limited to, payroll records, financial statements, regulatory
reports or any analyses thereof; 
 (d) Prepare or issue checks in payment of Correspondent’s expenses; 

(e) Supervise Correspondent or its officers, registered representatives, employees, or agents, or be responsible for determining the
suitability or appropriateness of any transaction, investment strategy, or pattern of trading activity undertaken in any Clearing Account or any account of a Customer at Correspondent; 

(f) Prepare or file any reports required to be filed by Correspondent with any Regulatory Authority to whose jurisdiction Correspondent is
subject; 

  
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 (g) Prepare reports or statements to Customers or others required by the Internal Revenue Code of 1986,
as amended, or other federal or state statutes, rules or regulations in effect from time to time; and 
 (h) Reconcile the mutual fund
shares in the accounts of Customers at Correspondent with the Clearing Accounts. 
 5. Duties of Correspondent. 

(a) Customers shall be deemed to be customers of Correspondent for all purposes, including the Securities and Exchange Commission’s
(“SEC”) financial responsibility rules adopted under the 1934 Act and the Securities Investor Protection Act, as amended, and regulations adopted thereunder. Schwab will not carry accounts at Schwab in the name of
Customers. Correspondent will open accounts for Customers on the books and records of Correspondent, supervise its employees, principals, registered representatives and agents who provide services with respect to any of such Customer accounts, and
maintain and supervise such Customer accounts and the transactions therein in accordance with all applicable requirements of the Securities Act of 1933, as amended (the “1933 Act”), the 1934 Act, the rules and
regulations of the SEC thereunder, including but not limited to Reg T margin requirements, and the rules and regulations of all self-regulatory organizations having jurisdiction over Correspondent, including but not limited to any applicable
requirements relating to the suitability of investments by its Customers and maintenance of proprietary and customer accounts as set forth in FINRA Rule 4311, if and as applicable. 

(b) Correspondent will provide to Schwab any documents, records, data and other information in Correspondent’s possession as may be
reasonably necessary for Schwab’s proper performance and supervision of its duties under this Agreement. Information that Schwab acquires from such data or documents shall not be deemed to expand the duties or obligations of Schwab under this
Agreement, absent an amendment to the Agreement. 
 (c) In the event Correspondent acts as an intermediary for an Initial Correspondent for
the purpose of obtaining clearing services from Schwab, Correspondent shall notify Schwab of the existence of such arrangements and the identity of the Initial Correspondent. The name and CRD number, if applicable, of the Initial Correspondent shall
be reflected on Exhibit F hereto, and Correspondent shall notify Schwab of any changes or additions to Exhibit F. Information that Schwab acquires from such data or documents shall not be deemed to expand the duties or obligations of Schwab under
this Agreement absent an amendment to the Agreement. 
 (d) Correspondent will examine promptly all rejected transactions, confirmations,
statements, and other files provided to Correspondent by Schwab under this Agreement detailing actions taken by Schwab as clearing broker for Correspondent. Correspondent will notify Schwab of any error or apparent error made by Schwab following
receipt of any such confirmation, statement or file by the end of the next Business Day, as defined in Section 6(c) below. 
 (e)
Correspondent will have sole responsibility for satisfying any and all applicable federal and state prospectus delivery, transaction confirmation, tax reporting and account statement requirements with respect to Customers. In addition, Correspondent
shall be responsible for making arrangements with a proxy voting service acceptable to Schwab to facilitate the forwarding of proxy solicitation materials to Customers and to receive voting instructions from Customers. 

  
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 (f) Correspondent will have responsibility for ensuring that each Customer that invests in a mutual fund
satisfies the applicable terms or conditions for purchases and redemptions set forth in the prospectus of the Fund, or in accordance with instructions Schwab has otherwise received from a Fund and communicated to Correspondent. These terms include
but are not limited to investment minimums, purchase or redemption fees and sales charges, and investment eligibility requirements. In addition, Correspondent will be responsible for monitoring trade activity and restricting purchases or exchanges
by investors in accordance with any frequent trading policy established by a Fund. If Correspondent provides Schwab with reasonable written notice of a waiver by a fund of any term of the prospectus or other instruction provided by Schwab (a
“Requested Waiver”), Schwab will use commercially reasonable efforts to process the Requested Waiver as soon as practicable after Schwab’s receipt of the Requested Waiver. 

(g) Correspondent will provide its Customers with any disclosure required by applicable laws, rules or regulations. 

(h) Correspondent will promptly forward to Schwab copies of any written complaint or other communication received from a Customer which
specifically names Schwab or relates to Schwab’s activities. Nothing in this Section shall be construed to create any duty by Schwab to take any action with respect to a Customer’s complaint or to respond or make restitution to Customers,
nor otherwise to impose on Schwab any duty or obligation with respect to any such complaint. 
 (i) Correspondent shall supply to Schwab
information reasonably required by Schwab to conduct a due diligence review of Correspondent to determine the financial, operational, credit and reputational risk that this arrangement will have on Schwab, pursuant to FINRA Rule 43ll(b)(4). These
materials may include, without limitation, any or all of the following: 
 (1) Its Form BD and any amendments thereto; and 

(2) its audited financial statements; reports filed with the SEC on Forms 10-K, 10-Q and 8-K, as applicable; and any reports filed pursuant to Rule 17a-11 under the 1934 Act. 

(j) Correspondent will notify Schwab of the entry of any order or decree issued by any Regulatory Authority with jurisdiction over
Correspondent imposing on Correspondent a material monetary or non-monetary sanction related to its obligations under this Agreement, a suspension of or expulsion from membership, or a suspension or revocation
of any registration or license relating to or affecting its obligations or services to be performed under this Agreement (such notice shall include, at a minimum, and to the extent permitted by applicable law, rule or regulation, a description of
the applicable order or decree). 
 (k) Correspondent will provide promptly to Schwab upon request a report identifying all assets eligible
for clearing by Schwab under this Agreement but that are not being cleared through Schwab at the time of the request. 
 (1) Correspondent
agrees that it shall not assess fees or charges on investors that are prohibited by or inconsistent with applicable laws or regulations. 

  
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 (m) Correspondent agrees to carry out the duties set forth in this Agreement with respect to Customers who are
customers of Initial Correspondents and/or to include a provision in an agreement with the Initial Correspondent whereby the Initial Correspondent agrees to carry out the duties set forth in this Agreement with respect to such Customers.
Correspondent further agrees that each agreement into which it enters with an Initial Correspondent shall obligate the Initial Correspondent to perform any responsibilities allocated to it thereunder only in a manner consistent with the terms of
this Agreement and that the Initial Correspondent make the same representations and warranties to Correspondent as are made by Correspondent to Schwab in Section 9(a) of this Agreement. Correspondent agrees to provide to Schwab, on
Schwab’s reasonable request, copies of the written agreements Correspondent has entered into with Initial Correspondents, solely for the purpose of allowing Schwab to confirm compliance with this provision. 

(n) Correspondent shall have sole responsibility for passing through any brokerage commissions or fees payable to Correspondent’s
representatives or to Initial Correspondents, as applicable, and for ensuring that any such payments are properly disclosed to Customers, if and to the extent required by applicable law, rule or regulation. 

( o) If required by any Regulatory Authority or securities exchange with jurisdiction over Correspondent, Correspondent will submit this
Agreement after execution by the parties to the appropriate Regulatory Authority or exchange for its review and approval as required by the rules and regulations of such Regulatory Authority or exchange. Any amendments to this Agreement shall also
be submitted to the appropriate Regulatory Authority or exchange for review and approval if and as required. Correspondent agrees to notify Schwab upon receipt of any approval letter by Correspondent issued by the Regulatory Authority or exchange.

 (p) Correspondent agrees not to offer or sell Fund shares covered by this Agreement, except as otherwise set forth herein, to any
Customer whose account address is located outside of the United States (“Non-U.S. Customers”). Correspondent shall be responsible for ensuring that any offer and sale of shares
of any Fund covered by this Agreement to a Non-U.S. Customer complies with all domestic and foreign laws, rules and regulations applicable to Correspondent and Correspondent will submit any resulting purchase
transaction to Schwab only if it has received appropriate approvals from the Fund. Correspondent shall maintain a record of any such approvals and shall provide them to Schwab on Schwab’s request. Correspondent acknowledges and agrees that
submission to Schwab of any resulting purchase transaction in connection with that offer or sale (“Non-U.S. Purchase Orders”) shall constitute Correspondent’s confirmation
of its compliance with all domestic and foreign laws, rules and regulations applicable to Correspondent. Correspondent understands that a Fund may reject a Non-U.S. Purchase Order that has not been properly
reviewed and approved by the Fund in advance. 
 (q) Correspondent will be responsible to Schwab for unpaid debits in the Clearing Accounts
as set forth in Section 6 herein, and for any other loss sustained by Schwab as a result of any action by (i) Correspondent; (ii) any officer, employee, principal, registered representative or affiliate of Correspondent or an Initial
Correspondent (collectively, “Correspondent’s Affiliates”); or (iii) Customers. 

  
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 6.
Segregation Accounts and Unpaid Mutual Fund Shares. 
 (a) Schwab shall establish and maintain for and in the name of Correspondent
one or more segregated Customer Sub-Accounts for the purpose of segregating fully paid-for mutual fund shares of Customers of Correspondent pursuant to
Correspondent’s standing instructions. Correspondent understands and acknowledges that mutual fund shares recorded in each Customer Sub-Account will be custodied in an account maintained with the mutual
fund and registered in Schwab’s name for the exclusive benefit of its customers or Correspondent. Subject to Correspondent’s full payment of mutual fund shares purchased by Schwab upon Correspondent’s instructions, Schwab will not
have, and will not assert, any charges, claim or lien of any kind against mutual fund shares held in a segregated Customer Sub-Account nor will Schwab grant any third party any interest in such mutual fund
shares. Schwab may not pledge, hypothecate or rehypothecate any mutual fund shares in a Clearing Account. Each segregated Customer Sub-Account shall be deemed to be a proper control location of the
Correspondent within the meaning of Rule 15c3-3(c)(2). 
 (b) Correspondent represents that
(i) the mutual fund shares in each Customer account held on Correspondent’s system are, within the meaning of Rule 8c-l and Rule 15c2-l under the 1934 Act, for
the account of a Customer; and (ii) Correspondent shall be responsible for segregating, on Correspondent’s books and records, all fully paid mutual fund shares in each Customer account on Correspondent’s broker-dealer or authorized
agent sub-accounting system. Correspondent hereby acknowledges and confirms to Schwab that Schwab has a general lien and security interest in and to any and all mutual fund shares now or hereafter held or
maintained in each Clearing Account for which Schwab has not received payment, together with any and all payments, dividends, distributions and proceeds of or on the foregoing, to secure all debits to such Clearing Account for the price of all
purchase transactions placed therein. 
 (c) In the event that, for any reason, Schwab does not receive full payment for any mutual fund
shares purchased by Schwab upon Correspondent’s instructions, Schwab shall promptly notify Correspondent of non-payment, and Correspondent will make up the settlement shortfall on the next day on which
the New York Stock Exchange is open for business (a “Business Day”). If the settlement shortfall is not fully paid on the next Business Day, Schwab may, in its sole discretion, debit or offset the amount of the
shortfall against the Correspondent’s Risk Account or Letter of Credit (as each term is defined below) pursuant to Section 7 of this Agreement. If the Risk Account or Letter of Credit is insufficient to make full payment with respect to
such shortfall, then (i) Correspondent shall pay the full amount of losses promptly, upon demand, and (ii) notwithstanding any of the foregoing, Schwab may, in its sole discretion, sell the identified
non-paid for mutual fund shares sufficient to meet such shortfall and charge any losses and expenses that it may incur in connection with such sales to Correspondent’s account. 

7. Risk Account; Letter of Credit. To secure unpaid debits in the Clearing Accounts resulting from a settlement shortfall
(“Unpaid Debits”) under this Agreement, Correspondent shall, on or prior to the clearing of any mutual fund transactions by Schwab, elect either to open a Risk Account or establish a Letter of Credit. 

  
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 (a)
Risk Account. Correspondent may open an account at Schwab to be registered in its own name (the “Risk Account”) and deposit at least two hundred fifty thousand Dollars ($250,000.00) in cash in the Risk Account. A completed
new account application and required supporting documentation must be provided to Schwab prior to the opening of such Risk Account, a form of which is set forth in Exhibit H hereto. Correspondent hereby grants and transfers to Schwab a general lien
and security interest in the Risk Account and any and all assets now or hereafter held or maintained in the Risk Account, together with any and all payments and proceeds of or on the foregoing, to secure all Unpaid Debits; or 

(b) Letter of Credit. Correspondent may obtain a letter of credit in the amount of at least two hundred fifty thousand Dollars ($250,000.00)
issued by a financial institution acceptable to Schwab, in substantially the form of Exhibit C hereto (“Letter of Credit”). 

(c) In connection with its exercise of its rights as creditor hereunder, Schwab may charge the Risk Account or the Letter of Credit, as the
case may be, with the amount of any Unpaid Debits at such time or times as Schwab may deem appropriate. Any charges made against the Risk Account or the Letter of Credit shall not constitute a waiver of any other right or remedy Schwab may have
under this Agreement or under applicable law. If from time to time average daily purchase transactions for four (4) consecutive weeks (“Four Week Average”) exceeds one million Dollars ($1,000,000.00), Schwab may increase the
amount that Correspondent is required to maintain in the Risk Account or obtain for the Letter of Credit (the “Risk Amount”) by providing written notice by commercial overnight carrier of such increased Risk Amount to Correspondent,
and Correspondent shall either deposit sufficient additional cash into the Risk Account or cause the Letter of Credit to be increased to comply with such increased Risk Amount within three (3) Business Days after receipt of such notice;
provided, however, that the Risk Amount specified in the notice, which will include any increase in the Risk Amount contemplated under this paragraph, shall not exceed twenty five percent (25%) of the Four Week Average immediately preceding
Schwab’s notice. In the event of any debit or offset against the Risk Account or Letter of Credit for any Unpaid Debits or otherwise, Correspondent shall within three (3) Business Days either deposit cash in the Risk Account or cause the
Letter of Credit to be increased sufficient to bring the value of such account or instrument back to the level required pursuant to this Section 7. Correspondent’s failure to increase the value of the Risk Account or Letter of Credit as
required herein shall constitute a material breach of this Agreement which shall permit Schwab to terminate this Agreement in accordance with Section 16 of this Agreement. Correspondent shall notify Schwab in writing of the authorized person at
Correspondent who will direct investments and receive confirms and statements in a Risk Account, and receive notice of increase in the deposit amount for a Risk Account or Letter of Credit, as set forth in this Section 7. Subject to
Schwab’s general lien and security interest described above, any interest, dividends, capital gains, or other earnings on assets in the Risk Account shall accrue to the benefit of Correspondent and Correspondent shall have all ownership
interest therein. 
 (d) Correspondent acknowledges that the Risk Account and the net capital treatment by Correspondent of the money in the
Risk Account is subject to certain SEC requirements under Rule 15c3-1 and 15c3-3 of the 1934 Act, and that Correspondent agrees to provide necessary information and
documentation in order to comply with these requirements. Money of Correspondent held in the Risk Account does not represent an ownership interest in Schwab. Any remaining credit balances in the Risk Account after the discharge of Unpaid Debits will
be returned to the Correspondent within thirty (30) calendar days after the cancellation of this Agreement. The thirty calendar day period shall commence five (5) Business Days after the initial transfer of Customer Sub-Accounts. 

  
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	 APEX Clearing Corporation.
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 8. Fees and Payments. The parties shall make such payments to each other as are set forth on the fee
schedule attached hereto as Exhibit B, which fee schedule may be amended by Schwab at any time following the fifth anniversary of the Initial Conversion End Date (as defined in Section 14 of this Agreement) upon ninety (90) days prior
written notice to Correspondent, provided that Schwab may amend such fee schedule at any time by written notice to Correspondent with respect to services not offered as of the date hereof at prices contained in such notice. The fees due Schwab
hereunder shall be an obligation of Correspondent, and no such fees shall be directly charged to Customers as fees due to Schwab. Nothing in this Section 8 shall prevent Correspondent from imposing transaction fees or charges on its Customers
for transactions in mutual fund shares cleared and settled through Schwab. 
 9. Representations and Warranties. 

(a) Correspondent represents and warrants that: 

(1) it is duly organized and validly existing in good standing under the laws of the jurisdiction in which it is organized and that it is a
member firm in good standing of the Financial Industry Regulatory Authority, Inc. (“FINRA”) and that it is a broker-dealer registered with the SEC under the 1934 Act; 

(2) it has all requisite authority under applicable law, rules and regulations of any Regulatory Authority to which it is subject, to enter
into this Agreement and to retain the services of Schwab in accordance with the terms hereof and the person signing this Agreement on its behalf is an officer of Correspondent authorized to execute this Agreement; 

(3) it will act in accordance with all applicable laws, rules and regulations of any Regulatory Authority to which it is subject and it and
each of its principals and registered representatives is in compliance in all material respects, and during the term of this Agreement will remain in compliance in all material respects, with, among other things, the registration, qualification,
capital, financial, reporting, customer protection, and other requirements of every Regulatory Authority to which jurisdiction Correspondent and each of its principals and registered representatives are subject; 

(4) to the best of its knowledge, it has disclosed to Schwab every action, suit, investigation, or proceeding (formal or informal) pending or
threatened against or affecting Correspondent or any officer, employee, principal, registered representative, agent or affiliate of Correspondent (“Correspondent’s Affiliates”), or their respective property or assets, that
potentially will have a material impact on Correspondent’s ability to perform under this Agreement (including its ability to pay or receive fees under this Agreement). Correspondent shall notify Schwab promptly, but in any event within
twenty-four (24) hours, of the initiation of any such action, suit, investigation, or proceeding that potentially will have a material impact on Correspondent’s ability to perform under this Agreement (including its ability to pay fees
when due under this Agreement); 
 (5) it has provided to Schwab accurate information, including but not limited to information related to
operational and technological compatibility, and data regarding current asset levels and expected asset growth, upon which Schwab has reasonably relied in analyzing the business opportunity presented, conducting appropriate due diligence of
Correspondent and in entering into this Agreement with Correspondent; 

  
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 (6) all securities held in the Clearing Account will be for the accounts of Correspondent’s Customers
and the hypothecation of such securities by Correspondent will not contravene any provision of Rules 8c-l or 15c2-l of the 1934 Act or any other SEC rule on the
hypothecation of customers’ securities by brokers or dealers; 
 (7) with respect to Customers that are plans subject to section 4975
of the Internal Revenue Code (the “Code”), including individual retirement accounts, either (i) it does not act as a fiduciary as defined in the Employee Retirement Income Security Act of 1974 (“ERISA”) or
section 4975 of the Code in connection with the shares held in the Clearing Accounts, (ii) no transaction involving shares held in the Clearing Accounts will result in the Correspondent engaging in a prohibited transaction as defined in ERISA
or section 4975 of the Code, or (iii) any transaction involving shares in the Clearing Accounts that satisfies the definition of a prohibited transaction under ERISA or section 4975 of the Code qualifies for a statutory or administrative
prohibited transaction exemption under ERISA; 
 (8) it has established and will maintain an anti-money laundering program reasonably
designed to comply with all applicable AML laws and regulations, including applicable provisions of the Bank Secrecy Act and the USA PATRIOT Act of 2001, as well as with the regulations administered by the U.S. Department of the Treasury’s
Office of Foreign Assets Control (an “AML Program”). As part of its AML Program, Correspondent will take reasonable steps to identify the customers for whom it acts in its dealings and will monitor, consistent with statutory and
regulatory requirements, the transactions of such customers to detect and, where appropriate, report suspicious activities. Correspondent agrees to provide a written certification as to its compliance with applicable AML laws and regulations, and
will cause Initial Correspondent to provide a written certification as to its compliance with applicable AML laws and regulations, upon reasonable written request of Schwab or a Fund. Upon reasonable written request by Schwab or a Fund,
Correspondent shall, to the extent necessary, (i) provide information about its Customers and relevant transactions that Schwab or a Fund reasonably believes is needed to fulfill any anti-money laundering obligations imposed by law, rule or
regulation on Schwab or the Fund, provided Correspondent is permitted by applicable laws, rule and regulations to share such information, and (ii) use reasonable efforts to obtain such information from an Initial Correspondent as is necessary
to fulfill such written request; 
 (9) if and as applicable, it has entered into a clearing agreement with each Initial Correspondent that
complies in all material respects with applicable regulatory requirements, including but not limited to FINRA Rule 4311 and the requirements thereunder for allocation of responsibilities between Correspondent and Initial Correspondent; and 

(10) it has, prior to the Effective Date, notified Schwab in writing of the existence of any financial services firm or other entity that
provides to Correspondent mutual fund clearing services similar to the clearing services provided by Schwab hereunder. 

  
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 (b)
Schwab represents and warrants that: 
 (1) it is duly organized and validly existing in good standing under the laws of the State of
California and it is a member firm in good standing of FINRA and a broker-dealer registered with the SEC under the 1934 Act; 
 (2) it has
all requisite authority under applicable laws, rules and regulations of any Regulatory Authority to which it is subject, to enter into and perform its obligations under this Agreement and the person signing this Agreement on its behalf is an officer
of Schwab authorized to execute this Agreement; 
 (3) it will act in accordance with all applicable laws, rules and regulations of any
Regulatory Authority to which it is subject and it and each of its principals and registered representatives is in compliance in all material respects, and during the term of this Agreement will remain in compliance in all material respects, with,
among other things, the registration, qualification, capital, financial, reporting, customer protection, and other requirements of every Regulatory Authority to which jurisdiction Schwab and each of its principals and registered representatives are
subject; and 
 (4) to the best of its knowledge, it has disclosed to Correspondent every action, suit, investigation, or proceeding
(formal or informal) pending or threatened against or affecting Schwab or any officer, employee, principal, registered representative or agent of Schwab (“Schwab’s Affiliates”), or their respective property or assets, that
potentially will have a material impact on Schwab’s ability to perform under this Agreement. Schwab shall notify Correspondent promptly, but in any event within twenty-four (24) hours, of the initiation of any such action, suit,
investigation, or proceeding that potentially will have a material impact on Schwab’s ability to perform under this Agreement. 
 (c)
If during the term of this Agreement the foregoing representations and warranties made by Correspondent or Schwab above are no longer accurate, then Correspondent or Schwab, as appropriate, shall promptly notify the other party thereof. 

10. Indemnification and Limitations of Liability. 

(a) By Correspondent. 

(1) In addition to any other obligations Correspondent may have under other provisions of this Agreement, Correspondent shall indemnify,
defend, and hold harmless Schwab and Schwab’s Affiliates from and against all claims, demands, proceedings, suits, and actions and all liabilities (including, without limitation, any excise taxes imposed by the Code or any penalties imposed by
the Department of Labor for any violation of ERISA), reasonable expenses, reasonable attorney’s fees, and costs in connection therewith (including reasonable expenses, reasonable attorney’s fees and costs incurred in pursuing an
indemnification claim hereunder) (collectively “Claims”) arising out of one or more of the following: 
 (A)
Correspondent’s gross negligence, reckless disregard, or willful misconduct in performing, or material failure to perform, any of its responsibilities or obligations under this Agreement; 

  
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 (B) Any dishonest, fraudulent, reckless, or criminal act or omission on the part of Correspondent,
Correspondent’s Affiliates, any Customer, or any Initial Correspondent relating to or arising out of this Agreement; 
 (C) Material
breach by Correspondent of any representation or warranty made by it under this Agreement, including, but not limited to, any breach of confidentiality as provided under Section 12( d) of this Agreement; 

(D) Any proceeding against Correspondent or Correspondent’s Affiliates brought by a Customer, or any investigation or proceeding against
Correspondent initiated by a Regulatory Authority to the extent it relates to or arises out of this Agreement; 
 (E) The failure of
Correspondent to make payment when due for securities purchased for a Clearing Account; 
 (F) Any adverse claims with respect to any
securities of Customers cleared by Schwab pursuant to this Agreement; 
 (G) Any claim or proceeding against Schwab by any Customer, Fund,
or Regulatory Authority to the extent based on conduct or omissions of Correspondent or any Initial Correspondents with respect to mutual fund transactions processed under this Agreement; 

(H) Any claim by any Customer arising out of the clearing relationship between Correspondent and Schwab; and 

(I) Any act or omission of Correspondent or Correspondent’ s Affiliates that infringes on any patent, trade secret, copyright, trademark
or other intellectual property right of Schwab. 
 Correspondent shall not be obligated to indemnify Schwab for Claims arising out of any of the foregoing
to the extent that such Claims are caused by Schwab’ s material breach of this Agreement or Schwab’ s willful misconduct, reckless disregard or gross negligence in the performance of, or material failure to perform, its obligations under
this Agreement. 
 (b) By Schwab. 

(1) In addition to any other obligations Schwab may have under other provisions of this Agreement, Schwab shall indemnify, defend, and hold
harmless Correspondent and Correspondent’s Affiliates from and against all Claims arising out of one or more of the following: 
 (A)
Schwab’ s gross negligence, reckless disregard, or willful misconduct in performing, or material failure to perform, any of its responsibilities obligations under this Agreement; 

  
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 (B) Any dishonest, fraudulent, reckless, or criminal act or omission on the part of Schwab or Schwab’s
Affiliates with respect to the Services provided by Schwab under this Agreement; and 
 (C) Material breach by Schwab of any representation
or warranty made by it under this Agreement; and 
 (D) Any investigation of or proceeding against Schwab initiated by a Regulatory
Authority to the extent it relates to or arises out of this Agreement. 
 Schwab shall not be obligated to indemnify Correspondent for Claims arising out of
any of the foregoing to the extent that such Claims are caused by Correspondent’s material breach of this Agreement or Correspondent’s willful misconduct, reckless disregard, or gross negligence in the performance of, or material failure
to perform, its obligations under this Agreement. 
 (c) General 

(1) The party seeking indemnification shall promptly provide written notice to the other party, pursuant to the terms of the Agreement, of
any Claim which it believes falls within the scope of this Section 10. For any of the Claims defined above either (A) the indemnifying party shall defend the other party against such Claim and bear all costs of defense, in which case the
indemnifying party must retain legal counsel reasonably acceptable to the other party, or (B) if the indemnifying party declines or fails to undertake the defense of such Claim, the other party may defend itself against such Claim, and the
indemnifying party shall reimburse the other party for all reasonable costs of doing so. If the indemnifying party assumes the defense of any such Claim, the other party may retain its own counsel, and shall be responsible for fees and costs
associated with the retention of counsel, provided that the indemnifying party shall control such defense and all negotiations relative to the settlement of such Claim. Regardless of which party assumes the defense of any claim, neither party shall
settle a Claim in a manner which adversely affects the other party without the other party’s prior written consent. The exercise of the right to participate in or assume the responsibility for any such defense shall not limit in any way either
party’s right to indemnification under this Section. 
 (2) Neither party shall be liable for special, indirect, incidental,
consequential or punitive damages which the other party, its Affiliates, or any other third party may incur or experience, whether such damages are incurred or experienced as a result of entering into or relying on this Agreement or otherwise, even
if the party has been advised of the possibility of such damages. Notwithstanding anything set forth in this Agreement, no limitation or waiver of liability, remedy or exculpation of either party shall apply to (a) any liability, loss or claim
arising out of or in connection with acts or omissions that constitute bad faith, willful misconduct, gross negligence, or intentional breach of this Agreement or (b) any liability, loss or claim arising out of or in connection with a breach by
either party of Section 12 related to confidentiality. 
 (3) Notwithstanding anything herein to the contrary, a party shall not be
liable for any damages caused by conditions beyond its control, including, but not limited to, war, natural disasters, government restrictions, exchange or market rulings, strikes, interruptions of communications or data processing services, or
disruptions in orderly trading on any exchange or market (each a “Force Majeure Event”, collectively “Force Majeure Events”). 

  
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 11. Third Party Data and Services 

(a) Fund information, including but not limited to pricing and distribution information, provided to Correspondent under this Agreement
(collectively, “Fund Data”) is obtained from sources Schwab believes to be reliable, including directly from fund companies or their agents, and independent data providers, consistent with industry practice. Correspondent
acknowledges that the Fund Data transmitted by Schwab to Correspondent may include CUSIP data. Correspondent warrants that it has entered into a separate license or similar agreement with the CUSIP data provider or its agent or will enter into such
an agreement prior to accepting such data transmission from Schwab. Schwab reserves the right to filter the Fund Data provided to Correspondent under this Agreement and will use commercially reasonable efforts to ensure that the most accurate and
complete Fund Data is being provided to Correspondents. The parties recognize that there may unavoidable delays in the receipt of the Fund Data, or unintentional omissions and inaccuracies in such Fund Data, which Schwab shall correct or cause to
have corrected as soon as reasonably possible following discovery of such error. Schwab will indemnify Correspondent for omissions or inaccuracies in the Fund Data if and to the extent such omissions or inaccuracies were caused by Schwab’s
gross negligence or willful misconduct. This section does not limit the correspondent’s obligations under Section 5(c) of this Agreement to notify Schwab of any such omissions or inaccuracies upon discovery. 

(b) Correspondent acknowledges that Schwab may receive and rely on instructions directly from a mutual fund by contract or exhibit thereto.
Pursuant to its contract(s) with the Funds, Schwab is entitled to rely on such instructions received directly from a Fund in connection with the purchase and redemption of Fund shares and the processing of transactions related to Fund shares. Schwab
will notify Correspondent of the instructions received directly from the Funds, and Correspondent agrees to comply with instructions Schwab provides that have been received from the Funds and that are timely provided to Correspondent. 

(c) In the event the parties discover inconsistencies between the mutual fund instructions or Fund Data provided to Correspondent by Schwab
and mutual fund instructions or Fund Data received by Correspondent through other means or sources, including the Fund prospectus, the parties agree to work together to promptly resolve such inconsistencies. 

12. Relationship of the Parties, Use of Names and Confidentiality. 

(a) Neither this Agreement nor the performance of the services hereunder will be considered to create a joint venture or partnership between
Schwab and Correspondent or between Correspondent and other financial institutions for which Schwab may perform the same or similar services. 

(b) Use of Parties’ Names. Neither Schwab nor Correspondent shall utilize the name of the other, without the prior written consent
of the other in each instance: (i) in advertising, marketing materials, publicity, or any other publication or electronic media, including the name of any affiliate, partner or employee of Correspondent or Schwab, nor any trade name, trademark,
trade device, service mark, symbol or any abbreviation, contraction or simulation thereof owned by Correspondent or Schwab; 

  
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 (ii) to represent, directly or indirectly, that any product or any service provided by Schwab or Correspondent respectively,
has been approved or endorsed by the other; or (iii) to create the impression that the relationship between them is anything other than that of clearing broker and correspondent. Notwithstanding anything in this Agreement, and for avoidance of
doubt, the parties acknowledge and agree that a Fund or Regulatory Authority may request, and Schwab may need to provide, the identity of Correspondent and any Initial Correspondent in the course of providing the services contemplated under this
Agreement, and Schwab may use the name of Correspondent and any Initial Correspondent, or other identifier such as a dealer or branch code, to fulfill any such request or requirement, or for such other purpose as is necessary to perform its
obligations under this Agreement. Further, Correspondent acknowledges that Schwab will provide to CUSIP Global Services (CGS) Correspondent’s name, address, contact name, telephone and facsimile numbers, and electronic mail address, to allow
CGS to verify that Correspondent has entered into an appropriate CUSIP data license agreement. 
 (c) Use of Fund Names.
Correspondent and Initial Correspondents may use the names, logos or other identifying marks of a Fund Company or Funds in advertising or promotional materials only for the limited purpose of indicating that Fund shares are available for purchase
through Correspondent. Correspondent agrees to notify and obtain Fund or Fund Company approval prior to any other use by Correspondent or an Initial Correspondent of Fund or Fund Company names, logos or other identifying marks. Schwab may restrict
or prohibit the use of the names, logos or other identifying marks of a Fund Company or Fund upon either’s request. Any advertising materials prepared by or promotional activities carried out by Correspondent that use a Fund’s or Fund
Company’s name or logo shall be consistent in all material respects with the Fund’s currently effective prospectus or other offering documents, and all such materials and activities shall comply with all applicable laws, rules and
regulations, including those of each Regulatory Authority to which Correspondent is subject. 
 (d) Confidentiality. Neither Schwab
nor Correspondent shall disclose the terms of this Agreement to any outside party except (i) as required, to judicial or regulatory bodies with appropriate jurisdiction (provided the disclosing party takes reasonable steps to give the other
party sufficient prior notice in order to allow the other party, at its discretion, to contest such required disclosure) or (ii) to authorized employees and agents on a
need-to-know basis and who are bound by the terms of this Agreement or terms substantially similar to the terms set forth herein. Any other publication or disclosure of
the terms of this Agreement may be made only with the prior written consent of the other party. 
 (i) Definition of Confidential
Information. The term “Confidential Information” means all information or material that either party discloses to the other, whether in writing, electronically or orally, and whether in tangible or intangible form, which:
(i) gives a party some competitive business advantage or the opportunity of obtaining such advantage or the disclosure of which could be detrimental to the interests of a party; or (ii) is either (a) marked “Confidential,”
“Restricted,” or “Proprietary Information” or other similar marking, (b) known by the parties to be considered confidential and proprietary, or (c) from all the relevant circumstances should reasonably be known to be
confidential and proprietary. By way of example and not limitation, Confidential Information includes: (i) any information concerning a party’s, its agents’ or licensors’ technology, such as systems, source code, databases,
hardware, software, programs, applications, engine protocols, routines, models, displays and manuals, including, without limitation, the selection, coordination, and arrangement of the contents thereof; and (ii) any information concerning a
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 or operations, such as research activities and plans, marketing or sales plans, pricing or pricing strategies, operational
techniques, internal controls, compliance policies, methods of operation, security procedures, strategic plans, Customer Information (as defined below), and unpublished financial information, including information concerning revenues, profits and
profit margins. Notwithstanding the foregoing, the identity of the Funds that have entered into a clearing, custody, execution or other type of relationship with either the Receiving Party (as defined below) or Disclosing Party (as defined below)
shall not be deemed to be Confidential Information. 
 (ii) Restrictions on Use. The party providing Confidential Information in each case
shall be called the “Disclosing Party” and the party receiving the Confidential Information shall be called the “Receiving Party”. The Receiving Party shall not use, without the prior written consent of the
Disclosing Party, any portion of the Disclosing Patty’s Confidential Information for any purpose other than to perform its obligations under this Agreement. Each party agrees that: 

(1) it will hold the Confidential Information of the other party in the strictest confidence; 

(2) it will exercise no less care with respect to the other party’s Confidential Information than the level of care exercised with
respect to its own Confidential Information; 
 (3) it will not, without the other party’s prior written consent, copy or disclose to
any third party any portion thereof; 
 (4) it will notify immediately the other party of any unauthorized disclosure or use, and will
reasonably cooperate with the other to protect all proprietary rights in and ownership of its Confidential Information; and 
 (5) it will
restrict dissemination of the Confidential Information of the other party to only those persons within or related to its organization who are directly involved in the performance of obligations under this Agreement, and who are bound by the terms of
this Agreement or terms substantially similar to the terms set forth herein. 
 (iii) Exceptions. The foregoing shall not prohibit
or limit the Receiving Party’s use, disclosure, reproduction or dissemination of the Disclosing Party’s Confidential Information which: 

(1) is or becomes public domain information or material through no fault or breach on the part of the Receiving Party; 

(2) as demonstrated by the written records of the Receiving Party, was already lawfully known (without restriction on disclosure) to the
Receiving Party prior to the information being disclosed to the Receiving Party by the Disclosing Party or any representative of the Disclosing Party; 

  
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 (3) has been or is hereafter rightfully furnished to the Receiving Party without restriction on disclosure by
a third person lawfully in possession thereof; 
 (4) has been independently developed, by or for the Receiving Party, without reference to
the Confidential Information of the Disclosing Party; or 
 (5) is required to be disclosed, but only to the extent required, by court
order, or pursuant to applicable law, regulation or self-regulatory organization rules, provided that the Receiving Party notifies the Disclosing Party so that the Disclosing Party may have a reasonable opportunity to obtain a protective order or
other form of protection against disclosure. Notwithstanding any such compelled disclosure by the Receiving Party, such compelled disclosure will not otherwise affect the Receiving Party’s obligations hereunder with respect to Confidential
Information, including Customer Information, so disclosed. 
 It shall be presumed that any Confidential Information of the Disclosing
Party in the possession of the Receiving Party that has been disclosed to it by the Disclosing Party or any representative of the Disclosing Party is not within any of the exceptions above, and the burden is on the Receiving Party to prove otherwise
by records and documentation. 
 (iv) Notwithstanding Section 12(d) above, Correspondent acknowledges and agrees that Schwab may
disclose Correspondent’s or Initial Correspondent’s name, geographic location of either’s branch offices, and positions and transactions in a Fund’s shares by each such branch office, to each such Fund, or its affiliates or
agents as directed by such Fund, whose shares are cleared under this Agreement. 
 (v) Privacy. Notwithstanding the generality of
the foregoing and in addition thereto, each party acknowledges that the other party is and/or will be subject to United States federal and state laws, rules and regulations governing privacy and confidentiality (“Privacy Laws”) of
all disclosed data and information however collected or received, including without limitation, through “cookies,” Web bugs or non-electronic means pertaining to or identifiable to personal
information of or regarding the other party’s customer(s) or prospective customer(s) (“Customer Information”), including without limitation, name, address, email address, passwords, personal financial information, personal
preferences; demographic data; marketing data; data about securities transactions; credit data, or any other identification data. Each party agrees to cooperate with each other with respect to the other’s obligations under the Privacy Laws.
Each party will comply, with all applicable Privacy Laws relating to the collection, use and disclosure of the other party’s Customer Information provided to or accessible by such party pursuant to this Agreement. Each party certifies that it
has implemented and will maintain an effective information security program to protect Customer Information, which program includes sufficient administrative, technical and physical safeguards reasonably designed to (a) insure the security and
confidentiality of the other party’s customer records and information; (b) protect against any anticipated threats or hazards to the security or integrity of the other party’s customer records and information; and (c) protect
against unauthorized access to or use of the other party’s customer records and information that could result in substantial harm or inconvenience to any such customer. Each party will restrict dissemination of the Customer Information of the
other party to only those Related Persons who are directly involved in the performance of obligations under this Agreement, and who are bound by terms substantially similar to, but no less restrictive than, the terms set forth herein. 

  
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 (vi) Return of Materials. Each party agrees that at any time upon the written request of the other
party to this Agreement and at termination of this Agreement, it will promptly: (a) at the Confidential Information owner’s option, return or destroy all originals and copies of all documents and materials it has received from such owner
containing Confidential Information, except such copies as the Receiving Party is required to retain by the record retention provisions implemented in accordance with applicable law, rule or regulation, and (b) upon request, provide a written
statement to the owner of Confidential Information certifying that all documents and materials referred to in this paragraph have been delivered to such owner or destroyed, as applicable. 

(e) Equitable Relief. Each party agrees and acknowledges that any breach of this Section 12 would cause the other party
irreparable harm for which monetary damages would be inadequate. Accordingly, notwithstanding anything in this Agreement to the contrary, either party will be entitled to seek injunctive relief to remedy any threatened or actual breach of this
Section 12 by the other party, as well as monetary damages. 
 13. Relationship to Customers. It is understood and agreed that
Schwab is acting as clearing broker for Correspondent, and not as broker for any Customer or for any other person, in respect of transactions in the Clearing Accounts. Correspondent is liable to Schwab for all commitments incurred and amounts due on
transactions in any of such Clearing Accounts. 
 14. Effective Date, Term. 

(a) Effective Date. This Agreement will not become effective unless and until it is approved by any Regulatory Authority or securities
exchange with regulatory jurisdiction over Schwab or Correspondent, if such approval is required by such Regulatory Authority or exchange. Correspondent and Schwab agree that, in the event a regulatory organization requires changes to this Agreement
prior to approval, each will make best faith efforts to cooperate to reach consensus on such changes to obtain any required regulatory approval. 

(b) Term. The initial term of this Agreement (the “Initial Term”) shall commence on the date on which Schwab begins
clearing transactions hereunder (the “Start Date”) and shall end four (4) years after the date on which the parties complete the Initial Conversion, as defined below (such date referred to hereinafter as the “Initial
Conversion End Date”). The parties agree to confirm in writing with each other (such writing may be by email) the Start Date and Initial Conversion End Date. Following the Initial Term, this Agreement shall remain in effect until terminated
by either party pursuant to Section 16 of this Agreement. For purposes of this Agreement, “Initial Conversion” shall mean the period of time beginning the date on which Customer assets and positions for which Schwab will be providing
clearing services under this agreement (“Eligible Assets”) are first transferred into the Clearing Accounts and ending on the date on which at least 90% of all Eligible Assets have been transferred into the Clearing Accounts. 

  
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 15. Exclusivity 

(a) Other Correspondent Agreements. Correspondent agrees that, during the Initial Term, Correspondent shall not enter into a similar agreement
with any other broker or financial service provider in addition to or instead of Schwab to clear, and shall not self-clear, Customers’ transactions in the following: (1) NTF Funds, as defined in Section 1.1 of Exhibit B;
(2) Revenue Load Funds, as defined in Section 1.3(a) of Exhibit B, (3) TF Funds, as defined in Section 1.2 of Exhibit B, and (4) transactions in Non-Revenue Load Funds as defined in
Section 1.3(b) of Exhibit B, so long as such shares are held by Schwab in an omnibus account at Fund Company. For avoidance of doubt, Correspondent may self-clear transactions in the following: (1) funds not covered on the approved list of
mutual funds provided to Correspondent by Schwab at the time of execution of this Agreement and amended periodically thereafter from time to time (the “Clearing Fund List”), (2) “sweep” money market mutual fund balances;
and (3) transactions in such other mutual funds as identified and mutually agreed upon by the parties in writing. Upon reasonable notice to Correspondent, and at times reasonably convenient to Correspondent, Schwab shall have the right to
inspect the books and records of Correspondent, with respect to whether all mutual fund securities required to be cleared through Schwab under this Agreement are being cleared through Schwab in accordance with this exclusivity provision. 

(b) Other Schwab Agreements. Schwab reserves the right to enter into similar agreements with other brokers or financial service providers and
on terms and conditions which may vary from those contained herein. 
 16. Termination. 

(a) Notwithstanding the following paragraphs, this Agreement may be terminated at any time by written Agreement of the parties hereto. 

(b) During the Initial Term, neither party may terminate this Agreement except by written Agreement of the parties hereto or as follows: 

(i) if either party is in material breach in the performance of its obligations under this Agreement, or otherwise materially violates the
provisions of this Agreement, the non-defaulting party may terminate this Agreement by delivering written notice to the defaulting party (a) specifying the nature of the material breach and
(b) notifying the defaulting party that unless the default is cured within a period of five (5) days from receipt of the notice, this Agreement will be terminated without further proceedings by the
non-defaulting party. Nothing in this Section 16(b)(i) shall restrict the ability of either party to enforce any other rights under this Agreement, including but not limited to, the immediate exercise of
rights to foreclose or liquidate securities. In the event either party terminates this Agreement pursuant to this sub-section, the party receiving the termination notice shall pay the reasonable expenses of
the party providing the termination notice in connection with converting and/or closing the Clearing Accounts. 
 (ii) either party may
terminate this Agreement immediately if the other party is enjoined, disabled, suspended, prohibited or otherwise unable to engage in the securities business as a result of an administrative or judicial proceeding or action by any Regulatory
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 either party terminates this Agreement pursuant to this sub-section, the party that is
enjoined, disabled, suspended, prohibited or otherwise unable to engage in the securities business shall pay the reasonable expenses of the other party in connection with converting and/or closing the Clearing Accounts. 

(c) Following the Initial Term the Agreement may be terminated by either party as follows: 

(i) on ninety (90) days prior written notice to the other party, without cause and without payment of any penalty; or 

(ii) immediately by either party if 

(1) the other party is in material breach in the performance of its obligations under this Agreement, or otherwise materially violates the
provisions of this Agreement, the non-defaulting party may terminate this Agreement by delivering written notice to the defaulting party (a) specifying the nature of the material breach and
(b) notifying the defaulting party that unless the default is cured within a period of five (5) days from receipt of the notice, this Agreement will be terminated without further proceedings by the
non-defaulting party. Nothing in this Section 16(c)(ii)(l) shall restrict the ability of either party to enforce any other rights under this Agreement, including but not limited to, the immediate exercise
of rights to foreclose or liquidate securities. In the event either party terminates this Agreement pursuant to this sub-section, the party receiving the termination notice shall pay the reasonable expenses of
the party providing the termination notice in connection with converting and/or closing the Clearing Accounts. 
 (2) the other party is
enjoined, disabled, suspended, prohibited or otherwise unable to engage in the securities business as a result of an administrative or judicial proceeding or action by any Regulatory Authority. In the event either party terminates this Agreement
pursuant to this sub-section, the party that is enjoined, disabled, suspended, prohibited or otherwise unable to engage in the securities business shall pay the reasonable expenses of the other party in
connection with converting and/or closing the Clearing Accounts. 
 (d) Deconversion Period. If this Agreement is terminated or if
either party elects not to renew this Agreement after the Initial Term or subsequent renewal term, the parties shall effect the transfer of assets and clearing services to Correspondent or its designee (“Successor”) during a six
(6) month deconversion period (“Deconversion Period”) following notification of termination or intent to not renew the Agreement at the end of a Term, or such Deconversion Period as the parties may agree is necessary to
accomplish the orderly transfer of assets and services. Each party shall pay its own expenses in connection with the transfer of assets and services except (i) as set forth elsewhere in this Section, (ii) if the Deconversion Period is
shortened upon request of Correspondent, in which case Correspondent shall pay Schwab’s expenses in connection with converting and/or closing the Clearing Accounts; or (iii) in the event Correspondent requests custom programming or
heightened levels of support during the Deconversion Period, in which case the parties will agree in writing prior to Schwab incurring such additional costs as to how the costs are to be allocated between the parties. In connection with any
termination or expiration of this Agreement, Schwab will provide all necessary assistance to allow the services described herein to continue without interruption or adverse effect and to facilitate the 

  
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 orderly and prompt transfer of the services to Correspondent or the Successor. Until such assets are removed from
Schwab’s books and records, the parties agree that each party will pay to the other party any fees payable pursuant to Exhibit B based on such assets, and further, the parties agree that all terms of the Agreement will apply until such assets
are removed from Schwab’s books and records. 
 (e) Survival. Termination of this Agreement in any manner shall not terminate,
affect or impair any rights, obligations or liabilities of either party with respect to transactions effected prior to the effective date of such termination, whether or not claims relating to such transactions or obligations shall have been made
before or after such termination. Sections 6, 10, 12, 16, 18, 20, 21, 22 and 23, and Exhibit B shall survive termination of this Agreement. With respect to all securities positions or Clearing Accounts following termination of this Agreement, and
the Deconversion Period, if applicable, Schwab shall have no obligation to execute any purchase orders, and Schwab shall be entitled to transfer to the name of Correspondent all securities positions on the books and records of the issuing investment
companies. Schwab shall be entitled to continue to receive all compensation and to retain any credit balances in the Risk Account and Correspondent shall be required to maintain any Letter of Credit in Schwab’s favor on the effective date of
termination hereof, and Schwab’s right of setoff against such amounts or Letter of Credit hereunder shall continue, as long as there remain any Unpaid Debits in respect to any Clearing Account. Upon the settlement of all transactions and the
discharge of all Unpaid Debits, Schwab shall return to Correspondent any remaining credit balances in the Risk Account or release any Letter of Credit as applicable. 

(f) Termination Through Contract Buy-Out. Correspondent may exercise an option to terminate
this Agreement (“Buy-Out”) anytime after the third anniversary of the Initial Conversion End Date by providing written notice to Schwab of Correspondent’s intent to exercise the Buy-Out, by the last business day of June in year three. The Buy-Out payment shall be determined as follows: 

 

					
	 Buy-Out Period
	  	 	Dollar Amount	 
	 Year4
	  	$	[****]	 

 17. Notices. All notices required or permitted under this Agreement will be in writing, will reference
this Agreement and will be deemed given: (a) when sent by confirmed facsimile; (b) five (5) business days after having been sent by registered or certified mail, return receipt requested, postage prepaid; (c) one (1) business day
after deposit with a commercial overnight carrier, with written verification of receipt; or (d) upon personal delivery. All communications will be sent to the addresses set forth below or to such other address as may be designated by a party by
giving written notice to the other party pursuant to this section: 
 APEX Clearing Corporation 

350 N. St. Paul Street 1300 

Dallas, TX 75201 
 Attn: John
Kenny 
 Attn: Jeff Logan 

  
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 Charles Schwab & Co., Inc. 

211 Main Street 
 San Francisco,
CA 94105 
 Attn: Mutual Fund Clearing Services 

18. Entire Agreement. This Agreement together with its Exhibits states the entire agreement between the parties with respect to the
subject matter contained herein. This Agreement may not be changed orally, but only in writing and except as otherwise expressly set forth herein, signed by the party against whom enforcement of any waiver, change, modification or discharge is
sought. 
 19. Assignment. Neither party may assign this Agreement without obtaining the prior written consent of the other party and
any attempted assignment shall be null and void; provided, however, that Schwab may, without the consent of Correspondent, assign its rights and obligations under this Agreement to any entity that acquires substantially all of the clearing business
of Schwab or into which Schwab is merged, consolidated or otherwise reorganized; and provided, further, that Correspondent may, without the consent of Schwab, assign its rights and obligations under this Agreement to any entity into which
Correspondent is merged, consolidated or otherwise reorganized. Any party that assigns this Agreement (whether by operation of law or otherwise) shall provide at least thirty (30) days’ prior written notice to the other party. Any
assignment of this Agreement shall be subject to the requisite review, approval and consent of any regulatory or self-regulatory agency or body whose review, approval and consent must be obtained prior to the effectiveness and validity of such
assignment. Provided written consent and regulatory approval is obtained, this Agreement shall be binding upon and shall inure to the benefit of the respective successors and assigns of Correspondent and Schwab. 

20. Applicable Law and Venue. This Agreement shall be governed by and construed in accordance with the laws of the State of California
applicable to contracts between California residents entered into and to be performed entirely within the state. 
 21. Arbitration.
In the event of a dispute between Correspondent and Schwab relating to or arising out of this Agreement or the relationship of the parties hereto, the parties will submit the matter to arbitration in accordance with the following. 

(a) Arbitration will be held in accordance with the rules and regulations of FINRA, except, (i) in the event that FINRA is unwilling to
accept jurisdiction of the matter, such arbitration will be held in accordance with the rules and regulations of the American Arbitration Association, and (ii) in the event that a non-party to this
Agreement brings an arbitration against Schwab or Correspondent relating to or arising out of this Agreement, then the parties agree to arbitrate in whichever arbitration forum such arbitration is brought. In the event that (i) a non-party initiates a judicial proceeding against Schwab or Correspondent relating to, or arising out of, this Agreement, (ii) such claim cannot be compelled to arbitration, and (iii) Schwab or
Correspondent asserts a claim against the other party in connection with such proceeding, then the parties agree to submit to the jurisdiction of the court in that judicial proceeding. 

  
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 (b) If arbitration is brought by one of the parties hereto, the number of arbitrators shall be three (3), and
they will be selected in accordance with the rules and regulations of the FINRA or American Arbitration Association, as appropriate. The arbitrators shall be attorneys, or retired attorneys, specializing in securities law. Any award of the
arbitrators will be limited to compensatory damages and will be conclusive and binding upon the parties. The arbitration shall be governed by the Federal Arbitration Act, 9 U.S.C. Sections 1-16 to the
exclusion of state laws inconsistent therewith, and judgment upon the award may be entered in any court having jurisdiction. 
 (c) Each
party shall bear its own expenses, including legal and accounting fees, if any, with respect to the arbitration. The arbitrator will designate the party to bear the expenses of the arbitration or the respective amounts of such expense to be borne by
each party. Any costs, fees or taxes involved in enforcing the award shall be fully assessed against and paid by the party resisting enforcement of the award. 

(d) Nothing in this Section 21 will prevent any party from resorting to judicial proceedings for injunctive relief to prevent serious and
irreparable harm or injury to the party or to others. 
 22. Third Parties. This Agreement is between the parties hereto and is not
intended to confer any benefits on third parties, including, but not limited to, Customers and Initial Correspondents. 
 23.
Counterparts. The Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 

24. Modification, Waiver and Amendment. No modification, alteration or amendment of this Agreement will be valid or binding unless in
writing and signed by all parties. No waiver of any term or condition of this Agreement will be construed as a waiver of any other term or condition; nor will any waiver of any default or breach under this Agreement be construed as a waiver of any
other default or breach. No waiver will be binding unless in writing and signed by the party waiving the term, condition, default or breach. Any failure or delay by any party to enforce any of its rights under this Agreement will not be deemed a
continuing waiver or modification hereof and such party, within the time provided by law, may commence appropriate legal proceedings to enforce any or all of such rights. If any provision of the Agreement shall be held or made invalid by a court
decision, statute, rule or otherwise, the remainder of the Agreement shall not be affected thereby. 
 25. Business continuity;
information security. 
 (a). Schwab has adopted a business resumption and contingency plan (“BRC Plan”) reasonably
designed for the purpose of ensuring continued provision of the Services in the event of a problem affecting Schwab’s operations, including system breakdown and natural or man-made disaster. Schwab
periodically tests the BRC Plan, reviews the BRC Plan on a periodic basis and will update the BRC Plan as deemed prudent and necessary. Notwithstanding the foregoing, Schwab and its directors, officers, employees, agents, contractors, and
affiliates, do not warrant that the Services will be uninterrupted, but will use commercially reasonable efforts to ensure that the BRC Plan is designed to address any such disruptions. 

(b). Each party hereby certifies that it has implemented and will maintain an effective information security program to protect Customer
Information, which program includes sufficient administrative, technical and physical safeguards reasonably designed to (a) insure the security and confidentiality of the other party’s customer records and information; (b) protect
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 threats or hazards to the security or integrity of the other party’s customer records and information; and
(c) protect against unauthorized access to or use of the other party’s customer records and information that could result in substantial harm or inconvenience to any such customer. Schwab further certifies that it has a written,
comprehensive information security program that complies with all applicable laws and regulations including but not limited to applicable state laws. 

IN WITNESS WHEREOF the parties hereto have signed below. 
  

									
	CHARLES SCHWAB & CO., INC	 		 	APEX CLEARING CORPORATION
					
	 By:
	 	/s/ Greg Thornhill	 		 	 By:
	 	/s/ William Capuzzi
	Name:	 	Greg Thornhill	 		 	Name:	 	William Capuzzi
	Title:	 	Vice President	 		 	Title:	 	Chief Executive Officer
	Date:	 	2/5/16	 		 	Date:	 	January 6, 2016

  
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EXHIBIT A 
 CLEARING
PROCEDURES 
 1. The Accounts 

a. Clearing Accounts. Schwab will carry the Clearing Accounts on an omnibus or other basis on behalf of Correspondent’s customers.
Schwab shall designate each of the Clearing Accounts with Correspondent’s name “for the Exclusive Benefit of Customers”, Correspondent’s tax identification number, and an account number. The account numbers will be the means of
identification when the parties are transacting in the Clearing Accounts. 
 b. Customer
Sub-Accounts. Schwab will establish a Customer Sub-Account on its clearing sub-accounting system(s) for each of the
Correspondent’s Customers designated in Correspondent’s name “for the exclusive benefit of Customers.” Schwab will further designate each Customer Sub-Account with an account number and
with the Customer’s tax identification number, which Correspondent shall be obligated to provide when the Customer Sub-Account is first established. Each Customer
Sub-Account will contain only mutual fund shares. Correspondent shall provide such other information as is reasonably required by Schwab to establish the Customer
Sub-Account. 
 c. On an annual basis, or at such other frequency as Schwab in its sole discretion
may determine is necessary, Schwab may purge designated Customer Sub-Account numbers from its clearing sub-accounting system(s). Schwab will provide reasonable
notification to Correspondent of such purge. 
 2. Funds and Registration Requirements 

a. Correspondent will only place purchase orders in the Clearing Accounts for shares of mutual funds on the Clearing Fund List. The parties
agree that the Clearing Fund List may be amended by Schwab upon written notice to Correspondent, and such notice requirement shall be satisfied by delivering an updated Clearing Fund List to Correspondent. The parties further agree that the Clearing
Fund List shall be deemed automatically amended to delete any Funds that are closed to purchases at Schwab or closed to purchases and redemptions at Schwab for whatever reason and that Correspondent may not submit purchase orders for any such Funds.
Correspondent understands that such Fund closures may occur either because (i) a Fund has closed to all purchases or all purchases and redemptions, (ii) a Fund terminates its relationship with Schwab, or (iii) Schwab may be forced to
terminate purchases of shares of a Fund for reasons that include, but are not limited to, regulatory failings at the Fund or one of its affiliates that result in the inability of Schwab to sell Fund shares due to its status as a FINRA member. 

b. As to each order Correspondent places for a purchase of mutual fund shares, Correspondent shall advise Schwab of the state or other
jurisdiction (based on the account address maintained by the Correspondent) of the Customer for whom such order is placed. Correspondent shall not place a purchase order for a Customer whose account address (based on the account address maintained
by Correspondent) is in a state or other jurisdiction in which Schwab has advised Correspondent that such Fund has not qualified its shares for sale, unless exempt from such qualification under applicable law. 

  
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 c.
Correspondent may not offer or sell shares of any Fund covered by this Agreement to a Customer whose account address is located in a country that appears on a list of excluded countries attached hereto as Exhibit D. Exhibit D may be amended by
Schwab from time to time if, in Schwab’s sole discretion, applicable laws, rules or regulations in such countries permit, prohibit or otherwise restrict Schwab from processing transactions for Customers whose account address in located in such
countries. 
 3. Authorization to Receive Orders on a Fund’s Behalf 

a. Schwab represents and warrants that Funds have designated and authorized Schwab to receive purchase and redemption orders in proper form
(“Orders”) from investors on a Fund’s behalf for purposes of Rule 22c-l under the 1940 Act, so that any such investor will receive the share price next computed by the Fund after the time
at which Schwab receives the Order from the investor. 
 b. Schwab further represents and warrants that Schwab may designate and authorize
such intermediaries as it deems necessary, appropriate or desirable (“Sub-Designees”) to receive Orders from their customers on a Fund’s behalf for purposes of Rule 22c-l under the 1940 Act, so that any such customer will receive the share price next computed by the Fund after the time at which the Sub-Designee received the Order from the
customer. 
 c. Schwab represents and warrants that Funds have represented and warranted to Schwab that (1) all necessary legal and
other actions have been taken to authorize Schwab and any Sub-Designee to receive purchase and redemption Orders from investors on behalf of the Funds for purposes of Rule
22c-l under the 1940 Act by each Fund’s board of directors or board of trustees, and (2) the Fund will cause its board of directors or board of trustees to take any necessary legal and other actions
regarding the periodic review of such authorization. 
 d. Schwab hereby designates Correspondent as a
Sub-Designee and authorizes Correspondent to receive Orders from its customers on a Fund’s behalf for purposes of Rule 22c-l under the 1940 Act, so that any such
customer will receive the share price next computed by the Fund after the time at which Correspondent receives the Order from the customer, subject to the following conditions: 

(1) Correspondent agrees that Orders received by Correspondent prior to the Funds’ pricing time (typically, close of the New York Stock
Exchange), or such earlier time as Schwab may require to accommodate fund or operational requirements or limitations (the “Order Deadline”), on any day on which the New York Stock Exchange is open for business (a “Business
Day”) will be received by Schwab on that Business Day (“Day 1”) by the time set forth in Section 4 of this Exhibit A (a “Day 1 Trade”), and Orders received by Correspondent at or after the Order
Deadline Time on Day 1 will be received by Schwab on the next Business Day after Day 1 (“Day 2”) by the time set forth in Section 4 of this Exhibit A (a “Day 2 Trade”). The Order Deadline for each Fund will be
set forth on the Clearing Fund List, which may be amended by Schwab from time to time. Schwab shall, when practicable, provide advance notice of any change to a Fund’s Order Deadline, and shall, in any event, promptly notify Correspondent of
any amendment to the Clearing Fund List. 

  
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 (2)
Correspondent represents and warrants that it shall maintain an internal control structure, including operational and systems controls and written internal control procedures (collectively, “Internal Controls”), reasonably designed to
(a) prevent or detect on a timely basis Orders received after the Order Deadline from being aggregated with Orders received before the Order Deadline, and (b) prevent errors that could result in late transmission of Orders to Schwab. 

(3) Correspondent will, at its own expense, prior to February 28 of each year following conversion of assets under this Agreement,
(A) cause an independent public accountant annually to evaluate, and prepare a written report regarding, the adequacy of Correspondent’s Internal Controls during the previous calendar year or any period thereof during which this Agreement
was in effect; and (B) provide one original of such report for Schwab to copy and distribute to each Fund Company or Fund. 
 (4) If
the report identified in subsection (3) above identifies any deficiencies in Correspondent’s Internal Controls, Correspondent shall promptly (A) take appropriate action to change or modify its Internal Controls as may be necessary to
maintain their adequacy to prevent or detect on a timely basis Orders received after the Order Deadline from being aggregated with Orders received before the Order Deadline and (B) provide a written summary of the steps taken by Correspondent
to remediate such deficiencies that Schwab may, at its sole discretion, copy and distribute to each Fund Company or Fund. 
 (5) Either
party may terminate Schwab’s authorization and designation of Correspondent as a Sub-Designee upon thirty (30) days notice. As of the effective date of such termination, Orders received by
Correspondent on Day 1 must be transmitted by Correspondent and received by Schwab by the Order Deadline on Day 1 to be deemed a Day 1 Trade, and Orders received by Correspondent at or after the Order Deadline on Day 1 must be transmitted by
Correspondent and received by Schwab by the Order Deadline on Day 2 to be deemed a Day 2 Trade. 
 4. Purchase and Redemption Orders

 a. Correspondent shall place all purchase orders and all redemption orders for Fund shares by electronic transmission, or another
mutually agreed upon method should electronic transmission be unavailable. All purchase orders and all redemption orders for Fund shares (denominated in dollars or shares as to both purchase orders and redemption orders, and also including orders
for full liquidation for redemptions) for Clearing Accounts must be received by Schwab from Correspondent by the times set forth on Exhibit E hereto for order files, or such time as shall be mutually agreed upon from time to time, on any Business
Day. Schwab will use commercially reasonable efforts to place with the Funds such orders received by Schwab on the same Business Day. If Schwab notifies Correspondent of a trade reject prior to 5:00 p.m. Eastern Time on trade date, Correspondent
will inform Schwab of any error or apparent error made by Schwab regarding a rejected transaction no later than 10 a.m. Eastern Time on the Business Day following Correspondent’s receipt of Schwab’s notification. 

  
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 b.
Correspondent understands that certain Funds have reserved the right to suspend purchases at any time and without notice or reject any purchase order, which may include large purchase orders Correspondent has not previously communicated to and
received pre-approval of a Fund. The parties agree that Schwab will not be obligated by this Agreement to execute any order refused by a Fund for whatever reason. In the event a Fund determines, based on a
post trade-date review of Customer Sub-Account trade details, that a previously accepted Customer Sub-Account trade should have been rejected because it failed to comply
with the terms of the Fund prospectus or other instructions provided by the Fund, Schwab will notify Correspondent of the rejection. 
 c.
Correspondent acknowledges that a Fund may allow only certain investor segments or types (such as registered investment advisers, wrap or fee-based accounts or qualified retirement plans) (“Fund
Eligible Investors”) to purchase shares of the Fund through Schwab. Any such limitations of Fund availability imposed by the Funds shall be set forth in a Clearing Fund List. In such cases, Correspondent will implement appropriate
procedures and controls, and, as necessary, require Introducing Correspondents to implement such procedures and controls, to ensure that purchase orders for Fund shares are submitted only on behalf of Fund Eligible Investors. 

d. Correspondent acknowledges that certain Funds or the distributor for such Funds may require a dealer, selling or similar agreement directly
with each financial intermediary that makes shares of the Funds available for purchase (“Fund Intermediary Agreement”) which may include Correspondent or an Initial Correspondent. Schwab shall notify Correspondent promptly after
becoming aware that a Fund requires a Fund Intermediary Agreement, and Correspondent shall as soon as reasonably possible cease placing orders for that Fund’s shares or restrict Initial Correspondents that do not have a Fund Intermediary
Agreement with the Fund from placing orders for that Fund’s shares, until such time as a Fund Intermediary Agreement has been fully executed. Correspondent further acknowledges and agrees that such Funds may reject orders placed by Schwab on
behalf of any financial intermediary with which it does not have a Fund Intermediary Agreement, or that is otherwise not authorized to make Fund shares available. Correspondent acknowledges that the requirements of the Fund Intermediary Agreements
may be different or greater than the requirements in this Agreement, and compliance with the requirements in this Agreement does not limit or change the requirements of any Fund Intermediary Agreement. 

e. Correspondent acknowledges that certain Redemption Fee Funds (as defined below) provide Schwab with applicable redemption fee rates, and
Schwab agrees to provide such information to Correspondent as received from the Redemption Fee Fund. The parties shall be responsible for the calculation and collection of any applicable mutual fund redemption fees as follows: 

(1) For redemptions made in Customer Sub-Accounts, except those described in Section 4.e.(2)
below, Schwab shall determine whether such redemption instructions will result in redemption fees, and shall calculate and remit such fees to the Fund as such Fund requires. Notwithstanding the foregoing, Schwab will not be responsible for
calculating and collecting any redemption fees on Fund shares transferred to Schwab from a Fund or a financial intermediary unless Schwab has been provided with trade information sufficient to allow Schwab to calculate and collect the fee. 

  
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 (2)
Correspondent may, from time to time, identify in writing certain Customer Sub-Accounts that are maintained in connection with or on behalf of a Customer trading through Correspondent or the Initial
Correspondent on an omnibus basis, such as a qualified defined contribution plan or other financial intermediary (a “Designated Sub-Account”). With respect to Designated Sub-Accounts, Correspondent or the Initial Correspondent will determine whether the redemption instructions placed through a Designated Sub-Account will result in redemption
fees, and shall calculate and remit such fees in accordance with the procedures as mutually agreed upon by both parties (subject to any applicable fund requirements). The parties agree that Schwab has no responsibility or obligation to determine
whether a redemption instruction placed through a Designated Sub-Account will result in redemption fees. Further, the parties agree that with respect to such Designated
Sub-Accounts: 
 (A) Correspondent will not transmit through the Designated Sub-Accounts purchase orders for any Fund that imposes a redemption fee (a “Redemption Fee Fund”) unless Correspondent or the Initial Correspondent are able to support the imposition and processing
of the redemption fee, as required by the Redemption Fee Fund and this Agreement. 
 (B) Correspondent acknowledges and agrees that any
corrective activity related to delivery by Correspondent of incorrect redemption fee information shall be the responsibility of Correspondent, and further that Schwab will not be responsible for coordinating or implementing any corrective activity
related thereto. 
 (C) Correspondent agrees to provide upon either Schwab’s or a Redemption Fee Fund’s reasonable request, a
certification that Correspondent and each Initial Correspondent submitting redemptions on behalf of Designated Sub-Accounts have the ability to (i) determine whether any redemption instruction will result
in a redemption fee, (ii) calculate the amount of the redemption fee as applicable, and (iii) process such redemption fee in accordance with this Agreement. 

f. Load Fund Processing. 
 (1)
Schwab will calculate the correct sales charge applicable to the purchase and redemption of Fund shares (including both front end sales loads and contingent deferred sales charges) in Customer Sub-Accounts in
accordance with the Fund’s current prospectus. Correspondent acknowledges that Schwab may not have all relevant information necessary to calculate the correct sales charge and that Schwab’s calculation of the applicable sales charge is
based solely on the trade information reflected in the Customer Sub-Accounts, or otherwise provided to Schwab by Correspondent or the Fund. Correspondent shall provide Schwab with all information of which it
is aware that impacts Schwab’s calculation of the sales charge, including (1) the Customer’s social security number or tax identification number, (2) account social codes, (3) information relevant to additional positions
held by a Customer, letters of intent, rights of accumulation, waivers of any sales charges and householding, and (4) upon Schwab’s request, such other information as is appropriate, consistent with industry standards and practices, to
help ensure correct calculation of applicable sales charges. 
 (2) Correspondent represents and warrants that (i) it or an Initial
Correspondent clearing transactions through it holds documentary validation for each letter of intent, right of accumulation or waiver of a sales charge transmitted as order information; (ii) it will retain such for the period required by any
law, rule or regulation; and (iii) it will make such documents available to Schwab or a Fund, upon reasonable request by Schwab or a Fund. 

  
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 (3)
Sales Charge Corrections and Recovery. In the event that a party notifies the other party of a failure of condition on a breakpoint discount given a Customer or a miscalculation or misapplication of a sales charge on any order, or in the event a
fund requests that a sales concession be returned to the fund as may be allowed under applicable laws, rules or regulations, Correspondent agrees to return any sales concessions or other fees received by Correspondent in excess of the fees to which
it would otherwise be entitled, and to work with Schwab to recover any applicable sales charge from the Customer if Customer was not entitled to a breakpoint discount or as otherwise necessary and appropriate. 

5. Shareholder Information. 

a. Agreement to Provide Information. Correspondent agrees to provide, upon any Fund request received by Schwab to which Schwab is unable to
respond because Schwab does not possess the data needed to respond to such request, the taxpayer identification number (“TIN”), the Individual Taxpayer Identification Number (“ITIN”), or other government-issued
identifier (“GII”), if known, of any or all Shareholder(s) that purchased, redeemed, transferred or exchanged shares of a Fund through a Clearing Account maintained by Correspondent at Schwab during the period covered by the
request, and the amounts and dates of each such purchase, redemption, transfer, or exchange of shares (“Shareholder Information”). 

(1) Period Covered by Request. All Fund requests for the Shareholder Information will set forth the specific period, not to exceed ninety
(90) days from the date of the request, for which the information is sought. Correspondent acknowledges that the Fund may request Shareholder Information older than ninety (90) days from the date of the request as the Fund deems necessary
to further investigate compliance with policies established by the Fund for the purpose of eliminating or reducing any dilution of the value of the outstanding shares issued by the Fund. 

(2) Form and Timing of Response. Correspondent agrees to transmit the Shareholder Information that is on its books and records to Schwab or
the Fund as soon as reasonably practicable after Correspondent’s receipt of a request. If the requested information pertains to a shareholder investing through an account held by an Indirect Intermediary, as such term is defined in
Section 5(c) below, and is not on Correspondent’s books and records, upon further request, Correspondent agrees to use reasonable efforts to: (a) promptly obtain the Shareholder Information from the Indirect Intermediary and transmit
that information to Schwab or the Fund; (b) obtain assurances from the Indirect Intermediary that the Shareholder Information will be provided directly and promptly to the Fund; or (c) if the Shareholder Information cannot be provided
pursuant to (a) and (b) above, block further purchases and exchanges of Fund shares in the Indirect Intermediary account. Correspondent agrees to inform Schwab regarding which of the foregoing options it will follow. The requested information
will be communicated to Schwab or the Fund in a format consistent with the NSCC Standardized Data Reporting Format, or in such other format as may be mutually agreed upon by the parties, or if communicated directly to the Fund, by Correspondent and
the Fund. Correspondent acknowledges that if the requested information is not provided by Correspondent or the Indirect 

  
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Intermediary to Schwab or the Fund as required herein, Schwab may be obligated pursuant to its Shareholder Information Agreement with the Fund to block further purchases and exchanges of Fund
shares in Correspondent’s clearing account(s). If the Correspondent or the Indirect Intermediary, as applicable, transmits the requested Shareholder Information directly to the Fund pursuant to this section, then Correspondent shall confirm to
Schwab promptly after such transmission, in writing or in a manner mutually agreed upon by the parties, that the Fund’s request has been fulfilled. 

(3) Limitations on Use of Information. Schwab, its affiliates and agents shall not, without the prior written consent of Correspondent, use
the Shareholder Information received from Correspondent or any Indirect Intermediary pursuant to this section for marketing or any other purpose other than to respond to Fund requests for Shareholder Information pursuant to Schwab’s Shareholder
Information Agreement with the Fund. Each party will comply with all applicable federal and state laws, rules and regulations governing the privacy and confidentiality of all Shareholder Information disclosed to it pursuant to Rule 22c-2, and will implement appropriate administrative, technical, and physical safeguards reasonably designed to (a) protect the security and confidentiality of the Shareholder Information and (b) protect
against unauthorized access to or use of the Shareholder Information. 
 b. Agreement to Restrict Trading. Correspondent agrees to execute
instructions from Schwab or a Fund to restrict or prohibit further purchases or exchanges of shares by a Shareholder that has been identified by a Fund as having engaged in transactions of the Fund’s shares (either directly or indirectly
through Correspondent’s accounts) that violate policies established or used by the Fund for the purpose of eliminating or reducing dilution of the value of the Fund’s shares. If the requested restriction pertains to a shareholder investing
through an account held by an Indirect Intermediary, Correspondent will forward the instruction to restrict trading to the Indirect Intermediary, and either (a) obtain assurances from the Indirect Intermediary that it will promptly execute
Schwab or the Fund’s instructions with respect to investors effecting purchases and exchanges through the Indirect Intermediary’s account, or (b) if the Indirect Intermediary cannot execute the instruction, block further purchases and
exchanges of all Fund shares in the Indirect Intermediary account. Correspondent acknowledges that if it or the Indirect Intermediary cannot or does not execute instructions to restrict such shareholders identified by the Fund, (A) Schwab may
be obligated pursuant to its Shareholder Information Agreement with the Fund to block further purchases and exchanges of Fund shares in Correspondent’s clearing account(s), and (B) the Fund may reject or cancel purchase or exchange orders
that were subject to a restriction, in which case Schwab shall not be responsible for any losses associated with any rejected or canceled trade. 

(1) Form of Instructions. Instructions to restrict or prohibit further purchases or exchanges of shares by a Shareholder will include, at a
minimum, the TIN, ITIN or GII, if known, and the specific restriction(s) to be executed. If the TIN, ITIN or GII is not known, the instructions will include an equivalent identifying number of the Shareholder(s) or account(s) or other agreed upon
information to which the instruction relates. 
 (2) Timing of Response. Correspondent agrees to execute, or obtain assurances that the
Indirect Intermediary will execute, Schwab’s or a Fund’s instructions to restrict or prohibit purchases or exchange of shares according to the terms set forth in this Amendment as soon as reasonably practicable, but not later than five
Business Days after receipt of the instructions by Correspondent. 

  
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 (3)
Confirmation by Correspondent. Correspondent will provide confirmation to Schwab, in writing or in a manner mutually agreed upon by the parties, that Correspondent has, as applicable, (a) executed Schwab or a Fund’s instructions,
(b) obtained assurances from the Indirect Intermediary that it has executed Schwab or a Fund’s instructions, or (c) blocked further purchases and exchanges of Fund Shares in the Indirect Intermediary’s account. Correspondent
agrees to provide such confirmation as soon as reasonably practicable, but not later than ten Business Days after the instructions have been executed. 

c. Definitions. Solely for purposes of this Section 5 of the Agreement: 

(1) The term “Fund” shall include the fund‘s principal underwriter and transfer agent, but shall not include any
“excepted funds” as defined in Rule 22c-2(b) of the 1940 Act. 
 (2) The term
“Indirect Intermediary” shall have the same meaning as provided for in Rule 22c-2 of the 1940 Act. 

(3) The term “Shareholder” means (a) the beneficial owner of Shares, whether the Shares are held by Schwab in nominee
name; or (b) a retirement plan participant notwithstanding that the retirement plan may be deemed to be the beneficial owner of Shares. 

(4) The term “written” includes electronic writings and facsimile transmissions. 

(5) The term “purchase” does not include the automatic reinvestment of dividends. 

6. Fund’s Pricing of Orders. If Orders are timely transmitted by Correspondent to Schwab in accordance with Section 4 above,
Day 1 Trades will be effected by the Fund at the net asset value of each Fund’s shares (“Net Asset Value”) calculated as of the Fund’s pricing time on Day 1, and Day 2 Trades will be effected by the Fund at
the Net Asset Value calculated as of the Fund’s pricing time on Day 2. 
 7. Settlement of Transactions 

a. Schwab will send to Correspondent by electronic transmission, or another mutually agreed upon method should electronic transmission be
unavailable, trade confirmation data for each day by the time(s) set forth on Exhibit E hereto. Notwithstanding the foregoing, Schwab will not send trade confirmation data for Funds that have not made the closing price of their shares for the day
publicly available until such time as such Funds make such closing prices publicly available. The parties also understand and agree that settlement date for trades is typically the next Business Day following trade date (“T+l”), but
that the determination as to settlement date is made by the Fund and may vary. In addition, the settlement date for redemptions may be extended by any Fund for up to seven Business Days following trade date. 

  
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 b.
Schwab shall (i) transmit to Correspondent a settlement file for automated trades and automated income transactions (dividends and capital gains) on settlement date by the time(s) set forth on Exhibit E hereto, subject to system and data
availability, and (ii) inform Correspondent by 11:00 A.M. Eastern Time on settlement date of the net dollar amount due from Correspondent to Schwab, if all purchases exceed all redemptions, or from Schwab to Correspondent, if all redemptions
exceed all purchases. The owing party shall transmit such net amount to the other by FED wire transfer by 3:00 P.M. Eastern Time on settlement date. In the event of system outages or during times of exceedingly high volumes that may delay the
delivery of the files beyond the times listed in Exhibit E, Schwab agrees to provide the files as soon as the files are available on settlement date. 

(1) Wiring instructions: The net settlement amount due to either party will be wired in accordance with each party’s settlement
instructions below. Changes to wiring instructions must be submitted in writing to the other party with ten (10) Business Days advance notice, unless otherwise agreed upon by the parties: 

[****] 
 c. In the event that,
for any reason, Schwab does not receive all or any portion of any net amount owed by Correspondent on a settlement date, Schwab shall allocate the dollar amount of the shortfall on a pro-rata basis to all Fund
shares purchased for Correspondent for settlement on that date. Any such portion of Fund shares for which full payment has not been received by Schwab shall be considered unpaid and shall remain subject to Schwab’s lien for Unpaid Debits
pursuant to Section 6 of the Clearing Agreement until Schwab has received payment in full of such shortfall. Unless otherwise agreed by Schwab, payments by Correspondent of any net amount due from Correspondent pursuant to Section 7(b)
above, with respect to any subsequent settlement date shall not be attributable to the unpaid amount due from any previous settlement date. 

d. Each party reserves the right to charge the other interest on any debt arising if the other fails to make timely payment as provided in
this Section 6 at the Federal Funds “offered” rate for the first day, as published in The Wall Street Journal on that day; except, however, that both parties agree that Schwab shall only be obligated to pay redemption proceeds
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 e.
Correspondent understands that certain Funds have reserved the right to settle large redemptions through the delivery of securities rather than with cash (“redemptions in kind”). In the event a Fund notifies Schwab that it intends
to settle redemptions in kind, Schwab will immediately notify Correspondent and, upon settlement by the Fund, will deposit such securities to the Clearing Account for allocation to the appropriate Customer
Sub-Account(s). 
 8. Account Reconciliation 

a. Schwab shall transmit to Correspondent by electronic transmission a daily activity file including all orders executed in each Clearing
Account the previous day, and a daily position file for all positions in the Clearing Accounts, or by another mutually agreed upon method should electronic transmission be unavailable, on each Business Day by the time(s) set forth on Exhibit E.
Correspondent shall verify the information in the activity file and the position file to Schwab on the same day. 
 b. The parties agree to
notify each other and correct any error in the Clearing Accounts upon discovery. 
 9. Distributions and Reorganization Activities

 a. Schwab shall credit to the Clearing Accounts any distributions from a Fund, upon Schwab’s receipt thereof. 

b. Schwab shall transmit to Correspondent by electronic transmission a daily distribution file which will include all distributions credited
to each Clearing Account the previous day, or by another mutually agreed upon method should electronic transmission be unavailable, on each Business Day by the time(s) set forth on Exhibit E. 

c. Schwab shall inform Correspondent in a timely fashion to the extent such information has been received from Funds, of the portion of each
Fund‘s distributions that includes any of the following: dividends, capital gains, or reclassifications. 
 d. Upon notice from a Fund,
Schwab shall promptly effect accounting and recordkeeping entries in the Customer Sub-Accounts to reflect mergers, splits and other reorganization activities of Funds. 

10. Price and Distribution Rate Errors 

a. In the event Schwab is notified by a Fund that adjustments are required to correct any error in the computation of the net asset value or
public offering price of a Fund’s shares or in the distribution rate for a Fund’s shares, Schwab shall promptly communicate such Fund notification to Correspondent. 

  
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 b. If,
in connection with such adjustment, Correspondent has received money in excess of that to which it is entitled for any Customer Sub-Accounts, Correspondent shall be liable to Schwab for any such amounts and
shall repay such amounts to Schwab. 
 c. If, in connection with such adjustment, Correspondent has received shares in excess of what it is
entitled to receive in any Customer Sub-Accounts, Schwab shall be entitled to debit the number of shares in any such Customer Sub-Accounts accordingly. Notwithstanding
the above, if Correspondent has received shares in excess of what it is entitled to receive, and there are not sufficient shares in any affected Customer Sub-Account for Schwab to debit, Correspondent will
repay such excess to Schwab. Correspondent shall be liable to Schwab for any such amounts whether or not it is able to collect such excess from its Customers, and shall repay such amounts to Schwab. 

d. If adjustment is necessary to correct an error that has caused Correspondent to receive less shares or money than that to which
Correspondent is entitled in the Clearing Accounts, Schwab shall, as appropriate, make any and all adjustments to the number of shares in the Clearing Accounts and/or distribute to Correspondent any and all amounts of the underpayment, but only to
the extent the Fund has appropriately credited shares and/or distributed dollars to Schwab. 
 11. Transfer of Accounts 

a. Schwab and Correspondent agree to support the Depository Trust and Clearing Corporation (“DTCC”) functionality that allows
a profile to be set up at DTCC that overrides Correspondent’s dealer number with Schwab’s dealer number when NSCC’s Automated Customer Account Transfer Services (“ACATS”) registration records are sent to the Funds.
Each party will bear its own expenses in connection with the development, testing, and use of any proprietary systems necessary to support the DTCC functionality. 

(1) Schwab will provide Correspondent with fund account information to enable Correspondent to reference Schwab’s fund account numbers
in the ACATS registration files. 
 (2) Schwab agrees to allow Correspondent’s ACATS transfers to be transferred directly to or from
Schwab’s fund accounts. 
 (3) Correspondent agrees to instruct DTCC to deliver a copy of the Mutual Funds Statistics File to Schwab
(via dual destination file set up with DTCC) to provide Schwab notification of all ACATS transfers processing in or out of Schwab’s house accounts for purposes of promptly posting transactions to Clearing Accounts. 

b. Schwab agrees to accept shares directly into its omnibus accounts at the Funds, resulting from transfers from third parties to
Correspondent. Schwab will credit such shares to the appropriate Clearing Account designated by Correspondent only when the transfer to Schwab’s omnibus account on the Fund’s records is completed and Schwab is notified of the transfer.
Correspondent agrees to (i) notify Schwab of the pending transfer and (ii) notify Schwab of the completed transfer, each by a mutually agreed upon method. The parties understand and agree that Correspondent is fully responsible for, and
Schwab shall have no responsibility for, accomplishing any such transfer from a third party broker or other financial institution to Schwab’s omnibus account on the Fund’s records. 

  
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 c.
Correspondent represents and warrants that for each transfer and liquidation transfer it initiates pursuant to this Section 11, it or the applicable Initial Correspondent holds each underlying instruction for
re-registration or liquidation signed by its customer. Transfer forms will be signature guaranteed by Correspondent and the successor custodian pursuant to the Securities Transfer Agents Medallion Signature
Program. All transfers for qualified accounts will be accepted via authorized signature of successor custodian. 
 d. Schwab will inform
Correspondent of the completion of each transfer. 
 e. With respect to transfers processed after record date but prior to payable date,
Schwab will credit to the Clearing Account all accrued dividends upon receipt from a Fund. Schwab will work with the Funds to ensure that all accrued dividends are collected and credited to Schwab so that such dividends are appropriately credited by
Schwab to the Clearing Account. 
 f. Correspondent acknowledges that, to complete a transfer, Correspondent may be required by a Fund to
provide to Schwab or the Fund the Customer’ s name, address, social security number, and any other Customer information requested by the Fund. 

12. Shareholder Communication 

Correspondent shall, or as appropriate, shall cause Initial Correspondent to: 

a. Obtain and deliver to Customers any prospectuses, statements of additional information and supplements and amendments thereto, and annual
and other periodic reports for each Fund; 
 b. Deliver proxy solicitation materials to its Customers. In any proxy solicitation made to
Schwab as record holder of Fund shares in the Clearing Accounts, Schwab or its agent will promptly forward proxy solicitation materials to Correspondent and will refrain from voting any such Fund’ s shares held by Customers. Correspondent, and
not Schwab, shall be responsible for determining whether to vote such shares; 
 c. Respond to Customer inquiries regarding, among other
things, share prices, account balances, dividend amounts and dividend payment dates; 
 d. Provide cost basis reporting to Customers as
required by U.S. law or regulation for Fund shares purchased by Customers; 
 e. Communicate any Fund mergers, splits or other
reorganization activities to Customers; and 
 f. Prepare and file with the appropriate government agencies such information, returns and
reports as are required to be so filed under applicable federal or state law, rule or regulation to report (i) dividends and other distributions made to Customers, (ii) amounts withheld on dividends and other distributions and payments to
Customers, and (iii) gross proceeds of sales transactions made by Customers. 

  
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 13.
Systems or Services Modifications 
 a. Correspondent may request systems or services modifications by: 

(1) Submitting a written requirements documentation to Schwab which will include the following elements: background, priority (High, Medium,
Low), detailed enhancement description, expected results/deliverable, scope (in and out), timing required, interface additions/changes (if applicable), screen additions/changes (if applicable), other processing/calculation additions/changes (if
applicable), and any issues. Schwab will respond to Correspondent with a written description of programs affected and anticipated people hours, a cost estimate, and a proposed delivery date. Correspondent will advise Schwab in writing whether it
agrees to the costs and delivery date for the systems or services modification; or 
 (2) Agreeing in writing to the costs and delivery
date for a systems modification for which Schwab has submitted to Correspondent a written requirements documentation which will include the following elements: background, detailed enhancement description, expected results/deliverable, scope (in and
out), interface additions/changes (if applicable), screen additions/changes (if applicable), other processing/calculation additions/changes (if applicable), programs affected, anticipated people hours, a cost estimate, and a proposed delivery date.

 b. If Schwab makes system or services modifications which Correspondent has not requested by one of the above methods, Correspondent
shall have no obligation to make any payment for the costs of such modifications, but shall be required to cooperate with Schwab in the implementation of the modifications in the manner set forth in this Section 13 in the same manner as for
Correspondent requested modifications under Section 13.a. of this Exhibit. 
 c. Correspondent and Schwab agree to cooperate in a
commercially reasonable manner with one another, including making themselves available for joint systems testing, in any development, implementation, enhancement, conversion or other modification of Schwab’ s processing or comparable systems
which are consistent with requests made by Correspondent for system or services enhancements or which are consistent with system changes that will enhance operating efficiencies or capabilities as agreed by Correspondent. 

  
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EXHIBIT B 
 FEE SCHEDULE

  

	1.	 Definitions. For purposes of this Exhibit B, the following definitions apply. Capitalized terms not
defined in this Exhibit B have the meaning ascribed to them in the body of this Agreement. A share class of the Funds might fall within more than one definition below (for example, A shares made available both load waived and also with a load). With
respect to share classes that meet more than one definition, the shares of such Fund shall be segregated by Schwab such that the fee arrangements applicable to each definition below shall be calculated only with respect to those shares of the Fund
meeting such definition, and not with respect to the entire share class 

  

	 	1.1	 “NTF Funds” are those Funds (a) that do not charge a
front-end or back-end (e.g., contingent deferred) sales load, or that waive such sales load; (b) from which Schwab receives an asset-based service fee from the Fund
or its affiliates for providing certain recordkeeping, shareholder, and other administrative services; and (c) shares of which Schwab makes available to its own brokerage customers without a transaction fee. 

 

	 	1.2	 “TF Funds” are those Funds that (a) do not charge a
front-end or back-end (e.g., contingent deferred) sales load, or that waive such sales load; and (b) that are not made available without a transaction fee (i.e., non-NTF) to Schwab’s brokerage customers. 

  

	 	1.3.	 “Load Funds” are those Funds (a) that charge a
front-end or back-end (e.g., contingent deferred) sales load; and (b) that are made available through Schwab and held in an omnibus account in Schwab’s name
under a Load Fund Operating Agreement, or substantially similar agreement. 

 a). A “Revenue Load Fund” is
a Load Fund held in an omnibus account in Schwab’s name under a Load Fund Operating Agreement, or substantially similar agreement, and from which Schwab receives a per position fee or asset-based fee for the services provided by Schwab. 

(b). A “Non-Revenue Load Fund” is any other Load Fund. 

 

	2.	 Clearing and Processing Fees. The fees set forth in this Section shall be called collectively the
“Clearing and Processing Fee”. 

  

	 	2.1	 Calculation of the Per Position Clearing Fee. Correspondent shall pay to Schwab a per position based fee
on the Positions (defined below) held in Customer Sub-Accounts for all services and processing performed by Schwab with respect to positions in “TF Funds” and “Non-Revenue Load Funds” (the “Per Position Clearing Fee”) as follows: 

[****] 

  
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2.1.1. “Position” shall mean any balance greater than zero in any Customer
Sub-Account at the end of the monthly billing period. 
 2.1.2. Payment of the Per
Position Clearing Fee. The Per Position Clearing Fee shall be computed monthly by Schwab, and any undisputed amount will be paid by Correspondent through the net daily settlement process promptly upon receipt of the monthly notice from Schwab
setting forth the amount of the Per Position Clearing Fee. The parties agree to work in good faith to resolve the disputed amount of the Per Position Clearing Fee prior to the generation of the next monthly invoice, and Correspondent will pay such
fee promptly upon resolution. 
 2.2 In addition to the Per Position Clearing Fee above, and as partial payment for the
clearing and processing services that Schwab provides to NTF Funds and Revenue Load Funds, Schwab will retain certain asset-based service fees it receives from the funds as further set forth in Sections 3 and 4 below. 

 

	3.	 Sales and Service Fees Payable to Correspondent 

3.1. Periodic Shareholder Services Fee. Schwab shall pay to Correspondent a fee for recordkeeping, shareholder communication and other
administrative services (“Shareholder Services Fee”) rendered to Customers by Correspondent in connection with shares of NTF Funds, and Load Funds. Notwithstanding the foregoing, Correspondent is eligible to receive a Shareholder
Service Fee only if the Correspondent meets the Shareholder Service Fee Threshold as defined in Section 4 below. Schwab shall pay to Correspondent Shareholder Services Fees received from a Fund that correspond to and have been paid by the Fund
on assets held in Correspondent’s Clearing Account(s). The Shareholder Services Fee payable to Correspondent shall be calculated as follows: 

3.1.1. No Transaction Fee Funds. With respect to NTF Funds, the Shareholder Services fee paid by Schwab to
Correspondent, if any, will be calculated based on the asset-based fee rate applicable to the NTF Fund, as set forth in the table below, multiplied by the average daily value of the NTF Funds held in Correspondent’s Clearing Account(s) during
the month (the “NTF Fee”). The NTF Fee shall be computed monthly and paid monthly, in arrears, through the net daily settlement process. 

[****] 

  
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3.1.2 Load Funds. With respect to Load Funds that charge a front-end or back-end (e.g., contingent deferred) sales load that are made available through Schwab and held in an omnibus account under a Load Fund Operating Agreement, or substantively similar agreement, and from which Schwab
receives a per position fee or asset-based fee (not to include a Rule 12b-1 Fee as defined in Section 3.2 below) under the Load Fund Operating Agreement for providing Shareholder Services, Schwab will pay to Correspondent the following
Shareholder Services fee based on the total number of Load Fund positions that Correspondent maintains in the Clearing Accounts on the last day of the quarter as set forth in the table below (the “Load Fund Per Position Fee”).
Correspondent is eligible to receive the Load Fund Per Position Fee only if the Correspondent meets the Shareholder Service Fee Threshold as defined in Section 4 below. The Load Fund Per Position Fee, if any, shall be computed monthly and paid
monthly, in arrears, by FED wire transfer. 
  

					
	 Number of positions
	  	Load Fund Per Position Fee
(expressed as dollars per annum)	 
	 [****]
	  	$	[	****] 
	 [****]
	  	$	[	****] 
	 [****]
	  	$	[	****] 
	 [****]
	  	$	[	****] 
	 [****]
	  	$	[	****] 

 3.2 Rule 12b-1 Fees. If Schwab has an agreement with a Fund
pursuant to which it receives Rule 12b-1 fees for services provided in connection with Fund shares (and such payments are not remitted to Correspondent as part of payments made pursuant to Sections 3.1 above),
Schwab will remit to Correspondent those 12b-1 fee payments received with respect to shares of the Funds cleared by Schwab and held in Customer Sub-Accounts (the
“Rule 12b-l Fee”). The Rule 12b-1 Fee shall be computed in accordance with the time period designated by the applicable Fund, as set forth in the
prospectus. Schwab shall pay any 12b-1 fees received by it and due Correspondent by the end of the same calendar month that the fees are received by Schwab from the Fund. 

 

	4.	 Shareholder Service Fee Threshold 

Solely in relation to the payment of Shareholder Service Fees to Correspondent and as part of the consideration for the clearing services
provided by Schwab under this Agreement, Correspondent shall be subject to a minimum assets cleared threshold. Correspondent acknowledges that should Correspondent’s 

  
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aggregate market value of assets held and cleared pursuant to this Agreement fall below $400 million (“Shareholder Service Fee Threshold”) on the last day of a month during the
Term of this Agreement, Schwab will retain all Shareholder Servicing Fees (which includes the NTF Fee and Load Fund Per Position Fee), due and payable to Correspondent for the recently completed month. Schwab will calculate the Shareholder Service
Fee Threshold at the end of each month. For the avoidance of doubt, if at the end of a month and each month subsequent to falling below Shareholder Service Fee Threshold, it is determined that Correspondent’s assets held and cleared under this
Agreement exceeds Shareholder Service Fee Threshold, Correspondent will resume receiving Shareholder Servicing Fees pursuant to Section 3.1 above. 
  

	5.	 Trade Corrections. 

4.1 Transactions. Each trade and trade correction for a Customer Sub-Account is deemed
conclusively under this Section 4 to be a separate transaction, except that a cancel/rebill will be treated as a single transaction, an exchange will be treated as two transactions, and a cancel/rebill of an exchange will be treated as two
transactions. 
 5.2 Error Rate Limitation. Correspondent will not be charged for any trade correction (as defined in section 5.1
above) that is subsequently corrected by Schwab up to 3% of the total transactions processed in a calendar month. 
 5.3 Charge for Trade
Corrections. Correspondent will pay to Schwab a charge of $10 per trade connection requested by Correspondent, and subsequently processed by Schwab, above the 3% error rate limitation set forth in section 5.2. 

5.4. Gain/Loss Revenue from Trade Error Processing: Schwab shall account for the gains and losses realized as a result of trade errors,
as of trades, cancels, and rebills and/or any other connective action Schwab is required to take on behalf of Correspondent, and will net these amounts monthly and settle the net with Correspondent no less frequently than weekly. Notwithstanding the
foregoing, in an instance of a Correspondent’s error that involves a reclaim of a redemption fee from the fund, Schwab will use best efforts to collect those fees and remit to Correspondent. 

5.5 Exclusions. Notwithstanding the above, Schwab agrees that transactions which are either (i) “as of’s” which are not
either cancel/rebills or trade error related; (ii) transmission errors generated by the Correspondent’s system, (iii) mass transmission errors, or (iv) caused by Schwab’s error are excluded from operations of this
Section 5. 
  

	6.	 Implementation and Conversion Costs 

Each party shall bear its own costs associated with the Initial Conversion of Correspondent assets and positions to the Clearing Accounts,
including, but not limited to, customized system developments, testing with respect to the services performed under this Agreement, and testing file transmissions and data integrity. Thereafter, each party shall bear its own costs associated with
any subsequent conversions of Correspondent Customer assets or positions to the Clearing Accounts, provided, however, that Correspondent will pay the reasonable costs associated with any subsequent conversions (i) for which Schwab does not
receive mutually agreed upon reasonable notice, (ii) that require special, unusual, or enhanced systems programming or support, or (iii) that require increased staff to timely effect the conversion. 

  
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	7.	 Fund Additions 

When it becomes necessary for Correspondent to request that a Fund be added to Schwab’s platform, then Correspondent should request the
fund add with Schwab, providing Schwab with pertinent details such as priority and anticipated assets to be purchased or transferred into the Fund. 

Schwab will pursue the fund addition with the fund company assuming the Fund is operationally consistent with Schwab processing standards. The
Correspondent will be responsible for the cost associated with adding the Fund on Schwab’s brokerage system. The rates for adding new Fund families and Funds in existing families are as follows: 

 

			
	[****]	  	

  

	8.	 Transaction and Data Communication Lines Between Correspondent and Schwab. 

Correspondent will pay for any installation(s) and set-up(s) of dedicated telecommunications line(s)
and/or expanded capacity of dedicated telecommunication line(s), as well as any backup telecommunications line(s) and/or backup capacity, between Correspondent and Schwab. The establishment cost and ongoing maintenance cost of these communication
lines and capacity will be paid solely by Correspondent, and Schwab agrees to cooperate with Correspondent in Correspondent’s establishment and ongoing maintenance of these telecommunications lines. 

 

	9.	 Reporting Data 

8.1 Costs of Correspondent Requested Reporting. Schwab will respond to reasonable requests to create and run management reports for
Correspondent for Correspondent’ s internal use in connection with the services provided to Correspondent under this Agreement. Correspondent will pay Schwab such costs as Schwab identifies to Correspondent in advance of incurring them as costs
of additional programming required to run any of these management reports. 
  

	10.	 Correspondent Requested System Modifications 

All costs of system modifications requested by Correspondent to be performed by Schwab will be paid for by Correspondent. 

  
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	11.	 Correspondent Requested Projects 

Correspondent may request Schwab to perform special projects for Correspondent. Upon receipt of Correspondent’s request, Schwab will as
soon as reasonably practicable provide to Correspondent an estimate price for performing the special project, which, if approved by Correspondent, will be paid in a manner and at a time mutually agreed upon by the parties. If such project exceeds
the estimated price, Schwab will provide Correspondent with a written adjustment to the price for Correspondent’s approval. 
  

	12.	 Other Fees 

Correspondent shall pay or reimburse Schwab for any reasonable
out-of-pocket expenses, including travel, lodging, meal and other travel related expenses incurred by Schwab in connection with the performance of Services by Schwab
employees on-site at Correspondent facilities. 

  
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EXHIBIT C 
 [BANK LETTERHEAD]

  

					
	
BANK                  
                                         
     SWIFT:
	  		  	
		  	 TELEX:
	  	
		  	 FAX:
	  	
		  	 PHONE:
	  	
	 Irrevocable Standby Letter of Credit No.
	  	
	 Beneficiary:
	  	 Applicant:
	  	
	 CHARLES SCHWAB & CO., INC.
	  	
	 SCHWAB BUILDING
	  		  	
	 211 MAIN STREET
	  		  	
	 SAN FRANCISCO, CA 94105
	  		  	
		  	AMOUNT: USD	  	
	 EXPIRY:    
	  		  	

 To Whom It May Concern: 
 We
hereby establish our Irrevocable Standby Letter of Credit No.                  in your favor for account of Applicant listed above for a sum or sums not exceeding
a total of United States Dollars                  available by your draft(s) on [Bank] at sight accompanied by the following signed statement: 

“We hereby certify that          has failed to comply with the terms and conditions of the
Clearing Agreement between Charles Schwab & Co., Inc., and          made as of         , and that Unpaid Debits, as defined therein, currently
exist.” 
 Partial drawings are permitted. 
 It is a
condition of this Credit that it shall be automatically renewed for additional periods of one (1) year from the present or each future expiration date, unless at least 60 days prior to such date we notify you in writing that we elect not to
renew this Credit for such additional period. 
 All drafts drawn under this Credit must contain the clause “Drawn under [Bank] Letter of Credit No.
[                ] dated [                ] and drawings under this credit
must be endorsed on the reverse hereof by us . 
 Except so far as otherwise expressly stated this Letter of Credit is subject to the Uniform Customs and
Practice for Documentary Credits (1993 Revision) International Chamber of Commerce Publication No. 500. 
 We hereby engage with the drawers, endorsers
and bona fide holders of drafts drawn under and in compliance with the terms of this Credit that the same shall be duly honored on due presentation and delivery of documents as specified to [Bank] on or before
                 or any automatically extended expiry date. 

  
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 Payment will be made one
business day after receipt of your documents in Fed Funds to any account that you may wish to specify. 
  

	
	
	   

	 (Authorized Signature)

  
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EXHIBIT D 
 List of
Excluded Countries under Section 2(c) of Exhibit A to the Agreement 
 Cuba 

Iran 
 Sudan 

Syria 
 North Korea 

In addition to the countries listed above, this list will automatically include any additional country in which transactions by U.S. firms have
been prohibited by the Office of Foreign Asset Control, an office of the U.S. Treasury Department as of the Effective Date of the Clearing Agreement. This list of Excluded Countries may be amended from time to time. 

  
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Exhibit E – File Transmission Matrix 
  

													
	 File ID
	  	 Originator
	  	 Destination
	  	 Frequency
	  	 Description
	  	 Delivery Time (EST)

						
	PXC4D001	  	CORR	  	SCH	  	Daily	  	Order and Registrations 1 of 4	  	12:00 PM
						
	PXC4D002	  	CORR	  	SCH	  	Daily	  	Order and Registrations 2 of 4	  	2:00 PM
						
	PXC4D003	  	CORR	  	SCH	  	Daily	  	Order and Registrations 3 of 4	  	3:00 PM
						
	PXC4D004	  	CORR	  	SCH	  	Daily	  	Order and Registrations 4 of 4	  	4:05 PM
						
	PXC4D008	  	SCH	  	CORR	  	Daily	  	Order Rejects 1 of 4	  	Within 15 min of order file receipt
						
	PXC4D009	  	SCH	  	CORR	  	Daily	  	Order Rejects 2 of 4	  	Within 15 min of order file
						
	PXC4D010	  	SCH	  	CORR	  	Daily	  	Order Rejects 3 of 4	  	Within 15 min of order file
						
	PXC4D012	  	SCH	  	CORR	  	Daily	  	Order Rejects 4 of 4	  	Within 15 min of order file
						
	PXC4D007	  	CORR	  	SCH	  	Daily	  	Account Maintenance	  	4:30 PM
						
	PXC4DMLD	  	CORR	  	SCH	  	Daily	  	Master Ledger Update	  	4:00 PM
						
	PXC4D032	  	CORR	  	SCH	  	Weekly	  	Global Branch/Rep Update	  	4:00 PM, Friday
						
	PXC4D017	  	SCH	  	CORR	  	Daily	  	Confirmations	  	6:00 AM
						
	PXC4D018	  	SCH	  	CORR	  	Daily	  	Trade Settlement	  	6:00 AM
						
	PXC4D019	  	SCH	  	CORR	  	Daily	  	Daily Activity	  	6:00 AM
						
	PXC4D020	  	SCH	  	CORR	  	Daily	  	Dividend Activity	  	6:00 AM
						
	PXC4D021	  	SCH	  	CORR	  	Daily	  	Positions	  	6:00 AM
						
	PXC4D025	  	SCH	  	CORR	  	Daily	  	Account Maintenance Acknowledge	  	6:00 AM
						
	PXC4D030	  	SCH	  	CORR	  	Daily	  	Early Confirmations	  	8:00 PM
						
	PXC4D031	  	SCH	  	CORR	  	Daily	  	Dividend Settlement	  	6:00 AM
						
	PXC4D091	  	SCH	  	SCH	  	Daily	  	CSTOA Input	  	8:00 AM
						
	PXC4M041	  	SCH	  	CORR	  	Daily	  	Commission Settlement	  	4:00 PM
						
	PXC4DDBD	  	SCH	  	CORR	  	Monthly	  	Payment Detail	  	4:00 PM
						
	PXCDDCNV	  	CORR	  	SCH	  	Ad hoc	  	CNV Position	  	Adhoc

  
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EXHIBIT F 
 Initial
Correspondents 
  

			
	 Name of Initial
Correspondent
	  	 CRD number (if
applicable)

	 [****]
	  	 [****]

  
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Exhibit G – List of Authorized Persons 
  

			
	 Name
	  	 Title

	[****]	  	[****]

  
 G-1 

 APEX Clearing Corporation 

Full Service-Omnibus 
 Exhibit H – Sample
Risk Account Application 
  

			
	Risk Account Application	  	charles SCHWAB
		  	 www.schwab.com

1-800-435-4000 (inside the U.S.)

+1-415-667-5009 (outside
the U.S.)

1-888-686-6916
(multilingual services)
 Page 1 of 8

 This Risk Account Application shall be used to apply for a Risk Account at Charles Schwab & Co., Inc.
(“Schwab”) in connection with the terms and conditions set forth in the Clearing Agreement entered into with Schwab on
                            20        . 

 

	 	•	 	 The assets deposited into this Risk Account are pledged to Schwab pursuant to the terms and conditions set forth
in the Clearing Agreement. The assets in the Risk Account cannot be used to purchase securities other than those securities specified in the Clearing Agreement. Option, margin, and short trading are not available from funds in the Risk Account.

  

	 	•	 	 A minimum of two signatures of corporate officers is required to open a Risk Account. One signature must be from
the Chairman of the Board, the President, or any Vice President; the second signature must be from the Secretary, any Assistant Secretary, the Chief Financial Officer, the Treasurer. or any Assistant Treasurer. 

 
  

1. Required Information About the Corporation 
 Schwab
will use the information you provide to open and service your account, communicate with you, and provide information about products and services. Read about Schwab’s privacy policy at www.schwab.com/privacy. As required by law, Schwab will use
the information provided to verify the identity of the Corporation, its Authorized Individuals and its Control Persons. By signing this Application, you agree that Schwab is authorized to inquire as to the creditworthiness of the Corporation and any
authorized agent associated with the Account. 
  

									
	 Type of Organization/Federal Tax Classification
(Required—select only one.)
 ☐ C Corporation ☐ S Corporation

	 Name of
Corporation {as shown on the Charter or other legal document creating the Corporation) (hereinafter referred to as the “corporation”)
  
	  	Corporation Tax ID Number
	 If
Corporation is known by another name, enter name:
  
	  	
Telephone Number                    

(                )

	 Corporation Street Address (no P.O.
bales)
  
	  	City	  	State	  	Zip Code
	 Mailing Address [if different from above:
P.O. boxes may be used ]
  
	  	City	  	State	  	Zip Code
	 Country of Incorporation

 
	  	State of Incorporation	  	Date of Incorporation (mm/dd/yyyy)	  	Corporation’s URL Address

 2. Required Information About the Corporation’s Primary Business or Professional Activity 

 

											
	    	 	    	 	    	 	    	 	    	 	    

  

	A.	 To properly categorize and serve your Corporation, we need to .know the type of activity in which it is
engaged. Please provide the six-digit North American Industrial Classification System (NAICS) code that best describes your business {if you don’t know the Corporation’s NAICS code, you can look it
up at www.naics.com). 

  
  

3. Required Senior Foreign Political Figure Questions 
  

	A.	 Is any director, executive officer, 3 10% beneficial owner, or
Authorized Individual a current or former senior foreign political figure in the executive, legislative, administrative, military or judicial branch of any non-U.S. government or political party or an
enterprise owned by a non-U.S. government? 

 ☐No ☐Yes (If
“yes” enter the individual’s name, the country and the position held, and complete Section 6 .) 
  

					
	 Name (First)

 
	 	(Middle)	  	(Last)
	 Country

 
	 	 Position

  
 H-1 

 APEX Clearing Corporation 

Full Service-Omnibus 
 Page 2 of 8 

 
  

3. Required Senior Foreign Political Figure Questions (Continued) 
  

	B.	 Is any director, executive officer, 3 10% beneficial owner, or
Authorized Individual an immediate family member (sibling, parent, spouse, child, in-law) or close associate of a current or former senior foreign political figure of a non· U.S. government, or is this entity being established for, or
controlled by, the same? 

  

					
	☐ No	  	 ☐ Yes(if “yes,” enter the individual’s name, his or her
relationship to the senior foreign political figure, the country and the position held, and complete Section 6.)

  

									
	Name (First)	  	(Middle)	  	(Last)
	Relationship	  	Country	  	Position

  
  

4. Required Authorized Individuals: Corporate Directors, Officers, Employees and Agents 

 

	A.	 Does your firm qualify as a Covered Financial Institution (CFl), as per the PATRIOT Act definition?

  

							
	☐ No	 	☐ Yes	  	(If “yes,” please attach your firm’s standard CFl Letter, also known as an Anti-Money Laundering (AML) Comfort Letter. Schwab may rely on this letter in lieu of verifying the identity and creditworthiness
of any Authorized Individuals or Control Persons provided in Sections 4 and 5. If “no complete Sections 4 and 5.)

 The CFI Letter should be signed by the Compliance Officer or AML Officer and should: 

 

	 	•	 	 State that the firm is regulated by a “federal functional regulator” and specify which one (e.g., the
Securities and Exchange Commission, Options Clearing Corporation, Federal Reserve, etc.) 

  

	 	•	 	 State that tile firm has a comprehensive AML/Office of Foreign Assets Control (OFAC) program in place

  

	 	•	 	 State that the firm is in compliance with all AML/OFAC laws and regulations 

 

	 	•	 	 List full names of all Authorized Individuals or Control Persons or attach a Corporate Resolution to the CFl
Letter 

  

	B.	 Please complete this section for each individual director, officer, employee or agent of the Corporation who is
authorized by the Corporation to transact business with Schwab in the Risk Account on behalf of the Corporation. 

  

	C.	 Schwab will have no obligation of inquiry with respect to the validity of, or authority with respect to, any
transaction or instruction provided by an Authorized Individual. 

 Primary Authorized Individual 

This is the individual to whom electronic correspondence, statements, confirmations and notices will be addressed. 

 

											
	Title or Capacity of individual (Select all that apply)
	☐ Director ☐ President ☐ Vice President ☐ CEO ☐ Treasurer ☐ Secretary
☐ Other:                     ☐ > 10% Beneficial Owner
	 Name (First)

 
	  	(Middle)	  	(last)
	 Home Street Address {no P.O. boxes)

 
	  	City	  	State	  	Zip Code
	 Mailing Address (if different from above;
P.O. boxes may be used)
  
	  	City	  	State	  	Zip Code
	 Home Telephone
Number
 (                )
	  	 Business Telephone Number

(                )
	  	 Mobile Telephone Number

(                )

	 Social
Security Number
  
	  	Date of Birth {mm/dd/yyyy)
	
Country(ies) of Citizenship (Must list all)
 ☐ USA ☐
Other:
	  	 Country of Legal Residence

☐ USA ☐ Other:

	
ID Number and Type

                          
       ☐ Passport ☐ Driver’s license ☐ Gov’t Issued ID

	 Country
or State of lssuance
  
	  	Expiration Date (mm/dd/yyyy)
	
Employment Status {Select only one.)
 ☐ Employed ☐
Self-employed ☐ Retired ☐ Not employed

	 Employer
Name
  
	  	Occupation/Position
	 Employer Address

 
	  	City	  	State	  	Zip Code
	
Are you affiliated with or employed by a stock exchange or member firm of an exchange or FINRA, or a municipal securities broker- dealer?

☐ No ☐ Yes (If “yes” enter company name:
                                 You must attach a letter to this application that
is from your employer. approving the establishment of this Account.)

	
Are you a director, 10% shareholder or policy-making officer of a publicly held company?

☐ No ☐ Yes (If “yes” enter company
name:                                 and trading
symbol:                    .)

	
Investment Knowledge (Select only one.)
 ☐ None ☐
limited ☐ Good ☐ Extensive

  
 H-2EX-10.16

 Exhibit 10.16 

 
 

 
 CLIENT AGREEMENT 
  

	1.	 This Client Agreement (“Agreement”) is between Instinet LLC and its affiliates (Collectively
“Instinet” or “we”), a Delaware limited liability company, located at 1095 Avenue of the Americas. New York. New York 10036 and Instinet Client (hereinafter, “Client” or “You”). Subject to credit approval, and
in accordance with this Agreement, Instinet agrees to provide you with the ability to utilize Instinet trading services and/or products, data and/or sales trading services (collectively the “Instinet Services”). You agree that the Instinet
Services may not be redistributed to third parties without the prior written consent of Instinet. 

  

	2.	 You are responsible for those fees, costs and expenses associated with your access to and use of the Instinet
Services, as set forth on Schedule 1 to Exhibit A-I attached to the Technology Services Agreement between the parties. dated the date hereof. You will be notified by Instinet in advance of any fees, costs and expenses associated with access and use
of the Instinet Services not previously agreed between the parties. You agree to make timely payment under this Agreement and understand that payment is due within thirty (30) calendar days from the invoice date. We reserve the right to charge a
late fee of the lesser of 1.5% or the maximum rate allowed by law for amounts (except those disputed in good faith) outstanding for more than thirty (30) calendar days after the date of invoice. In addition, you are responsible for the payment of
any taxes, charges or assessments imposed on you and any accompanying penalties or interest (other than income taxes imposed on us), relating to the provision of Instinet Services to you under this Agreement. The terms and conditions of this
paragraph shall survive termination of this Agreement. 

  

	3.	 You acknowledge that all proprietary rights in the Instinet Services are either owned or licensed by us and are
protected under copyright. trademark and other intellectual properly laws and other applicable law (the “Intellectual Property Rights”). The Instinet Services provided pursuant to this Agreement are provided “as is”, without
warranty of any kind by Instinet or its agents or affiliates. including. but not limited to. the implied warranties of merchantability, fitness for a particular purpose. title and non-infringement. The entire risk as to the quality and performance
of the Instinet Services is with the Client and there is no guaranty that the Instinet Services will meet the Client’s requirements, be error-free, or operate without interruption. 

 

	4.	 You agree that it is your absolute unconditional and unassignable obligation, in connection with each
securities trade executed by you through the Instinet Services, to deliver by settlement date, in good deliverable form, the subject securities and/or funds, as well as any required remittance of interest, dividend payments and/or other
distributions. You further agree that it is your absolute, unconditional and unassignable obligation in connection with any transaction by you to sell a security “short” though the Instinet Services, to properly ensure that such
transaction complies with applicable regulations. You will notify Instinet in writing 24 hours prior to any change to your clearing arrangements, excluding those in which you act as the clearing broker. Prior to entering an order, you will advise us
of any legal restrictions on the transfer of any securities you sell and you will provide any necessary documents to us to satisfy legal transfer requirements. We are not responsible for any delays, expenses or losses associated with your failure to
comply with any restrictions of the transfer of securities. 

  

	5.	 You understand that, when reasonable under the circumstances. we have no obligation to accept, or to execute.
all or any part of an order or transaction that you seek to execute through the (i) Instinet Services. (ii) e-mail and/or (iii) any instant messaging service that you may utilize and that, without limiting the foregoing, we have no responsibility
for transmissions that are inaccurate or not received by us, except to the extent resulting from Instinet’s gross negligence or willful misconduct, and may execute any transaction on the terms actually received by us. If you choose to cancel an
order previously accepted by us and entered in a marketplace for you, we will make a good faith effort to do so provided the order has not already been executed. You agree that either party may cancel this Agreement at any time. Notwithstanding the
foregoing, Client agrees and acknowledges that its settlement obligations cannot be waived under this or any other or provision in this Client Agreement, and that Client’s absolute and unconditional settlement obligations, as defined herein,
shall remain in full force and effect. The terms and conditions of this paragraph shall survive any termination of this Agreement. 

  

	6.	 We, our managing directors, partners, officers, directors, affiliates, employees, third parties used to provide
Instinet Services and against (each a “Related Party”) have no liability, contingent or otherwise, to you or to third parties, for the correctness, quality, accuracy, security, completeness, reliability, performance, timeliness, pricing or
continued availability of the Instinet Services or for delays or omissions of the Instinet Services, or for the failure of any connection or communication service to provide or maintain your access to various destinations via the Instinet Services
or any erroneous communications between us and you, except to the extent caused by Instinet’s gross negligence or willful misconduct. We are not liable for any special. indirect, incidental or consequential damages which you may incur or
experience because you entered into this Agreement or relied on the Instinet Services. You will make your own independent decision to access or use any of the Instinet Services or to execute any transaction, and we are not responsible to determine
whether any transaction you may enter into is suitable, appropriate or advisable. 

  

	7.	 You will indemnify, protect and hold us and our Related Parties harmless from and against any and all losses,
liabilities, judgments, suits, actions, proceedings, claims, damages and costs (collectively, “Losses”) resulting from or arising out of (i) the use of the Instinet Services by you or any party using or accessing the Instinet Services
provided to you under this Agreement; (ii) your breach of any of the material terms of this Agreement; and (iii), if you are a broker-dealer, investment manager or investment adviser acting on behalf of your customers, any claim that a trade was not
suitable for or not authorized by a customer, caused directly or indirectly by you or any party using or accessing the Instinet Services provided to you under this Agreement. The foregoing indemnity shall not 

	 	apply to the extent at any Loss is due to our gross negligence or willful misconduct. You are not liable for any special, indirect, incidental or consequential damages, except for out-of-pocket amounts that Instinet is
required to pay to a third party in connection with the foregoing Losses. We shall indemnify, protect and hold you harmless against any and all Losses to the extent any such Losses result from (i) our gross negligence or willful misconduct or (ii)
any alleged or actual infringement in whole or in part, of any third party’s intellectual property rights by the Instinet Services provided to you under this Agreement. We shall not be liable for any of the foregoing to the extent that any Loss
is due to your gross negligence or willful misconduct. In this paragraph, the terms “we”, “our” and “us” include any third-party service providers selected by you or us in connection with the Instinet Services.

  

	8.	 You may access the Instinet Services only through one or more passwords or other access methods. that we
specify (collectively, “Access Methods”). You are solely responsible for ensuring that your Access Methods are known to and used by only those users that you authorize. If any of your Access Methods have been lost, stolen or compromised,
you will promptly notify us. Upon receipt of this notice, the lost, stolen, or compromised Access Methods will be cancelled or suspended as soon as is reasonably practicable but you are responsible for any actions taken through the use of such
Access Methods before they are cancelled. 

  

	9.	 You will supply us with all information we may reasonably request in writing concerning your use of the
Instinet Services, and you acknowledge that we may report information obtained under this paragraph to regulatory authorities as we determine in our sole but reasonable discretion to be necessary. 

 

	10.	 Program trade orders, as defined by regulatory rules, must be identified by you when submitting orders to
Instinet A list of 15 or more stocks that has not been identified by you as either (i) a program or (ii) non-program will be treated as a program by Instinet. 

 

	11.	 In order to help the government fight the funding of terrorism and money laundering activities, U.S. federal
law requires all financial institutions to obtain, verify, and record information that identifies each person or entity that opens an account. In addition to asking you for your name and address and other identifying information, we may also request
other identifying documents. 

  

	12.	 Disclosure of Business Continuity Plan: See Appendix A hereto. 

 

	13.	 You may, but are not obligated to, consent to the suspension of receipt of periodic account statements from
Instinet in accordance with NASD Rule 2340. See Appendix B hereto for the terms relating to your consent to the suspension of periodic account statements. Your consent, or lack thereof, shall be evidenced by marking the appropriate box at the
end of this Agreement. 

  

	14.	 (a) Neither party may assign this Agreement without the other party’s prior written consent. We may,
however, assign this Agreement to any entity that succeeds to all or substantially all of our assets and business. 

 (b)
This Agreement contains the entire agreement of the parties with respect to its subject matter, and supersedes all existing and other communications, whether oral or written, between the parties concerning this subject matter. This Agreement may be
modified only by a subsequent ling signed by both parties hereto. 
 (c) If any provision of this Agreement (or any portion thereof) is
determined by a court of competent jurisdiction to be invalid, illegal or unenforceable, the validity, legality or enforceability of the remainder of this Agreement shall not be affected or impaired. 

(d) This Agreement shall be governed by the laws of the State of New York without regard to its choice of law provisions that would designate
the law of another jurisdiction. 
 (e) The provisions of this Agreement may be executed in one or more counterparts, each of which shall
constitute an original, and all of which together shall constitute one and the same instrument. 
 (f) Any waiver by party in writing of any
of that party’s obligations hereunder, or any failure to insist upon strict compliance with any obligation, shall not operate as a waiver of, or estoppel with respect to any subsequent or other failure. 

I have read and understand Appendix B, and consent to the suspension of periodic account statements as allowed by NASD Rule 2340. 

I have read and understand Appendix B, and do not consent to the suspension of periodic account statements as allowed by NASD Rule 2340. 

 

							
	INSTINET, LLC	 	CLIENT: APEX CLEARING CORPORATION
				
	By:	 	/s/ Tom Whelan	 	By:	 	/s/ Daniel Rosenthal
	Print Name:	 	Tom Whelan	 	Print Name:	 	Daniel Rosenthal
	Title:	 	Managing Director	 	Title:	 	CEO
	Date:	 	3/14/13	 	Date:	 	3/14/13
				
	Rev. 3/11	 		 		 	

  
 2 

 

 
 APPENDIX A 

Client Notification-Disclosure of Business Continuity Plan 

To Our Clients: 
 This is to notify you that Instinet
Incorporated (“lnstinet”) has established Business Continuity Planning (”BCP”) processes, and procedures for itself and its U.S. operating subsidiaries, namely, Instinet, LLC and Instinet Group, LLC. to assure that business
operations will continue following the occurrence of an interruption such as occasioned by fire, power outage, or other contingency. The BCP is designed to provide for employee safety, minimal disruption to clients, and serve as a foundation for the
efficient restoration or business operations. 
 Instinet’s BCP includes methods and guidelines to restore its systems to full operating capability
while assuring employee safety and client responsiveness. Such actions include the rebuilding of internal processes and procedures, and the reestablishment of system connections. BCP procedures may be invoked in whole or in part depending on the
severity of the incident and the functional areas affected. 
 The following is a representative list of those occurrences that may result in the activation
of the BCP: civil disorder. natural disaster, smoke damage, emergency renovation, power/telephone outage, Terrorism, fire, severe weather and water damage. Additionally, Instinet has established three major levels of emergency and the measures to be
taken in each: 
 Level 1 
 A short-lived
interruption, such as minor hardware failure, software failure, fire alarm, weather-related concerns such as snowstorms, hurricanes or blackouts, which may modestly affect Instinet’s business operations. Instinet will continue to operate with
minimal disruption. A Level I emergency docs not call for the execution of the Instinet BCP. Expected time to return to normal operations may be a matter of hours to one day. 

Level 2 
 An interruption such as an extended
hardware failure at the home site, Instinet’s Data Center or a branch office location, while personnel are unaffected. Delay in operational processing is expected. A Level 2 emergency will activate certain aspects of the BCP. Expected time to
return to normal operations may take a minimum of one day. 
 Level 3 

Occurrence of a major outage or disaster at the home site or the Data Center whereby access to the premises is denied. Some loss of capability and risk to
employee safety may occur. Immediate evacuation and execution of the BCP plan is required. Expected time to return to normal operations may take a period of time depending upon the nature of the disaster. 

In the event of a business disruption. clients may contact the Instinet Client Emergency Hotline Number or visit our website at www.instinet.com for guidance
on remediation efforts. 
 Questions on this topic may be directed to our Business Continuity Coordinator. 

Very truly yours. 
 Instinet Incorporated 

Rev. 2/ 12 

  
 3 

 

 
 APPENDIX B 

Consent to Suspension of Statements 
 NASD
Rule 2340 permits institutional customers doing business solely on a delivery versus payment/receive versus payment basis (“DVP/RVP”) to opt out of receiving periodic statements otherwise required by the rule. 

If you are a client of Instinet, LLC (“Instinet”) and maintain your account(s) with Instinet on a DVP/RVP basis1, you may consent to suspension of delivery of regular Instinet periodic statements by marking your selection in the appropriate box on the signature page of this Agreement. 

Your consent to suspend delivery of periodic account statements may be cancelled at any time. Instinet will promptly resume delivery of your periodic account
statements upon receipt of a written request from you under appropriate letterhead and signed by an authorized signatory. 
 The letter requesting
resumption of delivery of regular statements or the request for a particular statement can be sent to us via e-mail, fax or U.S. mail and should be addressed to: 

Instinet, LLC 
 Attn: Mid Office 

1095 Avenue of the Americas 
 New York, NY 10036 

Fax: [****] 
 E-mail: [****] 

 
  

	1 	 For the purposes of this Appendix, a DVP/RVP account is an arrangement whereby payment for securities purchased
is to be made to the selling customer’s agent and/or delivery of securities sold is to be made to the buying customer’s agent in exchange for payment at the time of settlement, usually in the form of cash. 

Rev. 3/11 

  
 4

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