Account Opening Disclosures

Article 8 & 9

Forms:

• 5304 Simple IRA
• 5305 Roth IRA
• 5305 SEP IRA
• 5305 Traditional IRA

Terms:

1. Administrator for the depositor’s account. The Custodian has appointed the Administrator to act as agent for the Custodian for the purpose of performing administrative or other custodial-related services with respect to the Custodial Account for which the Custodian otherwise has responsibility under this Agreement. All limitations of duties to the Depositor, and releases or indemnifications of the Custodian by the Depositor in this Agreement shall apply equally to the Administrator. The Administrator shall perform duties on behalf of the Custodian which include, but are not limited to, executing applications or adoption agreements, transfers, stock powers, escrow accounts, purchase agreements, notes, deeds, conveyances, liens, placing assets or liabilities in the Administrator’s name for the benefit of the Depositor to provide administrative feasibility for such transactions, depositing contributions, and income, paying liabilities and distributions and government reporting for Depositors who have established a Custodial Account with the Custodian. The depositor understands and agrees that in certain circumstances they can act as an agent for their account if the agency relationship does not allow the Depositor to be in actual or constructive possession of custodial assets.
2. Indemnification of NDTCO and NDIRA. Depositor acknowledges that is it their sole responsibility to direct the investment of the depositors IRA assets and that NDTCO and NDIRA will have no responsibility or involvement in evaluating or selecting any assets for acquisition or disposition and shall have no liability for any loss or damage that may result from or be associated with any requested investment transaction. Acceptance of a Custodial Asset by NDTCO and/or NDIRA shall not be construed as a favorable opinion as to the prudence or suitability of the investment for the depositor’s IRA. NDTCO and/or NDIRA’s review of any asset the Account Holder desires to purchase and hold in their Custodial Account should in no way be construed as “due diligence” review by NDTCO. The depositor and their beneficiaries agree to indemnify and hold harmless NDTCO and/or NDIRA from any and all losses, expenses, settlement payments, or judgements incurred by, or entered against NDTCO as the result of any threatened or asserted claim against NDTCO that pertains in any way to: NDTCO’s activities with the depositor, their investments, and any situation or matter associated with the depositor’s account. The depositor’s indemnification obligations also include the responsibility to reimburse NDTCO and/or NDIRA for all attorneys’ fees and cost incurred by NDTCO and/or NDIRA in responding to threatened claims by any party; and prosecuting, including an appeal, a claim or counterclaim against the depositor requesting payment of the indemnification obligation set forth herein. The depositor’s indemnification obligation also applies to any threatened or asserted claims brought by the depositor against NDTCO and/or NDIRA resulting from wrongful conduct by any representative appointed by the Account Holder, including but not limited to; fraud, forgery, or any other illegal act engaged by your representative or other agent retained by the depositor. The depositor agrees to indemnify and hold NDTCO and/or NDIRA harmless from and against all claims, liabilities, causes of action, losses, and expenses, including reasonable attorneys’ fees and other related expenses, asserted against or incurred by us as a result of, or in any way relating to, any action requested or directed by the Account Holder or the Account Holders representative. NDTCO and/or NDIRA shall be entitled to seek the advice of legal counsel in connection with any matter relating to the depositor’s account or any Custodial Assets and may in good faith rely upon that advice. NDTCO and/or NDIRA may at its election when deemed by counsel as appropriate, respond and participate in any bankruptcy or receivership proceeding, or other litigation to which NDTCO and/or NDIRA or the depositors account or Custodial Asset has been made a party. In such a case the depositor shall fully indemnify and protect NDTCO and/or NDIRA for any action taken by them in good faith. Should the depositor refuse to comply with NDTCO and/or NDIRA’s demand for repayment of reasonable attorneys’ fees, NDTCO and/or NDIRA reserves the right to liquidate all custodial assets in the depositors account to satisfy the costs incurred by NDTCO and/or NDIRA because of any of the above-mentioned situations.
3. Arbitration of Claims—ARBITRATION OF DISPUTES. PLEASE READ THIS ARBITRATION PROVISION CAREFULLY. IT PROVIDES THAT ANY CONTROVERSY OR DISPUTE BE RESOLVED BY BINDING ARBITRATION. ARBITRATION REPLACES THE RIGHT TO GO TO THE COURT, INCLUDING THE RIGHT TO A JURY AND THE RIGHT TO PARTICPATE IN A CLASS ACTION OR SIMILAR PROCEEDING.
4. Agreement to Arbitrate. The depositor and NDTCO and/or NDIRA agree that either the depositor or NDTCO and/or NDIRA may, without the other party’s consent, require that any claims between them be submitted to mandatory, binding arbitration.
5. Claims Subject to Arbitration included but are not limited to: Any controversy arising out of or relating to this agreement or the breach thereof, or to the IRA or any transactions authorized by the depositor and/or their agent as well as any claim that may arise regarding your Custodial Assets.
6. Arbitration location, finality, procedures, waiver of jury trial, class action or any representative action. The depositor agrees that Arbitration will occur in Johnson County, Kansas according to the commercial rules of the American Arbitration Association. The depositor agrees that Arbitration is final and binding on both parties. The depositor and NDTCO and/or NDIRA are voluntarily waving their right to seek remedies in court, including their right to a jury trial. Claims made as part of a class action or other representative action, and the arbitration of such Claims must proceed on an individual, non-class, and non-representative, basis. If the depositor or NDTCO and/NDIRA require arbitration of a particular Claim, neither party nor any other person, may pursue the Claim in any litigation, whether as a class action, private attorney general action, or other representative action. Pre-arbitration discovery is limited than and different from court proceedings. If any portion of this arbitration provision is deemed invalid or unenforceable, the remaining portions will nevertheless remain in force.
7. LIMITATION ON LIABILITY; WAIVER OF PUNITIVE DAMAGES. IN NO EVENT SHALL ANY PARTY HAVE A REMEDY OF, OR BE LIABLE TO THE OTHER FOR, (1) INDIRECT, SPECIAL OR CONSEQUENTIAL DAMAGES OR (2) PUNITIVE OR EXEMPLARY DAMAGES. THE SAME OF THE PARTIES HEREBY EXPRESSLY WAIVES ANY RIGHT OR CLAIM TO PUNITIVE OR EXEMPLARY DAMAGES THEY MAY HAVE OR WHICH MAY ARISE IN THE FUTURE IN CONNECTION WITH ANY SUCH PROCEEDING, CLAIM OR CONTROVERSY, WHETHER THE SAME IS RESOLVED BY ARBITRATION, MEDIATION, JUDICIALLY OR OTHERWISE.
8. One (1) Year Claims Limitation. Any claim, action, or proceeding alleging breach of contract, negligence, misrepresentation, fraud, or any other controversy arising out of or in connection with any acts or omissions of the Custodian relating to this agreement relating to any transactions authorized by you and/or your agent as well as any claim that may arise regarding your custodial asset, must be filed in with a competent court or body within one (1) year of the facts or circumstances which occurred that gave rise to potential causes of action. Any limited claims that are not brough within the applicable time shall be forever barred without regard to any other limitations period set forth by law or statute.
9. Fraud Liability. LOST OR STOLEN LOGIN, PASSWORD, OR IDENTITY THEFT. The Depositor agrees to notify NDTCO and/or NDIRA immediately, but no later than two (2) days of any loss of login, password, or account information which may allow a fraudster to gain access to their account. The depositor agrees they are liable for any losses related to the unauthorized use that occurs before their notice to NDTCO and/or NDIRA.
10. Enterprise Risk Assessment Only No Due Diligence on Custodial Assets or Asset Provider(s). NDIRA and/or NDTCO will periodically conduct an enterprise risk assessment. This assessment is to evaluate the risks associated with NDTCO and/or NDIRA and to analyze NDTCO and/or NDIRA’s business goals, and the risks impacting them only and shall not be deemed a due diligence review of the depositors chosen custodial asset or custodial asset provider.
11. Resignation and Removal of NDTCO as Custodian.

(a) The NDTCO as Custodian may resign and appoint a successor trustee or custodian to serve under this agreement or under another governing agreement selected by the successor custodian by giving the depositor written notice at least 30 days prior to the effective date of such resignation and appointment, which notice shall also include or be provided under separate cover a copy of such other governing instrument, if applicable, and the related disclosure statement. The depositor shall then have 30 days from the date of such notice to either request a distribution of the entire account balance or designate a different successor trustee or custodian and notify the NDTCO of such designation. If the depositor does not request distribution of the account balance or notify NDTCO of the designation of a different successor trustee or custodian within such 30 day period, the depositor shall be deemed to have consented to the appointment of the successor trustee or custodian and the terms of any new governing instrument, and neither the depositor nor the successor shall be required to execute any written document to complete the transfer of the account to the successor trustee or custodian. The successor trustee or custodian may rely on any information, including beneficiary designations, previously provided by the depositor to the Custodian.

(b) The depositor may at any time remove NDTCO and replace them with a successor trustee or custodian of the depositor's choice by giving 30 days’ notice of such removal and replacement. NDTCO shall then deliver the assets of the account as directed by the depositor. However, NDTCO and/or NDIRA may retain a portion of the assets of the IRA as a reserve for payment of any anticipated remaining fees and expenses and shall pay over any remainder of this reserve to the successor trustee or custodian upon satisfaction of such fees and expenses.

(c) NDTCO may resign and demand that the depositor appoint a successor trustee or custodian of this IRA for any reason by giving the depositor written notice at least 30 days prior to the effective date of such resignation. The depositor shall then have 30 days from the date of such notice to designate a successor trustee or custodian, notify NDTCO of the name and address of the successor trustee or custodian, and provide NDTCO with appropriate evidence that such successor has accepted the appointment and is qualified to serve as trustee or custodian of an individual retirement account.

1. If the depositor designates a successor trustee or custodian and provides NDTCO evidence of the successor's acceptance of appointment and qualification within such 30-day period, NDTCO shall then deliver all of the assets held by it in the account (whether in cash or personal or real property, wherever located, and regardless of value) to the successor trustee or custodian.
2. If the depositor does not notify NDTCO of the appointment of a successor trustee or custodian within such 30 day period, then NDTCO may distribute all of the assets held by them in the account (whether in cash or personal or real property, wherever located, and regardless of value) to the depositor, outright and free of trust, and the depositor shall be wholly responsible for the tax consequences of such distribution.

(d) NDTCO may expend any assets in the account to pay expenses of transfer (including re-registering the assets and preparation of deeds, assignments, and other instruments of transfer or conveyance) to the successor trustee or custodian or the depositor. In addition, NDTCO may retain a portion of the assets as a reserve for payment of any anticipated remaining fees and expenses. Upon satisfaction of such fees and expenses, NDTCO shall pay over any remainder of the reserve to the successor trustee or custodian or to the Depositor, as the case may be.

1. Custodian and Administrator’s Fees and Expenses.

(a) The depositor agrees to pay NDTCO and/or NDIRA all fees specified in the current published fee schedule for establishing and maintaining this IRA, including any fees for distributions from, transfers from, and terminations of this IRA. NDTCO and/or NDIRA may change its fee schedule at any time by giving the depositor 30 days’ prior written notice.

(b) The depositor agrees to pay any expenses incurred by the custodian in the performance of its duties in connection with the account. Such expenses include, but are not limited to, administrative expenses, such as legal and accounting fees, a valuation fee from a qualified independent third-party appraiser and any taxes of any kind whatsoever that may be levied or assessed with respect to such an account.

(c) All fees and other outstanding expenses are due prior to the execution of your transaction and shall be collected either from the assets in the account or will be charged to the credit card provided by the Depositor. All fees are due upon invoicing. If depositors designated payment method fails, NDTCO and/or NDIRA reserves the right to apply other authorized payment methods to pay your fees without prior notice to depositor. Invoices and fees will be deemed accepted by the depositor if the depositor does not object in writing within 90 days of invoice date. Annual Administration fees are charged and due based upon the custodial services provided and are not dependent upon the Custodial Assets performance.

(d) The NDCO and/or NDIRA shall be entitled to fees for account opening, asset purchases and sales, distributions, transfers, terminations, and annual administration of the Custodial Account, along with other miscellaneous fees, as disclosed in a fee schedule provided by the Custodian to the Depositor. NDTCO and/or NDIRA charges fees in advance of any transactions and reserves the right to refuse to process any requested transactions without payment first. If payment is not received within thirty (30) days from the due date reflected on an invoice, a $40 late fee shall be assessed every 30 days the payment is late to the Custodial Account. Additionally, assets may be liquidated from the account, without notice, for any outstanding fee which has not been paid. If fees are not paid within thirty (30) days after the invoice date, NDTCO will begin the process of closing the Custodial Account. Any asset distributed directly to the depositor as part of closing the custodial account will be reported to the IRS on Form 1099-R and may subject the depositor to taxes and penalties. Accounts with past due fees, and accounts with zero value will continue to incur administration fees until such time as depositor notifies NDTCO (on a form prescribed by NDTCO) of depositor’s intent to close the account or until NDTCO resigns.

(e) NDTCO and/or NDIRA has the right to be reimbursed for all reasonable expenses, including various transaction and legal expenses NDTCO and/or NDIRA incur in connection with the administration of your IRA. NDTCO may charge you separately for any fees or expenses, or we may deduct the amount of the fees or expenses from the assets in the depositors IRA at NDTCO’s discretion.

1. Cash Management.

(a) NDTCO and/or NDIRA shall be entitled to receive, from the assets held in the custodial account, a fee equal in amount to all income that is generated from any Undirected Cash (defined as any cash in the Custodial Account not invested pursuant to a specific investment direction by depositor) which has been deposited by NDTCO and/or NDIRA into FDIC or other United States government insured financial institutions, United States government securities, or securities that are insured or guaranteed by the United States government, as provided in Section 9.(a) and (b). NDTCO and/or NDIRA’s fees from the Undirected Cash in the custodial account are associated with cash management activities, including, but not limited to, account maintenance, depository bank selection, transaction processing, sub-accounting, record keeping, and other services performed under the terms of this Agreement. NDTCO and/or NDIRA retain the right, but does not have the obligation, to reduce this fee by rebating a portion of the fee into the custodial account. The depositor agrees that this fee may be retained by the Custodian as compensation for the services provided by the Custodian under this Agreement. NDTCO and/or NDIRA reserve the right to change all or part of the custodial fee schedule at its discretion with 30 days advance written notice to depositor.

(b) Depositor acknowledges that services rendered by NDTCO and/or NDIRA as described in this document and elsewhere in the agreement, include assumption by NDTCO and/or NDIRA of certain risks and liabilities with respect to the cash account, which are not assumed by the depositor. The risks and liabilities include, but are not limited to, guaranteeing minimum duration and cash deposits levels in eligible institution accounts while providing depositor with access to distributions from their account, assuming penalties pursuant to the eligible Institutional Agreements, and ensuring compliance with applicable law and regulation.

(c) NDTCO and/or NDIRA receive a fee from interest paid by each eligible institution on aggregate deposits in connection with NDTCO and/or NDIRA’s Cash Management program. The fee varies from eligible institution to eligible institution, based on the prevailing interest rate environment. The depositor acknowledges that they have reviewed NDTCO and/or NDIRA’s direct and indirect compensation and determined the compensation they receive is reasonable for the services it provides. The Depositor has further determined that such services are necessary for the establishment and Maintenace of NDTCO and/or NDIRA’s Cash Management program.

(d) Depositor hereby acknowledges and agrees that NDTCO and/or NDIRA will deposit all Undirected Cash in the custodial account into pooled deposit accounts at one or more FDIC or other United States government insured institutions or in United States government securities or in securities that are insured or guaranteed by the United States government pending further investment direction by depositor. All income generated by Undirected Cash in NDTCO and/or NDIRA’s pooled deposit accounts shall be retained by NDTCO and/or NDIRA as fees. Depositor authorizes NDTCO and/or NDIRA to transfer any Undirected Cash in the custodial account into any FDIC insured financial institution or in United States government securities or in securities that are insured or guaranteed by the United States government without any further approval or direction by the depositor.

1. Annual Accounting. NDTCO and/or NDIRA shall, at least annually, provide the depositor, the designated agent, or the beneficiary (in the case of death) with an accounting of such depositor's account. Such accounting shall be deemed to be accepted by the depository, their designated agent, of the or the beneficiary if they do not object in writing within 90 days after such accounting statement.
2. Notices and change of Address. Any required notice regarding the depositors custodial account or any custodial assets held within the grantor’s custodial account will be considered effective when NDTCO and/or NDIRA sends said notice to the intended recipient at the last address they have on their records or receives a communication via the online client portal. Any notice given to NDTCO and/or NDIRA will be considered effective when they receive it. The depositor or the intended recipient must notify NDTCO and/or NDIRA of any change of address immediately but no later than within 30 days of change of address. If the depositor fails to timely update their address, the depositor agrees to indemnify and hold NDTCO and/or NDIRA harmless for any liability or causes of actions that may arise because of their failure to timely update their address.
3. Withdrawal Requests: All requests for withdrawal shall be in writing. Such written notice must also contain the reason for the withdrawal and the method of distribution requested. NDTCO and/or NDIRA reserves the right to reject any withdrawal request it may deem appropriate and to apply to a court of competent authority to decide with respect to the proper party eligible to receive a distribution from the account. NDTCO and NDIRA will reject any personal distribution within sixty days of account opening.
4. Amendment to the Agreement. The depositor irrevocably delegates to NDTCO and/or NDIRA the right and power to amend this agreement. Except as hereafter provided, NDTCO and/or NDIRA will give the depositor 30 days prior written notice of any amendment. In case of a retroactive amendment required by law, NDTCO and/or NDIRA will provide written notice to the depositor of the amendment within 30 days after the amendment is made, or if later, by the time that notice of the amendment is required to be given under regulations or other guidance provided by the IRS. The depositor shall have consented to any such amendment unless the depositor notifies NDTCO and/or NDIRA to the contrary within 30 days after notice to the depositor and requests a distribution or transfer of the balance in the account.
5. Death Benefit Provisions.

(a) If the depositor dies before his or her required beginning date and the beneficiary does not select a method of distribution described in Article IV, Section 4.03(b)(i) or (ii) by the December 31st following the year of the Depositor's death, then distributions will be made pursuant to the single life expectancy of the Designated Beneficiary determined in accordance with IRS regulations. However, no payment will be paid until the beneficiary provides NDTCO and/or NDIRA with a proper distribution request acceptable to NDTCO and/or NDIRA and other documentation that may be required by them. A beneficiary may at any time request a complete distribution of his or her remaining interest in the custodial account. The NDTCO and/or NDIRA reserves the right to require a minimum balance in the account to make periodic payments from the account.

(b) If the depositor dies on or after his or her required beginning date, distribution shall be in accordance with Article IV, Section 4.03(a). However, no payment will be paid until the beneficiary provides NDTCO and/or NDIRA with a proper distribution request acceptable to NDTCO and/or NDIRA and other documentation that may be required by them. A beneficiary may at any time request a complete distribution of his or her remaining interest in the Custodial Account. NDTCO and/or NDIRA reserves the right to require a minimum balance in the account to make periodic payments from the account.

(c) In the event that for any reason NDTCO and/or NDIRA is not certain as to who is entitled to receive all or part of the Custodial Funds, the NDTCO and/or NDIRA reserves the right to withhold any payment from the Custodial account, to request a court ruling to determine the disposition of the Custodial account assets, and to charge the Custodial account for any expenses incurred in obtaining such legal determination.

1. Responsibilities. Depositor agrees that all information and instructions given to NDTCO and/or NDIRA by the depositor are complete and accurate and that neither the NDTCO and/or NDIRA shall not be responsible for any incomplete or inaccurate information provided by the depositor beneficiary agree to be responsible for all tax consequences arising from contributions to and distributions from this Custodial Account and acknowledges that no tax advice has been provided by NDTCO and/or NDIRA.
2. Designation of Beneficiary.

(a) Except as may be otherwise required by State law, in the event of the depositor's death, the balance in the account shall be paid to the beneficiary or beneficiaries designated by the depositor on a beneficiary designation form acceptable to and filed with NDTCO and/or NDIRA. The depositor may change the depositor's beneficiary or beneficiaries at any time by filing a new beneficiary designation with NDTCO and/or NDIRA. If no beneficiary designation is in effect, if none of the named beneficiaries survive the depositor, or if NDTCO and/or NDIRA cannot locate any of the named beneficiaries after reasonable search, any balance in the account will be payable to the depositor's estate.

(b) If NDTCO and/or NDIRA permits, in the event of the depositor's death, any beneficiary may name a subsequent beneficiary to receive the balance of the account to which such beneficiary is entitled upon the death of the original beneficiary by filing a Subsequent Beneficiary Designation Form acceptable to and filed with NDTCO and/or NDIRA. Payments to such subsequent beneficiary shall be distributed in accordance with the payment schedule applicable to the original beneficiary or more rapidly if the subsequent beneficiary requests. In no event can any subsequent beneficiary be treated as a designated beneficiary of the depositor. The preceding sentence shall not apply with respect to the subsequent beneficiary, if any, designated by the original spouse beneficiary where the depositor dies before his or her required beginning date. In this case, the original spouse beneficiary is treated as the depositor. If the balance of the account has not been completely distributed to the original beneficiary and such beneficiary has not named a subsequent beneficiary or no named subsequent beneficiary is living on the date of the original beneficiary's death, such balance shall be payable to the estate of the original beneficiary.

1. Disclosures and Voting.

(a) NDTCO and/or NDIRA shall deliver, or cause to be executed and delivered, to depositor all notices, prospectuses, financial statements, proxies, and proxy soliciting materials relating to assets credited to the account. NDTCO and/or NDIRA shall not vote on any shares of stock or take any other action, pursuant to such documents, with respect to such assets except upon receipt by NDTCO and/or NDIRA of adequate written instructions from the depositor.

(b) NDTCO and/or NDIRA does not serve as a fiduciary to your Custodial Account, Broadridge Financial Solutions will be used by NDTCO and/or NDIRA to vote for proxies for depositor’s publicly traded custodial assets. Unless NDTCO and/or NDIRA is given prior notice by the depositor of its election of an alternative, Broadridge has been given the default instruction that all proxies are to be voted in accordance with the recommendation of the issuing security’s management.

(c) NDTCO and/or NDIRA appoints Broadridge Financial Solutions as the administrative agent to process and administer asset recovery cases which cover global securities class action lawsuits, bankruptcies, and disgorgements. Unless NDTCO and/or NDIRA is given prior notice by the depositor of its election to opt-out, Broadridge will file claims for asset recovery cases as a class member on behalf of the Account Holder. As a contingency fee, Broadridge retains 20% of the total reimbursement of assets settlements it collects for the depositor.

1. Yearly Valuation of Depositors Account. The Depositor must furnish to NDTCO and/or NDIRA in writing the fair market value of each Investment annually by the 15th day of each January, valued as of the preceding December 31st, and within twenty days of any other written request from NDTCO and/or NDIRA, valued as of the date specified in such request. The depositor acknowledges, understands, and agrees that a statement that the fair market value is undeterminable, or that cost basis should be used is not acceptable and the depositor agrees that the fair market value furnished to NDTCO and/or NDIRA will be obtained from the issuer of the Investment (which includes the general partner or managing member thereof). The depositor acknowledges, understands, and agrees that if the issuer is unable or unwilling to provide a fair market value, the depositor shall obtain the fair market value from an independent, qualified appraiser and the valuation shall be furnished on the letterhead of the person providing the valuation. The depositor acknowledges, understands and agrees that NDTCO and/or NDIRA shall have no obligation to investigate or determine whether the fair market value so furnished is the correct fair market value (without regard to any actual or constructive knowledge that NDTCO and/or NDIRA may otherwise have), but if NDTCO and/or NDIRA otherwise has a different value for such Investment, NDTCO and/or NDIRA may use such other value in its reports to the depositor and to the Internal Revenue Service if NDTCO and/or NDIRA (in its sole discretion) so chooses. The depositor acknowledges, understands, and agrees that NDTCO and/or NDIRA shall rely upon the depositor’s continuing attention, and timely performance, of this responsibility. The depositor acknowledges, understands, and agrees if NDTOC and/or NDIRA does not receive a fair market value as of the preceding December 31, NDTCO and/or NDIRA shall distribute the Investment to the depositor and issue an IRS Form 1099–R for the last available value of the Investment.
2. Non-Fiduciary Passive Custodian. By accepting this account agreement, the depositor creates an Individual Retirement Arrangement (herein “IRA”) to establish the IRA you as the depositor contracted with NDTCO and/or NDIRA to function as the depositor’s directed passive non-discretionary Custodian. As such, NDTCO and/or NDIRA cannot solicit investments, nor provide advice or recommendations to the depositor regarding the investments acquired by or in depositor’s account. Additionally, NDTCO and/or NDIRA has no authority to take any action regarding depositor’s investments acquired by, or held in, depositors IRA without the express direction of the depositor. The depositor acknowledges a Self-directed IRA is unique in that the depositor or beneficiary of the IRA acts as the trustee. You as the depositor acknowledge that self-directed IRAs necessarily play dual roles in that depositor exercises control and directs IRA investments as an account fiduciary while also receiving the benefits under the plan as beneficiaries. The relationship between NDTCO and/or NDIRA and depositor is confined to NDTCO and/or NDIRA’s performance in the transactions selected by their depositors; NDTCO and/or NDIRA have absolutely no responsibility to advise depositor regarding the wisdom of their investment choices.
3. Registration of Custodial Assets. All assets of the account shall be registered in the name of NDTCO and/or NDIRA or of a suitable nominee. The same nominee may be used with respect to assets of other investors whether held under agreements like this one or in any capacity whatsoever. However, each depositor's account shall be a separate and distinct account and shall be maintained by NDTCO and/or NDIRA, and the assets thereof shall be held by NDTCO and/or NDIRA in individual or bulk segregation either in NDTCO and/or NDIRA's vaults or in depositories approved by the Securities and Exchange Commission under the Securities Exchange Act of 1934.
4. Investment Advisor. The depositor may appoint an Investment Advisor, qualified under Section 3(38) of the Employee Retirement Income Security Act of 1974, to direct the investment of his IRA. The depositor shall notify NDTCO and/or NDIRA in writing of any such appointment by providing them a copy of the instruments appointing the Investment Advisor and evidencing the Investment Advisor's acceptance of such appointment, an acknowledgment by the Investment Advisor that it is a fiduciary of the account, and a certificate evidencing the Investment Advisor's current registration under the Investment Advisor's Act of 1940. NDTCO and/or NDIRA shall comply with any investment directions furnished to it by the Investment Advisor, unless and until it receives written notification from the depositor that the Investment Advisor's appointment has been terminated. NDTCO and/or NDIRA shall have no duty other than to follow the written investment directions of such Investment Advisor and shall be under no duty to question said instructions, and they shall not be liable for any investment losses sustained by the depositor.
5. No Investment Advice. NDTCO and/or NDIRA do not assume any responsibility for rendering advice with respect to the investment and reinvestment of depositor's account and shall not be liable for any loss which results from grantor's exercise of control over his account. NDTCO and/or NDIRA and Depositor may specifically agree in writing that they shall render such advice, but the depositor shall still have and exercise exclusive responsibility for control over the investment of the assets of his account, and NDTCO and/or NDIRA shall not have any duty to question his investment directives.
6. Prohibited Transactions. Notwithstanding anything contained herein to the contrary, depositor shall not lend any part of the corpus or income of the account to; pay any compensation for personal services rendered to the account to; make any part of its services available on a preferential basis to; acquire for the account any property, other than cash, from; or sell any property to, any depositor, any member of a depositor's family, or a corporation controlled by any depositor through the ownership, directly or indirectly, of 50 percent or more of the total combined voting power of all classes of stock entitled to vote, or of 50 percent or more of the total value of shares of all classes of stock of such corporation. Nor shall the depositor cause NDTCO and/or NDIRA to invest any part of the corpus or income of the account into any investment that is illegal under state or federal law.
7. Unrelated Business Income Tax. If the depositor directs investment of the account in any investment which results in unrelated business taxable income, it shall be the responsibility of the depositor to so advise NDTCO and/or NDIRA and to provide them with all information necessary to prepare and file any required returns or reports for the account. As NDTCO and/or NDIRA may deem necessary, and at the depositor's expense, the NDTCO and/or NDIRA may request a taxpayer identification number for the Custodial account, file any returns, reports, and applications for extension, and pay any taxes or estimated taxes owed with respect to the account. NDTCO and/or NDIRA may retain suitable accountants, attorneys, or other agents to assist it in performing such responsibilities and charge the depositor a special services fee to complete the necessary work for the UBIT filing.
8. Miscellaneous Expenses. In addition to those expenses set out in this agreement, the depositor agrees to pay any and all expenses incurred by NDTCO and/or NDIRA in connection with the investment of the account, including expenses of preparation and filing any returns and reports with regard to unrelated business income, including taxes and estimated taxes, as well as any transfer taxes incurred in connection with the investment or reinvestment of the assets of the account. The depositor also agrees to pay any all expenses related to the valuation of their account.
9. Non-bank Trustee Provision. If NDTCO and/or NDIRA is a nonbank Trustee, the depositor shall substitute another custodian or trustee in place of NDTCO and/or NDIRA upon receipt of notice from the Commissioner of the Internal Revenue Service or his delegate that such substitution is required because NDTCO and/or NDIRA has failed to comply with the requirements of Income Tax Regulations Section 1.408-2(e), or is not keeping such records, making such returns, or rendering such statements as are required by applicable law, regulations, or other rulings. The successor trustee or custodian shall be a bank, insured credit union, or other person satisfactory to the Secretary of the Treasury pursuant to Section 408(a)(2) of the Code. Upon receipt by NDTCO and/or NDIRA of written acceptance by its successor of such successor's appointment, Custodian shall transfer and pay over to such successor the assets of the account (less amounts retained pursuant to Article VIII, Section 8.05 of the Custodial Agreement).
10. Right to Revoke Account. The depositor may revoke your IRA within 7 days after the depositor signs the IRA Agreement by hand-delivering or mailing a written notice to the name and address indicated on the Agreement. If you revoke your account by mailing a written notice, such notice must be postmarked by the seventh day after you sign the Adoption Agreement. If you revoke your IRA within the 7-day period you will receive a refund of the entire amount of your contributions to the IRA without any adjustment for market performance, earnings, or any administrative expenses. If you exercise this revocation, we are still required to report the contribution on Form 5498 (except transfers) and the revoked distribution on Form 1099-R.
11. Active Participant. The depositor is considered an active participant if the participate in your employer's qualified pension, profit-sharing, or stock bonus plan qualified under Section 401(a) of the Internal Revenue Code ("the Code"); qualified annuity under Section 403(a) of the Code; a simplified employee pension plan (SEP) under Section 408(k) of the Code; a retirement plan established by a government for its employees (this does not include a Section 457 plan); Tax-Sheltered Annuities (TSA) or custodial accounts under Section 403(b) of the Code; pre-1959 pension trusts under Section 501(c)(18) of the Code; and SIMPLE IRA plans under Section 408(p) of the Code. If you are not sure whether you are covered by an employer-sponsored retirement plan, check with your employer, or check your Form W -2 for the year in question. The W-2 form will have a check in the "retirement plan" box if you are covered by a retirement plan. You can also obtain IRS Notice 87-16 for more information on active participation in retirement plans for IRA deduction purposes. You as an active participant agree that custodian reserves the right to resign from any client if a current Fair market valuation is due and is not received within 3 months from the FMVs due date.
12. General Requirements of an Individual Retirement Arrangement.

(a) Your contributions must be made in cash unless you are making a rollover or transfer contribution and NDTCO and/or NDIRA accepts non-cash rollover or transfer contributions.

(b) The annual contributions the depositor makes on their behalf may not exceed less than 100% of your compensation or the "applicable annual dollar limitation" (defined below), unless you are making a rollover, transfer, or SEP contribution. If contributions are made under an employer's SIMPLE Retirement Plan, you must establish a separate SIMPLE-IRA document to which only SIMPLE contributions may be made. This type of IRA is called a "SIMPLE-IRA". "SIMPLE-IRA" contributions may not be made into this account. Roth IRA contributions may not be made into this account.

(c) The depositor’s regular annual contributions for any taxable year may be deposited at any time during that taxable year and up to the due date for the filing of your federal income tax return for that taxable year, no extensions. This means April 15th of the following year.

(d) The Custodian of your IRA must be a bank, savings and loan association, credit union or a person who is approved to act in such a capacity by the Secretary of the Treasury.

(e) No portion of the depositor’s IRA funds may be invested in life insurance contracts, nor shall the depositor invest your funds in any custodial assets that are illegal under state or federal law.

(f) The depositor’s interest in their IRA is always nonforfeitable.

(g) The depositor may not invest the assets of their IRA in collectibles (as described in Section 408(m) of the Internal Revenue Code.) A collectible is defined as any work of art, rug or antique, metal or gem, stamp or coin, alcoholic beverage, or any other tangible personal property specified by the IRS. However, if the Custodian permits, specially minted US gold, silver and platinum coins and certain state-issued coins are permissible IRA investments. You may also invest in certain gold, silver, platinum, or palladium bullion. Such bullion must be permitted by NDTCO and/or NDIRA and held in the physical possession of NDTCO and/or NDIRA.

(h) The depositor’s interest in their IRA must begin to be distributed to you by the April 1st following the calendar year you attain the age of seventy½. The methods of distribution, election deadlines, and other limitations.

1. Administrative Feasibility. NDTCO and/or NDIRA reserves the right to refuse to fund investments that are not administratively feasible and/or would place an undue financial or administrative burden on it.
2. Growth in the Value of Your IRA. Growth in the value of the depositor’s IRA is neither guaranteed nor projected. The value of the depositor’s IRA will be computed by totaling the fair market value of the assets credited to your account. At least once a year NDTCO and/or NDIRA will send you a written report stating the current value of your IRA assets based on the valuation the depositors provide to NDTCO and/or NDIRA. NDTCO and/or NDIRA shall disclose separately a description of the type and amount of each charge, the method of computing and allocating earnings, and any portion of the contribution, if any, which may be used for the purchase of life insurance.
3. IRA Tax Withholding. All withdrawals from the depositor’s IRA (except for certain transactions and any recharacterizations) are subject to Federal Income Tax withholding. All distributions are subject to ten percent (10%) Federal Income tax withholding. However, the depositor may elect to have no withholding withheld from their distribution. The depositor’s distribution may also be subject to additional state income tax withholding. The depositor is encouraged to seek a qualified tax professional should they have questions about their withholding.
4. IRA Distributions Delivered Outside the United States. In general, if depositor is a US citizen or resident alien and your home address is outside of the United States or its possessions, the depositor cannot choose exemption from withholding on distributions from the depositor’s traditional IRA. To choose exemption from withholding, the depositor must certify to the payer under penalties of perjury that you are not a U.S. citizen, a resident alien of the United States, or a tax-avoidance expatriate. Even if this election is made, the payer must withhold tax at the rates prescribed for nonresident aliens. For more information on withholding on pensions and annuities, see “Pensions and Annuities” in Chapter 1 of Publication 505, Tax Withholding and Estimated Tax. For more information on withholding on nonresident aliens and foreign entities, see Publication 515, Withholding of tax on Nonresident Aliens and Foreign Entities.
5. Additional Information about IRAs. The depositor may obtain further information on IRAs from your District Office of the Internal Revenue Service. You may wish to obtain IRS Publication 590-A Contributions to Individual Retirement Arrangements (IRAs), and 590-B Distributions from Individual Retirement Arrangements (IRAs).

IMPORTANT INFORMATION REGARDING YOUR INDIVIDUAL RETIREMENT ACCOUNT

Several recent law changes have impacted Individual Retirement Accounts (IRAs). Your IRA Plan document cannot be updated to reflect these changes until the Internal Revenue Service releases their version of the language that must appear in your Plan. As your IRA provider, we await technical guidance from the Internal Revenue Service and the Department of Labor to administer the enacted provisions. In the meantime, we would like to take this opportunity to provide you with an informational summary to retain with your current IRA plan document.

SECURE Act – Setting Every Community Up for Retirement Enhancement Act of 2019

Repeal of maximum age for traditional IRA contributions

• Individuals will be able to make contributions to their IRA even after attaining the age of 70 ½ (now 72), if income is earned.
• Effective for taxable years beginning after December 31, 2019.

Increase in age for required beginning date for mandatory distributions.

• The required beginning date for mandatory distributions has been amended from age 70 ½ to age 72.
• This only applies to persons turning 70 ½ after December 31, 2019. Anyone who turned 70 ½ prior to 2020 must begin taking, and continue to take, distributions under pre-SECURE Act rules.

Modification of required distribution rules for designated beneficiaries

• Upon the death of an IRA account owner, distributions of the entire account balance to anyone other than an “eligible designated beneficiary” must generally be made within 10 years of the account owner’s death.
• An eligible designated beneficiary includes the surviving spouse, a child of the IRA account owner who has not yet reached the age of majority (age 21 as defined in IRS regulations), a disabled individual, a chronically ill individual, or an individual who is not more than 10 years younger than the decedent.
• This change eliminates the ability to have “stretch IRAs” by limiting the distribution period for certain beneficiaries.
• Effective for distributions on behalf of IRA account owners who die after December 31, 2019.

Penalty-free withdrawals from retirement plans for individuals in case of birth of child or adoption.

• Distributions from a retirement plan, in the case of a qualified birth or adoption, are exempt from the 10% early withdrawal penalty.
• The child must be under 18 years of age, the distribution must be made within the 1-year period after the birth or adoption date of the child, and the distribution exception is capped at $5,000 per child, per parent.
• These funds may be repaid to the plan by a rollover, and the repayment would be treated as a nontaxable direct rollover (reported as a “repayment”).
• Effective for distributions made after December 31, 2019.

Tax-exempt “difficulty of care payments”, a type of qualified foster care payment to individual care providers under a state Medicaid Home and Community-Based Services waiver program (Medicaid Waiver payments), may be treated as compensation for purposes of making an IRA contribution.

For tax years beginning after December 31, 2019, certain taxable non-tuition fellowship and stipend payments are treated as compensation for the purpose of IRA contributions. Compensation will include any amount included in gross income and paid to aid in pursuit of graduate or postdoctoral study.

The CARES Act aided the American people from the public health and economic impact of COVID-19. The provisions under the CARES Act were mostly available during 2020, but the highlights are listed here:

• Coronavirus-related distributions - a coronavirus-related distribution (CRD) is a distribution made on or after January 1, 2020, and before December 30, 2020, to a qualified individual from an IRA, qualified plan, 403(b), or governmental 457(b) of up to $100,000 in the aggregate for any taxable year. A CRD was directly repaid (i.e., rolled over) to any IRA or other eligible plan that accepts rollovers ratably within 3 years. Amounts not repaid could be taxed over a 3-year period.
• The CARES Act provides for 2 special coronavirus-related loan conditions to qualified individuals: 1) increases the amount that can be borrowed; and 2) extends the time to repay an existing loan. Loans are not permitted from individual retirement accounts, however.

Waiver of Required Minimum Distribution (RMD)

All Required Minimum Distributions were waived for the calendar year 2020 under the CARES Act, including for a participant whose required beginning date is in 2020 (e.g. Initial year 2019 RMDs due by April 1, 2020). Beneficiaries required to take RMDs from inherited IRAs were included in the waiver.

The 2020 RMD waiver applied to all IRA owners, not only to qualified individuals affected by COVID-19.

RMDs taken at any point during 2020 could have been rolled back into an eligible plan. IRS notice 2020-51 provided an extension to roll back any RMD taken on or after January 1, 2020, by August 31, 2020, without regard to the 60-day deadline that applies to IRA-to-IRA rollovers, or the one rollover in a 12-month period restriction.

RMD amounts that were received after August 31st were still eligible for rollover but were subject to the normal rollover restrictions.

Qualified Charitable Distributions are not affected by the CARES Act. As it relates to the change in RMD age under the SECURE Act mentioned previously, an IRA owner or beneficiary who was age 70½ could still request a QCD even if they did not have a 2020 RMD. Those individuals continue to remain QCD eligible despite the increase in RMD age to

1. See Appendix D in IRS Publication 590-B to determine the correct amount of the QCD.

SECURE 2.0 Act of 2022 (SECURE 2.0)

Continuing the initiatives of the SECURE Act of 2019, SECURE 2.0 Act of 2022 (SECURE 2.0), Division T of the Consolidated Appropriations Act of 2023, was signed into law on December 29, 2022 (date of enactment). Some changes became effective on the date of enactment - or even retroactively, but the Internal Revenue Service and the Department of Labor must provide technical guidance to practitioners and taxpayers for them to be practicable.

Increase in Age for Required Beginning Date for Mandatory Distributions

• The required beginning date for Required Minimum Distributions (RMDs) has been increased from age 72 to age 73 starting on January 1, 2023.
• The Act further increases the RMD age, starting January 1, 2033, from 73 to 75.

Indexing IRA Catch-Up Limit

• Indexes the current $1,000 age 50 catch-up limit.
• Effective for taxable years beginning after December 31, 2023.

Withdrawals for Certain Emergency Expenses

• Provides an exception for certain distributions used for emergency expenses, which are unforeseeable or immediate financial needs relating to personal or family emergency expenses.
• Only one distribution is permissible per year of up to $1,000, and a taxpayer has the option to repay the distribution within 3 years.
• No further emergency distributions are permissible during the 3-year repayment period unless repayment occurs.
• Effective for distributions made after December 31, 2023.

Special Rules for Certain Distributions from Long-Term Qualified Tuition Programs to Roth IRAs

• SECURE 2.0 amended the Internal Revenue Code to allow for tax and penalty free rollovers, up to $35,000 over the course of a taxpayer’s lifetime, from any 529 account in their name to their Roth IRA.
• These rollovers are subject to Roth IRA annual contribution limits, but not the income threshold for contributions. To qualify, the 529 account must have been open for 15 years or more.

Remove Required Minimum Distribution Barriers of Life Annuities

• An actuarial test related to certain commercial lifetime annuities in qualified plans and IRAs in the required minimum distribution regulations is eliminated. This will reinstitute certain guarantees for the benefit of individuals who are otherwise unwilling to elect a life annuity under a defined contribution plan or IRA.
• This provision is effective for calendar years ending after the date of enactment of the Act.

Qualifying Longevity Annuity Contracts

• To preserve the intended longevity protection, the 25% limit is eliminated, and the dollar limit is increased to

$200,000.

• In addition, QLACs with spousal survival rights are available, and free-look periods are permitted up to 90 days with respect to contracts purchased or received in an exchange on or after July 2, 2014.

Eliminating a Penalty on Partial Annuitization

• A participant that holds an annuity contract in their retirement account may elect to calculate the Required Minimum Distribution (RMD) by aggregating the value of the annuity with the value of the non-annuitized portion of the account. The annuity contract payments for the year can then be deducted from the combined RMD amount.
• This became effective on the date of enactment of the Act; however, the Treasury Secretary is to update the relevant regulations accordingly. Until then, taxpayers may rely on a good faith interpretation of the law.

Reduction in Excise Tax on Certain Accumulations in Qualified Retirement Plans

• The penalty for failure to take Required Minimum Distributions (RMD) is reduced from 50% to 25%.
• In addition, if a failure to take the RMD is corrected within a 2-year correction period, the excise tax on the failure is further reduced from 25% down to 10% percent. This correction window begins on the tax filing due date for the year the excess occurred and ends on the earlier of the last day of the second taxable year following such deadline or when the taxpayer is audited.
• Effective for taxable years beginning after the date of enactment of the Act.

Updating Dollar Limit for Mandatory Distributions

• Under current law, employers may automatically roll over former employees’ retirement accounts from a workplace retirement plan into an IRA if their balances are between $1,000 and $5,000.
• The limit is now increased from $5,000 to $7,000, effective for distributions made after December 31, 2023.

One-Time Election for Qualified Charitable Distribution (QCD) to Split-Interest Entity; Increase in Qualified Charitable Distribution Limitation

• Expands the Qualified Charitable Distribution provision to allow for a one-time, $50,000 distribution to charities through charitable gift annuities, charitable remainder unitrusts, and charitable remainder annuity trusts.
• This is effective for distributions made in taxable years beginning after the date of enactment of the Act.
• In addition, the $50,000 special distribution amount, as well as $100,000 overall QCD limit, will be indexed for inflation for distributions made in taxable years ending after the date of enactment of the Act.

Repayment of Qualified Birth or Adoption Distribution Limited to 3 Years

• The recontribution period for distributions made in the case of birth or adoption, a qualified birth or adoption distribution (QBAD), is restricted to 3 years.
• Effective to distributions made after the date of the enactment of the Act, and retroactively to the 3-year period beginning on the day after the date on which such distribution was received.

Penalty-Free Withdrawal from Retirement Plans for Individual Case of Domestic Abuse

• Retirement plans may permit participants to self-certify that they experienced domestic abuse within the past year, allowing the participant to withdraw a small amount of money (the lesser of $10,000, indexed for inflation, or 50% of the participant’s account).
• This distribution is not subject to the 10% tax on early distributions. Additionally, a participant has the opportunity to repay the withdrawn money from the retirement plan over 3 years and will be refunded for income taxes on money that is repaid.
• Effective for distributions made after December 31, 2023.

Tax Treatment of IRA Involved in a Prohibited Transaction

• When an individual engages in a prohibited transaction with respect to their IRA, the IRA is disqualified and treated as distributed to the individual, irrespective of the size of the prohibited transaction.
• This provision clarifies that if an individual has multiple IRAs, only the IRA with respect to which the prohibited transaction occurred will be disqualified.
• Effective for taxable years beginning after the date of enactment of the Act.

Clarification of Substantially Equal Periodic Payment Rule

• Clarification of what does not constitute a modification of the additional tax on early distributions for the Substantially Equal Periodic Payment (SEPP) rule.
• The exception continues to apply in the case of a rollover of the account, an exchange of an annuity providing the payments, or an annuity that satisfies the Required Minimum Distribution rules.
• This provision is effective for transfers, rollovers, and exchanges after December 31, 2023, and effective for annuity distributions on or after the date of enactment of the Act.

Exception to Penalty on Early Distributions from Qualified Plans and IRAs to Individuals with a Terminal Illness

• Provides an exception to the 10% additional tax on early distributions made to individuals with a terminal illness.
• A physician must certify that the illness is reasonably expected to result in death within 84 months.
• These withdrawals currently have no dollar limitation and can be repaid to the account in a manner that is similar to qualified birth or adoption distributions.
• The exception is effective for distributions made after the date of enactment of the Act.

Special Rules for Use of Retirement Funds in Connection with Qualified Federally Declared Disasters

• Issues permanent rules that aim to standardize access to retirement funds in the event of a federally declared disaster.
• To be eligible, an individual must have their primary residence in the federally declared disaster area and sustain an economic loss as a result of the disaster event.
• If eligible, up to $22,000 can be considered a Qualified Disaster Distribution (or Qualified Disaster Recovery Distribution), taken no later than 180 days after the federal disaster was declared.
• The funds are exempt from the 10% excise tax on early distributions.
• There is a 3-year window following the date of distribution to repay all or a portion of the payment back to an eligible retirement plan. Alternatively, taxes can be spread ratably over a 3-year period.
• A list of federally declared disasters can be found on the Federal Emergency Management Agency website,fema.org.
• Effective retroactively for disasters occurring on or after January 26, 2021.

Modification of Required Minimum Distribution Rules for Special Needs Trust

• In the case of a special needs trust established for a beneficiary with a disability, the trust may provide for a charitable organization as the remainder beneficiary.
• Effective for calendar years beginning after the date of enactment of the Act.

IRA & Roth IRA Contribution Limits - Cost of Living Adjustments (COLAs)

IRA & Roth IRA Contribution Limits - Cost of Living Adjustments (COLAs)

	2022	2023
Traditional IRA regular contribution limit	$6,000	$6,500
Age 50 catch-up limit for traditional IRAs	$1,000	$1,000
AGI phase-out ranges for determining traditional IRA deductions for active participants:
Unmarried taxpayers	$68,000 - $78,000	$73,000 - $83,000
Married taxpayers filing joint returns	$109,000 - $129,000	$116,000 - $136,000
Married taxpayers filing separate returns	$0 - $10,000	$0 - $10,000
Non-active participant spouse	$204,000 - $214,000	$218,000 - $228,000
Roth IRA regular contribution limit	$6,000	$6,500
Age 50 catch-up limit for traditional and Roth IRAs	$1,000	$1,000

AGI phase-out ranges for determining Roth IRA regular contributions:

Unmarried taxpayers	$129,000 - $144,000	$138,000 - $153,000
Married taxpayers filing joint returns	$204,000 - $214,000	$218,000 - $228,000
Married taxpayers filing separate returns	$0-$10,000	$0 - $10,000

Online Application

Account Agreement

Custodian: The Custodian of my account is New Direction Trust Company “NDTCO”. I understand that the Custodian may resign by giving me written notice at least 30 days prior to the effective date of such resignation. I understand that if I fail to notify the Custodian of the appointment of a successor trustee or custodian within such 30-day period, then the assets held by the Custodian in my account (whether cash or personal or real property, wherever located, and regardless of value) will be distributed to me, outright and free of trust, and I will be wholly responsible for the tax consequences of such distribution.

Administrator: The Custodian has appointed the Administrator, New Direction IRA, Inc. (NDIRA) to act as agent for the Custodian for the purpose of performing administrative or other custodial-related services with respect to the Custodial Account for which the Custodian otherwise has responsibility under this Agreement. All limitations of duties to you and releases or indemnifications of the Custodian by you in this Agreement shall apply equally to the Administrator. The Administrator shall perform duties on behalf of the Custodian which include, but are not limited to, executing applications or adoption agreements, transfers, stock powers, escrow accounts, purchase agreements, notes, deeds, conveyances, liens, placing assets or liabilities in the Administrator’s name for the benefit of the Depositor to provide administrative feasibility for such transactions, depositing contributions, and income, paying liabilities and distributions and government reporting for Depositors who have established a Custodial Account with the Custodian. You understand and agree that in certain circumstances they can act as an agent for their account if the agency relationship does not allow the Depositor to be in actual or constructive possession of custodial assets.

Non-Fiduciary Passive Custodian. By accepting this account agreement, you are creating an Individual Retirement Arrangement (herein “IRA”) to establish the IRA you as the depositor contracted with NDTCO and/or NDIRA to function as the depositor’s directed passive non-discretionary Custodian. As such, NDTCO and/or NDIRA cannot solicit investments, nor provide advice or recommendations to you regarding the investments acquired by or in your account. Additionally, NDTCO and/or NDIRA has no authority to take any action regarding depositor’s investments acquired by, or held in, your IRA without the express direction of the depositor. You acknowledge a Self-directed IRA is unique in that you as the depositor or beneficiary of the IRA acts as the trustee. You as the depositor acknowledges that your self-directed IRA(s) necessarily play dual roles in that you as the depositor exercise control and directs IRA investments as an account fiduciary while also receiving the benefits under the plan as beneficiaries. The relationship between NDTCO and/or NDIRA and depositor is confined to NDTCO and/or NDIRA’s performance in the transactions selected by you as the depositors; NDTCO and/or NDIRA have absolutely no responsibility to advise depositor regarding the wisdom of their investment choices.

No Tax, Legal, or Investment Advice: I acknowledge that the Custodian is not a fiduciary for my account and does not provide or assume responsibility for any tax, legal, or investment advice with respect to the investments and assets in my account and will not be held liable for any loss which results from my exercise of control over my account. I understand that my account is self-directed, and I take complete responsibility for any investments I choose for my account. I further understand that the Custodian does not sell or endorse any investment products. If the services of the Custodian are marketed, suggested, or otherwise recommended by any person or entity, such as a financial representative or investment promoter, I understand that such persons are not in any way agents, employees, representatives, affiliates, partners, independent contractors, consultants, or subsidiaries of the Custodian, and that the Custodian is not responsible for any statements, representations, warranties, or agreements made by any such person or entity. I will consult independently, as I determine is necessary, with my own CPA, attorney, financial planner, or other professional prior to directing the Custodian to make any investment in my account.

Responsibilities. You agree that all information and instructions given to NDTCO and/or NDIRA by you are complete and accurate and that neither the NDTCO and/or NDIRA shall not be responsible for any incomplete or inaccurate information provided by the you and you agree to be responsible for all tax consequences arising from contributions to and distributions from your account. You also acknowledge that no tax, legal, or other investment advice promotion or recommendations have been relied on or provided by NDTCO and/or NDIRA in making your investment instructions.

Registration of Custodial Assets. All assets of the account shall be registered in the name of NDTCO. The same nominee may be used with respect to assets of other investors whether held under agreements like this one or in any capacity whatsoever. However, your account shall be a separate and distinct account and shall be maintained by NDTCO, and the assets thereof shall be held by NDTCO in individual or bulk segregation either in NDTCO vaults or in depositories chosen by you and approved by the Securities and Exchange Commission under the Securities Exchange Act of 1934.

Prohibited Transactions. Notwithstanding anything contained herein to the contrary, you shall not lend any part of the corpus or income of the account to; pay any compensation for personal services rendered to the account to; make any part of its services available on a preferential basis to; acquire for the account any property, other than cash, from; or sell any property to, any depositor, any member of a depositor's family, or a corporation controlled by any depositor through the ownership, directly or indirectly, of 50 percent or more of the total combined voting power of all classes of stock entitled to vote, or of 50 percent or more of the total value of shares of all classes of stock of such corporation. Nor shall you direct or otherwise cause NDTCO to invest any part of the corpus or income of the account into any investment that is illegal under state or federal law.

Administrative Feasibility. You understand that NDTCO reserves the right to refuse to fund investments that are not administratively feasible and/or would place an undue financial or administrative burden on it.

Unrelated Business Income Tax (herein referred to as “UBIT”). If you direct an investment of your account in any investment which results in unrelated business taxable income, it shall be the responsibility of you to so advise NDTCO and to provide them with all information necessary to prepare and file any required returns or reports for the account. As NDTCO may deem necessary, and at the depositor's expense, the NDTCO may request a taxpayer identification number (TIN) for the Custodial account, file any returns, reports, and applications for extension, and pay any taxes or estimated taxes owed with respect to the account out of your account. You acknowledge and understand NDTCO may retain suitable accountants, attorneys, or other agents to assist it in performing such responsibilities and charge you a special services fee to complete the necessary work for the UBIT filing.

Yearly Valuation of Depositors Account. You agree that you must furnish to NDTCO in writing the fair market value of each Investment annually by the 15th day of each January, valued as of the preceding December 31st, and within twenty days of any other written request from NDTCO, valued as of the date specified in such request. You acknowledge, understand, and agree a statement that the fair market value is undeterminable, or that cost basis should be used is not acceptable and you agree that the fair market value furnished to NDTCO will be obtained from the issuer of the Investment (which includes the general partner or managing member thereof). You also acknowledge, understands and agree that if the issuer is unable or unwilling to provide a fair market value, you shall obtain the fair market value from an independent, qualified appraiser and the valuation shall be furnished on the letterhead of the person providing the valuation. You acknowledge, understand and agree that NDTCO shall have no obligation to investigate or determine whether the fair market value so furnished is the correct fair market value (without regard to any actual or constructive knowledge that NDTCO may otherwise have), but if NDTCO otherwise has a different value for such Investment, they may use such other value in its reports to you and to the Internal Revenue Service if NDTCO (in its sole discretion) so chooses. You acknowledge, understands and agree that NDTCO shall rely upon your continuing attention, and timely performance, of this responsibility. You acknowledge, understand, and agree if NDTOC does not receive a fair market value as of the preceding December 31, NDTCO shall distribute the investment to the you and issue an IRS Form 1099–R for the last available value of the investment as your account will be not in good standing with NDTCO.

Minimum Required Distributions: I understand that with some types of accounts there are rules for Required Minimum Distributions (RMDs) from the account. If I am now subject to the RMD rules in my account, or if I will become subject to those rules during the term of any investment, I represent that I have verified either that the investment will provide income or distributions sufficient to cover each RMD, or that there are other assets in my account or in other accounts that are sufficiently liquid (including cash) or, in the absence of such liquidity may distribute the investment in-kind in order that I will be able to withdraw my RMDs.  No RMD request will be processed within sixty (60) days of my account opening.  I understand that failure to take RMDs may result in a tax penalty of 50% of the amount I should have withdrawn.

Responsibility for Tax Consequences: I assume all responsibility for any tax consequences and penalties that may result from making contributions to, transactions with and distributions from my account. I assume all responsibility for: 1) determining that I am eligible for an account transaction that I direct NDTCO to make on my behalf; 2) ensuring that all contributions I make are within the limits set forth by the Internal Revenue Code; 3) the tax consequences of any contributions (including rollover contributions) and distributions.

IRA Tax Withholding. You acknowledge and agree that all withdrawals from your IRA (except for certain transactions and any recharacterizations) are subject to ten percent (10%) Federal Income tax withholding. However, you may elect to have no withholding withheld from your distribution. You acknowledge your distribution may also be subject to additional state income tax withholding.

Fraud Liability. LOST OR STOLEN LOGIN, PASSWORD, OR IDENTITY THEFT. You agree to notify NDTCO and/or NDIRA immediately, but no later than two (2) days of any loss of login, password, or account information which may allow a fraudster to gain access to your account with NDTCO. You agree that you be liable for any losses related to the unauthorized use that occurs before your notice to NDTCO.

Growth in the Value of Your IRA. You understand and acknowledge that growth in the value of your IRA is neither guaranteed nor projected. The value of your IRA will be computed by totaling the fair market value of the assets credited to your account. At least once a year NDTCO will send you a written report stating the current value of your IRA assets based on the valuation you provide to NDTCO. NDTCO shall disclose separately a description of the type and amount of each charge, the method of computing and allocating earnings, and any portion of the contribution, if any, which may be used for the purchase of life insurance.

Indemnification: I agree NDTCO is not a fiduciary for my account and has no duty other than to follow my written instructions and will be under no duty to question my instructions and will not be liable for any investment losses sustained by me or my account under any circumstances although Custodian does have the right to refuse to fund investments that are not administratively feasible and/or would place an undue financial or administrative burden on the Custodian. I understand NDTCO is acting only as my agent, and nothing will be construed as conferring fiduciary status or responsibility on it. I understand that obtaining any information or communication related to the investment is my responsibility regardless of whether or not it was sent initially to NDTCO or some other party. NDTCO will attempt to forward communications received but is not responsible for my timely receipt of any such communication. I agree to indemnify and hold harmless NDTCO from any and all claims, damages, liability, actions, costs, expenses (including reasonable attorney’s fees) and any loss to my account as a result of any action taken (or omitted to be taken) pursuant to and/or in connection with any investment transaction directed by me or my investment advisor or resulting from serving as the Custodian, including, without limitation, claims, damages, liability, actions, and losses asserted by me.

ARBITRATION OF DISPUTES. PLEASE READ THIS ARBITRATION PROVISION CAREFULLY. IT PROVIDES THAT ANY CONTROVERSY OR DISPUTE BE RESOLVED BY BINDING ARBITRATION. ARBITRATION REPLACES THE RIGHT TO GO TO THE COURT, INCLUDING THE RIGHT TO A JURY AND THE RIGHT TO PARTICPATE IN A CLASS ACTION OR SIMILAR PROCEEDING.

Agreement to Arbitrate. You and NDTCO and/or NDIRA agree that either you or NDTCO and/or NDIRA may, without the other party’s consent, require that any claims between them be submitted to mandatory, binding arbitration.

Claims Subject to Arbitration included but are not limited to: Any controversy arising out of or relating to this agreement or the breach thereof, or to the IRA or any transactions authorized by the depositor and/or their agent as well as any claim that may arise regarding your Custodial Assets.

Arbitration location, finality, procedures, waiver of jury trial, class action or any representative action. You agree that Arbitration will occur in Johnson County, Kansas according to the commercial rules of the American Arbitration Association. You agree that Arbitration is final and binding on both parties. You and NDTCO and/or NDIRA are voluntarily waving their right to seek remedies in court, including their right to a jury trial. Claims made as part of a class action or other representative action, and the arbitration of such Claims must proceed on an individual, non-class, and non-representative, basis. If you or NDTCO and/NDIRA require arbitration of a particular Claim, neither party nor any other person, may pursue the Claim in any litigation, whether as a class action, private attorney general action, or other representative action. Pre-arbitration discovery is limited than and different from court proceedings. If any portion of this arbitration provision is deemed invalid or unenforceable, the remaining portions will nevertheless remain in force.

LIMITATION ON LIABILITY; WAIVER OF PUNITIVE DAMAGES. IN NO EVENT SHALL ANY PARTY HAVE A REMEDY OF, OR BE LIABLE TO THE OTHER FOR, (1) INDIRECT, SPECIAL OR CONSEQUENTIAL DAMAGES OR (2) PUNITIVE OR EXEMPLARY DAMAGES. THE SAME OF THE PARTIES HEREBY EXPRESSLY WAIVES ANY RIGHT OR CLAIM TO PUNITIVE OR EXEMPLARY DAMAGES THEY MAY HAVE OR WHICH MAY ARISE IN THE FUTURE IN CONNECTION WITH ANY SUCH PROCEEDING, CLAIM OR CONTROVERSY, WHETHER THE SAME IS RESOLVED BY ARBITRATION, MEDIATION, JUDICIALLY OR OTHERWISE.

Electronic Communications, Signatures, and Records: I acknowledge and agree that my account will be subject to the provisions of the Uniform Electronic Transactions Act, as passed in the state where NDTCO is organized (Kansas Statutes Annotated [KSA] Sections 16-601 et seq.) and the federal Electronic Signatures in Global and National Commerce Act (ESIGN Act, as contained in 15 U.S.C. 7001) as those laws pertain to electronic communication, electronic signatures, and electronic storage of Custodial Account records. I understand that, in lieu of retention of the original records, NDTCO may cause any or all records, and records at any time in their custody, to be photographed or otherwise reproduced to permanent form, and any such photograph or reproduction shall have the same force and effect as the original thereof and may be admitted in evidence equally with the original.

Notices and change of Address. Any required notice regarding your account or any custodial assets held within your custodial account will be considered effective when NDTCO sends said notice to the intended recipient at the last address they have on their records or receives a communication via the online client portal. Any notice given to NDTCO will be considered effective when they receive it. You or the intended recipient must notify NDTCO of any change of address immediately but no later than within 30 days of change of address. If you fail to timely update their address, the depositor agrees to indemnify and hold NDTCO and/or NDIRA harmless for any liability or causes of actions that may arise because of their failure to timely update their address.

No FDIC Insurance for Investments: I recognize that investments purchased and/or held within my account: 1) are not insured by the Federal Deposit Insurance Corporation (FDIC); 2) are not a deposit or other obligation of or guaranteed by NDTCO; and 3) are subject to investment risks, including possible loss of the principal amount invested.

Our Privacy Policy: You have chosen to do business with the Custodian, NDTCO. As our client, the privacy of your personal, non-public information is very important to us. We value our client relationships, and we want you to understand the protections we provide in regard to your accounts with us.

Information We May Collect: We collect non-public, personal information about you from the following sources to conduct business with you: 1) information we receive from you on applications or other forms, 2) information about your transactions with us or others. 3) Non-public, personal information that we may obtain in connection with providing services to you. This could include information you give us from account applications, account balances, and account history.

Information We May Share: We do not sell any non-public information about you to anyone except as required by law or other regulatory authority, or as specifically authorized by you in writing. Unless the client requires NDTCO not to do so, personal information may also be used by NDTCO for marketing to the Client NDTCO products and services. Please note that financial personal data (such as card numbers, cardholder information, etc.) cannot be shared with 3rd parties (such as other merchants, business partners, etc.). Federal law allows us to share information with providers that process and service your accounts. All providers of services in connection with the Custodian have agreed to the Custodian’s confidentiality and security policies. If you decide to close your account or become an inactive customer, we will adhere to the privacy policies and practices described in this notice.

Confidentiality and Security: We restrict access to non-public, personal information to those employees who need to know that information to provide services to you. We maintain physical, electronic, and procedural guidelines that comply with federal standards to guard your non-public, personal information. The Custodian reserves the right to revise this notice and will notify you of any changes in advance. If you have any questions regarding this policy, please contact us at the address and/or telephone number listed on this application.

New Direction Trust Company

1070 W. Century Drive

Louisville, CO 80027

p: 877-742-1270| f: 303-665-5962

Public Securities Confirmation: You agree to receive confirmation of receipt of public security transactions via your online client portal.

The account holder shown on the front of this application must read this agreement carefully and sign and date this part. By signing this application, you acknowledge the following: I acknowledge that I have received the Fee Schedule and I understand that failure to submit a signed Fee Schedule will result in fees “based on the number of assets” (see Fee Schedule).I acknowledge that I have read and understand the Custodial Agreement and Disclosure Statement, IRS Form 5305 for the type of account established by this application: for Traditional IRA (Form 5305-A), Roth IRA (form 5305-RA), SEP IRA (Form 5305-SEP), HSA (Form 5305-C) or SIMPLE IRA (Form 5305-SA). I agree to abide by its terms as currently in effect or as they may be occasionally amended. These Account Disclosures are to be found online at https://ndtco.com/forms/. Under penalties of perjury, I certify that the information I have provided above (including my Social Security Number) is correct. I hereby agree to participate in the Custodial Account offered by the Custodian. In the event that my account is to be funded by a rollover contribution, I hereby irrevocably elect, pursuant to the requirements of Section 1.402(a)(5)-1T of the IRS regulations, to treat such contribution as a rollover contribution. I direct that all benefits upon my death be paid as indicated in this application or by my subsequent beneficiary designation. If I have named or name a beneficiary which is a trust, I understand that I must provide certain information concerning such trust to the Custodian.

Cash Management.

(a) NDTCO shall be entitled to receive, from the assets held in the custodial account, a fee equal in amount to all income that is generated from any Undirected Cash (defined as any cash in the Custodial Account not invested pursuant to a specific investment direction by depositor) which has been deposited by NDTCO into FDIC or other United States government insured financial institutions, United States government securities, or securities that are insured or guaranteed by the United States government, as provided in Section 9.(a) and (b). NDTCO’s fees from the Undirected Cash in the custodial account are associated with cash management activities, including, but not limited to, account maintenance, depository bank selection, transaction processing, sub-accounting, record keeping, and other services performed under the terms of this Agreement. NDTCO retains the right, but does not have the obligation, to reduce this fee by rebating a portion of the fee into the custodial account. The depositor agrees that this fee may be retained by the Custodian as compensation for the services provided by the Custodian under this Agreement. NDTCO reserves the right to change all or part of the custodial fee schedule at its discretion with 30 days advance written notice to depositor.

(b) You acknowledge that services rendered by NDTCO as described in this document and elsewhere in the agreement, include assumption by NDTCO of certain risks and liabilities with respect to the cash account, which are not assumed by the depositor. The risks and liabilities include, but are not limited to, guaranteeing minimum duration and cash deposits levels in eligible institution accounts while providing depositor with access to distributions from their account, assuming penalties pursuant to the eligible Institutional Agreements, and ensuring compliance with applicable law and regulation.

(c) NDTCO receives a fee from interest paid by each eligible institution on aggregate deposits in connection with NDTCO’s Cash Management program. The fee varies from eligible institution to eligible institution, based on the prevailing interest rate environment. The depositor acknowledges that they have reviewed NDTCO’s direct and indirect compensation and determined the compensation they receive is reasonable for the services it provides. The Depositor has further determined that such services are necessary for the establishment and Maintenace of NDTCO’s Cash Management program.

(d) You hereby acknowledge and agree that NDTCO will deposit all Undirected Cash in the custodial account into pooled deposit accounts at one or more FDIC or other United States government insured institutions or in United States government securities or in securities that are insured or guaranteed by the United States government pending further investment direction by depositor. All income generated by Undirected Cash in NDTCO’s pooled deposit accounts shall be retained by NDTCO as fees. You authorize NDTCO to transfer any Undirected Cash in the custodial account into any FDIC insured financial institution or in United States government securities or in securities that are insured or guaranteed by the United States government without any further approval or direction by the depositor.

Fee Agreement

In accordance with the Plan Agreement and Disclosure, the custodial fees described herein are incorporated into the Account Holder Plan Agreement. Annual record keeping fees are not prorated and unless payment for this fee is submitted directly to New Direction Trust Company (NDTCO) prior to the fee(s) due date, any unpaid fee(s) will be withdrawn from the undirected funds to be defined as any cash in the Custodial Account not invested pursuant to a specific investment direction by you. All transaction related fee(s) are due prior to funding the transaction. All fee(s) paid from your account will be reflected on your statement. If there are insufficient undirected funds in the Account Holders custodial account to pay your fees you authorize NDTCO to charge the credit card on file-should there be one— in order to pay your past due account fees. You also agree that, if after 30-day written notification to the Account Holder, NDTCO may liquidate other custodial assets held in Account Holders account to pay for any unpaid fee(s) owed to it. NDTCO shall be entitled to receive from the custodial assets held in the Custodial Account, a fee equal in amount to all income that is generated from any undirected cash which is held by the Custodian in a deposit or product of an FDIC – or other United States government-insured financial institution, United States government securities, or securities that are insured or guaranteed by the United States government. NDTCO’s fees from the undirected funds in the Custodial Account are associated with cash management activities including but not limited to, account maintenance, depository bank selection, transaction processing, sub-accounting, record keeping, and other services performed under the terms of the Plan Agreement. NDTCO retains the right, but does not have the obligation, to reduce this fee by rebating a portion of the fee into the Custodial Account. You as the Depositor agree that this fee may be retained by the NDTCO as compensation for the services provided by NDTCO under the Plan Agreement. NDTCO reserves the right to change all or part of the Custodial Fee Schedule at its discretion with 30 days advance written notice to Depositor. If any fee(s) not paid within thirty (30) days after NDTCO has provided written past due notice to the Account Holder, NDTCO may begin the process of closing the account. Any asset distributed directly to the Account Holder as a result of the account closing will be reported to the IRS on Form 1099 and may subject the Account Holder to possible taxes and penalties. Accounts with past due fees, unfunded accounts, and accounts with zero value, will continue to incur administrative fees until such time as the Account Holder notifies NDTCO of intent to close the account or until NDTCO resigns as Custodian. All annual fees are per asset.

Annual Administration: Mortgages used to purchase real estate are considered a separate custodial asset and will be billed at the $235 rate.

Asset Specific Administration: Certain assets have specialized fee structures, such as Precious Metals and Sub-Brokerage investments. These Administration Fees differ from standard fees and are calculated separately from LLCs, Notes, Real Estate, Private Equity and other Private Assets.

Precious Metals Depository Storage: NDTCO does not select the depository for the storage of your account’s precious metals investments. You, as the Account Holder, will need to select a storage provider. Storage fees are determined by the depository and billed to your NDTCO account.

Late Fees: Assessed thirty (30) days after the fee due date with a new late fee assessed every thirty (30) days thereafter until payment in full of all past due fee(s) are received by NDTCO. Unpaid fee(s) may result in NDTCO beginning the process of closing the custodial account and distributing assets held directly to the Account Holder at its current market value.

Special Services: Charged on an hourly basis. Special services include, but are not limited to, account research, legal research, expedited investment review, and additional processing time for complex transactions. NDTCO will notify the Account Holder that such fees may be assessed before assessing them to the Account Holder. Forced Liquidation of assets by NDTCO to cover unpaid fees by the account holder is considered a special service and will result in a $150 fee per liquidation.

Miscellaneous Expenses. In addition to those expenses set out in this agreement, you agree to pay any and all expenses incurred by NDTCO in connection with the investment of the account, including expenses of preparation and filing any returns and reports with regard to unrelated business income, including taxes and estimated taxes, as well as any transfer taxes incurred in connection with the investment or reinvestment of the assets of the account. The depositor also agrees to pay any all expenses related to the valuation of their account.

Online Bill Pay: All bill pay requests submitted through our online bill pay portal will be free of charge to our Account Holders.

Right to Revoke Account. You may revoke your IRA within 7 days after you sign the IRA Agreement by hand-delivering or mailing a written notice to the name and address indicated on the Agreement. If you revoke your account by mailing a written notice, such notice must be postmarked by the seventh day after you sign the Adoption Agreement. If you revoke your IRA within the 7-day period you will receive a refund of the entire amount of your contributions to the IRA without any adjustment for market performance, earnings, or any administrative expenses. If you exercise this revocation, we are still required to report the contribution on Form 5498 (except transfers) and the revoked distribution on Form 1099-R.