Limited individual account application
for U.S. persons
Table of contents
Client Relationship Summary ................................. 2
Limited Individual Investor Account Application Form ........... 6
Account Terms and Conditions ............................... 7
U.S. Consumer Privacy Notice ............................... 11
Mailing instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
Please complete and mail your Merrill Limited Individual Investor Account Application Form
(page 6 of this package) to the address below:
1400 American Blvd.
MSC NJ2-140-03-17
Pennington, NJ 08534
Code 1960 (Rev. 03/2021)| SHEET-06-20-0587 | 03/2021
Client Relaonship Summary
Eecve March 22, 2021
Access supplemental materials by clicking on the links below or visiting and
Merrill Lynch, Pierce, Fenner & Smith Incorporated (Merrill or we) is registered with the Securities and Exchange Commission
(SEC) as both a broker-dealer and an investment adviser, and is a member of the Financial Industry Regulatory Authority (FINRA)
and the Securities Investor Protection Corporation ( Managed Account Advisors LLC (MAA), our subsidiary, is also
an SEC-registered investment advisor.
You can access free and simple tools to research firms and financial professionals at, which provides educational
materials about broker-dealers, investment advisers and investing. Brokerage and investment advisory services and fees differ
and it is important for you to understand these differences. This Client Relationship Summary (Form CRS) provides a summary of
the types of services we provide and how you pay.
At Merrill, we offer both brokerage and investment advisory services. You choose how you want to work with us:
Work with your dedicated Merrill
Advisor (Advisor) and team in a
brokerage account relationship for
a per trade charge and/or enroll in
an investment advisory program to
access managed investment portf
discretionary management and
fiduciary services for an annual asset-
based fee.
Obtain the advice of Merrill Financial
Solutions Advisors (FSAs) and other
representatives in a brokerage
account relationship for a per trade
charge and/or enroll in an in
advisory program t
o receive selected
managed portfolios and related
fiduciary services for an annual asset-
based fee.
Utilize the Merrill Edge Self-Directed
(MESD) investing platform to execute
and manage your own trades in a
brokerage account for a per trade
charge and/or enroll in an investment
advisory program to access certain self-
guided managed portfolios and related
fiduciary se
rvices for an annual asset-
based fee.
This Form CRS and the Summary of Programs and Services provides an overview of our primary programs.
What investment services and advice can you provide me?
In a brokerage account (Account), you pa
y commissions and
other sales fees on a per transaction basis. We may recommend
investments to you, but you make the final decision to buy, sell or
hold them.
From time to time, we may voluntarily review the holdings in your
Account; however, for purposes of Regulation Best Interest, we
do not provide an ongoing monitoring service or monitor your
Account and Regulation Best Interest does not require us to do so.
The Cash Management Account (CMA) is our primary brokerage
Account for retail clients. Our brokerage services provide you:
Investment recommendations and responses to your trade
instructions and other requests.
Access to investments, research, financial tools, investment
guidance and market education.
Trade execution for purchases and sales of securities and
custody of Account assets.
Margin lending (borrowing against the securities in your
Access to various account types.
Access to our Cash Sweep Program where uninvested cash
in your Account is “swept” into bank deposit accounts
affiliated with us or into money market mutual funds.
Cash management services including direct deposit, check-
writing, debit cards, electronic funds transfer.
You can obtain certain brokerage services in a brokerage
Account serviced by FSAs and other of our registered
employees via a call center or in a bank or wealth management
center (Merrill Advisory Center (MAC)). Certain of our FSAs
and registered employees may only offer certain types of
investment products. You can obtain brokerage services on a
self-directed basis through MESD.
Our Best Interest Disclosure Statement provides material facts
about a brokerage Account, including material limitations we
place on our offerings.
Merrill Lynch, Pierce, Fenner & Smith Incorporated (also referred to as “MLPF&S” or “Merrill”) makes available certain investment products sponsored, managed, distributed, or provided by companies that are
affiliates of Bank of America Corporation (“BofA Corp.”). MLPF&S is a registered broker-dealer, registered investment adviser, Member SIPC and a wholly owned subsidiary of BofA Corp. Merrill Lynch Life Agency
Inc. (“MLLA”) is a licensed insurance agency and a wholly owned subsidiary of BofA Corp. Banking products are provided by Bank of America, N.A., Member FDIC and a wholly owned subsidiary of BofA Corp.
Investment products offered through MLPF&S, and insurance and annuity products offered through MLLA:
Are Not FDIC Insured Are Not Bank Guaranteed May Lose Value
Are Not Deposits Are Not Insured By Any Federal
Government Agency
Are Not a Condition to
Any Banking Service or Activity
Page 1
Merrill offers a variety of investment advisory programs
(IA Programs). Each IA Program is described in an IA Program
brochure available at and
When you enroll in one of our IA Programs, we act as your
investment adviser in providing you the services described in
that IA Program's client agreement and brochure. You pay an
asset-based fee and not on a per trade basis. These services
include advice and guidance, brokerage and custody services
and access to the Cash Sweep Program.
In certain IA Programs, you can choose to make investment
decisions yourself and/or to grant us or a third party the
authority to make investment and trading decisions for your
account on your behalf (discretion). This discretion is triggered
when you grant it to us and remains in effect until you revoke
it. We provide ongoing monitoring for an account enrolled in
an IA Program as described in its brochure.
MAA provides discretionary services in certain IA Programs.
It invests assets by implementing investment strategies of
third-party managers and/or of Merrill that has been selected
for your IA Program account, processes contributions and
withdrawals and provides other services.
Our IA Programs for retail investors are:
Merrill Lynch Investment Advisory Program (IAP). IAP provides
you with investment advice and guidance from an Advisor you
select and access to a wide range of investment strategies and
products. IAP makes available third-party and Merrill managed
investment strategies as well as individual funds, equities and
fixed income securities. For an IAP account, you may delegate
investment and trading discretion to your Advisor or to the
manager (us or a third-party manager) of an investment
strategy you select or retain investment discretion.
Strategic Portfolio Advisor Service (SPA). SPA provides you with
investment advice from an Advisor you select and the ability to
access investment strategies offered by third-party managers
under a separate contract.
Managed Account Service (MAS). MAS provides you with the
ability to select under a separate contract certain investment
strategies of third-party managers not offered in our other
IA Programs. As to this selection, we and your Advisor do not
provide advice or recommendations.
Merrill Guided Investing with Advisor (MGI with Advisor). This
IA Program offers you the ability to invest in certain investment
strategies managed by Merrill with advice and guidance
of a Merrill representative and through an online, guided
interactive website.
Merrill Edge Advisory Account (MEAA). MEAA is a program that
offers you the ability to invest with advice and guidance of a
MAC-based FSA in certain investment strategies managed by
Merrill Guided Investing (MGI). MGI provides you with the
ability to invest in a set of investment strategies managed by
Merrill through an online, self-guided interactive website.
Institutional Investment Consulting (IIC). IIC is a program
that provides specified investment portfolio services to the
investment portfolios of IIC-eligible clients.
All of these IA Programs have differing service and
relationship approaches and requirements. Certain of the
same managed investment strategies are available in several
of our IA Programs. You should evaluate which IA Program
is right for you considering your investment profile; your
preferences on working with an Advisor you select, working
with a MAC-based FSA or working on a self-guided basis; the
nature of the IA Program services; the types of IA Program
services you want; the investment solutions available; and
the IA Program fees. The IA Program brochures provide
material facts about the program, including fees and conflicts
of interest.
We offer a wide variety of investment products. These
products are available to you for investment based on factors
such as account limitations, client and Advisor/FSA eligibility
and our product approval process.
The investment options available to brokerage and IA
Program-enrolled accounts include products sponsored or
managed by product providers unrelated to us. There are a
limited number of products in which we or our affiliates have
an interest. For certain products, we require that the product
provider or sponsor enter into distribution agreements
with us and, in certain cases, agree to make payments to us
for compensation purposes, revenue sharing and for sub-
accounting services. These material limitations are further
described in the Best Interest Disclosure Statement.
Merrill utilizes its own broker-dealer capabilities and those
of Bank of America Securities, Inc. (BofAS) and affiliates to
provide you with certain investment products and services,
including trade execution, access to research and cash
management services.
For a CMA Account, there is a minimum funding of $20,000
in cash and/or securities (with a $2,000 minimum for a
subaccount). This does not apply to an MESD account or an
account enrolled in MGI, MGIA or MEAA. Certain investment
products and IA Programs are subject to minimum investment
amounts detailed in offering materials and IA Program
brochures. Not all account type options provide the services
described in this Form CRS.
Page 2
Questions you can ask us about our services: • Given my
financial situation, should I choose an investment advisory
service? Should I choose a brokerage service or both types
of services? Why or why not? • How will you choose
investments to recommend? • What is your relevant
experience, including your licenses, education and other
qualifications and what do they mean?
What fees will I pay?
You will pay a fee for each transaction in a brokerage account
(for e
xample, commissions, markups, markdowns or sales
charges). This can be a direct payment from you or, for certain
investment products, the product sponsor or the manager
will pay the fees and costs to us based on the value of your
Brokerage transaction fees vary from product to product.
An overview of brokerage fees and other Account charges
is included in the Best Interest Disclosure Statement and in
the materials listed on page 4 of this CRS. An overview of the
MESD brokerage fees and charges is available at merrilledge.
com/pricing. The trade confirmation you receive will provide
the amount of the fees charged for the transaction. The
offering materials available for certain types of investment
products provide information about the fees and costs of
those products.
The more trades that you make in your brokerage account, the
more we and/or your Advisor get paid, giving us a financial
incentive to encourage transactions in your account.
You pay us an IA Program fee that covers investment advisory
services, trade execution and custody at Merrill. The IA
Program fee is based on the value of the assets in your
account at the annualized fee rates listed below:
IAP: A customized rate agreed with your Advisor (max 2.00%)
and a strategy manager fee (if applicable) for Advisor-based
advice and guidance, access to a wide range of investment
solutions and managed strategies and IAP fiduciary services.
SPA: A customized rate agreed with your Advisor (max 1.50%)
and a SPA manager fee for SPA fiduciary services.
MAS: A customized rate agreed with your Advisor (max 1.80%)
and a MAS manager fee for certain agreed MAS services.
MGI with Advisor and MEAA: A fee rate of 0.85% for FSA-
based advice and guidance on the set of managed strategies
available through the program and related fiduciary services.
MGI: A fee rate of 0.45% for access on a self-guided basis to a
limited list of managed strategies.
IIC: A negotiated rate (max 0.45%) for IIC services.
Depending on the IA Program, the fee is paid monthly or
quarterly. The relevant IA Program brochure will provide more
detail about the applicable fee and the transactional costs you
may incur.
The more assets there are in your IA Program-enrolled
account, the more you will pay in fees, giving us a financial
incentive to encourage you to increase the assets in your
We (or your Advisor or an FSA) may discount or waive certain
transaction fees and charges based on your circumstances,
any discount or waiver requirements and/or any reward and
rebate program rules.
Certain brokerage and IA Program services, as well as
investment products, may only be provided by Advisors and
FSAs who meet certain qualifications and training requirements.
Certain products have built-in fees and expenses described in
their offering materials that the product manager or sponsor
charges for services, portions of which may be paid to us.
You will pay fees and costs whether you make or lose
money on your investments. Fees and costs will reduce
any amount of money you make on your investments over
time. Please make sure you understand what fees and costs
you’re paying.
What are your legal obligations to me when providing
recommendations as my broker-dealer or when acting
as my investment adviser? How else does your firm
make money and what conflicts of interest do you
When we provide you with a recommendation as your
broker-dealer or act as your investment adviser, we have to
act in your best interest and not put our interest ahead of
yours. At the same time, the ways we and our affiliates make
money create some conflicts with your interests. You should
understand and ask us about these conflicts because they
can affect the recommendations and investment advice we
provide you. Here are some examples to help you understand
what this means:
Affiliate benefits. Our affiliates receive compensation
and/or economic benefits in connection with certain of the
services provided and certain investment products that we
recommend or make available to you.
Third-party payments for services. We receive compensation
from certain product sponsors for sub-accounting and
shareholder services we provide them. We also have
agreements with certain product sponsors to pay us marketing
support and other revenue sharing payments under certain
circumstances. Product sponsors may share in the costs of
hosting certain educational meetings for clients and our
employees, including Advisors and FSAs.
Principal trading. Some of your securities transactions
will be executed with our affiliate BofAS. It receives dealer
compensation for its services. BofAS also receives underwriting
compensation from issuers for providing underwriting services
for offerings of securities and for the sale of these securities to
institutional and retail clients, including you.
Page 3
Please review our Best Interest Disclosure Statement
and/or our IA Program brochures at and
Questions you can ask us about fees and conflicts:
Help me understand how these fees and costs might
affect my investments. If I give you $10,000 to invest,
how much will go to fees and costs, and how much will be
invested for me? • How might your conflicts of interest
affect me and how will you address them?
How do your financial professionals make money?
Your Advisor is primarily compensated based on the
commissions and other types of transaction fees and service
charges related to transactions in your Account. The level
of compensation is based on what we charge you for trade
execution or what we receive from product sponsors for the
sale of their products.
FSAs and certain Advisors and other registered employees
providing brokerage services are compensated through a
salary and certain bonus payments for asset gathering.
Advisors and FSAs may also share in fees charged for services
provided to you by us and companies related to us as referral
In general, Advisors who are qualified to offer IAP, SPA and
MAS to eligible clients receive as compensation a portion
of the particular IA Program fee, subject to certain policy
requirements. Certain Advisors may only offer and provide
services for certain IAP strategy types. FSAs and certain types
of Advisors receive a salary and incentive compensation.
We determine Advisor and FSA compensation and eligibility
rules for the offering of brokerage services, IA Program services
and certain investment products. This determination is based
on the experience of the person, the time and complexity
required to meet a client’s needs, the products sold and product
sales commissions, and other factors such as client and asset
acquisition and the revenue we earn.
Advisors and FSAs may receive bonus compensation based
on their asset gathering efforts during the year. Advisors who
join Merrill from other firms are eligible to receive additional
payments based on the revenues generated from accounts
they manage at particular points in time.
Certain products have higher transaction fees and service
charges than other products. An Advisor will receive more
compensation for selling certain products over other products.
The nature of compensation payments that Advisors receive
presents a conflict of interest. For brokerage services, the
conflict arises based on the type and frequency of transactions
in your Account. For IA Programs, the conflict arises based on
the compensation we make due to your enrollment in a fee-
based program and the fee that you agree to.
Do you or your financial professionals have legal or
disciplinary history?
Yes. Please visit for a free and simple tool to
search us and our financial professionals.
Additional Information
For the latest copy of this disclosure, go to You
may also call your Advisor or call us at 800.637.7455 and it will
be provided free of charge.
For a copy of Best Interest Disclosure Statement, go to or obtain a paper copy from
an Advisor or an FSA free of charge. We will provide you with
additional transaction information through other documents
such as trade confirmations, prospectuses, offering materials
and account statements.
Certain client agreement forms and the materials listed below
are also available at and
Summary of Programs and Services
Best Interest Disclosure Statement
IA Program Brochures
List of Account Types
Merrill Explanation of Fees
Merrill Edge Explanation of Fees
Merrill Schedule of Miscellaneous Account and
Service Fees
Merrill Edge Schedule of Miscellaneous Account and
Service Fees
Sweep Program Guide
Mutual Fund Investing
Offshore Mutual Fund Investing
Questions you can ask us: • As a financial professional,
do you have any disciplinary history? For what type of
conduct? • Who is my primary contact person? Is he or
she a representative of an investment adviser or a broker-
dealer? • Who can I talk to if I have concerns about how
this person is treating me?
© 2021 Bank of America Corporaon. All rights reserved. | 472482PM | MAP3052995 | Eecve March 22, 2021
Page 4
Limited Individual Investor Account Form
Use only with Corporate Equity Compensation
Programs Serviced by Merrill
(For U.S. Persons)
Merrill Account Number
(For Office Use Only)
___ ___ ___ - ___ ___ ___ ___ ___
Part I Name of beneficial owner
Name (First, Middle, Last): __________________________________________________________ Date of birth: ______/______/_______
Social Security number: _____________________________________ Company assigned employee ID: ___________________________________________
Permanent residence address (P.O. box/in-care-of address not acceptable):
Mailing address (If different from above): ____________________________________________________________________________________________________
Daytime Evening Country of Country of
phone #: ____________________ phone #: ____________________ citizenship: _____________________ residence: ______________________
Employer name: ________________________________________________________________________________________________________________________
Email address: _________________________________________________________________________________________________________________________
Other information: Are you, your spouse or a member of your household employed by Merrill, Bank of America and its affiliates, a broker dealer,
self-regulatory organization or another financial institution?
Yes No
If yes, please disclose your household member(s) name and employer(s) name and address: ____________________________________________________________
Part II
Are you a member of the board of directors, executive officer, 10% shareholder or someone who has the ability to control corporate action of a public company
(a Rule 144 affiliate)?
Yes No If yes, enter stock symbol of public company: _________________________________________________________
SEC Disclosure: Do you authorize Merrill to disclose your name, address, and securities positions to corporations and other issuers in which you own securities, under
a SEC rule designed to permit companies to communicate directly with their beneficial owners? Yes No
Account Authorization: I have read and agree to the Merrill Account Terms and Conditions attached to and made part of this application for the AwardChoice Limited
Individual Investor Account Form. I agree in advance to arbitrate any controversies which may arise with Merrill in accordance with the attached Merrill Account
Terms and Conditions, a copy of which I hereby acknowledge receipt. I have read and agree to the terms and conditions of the Instruction and Authorization To
Disclose Brokerage Information Related To Participation In Equity and Employee Stock Purchase Plans. In addition, I acknowledge that I have been provided the U.S.
Consumer Privacy Notice.
_______________________________________________________________ _______________________________________________________
Client signature Date
Substitute Form W-9 Certification: Under penalties of perjury, I certify that: 1. the number shown on this form is my correct taxpayer identification number, and 2. I am
not subject to backup withholding because: (a) I am exempt from backup withholding or (b) I have not been notified by the Internal Revenue Service (IRS) that I am
subject to backup withholding as a result of a failure to report all interest or dividends, or (c) the IRS has notified me that I am no longer subject to backup withholding,
and 3. I am a U.S. citizen or other U.S. person (defined in the instructions), and 4. The FATCA code(s) entered on this form (if any) indicating that I am exempt from
FATCA reporting is correct.
Certification Instructions: You must cross out item 2 above if you have been notified by the IRS that you are currently subject to backup withholding because you have
failed to report all interest and dividends on your tax return.
_______________________________________________________________ _______________________________________________________
Signature of U.S. person Date
Please note: This form must be completed in its entirety and your signature is required for both the “Account Authorization” and “Substitute Form W-9 Certification.”
Receipt of an incomplete form will result in the delay of the opening of your brokerage account. Submission of this form does not constitute an order for
a transaction. Please refer to your Plan communications to determine how to exercise your awards.
You may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC Brochure, via the SIPC’s website at
or by calling SIPC at 1.202.371.8300.
Code 1960 (Rev. 03/21)
Code 1960 (Rev. 03/21)
Merrill Account Terms and Conditions
The following terms and conditions shall govern my AwardChoice® Limited Individual Investor Account (“Account”) with Merrill, Pierce, Fenner &
Smith Incorporated (“Merrill”). This Account has certain limited purposes as described in more detail below.
The fo
llowing transactions may be effected through the Account: (1) the exercise of employee stock options to acquire company stock (“Stock”)
and an accompanying order to sell the shares of Stock acquired through such exercise; (2) the sale of any Stock held in the Account, including
publicly traded securities of any company spun off from the issuer of the Stock held in the Account as a result of such spin-off transaction; and
(3) the purchase of shares of the Merrill money market funds designated for the Account and subsequent sales of those shares. No other
securities transactions are permitted. Limits may be placed on your ability to buy, sell, transfer and hold certain securities, like low-priced
securities, as identified by Merrill.
2. I warrant that I have attained the age of majority in the state/country in which I reside.
l transactions are subject to the constitution, rules, regulations, usages, rulings and interpretations of the exchange or market and its
clearinghouse, if any, where the transactions are executed, and if not executed on any exchange, the Financial Industry Regulatory Authority.
livery Instructions. I have established an Account with Merrill in order to settle my Stock. I hereby authorize my employer or its stock agent(s)
to register the Stock issued in connection with my equity awards in the name of Merrill (the agent and nominee for my Account) or in the name
of Merrill’s designated nominee or in my name. I also authorize and instruct my employer to deliver the Stock issued pursuant to my equity
awards to Merrill by the required settlement date of the transaction. I understand that the Stock will only be issued if full payment is made with
respect to all of the costs associated with my equity awards. This authorization is irrevocable, and will continue in full force and effect and will
apply to each equity award under my employer’s plan, using the services of Merrill
5. I agree that commissions, fees (including but not limited to account, service and processing fees), taxes and other charges on any transaction in
my Account, or any service for my Account, will be in accordance with the commissions, fees, rates and charges in effect at Merrill at the time
of the transaction or the provision of service (collectively, the “Fees”). I agree to pay the Fees and agree the Fees will be charged to my Account.
I agree that at all times I am liable for the payment of, and agree to pay on demand, any Fees, debit balance(s), including a debit balance for
Fees, indebtedness or other obligations owing in, or in connection with a transaction in, my Account (collectively, the “Indebtedness”). I agree
that I am liable for any deficiency remaining on such Indebtedness in the event of the liquidation of securities and other property in my Account,
in whole or in part, by Merrill or by me. I agree that to the extent permitted by the laws of the State of New York, Merrill shall collect from me
reasonable costs and expenses of collection of any Indebtedness, including any unpaid deficiency remaining on such Indebtedness, including
but not limited to attorneys’ fees that Merrill incurs or pays in connection with such efforts (collectively, the “Costs”). I agree that Merrill may
satisfy any amounts I owe to Merrill, including Fees, Indebtedness and Costs, by deducting such amounts from my Account, including deduction
from available free credit balances and other assets in my Account, or by deducting from the proceeds of the sale of Stock in my Account, if
applicable. If necessary, I authorize and instruct Merrill to sell assets in my Account to pay those amounts due.
hereby grant a security interest to Merrill in all securities, including Stock, and other property held in my Account from time to time in which I
have an interest for the payment of all my Indebtedness and Costs, which security interest will not terminate even if a security or other property
is delivered to me. I agree that all securities, including Stock, and other property held in my Account from time to time in which I have an interest
shall be subject to a valid and enforceable lien in favor of Merrill for the discharge of all Indebtedness and Costs that I may owe to Merrill,
including any Indebtedness to Merrill in connection with the settlement of my equity awards. In enforcing Merrill’s security interest or lien, I
agree Merrill shall have the discretion to determine which securities and property are to be sold and which contracts are to be closed. All
securities and other property will be treated as financial assets under Article 8 of the State of New York Uniform Commercial Code. For the
avoidance of doubt, all Stock held or carried in the Account shall be subject to a lien for the discharge of any funds advanced for the payment
of the stock option exercise price, applicable taxes, interest, and any fees or commission, including account fees. I understand that these charges
shall be deducted from the proceeds of the sale of the Stock, and that I shall be liable to Merrill for any deficiency remaining in the Account after
the sale of the Stock and that I shall make payment of this deficiency to Merrill
7. Go
verning Law. This Agreement, including these Merrill Account Terms and Conditions, shall be governed by and construed in accordance with
the laws of the State of New York, without giving effect to its choice of law or conflict of law principles.
Code 1960 (Rev. 03/21)
8. Agreement to Arbitrate Controversies. This Agreement contains a predispute arbitration clause. By signing an arbitration agreement the
parties agree as follows:
parties to this Agreement are giving up the right to sue each other in court, including the right to a trial by jury, except as provided by
the rules of the arbitration forum in which a claim is filed.
itration awards are generally final and binding; a party’s ability to have a court reverse or modify an arbitration award is very limited.
The ability of the parties to obtain documents, witness statements and other discovery is generally more limited in arbitration than in
court proceedings.
arbitrators do not have to explain the reason(s) for their award unless, in an eligible case, a joint request for an explained decision
has been submitted by all parties to the panel at least 20 days prior to the first scheduled hearing date.
panel of arbitrators may include a minority of arbitrators who were or are affiliated with the securities industry.
The rules of some arbitration forums may impose time limits for bringing a claim in arbitration. In some cases, a claim that is ineligible
for arbitration may be brought in court.
rules of the arbitration forum in which the claim is filed, and any amendments thereto, shall be incorporated into this Agreement.
I a
gree that all controversies that may arise between Merrill and me, including, but not limited to, those involving any transaction or the
construction, performance or breach of this or any other agreement between Merrill and me, whether entered into prior to, on,
or subsequent to the date hereof, shall be determined by arbitration.
Any arbitration pursuant to this provision shall be conducted only before the Financial Industry Regulatory Authority, Inc. (FINRA) or an
arbitration facility provided by any other exchange on which Merrill is a member, and in accordance with the respective arbitration rules
then in effect of FINRA or such other exchange. I may elect in the first instance whether arbitration shall be conducted before FINRA or
another exchange of which Merrill is a member, but if I fail to make such election by registered letter addressed to Merrill at the office
where I maintain my account, or such other address that Merrill may advise me of from time to time, before the expiration of five days
after receipt of a written request from Merrill to make such election, then Merrill may make such election. Judgment upon the award of
the arbitrators may be entered in any court, state or federal, having jurisdiction.
No person shall bring a putative or certified class action to arbitration, nor seek to enforce any pre-dispute arbitration agreement against
any person who has initiated in court a putative class action; or who is a member of a putative class who has not opted out of the class
with respect to any claims encompassed by the putative class action until: (I) the class certification is denied; or (II) the class is decertified;
or (III) the customer is excluded from the class by the court. Such forbearance to enforce an agreement to arbitrate shall not constitute a
waiver of any rights under this Agreement except to the extent stated herein.
9. Merrill may combine my order to sell the Stock with all other such orders received on a daily basis from other Merrill clients. In some cases,
orders may be executed over a period of time and the average price of the shares shall be the price per share allowable to me.
10. Cash dividends, if any, on shares held for my Account on the record date for dividends will be credited to my Account on payment date. My pro-
rata share of any Stock dividends and Stock splits will be credited to my Account. Information on dividends paid on the Stock held in my Account
will be sent to the Internal Revenue Service and to me as required by law. However, dividends may become payable to the purchaser of the
shares. If I am selling all or some of the shares of Stock, I understand and agree that I am responsible for any and all dividends, rights or payments
of any kind that are or may become payable to the purchaser of such Stock prior to the registration of such Stock in the name of Merrill. I agree
to pay or deliver to Merrill upon demand, any and all funds, securities, dividends or distributions due Merrill in the event that for any reason,
the Stock to be issued pursuant to the settlement of my equity awards is not promptly delivered to Merrill.
11. On receipt by you or your legal representative of notice of my legal incapacity or death, the options and Stock in my Account, or the proceeds
of the sale of the Stock shall be held pending receipt of proper authorization and instructions.
12. Transactions shall be limited to those described in these Terms and Conditions or which Merrill may from time to time announce. I acknowledge
and agree that my employer may request that Merrill follow my employer’s instructions with respect to the acceptance or execution of my
orders to transact in this Account. I authorize Merrill to follow my employer’s instructions, including, but not limited to, instructions to not
accept my orders to transact in company stock in this Account. As a result, I acknowledge and agree that any acceptance or execution of
my orders to transact in this Account may be delayed or never occur. I agree to hold Merrill harmless from any liability in connection with
this authorization.
Code 1960 (Rev. 03/21)
13. A statement of all activity in my Account will be sent as required by law or regulations.
rill’s liability shall be limited to the liability of a broker-dealer acting as an agent or principal with respect to the exercise of options,
the purchase or sale of a client’s securities, and Merrill shall not be liable for the acts or omissions of any other person.
15. Merrill will aim to reduce the occurrence of circumstances that lead to its clients receiving substitute interest or dividend payments for their
securities in lieu of payments from the issuer of the securities. For municipal securities, we may do so by informing clients when such
circumstances arise in a transaction, and giving clients the opportunity to instruct us to either: (i) cancel and correct the transaction in question
if a cancellation and correction can reasonably be executed or (ii) purchase a comparable security if a comparable security is available for
purchase. There may be circumstances where a transaction cannot reasonably be cancelled or corrected or a comparable security is not available
for purchase, which may lead to clients receiving substitute payments for their securities in lieu of payments from the issuer of the securities.
Clients may receive substitute payments for their securities under a number of circumstances in normal business activities that may create a
temporary shortfall that results in Merrill holding an insufficient amount of the securities at the Depository Trust Company to enable all of our
clients to receive the actual payment from the issuer of the securities. Under such circumstances, we will use an internal lottery system to
determine on a random basis which clients to allocate substitute payments to. Clients who receive a substitute payment will see the payment
indicated as such in their account statements. Merrill is committed to ensuring that its clients are not adversely impacted by their receipt of
substitute payments. Therefore, to the extent substitute payments are made to our clients, Merrill will “gross up” substitute payments after the
close of the year the payments are made to compensate you for any federal tax liabilities that might be incurred, including an amount equal to
the tax liability on the gross up itself, in accordance with our policies, copies of which will be provided upon request.
16. This Agreement shall be binding on my heirs, executors, administrators, successors and assigns; and this agreement shall inure to the benefit
of the successors of Merrill by merger, consolidation, or otherwise, and its assigns, and Merrill is authorized to transfer to any such successors
and assigns.
17. Merrill shall have the right to amend these Terms and Conditions by modifying or rescinding any of its existing provisions or by adding a new
provision. Any such amendment shall be effective as of a date to be established by Merrill. Merrill may terminate my Account at any time.
18. Recognition of the U.S. Special Resolution Regimes Applicable to a Non-U.S. Domiciled Client.
(a) In the event that the Merrill entity (or entities) that is the counterparty to this Agreement (the “Covered Entity”) becomes subject to a
proceeding under a U.S. Special Resolution Regime, the Non-U.S. Domiciled Client hereby agrees that the transfer from the Covered Entity
of this Agreement,
and any interest and obligation in or under, and any property securing, this Agreement, will be effective to the same
extent as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement, and any interest and obligation in or
under, and any property securing, this Agreement were governed by the laws of the United States or a state of the United States.
(b) In the event that the Covered Entity or a Covered Affiliate becomes subject to a proceeding under a U.S. Special Resolution Regime, any
Default Rights under the Agreement that may be exercised against the Covered Entity by a Non-U.S. Domiciled Client are permitted to be
exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Agreement were
governed by the laws of the United States or a state of the United States.
following terms as used in this section entitled “Recognition of the U.S. Special Resolutions Regimes Applicable to a Non-U.S. Domiciled
Client” will have the following meanings only in this provision:
Agreement” means this Agreement and all transactions entered into under or pursuant to this Agreement, together with any related
credit enhancements between the parties or provided by one to the other.
Covered Affiliate” means a BHC Affiliate of the Covered Entity. The term “BHC Affiliate” has the same meaning as the term “affiliate”
of a bank holding company as defined in, and shall be interpreted in accordance with, Section 2(k) of the Bank Holding Company Act,
(12 U.S.C. 1841(k)).
Default Rightmeans the right of any party to terminate, cancel, or rescind the agreement or transactions thereunder and other
rights as defined in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.
“Non-U.S. Domiciled Client means any client that is a party to this Agreement (as applicable) that is does not meet any of these
definitions: (i) an individual that is domiciled in the United States or any of its states, commonwealths, territories or possessions,
including the District of Columbia (each a “State”); (ii) a company that is incorporated in or organized under the laws of the United
States or any State; (iii) a company, the principal place of business of which is located in the United States, including any State, or (iv)
a U.S. branch or agency of a foreign bank.
U.S. Special Resolution Regimemeans each of (i) the Federal Deposit Insurance Act and the regulations promulgated thereunder
and (ii) Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.
Code 1960 (Rev. 03/21) | SHEET-10-19-0410.A | 3/2021
In connection with Merrill, Pierce, Fenner & Smith Incorporated (“Merrill”) providing certain recordkeeping and related services for
employee stock purchase and equity compensation plan(s) (each a “Plan” and collectively the “Plans”), your employer or a related
company (the “Company”) requested that Merrill provide to Company and Company’s service provider(s) certain information about
Plan participant brokerage account relationships with Merrill that are applicable to participation in the Plans. If you are or will be a
Plan participant, Merrill is requesting your authorization and permission to share and to transmit such information to Company and
Company’s service provider(s).
By accepting these terms and conditions, you hereby instruct and authorize Merrill to share and to transmit information about your
brokerage account relationship with Merrill that is applicable to your participation in one or more Plans, such as account value, stock
balance, stock sale, and stock transfer information, to Company and Company’s service providers.
Merrill received an exemption from the New Zealand Financial Markets Authority whereby it is exempted from obligations in
regulations 229N, 229O and 229Q to 229W of the Financial Markets Conduct Regulations 2014 (the “Regulations”) and
sections 431ZC to 431ZH of the Financial Markets Conduct Act 2013 (the “Act”) in respect of money and property received from
New Zealand clients (the “Exemption”). As such, Merrill is: (i) acting in reliance on the Exemption; (ii) not required to comply with
the obligations in relation to client money and client property contained in regulations 229N, 229O and 229Q to 229W of the
Regulations and sections 431ZC to 431ZH of the Act, except that Merrill may not use and apply client money and client property
received from a New Zealand client in any way other than as expressly directed by such client (either generally or specifically); and
(iii) required to comply with the terms and conditions of Merrill’s registration as a broker-dealer with the U.S. Securities and
Exchange Commission, the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”), and any rules and regulations
under the Exchange Act.
U.S. Consumer Privacy NoticeU.S. Consumer Privacy Notice
Reasons we can share your personal information
Bank of America
Can you limit
this sharing?
For our everyday business purposes such as to process your transactions, maintain your
account(s), respond to court orders and legal investigations, or report to credit bureaus
Yes No
For our marketing purposes with service providers we use to offer our products and services
to you (please see below to limit the ways we contact you)
Yes No
For joint marketing with other financial companies Yes No
For our affiliates’ everyday business purposes information about your transactions
and experiences
Yes No
For our affiliates’ everyday business purposes information about your
Yes Yes
For nonaffiliates to market to you for all credit card accounts Yes Yes
For nonaffiliates to market to you for accounts and services endorsed by another
organization (e.g., debit card co-branded with a baseball team) “Sponsored Accounts”
Yes Yes
For nonaffiliates to market to you for accounts other than credit card accounts and
Sponsored Accounts, such as insurance, investments, deposit and lending
No We don’t share
To limit
our sharing
Visit us online:
Call 888.341.5000 our menu will prompt you through your choices
Talk to your assigned financial advisor
Please note: If you are a new customer, we can begin sharing your information 45 days from the date we
sent this notice. When you are no longer our customer, we continue to share your information as described
in this notice. However, you can contact us at any time to limit our sharing.
To limit
Visit us online:
Call 888.341.5000 our menu will prompt you through your choices
Talk to your assigned financial advisor
Please note: Direct marketing is email, postal mail and telephone marketing. Your telephone and postal mail
opt-out choices will last for five years, subject to applicable law. Even if you limit direct marketing, we may
still contact you to service your account or as otherwise allowed by law.
Call 888.341.5000 or go to
Financial companies choose how they share your personal information. Under federal law, that means personally
identifiable information. Federal law gives consumers the right to limit some but not all sharing. Federal law
also requires us to tell you how we collect, share, and protect your personal information. Please read this notice
carefully to understand what we do.
The types of personal information we collect and share depend on the product or service you have with us.
This information can include:
Social Security number and employment information
account balances, transaction history and credit information
assets and investment experience
All financial companies need to share customers’ personal information to run their everyday business. In the
section below, we list the reasons financial companies can share their customers’ personal information; the
reasons Bank of America chooses to share; and whether you can limit this sharing.
Rev. 01/2021
Page 2
Companies related by common ownership or control. They can be financial and nonfinancial
Our affiliates include companies that utilize the names BankofAmerica, BancofAmerica, U.S. Trust
or Merrill.
Companies not related by common ownership or control. They can be financial and nonfinancial
Nonaffiliates we share with can include financial services companies such as insurance
agencies or mortgage brokers, nonfinancial companies such as retailers, travel companies
and membership groups; and other companies such as nonprofit groups.
Joint marketing
A formal agreement between nonaffiliated financial companies that together market financial
products or services to you.
Our joint marketing partners include financial services companies.
Other important information
Do Not Call Policy. This notice is the Bank of America Do Not Call Policy under the Telephone Consumer Protection Act. We do
not solicit via telephone numbers listed on the state or federal Do Not Call lists, unless the law allows. BankofAmerica employees
receive training on how to document and process telephone marketing choices. Consumers who ask not to receive telephone
solicitations from Bank of America will be placed on the Bank of America Do Not Call list and will not be called in future campaigns,
including those of Bank of America affiliates.
Call Monitoring and Recording. If you communicate with us by telephone, we may monitor or record the call.
For Nevada residents only. We are providing you this notice under state law. You may be placed on our internal Do Not Call List
by following the directions in the To limit direct marketing contact section. Nevada law requires we provide the following contact
information: Bureau of Consumer Protection, Office of the Nevada Attorney General, 555 E. Washington St., Suite 3900, Las Vegas,
NV 89101; Phone number: 702.486.3132; email:; Bank of America, P.O. Box 25118, Tampa, FL 33622-5118; Phone
number: 888.341.5000; Click on “Contact Us” at
Vermont: Under Vermont law, we will not share information we collect about Vermont residents with companies outside of our
corporate family, unless the law allows. For example, we may share information with your consent, to service your accounts or under
joint marketing agreements with other financial institutions with which we have joint marketing agreements. We will not share
information about your creditworthiness within our corporate family except with your consent, but we may share information about our
transactions or experiences with you within our corporate family without your consent.
Who we are
Who is providing
this notice?
Bank of America U.S. legal entities that utilize the names: BankofAmerica, BancofAmerica,
U.S. Trust or Merrill, as well as the entities listed in the BankofAmerica U.S. legal entities section.
What we do
How does
Bank of America
protect my personal
To protect your personal information from unauthorized access and use, we use security measures
that comply with federal law. These measures include computer safeguards and secured files and
buildings. For more information, visit or
How does
collect my personal
We collect your personal information, for example, when you:
open an account or perform transactions
apply for a loan or use your credit or debit card
seek advice about your investments
We also collect your personal information from others, such as credit bureaus, affiliates, or
other companies.
Why can’t I limit
all sharing?
Federal law gives you the right to limit some but not all sharing related to:
affiliates’ everyday business purposes information about your creditworthiness
affiliates from using your information to market to you
nonaffiliates to market to you
State laws and individual Bank of America companies may give you more rights to limit sharing.
See Other important information section for your rights under state law.
What happens when
I limit sharing for an
account I hold jointly
with someone else?
Your choices will apply to you alone unless you tell us otherwise. However, your choice to limit sharing
with nonaffiliates to market to you for credit card accounts or Sponsored Accounts will apply to all
joint account holders. If you have more than one credit card account or Sponsored Account and you
choose to opt out, you will need to do so for each account.
© 2020 Bank of America Corporation INS-07-20-0695.C
Page 3
California: Under California law, we will not share information we collect about you with companies outside of BankofAmerica, unless
the law allows. For example, we may share information with your consent, to service your accounts, or to provide rewards or benefits you
are entitled to. We will limit sharing among our companies to the extent required by California law.
For Insurance Customers in AZ, CA, CT, GA, IL, ME, MA, MN, MT, NV, NJ, NC, OH, OR and VA only. The term “Information
in this part means customer information obtained in an insurance transaction. We may give your Information to state insurance
officials, law enforcement, group policy holders about claims experience or auditors as the law allows or requires. We may give
your Information to insurance support companies that may keep it or give it to others. We may share medical Information so we
can learn if you qualify for coverage, process claims or prevent fraud, or if you say we can. To see your Information, write Insurance
Operations, FL9-805-03-12, 4800 Deer Lake Drive East, Jacksonville, FL 32246. You must state your full name, address, the
insurance company, policy number (if relevant) and the Information you want. We will tell you what Information we have. You may
see and copy the Information (unless privileged) at our office or ask that we mail you a copy for a fee. If you think any Information is
wrong, you must write us. We will let you know what actions we take. If you do not agree with our actions, you may send us
a statement.
For MA Insurance Customers only. You may ask, in writing, for the specific reasons for an adverse underwriting decision. An
adverse underwriting decision is where we decline your application for insurance, offer to insure you at a higher than standard rate
or terminate your coverage.
BankofAmerica U.S. legal entities
Bank of America U.S. legal entities that utilize the names: Bank of America, Banc of America, U.S. Trust or Merrill, and the entity
Managed Account Advisors LLC.
Code 1960 (Rev. 03/21) | SHEET-10-19-0410.A | 3/2021
Mailing instructions
Merrill brokerage account applications
Please complete and mail your Merrill Limited Individual Investor Account application form
to the address below:
1400 American Blvd.
MSC NJ2-140-03-17
Pennington, NJ 08534
or by fax to:
Fax 609-274-0333
For non-
U.S. persons, please allow 72 hours for the activation of your account after your completed application has
been received by Merrill.
If yo
u have questions regarding the activation status of your account, please contact a Merrill Participant Service
Representative at 1.877.767.2404 in the U.S., Canada and Puerto Rico or 1.609.818.8894 from other locations.