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2017-106A
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2017-106A
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Nationwide: <br />Nationwide will serve Plan Sponsor, in a non -fiduciary capacity, as the provider of Administrative <br />Services for the Plan Sponsor with respect to the Plan. Nationwide does not exercise any <br />discretionary control or authority over the Plan or the assets of the Plan, and this Agreement does <br />not require Nationwide to do so. Nationwide agrees to perform all Administrative Services for the <br />Plan Sponsor with respect to the Plan as described in this Agreement. This Agreement does not <br />require, nor shall this Agreement be construed as requiring, Nationwide to provide investment, <br />legal, or tax advice to the Plan Sponsor or to the participants of the Plan. <br />3. TERM <br />The Agreement term shall be for an initial period of five (5) years with two (2) consecutive two (2) <br />year renewals thereafter, commencing on August 15, 2017 and ending August 14, 2022 unless <br />sooner terminated by one or both of the parties pursuant to Section 8 of this Agreement. <br />4. COMPENSATION <br />A. Nationwide will be entitled to compensation for performance of the Administrative Services <br />for the Plan under this Agreement. Unless otherwise specified such compensation will be in <br />the form of payments made by Nationwide's affiliates or unaffiliated companies that are <br />providing products and/or services under their separate arrangements, as described in the <br />following subsection. <br />B. The Plan Sponsor acknowledges that Nationwide and its affiliates receive payments in <br />connection with the sale and servicing of investments allocated to participant Plan accounts <br />("Investment Option Payments"). In addition to the foregoing, the parties acknowledge and <br />agree that Nationwide may receive revenue associated with annuity contracts, revenue from <br />mutual fund providers, as well as fees associated with specific services or products. The <br />Investment Option Payments include mutual fund payments, which are described in detail at <br />www.nrsforu.com, and other payments received from investment option providers. <br />Nationwide agrees to credit all Investment Option Payments to participant accounts on a <br />quarterly basis. The Investment Option Payments shall be credited to participant accounts <br />on a pro -rata basis based on each participant's total assets held in all Plan investment options <br />that generate the Investment Option Payments. <br />C. As compensation for the Administrative Services provided by Nationwide pursuant to this <br />Agreement, Plan Sponsor and Nationwide agree that Nationwide shall be entitled to an <br />annualized compensation requirement of 0.25% (25 basis points) of the Plan's account value <br />held by Nationwide ("Compensation Requirement") per year to be calculated and collected <br />according to Nationwide's standard business practices. In calculating the 25 basis points, the <br />total Plan assets will include Plan balances held in the Self -Directed Brokerage Account and <br />as outstanding participant loan balances. The explicit asset management charge of .25% will <br />be taken against participant loans by applying an additional finance charge to the loan interest <br />rate. <br />D. Nationwide will provide the Plan Sponsor a quarterly report showing total participant account <br />balances and the corresponding fee calculation within thirty (30) business days after the end <br />of each quarter. <br />-2- <br />
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