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HomeMy WebLinkAboutINNOVEST - CONTRACT - RFP - P926 PUBLIC SECTOR RETIREMENT AND INVESTMENT CONSUSERVICES AGREEMENT THIS AGREEMENT made and entered into the day and year set forth below by and between POUDRE FIRE AUTHORITY acting through its agent THE CITY OF FORT COLLINS, COLORADO, a Municipal Corporation, hereinafter referred to as the "City" and Innovest Portfolio Solutions LLC, hereinafter referred to as "Service Provider". W ITNESSETH: In consideration of the mutual covenants and obligations herein expressed, it is agreed by and between the parties hereto as follows: 1. Scope of Services. The Service Provider agrees to provide services in accordance with the scope of services attached hereto as Exhibit "A", consisting of one (1) page, and incorporated herein by this reference. 2. Time of Commencement and Completion of Services The services to be performed pursuant to this Agreement shall be initiated within five (5) days following execution of this Agreement. Services shall be completed no later than July 9, 2004. Time is of the essence. Any extensions of the time limit set forth above must be agreed upon in a writing signed by the parties. 4. Contract Period. This Agreement shall commence May 1, 2004, and shall continue in full force and effect until December 31, 2004, unless sooner terminated as herein provided. In addition, at the option of the City, the Agreement may be extended for additional one year periods not to exceed four (4) additional one year periods. Pricing changes shall be negotiated by and agreed to by both parties and may not exceed the Denver - Boulder CPI-U as published by the Colorado State Planning and Budget Office. Written notice of renewal shall be provided to the Service Provider and mailed no later than ninety (90) days prior to contract end. 5. Delay. If either party is prevented in whole or in part from performing its obligations by unforeseeable causes beyond its reasonable control and without its fault or negligence, then the party so prevented shall be excused from whatever performance is FORM ADV Part 11 - page I UnNom ApplkmWn fOr km dmsnt ACIVISSF 1111loglatifadon MJOVFSr POKMLM) SOLUmpap LLC Mines, Ohmses, ad arm* 03W Game a*7;'dAI---I:. 0 SM1 E. INISSIME AVE.. SUM 3". ENGLEWOOD. co mil I I 'RU Part dram ADV #— kh—on abo, R, UMUMM ottim MA As bodwom, fibr &I me, ofdowft ft VvvMaId be MW P"MMrld wry. 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Nmdpam, laa Qbdan mba. 0*) 03 SCHHDDE.E1 Ma APPROVAL oma %.W m. 22",04W SelxdWa for DKJa lmS Eigg)Ulty for SEC RgbAngom eryYae F"IVW 28.2001 fa�...ma. waa lieu A,*— I>•CPea Nweal-flee iV1 Y faova1r Po mfml0 fauamaf " Pf I nwmft far me R%bedm &meat coley of fm Iamamt AM= Am d IM ('Aadan Am).Omhs ar Com ak" b amd oa dW *A ngi&wm mom 9pkd b6due�wM�tr tl swt le drd� /a SBC 1M EM Isstfm2R1A d14e Adrho Ac TW An I W fllk, m amen bbdlfWq maCaamYPfof nylrroa all+a fcoalba1 is hY, aYe►arkY�reY MO asallar Qwv 1 a l wv) W W mfm etmad pysdrmm ALV, SEC 2442 U-NJ cy�.p{111fb-lan. monmr.ee.iwmasm.o. odd 03 Schedule F orl Awamou UC IFU meoen; Da.: Form ADV aaro,oe� Cegdaden Sheet for II al- name tm M. mecar d& 4a—®a.wM. . w, v—env w.•...............a. 1. Fell was NRa1mwNY a Seal In its uofhni of Pam AD% mq. lase. fit.: W ImmoVfr POKMUG SO71om8 LLC 841812868 ItsalFom I Aerwr Pan 2, Oumdon BE From tare to 11M prindpals W tnriomt nary, buy or sell for Itself securities that It also rsonarmnda to allents. Cusm's dsnasuyxem am always gWen priority and nowt be given adsgtlats Ins to saecrm eCamglas In advenw of employee tranamtk". Securities activities of amployss are manimN on a quarterly basis. Pert 2, Question 10 ComprNlwmM com"ng errpapenrrrte will typically requite a minimum annual too of $25.000 regardless of client aim. Depending on client canplextry, few can be algnilleently greets. Part 2, Question Innayst will mks discretion on the timktg and the amcurn of a Bade, however Aacmdn 12Ait) B, 12A(21 will be executed based On the giom'a Irrrsvnmt Policy Stalemem and/or climrs regwet. Part 2, Question 128 GGINKINY. Innayst Suggests brokers on their avellable universe, of investment products, dw wmmiwians star" and their technological cepebilitles Innovest favor, brokers whose unh r are vast, commioelom charged ore institutional in mum, and whose technological wpabilitls allow for weaninmd operations. Part 2, Question 136 Iwo~ will, on limited oewa cell, ccmpepwte gallons who Imes referred clients by Prying to such relievers, a portion of the mampmtent he charged to the referred ollent. AV gems whore accounts we subject to referral few will be fully infwrned in writing of the terms and eaadidom of the mUmd to be paid and consent in writing thereto in advenos of the arrpagen art. Or+bbemaaY Part 1e8. end oho kw N b eras mdne par WWI). Opyephr©wl4lew. 1tA1 ayaraa, lm.(fallom elfoawa oy1 03 ule F FPere"ADV � sacr1p Humes: Ad; Coordination Ohm for From my Pre Il aaarrartraieanar sounaw uo nl-alas ptme Ids vwrdY LBWMe.aMrw J.�d..�...�r._-�4_ 1. Pvlly dmrahaarar dy==WinlilAeMI&PolarAW: lea owl. Nut NO.: INNOVEOT PORTFOUD SOLUTION$ LLC BL1812955 pear Of A.. lisearipl warar Part 2. Ouastion 0 Richard M. Todd, Pdmnpd loonq Dow of Birth: 0WWI901 liduadwn BA In Bwktess Administration d Finance from Women State Colloge, 1983 $Idne w Background for Receding 5 years: Principal, Imo corn portfolio Solutions LLC OA1B9g to present Wetly J. Domingusz. Principal Data of Birth: 02/15/1009 Education: BBBA in Finance 8 fxorwmine from Unt ralty of Denver, 1990 MBA from Unlwlshy of Owwar, 1991 Sualrtsss Bedcground for Preceding 0 yam: Principal, Inmvat Portfolio Solutions LLC OW1990 to pram VWgam E. Fandw, CPA, J.D., Rnncipal Dow of Birth: 021WI940 Educedon: BA in Accounting from ON* University, 1970 MBA in Business from Olio Urireristy. 1974 JD from Garge Washington University, 1970 Business Background for Precedng 6 "me: Comultent, Innovat Ponfofa Solutions LLC 0711228 to present Brad Slower, CPA, CEBS, Retirement Pion Specialist Dais of Birth: 0711311900 Education: B.S. In Accounting, University of Arlwasss at Utdo Rock, 1992 Business Bwkoround for Prsasep 5 yore: Retirement Plan Specialist, nnovast Portfolio Solutions, LLC. May 2002 - Pnaent, Tex Merger. Arthur Andmam LLP. June 2000-Mey 2002, Trust Vim President. Bank of the Ozerks. Au0ua1 199"m 2000, Consultant. BMC Consultants. March 1907,11una 1988. TCD Holdings, Inc. Is owned by Brion Cw rnghm, Richard Todd and Wendy Dominguez. Part 2. OC421 d TCD Holdings owns intw1 6 In iweswrsnt 9%AWY pane and provides them with SCI121 cenpelissd payfaS and benefit sa vloes. TCO Holdings owns 95% of Irmo nict PrtMlo Saludom LLC and 45% of Troe Ridge CaPk1I I.I.C. a registered iweatrmnt adviser with the SEC. Tras Ridge Capital owns 100% of erica Management LLC and ■ majority Interest in CVS Fund Management LLC. Bons Bah Maegament and CVS Fund Managemam manage Private Investment companies specializing In absolute return products and hedge funds, Tras Ridge Cophl provides resistance In the design, selection and ectdwM Of hedge fund products managed by into Management and CVS Fad MortivernsiPan 2. Question BD Sao answer to SC. Part 2, Ousstion BD Frors time to time nnucest may advise clients to Invest In the Tres Ridge Flatiron Fund LP, whose general partner is CVS Fund Management LLC. Inmvast may alp advise seams to ktvast in Psalf c Pork Partners tPo whose general partner, is &Ma Mamlpumnt LLC. Disclosure will be given to diertts side Ionovest its a Marxial Interest In he FVtda print to their I wasting. This Ownership is described In BC. COPuaaras P.Mb roar, drde aeutald War air Yrold enawen sap gap 11. cwpbYwlmim. tmsPe bc.(reneserswhmodl) 03 Schoduls r ADV of AealkaC Dlclmaxams pnc Confirmation Shed for Form AM Part tl nwfrrnraofrae solvnow � ar- Hap vox A. 14a arse KapNlor eawyr card loam IA NM l ofYae AIN: gerL Yea. Nr.: SINOVEST PORTFOLIO SOtd1TIONS LLC 847812p66 m orPaa Pan 2, Oussfbn I Innovoet @&Woes cants (primarily retirement plans, rant -for -profits, and high net worth kdlvlousls) on On following: • DovolopMM of Investment Policy • Asm Allocation • Par to mince Evalustion ' hvasurom Manager Selection • Multl-Manegor Portfolio Design • Custodial Evaluellon • Ertrpioyw end Trim" Edueedon rd Communication • Hallnumnt Pon Provider Evokorion Fees era r*COWAd Indvlduelly with each Client based on tie cempisxity of their circxmna rm and consorting needs. Fees for nwkar reledamhipe an typically biliod 0uortady In advance. Innovast MY negotiate performance based few. All performance based fees YAN be charged in complioea with pule 205.3 of tw Imwtmem Adviere Act of 1Sa0. Few far projeew era typroaliy rood ana-half UP from with the rrnalncr rl s open completion. Inmvest ant Its clients shell have the right to torminow the Investment sonerrldng unn rmt by gtvkq at Water thirty (301 days written notice to the other party. Fese will be prmralad to the der of termination. Pen 2, Ouestion 3K(3) Inrw~ orlon advice on par=slips that Invest in cow portmorships. Innowest orlon advlp on Pomerships that Invest In other awurities. lmwmt will W cemnarola6Y 8"ilable anftwons, external research sources and Internal n mh w search to Investment advisers compatible with the cli" Wastives and criteria. Thaw Inmu ant advisers will be punted to the Client in a written document. Part 2, Question 3L Innove t offers edvlw an other Invoolmrrt edvism, Infewet will roe crtartrciady svoilahlo aoftwan, external research sources and Imarral research to search to imwtnant advisers cenpatanle with the clients objectives and cdbril. Twee lowsmnam adveara will w prwrdsd to the dlom In a written document. Pont 2. Question S C011GJLme must be poParly regiswred ON have complated some continued or advance odueatlon relavam to Investments. Pan 2, Question 0 Orion P. Cuminglam, CFA, principal Dow of Binh: 03y1S/1962 Education: BS In eusirteas Administration from Colorado Shot University. t a" Dualrmos Background for ProoWng S years: Principal, Innovest Portfolio 6ehftira LLC 07/1"6 to pswm Com plown was sops In erg, drdeao•+e asasaea6wlea rnrrre n aye (area IL (Zpyrptly)rrLlt99. ties alrrrw. be.(ImleuitladMetladj 03 FORM Ro*we pan I_ =4 JA 6w. Dar. UW&VW�SW 14raam or Brok"RP A. 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To the extent that the performance is actually prevented, the Service Provider must provide written notice to the City of such condition within fifteen (15) days from the onset of such condition. 6. Early Termination by City/Notice. Notwithstanding the time periods contained herein, the City may terminate this Agreement at any time without cause by providing written notice of termination to the Service Provider. Such notice shall be delivered at least fifteen (15) days prior to the termination date contained in said notice unless otherwise agreed in writing by the parties. All notices provided under this Agreement shall be effective when mailed, postage prepaid and sent to the following addresses: Professional: City: With Copy to: Innovest Portfolio Solutions LLC Poudre Fire Authority City of Fort Collins, Purchasing 8301 East Prentice Ave. Ste 300 Attn: Guy Boyd PO Box 580 Fort Collins, CO Greenwood Village, CO 80111 102 Remington St. 80522 Fort Collins, CO 80524 In the event of early termination by the City, the Service Provider shall be paid for services rendered to the date of termination, subject only to the satisfactory performance of the Service Provider's obligations under this Agreement. Such payment shall be the Service Provider's sole right and remedy for such termination. 7. Contract Sum. The City shall pay the Service provider for the performance of this Contract, subject to additions and deletions provided herein the sum of Fifteen Thousand Dollars ($ 15,000). Cost for the project is $15,000. If additional qualified vendors are identified, the cost will be an additional $2,000 per vendor. Half of the project cost is due upon acceptance of this agreement, and half is due upon project completion. 8. City Representative. The City will designate, prior to commencement of the work, its representative who shall make, within the scope of his or her authority, all necessary and proper decisions with reference to the services provided under this agreement. All requests concerning this agreement shall be directed to the City Representative. FOAM ADV AWplwr: FYWt 11 . PrOa 2 YrYaYY*a0111RY0.O1Y110M YL 101- •lY7 DlAV03 DAM"w MD 1Y1r1 pus— AV Mm.04raw w1•me of WGr w q pam&M* w,, b, madEm-wo%W W. w rdr routs dr appapw. W*ft ap marim, oaYlmm rya^ brrmr llywHaq rrr6ra—Q"m mdw iaraasra adrb w a aw (.. aYYYd w.wmY w w W.r brW m m maYd maarY wb" Wviwm wld.warpera....W.e•aM.aru.r •amr ar•mrYWpoenPom. 1. A. M.Ywr Swdm a ad Far idrh do w,U," Yrm) - ft ..k rrrw 0W pmkYd, r.w tI .ppo.aror srm ah'I bd .) A.m dr rarw. Aypy; 18w Ywnurabb..) ® (1) ""W" Y.abrs wP•r'•wr..................................................................................— •a % O m M-mm rr.m.a ad—Y rarrmkrarrd laraY.m.�p.rim,m.kn............................ 16 ® m FGH"NYrwmma,, dimKlmmmYrml.a.d.dYddramkedarirada ............... e 4 0 (d) l wWWdkabaWuwwMm Yy YlWPbY......__ .............................................................. S O (5) Yam WUW wpa akoUft d.a mwWW 1. " mow drrEW*A................................ S p (d) lo,mwpwraaygrlw dMKIhWrare,rl'r2anal4Y..bmdr. aratlm Warkw.Ykd aYaYww mremWragWrw........................................................................................ % O m mm.d•.raYrlY.a., hraWY. ad.w oamwmWalmmk�.lrft amo..- ............. = O(D FmMwaWmft rvlce...................................................................................................... A O (9) F..WmrviwaamwewMaa rrym mdwrl Om ................................................. 16 Mwmwfwab.MYa IrWmapli 'aIm Dmiym. NwplwwhmmmgkWba fl ywe, pmvW arlmlw rr.6gyMdYp w wraM W awew tr)meaa6adaaq aWdaow.) & DMAPP6kv.R.W f" wvYm YabWi.bwfYa.lY pwafaF r'wqabYwiwW7................................ 0 m C. AypYwrelrrrrrumarr6my--v (dr.k Wdmwa6y) B (1) APerrmdeaf w WK mapem O (4) Nmpdml ® m HAKY , Iw O m cmmrmm ® m Fir Wm(mwrbpmmWpiM6a. f..) 4 (O abw D. FWm*dwmdr.r Adrea.' " wv&A YP: • Arwrv6ppwarlWad.YakdYlF reamtrrr pi•Wwdm w�.pmktmd Yr dr aFk¢mawYerlpbaliwl.awafn • aNbmY►wk Yladdde.Ym dgmaadaWr Ybed bfmgrFarbb • rrrrpaowtlaokgiia,WYagemabaYaarrr Ye6r qrw YpurYr, baadYw myyra;eI army MWmlalla r rramm abwq mrar 1rb. b agkwYadm 1 T"wrC%ft—AppYm V...Wperry YN(ram rrw r:lebaY 06aw tlrgp(y) ® A. Idkidmb 0 E. TD . rma. "cbw bk oipn mkm O & bebaa 16W1 dYv® 6 F. Caryr , wb dk rdl.o hw d" lbW dww 0 C. l.mam mq aw O D. Dram (mm•amraa"F) ® D. hvAm W paWY mdad PY AmiwaYwa Cw�Yumrr/paFwrfa�r.Ymr4WYsrsmmrmpadaMmn. DyyddiOWWPd-IFM. rI3 Yymra Ye, pYdmrr.kre Dar) 03 aSC ear lure: AL Dm aWIDWyY aagvs7/dllRM adlumr ttC ataaa 7Anlda Pap 3 Pan U Aaeb Uo6w Maayrn/ wean aaarl odor aamyamen r laeaI y hn [ (ta., r rr LWM a r.e4d ym %4' am a w wit boob to aepeeoPl . k%ft br SIC NOMMIu). Stw laa amo®tofappiaast'a aam valor mava� po U.S. dQUMn): (Sm Auoeatm 7) s xsfawtasty AO (I• U.S. do1W+) II nM_S aWl! dw aCm .W.. emu* 4"do bmk 07tl "Wt aV W W Y th, 1, II CagrWQlm-tw.tlaall ac dr ,waloavmo" 03 EXHIBIT "D" SPECIAL PROVISIONS For disclosure purposes: 1. A copy of service providers Part II Form ADV that has been filed with the Securities and Exchange Commission, receipt of which is acknowledged by the City. 2. All information furnished by either party to the other shall be treated as confidential and not disclosed to third parties except as agreed upon or as required by law. 3. Service provider may not assign the right to perform these services to any other party without the City's written consent." 03 9. Independent Service Provider. The services to be performed by Service Provider are those of an independent service provider and not of an employee of the City of Fort Collins. The City shall not be responsible for withholding any portion of Service Provider's compensation hereunder for the payment of FICA, Workmen's Compensation or other taxes or benefits or for any other purpose. 10. Personal Services. It is understood that the City enters into the Agreement based on the special abilities of the Service Provider and that this Agreement shall be considered as an agreement for personal services. Accordingly, the Service Provider shall neither assign any responsibilities nor delegate any duties arising under the Agreement without the prior written consent of the City. 11. Acceptance Not Waiver. The City's approval or acceptance of, or payment for any of the services shall not be construed to operate as a waiver of any rights or benefits provided to the City under this Agreement or cause of action arising out of performance of this Agreement. 12. Warren (a) Service Provider warrants that all work performed hereunder shall be performed with the highest degree of competence and care in accordance with accepted standards for work of a similar nature. (b) Unless otherwise provided in the Agreement, all materials and equipment incorporated into any work shall be new and, where not specified, of the most suitable grade of their respective kinds for their intended use, and all workmanship shall be acceptable to City. (c) Service Provider warrants all equipment, materials, labor and other work, provided under this Agreement, except City -furnished materials, equipment and labor, against defects and nonconformances in design, materials and workmanship/workwomanship for a period beginning with the start of the work and ending twelve (12) months from and after final acceptance under the Agreement, regardless whether the same were furnished or performed by Service Provider or by any of its subcontractors of any tier. Upon receipt of written notice from City of any such defect or nonconformances, the affected item or part thereof shall be redesigned, repaired or replaced by Service Provider in a manner and at a time acceptable to City. 13. Default. Each and every term and condition hereof shall be deemed to be a material element of this Agreement. In the event either party should fail or refuse to perform according to the terms of this agreement, such party may be declared in default thereof. 14. Remedies. In the event a party has been declared in default, such defaulting party shall be allowed a period of ten (10) days within which to cure said default. In the event the default remains uncorrected, the party declaring default may elect to (a) terminate the Agreement and seek damages; (b) treat the Agreement as continuing and require specific performance; or (c) avail himself of any other remedy at law or equity. If the non -defaulting party commences legal or equitable actions against the defaulting party, the defaulting party shall be liable to the non -defaulting party for the non -defaulting party's reasonable attorney fees and costs incurred because of the default. 15. Binding Effect. This writing, together with the exhibits hereto, constitutes the entire agreement between the parties and shall be binding upon said parties, their officers, employees, agents and assigns and shall inure to the benefit of the respective survivors, heirs, personal representatives, successors and assigns of said parties. 16. Indemnity/insurance. a. The Service Provider agrees to indemnify and save harmless the City, its officers, agents and employees against and from any and all actions, suits, claims, demands or liability of any character whatsoever brought or asserted for injuries to or death of any person or persons, or damages to property arising out of, result from or occurring in connection with the performance of any service hereunder. b. The Service Provider shall take all necessary precautions in performing the work hereunder to prevent injury to persons and property. c. Without limiting any of the Service Provider's obligations hereunder, the Service Provider shall provide and maintain insurance coverage naming the City as an additional insured under this Agreement of the type and with the limits specified within Exhibit B, consisting of one (1) page, attached hereto and incorporated herein by this reference. The Service Provider before commencing services hereunder, shall deliver to the City's Director of Purchasing and Risk Management, P. O. Box 580 Fort Collins, Colorado 80522 one copy of a certificate evidencing the insurance coverage required from an insurance company acceptable to the City. 17. Entire Aareement. This Agreement, along with all Exhibits and other documents incorporated herein, shall constitute the entire Agreement of the parties. Covenants or representations not contained in this Agreement shall not be binding on the parties. 18. Law/Severability. The laws of the State of Colorado shall govern the construction interpretation, execution and enforcement of this Agreement. In the event any provision of this Agreement shall be held invalid or unenforceable by any court of competent jurisdiction, such holding shall not invalidate or render unenforceable any other provision of this Agreement. 19. Special Provisions. Special provisions or conditions relating to the services to be performed pursuant to this Agreement are set forth in Exhibit D, consisting of one (1) page, attached hereto and incorporated herein by this reference. POUDRE FIRE AUTHORITY Sf AR&0FfiiREeT1DRS BY: AM ull igan, it Chief iek -Raylgef ehairma�r THE POUDRE FIRE AUTHORITY ACTING THROUGH ITS AGENT THE CITY,QF FORT COLLINS Wes B. O'Neill II, CPPO, FNIGP erector of P Zrchnaing and Risk Management Date: Innovest Portfolio Solutions LLC By: $rani gfewf r PRINT NAT ml CORPORATE PRESIDENT OR VICE PRESIDENT Date: G or; 1 30 , a oo r (Corporate Seal) EXHIBIT "A" Scope • Meet with Poudre Fire 401(a) committee members to discuss criteria, questions on RFP and SOW • Design RFP and SOW; both shall have final approval of the Poudre Fire 401(a) committee prior to distribution • Work with City of Fort Collins Purchasing to Distribute the RFP's to vendors selected by the committee and respond to vendor questions, participate in the finalist interviews in conjunction with the Poudre Fire 401 (a) committee • Summarize vendor proposals and create a summary grid for "apples to apples" comparison • Include a comparison of the program offered by FPPA whether they submit or not • Present results and summary to the Poudre Fire 401(a) committee and assist with paring the vendor list for finalist interviews • Attend finalist interviews Deliverables shall include but are not limited to an RFP and an SOW created for five (5) 401(a) vendors prepared exclusively for Poudre Fire 401(a). Time The project will take eight to ten weeks to complete. 03 EXHIBIT B INSURANCE REQUIREMENTS 1. The Service Provider will provide, from insurance companies acceptable to the City, the insurance coverage designated hereinafter and pay all costs. Before commencing work under this bid, the Service Provider shall furnish the City with certificates of insurance showing the type, amount, class of operations covered, effective dates and date of expiration of policies, and containing substantially the following statement: "The insurance evidenced by this Certificate will not be cancelled or materially altered, except after ten (10) days written notice has been received by the City of Fort Collins." In case of the breach of any provision of the Insurance Requirements, the City, at its option, may take out and maintain, at the expense of the Service Provider, such insurance as the City may deem proper and may deduct the cost of such insurance from any monies which may be due or become due the Service Provider under this Agreement. The City, its officers, agents and employees shall be named as additional insureds on the Service Provider's general liability and automobile liability insurance policies for any claims arising out of work performed under this Agreement. 2. Insurance coverages shall be as follows: A. Workers' Compensation & Employer's Liability. The Service Provider shall maintain during the life of this Agreement for all of the Service Provider's employees engaged in work performed under this agreement: 1. Workers' Compensation insurance with statutory limits as required by Colorado law. 2. Employer's Liability insurance with limits of $100,000 per accident, $500,000 disease aggregate, and $100,000 disease each employee. B. Commercial General & Vehicle Liability. The Service Provider shall maintain during the life of this Agreement such commercial general liability and automobile liability insurance as will provide coverage for damage claims of personal injury, including accidental death, as well as for claims for property damage, which may arise directly or indirectly from the performance of work under this Agreement. Coverage for property damage shall be on a "broad form" basis. The amount of insurance for each coverage, Commercial General and Vehicle, shall not be less than $500,000 combined single limits for bodily injury and property damage. In the event any work is performed by a subcontractor, the Service Provider shall be responsible for any liability directly or indirectly arising out of the work performed under this Agreement by a subcontractor, which liability is not covered by the subcontractor's insurance. 03 InnoVvest a s� uc EXHIBIT "C" ENUML NOTICE The Securities and Exc}ienge Cornmisnon CSWI has recently issued its final Wile reganding the obligation of registered investment advisors to protect the financial privacy of their customers. As part of this Wile, registered investment advisors are required to disclose to their aatomers exactly what their policies are regarding disclosing information to third parties. MEN r PRIVACY NOTICE Innovest values the trust and confidence you have placed in us. We welcome the opportunity to describe our privacy policies and the steps we take to protect the information we have about you. You will receive updates in the spring of each year, so that you may remain informed about this important issue. Information We Collect About You In order to provide you with investment advice, we collect fiom you information we receive firm you on applications or other forms about your financial condifion, investment portfolio and investment objectives as well as personal identifying hrf stmon such as your address, phone number and social security ntmmber. We also collect information fium your advises such as your aoco matt and lawyer about your income and financial condition and firm your securities broker and find managers about your inveshneY transactions and investment performance. Disclosure of Information Imovest does not disclose any nonpublic personal information about its clients or former clients except as permitted by law. Confidentiality and Security of Information Innovest restricts access to nonpublic personalunfonnation about its clients and former clients to those Innovest employers who need to know that inibmiation so that innovest may provide investment advice to you. Innovest maintains physical, electronic, and procedural safeguards that comply with federal standards to guard the nonpublic personal information we have abort you. 1059443.1 03