United Bank of Michigan HSA Investment Account Terms and Conditions

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1 United Bank of Michigan HSA Investment Account Terms and Conditions United Bank of Michigan ( United Bank ) has established a Health Savings Account Investment program that enables certain eligible individuals ( Account Beneficiary or Account Beneficiaries ) to establish health savings accounts ( HSA ), as defined in Internal Revenue Code ( Code ) Section 223(d), with United Bank as custodian of such HSA United Bank has engaged Devenir Investment Advisors, LLC, a registered investment advisor under the laws of the Security and Exchange Commission (SEC), Devenir, LLC (collectively, Devenir ) a registered broker-dealer member of the Financial Industry Regulatory Authority ( FINRA ) and Devenir Group, LLC ( DG ) to select and monitor mutual fund options that are available within the United Bank of Michigan HSA Investment Account in accordance with the Investment Policy ( Devenir reviews and selects all investment options in accordance with this policy From time to time Devenir will review alternative options and may recommend changes consistent with the Investment Policy You are under no obligation to invest in the United Bank HSA Investment Account or in any of the individual investment options selected You should carefully review the prospectus of investment options prior to investing Customers electing to participate in the United Bank of Michigan HSA Investment Account should be aware that INVESTMENT PRODUCTS ARE NOT FDIC INSURED, HAVE NO BANK GUARANTEE, AND ARE SUBJECT TO INVESTMENT RISK, INCLUDING POSSIBLE LOSS OF THE PRINCIPAL AMOUNT INVESTED Contributions to your HSA are limited regardless of the amount of investment losses incurred Parties United Bank is not a broker-dealer or investment advisor United Bank has contracted with the following parties to provide services related to your HSA Investment Account: Devenir Investment Advisors, LLC Minneapolis, MN Registered Investment Advisor Devenir Group, LLC Minneapolis, MN Record keeper Devenir, LLC FINRA Registered Broker-Dealer Matrix Settlement & Clearance Services, LLC ( MSCS ) Denver, Colorado Clearing Agent Sub-Custodian Investment Advice You agree and acknowledge that when you use the investment account associated with your HSA, you are solely responsible for determining the nature, potential value and suitability of any particular investment allocation, selection and strategy

2 Investment Accounts May Lose Value Any amounts in excess of the threshold you direct to be transferred from your United Bank HSA Checking to your United Bank HSA Investment Account, an investment custodial account, are not deposits or obligations of the mutual funds, or any bank, are not insured by the FDIC or by any other governmental agency, are subject to investment risks, including the possible loss of the principal amount invested, and are subject to fluctuations in value United Bank makes no representation regarding the performance of any investment option and disclaims all liability related to the performance Minimum Balance United Bank offers the United Bank HSA Investment Account as a sub account of your HSA HSA minimum balance requirements are in place Failure to adhere to the terms of your HSA agreement may result in the closure of your account, including all sub accounts The United Bank HSA Investment Account is available after your HSA Checking balance exceeds $2,000 Investment Account Services Fees You understand and agree that the following HSA Investment Account service fees will be charged in connection with your use of the investment accounts and you authorize these fees to be deducted monthly from your United Bank HSA Checking account balance: a Investment Account Service Fee for the United Bank HSA Investment Account The self-directed United Bank HSA Investment Account includes a variety of mutual funds selected for United Bank as custodian, by Devenir, a registered investment advisor When you activate your United Bank HSA Investment Account, you pay an HSA Investment Monthly Fee of $500, deducted from your United Bank HSA Checking An additional Service Charge of $500 also applies and is deducted if your HSA Checking account balance is below $2,000 at any time during the month b Purpose of HSA Investment Account Service Fee The HSA Investment Account Service Fee is used to pay: i MSCS for services it provides in connection with trading the investment options on behalf of the custodian ii DG for investment recordkeeping services it provides in connection with the investment options iii Devenir for investment advisory services it provides in connection with United Bank HSA Investment Program and the investment options available under it

3 c Change in HSA Investment Account Service Fee MSCS, DG and Devenir reserve the right to amend their fee schedules from time to time Changes in any of these fees may cause a change in the HSA Investment Account Service Fees You will be notified by mail at the statement mailing address we have on file for you, or by if you have signed up for e-statements, if the HSA Investment Account Service Fees change If you continue to maintain an HSA Investment Account Balance after an increase in the HSA Investment Account Service Fee, you consent to the deduction of the new Investment Account Service Fee Distributions and Transfers United Bank does not charge a fee for distributions or transfers from the United Bank HSA Checking account or the United Bank HSA Investment Account All distributions and transfers out of the HSA Investment Account will require you to liquidate your holdings for cash distribution through United Bank If a distribution or transfer involves the liquidation of shares of a mutual fund that imposes a redemption fee, that fee will apply according to the terms of the fund's prospectus Mutual Fund Fees and Expenses In addition to the United Bank Investment Account Service Fees, mutual funds available through the investment account options may also charge fees and expenses, including 12b-1 fees, as stated in each mutual fund's prospectus Some mutual funds may impose exchange fees and/or redemption fees Payments to Service Providers Some or all of the mutual funds available as investment options under the United Bank HSA Investment Account, or their affiliated advisors and distributors, may make payments to the respective providers, or its affiliates for administrative, recordkeeping, transfer agent and distribution services they provide in connection with the distribution of the mutual fund The mutual funds may make certain plan expense payments to DG for recordkeeping services it provides in connection with the United Bank HSA Investment Account These plan expense payments may be used in part to offset custodial fees charged by MSCS and the investment advisory fees charged by Devenir Without these plan expense payments, the HSA Investment Account Service Fees described above could be higher This may create an incentive for Devenir, acting as investment adviser to the United Bank HSA Investment Account to select mutual funds for the United Bank HSA Investment Account with respect to which mutual funds will make plan expense payments

4 Distributions from the United Bank HSA Investment Account: Authorization for Withdrawals Distribution requests are always paid from your United Bank HSA Checking Account balance If the distribution amount exceeds your United Bank HSA Checking Account balance, it will be up to you to liquidate mutual funds in your United Bank HSA Investment Account and move those dollars to your United Bank HSA Checking Account before the distribution is made Failure to do so may result in the distribution being returned unpaid, and overdraft fees being charged to your account Confirmation of Transactions For investments in the United Bank HSA Investment Account, you agree to electronic confirmation of your trades You may obtain immediate confirmation of any transaction in the United Bank HSA Investment Account by either using the e-delivery print screen function following each transaction or checking your investment account online through the Transaction History tab Prospectus Before you make any investment, you should carefully review the fund s prospectus and consider its objectives, associated risks and any fees or expenses that may apply Investing entails the risk of loss of principal You acknowledge and agree that a prospectus has been made available to you either electronically or through the mutual fund s toll free phone number prior to and following the purchase of any investments in this program Use of Investment Accounts You confirm and agree with respect to your use of the HSA Investment Account: a That United Bank as custodian is responsible for meeting all requirements to report information to you and your beneficiaries, including without limitation, proxy and prospectus information on any investments you hold in the investment custodial account b That you must direct the investment of your HSA assets allocated to the United Bank HSA Investment Account through MSCS by giving your investment directions directly to United Bank s designated investment record-keeper, DG DG will directly communicate all such directions to MSCS MSCS is authorized and directed to follow all such directions received from DG c DG will have total responsibility for maintaining all records regarding your investment custodial account balances with MSCS d That your United Bank HSA is eligible to participate in the investment custodial account with MSCS because it is a "Health Savings Account" as defined under Section 223(d) (1) of the Internal Revenue Code of

5 Proxy Voting e That under the terms of your United Bank HSA Investment Account, your investment assets may be aggregated in United Bank s investment custodial account for investment purposes with the assets of other HSA account holders f That trade orders must be submitted through the investment website by the close of market, generally 4:00 pm ET, on any active trading day for same day execution, and when submitting a buy and sell order on the same business day, the sell order will be executed same business day and the buy order executed the next business day Settlement takes place on the third business day Occasionally, for reasons such as power interruption, phone line interference, satellite failure, or user error electronic trades do not properly transmit It is your responsibility to check and make sure your instructions are properly implemented by regularly reviewing your investment account online, reviewing electronic statements and electronically printing your transaction confirmations at the time you submit transactions If this implementation is not correct you must advise United Bank of any discrepancies in a timely manner g Liquidations from your investment account for distributions to your United Bank HSA Checking Account will be liquidated proportionally based on your current investment balances Funds will be transferred from your investment account to your HSA Checking Account on the next bank business day following settlement date h Mutual fund transfer orders must be entered by the close of market, generally 4:00 pm ET, on any active trading day for same day execution It is your responsibility to check and make sure your instructions are properly executed by regularly reviewing your accounts and electronically printing your confirmations at the time you submit transactions If the implementation is not correct, you must advise United Bank of any discrepancies within 5 days of the transaction posting and confirmation date i Mutual fund companies may implement a trading policy in an effort to discourage short term trading The trading policy may include the right of the fund company to reject future fund transfer purchase orders The rights of shareholders to redeem shares of a fund are not affected by these trading polices Investors should carefully consider information contained in the prospectus, including investment objectives, risks, trading restrictions, charges and expenses The Account Beneficiaries grant irrevocable proxies to United Bank to vote any mutual fund proxies on their behalf Devenir provides certain services for United Bank in connection with the program, including investment advisory services United Bank, as HSA Custodian has requested that Devenir fulfill the HSA Custodian s obligations in regard to voting mutual fund proxies in connection with the Program, and has granted a proxy to Devenir in that regard to vote in the best interests of the Account

6 Beneficiaries A complete copy of the proxy voting policy may be found here: Access, Passwords and Security You will be responsible for the confidentiality and use of your access number(s), password(s) and account number(s) You agree to hold harmless United Bank from damages of any kind resulting from your decision to disclose your access number(s), password(s), or account number(s) to any third party, including but not limited to, entities that aggregate account information or website content, or persons who are or claim to be acting as your agent, proxy, or investment manager You agree immediately to notify United Bank if you become aware of: o o Any loss or theft of your access number(s), password(s) and/or account number(s); or Any unauthorized use of any of your access number(s), password(s) and/or account number(s) Indemnification You agree to defend, indemnify and hold United Bank, DG, MSCS and Devenir harmless from and against any and all claims, losses, liability costs and expenses (including but not limited to attorneys' fees) arising from your violation of this Agreement, state or federal securities laws or regulations, or any third party's rights, including but not limited to infringement of any copyright, violation of any propriety right and invasions of any privacy rights This obligation will survive the termination of this Agreement By using this service you agree to indemnify and hold harmless United Bank, MSCS, DG and Devenir for any claims arising out of any transaction completed or not complete, whether authorized or unauthorized United Bank, MSCS, DG and Devenir will not be liable for any losses due to any use or failure of this service, or any circumstances beyond their reasonable control that delay or prevent any transactions Force Majeure United Bank will not be liable nor be deemed to have defaulted under or breached this Agreement, for any failure or delay in fulfilling or performing any term of this Agreement when and to the extent such failure or delay is caused by or results from acts beyond the affected party s reasonable control, including, without limitation: (1) acts of God; (2) flood, fire, earthquake, or explosion; (3) war, invasion, hostilities (whether war is declared or not), terrorist threats or acts, riot, or other civil unrest; (4) government order or law; (5) actions, embargoes, or blockades in effect on or after the date of this Agreement; (6) action by any governmental authority; and (7) national or regional emergency

7 Modifications This Agreement may be modified by United Bank upon written notice to you provided, however, that if United Bank sends you written notice, via electronic communication or otherwise, of a modification, you confirm your acceptance of the modification by not closing and/or by continuing to use your United Bank HSA Investment Account Amendments and Governing Law We may amend these Terms and Conditions to the HSA Custodial Agreement at any time We will provide you with a copy of any amendment at least 30 days before the amendment becomes effective We may give you notice of this amendment by mailing it to the statement mailing address we have file for you, or by if you have agreed to e-statements This agreement shall be construed and interpreted in accordance with the laws of the state of Michigan, except to the extent federal law applies

8 UNITED BANK OF MICHIGAN 900 EAST PARIS AVE SE GRAND RAPIDS MI Terms following a l apply only if checked Acct: HEALTH SAVINGS INVESTMENT Acct #: Date: l The interest rate and annual percentage yield stated below are accurate as of the date printed above If you would like more current rate and yield information please call us at (616) This disclosure contains the rules which govern your deposit account Unless it would be inconsistent to do so, words and phrases used in this disclosure should be construed so that the singular includes the plural and the plural includes the singular We reserve the right to at any time require not less than 7 days notice in writing before any withdrawal from an interest bearing account l FIXED RATE l The interest rate for your account is an annual percentage yield of % with % We will pay this rate We will not decrease this rate unless we first give you at least 30 days notice in writing l The interest rate and annual percentage yield for your account depend upon the applicable rate tier We will pay these rates We will not decrease these rates unless we first give you at least 30 days notice in writing VARIABLE RATE l The interest rate for your account is % with an annual percentage yield of % Your interest rate and annual percentage yield may change The interest rate and annual percentage yield for your account depend upon the applicable rate tier The interest rate and annual percentage yield for these tiers may change Determination of rate At our discretion, we may change the interest rate on your account The interest rate for your account REFER TO ATTACHED RATE SHEET l The fixed initial rate is not determined by this rule l The initial interest rate on your account Subsequent rates TRUTH IN SAVINGS DISCLOSURE Frequency of rate change We may change the interest rate on your account AT ANY TIME l Your initial interest rate will not change We may change the interest rate on your account at that time and thereafter Limitations on rate changes l The interest rate for your account will not by more than each l The interest rate will not be less than % or more than % l The interest rate will not the interest rate initially disclosed to you Minimum Balance Requirements To open the account You must deposit at least $ to open this account To avoid imposition of fees To avoid the imposition of the MAINTENANCE FEE you must meet the following requirements: A MAINTENANCE FEE of $ 500 will be imposed every MONTH if the balance in the account falls below $ 2,000 any day of the MONTH l A of $ will be imposed every if the average daily balance for the falls below $ The average daily balance is calculated by adding the principal in the account for each day of the period and dividing that figure by the number of days in the period The period we use is To avoid the imposition of the you must meet following requirements: l A of $ will be imposed for transaction (withdrawal, check paid, automatic transfer or payment out of your account) if the balance in the account falls below $ any day of the l A of $ will be imposed for transaction (withdrawal, check paid, automatic transfer or payment out of your account) if the average daily balance for the falls below Truth in Savings Disclosure Bankers Systems* Wolters Kluwer Financial Services 1992, TSD 7/15/2011 Page 1 of 2

9 $ The average daily balance is calculated by adding the principal in the account for each day of the period and dividing that figure by the number of days in the period The period we use is l To obtain the annual percentage yield disclosed l You must maintain a minimum balance of $ in the account each day to obtain the disclosed annual percentage yield l You must maintain a minimum average daily balance of $ to obtain the disclosed annual percentage yield The average daily balance is calculated by adding the principal in the account for each day of the period and dividing that figure by the number of days in the period Transaction Limitations l The minimum amount you may deposit is $ l The minimum amount you may withdraw is $ l During any, you may not make more than withdrawals or transfers to another account of yours or to a third party by means of a preauthorized or automatic transfer or telephone order or instruction, computer transfer, or by check, draft, debit card or similar order to a third party l The period we use is Compounding and Crediting Frequency - Interest WILL be compounded AT CALENDAR MONTH END Interest will be PAID AT CALENDAR MONTH END Effect of closing an account - If you close your account before interest is credited, you WILL receive the accrued interest Balance Computation Method l Daily Balance Method We use the daily balance method to calculate the interest on your account This method applies a daily periodic rate to the principal in the account each day Average Daily Balance Method We use the average daily balance method to calculate interest on your account This method applies a periodic rate to the average daily balance in the account for the period The average daily balance is calculated by adding the principal in the account for each day of the period and dividing that figure by the number of days in the period The period we use is THE MONTHLY INTEREST CYCLE Accrual of interest on noncash deposits Interest begins to accrue no later than the business day we receive credit for the deposit of noncash items (for example, checks) l Interest begins to accrue you deposit noncash items (for example, checks) l You may only make deposits into your account each statement cycle l You may only make ATM your account each statement cycle l You may only make preauthorized transfers your account each statement cycle Additional Terms ATM / POINT OF SALE / DEBIT CARD / ELECTRONIC CHECK ACCESS - YOU MAY ACCESS YOUR ACCOUNT BY USING YOUR HSA CARD A PIN NUMBER MAY BE REQUIRED REFER TO CUSTODIAL AGREEMENT AND IRS REGULATIONS FOR HEALTH SAVINGS ACCOUNTS A SERVICE CHARGE OF $500 WILL BE ASSESSED EACH CALENDAR MONTH Bonuses l You will as a bonus l You must maintain a minimum of $ to obtain the bonus l To earn the bonus, Truth in Savings Disclosure Bankers Systems* Wolters Kluwer Financial Services 1992, TSD 7/15/2011 Page 2 of 2

10 UNITED BANK HEALTH SAVINGS ACCOUNT RATES Balance Level Simple Interest Rate APY* Method of Compounding Under $1, % 100% Monthly $1,000 to $5, % 150% Monthly $5,000 to $25, % 200% Monthly $25,000 to $50, % 225% Monthly Over $50, % 325% Monthly *Annual Percentage Yield reflects current rates At our discretion, we may change the interest rate on your account, at any time, without notice Fees may reduce earnings on accounts; fee disclosures available on request Member Federal Deposit Insurance Corporation Deposit Rates Effective: July 18, 2016