Terms and Conditions

Please read the following Terms and Conditions carefully.

The Summit Program (Program) is a feature of qualifying accounts (as defined in Section 2, below). These Terms and Conditions (Program Terms) govern your access to and participation in the Summit Program, which is provided by T. Rowe Price Services, Inc., and its affiliates (collectively, T. Rowe Price, our, us, or we). The Program Terms are supplemental to and do not alter in any way the terms or conditions of any other agreement governing your relationship with T. Rowe Price. In the event that there is a conflict between the Program Terms and any other agreement with T. Rowe Price, these Program Terms will control but only with respect to the Summit Program.

T. Rowe Price reserves the right to make changes to or terminate the Summit Program, including changes to these Program Terms, at any time and in our sole discretion without notice to you.

1. Program Overview

The Summit Program is a feature of qualifying accounts with certain benefits that are available to clients based on the amount of assets in their qualifying accounts and certain other accounts that you or members of your Summit Program household (or Summit household as explained in greater detail in Section 3, below) have with T. Rowe Price. The Summit Program offers several benefit levels or tiers (Program Tiers or Tiers); Program Tier eligibility is determined based on the aggregate balance of qualifying accounts plus certain other accounts held by you and, when applicable, other member(s) of your Summit household (Summit Program Balance or Summit Balance).

Your Program Tier can change based on various factors, such as the balance of your qualifying accounts and the presence or absence of Summit household members and their balances in qualifying accounts. T. Rowe Price reserves the right to reassign your Program Tier at times determined by us at our sole discretion.

Please go to the Summit Program page for information about the Program Tiers and a list of available benefits. Your Program Tier dictates benefit eligibility. Some benefits will require online access to your accounts. For more detailed information on the Summit Program, including Program eligibility criteria, please read the entire Program Terms.

2. Summit Program Eligibility

Your Summit Program balance automatically includes all types of investments held in qualifying accounts by you and members of your Summit Program household (as applicable). Not all accounts are considered qualifying accounts as part of the Summit Program. From time to time, T. Rowe Price will review household balances and automatically assign or reassign households to the appropriate Program Tier. Additionally, we reserve the right to change the level of assets needed to qualify for one or more Program Tiers at our sole discretion. View a list of qualifying accounts.

A client with at least one qualifying account who is also a participant in certain types of participant-directed workplace retirement plans serviced by T. Rowe Price, such as 401(k) or 403(b) plans, also may be eligible to authorize us to include the vested portion of their workplace plan account balance in calculating their own Summit Balance (additional accounts). Learn more about and authorize the inclusion of additional accounts. Although these retirement plan accounts can contribute to a client’s Summit Balance for Program Tier eligibility, they are subject to a range of laws and rules beyond the Program that determine their own access to I Class, closed funds, and/or other Summit benefits.

3. Summit Program Households and Members; Information Sharing; Opting Out

The Summit Program aggregates the balances of qualifying accounts (and additional accounts, as applicable) of certain different Summit Program clients for the purpose of qualifying for Program Tiers and benefits for all clients within that Summit household. This is accomplished through the creation of Summit households. The Summit Program includes an automated household feature designed to combine Summit Program clients who meet certain criteria and maintain these households over time. Once a Summit household is created, the balances in the qualifying accounts (and any authorized additional accounts) of all Summit household members count toward a combined Summit Balance, which is used to assign each member of the Summit household to the same Program Tier so that they each will be eligible for the same level of benefits.

Information about Summit household members, such as their names and applicable Tier, will be made available to other household members (and their representatives, such as the custodian of an UTMA/UGMA account, when the minor is part of a Summit household). In addition, depending on the Tier level of the Summit household and certain other criteria, the Summit Balance also will be made available to all members of the Summit household (and their representatives). See Section 3.2 below for more information. Clients can contact us to opt out of inclusion in a Summit household, in which case, the client would still be eligible for the Summit Program as to their own qualifying account(s), authorized additional account(s), and Summit Balance.

3.1 Determining Summit Household Members and Summit Balance

The Program is designed to automatically group clients who each have at least one qualifying account into a Summit household based on the following criteria:

They share the same mailing address; and
They share the same last name, or, for a client(s) who has a different last name, the client(s) is a co-owner of a jointly owned account with a person(s) at the same address who shares the same last name.

Automated processes are designed to run periodically to identify and maintain Summit households based on these criteria unless the client opts out of the Summit household feature. T. Rowe Price will endeavor to systematically create Summit households for clients that meet the criteria above based on the information we have on record and maintain systematically created Summit households over time (for instance, if one client leaves an address or changes their last name, their Summit household may change). Generally, T. Rowe Price uses programs to help standardize addresses and last names (including hyphenated names) to increase the likelihood that clients with qualifying accounts will be grouped correctly and automatically. However, T. Rowe Price cannot guarantee this will occur in all cases. While T. Rowe Price will make its best effort to automatically create and maintain Summit households based on the criteria above, it is each client’s responsibility to manage their Summit household status. Clients should periodically review their Summit Balance and household by logging in to their account and contact us with questions.

For clients with legacy households established per request in connection with the prior Select Client Services Program, those households were continued under the Summit Program unless you contacted us to opt out or you opt out in the future. However, we will not make future automated changes to these households, such as adding additional members, but we can make manual updates at your request.

Clients will not be automatically combined with other clients as members of a Summit household if they previously opted out of a household in connection with the Summit Program or the Select Client Services Program. If you and certain members of your household want to opt back in, please contact us. If a client who has authorized inclusion of their own additional account balances also is a member of a Summit household with other individual(s), the amounts also would be included in the overall Summit Balance for all members of the Summit household.

If our automatic Summit householding criteria does not apply to you, and you are interested in being part of a Summit household with another client, we will require the consent of all potential Summit household members. To proceed, please contact us. Please note that our automated Summit householding systems are designed to systematically maintain Summit households over time. For instance, if a Summit household member changes their address or their name, they may be moved into a different Summit household, or a new Summit household might be created for the client through periodic automated processes. If you request to have other clients manually added to your Summit household, we may not automatically maintain your Summit household, and you should contact us to request any future changes.

Please note that we periodically calculate the Summit Balance that determines your Program Tier status. Therefore, your Tier may not update immediately if the addition of one or more members would qualify your Summit household for a higher Tier or, conversely, if one or more members are no longer part of your Summit household.

3.2 Information Sharing Among Household Members and Their Representatives

T. Rowe Price may share the following information with members of your Summit household:

The Program Tier your Summit household has achieved,
The names of the members of your Summit household, and
The Summit Balance associated with the household (except for Enhanced Personal Services clients).

Individuals who can serve on your behalf, or on the behalf of others in your Summit household, also may have visibility into this information. These persons may include:

A custodian for an UGMA/UTMA account or 529 account,
An attorney-in-fact under a power of attorney, or
A person who has trading privileges for a Summit household member.

All other information related to your Program status and your accounts remains confidential. It will not be provided to others who do not otherwise have authority to receive or view your confidential information or perform transactions for you.

3.3 Opting Out

If you do not wish to have your balances included with other clients’ balances for purposes of the Summit Program, you may opt out of the Summit household feature at any time. If you opt out, your Program Tier will be based on the total balances you have in qualifying accounts held solely by you, in any of your authorized additional accounts, and in any qualifying accounts you own jointly with another person(s). Please note that for such joint accounts, the balances will be used to determine the Program Tier for the other owner(s) so that no owner(s) will be adversely impacted by a decision by any one owner to opt out of the Summit household feature. If you would like to opt out of the Summit household feature or prefer not to be included with one or more members of your Summit household, please contact us.

If you have previously opted out of the Summit household feature and would like to opt back in, please contact us.

4. Program Notifications

If you have a valid email address on file with us, we will email notifications about your Program status to you. If another individual, such as a custodian, guardian, or agent under a power of attorney, can act on your behalf, that individual will also receive notifications when your status in the Program changes.

5. Benefits

You have the option of accessing some, all, or none of the Summit Program benefits for your applicable Tier. Some of these benefits require you to sign up with us or a nonaffiliated third party or otherwise perform some additional action or activity in order to receive the benefit. If you do not register or complete the required action or activity, you will not receive the benefit.

Certain Summit benefits may not be applicable to all account types within the Program. Please go to the Summit Program page for information about Summit benefits.

5.1 Benefits Provided Through Nonaffiliated Third Parties

Certain benefits may be provided through nonaffiliated third parties (Third-Party Providers), and these Third-Party Providers may require you to enter into separate agreements directly with them and will have their own privacy notices/policies that will apply. Please read these agreements and their privacy notices/policies carefully. These Third-Party Providers are not affiliated with T. Rowe Price and are not sponsors or cosponsors of the Summit Program. All Third-Party Provider names, logos, and marks are used with permission and are the property of their respective owners. Third-Party Providers are subject to change without notice. Third-Party Providers are responsible for the quality and performance of any products or services they provide or offer and may refuse to service you as a client regardless of your enrollment in the Summit Program. T. Rowe Price is in no way responsible for any aspects of the products or services offered by any Third-Party Provider.

6. Other Important Information

6.1 Incorporation of Existing Terms

The terms and conditions for use of T. Rowe Price websites and mobile applications, as well as applicable T. Rowe Price account agreement(s) (collectively, Applicable Agreements), are incorporated into the Program Terms. In the event of a conflict between the Applicable Agreements and the Program Terms, the Program Terms shall prevail.

6.2 Governing Law

The Program Terms and their enforcement are governed by and construed under the laws of the State of Maryland, without regard to conflicts of law, and shall inure to the benefit of T. Rowe Price’s successors and assigns, whether by merger, consolidation, or otherwise.

6.3 Disclaimer of Liability and Warranties

TO THE FULLEST EXTENT PROVIDED BY LAW, IN NO EVENT WILL T. ROWE PRICE, ITS AFFILIATES, OR THEIR LICENSORS, SERVICE PROVIDERS, EMPLOYEES, AGENTS, OFFICERS, OR DIRECTORS BE LIABLE TO YOU OR ANYONE ELSE FOR ANY CONSEQUENTIAL, INCIDENTAL, SPECIAL, PUNITIVE, DIRECT, OR INDIRECT DAMAGES RELATED TO OR ARISING FROM YOUR PARTICIPATION IN THE SUMMIT PROGRAM, REGARDLESS OF WHETHER SUCH DAMAGE WAS FORESEEABLE AND WHETHER OR NOT YOU HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

YOU EXPRESSLY UNDERSTAND AND AGREE THAT YOUR PARTICIPATION IN THE SUMMIT PROGRAM IS AT YOUR SOLE RISK. THE SUMMIT PROGRAM IS PROVIDED ON AN “AS IS” AND “AS AVAILABLE” BASIS. T. ROWE PRICE EXPRESSLY DISCLAIMS ALL WARRANTIES OF ANY KIND AS TO THE SUMMIT PROGRAM AND ALL INFORMATION, PRODUCTS, AND OTHER CONTENT (INCLUDING THAT OF THIRD-PARTY SITES) INCLUDED IN OR ACCESSIBLE THROUGH THE SUMMIT PROGRAM, WHETHER EXPRESS OR IMPLIED, INCLUDING, BUT NOT LIMITED TO, THE IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AND NONINFRINGEMENT.

IF YOU LIVE IN A STATE THAT DOES NOT ALLOW THE LIMITATION OR EXCLUSION OF LIABILITY OR INCIDENTAL OR CONSEQUENTIAL DAMAGES, SOME OR ALL OF THESE LIMITATIONS AND EXCLUSIONS MAY NOT APPLY TO YOU.

6.4 Indemnification

You agree to indemnify and hold T. Rowe Price, its affiliates, and their respective employees, managers, directors, officers, shareholders, agents, contractors, and service providers harmless from and against any and all claims, losses, liability, costs, and expenses (including but not limited to attorneys' fees) arising from or related to your violation of the Program Terms.

6.5 Severability

If a court of competent jurisdiction deems any Program Term provision unenforceable, that provision will be enforced to the maximum extent permissible, and the remaining provisions will remain in full force and effect.

6.6 Class Action Waiver

TO THE EXTENT PERMITTED BY APPLICABLE LAW, FOR ANY MATTERS NOT SUBMITTED TO ARBITRATION, YOU AND T. ROWE PRICE HEREBY AGREE THAT ANY LITIGATION ARISING OUT OF THIS AGREEMENT, RELATING TO THE REWARDS PROGRAM, OR ANY OTHER DISPUTE OR CONTROVERSY BETWEEN YOU AND T. ROWE PRICE WILL PROCEED ON AN INDIVIDUAL BASIS AND WILL NOT PROCEED AS PART OF A CLASS ACTION AND THAT YOU AND T. ROWE PRICE HEREBY KNOWINGLY, VOLUNTARILY, INTENTIONALLY, AND IRREVOCABLY WAIVE ANY RIGHT TO PROCEED IN A CLASS ACTION OR TO SERVE AS A CLASS REPRESENTATIVE.

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