Agenda packet — Murrieta City Council, August 19, 2025 (part 2 of 6)

CITY OF MURRIETA

GENERAL OPERATING ACCOUNT
1 TOWN SQ
MURRIETA CA 92562-7922
Account Number - DDA

FUND SUMMARY
Dividends Earned YTD 2,531,377.16
Federal Withholding YTD .00
7-Day Simple Yield 4.26795 %
Federal Withholding .00
Beginning Balance 132,169,952.18
Shares Purchased 18,036,140.63 +
Shares Redeemed 16,267,773.46 -
Ending Balance 133,938,319.35
Prior Month Dividends Paid to Checking 415,528.76
Dividends Earned in Current Month 460,536.57
Funds Pending Redemption 619,660.71-
132

STAGECOACH SWEEP
Date Investment Balance Annualized Fund Yield Daily Dividend Factor Daily Accrual 06-05 132,037,162.15 4.204 % .000115186 15,208.83
06-06 135,457,861.72 4.206 % .000115239 15,610.03
06-07* 135,176,869.81 4.206 % .000115239 15,577.65
06-08* 135,176,869.81 4.206 % .000115239 15,577.65
06-09 135,176,869.81 4.206 % .000115244 15,578.32
06-10 133,388,931.06 4.207 % .000115261 15,374.54
06-11 132,851,104.46 4.205 % .000115210 15,305.78
06-12 130,805,023.18 4.205 % .000115229 15,072.53
06-13 130,589,008.22 4.206 % .000115248 15,050.12
06-14* 130,589,008.22 4.206 % .000115248 15,050.12
06-15* 130,589,008.22 4.206 % .000115248 15,050.12
06-16 133,020,229.62 4.219 % .000115609 15,378.34
06-17 130,849,616.19 4.220 % .000115621 15,128.96
06-18 128,944,266.72 4.209 % .000115331 14,871.27
06-19* 128,944,266.72 4.209 % .000115331 14,871.27
06-20 129,132,502.49 4.205 % .000115223 14,879.03
06-21* 129,132,502.49 4.205 % .000115223 14,879.03
06-22* 129,132,502.49 4.205 % .000115223 14,879.03
06-23 134,950,528.81 4.208 % .000115312 15,561.42
06-24 140,800,503.65 4.213 % .000115432 16,252.88
06-25 136,114,455.19 4.235 % .000116037 15,794.31
06-26 134,282,801.20 4.267 % .000116930 15,701.69
06-27 133,885,151.82 4.271 % .000117024 15,667.78
06-28* 133,885,151.82 4.271 % .000117024 15,667.78
06-29* 133,885,151.82 4.271 % .000117024 15,667.78
06-30 133,938,319.35 4.281 % .000117309 15,712.17
TOTAL MTD 460,536.55
* Indicates non-business day
THANK YOU FOR BANKING WITH WELLS FARGO.

MONEY MARKET MUTUAL FUNDS (EACH, A "MMMF") ARE NOT FDIC INSURED, HAVE NO BANK GUARANTY AND MAY LOSE VALUE.

An Investment in a MMMF is not insured by the Federal Deposit Insurance Corporation or any other government agency. Although the MMMF's seek to preserve the value of customer's investment at $1.00 per share, it is possible to lose money by investing in a MMMF.

Allspring Funds Management, LLC, a wholly owned subsidiary of Allspring Global Investments Holdings, LLC ("Allspring Global"), provides investment advisory and administrative services for the Allspring Funds?. Other subsidiaries of Allspring Global provide sub-advisory and other services for the funds. The funds are distributed by Allspring Funds Distributor, LLC, Member FINRA/SIPC, a subsidiary of Allspring Global.

This material must be accompanied or preceded by a current prospectus for name of the Fund(s) selected. Please read the prospectus carefully before investing.
06/01/2025 - 06/30/2025

Page 2 of 2 ends

Account Number - DDA
133

CITY OF MURRIETA
City Council Meeting Agenda
Report
8/19/2025
Agenda Item No. 5.

TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: Javier Carcamo, Finance Director
PREPARED BY: Tanner Benson, Financial Analyst
SUBJECT:

Treasurer’s Report - Quarter 4 of Fiscal Year 2024/25

RECOMMENDATION
Receive the Fiscal Year 2024/25 Treasurer’s Reports for Quarter 4 (April - June 2025).

PRIOR ACTION/VOTE
On August 20, 2024, the City Council received the Treasurer’s Report for Quarter 4 of Fiscal Year 2023/24 (Vote: 5-0).

On November 19, 2024, the City Council received the Treasurer’s Report for Quarter 1 of Fiscal Year 2024/25 (Vote: 5-0).

On February 18, 2025, the City Council received the Treasurer’s Report for Quarter 2 of Fiscal Year 2024/25 (Vote: 5-0).

On May 6, 2025, the City Council received the Treasurer’s Report for Quarter 3 of Fiscal Year 2024/25 (Vote: 5 -0).

CITY COUNCIL GOAL
Maintain a high performing organization that values fiscal sustainability, transparency, accountability and organizational efficiency.

DISCUSSION
Pursuant to Government Code Section 53646(b) and the City of Murrieta (City) Investment Policy, the Finance Department renders a quarterly investment report to the City Council concerning the investment portfolio’s earnings and performance results. The City contracts with Chandler Asset Management to manage the City’s investment portfolio and to advise on all investment-related matters. The purpose of this report is to present the investment earnings for the period April 1, 2025, through June 30, 2025 (Quarter 4).

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Agenda Item No. 5.

Total Portfolio Composition
The portfolio comprises available cash balances from over 100 separate funds. The balances are tracked in the City’sfinancial records individually, but combined for the purpose of investing cash to maximize investment returns. The City’s investment manager invests funds not needed in the near future into securities with maturities of less than five years. The City also utilizes the Local Agency Investment Fund (LAIF), an investment pool operated by the State of California and used by most cities in California to manage the City’s short-term cash flow requirements. Wells Fargo’s“Cash Sweep Program” is the City’sthird investment tool, and it allows the City to earn a return on uninvested cash balances in our General Checking Account by automatically "sweeping" cash balances into a Sweep investment vehicle until such balances are otherwise needed to satisfy obligations arising in the account. The Cash Sweep Program exclusively targets high-quality, short-term, U.S. dollar-denominated money market instruments that consist of U.S. Government obligations and repurchase agreements collateralized by U.S. Government obligations. This complies with our Investment Policy and the California Government Code Section 53607.

Investment Portfolio Performance
As of June 30, 2025, the City’stotal market value (including accrued interest) of operating funds and liquidity investments totaled $154,634,663.87. The book value, or what the City actually paid for the investments, totaled $150,913,261.27. The fair market value of the City’s portfolio, less accrued interest, totaled $153,376,376.64. The value of fixed-income securities may fluctuate with changes in interest rates. As interest rates go up, the market value of the securities may go down, and the reverse is true; when interest rates go down, the market value of the securities may go up. The difference between the book and fair market value is considered an unrealized gain or loss. The unrealized gain for this reporting period is $2,463,115.37. It is important to note that a loss or gain is realized when an investment is redeemed or sold before its maturity date. City’sinvestments are generally retained until the maturity date. Nonetheless, the City may elect to sell an investment before its maturity and record a capital gain or loss to manage the portfolio's quality, liquidity, or yield in response to market conditions or the City’s risk preferences. The portfolio’s total market value (including accrued interest) increased by $2,032,169.57 from the previous quarter’send due to the decline in interest rates and higher investment income.

As of June 30, 2025, the yield to maturity on the portfolio increased to 4.31% from 4.17% on March 31, 2025, due to the proceeds from maturing securities being reinvested at higher interest rates. During the fourth quarter of FY 2024/25, US Treasury yields declined, driven by slowing economic growth and higher inflation expectations. The 2-year US Treasury Note yield decreased to 3.72% from 3.89%, while the 5-year Treasury decreased to 3.80% from 3.95% over the reporting period. Recent economic data suggest slower growth in 2025 and greater market uncertainty as the effects of fiscal policy unfold. This caused continued volatility in the market during the quarter. Some components of inflation have remained sticky, as core Personal Consumption Expenditures (PCE) levels remain above the Federal Reserve’s(Fed) 2% inflation target. Since the Fed began its “quantitativetightening”activity by reducing the US Treasury and Agency Mortgage-Backed Securities on its balance sheet in June 2022, the Fed’s balance sheet reduction program has reduced securities held outright by $2.2 trillion. The portfolio’smarket value benefited from the sector diversification and remains stable due to the high-quality assets contained within the portfolio.

Portfolio Duration
The investment portfolio had an average duration of 1.80 years as of June 30, 2025. The portfolio duration remains within an acceptable range. The City continues to implement a disciplined, conservative approach to its portfolio in this time of financial market volatility.

Asset Allocation
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Agenda Item No. 5.

The investment portfolio is allocated in compliance with California Government Code 53601. The sector allocation of the portfolio on June 30, 2025, was 18.88% in US Government Agency bonds, 24.65% in high- grade Corporate Bonds, 34.69% in U.S. Treasury bonds, 8.87% in Asset-Backed Securities (ABS), 1.19% in Supranational, 10.81% in Agency Collateralized Mortgage-Backed Securities, and 0.91% Money Market Fund.

Supranational is a financial institution owned by member countries to promote international development. A Collateralized Mortgage Obligation is a mortgage-backed security that contains a pool of mortgages bundled together and sold as an investment.

The following pie chart summarizes the asset allocation by sector. (The chart above may not sum to 100% due to rounding.)
Maturity Distribution
As of June 30, 2025, approximately 23.8% of the portfolio matured in less than one year, 33.9% matured from 1-2 years, 28.5% from 2-3 years, 11.8% from 3-4 years, and 2% from 4-5 years. The City’sportfolio maintains liquid funds through bank deposits, money market funds, and local government investment pools to satisfy its near-term liquidity needs.
(The chart above may not sum to 100% due to rounding.)
LAIF Balance
Funds deposited with LAIF act as the City’ssavings account, which allows for the regular investment of short- term cash balances. LAIF complements our investment program by maximizing the earnings on liquid balances not needed for immediate disbursement. It also allows the City’sinvestment manager to focus on CITY OF MURRIETA Printed on 8/14/2025Page 3 of 5
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Agenda Item No. 5.
maximizing the return on its longer-term investments.

The balance in LAIF was $1,999,681.18 as of June 30, 2025. The annual yield on the LAIF portfolio was

4.269%, a decrease of 0.221% from the 4.480% earned at the end of June 2024.

Wells Fargo Cash Sweep Program
The Cash Sweep Program may include fixed, floating, or variable interest rates. The security selections for the Cash Sweep Program are based on several factors, including credit quality, yield, and maturity, while considering the fund’soverall level of liquidity and weighted average maturity. The securities purchased have been determined to present minimal credit risk. For the quarter ending June 30, 2025, the total earnings from the Cash Sweep Program were $1,277,604.12 and had an Average Daily Yield of 4.237%.

The graph below compares the investment yields for the Investment Portfolio, LAIF, and the Cash Sweep Program for the period ending June 30, 2024, to June 30, 2025.

This report presents only the results of the operating portfolio managed by Chandler Asset Management, LAIF, and the Cash Sweep Program. The City’s and developer bond portfolios are available for review in the Finance Department or may be sent to the City Council upon request.

In compliance with the California Government Code Section 53646, the Treasurer of the City of Murrieta hereby certifies that sufficient investment liquidity and anticipated revenues are available to meet the City’s budgeted expenditure requirements for the subsequent six months, July through December 2025. All investments in the City’s portfolio comply with state law and the City’s adopted Investment Policy.

FISCAL IMPACT
There is no fiscal impact associated with the recommended action.

ATTACHMENTS

1. City of Murrieta Investment Report June 30, 2025
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Agenda Item No. 5.

2. LAIF Regular Monthly Statement June 30, 2025

3. Wells Fargo Sweep Account Statements for April, May, and June 30, 2025

4. Portfolio Composition Chart as of June 30, 2025
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INVESTMENT REPORT
City of Murrieta | As of June 30, 2025
CHANDLER ASSET MANAGEMENT | chandlerasset.com
Chandler Team:

For questions about your account, please call (800) 317-4747, or contact [email protected]
Information contained herein is confidential. We urge you to compare this statement to the one you receive from your qualified custodian. Please see Important Disclosures at the end of the statement. 139

TABLE OF CONTENTS

ECONOMIC UPDATE

ACCOUNT PROFILE

PORTFOLIO HOLDINGS

TRANSACTIONS
1 140

ECONOMIC UPDATE
2 141
▪
▪
▪
Recent economic data suggest slower growth in 2025 and greater market uncertainty as the effects of fiscal policy unfold. Inflationary trends have subsided, but some components remain sticky, and core levels remain above the Fed’s target. The labor market reflects improved balance between supply and demand for workers. While job creation has been robust, continuing jobless claims remain elevated.

Given the economic outlook, we expect gradual normalization of monetary policy and a steepening yield curve.

As broadly anticipated, the Federal Open Market Committee (FOMC) left the Federal Funds Rate unchanged at the range of 4.25 - 4.50% at the June meeting. Fed Chair Powell continued to emphasize the Committee’s “waitand see” approach amidst economic uncertainty that remains elevated but diminished. Federal Reserve officials continued to pencil in two rate cuts in 2025.

US Treasury yields declined in June. The 2-year Treasury yield fell 18 basis points to 3.72%, the 5-year Treasury dropped 17 basis points to

3.80%, and the 10-year Treasury yield also declined 17 basis points to 4.23%. The spread between the 2-year and 10-year Treasury yield points on the curve edged up to +51 basis points at June month-end versus +50 basis points at May month-end. The spread between the 2- year Treasury and 10-year Treasury yield one year ago was -36 basis points. The spread between the 3-month and 10-year Treasury yield points on the curve was -7 basis points in June, versus -6 basis points in May.

ECONOMIC UPDATE
3 142
-400
-200
0 200
400
600
800
1,000MOM Change In Thousands (000's)
Nonfarm Payroll (000's)
Non-farm Payroll (000's)
3-month average (000's)

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%
Unemployment Rate
Underemployment Rate (U6)
Unemployment Rate (U3)
Rate (%)
The U.S. economy added 147,000 jobs in June, exceeding consensus expectations, and the last two months were revised up by 16,000.

Gains were primarily driven by state and local government education, while job growth in service sectors languished. The three-month moving average and six-month moving average payrolls totaled 150,000 and 130,000 respectively. The unemployment rate declined to

4.1% in June from 4.2% in May, due to a shrinking labor force. The labor participation rate dipped to 62.3%, remaining below the pre- pandemic level of 63.3%. The U-6 underemployment rate, which includes those who are marginally attached to the labor force and employed part time for economic reasons dropped to 7.7% in June. Average hourly earnings fell slightly, marking a 3.7% year-over-year increase.

Source: US Department of Labor Source: US Department of Labor

EMPLOYMENT
4 143
0 2,000
4,000
6,000
8,000
10,000
12,000
14,000
Job Openings
Recession
Historical Average
In Thousands (000's)
The Labor Department’s Job Openings and Labor Turnover Survey (JOLTS) unexpectedly roseto 7.77 million new job openings in May from

7.40 million in April. Layoffs declined and the quits rate increased. Job openings indicate a ratio of approximately 1.1 jobs for each unemployed individual, representing a relatively balanced labor market.

Source: US Department of Labor

JOB OPENINGS & LABOR TURNOVER SURVEY
5 144

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%
Consumer Price Index (CPI)
CPI YOY % Change
Core CPI YOY % Change
YOY (%) Change

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%
Personal Consumption Expenditures (PCE)
PCE Price Deflator YOY % Change
PCE Core Deflator YOY % Change
Fed Target
YOY (%) Change
In May, the Consumer Price Index (CPI) cooled slightly more than consensus expectations. The headline CPI increased 0.1% month-over- month and rose 2.4% year-over-year, while the Core CPI rose 0.1% month-over-month and 2.8% year-over-year. The Personal Consumption Expenditures (PCE) price index increased 0.1% month-over-month and rose 2.3% year-over-year in May. The Core PCE deflator, which excludes food and energy and is the Fed’s preferred gauge, increased 0.2% month-over-month and 2.7% year-over-year, up from April’s

2.6% year-over-year increase. Inflation is hovering above the Fed’s 2% target.

Source: US Department of Labor Source: US Department of Commerce

INFLATION
6 145
-10.0%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%
Retail Sales YOY % Change
YOY (%) Change
Advance Retail Sales were down 0.9% month-over-monthin May, further slowing from a downwardly revised -0.1%in April. Declines were led by auto sales, building materials, garden equipment and supplies, and spending at restaurants and bars fell by the most since early 2023. Control group sales, which feed into GDP, were the only bright spot in the report, with a 0.4% increase. On a year-over-year basis, Retail Sales grew 3.3% in May following a 5.0% increase in April. The Conference Board’s Consumer Confidence Index droppedto 93.0 in June from 98.4 in May, as consumers’ assessment of both the current situation and future expectations for income and labor markets soured. While the consumer has been resilient, elevated inflation expectations, concerns about trade policies and tariffs, and general economic and policy uncertainty could pose potential risks to future spending. 0 20
40 60
80 100
120
140
160
Index Level
Consumer Confidence
Recession
Source: US Department of Commerce Source: The Conference Board All time high is 144.70 (1/31/00); All time low is 25.30 (2/28/09)

CONSUMER
7 146
-25.0%
-20.0%
-15.0%
-10.0%
-5.0%

0.0%

5.0%

10.0%

15.0%
Leading Economic Indicators (LEI)
Recession
YOY (%) Change
-1.00
-0.75
-0.50
-0.25

0.00 0.25

0.50 0.75

1.00 Chicago Fed National Activity Index (CFNAI)
Recession
3 Month Average
The Conference Board’s Leading Economic Index (LEI) fell by 0.1% in May, following a downwardly revised 1.4% decline in April. The LEI decreased by 4.0% year-over-year. The rebound in the stock market was the primary positive contributor, offset by consumer pessimism, weak new orders in manufacturing, the second consecutive month of rising initial unemployment claims, and a drop in housing permits.

The Chicago Fed National Activity Index (CFNAI) improved to -0.28 in May from a downwardly revised -0.36 in April. The three-month moving average dropped to -0.16 in May from 0.06 in April, indicating slightly below trend growth.

Source: The Conference Board Source: Federal Reserve Bank of Chicago

LEADING INDICATORS OF ECONOMIC ACTIVITY
8 147
0 200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
2,200
2,400
In Thousands of Units
Annualized Housing Starts
Multi Family Housing Starts
Single Family Housing Starts
Housing starts declined 9.8% month-over-month in May to a seasonally adjusted annual rate of 1.256 million units. Single family starts increased 0.4% above the revised April figures, whereas multi-family starts fell -30.4%. Total starts dropped 4.6% compared to May 2024.

Homebuilder confidence is shaky due to elevated mortgage rates, affordability constraints, and a weakening economic outlook. The Freddie Mac 30-year fixed rate mortgage averaged approximately 6.8% in June. According to the Case-Shiller 20-City Home Price Index, housing prices rose 3.4% year-over-year in April, compared to 4.1% in March. Limited inventory, elevated mortgage rates, and lack of affordability continue to weigh on the housing market.

Source: US Department of Commerce Source: S&P
-20.0%
-16.0%
-12.0%
-8.0%
-4.0%

0.0%

4.0%

8.0%

12.0%

16.0%

20.0%

24.0%
S&P/Case-Shiller 20 City Composite Home Price Index
Recession
YOY (%) Change

HOUSING
9 148
40 45
50 55
60 65
70 Institute of Supply Management (ISM) Surveys
ISM Manufacturing ISM Services

EXPANDING

CONTRACTING
The Institute for Supply Management (ISM) Manufacturing index edged up to 49.0 in June from 48.5 in May, indicating a continuation of modest contraction in the sector. Inventories and production improved as companies worked through backlogs, while employment and new orders contracted. The ISM Services index increased to 50.8 in June from 49.9 in May, as new orders improved. However, ongoing concerns about the impact of tariffs remain. A reading over 50 indicates expansion, while a reading under 50 indicates contraction.

Source: Institute for Supply Management

SURVEY BASED MEASURES
10 149
Components of GDP 6/24 9/24 12/24 3/25

1.9% 2.5% 2.7% 0.3%

1.5% 0.2% -1.0% 3.9%
-0.9% -0.4% 0.3% -4.6%

0.3% 0.6% 0.3% -0.3%

0.3% 0.3% 0.3% 0.2%

3.0% 3.1% 2.5% -0.5%
Personal Consumption Expenditures
Gross Private Domestic Investment
Net Exports and Imports
Federal Government Expenditures
Total
State and Local (Consumption and Gross
Investment)
-40.0%
-30.0%
-20.0%
-10.0%

0.0%

10.0%

20.0%

30.0%

40.0%
Gross Domestic Product (GDP)
GDP QOQ % Change
GDP YOY % Change
Source: US Department of Commerce Source: US Department of Commerce Real GDP decreased at an annualized rate of 0.5% in the first quarter of 2025, according to the third and final estimate from the Bureauof Economic Analysis, a downward revision from the previously estimated 0.2% decline. This marks the first negative quarter since 2022.

The primary driver of the downward revision was weaker personal consumption expenditures. Net exports remained the primary drag on growth, as imports rose sharply in anticipation of higher tariffs. Gross investment contributed positively, powered by business decisions to get ahead of possible cost increases. The consensus projection calls for 2.1% growth for the second quarter and 1.5% for the full year 2025.

GROSS DOMESTIC PRODUCT (GDP)
11 150
Source: Federal Reserve Source: Bloomberg
0 1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
7,000,000
8,000,000
9,000,000
10,000,000
Federal Reserve Balance Sheet Assets
Recession
In $ millions
As broadly anticipated, the Federal Open Market Committee (FOMC) left the Federal Funds Rate unchanged at the range of 4.25 - 4.50% at the June meeting. In the Summaryof Economic Projections (SEP), Federal Reserve officials continued to pencil in two rate cuts in 2025, while downgrading estimates for economic growth and raising forecasts for both unemployment and inflation this year. The statement indicated that uncertainty about the economic outlook remained elevatedbut had diminished. The monthly redemption capon Treasuries will remain at $5 billion, while the cap on agencies and mortgage-backed securities will be maintained at $35 billion. Since the Fed began its Quantitative Tightening campaign in June 2022, securities holdings have declined by about $2.2 trillion to approximately $6.7 trillion.

FEDERAL RESERVE

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%
Effective Federal Funds Rate
Recession
Yield (%)
12 151
Source: Bloomberg Source: Bloomberg

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%
US Treasury Note Yields
2-Year
5-Year
10-Year
Yield (%)

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%
US Treasury Yield Curve
Jun-25
Mar-25
Jun-24
Yield (%)
At the end of June, the 2-year Treasury yield was 103 basis points lower, and the 10-Year Treasury yield was 17 basis points lower, year- over-year. The spread between the 2-year and 10-year Treasury yield pointson the curve edged up to +51 basis points at June month-end versus +50 basis points at May month-end. The recent yield curve inversion which began in July 2022 was historically long. The average historical spread (since 2005) is about +99 basis points. The spread between the 3-month and 10-year Treasury yield points on the curve was -7 basis points in June, versus -6 basis points in May.

BOND YIELDS
13 152

ACCOUNT PROFILE
14 153

OBJECTIVES
Investment Objectives
The City of Murrieta's investment objectives, in order of priority, are to provide safety to ensure the preservation of capital in the overall portfolio, provide sufficient liquidity for cash needs and a market rate of return consistent with the investment program.

Chandler Asset Management Performance Objective
The performance objective for the portfolio is to achieve a rate of return over a market cycle that equals or exceeds the return on a market index of similar duration and sector allocation.

Strategy
In order to achieve these objectives, the portfolio invests in high quality fixed income securities consistent with the investment policy and California Government Code. 15 154

STATEMENT OF COMPLIANCE
City of Murrieta | Account | As of June 30, 2025
Rules Name Limit Actual Compliance
Status Notes

AGENCY MORTGAGE SECURITIES (CMOS)
Max % (MV) 20.0 10.8 Compliant
Max % Issuer (MV) 30.0 10.8 Compliant
Max Maturity (Years) 5.0 4.7 Compliant

ASSET-BACKED SECURITIES (ABS)
Max % (MV) 20.0 8.9 Compliant
Max % Issuer (MV) 5.0 0.9 Compliant
Max Maturity (Years) 5 4 Compliant
Min Rating (AA- by 1) 0.0 0.0 Compliant

BANKERS' ACCEPTANCES
Max % (MV) 30.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Days) 180 0.0 Compliant
Min Rating (A-1 by 1 or A- by 1) 0.0 0.0 Compliant

CERTIFICATE OF DEPOSIT PLACEMENT SERVICE
(CDARS)
Max % (MV) 30.0 0.0 Compliant
Max Maturity (Years) 5.0 0.0 Compliant

COLLATERALIZED TIME DEPOSITS (NON-

NEGOTIABLE CD/TD)
Max % (MV) 20.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Years) 5.0 0.0 Compliant

COMMERCIAL PAPER
Max % (MV) 40.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Days) 270 0.0 Compliant
Min Rating (A-1 by 1 or A- by 1) 0.0 0.0 Compliant

CORPORATE MEDIUM TERM NOTES
Max % (MV) 30.0 24.7 Compliant
16 155

STATEMENT OF COMPLIANCE
City of Murrieta | Account | As of June 30, 2025
Rules Name Limit Actual Compliance
Status Notes
Max % Issuer (MV) 5.0 1.4 Compliant
Max Maturity (Years) 5 3 Compliant
Min Rating (A- by 1) 0.0 0.0 Compliant

FDIC INSURED TIME DEPOSITS (NON-NEGOTIABLE
CD/TD)
Max % (MV) 20.0 0.0 Compliant
Max Maturity (Years) 5 0.0 Compliant

FEDERAL AGENCIES
Max % (MV) 100.0 18.9 Compliant
Max % Issuer (MV) 30.0 11.8 Compliant
Max Callables (MV) 20.0 0.0 Compliant
Max Maturity (Years) 5 3 Compliant

LOCAL AGENCY INVESTMENT FUND (LAIF)
Max Concentration (MV) 75.0 0.0 Compliant

MONEY MARKET MUTUAL FUNDS
Max % (MV) 20.0 0.9 Compliant
Max % Issuer (MV) 10.0 0.9 Compliant
Min Rating (AAA by 2) 0.0 0.0 Compliant

MUNICIPAL SECURITIES (CA, LOCAL AGENCY)
Max % (MV) 30.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Years) 5 0.0 Compliant
Min Rating (A- by 1) 0.0 0.0 Compliant

MUTUAL FUNDS
Max % (MV) 20.0 0.0 Compliant
Max % Issuer (MV) 10.0 0.0 Compliant
Min Rating (AAA by 2) 0.0 0.0 Compliant

NEGOTIABLE CERTIFICATES OF DEPOSIT (NCD)
Max % (MV) 30.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
17 156

STATEMENT OF COMPLIANCE
City of Murrieta | Account | As of June 30, 2025
Rules Name Limit Actual Compliance
Status Notes
Max Maturity (Years) 5 0.0 Compliant
Min Rating (A-1 by 1 or A- by 1 if > FDIC Limit) 0.0 0.0 Compliant

REPURCHASE AGREEMENTS
Max % (MV) 20.0 0.0 Compliant
Max Maturity (Years) 1.0 0.0 Compliant

SUPRANATIONAL OBLIGATIONS
Max % (MV) 30.0 1.2 Compliant
Max % Issuer (MV) 10.0 1.2 Compliant
Max Maturity (Years) 5 3 Compliant
Min Rating (AA- by 1) 0.0 0.0 Compliant
U.S. TREASURIES
Max % (MV) 100.0 34.7 Compliant
Max Maturity (Years) 5 4 Compliant
18 157

PORTFOLIO CHARACTERISTICS
City of Murrieta | Account | As of June 30, 2025
Benchmark* 6/30/2025
Portfolio
3/31/2025
Portfolio
Average Maturity (yrs) 1.85 2.14 2.11
Average Modified Duration 1.77 1.80 1.83
Average Purchase Yield 4.31% 4.17%
Average Market Yield 3.80% 4.04% 4.16%
Average Quality** AA+ AA+ AA+
Total Market Value 154,634,664 152,602,494
*Benchmark: ICE BofA 1-3 Year US Treasury Index
**The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch. 19 158

SECTOR DISTRIBUTION
City of Murrieta | Account | As of June 30, 2025
Sector as a Percentage of Market Value
Sector 06/30/2025 03/31/2025
US Treasury 34.69% 38.04%
Corporate 24.65% 24.92%
Agency 18.88% 19.08%
Agency CMBS 10.81% 9.70%
ABS 8.87% 6.56%
Supras 1.19% 0.32%
Money Mkt Fd 0.91% 1.36%
20 159

ISSUERS
City of Murrieta | Account | As of June 30, 2025
Issuer Investment Type % Portfolio
Government of The United States US Treasury 34.69%
Federal Home Loan Banks Agency 11.77%
FHLMC Agency CMBS 10.81%
Farm Credit System Agency 7.11%
Massachusetts Mutual Life Insurance Corporate 1.37%
Duke Energy Corporation Corporate 1.30%
American Express Credit Master Trust ABS 1.25%
International Bank for Recon and Dev Supras 1.19%
The Home Depot, Inc. Corporate 1.14%
Deere & Company Corporate 1.12%
Mercedes-Benz Auto Lease Trust ABS 1.09%
JPMorgan Chase & Co. Corporate 1.04%
Bank of Montreal Corporate 0.99%
National Rural Utilities Cooperative Corporate 0.99%
Cisco Systems, Inc. Corporate 0.99%
Florida Power & Light Corporate 0.99%
PACCAR Inc Corporate 0.96%
Air Products and Chemicals, Inc. Corporate 0.94%
Amazon.com, Inc. Corporate 0.92%
U.S. Bancorp Money Mkt Fd 0.91%
Caterpillar Inc. Corporate 0.90%
U.S. Bancorp Corporate 0.87%
Chase Issuance Trust ABS 0.87%
Honda Auto Receivables Owner Trust ABS 0.87%
Royal Bank of Canada Corporate 0.82%
Eli Lilly and Company Corporate 0.82%
State Street Corporation Corporate 0.80%
WF Card Issuance Trust ABS 0.80%
UnitedHealth Group Incorporated Corporate 0.79%
GM Financial Securitized Term ABS 0.77%
21 160

ISSUERS
City of Murrieta | Account | As of June 30, 2025
Issuer Investment Type % Portfolio
Verizon Master Trust ABS 0.69%
John Deere Owner Trust ABS 0.69%
Bank of America Corporation Corporate 0.66%
Met Tower Global Funding Corporate 0.66%
Toyota Motor Corporation Corporate 0.66%
BMW Vehicle Lease Trust ABS 0.65%
Morgan Stanley Corporate 0.65%
Northern Trust Corporation Corporate 0.65%
Apple Inc. Corporate 0.65%
New York Life Insurance Company Corporate 0.65%
Chubb Limited Corporate 0.65%
BlackRock, Inc. Corporate 0.49%
Public Service Enterprise Group Inco Corporate 0.48%
BMW Vehicle Owner Trust ABS 0.42%
GM Financial Automobile Leasing Trus ABS 0.40%
Hyundai Auto Receivables Trust ABS 0.38%
Target Corporation Corporate 0.37%
PepsiCo, Inc. Corporate 0.34%
Cash Cash 0.00%
TOTAL 100.00%
22 161

QUALITY DISTRIBUTION
Rating 06/30/2025 03/31/2025
AAA 11.3% 8.6%
AA 69.1% 71.6%
A 17.0% 18.1%
NA 2.7% 1.7%
Rating 06/30/2025 03/31/2025
AAA 9.13% 73.49%
AA 69.88% 8.17%
A 15.95% 15.50%
NA 5.04% 2.84%
Rating 06/30/2025 03/31/2025
AAA 14.34% 12.21%
AA 66.52% 69.46%
A 8.82% 8.34%
NA 10.31% 10.00%
City of Murrieta | Account | As of June 30, 2025
S&P Rating Moody’s Rating Fitch Rating
23 162

DURATION DISTRIBUTION
City of Murrieta | Account | As of June 30, 2025
Date 0-.25 .25-.5 .5-1 1-2 2-3 3-4 4-5 5-7 7+
06/30/2025 8.0% 5.4% 10.4% 33.9% 28.5% 11.8% 2.0% 0.0% 0.0% 03/31/2025 7.6% 8.0% 11.2% 33.3% 23.3% 10.4% 6.2% 0.0% 0.0% 24 163
3 Months 12 Months 2 Years 3 Years 5 Years 10 Years Since Inception

TOTAL RATE OF RETURN
City of Murrieta 1.33% 6.02% 5.44% 3.94% 1.76% 2.06%
Benchmark 1.18% 5.67% 5.09% 3.41% 1.37% 1.71%
*Periods over 1 year are annualized.

Benchmark: ICE BofA 1-3 Year US Treasury Index
Total rate of return: A measure of a portfolio’s performance over time. It is the internal rate of return, which equates the beginning value of the portfolio with the ending market value; it includes interest earnings, realized and unrealized gains and losses in the portfolio.

INVESTMENT PERFORMANCE
City of Murrieta | Account | As of June 30, 2025
Total Rate of Return : Inception | 02/01/2020
25 164

PORTFOLIO HOLDINGS
26 165

HOLDINGS REPORT
City of Murrieta | Account | As of June 30, 2025
Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
ABS
43815PAC3 HAROT 2022-2 A3 3.73
07/20/2026 70,807.45 08/15/2022

3.73%
70,803.23
70,803.23

99.86 4.53%
70,709.15

95.37 0.05%
(94.08)
NA/AAA
AAA

1.05 0.18
05602RAD3 BMWOT 2022-A A3 3.21
08/25/2026 30,544.51 05/10/2022

3.21%
30,542.92
30,542.92

99.82 4.56%
30,489.36

16.34 0.02%
(53.56)
Aaa/AAA
NA

1.15 0.14
47787JAC2 JDOT 2022 A3 2.32 09/15/2026 42,451.76 03/10/2022

2.33%
42,442.37
42,442.37

99.72 4.16%
42,331.03

43.77 0.03%
(111.35)
Aaa/NA
AAA

1.21 0.15
362554AC1 GMCAR 2021-4 A3 0.68
09/16/2026 630.10 10/13/2021

0.68%
630.08
630.08

99.84 4.51%
629.11

0.18 0.00%
(0.98)
Aaa/AAA
NA

1.21 0.04
380146AC4 GMCAR 2022-1 A3 1.26
11/16/2026 6,619.77 01/11/2022

1.26%
6,619.20
6,619.20

99.86 4.72%
6,610.38

3.48 0.00%
(8.81)
NA/AAA
AAA

1.38 0.04
379929AD4 GMALT 2023-3 A3 5.38
11/20/2026 158,417.48 08/08/2023

5.38%
158,398.48
158,398.48
100.17

4.55%
158,692.43
260.42

0.10%
293.94
NA/AAA
AAA

1.39 0.19
36269FAD8 GMALT 2024-1 A3 5.09
03/22/2027 455,000.00 02/08/2024

5.09%
454,943.13
454,943.13
100.30

4.53%
456,368.23
707.65

0.30%
1,425.10
NA/AAA
AAA

1.73 0.49
05611UAD5 BMWLT 2024-1 A3 4.98
03/25/2027 1,000,000.00 06/20/2024

5.19%
994,687.50
994,687.50
100.34

4.43%
1,003,413.50
830.00

0.65%
8,726.00
Aaa/AAA
NA

1.73 0.57
36265WAD5 GMCAR 2022-3 A3 3.64
04/16/2027 86,628.82 07/06/2022

3.64%
86,628.22
86,628.22

99.81 4.51%
86,463.58
131.39

0.06%
(164.65)
Aaa/NA
AAA

1.79 0.22
58770JAD6 MBALT 2024-A A3 5.32
01/18/2028 350,000.00 05/17/2024

5.32%
349,959.05
349,959.05
101.22

4.38%
354,274.62
827.56

0.23%
4,315.57
Aaa/NA
AAA

2.55 1.22
58769GAD5 MBALT 2024-B A3 4.23
02/15/2028 545,000.00 09/17/2024

4.24%
544,908.28
544,908.28

99.97 4.29%
544,845.82
1,024.60

0.36%
(62.46)
NA/AAA
AAA

2.63 1.29
362962AD4 GMALT 2025-2 A3 4.58
05/22/2028 705,000.00 05/20/2025

4.58%
704,988.30
704,988.30
100.64

4.23%
709,502.34
986.61

0.46%
4,514.04
NA/AAA
AAA

2.90 1.62
437918AC9 HAROT 2024-1 A3 5.21
08/15/2028 1,250,000.00 02/13/2024

5.21%
1,249,945.63
1,249,945.63
100.86

4.32%
1,260,716.00
2,894.44

0.82%
10,770.37
Aaa/AAA
NA

3.13 0.90
161571HT4 CHAIT 2023-1 A 5.16 09/15/2028 1,320,000.00 09/07/2023

5.23%
1,319,634.10
1,319,634.10
101.16

4.21%
1,335,255.11
3,027.20

0.87%
15,621.01
NA/AAA
AAA

3.21 1.14
47800RAD5 JDOT 2024 A3 4.96 11/15/2028 335,000.00 03/11/2024

4.96%
334,981.24
334,981.24
100.92

4.29%
338,094.60
738.49

0.22%
3,113.36
Aaa/NA
AAA

3.38 1.27
096919AD7 BMWOT 2024-A A3 5.18
02/26/2029 600,000.00 06/04/2024

5.18%
599,908.86
599,908.86
101.26

4.11%
607,564.80
518.00

0.40%
7,655.94
Aaa/AAA
NA

3.66 1.12
27 166

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
58768YAD7 MBALT 2025-A A3 4.61
04/16/2029 770,000.00 05/14/2025

4.61%
769,906.14
769,906.14
101.14

4.13%
778,744.20
1,577.64

0.51%
8,838.06
NA/AAA
AAA

3.79 2.15
02582JKH2 AMXCA 2024-1 A 5.23 04/16/2029 640,000.00 04/16/2024

5.23%
639,868.80
639,868.80
102.00

4.11%
652,779.20
1,487.64

0.43%
12,910.40
NA/AAA
AAA

3.79 1.67
47800DAD6 JDOT 2025 A3 4.23 09/17/2029 670,000.00 03/04/2025

4.23%
669,957.86
669,957.86
100.25

4.16%
671,654.63
1,259.60

0.44%
1,696.77
Aaa/NA
AAA

4.22 2.18
44935XAD7 HART 2025-B A3 4.36 12/17/2029 585,000.00 06/03/2025

4.36%
584,947.18
584,947.18
100.64

4.09%
588,745.17
1,417.00

0.38%
3,797.99
NA/AAA
AAA

4.47 2.07
92348KDY6 VZMT 2025-3 A1A 4.51
03/20/2030 1,050,000.00 03/25/2025

4.51%
1,049,954.85
1,049,954.85
100.44

4.39%
1,054,608.87
1,446.96

0.69%
4,654.02
Aaa/NA
AAA

4.72 1.62
02582JKP4 AMXCA 2025-2 A 4.28 04/15/2030 1,255,000.00 05/06/2025

4.28%
1,254,977.28
1,254,977.28
100.61

4.08%
1,262,676.46
2,387.29

0.82%
7,699.18
NA/AAA
AAA

4.79 2.58
362549AD9 GMCAR 2025-2 A3 4.28
04/16/2030 370,000.00 05/06/2025

4.28%
369,945.54
369,945.54
100.54

4.07%
371,991.04
659.83

0.24%
2,045.50
Aaa/AAA
NA

4.79 2.14
92970QAJ4 WFCIT 2025-1 A 4.34 05/15/2030 1,210,000.00 06/03/2025

4.33%
1,209,979.91
1,209,979.91
100.78

4.09%
1,219,476.48
3,063.32

0.80%
9,496.57
NA/AAA
AAA

4.87 2.65
Total ABS 13,506,099.89 4.74%
13,499,558.16
13,499,558.16
100.75

4.23%
13,606,636.09
25,404.78

8.87%
107,077.93

3.58 1.57
AGENCY
3133EPW68 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.125 01/22/2026 1,400,000.00 01/24/2024

4.40%
1,392,860.00
1,392,860.00

99.95 4.21%
1,399,341.08
25,506.25

0.91%
6,481.08
Aa1/AA+
AA+

0.56 0.54
3133ERDZ1 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.75 05/08/2026 1,000,000.00 05/20/2024

4.87%
997,690.00
997,690.00
100.61

4.01%
1,006,089.88
6,993.06

0.66%
8,399.88
Aa1/AA+
AA+

0.85 0.82
3130AWLZ1 FEDERAL HOME LOAN BANKS 4.75
06/12/2026 2,000,000.00 08/16/2023

4.78%
1,998,620.00
1,998,620.00
100.63

4.07%
2,012,545.40
5,013.89

1.31%
13,925.40
Aa1/AA+
AA+

0.95 0.92
3133EPZY4 FEDERAL FARM CREDIT BANKS
FUNDING CORP 5.0 07/30/2026 2,000,000.00 11/09/2023

4.85%
2,007,480.00
2,007,480.00
100.85

4.18%
2,016,995.72
41,944.44

1.32%
9,515.72
Aa1/AA+
AA+

1.08 1.02
3133EPSW6 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.5 08/14/2026 2,405,000.00 08/09/2023

4.58%
2,399,468.50
2,399,468.50
100.55

3.99%
2,418,249.29
41,185.63

1.58%
18,780.79
Aa1/AA+
AA+

1.12 1.07
3130AWTQ3 FEDERAL HOME LOAN BANKS

4.625 09/11/2026 4,500,000.00 --

4.81%
4,476,030.00
4,476,030.00
100.84

3.89%
4,537,826.37
63,593.75

2.96%
61,796.37
Aa1/AA+
AA+

1.20 1.14
28 167

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
3130AXU63 FEDERAL HOME LOAN BANKS

4.625 11/17/2026 1,750,000.00 11/30/2023

4.53%
1,754,427.50
1,754,427.50
100.87

3.96%
1,765,283.40
9,892.36

1.15%
10,855.90
Aa1/AA+
AA+

1.38 1.32
3130AYPN0 FEDERAL HOME LOAN BANKS

4.125 01/15/2027 2,000,000.00 01/30/2024

4.21%
1,995,560.00
1,995,560.00
100.49

3.79%
2,009,870.22
38,041.67

1.31%
14,310.22
Aa1/AA+
AA+

1.54 1.45
3133EP6K6 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.5 03/26/2027 1,000,000.00 04/08/2024

4.66%
995,520.00
995,520.00
101.11

3.83%
1,011,126.13
11,875.00

0.66%
15,606.13
Aa1/AA+
AA+

1.74 1.64
3130B0TY5 FEDERAL HOME LOAN BANKS 4.75
04/09/2027 1,500,000.00 04/10/2024

4.84%
1,496,115.00
1,496,115.00
101.70

3.75%
1,525,466.63
16,229.17

0.99%
29,351.63
Aa1/AA+
AA+

1.77 1.67
3133ERFJ5 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.5 05/20/2027 1,000,000.00 05/20/2024

4.69%
994,830.00
994,830.00
101.30

3.78%
1,013,033.82
5,125.00

0.66%
18,203.82
Aa1/AA+
AA+

1.89 1.79
3130ATS57 FEDERAL HOME LOAN BANKS 4.5
03/10/2028 3,000,000.00 03/24/2025

4.02%
3,039,480.00
3,039,480.00
101.97

3.72%
3,059,079.18
41,625.00

1.99%
19,599.18
Aa1/AA+
AA+

2.70 2.49
3130AWC24 FEDERAL HOME LOAN BANKS 4.0
06/09/2028 2,000,000.00 07/06/2023

4.49%
1,956,940.00
1,956,940.00
100.77

3.72%
2,015,345.44
4,888.89

1.31%
58,405.44
Aa1/AA+
AA+

2.94 2.75
3130AVVX7 FEDERAL HOME LOAN BANKS 3.75
06/09/2028 1,120,000.00 06/07/2023

4.00%
1,107,243.20
1,107,243.20
100.09

3.72%
1,120,967.72
2,566.67

0.73%
13,724.52
Aa1/AA+
AA+

2.94 2.75
3133EPWK7 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.5 09/22/2028 2,000,000.00 10/12/2023

4.71%
1,981,460.00
1,981,460.00
102.15

3.78%
2,043,075.10
24,750.00

1.33%
61,615.10
Aa1/AA+
AA+

3.23 2.95
Total Agency 28,675,000.00 4.56%
28,593,724.20
28,593,724.20
100.98

3.89%
28,954,295.37
339,230.76

18.88%
360,571.17

1.72 1.61

AGENCY CMBS
3137BM7C4 FHMS K-051 A2 3.308 09/25/2025 940,236.59 06/23/2022

3.30%
938,253.28
938,253.28

99.57 4.46%
936,148.25
2,591.92

0.61%
(2,105.02)
Aa1/AA+
AAA

0.24 0.19
3137BSP72 FHMS K-058 A2 2.653 08/25/2026 2,000,000.00 02/09/2023

4.35%
1,890,546.88
1,890,546.88

98.16 4.23%
1,963,105.20
4,421.67

1.28%
72,558.32
Aa1/AA+
AAA

1.15 1.07
3137BTUM1 FHMS K-061 A2 3.347 11/25/2026 866,584.60 09/22/2022

4.23%
835,475.57
835,475.57

98.83 4.13%
856,438.02
2,417.05

0.56%
20,962.45
Aa1/AA+
AAA

1.41 1.26
3137BVZ82 FHMS K-063 A2 3.43 01/25/2027 862,000.00 --

4.09%
839,600.51
839,600.51

98.81 4.16%
851,755.65
2,463.88

0.56%
12,155.14
Aa1/AA+
AAA

1.57 1.36
3137F1G44 FHMS K-065 A2 3.243 04/25/2027 1,000,000.00 09/19/2022

4.08%
965,468.75
965,468.75

98.42 4.10%
984,211.10
2,702.50

0.64%
18,742.35
Aa1/AA+
AAA

1.82 1.65
29 168

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
3137FBU79 FHMS K-069 A2 3.187 09/25/2027 1,226,707.43 05/18/2023

4.13%
1,178,357.91
1,178,357.91

98.15 4.01%
1,204,002.42
3,257.93

0.78%
25,644.51
Aa1/AAA
AA+

2.24 2.06
3137F4X72 FHMS K-075 A2 3.65 02/25/2028 1,165,000.00 09/14/2023

4.92%
1,107,478.13
1,107,478.13

98.95 4.01%
1,152,820.39
3,543.54

0.75%
45,342.26
Aa1/AA+
AAA

2.66 2.45
3137FJEH8 FHMS K-081 A2 3.9 08/25/2028 1,250,000.00 05/28/2024

4.94%
1,197,265.63
1,197,265.63

99.55 4.00%
1,244,320.38
4,062.50

0.81%
47,054.75
Aa1/AA+
AAA

3.15 2.89
3137FK4M5 FHMS K-085 A2 4.06 10/25/2028 2,000,000.00 05/07/2025

4.12%
1,990,703.13
1,990,703.13

99.96 4.02%
1,999,200.60
6,766.67

1.30%
8,497.47
Aaa/AA+
AA+

3.32 3.02
3137H5YC5 FHMS K-748 A2 2.26 01/25/2029 1,500,000.00 08/19/2024

4.12%
1,385,332.03
1,385,332.03

94.13 4.06%
1,411,927.05
2,825.00

0.92%
26,595.02
Aa1/AA+
AAA

3.57 3.28
3137FLMV3 FHMS K-090 A2 3.422 02/25/2029 2,000,000.00 03/27/2025

4.30%
1,932,500.00
1,932,500.00

97.84 4.04%
1,956,767.20
5,703.33

1.28%
24,267.20
Aa1/AAA
AA+

3.66 3.32
3137HA4B9 FHMS K-751 A2 4.412 03/25/2030 2,000,000.00 03/26/2025

4.37%
1,997,890.63
1,997,890.63
100.99

4.13%
2,019,728.20
7,353.33

1.32%
21,837.57
Aaa/AA+
AA+

4.73 3.92
16,258,872.45 98.66 16,580,424.46 10.81% 2.71
Total Agency CMBS 16,810,528.62 4.27% 16,258,872.45 4.10% 48,109.32 321,552.01 2.42 CASH
CCYUSD Receivable 6,208.24 -- 6,208.24
6,208.24

1.00 0.00%
6,208.24

0.00 0.00%

0.00 Aaa/AAA
AAA

0.00 0.00
6,208.24 1.00 6,208.24 0.00% 0.00
Total Cash 6,208.24 6,208.24 0.00% 0.00 0.00 0.00

CORPORATE
14913R2Z9 CATERPILLAR FINANCIAL SERVICES
CORP 3.65 08/12/2025 1,375,000.00 08/08/2022

3.69%
1,373,336.25
1,373,336.25

99.91 4.36%
1,373,791.50
19,377.95

0.90%
455.25
A2/A
A+

0.12 0.11
26442UAA2 DUKE ENERGY PROGRESS LLC 3.25
08/15/2025 1,000,000.00 06/23/2022

3.57%
990,710.00
990,710.00

99.84 4.54%
998,360.57
12,277.78

0.65%
7,650.57
Aa3/A
NA

0.13 0.12
437076CR1 HOME DEPOT INC 4.0 09/15/2025 1,000,000.00 09/14/2022

4.13%
996,380.00
996,380.00

99.90 4.46%
998,960.85
11,777.78

0.65%
2,580.85
A2/A
A

0.21 0.20
023135CN4 AMAZON.COM INC 4.6
12/01/2025 425,000.00 11/29/2022

4.60%
424,974.50
424,974.50
100.17

4.18%
425,703.12
1,629.17

0.28%
728.62
A1/AA
AA-

0.42 0.41
30 169

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
037833BY5 APPLE INC 3.25 02/23/2026 1,000,000.00 02/22/2023

4.72%
959,390.00
959,390.00

99.37 4.24%
993,724.09
11,555.56

0.65%
34,334.09
Aaa/AA+
NA

0.65 0.62
57629W6F2 MASSMUTUAL GLOBAL FUNDING
II 4.5 04/10/2026 750,000.00 04/04/2023

4.52%
749,482.50
749,482.50
100.04

4.44%
750,289.31
7,593.75

0.49%
806.81
Aa3/AA+
AA+

0.78 0.75
00440EAV9 CHUBB INA HOLDINGS LLC 3.35
05/03/2026 1,000,000.00 09/13/2023

5.23%
954,220.00
954,220.00

99.23 4.29%
992,309.61
5,397.22

0.65%
38,089.61
A2/A
A

0.84 0.81
58989V2F0 MET TOWER GLOBAL FUNDING

5.4 06/20/2026 1,000,000.00 06/12/2023

5.38%
1,000,440.00
1,000,440.00
101.02

4.31%
1,010,247.22
1,650.00

0.66%
9,807.22
Aa3/AA-
AA-

0.97 0.94
61747YET8 MORGAN STANLEY 4.679
07/17/2026 1,000,000.00 09/14/2022

5.45%
994,030.00
994,030.00

99.98 6.05%
999,845.29
21,315.44

0.65%
5,815.29
A1/A-
A+

1.05 0.04
69371RS56 PACCAR FINANCIAL CORP 5.05
08/10/2026 1,450,000.00 --

4.99%
1,451,925.00
1,451,925.00
101.04

4.07%
1,465,136.13
28,679.79

0.96%
13,211.13
A1/A+
NA

1.11 1.05
06428CAA2 BANK OF AMERICA NA 5.526
08/18/2026 1,000,000.00 09/13/2023

5.57%
998,810.00
998,810.00
101.42

4.22%
1,014,182.56
20,415.50

0.66%
15,372.56
Aa2/A+
AA

1.13 0.99
713448FW3 PEPSICO INC 5.125 11/10/2026 510,000.00 11/08/2023

5.13%
509,862.30
509,862.30
101.26

4.16%
516,425.64
3,702.81

0.34%
6,563.34
A1/A+
NA

1.36 1.22
48125LRU8 JPMORGAN CHASE BANK NA 5.11
12/08/2026 1,575,000.00 --

5.08%
1,576,460.00
1,576,460.00
101.27

4.19%
1,594,939.41
5,141.94

1.04%
18,479.41
Aa2/AA-
AA

1.44 1.29
24422EXF1 JOHN DEERE CAPITAL CORP 4.5
01/08/2027 1,000,000.00 01/10/2024

4.52%
999,460.00
999,460.00
100.63

4.07%
1,006,284.97
21,625.00

0.66%
6,824.97
A1/A
A+

1.53 1.43
78016HZT0 ROYAL BANK OF CANADA 4.875
01/19/2027 1,245,000.00 01/10/2024

4.88%
1,244,688.75
1,244,688.75
100.97

4.22%
1,257,088.13
27,312.19

0.82%
12,399.38
A1/A
AA-

1.56 1.45
17275RBQ4 CISCO SYSTEMS INC 4.8
02/26/2027 1,500,000.00 02/29/2024

4.78%
1,500,810.00
1,500,810.00
101.21

4.03%
1,518,189.83
25,000.00

0.99%
17,379.83
A1/AA-
NA

1.66 1.48
857477CL5 STATE STREET CORP 4.993
03/18/2027 1,210,000.00 03/13/2024

4.99%
1,210,000.00
1,210,000.00
101.45

4.11%
1,227,511.50
17,285.49

0.80%
17,511.50
Aa3/A
AA-

1.71 1.53
665859AW4 NORTHERN TRUST CORP 4.0
05/10/2027 1,000,000.00 09/14/2022

4.23%
990,460.00
990,460.00

99.88 4.07%
998,777.01
5,666.67

0.65%
8,317.01
A2/A+
A+

1.86 1.76
009158AY2 AIR PRODUCTS AND CHEMICALS
INC 1.85 05/15/2027 1,500,000.00 02/09/2024

4.71%
1,371,945.00
1,371,945.00

96.00 4.09%
1,440,073.52
3,545.83

0.94%
68,128.52
A2/A
NA

1.87 1.81
437076DB5 HOME DEPOT INC 4.875
06/25/2027 740,000.00 --

4.95%
738,545.60
738,545.60
101.58

4.04%
751,659.67
601.25

0.49%
13,114.07
A2/A
A

1.99 1.80
09290DAH4 BLACKROCK INC 4.6 07/26/2027 750,000.00 07/18/2024

4.57%
750,645.00
750,645.00
101.22

3.98%
759,157.77
14,854.17

0.49%
8,512.77
Aa3/AA-
NA

2.07 1.85
31 170

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
532457CP1 ELI LILLY AND CO 4.15 08/14/2027 1,250,000.00 08/22/2024

4.10%
1,251,637.50
1,251,637.50
100.49

3.90%
1,256,130.85
19,741.32

0.82%
4,493.35
Aa3/A+
NA

2.12 1.91
023135BC9 AMAZON.COM INC 3.15
08/22/2027 1,000,000.00 07/30/2024

4.55%
960,450.00
960,450.00

98.37 3.95%
983,710.53
11,287.50

0.64%
23,260.53
A1/AA
AA-

2.15 2.02
89236TKJ3 TOYOTA MOTOR CREDIT CORP

4.55 09/20/2027 1,000,000.00 06/20/2024

4.89%
989,900.00
989,900.00
100.84

4.15%
1,008,388.15
12,765.28

0.66%
18,488.15
A1/A+
A+

2.22 2.07
64952WFJ7 NEW YORK LIFE GLOBAL FUNDING

3.9 10/01/2027 1,000,000.00 09/25/2024

3.91%
999,820.00
999,820.00

99.33 4.21%
993,287.74
9,750.00

0.65%
(6,532.26)
Aa1/AA+
AAA

2.25 2.11
91324PDE9 UNITEDHEALTH GROUP INC 2.95
10/15/2027 1,250,000.00 07/30/2024

4.60%
1,189,300.00
1,189,300.00

97.29 4.20%
1,216,067.29
7,784.72

0.79%
26,767.29
A2/A+
A

2.29 2.17
24422EXZ7 JOHN DEERE CAPITAL CORP 4.65
01/07/2028 700,000.00 01/06/2025

4.66%
699,790.00
699,790.00
101.51

4.01%
710,570.92
15,551.67

0.46%
10,780.92
A1/A
A+

2.52 2.31
63743HFW7

NATIONAL RURAL UTILITIES
COOPERATIVE FINANCE CORP 4.75
02/07/2028
1,500,000.00 06/17/2025

4.40%
1,512,345.00
1,512,345.00
101.29

4.22%
1,519,353.71
28,500.00

0.99%
7,008.71
A2/NA
A

2.61 2.31
57629TBW6 MASSMUTUAL GLOBAL FUNDING
II 4.45 03/27/2028 1,340,000.00 03/20/2025

4.49%
1,338,405.40
1,338,405.40
100.60

4.21%
1,348,092.54
15,570.06

0.88%
9,687.14
Aa3/AA+
AA+

2.74 2.53
74456QBU9 PUBLIC SERVICE ELECTRIC AND
GAS CO 3.7 05/01/2028 750,000.00 06/22/2023

4.79%
715,005.00
715,005.00

99.12 4.03%
743,408.87
4,625.00

0.48%
28,403.87
A1/A
NA

2.84 2.65
90331HPS6 US BANK NA 4.73 05/15/2028 1,330,000.00 05/12/2025

4.88%
1,330,000.00
1,330,000.00
100.50

4.74%
1,336,681.16
8,038.37

0.87%
6,681.16
A2/A+
A+

2.88 1.76
341081GN1 FLORIDA POWER & LIGHT CO 4.4
05/15/2028 1,500,000.00 05/22/2023

4.64%
1,484,025.00
1,484,025.00
100.75

4.12%
1,511,203.50
8,433.33

0.99%
27,178.50
Aa2/A+
AA-

2.88 2.51
87612EBU9 TARGET CORP 4.35 06/15/2028 570,000.00 06/05/2025

4.35%
569,994.30
569,994.30
100.60

4.13%
573,426.00
1,446.38

0.37%
3,431.70
A2/A
A

2.96 2.67
26444HAE1 DUKE ENERGY FLORIDA LLC 3.8
07/15/2028 1,000,000.00 06/04/2025

4.32%
985,120.00
985,120.00

99.12 4.11%
991,183.94
17,522.22

0.65%
6,063.94
A1/A
NA

3.04 2.79
06368MJG0 BANK OF MONTREAL 5.004
01/27/2029 1,500,000.00 01/24/2025

4.96%
1,501,860.00
1,501,860.00
101.62

4.53%
1,524,289.04
32,109.00

0.99%
22,429.04
A2/A-
AA-

3.58 2.35
Total Corporate 37,720,000.00 4.66%
37,314,227.10
37,314,227.10
100.25

4.25%
37,808,451.93
459,530.12

24.65%
494,224.83

1.81 1.56
32 171

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
31846V567 FIRST AMER:GVT OBLG Z 1,393,263.96 --

4.22%
1,393,263.96
1,393,263.96

1.00 4.22%
1,393,263.96

0.00 0.91%

0.00 Aaa/AAAm
AAA

0.00 0.00
Total Money Market
Fund 1,393,263.96 4.22%
1,393,263.96
1,393,263.96

1.00 4.22%
1,393,263.96

0.00 0.91%

0.00 0.00

0.00 SUPRANATIONAL
459058LT8

INTERNATIONAL BANK FOR

RECONSTRUCTION AND
DEVELOPM 3.625 05/05/2028
1,335,000.00 04/29/2025

3.70%
1,332,036.30
1,332,036.30

99.70 3.74%
1,330,947.05
7,393.49

0.87%
(1,089.25)
Aaa/AAA
NA

2.85 2.66
459058KT9

INTERNATIONAL BANK FOR

RECONSTRUCTION AND
DEVELOPM 3.5 07/12/2028
500,000.00 07/24/2023

4.26%
483,115.00
483,115.00

99.26 3.76%
496,277.62
8,215.28

0.32%
13,162.62
Aaa/AAA
NA

3.03 2.80
Total Supranational 1,835,000.00 3.86%
1,815,151.30
1,815,151.30

99.58 3.74%
1,827,224.67
15,608.77

1.19%
12,073.37

2.90 2.70

US TREASURY
91282CAB7 UNITED STATES TREASURY 0.25
07/31/2025 2,000,000.00 12/02/2021

1.06%
1,942,031.25
1,942,031.25

99.66 4.34%
1,993,238.48
2,085.64

1.30%
51,207.23
Aa1/AA+
AA+

0.08 0.08
9128285C0 UNITED STATES TREASURY 3.0
09/30/2025 3,250,000.00 --

2.90%
3,259,882.81
3,259,882.81

99.67 4.29%
3,239,420.57
24,508.20

2.11%
(20,462.24)
Aa1/AA+
AA+

0.25 0.25
9128285J5 UNITED STATES TREASURY 3.0
10/31/2025 2,500,000.00 06/23/2022

3.02%
2,498,632.81
2,498,632.81

99.57 4.28%
2,489,355.48
12,635.87

1.62%
(9,277.34)
Aa1/AA+
AA+

0.34 0.33
912828M56 UNITED STATES TREASURY 2.25
11/15/2025 2,500,000.00 06/23/2022

3.11%
2,431,152.34
2,431,152.34

99.24 4.32%
2,480,924.48
7,184.10

1.62%
49,772.14
Aa1/AA+
AA+

0.38 0.37
9128285T3 UNITED STATES TREASURY 2.625
12/31/2025 2,500,000.00 09/14/2022

3.76%
2,412,792.97
2,412,792.97

99.22 4.23%
2,480,501.30
178.33

1.62%
67,708.33
Aa1/AA+
AA+

0.50 0.49
9128286L9 UNITED STATES TREASURY 2.25
03/31/2026 2,500,000.00 09/14/2022

3.74%
2,377,832.03
2,377,832.03

98.65 4.10%
2,466,259.78
14,139.34

1.61%
88,427.75
Aa1/AA+
AA+

0.75 0.73
91282CGV7 UNITED STATES TREASURY 3.75
04/15/2026 2,000,000.00 03/20/2024

4.63%
1,965,703.13
1,965,703.13

99.74 4.08%
1,994,804.68
15,778.69

1.30%
29,101.55
Aa1/AA+
AA+

0.79 0.76
912828U24 UNITED STATES TREASURY 2.0
11/15/2026 3,000,000.00 09/13/2023

4.66%
2,767,031.25
2,767,031.25

97.50 3.88%
2,925,117.18
7,663.04

1.91%
158,085.93
Aa1/AA+
AA+

1.38 1.33

MONEY MARKET
FUND
33 172

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
912828YX2 UNITED STATES TREASURY 1.75
12/31/2026 1,750,000.00 12/27/2023

3.96%
1,641,240.23
1,641,240.23

96.98 3.84%
1,697,226.56

83.22 1.11%
55,986.33
Aa1/AA+
AA+

1.50 1.46
91282CEF4 UNITED STATES TREASURY 2.5
03/31/2027 2,500,000.00 11/17/2022

4.02%
2,349,414.06
2,349,414.06

97.86 3.77%
2,446,582.03
15,710.38

1.60%
97,167.97
Aa1/AA+
AA+

1.75 1.68
91282CEW7 UNITED STATES TREASURY 3.25
06/30/2027 1,300,000.00 12/12/2022

3.87%
1,266,687.50
1,266,687.50

99.11 3.72%
1,288,371.10
114.81

0.84%
21,683.60
Aa1/AA+
AA+

2.00 1.91
91282CFB2 UNITED STATES TREASURY 2.75
07/31/2027 2,000,000.00 07/26/2023

4.30%
1,887,109.38
1,887,109.38

98.05 3.73%
1,961,015.62
22,941.99

1.28%
73,906.24
Aa1/AA+
AA+

2.08 1.98
91282CFH9 UNITED STATES TREASURY 3.125
08/31/2027 2,500,000.00 01/24/2023

3.65%
2,445,117.19
2,445,117.19

98.77 3.72%
2,469,238.28
26,112.43

1.61%
24,121.09
Aa1/AA+
AA+

2.17 2.05
91282CFM8 UNITED STATES TREASURY 4.125
09/30/2027 1,600,000.00 02/22/2023

4.19%
1,595,500.00
1,595,500.00
100.91

3.70%
1,614,562.50
16,590.16

1.05%
19,062.50
Aa1/AA+
AA+

2.25 2.11
9128283F5 UNITED STATES TREASURY 2.25
11/15/2027 1,400,000.00 06/07/2023

4.05%
1,298,937.50
1,298,937.50

96.70 3.72%
1,353,789.07
4,023.10

0.88%
54,851.57
Aa1/AA+
AA+

2.38 2.27
91282CGH8 UNITED STATES TREASURY 3.5
01/31/2028 1,500,000.00 11/26/2024

4.24%
1,467,070.31
1,467,070.31

99.49 3.71%
1,492,382.82
21,899.17

0.97%
25,312.51
Aa1/AA+
AA+

2.59 2.41
9128283W8 UNITED STATES TREASURY 2.75
02/15/2028 2,750,000.00 09/27/2024

3.51%
2,684,257.81
2,684,257.81

97.62 3.71%
2,684,580.09
28,411.60

1.75%
322.28
Aa1/AA+
AA+

2.63 2.48
9128284V9 UNITED STATES TREASURY 2.875
08/15/2028 2,500,000.00 11/12/2024

4.34%
2,374,804.69
2,374,804.69

97.54 3.72%
2,438,476.55
27,002.76

1.59%
63,671.86
Aa1/AA+
AA+

3.13 2.92
9128285M8 UNITED STATES TREASURY 3.125
11/15/2028 2,000,000.00 04/22/2024

4.72%
1,870,625.00
1,870,625.00

98.13 3.72%
1,962,656.24
7,982.34

1.28%
92,031.24
Aa1/AA+
AA+

3.38 3.15
91282CKD2 UNITED STATES TREASURY 4.25
02/28/2029 2,250,000.00 01/30/2025

4.31%
2,244,726.56
2,244,726.56
101.76

3.73%
2,289,638.68
31,961.62

1.49%
44,912.12
Aa1/AA+
AA+

3.67 3.33
91282CLC3 UNITED STATES TREASURY 4.0
07/31/2029 2,000,000.00 10/29/2024

4.10%
1,991,093.75
1,991,093.75
100.93

3.75%
2,018,671.88
33,370.17

1.32%
27,578.13
Aa1/AA+
AA+

4.08 3.68
91282CFJ5 UNITED STATES TREASURY 3.125
08/31/2029 2,750,000.00 12/17/2024

4.26%
2,618,730.47
2,618,730.47

97.59 3.76%
2,683,613.30
28,723.68

1.75%
64,882.83
Aa1/AA+
AA+

4.17 3.82
91282CFT3 UNITED STATES TREASURY 4.0
10/31/2029 1,700,000.00 02/12/2025

4.49%
1,665,203.13
1,665,203.13
100.95

3.76%
1,716,203.13
11,456.52

1.12%
51,000.00
Aa1/AA+
AA+

4.34 3.92
91282CFY2 UNITED STATES TREASURY 3.875
11/30/2029 3,000,000.00 03/24/2025

4.06%
2,976,679.69
2,976,679.69
100.44

3.76%
3,013,242.18
9,846.31

1.96%
36,562.49
Aa1/AA+
AA+

4.42 4.01
Total US Treasury 53,750,000.00 3.84%
52,032,255.86
52,032,255.86

98.99 3.91%
53,199,871.93
370,403.47

34.69%
1,167,616.07

2.09 1.94
34 173

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
Total Portfolio 153,696,100.71 4.31%
150,913,261.27
150,913,261.27

98.91 4.04%
153,376,376.64
1,258,287.23
100.00%
2,463,115.37

2.14 1.80
Total Market Value +
Accrued 154,634,663.87
35 174

TRANSACTIONS
36 175

TRANSACTION LEDGER
City of Murrieta | Account |04/01/2025 Through 06/30/2025| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest
Pur/Sold Total Amount Gain/Loss

ACQUISITIONS
Purchase 05/06/2025 459058LT8 1,335,000.00

INTERNATIONAL BANK

FOR RECONSTRUCTION
AND DEVELOPM 3.625
05/05/2028

99.778 3.70% (1,332,036.30) 0.00 (1,332,036.30) 0.00
Purchase 05/12/2025 3137FK4M5 2,000,000.00 FHMS K-085 A2 4.06 10/25/2028 99.535 4.12% (1,990,703.13) (2,481.11) (1,993,184.24) 0.00 Purchase 05/13/2025 02582JKP4 1,255,000.00 AMXCA 2025-2 A 4.28 04/15/2030 99.998 4.28% (1,254,977.28) 0.00 (1,254,977.28) 0.00 Purchase 05/14/2025 362549AD9 370,000.00 GMCAR 2025-2 A3 4.28 04/16/2030 99.985 4.28% (369,945.54) 0.00 (369,945.54) 0.00 Purchase 05/15/2025 90331HPS6 1,330,000.00 US BANK NA 4.73 05/15/2028 100.000 4.88% (1,330,000.00) 0.00 (1,330,000.00) 0.00 Purchase 05/21/2025 58768YAD7 770,000.00 MBALT 2025-A A3 4.61 04/16/2029 99.988 4.61% (769,906.14) 0.00 (769,906.14) 0.00 Purchase 05/29/2025 362962AD4 705,000.00 GMALT 2025-2 A3 4.58 05/20/2028 99.998 4.58% (704,988.30) 0.00 (704,988.30) 0.00 Purchase 06/05/2025 26444HAE1 1,000,000.00 DUKE ENERGY FLORIDA LLC

3.8 07/15/2028 98.512 4.32% (985,120.00) (14,777.78) (999,897.78) 0.00 Purchase 06/10/2025 92970QAJ4 1,210,000.00 WFCIT 2025-1 A 4.34 05/15/2030 99.998 4.33% (1,209,979.91) 0.00 (1,209,979.91) 0.00 Purchase 06/10/2025 87612EBU9 570,000.00 TARGET CORP 4.35 06/15/2028 99.999 4.35% (569,994.30) 0.00 (569,994.30) 0.00 Purchase 06/11/2025 44935XAD7 585,000.00 HART 2025-B A3 4.36 12/17/2029 99.991 4.36% (584,947.18) 0.00 (584,947.18) 0.00 Purchase 06/18/2025 63743HFW7 1,500,000.00

NATIONAL RURAL UTILITIES

COOPERATIVE FINANCE
CORP 4.75 02/07/2028
100.823 4.40% (1,512,345.00) (25,927.08) (1,538,272.08) 0.00 Total Purchase 12,630,000.00 (12,614,943.08) (43,185.97) (12,658,129.05) 0.00 TOTAL
ACQUISITIONS 12,630,000.00 (12,614,943.08) (43,185.97) (12,658,129.05) 0.00 37 176

DISPOSITIONS
Maturity 04/25/2025 06406RBC0 (900,000.00)

BANK OF NEW YORK
MELLON CORP 3.35
04/25/2025
100.000 3.35% 900,000.00 0.00 900,000.00 126.00
Maturity 04/30/2025 912828ZL7 (2,000,000.00) UNITED STATES TREASURY

0.375 04/30/2025 100.000 0.66% 2,000,000.00 0.00 2,000,000.00 22,656.25 Maturity 05/13/2025 14913R2V8 (480,000.00)

CATERPILLAR FINANCIAL
SERVICES CORP 3.4
05/13/2025
100.000 3.44% 480,000.00 0.00 480,000.00 609.60
Maturity 05/15/2025 02582JJT8 (905,000.00) AMXCA 2022-2 A 3.39 05/17/2027 100.000 3.40% 0.00 0.00 0.00 0.00
Maturity 05/31/2025 912828ZT0 (1,300,000.00) UNITED STATES TREASURY

0.25 05/31/2025 100.000 0.78% 1,300,000.00 0.00 1,300,000.00 24,730.47 Maturity 06/01/2025 438516CB0 (1,000,000.00)

HONEYWELL
INTERNATIONAL INC 1.35
06/01/2025
100.000 2.31% 1,000,000.00 0.00 1,000,000.00 29,720.00
Maturity 06/06/2025 89115A2A9 (1,000,000.00) TORONTO-DOMINION BANK

3.766 06/06/2025 100.000 3.70% 1,000,000.00 0.00 1,000,000.00 (1,830.00) Maturity 06/15/2025 63743HFE7 (1,105,000.00)

NATIONAL RURAL UTILITIES

COOPERATIVE FINANCE
CORP 3.45 06/15/2025
100.000 3.61% 1,105,000.00 0.00 1,105,000.00 5,026.35
Total Maturity (8,690,000.00) 7,785,000.00 0.00 7,785,000.00 81,038.67 Sale 05/22/2025 912828ZT0 (500,000.00) UNITED STATES TREASURY

0.25 05/31/2025 99.887 0.78% 499,433.59 594.09 500,027.68 8,945.31 Sale 06/05/2025 91282CAJ0 (1,000,000.00) UNITED STATES TREASURY

0.25 08/31/2025 99.055 2.42% 990,546.88 658.97 991,205.85 61,718.75 Total Sale (1,500,000.00) 1,489,980.47 1,253.06 1,491,233.53 70,664.06 TOTAL
DISPOSITIONS (10,190,000.00) 9,274,980.47 1,253.06 9,276,233.53 151,702.73 38 177

IMPORTANT DISCLOSURES
2025 Chandler Asset Management, Inc, An Independent Registered Investment Adviser.

Information contained herein is confidential. Prices are provided by ICE Data Services Inc (“IDS”), an independent pricing source. In the event IDS does not provide a price or if the price provided is not reflective of fair market value, Chandler will obtain pricing from an alternative approved third party pricing source in accordance with our written valuation policy and procedures. Our valuation procedures are also disclosed in Item 5 of our Form ADV Part 2A.

Performance results are presented gross-of-advisory fees and represent the client’s Total Return. The deduction of advisory fees lowers performance results. These results include the reinvestment of dividends and other earnings. Past performance may not be indicative of future results. Therefore, clients should not assume that future performance of any specific investment or investment strategy will be profitable or equal to past performance levels. All investment strategies have the potential for profit or loss. Economic factors, market conditions or changes in investment strategies, contributions or withdrawals may materially alter the performance and results of your portfolio.

Index returns assume reinvestment of all distributions. Historical performance results for investment indexes generally do not reflect the deduction of transaction and/or custodial charges or the deduction of an investment management fee, the incurrence of which would have the effect of decreasing historical performance results. It is not possible to invest directly in an index.

Source ICE Data Indices, LLC (“ICE”), used with permission. ICE permits use of the ICE indices and related data on an “as is” basis; ICE, its affiliates and their respective third party suppliers disclaim any and all warranties and representations, express and or implied, including any warranties of merchantability or fitness for a particular purpose or use, including the indices, index data and any data included in, related to, or derived therefrom. Neither ICE data, its affiliates or their respective third party providers guarantee the quality, adequacy, accuracy, timeliness or completeness of the indices or the index data or any component thereof, and the indices and index data and all components thereof are provided on an “as is” basis and licensee’s use it at licensee’s own risk. ICE data, its affiliates and their respective third party do not sponsor, endorse, or recommend chandler asset management, or any of its products or services.

This report is provided for informational purposes only and should not be construed as a specific investment or legal advice. The information contained herein was obtained from sources believed to be reliable as of the date of publication, but may become outdated or superseded at any time without notice. Any opinions or views expressed are based on current market conditions and are subject to change. This report may contain forecasts and forward-looking statements which are inherently limited and should not be relied upon as indicator of future results. Past performance is not indicative of future results. This report is not intended to constitute an offer, solicitation, recommendation or advice regarding any securities or investment strategy and should not be regarded by recipients as a substitute for the exercise of their own judgment.

Fixed income investments are subject to interest, credit and market risk. Interest rate risk: the value of fixed income investments will decline as interest rates rise. Credit risk: the possibility that the borrower may not be able to repay interest and principal. Low rated bonds generally have to pay higher interest rates to attract investors willing to take on greater risk. Market risk: the bond market in general could decline due to economic conditions, especially during periods of rising interest rates.

Ratings information have been provided by Moody’s, s&P and Fitch through data feeds we believe to be reliable as of the date of this statement, however we cannot guarantee its accuracy.

Security level ratings for U.S. Agency issued mortgage-backed securities “MBS” reflect the issuer rating because the securities themselves are not rated. The issuing U.S. Agency guarantees the full and timely payment of both principal and interest. 39 178

BENCHMARK DISCLOSURES
Benchmark Disclosure
ICE BofA 1-3 Yr US Treasury Index The ICE BofA 1-3 Year US Treasury Index tracks the performance of US dollar-denominated sovereign debt publicly issued by the US government in its domestic market. Qualifying securities must have at least one year remaining term to final maturity and less than three years remaining term to final maturity, a fixed coupon schedule, and a minimum amount outstanding of $1 billion. Qualifying securities must have at least 18 months to final maturity at the time of issuance. 40 179
MALIA M. COHEN
California State Controller

LOCAL AGENCY INVESTMENT FUND

REMITTANCE ADVICE
Agency Name MURRIETA
Account Number
As of 7/15/2025, your Local Agency Investment Fund account has been directly credited with the interest earned on your deposits for the quarter ending 6/30/2025.

Earnings Ratio 0.00012059828906715
Interest Rate 4.40%
Dollar Day Total $ 181,665,842.26
Quarter End Principal Balance $ 1,999,681.18
Quarterly Interest Earned $ 21,908.59
7/15/25, 7:23 AM laif.sco.ca.gov/Home/Result/bdaacaf5-1085-44db-80e2-1484564fb9be https://laif.sco.ca.gov/Home/Result/bdaacaf5-1085-44db-80e2-1484564fb9be 1/1180

STAGECOACH SWEEP
WELLS FARGO BANK, N.A.

THIS STATEMENT COVERS 04/01/2025 THROUGH 04/30/2025

FUNDS HELD ON COMPANY'S BEHALF IN THE OMNIBUS DEPOSIT ACCOUNT AT BANK ARE

DEPOSITS AND ARE ELIGIBLE FOR FDIC INSURANCE IN ACCORDANCE WITH FDIC RULES AND LIMITS. COMPANY'S MMMF SHARES HELD IN THE OMNIBUS INVESTMENT ACCOUNT IN

BANK'S NAME AT THE CUSTODIAN OF THE MMMF ARE NOT DEPOSITS AND ARE NOT ELIGIBLE FOR FDIC INSURANCE. COMPANY IS THE OWNER OF ITS MMMF SHARES.

ALLSPRING GOVERNMENT FUND SELECT CLS
Transaction Detail
Date Description Amount
4-01-2025 Beginning Balance 120,959,408.00
4-01-2025 Sweep Funds Return To DDA 319,202.95
4-02-2025 Sweep Funds Return To DDA 1,271,977.49
4-03-2025 Next Day Sweep Purchase 431,821.10
4-04-2025 Sweep Funds Return To DDA 1,304,563.21
4-07-2025 Sweep Funds Return To DDA 384,858.57
4-08-2025 Sweep Funds Return To DDA 6,213,916.06
4-09-2025 Sweep Funds Return To DDA 190,944.94
4-10-2025 Next Day Sweep Purchase 34,192.34
4-11-2025 Next Day Sweep Purchase 98,603.08
4-14-2025 Sweep Funds Return To DDA 82,044.21
4-15-2025 Next Day Sweep Purchase 1,851,185.65
4-16-2025 Next Day Sweep Purchase 342,027.17
4-17-2025 Sweep Funds Return To DDA 440,953.21
4-21-2025 Next Day Sweep Purchase 39,789.66
4-21-2025 Sweep Funds Return To DDA 328,864.74
4-22-2025 Sweep Funds Return To DDA 1,426,626.11
4-23-2025 Sweep Funds Return To DDA 38,549.75
4-24-2025 Next Day Sweep Purchase 770,494.38
4-25-2025 Next Day Sweep Purchase 3,736,995.84
4-28-2025 Sweep Funds Return To DDA 232,243.66
4-29-2025 Sweep Funds Return To DDA 140,304.34
4-30-2025 Sweep Funds Return To DDA 1,593,100.95
4-30-2025 Ending Balance 114,296,367.03
Daily Balance Information
Date Investment Balance Annualized Fund Yield Daily Dividend Factor Daily Accrual 04-01 120,640,205.05 4.277 % .000117199 14,138.91
04-02 119,368,227.56 4.271 % .000117022 13,968.71

Page 1 of 2 ends

CITY OF MURRIETA

GENERAL OPERATING ACCOUNT
1 TOWN SQ
MURRIETA CA 92562-7922
Account Number - DDA

FUND SUMMARY
Dividends Earned YTD 1,655,311.83
Federal Withholding YTD .00
7-Day Simple Yield 4.26189 %
Federal Withholding .00
Beginning Balance 120,959,408.00
Shares Purchased 7,305,109.22 +
Shares Redeemed 13,968,150.19 -
Ending Balance 114,296,367.03
Prior Month Dividends Paid to Checking 441,006.17
Dividends Earned in Current Month 401,538.79
Funds Pending Investment 137,054.10
181

STAGECOACH SWEEP
Date Investment Balance Annualized Fund Yield Daily Dividend Factor Daily Accrual 04-03 119,800,048.66 4.268 % .000116955 14,011.21
04-04 118,495,485.45 4.270 % .000116997 13,863.62
04-05* 118,110,626.88 4.270 % .000116997 13,818.59
04-06* 118,110,626.88 4.270 % .000116997 13,818.59
04-07 118,110,626.88 4.254 % .000116559 13,766.86
04-08 111,896,710.82 4.273 % .000117076 13,100.42
04-09 111,705,765.88 4.296 % .000117699 13,147.66
04-10 111,739,958.22 4.282 % .000117340 13,111.57
04-11 111,838,561.30 4.261 % .000116763 13,058.61
04-12* 111,756,517.09 4.261 % .000116763 13,049.03
04-13* 111,756,517.09 4.261 % .000116763 13,049.03
04-14 111,756,517.09 4.254 % .000116552 13,025.45
04-15 113,607,702.74 4.266 % .000116881 13,278.58
04-16 113,949,729.91 4.256 % .000116607 13,287.34
04-17 113,508,776.70 4.249 % .000116414 13,214.01
04-18* 113,508,776.70 4.249 % .000116414 13,214.01
04-19* 113,219,701.62 4.249 % .000116414 13,180.36
04-20* 113,219,701.62 4.249 % .000116414 13,180.36
04-21 113,219,701.62 4.248 % .000116391 13,177.75
04-22 111,793,075.51 4.245 % .000116324 13,004.22
04-23 111,754,525.76 4.232 % .000115954 12,958.38
04-24 112,525,020.14 4.232 % .000115958 13,048.18
04-25 116,262,015.98 4.246 % .000116346 13,526.62
04-26* 116,029,772.32 4.246 % .000116346 13,499.60
04-27* 116,029,772.32 4.246 % .000116346 13,499.60
04-28 116,029,772.32 4.267 % .000116913 13,565.39
04-29 115,889,467.98 4.272 % .000117041 13,563.82
04-30 114,296,367.03 4.283 % .000117347 13,412.34
TOTAL MTD 401,538.82
* Indicates non-business day
THANK YOU FOR BANKING WITH WELLS FARGO.

MONEY MARKET MUTUAL FUNDS (EACH, A "MMMF") ARE NOT FDIC INSURED, HAVE NO BANK GUARANTY AND MAY LOSE VALUE.

This material must be accompanied or preceded by a current prospectus for name of the Fund(s) selected. Please read the prospectus carefully before investing.
04/01/2025 - 04/30/2025

Page 2 of 2 ends

Account Number - DDA
182

STAGECOACH SWEEP
WELLS FARGO BANK, N.A.

THIS STATEMENT COVERS 05/01/2025 THROUGH 05/31/2025

FUNDS HELD ON COMPANY'S BEHALF IN THE OMNIBUS DEPOSIT ACCOUNT AT BANK ARE

DEPOSITS AND ARE ELIGIBLE FOR FDIC INSURANCE IN ACCORDANCE WITH FDIC RULES AND LIMITS. COMPANY'S MMMF SHARES HELD IN THE OMNIBUS INVESTMENT ACCOUNT IN

BANK'S NAME AT THE CUSTODIAN OF THE MMMF ARE NOT DEPOSITS AND ARE NOT ELIGIBLE FOR FDIC INSURANCE. COMPANY IS THE OWNER OF ITS MMMF SHARES.

ALLSPRING GOVERNMENT FUND SELECT CLS
Transaction Detail
Date Description Amount
5-01-2025 Beginning Balance 114,296,367.03
5-01-2025 Next Day Sweep Purchase 137,054.10
5-02-2025 Next Day Sweep Purchase 409,178.98
5-05-2025 Sweep Funds Return To DDA 673,779.16
5-06-2025 Sweep Funds Return To DDA 303,878.47
5-07-2025 Sweep Funds Return To DDA 86,172.75
5-08-2025 Next Day Sweep Purchase 196,803.91
5-09-2025 Next Day Sweep Purchase 235,979.98
5-12-2025 Sweep Funds Return To DDA 200,887.92
5-13-2025 Next Day Sweep Purchase 63,601.17
5-14-2025 Sweep Funds Return To DDA 2,458,467.28
5-15-2025 Next Day Sweep Purchase 197,408.91
5-16-2025 Sweep Funds Return To DDA 36,824.16
5-19-2025 Sweep Funds Return To DDA 289,897.68
5-20-2025 Sweep Funds Return To DDA 635,309.92
5-21-2025 Sweep Funds Return To DDA 946,074.45
5-22-2025 Next Day Sweep Purchase 377,194.70
5-23-2025 Next Day Sweep Purchase 232,522.61
5-27-2025 Next Day Sweep Purchase 18,471,216.59
5-28-2025 Next Day Sweep Purchase 4,885,924.77
5-29-2025 Sweep Funds Return To DDA 1,666,598.43
5-30-2025 Sweep Funds Return To DDA 35,410.35
5-31-2025 Ending Balance 132,169,952.18
Daily Balance Information
Date Investment Balance Annualized Fund Yield Daily Dividend Factor Daily Accrual 05-01 114,433,421.13 4.270 % .000117009 13,389.74
05-02 114,842,600.11 4.260 % .000116730 13,405.58
05-03* 114,168,820.95 4.260 % .000116730 13,326.93

Page 1 of 2 ends

CITY OF MURRIETA

GENERAL OPERATING ACCOUNT
1 TOWN SQ
MURRIETA CA 92562-7922
Account Number - DDA

FUND SUMMARY
Dividends Earned YTD 2,070,840.59
Federal Withholding YTD .00
7-Day Simple Yield 4.24119 %
Federal Withholding .00
Beginning Balance 114,296,367.03
Shares Purchased 25,206,885.72 +
Shares Redeemed 7,333,300.57 -
Ending Balance 132,169,952.18
Prior Month Dividends Paid to Checking 401,538.79
Dividends Earned in Current Month 415,528.76
Funds Pending Redemption 348,157.25-
183

STAGECOACH SWEEP
Date Investment Balance Annualized Fund Yield Daily Dividend Factor Daily Accrual 05-04* 114,168,820.95 4.260 % .000116730 13,326.93
05-05 114,168,820.95 4.246 % .000116333 13,281.60
05-06 113,864,942.48 4.240 % .000116166 13,227.23
05-07 113,778,769.73 4.231 % .000115941 13,191.62
05-08 113,975,573.64 4.224 % .000115743 13,191.87
05-09 114,211,553.62 4.220 % .000115617 13,204.80
05-10* 114,010,665.70 4.220 % .000115617 13,181.57
05-11* 114,010,665.70 4.220 % .000115617 13,181.57
05-12 114,010,665.70 4.219 % .000115606 13,180.32
05-13 114,074,266.87 4.228 % .000115860 13,216.64
05-14 111,615,799.59 4.228 % .000115844 12,930.02
05-15 111,813,208.50 4.224 % .000115743 12,941.60
05-16 111,776,384.34 4.225 % .000115765 12,939.79
05-17* 111,486,486.66 4.225 % .000115765 12,906.23
05-18* 111,486,486.66 4.225 % .000115765 12,906.23
05-19 111,486,486.66 4.221 % .000115664 12,894.97
05-20 110,851,176.74 4.215 % .000115506 12,803.98
05-21 109,905,102.29 4.207 % .000115285 12,670.41
05-22 110,282,296.99 4.205 % .000115216 12,706.29
05-23 110,514,819.60 4.206 % .000115258 12,737.72
05-24* 110,514,819.60 4.206 % .000115258 12,737.72
05-25* 110,514,819.60 4.206 % .000115258 12,737.72
05-26* 110,514,819.60 4.206 % .000115258 12,737.72
05-27 128,986,036.19 4.223 % .000115718 14,926.01
05-28 133,871,960.96 4.239 % .000116152 15,549.50
05-29 132,205,362.53 4.243 % .000116258 15,369.93
05-30 132,169,952.18 4.248 % .000116392 15,383.53
05-31* 131,821,794.93 4.248 % .000116392 15,343.00
TOTAL MTD 415,528.77
* Indicates non-business day
THANK YOU FOR BANKING WITH WELLS FARGO.

MONEY MARKET MUTUAL FUNDS (EACH, A "MMMF") ARE NOT FDIC INSURED, HAVE NO BANK GUARANTY AND MAY LOSE VALUE.

This material must be accompanied or preceded by a current prospectus for name of the Fund(s) selected. Please read the prospectus carefully before investing.
05/01/2025 - 05/31/2025

Page 2 of 2 ends

Account Number - DDA
184

STAGECOACH SWEEP
WELLS FARGO BANK, N.A.

THIS STATEMENT COVERS 06/01/2025 THROUGH 06/30/2025

FUNDS HELD ON COMPANY'S BEHALF IN THE OMNIBUS DEPOSIT ACCOUNT AT BANK ARE

DEPOSITS AND ARE ELIGIBLE FOR FDIC INSURANCE IN ACCORDANCE WITH FDIC RULES AND LIMITS. COMPANY'S MMMF SHARES HELD IN THE OMNIBUS INVESTMENT ACCOUNT IN

BANK'S NAME AT THE CUSTODIAN OF THE MMMF ARE NOT DEPOSITS AND ARE NOT ELIGIBLE FOR FDIC INSURANCE. COMPANY IS THE OWNER OF ITS MMMF SHARES.

ALLSPRING GOVERNMENT FUND SELECT CLS
Transaction Detail
Date Description Amount
6-01-2025 Beginning Balance 132,169,952.18
6-02-2025 Sweep Funds Return To DDA 348,157.25
6-03-2025 Next Day Sweep Purchase 208,882.47
6-04-2025 Sweep Funds Return To DDA 59,447.98
6-05-2025 Next Day Sweep Purchase 65,932.73
6-06-2025 Next Day Sweep Purchase 3,420,699.57
6-09-2025 Sweep Funds Return To DDA 280,991.91
6-10-2025 Sweep Funds Return To DDA 1,787,938.75
6-11-2025 Sweep Funds Return To DDA 537,826.60
6-12-2025 Sweep Funds Return To DDA 2,046,081.28
6-13-2025 Sweep Funds Return To DDA 216,014.96
6-16-2025 Next Day Sweep Purchase 2,431,221.40
6-17-2025 Sweep Funds Return To DDA 2,170,613.43
6-18-2025 Sweep Funds Return To DDA 1,905,349.47
6-20-2025 Next Day Sweep Purchase 188,235.77
6-23-2025 Next Day Sweep Purchase 5,818,026.32
6-24-2025 Next Day Sweep Purchase 5,849,974.84
6-25-2025 Sweep Funds Return To DDA 4,686,048.46
6-26-2025 Sweep Funds Return To DDA 1,831,653.99
6-27-2025 Sweep Funds Return To DDA 397,649.38
6-30-2025 Next Day Sweep Purchase 53,167.53
6-30-2025 Ending Balance 133,938,319.35
Daily Balance Information
Date Investment Balance Annualized Fund Yield Daily Dividend Factor Daily Accrual 06-01* 131,821,794.93 4.248 % .000116392 15,343.00
06-02 131,821,794.93 4.236 % .000116075 15,301.21
06-03 132,030,677.40 4.228 % .000115838 15,294.17
06-04 131,971,229.42 4.212 % .000115402 15,229.74

Page 1 of 2 ends

CITY OF MURRIETA

GENERAL OPERATING ACCOUNT
1 TOWN SQ
MURRIETA CA 92562-7922
Account Number - DDA

MONEY MARKET MUTUAL FUNDS (EACH, A "MMMF") ARE NOT FDIC INSURED, HAVE NO BANK GUARANTY AND MAY LOSE VALUE.

This material must be accompanied or preceded by a current prospectus for name of the Fund(s) selected. Please read the prospectus carefully before investing.
06/01/2025 - 06/30/2025

Page 2 of 2 ends

Account Number - DDA
186
CSD/LLD, 2.91%Development Impact Funds, 20.78%Fire, 2.01%General Fund, 27.35%Grant Funding, 1.64%Housing Authority, 0.56%ISF, 4.58%Library, 0.56%Measure A/Gas Tax, 8.71%Measure T, 18.99%Misc, 6.83%Trust Accounts / Custodial Accounts, 5.09%TOTAL PORTFOLIO AS OF JUNE 30, 2025 187

CITY OF MURRIETA
City Council Meeting Agenda
Report
8/19/2025
Agenda Item No. 6.

TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: Diego Chavez, Administrative Services Director
PREPARED BY: Michelle Tamez, Human Resources Analyst
SUBJECT:

Amending and Restating the Comprehensive Pay Schedule Fiscal Year 2025/26

RECOMMENDATION
Adopt Resolution No. 25-4880 entitled: A Resolution of the City Council of the City of Murrieta, California, Amending and Restating the Comprehensive Pay Schedule for Fiscal Year 2025/26.

PRIOR ACTION/VOTE
On June 17, 2025, the City Council adopted Resolution No. 25-4844, approving the Comprehensive Pay Schedule for Fiscal Year 2025/26 (Vote: 5-0).

CITY COUNCIL GOAL
Maintain a high performing organization that values fiscal sustainability, transparency, accountability and organizational efficiency.

DISCUSSION
The City of Murrieta (City) maintains a Comprehensive Pay Schedule (Pay Schedule) that is regularly presented to the City Council for review and consideration. Employees of the City receive a rate of pay within the established pay range for their job classification. The Pay Schedule is maintained in compliance with State regulations and is intended to ensure transparency and consistency when reporting compensation for City employees to the California Public Employees Retirement System (CalPERS).

The Pay Schedule is also intended to satisfy the requirements of the Public Employees Retirement Law and California Code of Regulations (CCR) at 2 CCR 570.5 that public agencies contracting with CalPERS adopt a “PubliclyAvailable Pay Schedule”for purposes of determining an employee’s“compensationearnable,”which is used to calculate retirement benefits.

The positions listed in the Pay Schedule may not necessarily be budgeted or funded in any given fiscal year.

The City Council authorizes and funds specific positions during the adoption of the biennial budget and CITY OF MURRIETA Printed on 8/14/2025Page 1 of 2
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188
8/19/2025
Agenda Item No. 6.
ongoing budget updates.

According to the City’sPersonnel Rules (Resolution No. 91-64), the City Manager recommends adjustments to the Pay Schedule as salaries are adjusted and negotiated, and job classifications are created or revised. The proposed Resolution No. 25-4880 (Attachment 1) amends and restates the Pay Schedule for Fiscal Year 2025/26 previously adopted under Resolution No. 25-4844. The changes to the Pay Schedule are described in more detail below.

If the proposed resolution is adopted, a compensation range will be added for the new classification of Capital Projects Program Manager, as recommended by the City Manager in conjunction with the formation of the newly established Municipal Services Department. This new classification will replace the previously authorized Senior Program Manager position, so no additional funding is required. The salary range for this position would be effective August 19, 2025. A revised Schedule of Authorized Positions for Fiscal Year 2025/26, reflecting this change, will be brought back to the City Council as part of the Fiscal Year 2025/26 Q1 Budget Report.

FISCAL IMPACT
There is no fiscal impact associated with amending the Pay Schedule. All required funding was included in the Operating Budget for Fiscal Year 2025/26.

ATTACHMENTS

1. Resolution No. 25-4880
CITY OF MURRIETA Printed on 8/14/2025Page 2 of 2
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189
RESOLUTION NO. 25-4880

A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF

MURRIETA, CALIFORNIA , AMENDING AND RESTATING THE
COMPREHENSIVE PAY SCHEDULE FOR FISCAL YEAR 2025/26

WHEREAS, each fiscal year , the City Council of the City of Murrieta (City) adopts a new Comprehensive Pay Schedule (Pay Schedule), a document that includes a list of employment classifications for the City and their corresponding compensation ranges; and

WHEREAS, the City, through negotiations with various employee bargaining groups, has established corresponding Memoranda of Understanding, which are in full force and effect, and has similarly established a Compensation Plan for Management, Professional, and Confidential employees and an employment agreement with the City Manager; and

WHEREAS, the California Public Employees’ Retirement System (CalPERS) limits “compensation earnable” for retirement purposes to amounts listed on a pay schedule meeting requirements set forth in section 570.5 of title 2 of the California Code of Regulations, including that government agency employers provide and make available to the public the compensation of all full-time, part-time employees and elected officials; and

WHEREAS, Section 36506 of the California Government Code requires that the City Council of the City fix compensation of all appointive officers and employees by resolution or ordinance; and

WHEREAS, the City previously compiled the necessary compensation data to establish a Comprehensive Pay Schedule for Fiscal Year 2025/26 (FY 25/26 Pay Schedule), which was adopted pursuant to City Council Resolution No. 25-4844 on June 17, 2025; and

WHEREAS, the City desires to amend and restate the compensation in the FY 25/26 Pay Schedule, as shown in the document attached hereto as Exhibit A, in comp liance with the requirements of CalPERS; and

WHEREAS, the amended and restated Pay Schedule includes the addition of a compensation range for the new classification of Capital Projects Program Manager .

NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF MURRIETA, CALIFORNIA, DOES HEREBY RESOLVE AS FOLLOWS:

Section 1. That the amended and restated FY 25/26 Pay Schedule attached hereto as Exhibit A, is adopted and shall be effective August 19, 2025. Compensation ranges for individual classifications shall become effective on the “start date” specified for each classification within the amended and restated FY 25/26 Pay Schedule.

PASSED, APPROVED, AND ADOPTED this 19th day of August 2025, by the City Council of the City of Murrieta, State of California.
190
Resolution No. 25-4880

Page 2 of 2 ends

Cindy Warren, Mayor

ATTEST:

Cristal McDonald, City Clerk

APPROVED AS TO FORM:

Tiffany Israel, City Attorney

STATE OF CALIFORNIA )

COUNTY OF RIVERSIDE )

CITY OF MURRIETA )

I, Cristal McDonald, City Clerk of the City of Murrieta, California, do hereby certify that the foregoing Resolution No. 2 5-4880 was duly adopted by the City Council of the City of Murrieta at the regular meeting thereof, held on the 19th day of August, 2025, and was signed by the mayor of the said City, and that the same was passed and adopted by the following vote:

AYES:

NOES:

ABSENT:

ABSTAIN:

Cristal McDonald, City Clerk
191

City of Murrieta
Comprehensive Pay Schedule
August 19, 2025

192
Full\Dept HeadsReport Run Date: 07/24/2025

ACCOUNTANT AT-WILL A
Start Date Hourly AnnualMonthlyStep
6,672.2838.4939506/29/25A 80,067.41
7,005.8940.4186406/29/25B 84,070.77
7,356.1942.4395806/29/25C 88,274.32
7,724.0044.5615506/29/25D 92,688.02
8,110.2046.7896306/29/25E 97,322.43

ACCOUNTANT TRAINEE A
Start Date Hourly AnnualMonthlyStep
6,126.3635.3444406/29/25A 73,516.43
6,432.6837.1116606/29/25B 77,192.25
6,754.3238.9672506/29/25C 81,051.88
7,092.0340.9156106/29/25D 85,104.46
7,446.6442.9613906/29/25E 89,359.69

ACCOUNTING ASSISTANT A
Start Date Hourly AnnualMonthlyStep
4,426.0925.5351906/29/25A 53,113.19
4,647.4026.8119506/29/25B 55,768.85
4,879.7728.1525506/29/25C 58,557.30
5,123.7629.5601706/29/25D 61,485.15
5,379.9531.0381806/29/25E 64,559.41

ACCOUNTING MANAGER
Start Date Hourly AnnualMonthlyStep
11,990.0069.1730606/29/25MX 143,879.96
9,864.1956.9088306/29/25MN 118,370.36

ACCOUNTING SPECIALIST A
Start Date Hourly AnnualMonthlyStep
4,890.1128.2121806/29/25A 58,681.33
5,134.6129.6227906/29/25B 61,615.40
5,391.3431.1039306/29/25C 64,696.17
5,660.9132.6591206/29/25D 67,930.96
5,943.9634.2920806/29/25E 71,327.52

ACCOUNTING SUPERVISOR A
Start Date Hourly AnnualMonthlyStep
7,968.1245.9699806/29/25A 95,617.55
8,366.5348.2684806/29/25B 100,398.43
8,784.8650.6819106/29/25C 105,418.37
9,224.1053.2160006/29/25D 110,689.28
9,685.3155.8768006/29/25E 116,223.74

ACCOUNTING TECH AT WILL A
Start Date Hourly AnnualMonthlyStep
5,817.1433.5604506/29/25A 69,805.73
193
Full\Dept HeadsReport Run Date: 07/24/2025
6,108.0035.2384706/29/25B 73,296.01
6,413.4037.0004006/29/25C 76,960.83
6,734.0738.8504206/29/25D 80,808.87
7,070.7740.7929406/29/25E 84,849.31

ADMIN SERVICES DIRECTOR A
Start Date Hourly AnnualMonthlyStep
25,071.18144.6414506/29/25MX 300,854.21
19,420.12112.0392006/29/25MN 233,041.53

ADMINISTRATIVE ASSISTANT A
Start Date Hourly AnnualMonthlyStep
5,817.1433.5604506/29/25A 69,805.73
6,108.0035.2384706/29/25B 73,296.01
6,413.4037.0004006/29/25C 76,960.83
6,734.0738.8504206/29/25D 80,808.87
7,070.7740.7929406/29/25E 84,849.31

ADMINISTRATIVE FIRE ENGINEER
Start Date Hourly AnnualMonthlyStep
9,890.7257.0618707/13/25A 118,688.68
10,385.2659.9149707/13/25B 124,623.13
10,904.5262.9107207/13/25C 130,854.29
11,449.7566.0562507/13/25D 137,397.00
12,022.2369.3590607/13/25E 144,266.84

ADMINISTRATIVE MANAGER A
Start Date Hourly AnnualMonthlyStep
11,815.8868.1685406/29/25MX 141,790.56
9,720.9556.0824306/29/25MN 116,651.45

ASSISTANT CITY CLERK
Start Date Hourly AnnualMonthlyStep
7,968.1245.9699806/29/25A 95,617.55
8,366.5348.2684806/29/25B 100,398.43
8,784.8650.6819106/29/25C 105,418.37
9,224.1053.2160006/29/25D 110,689.28
9,685.3155.8768006/29/25E 116,223.74

ASSISTANT CITY MANAGER A
Start Date Hourly AnnualMonthlyStep
27,640.98159.4672006/29/25MX 331,691.77
21,657.69124.9482506/29/25MN 259,892.36

ASSISTANT MANAGEMENT ANALYST A
Start Date Hourly AnnualMonthlyStep
8,721.7650.3178806/29/25MX 104,661.19
6,261.7436.1254606/29/25MN 75,140.95

ASSISTANT PLANNER A
194
Full\Dept HeadsReport Run Date: 07/24/2025
Start Date Hourly AnnualMonthlyStep
6,356.9436.6747106/29/25A 76,283.39
6,674.7938.5084406/29/25B 80,097.55
7,008.5340.4338606/29/25C 84,102.42
7,358.9642.4555606/29/25D 88,307.56
7,726.9144.5783406/29/25E 92,722.94

ASSISTANT TO THE CITY MANAGER A
Start Date Hourly AnnualMonthlyStep
10,256.7959.1738306/29/25A 123,081.56
10,769.6362.1325206/29/25B 129,235.64
11,308.1165.2391506/29/25C 135,697.43
11,873.5268.5011006/29/25D 142,482.28
12,467.2071.9261606/29/25E 149,606.41

ASSOCIATE CIVIL ENGINEER A
Start Date Hourly AnnualMonthlyStep
8,604.5449.6416306/29/25A 103,254.59
9,034.7752.1237106/29/25B 108,417.31
9,486.5154.7298906/29/25C 113,838.17
9,960.8457.4663906/29/25D 119,530.09
10,458.8860.3397106/29/25E 125,506.59

ASSOCIATE PLANNER A
Start Date Hourly AnnualMonthlyStep
7,527.0343.4252006/29/25A 90,324.41
7,903.3845.5964606/29/25B 94,840.63
8,298.5547.8762906/29/25C 99,582.68
8,713.4850.2701006/29/25D 104,561.80
9,149.1552.7836106/29/25E 109,789.90

AUDIO VISUAL TECHNICIAN A
Start Date Hourly AnnualMonthlyStep
5,817.1433.5604506/29/25A 69,805.73
6,108.0035.2384706/29/25B 73,296.01
6,413.4037.0004006/29/25C 76,960.83
6,734.0738.8504206/29/25D 80,808.87
7,070.7740.7929406/29/25E 84,849.31

BUILDING INSPECTION SUPERVISOR A
Start Date Hourly AnnualMonthlyStep
7,873.3245.4230506/29/25A 94,479.94
8,267.0047.6942106/29/25B 99,203.95
8,680.3450.0789206/29/25C 104,164.15
9,114.3652.5828606/29/25D 109,372.34
9,570.0855.2120006/29/25E 114,840.96

BUILDING INSPECTOR I A
Start Date Hourly AnnualMonthlyStep
195
Full\Dept HeadsReport Run Date: 07/24/2025
4,873.3828.1156706/29/25A 58,480.59
5,117.0529.5214506/29/25B 61,404.61
5,372.9030.9975206/29/25C 64,474.84
5,641.5432.5474006/29/25D 67,698.59
5,923.6234.1747706/29/25E 71,083.52

BUILDING INSPECTOR II A
Start Date Hourly AnnualMonthlyStep
6,217.0935.8678306/29/25A 74,605.08
6,527.9437.6612206/29/25B 78,335.33
6,854.3439.5442806/29/25C 82,252.10
7,197.0641.5215006/29/25D 86,364.72
7,556.9143.5975706/29/25E 90,682.94

BUILDING INSPECTOR III A
Start Date Hourly AnnualMonthlyStep
6,846.3739.4983106/29/25A 82,156.48
7,188.6941.4732206/29/25B 86,264.29
7,548.1243.5468806/29/25C 90,577.51
7,925.5345.7242306/29/25D 95,106.39
8,321.8048.0104406/29/25E 99,861.71

BUILDING OFFICIAL A
Start Date Hourly AnnualMonthlyStep
15,371.8688.6838106/29/25MX 184,462.32
12,646.4672.9604006/29/25MN 151,757.63

BUILDING SAFETY MANAGER
Start Date Hourly AnnualMonthlyStep
12,370.0271.3655206/29/25MX 148,440.28
10,176.8458.7125806/29/25MN 122,122.16

CAD/RMS ADMINISTRATOR A
Start Date Hourly AnnualMonthlyStep
8,104.3246.7557106/29/25A 97,251.87
8,509.5349.0934906/29/25B 102,114.45
8,935.0151.5481706/29/25C 107,220.19
9,381.7654.1255706/29/25D 112,581.18
9,850.8556.8318506/29/25E 118,210.24

CAPITAL PROJECTS PROGRAM MANAGER A
Start Date Hourly AnnualMonthlyStep
12,002.9769.2479108/19/25M 144,035.65
9,874.8756.9704308/19/25M 118,498.49

CIRCULATION SUPERVISOR A
Start Date Hourly AnnualMonthlyStep
6,680.5438.5416206/29/25A 80,166.56
7,014.5740.4687006/29/25B 84,174.89
196
Full\Dept HeadsReport Run Date: 07/24/2025
7,365.3042.4921406/29/25C 88,383.65
7,733.5644.6167406/29/25D 92,802.81
8,120.2446.8475806/29/25E 97,442.96

CITY CLERK A
Start Date Hourly AnnualMonthlyStep
25,071.18144.6414506/29/25MX 300,854.21
18,358.60105.9150006/29/25MN 220,303.20

CITY ENGINEER
Start Date Hourly AnnualMonthlyStep
16,048.2292.5859206/29/25MX 192,578.71
13,202.9176.1706606/29/25MN 158,434.97

CITY MANAGER A
Start Date Hourly AnnualMonthlyStep
29,216.44168.5564106/29/25MX 350,597.33

0.000.0000006/29/25MN 0.00

CITY PLANNER A
Start Date Hourly AnnualMonthlyStep
15,371.8688.6838106/29/25MX 184,462.32
12,646.4672.9604006/29/25MN 151,757.63

CIVIL ENGINEERING ASSISTANT A
Start Date Hourly AnnualMonthlyStep
6,601.2038.0838706/29/25A 79,214.44
6,931.2639.9880606/29/25B 83,175.16
7,277.8241.9874706/29/25C 87,333.93
7,641.7144.0868406/29/25D 91,700.62
8,023.8046.2911806/29/25E 96,285.65

CODE ENFORCEMENT MANAGER A
Start Date Hourly AnnualMonthlyStep
13,311.4576.7968806/29/25MX 159,737.51
10,357.4059.7542806/29/25MN 124,288.90

CODE ENFORCEMENT OFFICER I A
Start Date Hourly AnnualMonthlyStep
5,927.7734.1986906/29/25A 71,133.27
6,224.1635.9086206/29/25B 74,689.92
6,535.3637.7040506/29/25C 78,424.42
6,862.1339.5892606/29/25D 82,345.66
7,205.2441.5687206/29/25E 86,462.93

CODE ENFORCEMENT OFFICER II A
Start Date Hourly AnnualMonthlyStep
6,553.0037.8057806/29/25A 78,636.02
6,880.6539.6960706/29/25B 82,567.82
7,224.6841.6808806/29/25C 86,696.23
197
Full\Dept HeadsReport Run Date: 07/24/2025
7,585.9143.7649206/29/25D 91,031.03
7,965.2145.9531706/29/25E 95,582.59

CODE ENFORCEMENT SUPERVISOR A
Start Date Hourly AnnualMonthlyStep
7,853.6345.3094306/29/25A 94,243.61
8,246.3147.5749006/29/25B 98,955.79
8,658.6349.9536506/29/25C 103,903.59
9,091.5652.4513306/29/25D 109,098.76
9,546.1455.0738906/29/25E 114,553.69
COMM. RISK/DISASTER PREP ADMIN
Start Date Hourly AnnualMonthlyStep
6,846.3739.4983106/29/25A 82,156.48
7,188.6941.4732206/29/25B 86,264.29
7,548.1243.5468806/29/25C 90,577.51
7,925.5345.7242306/29/25D 95,106.39
8,321.8048.0104406/29/25E 99,861.71

COMMUNICATIONS SPECIALIST A
Start Date Hourly AnnualMonthlyStep
6,108.0035.2384806/29/25A 73,296.03
6,413.4037.0004106/29/25B 76,960.85
6,734.0738.8504306/29/25C 80,808.89
7,070.7740.7929506/29/25D 84,849.33
7,424.3142.8326006/29/25E 89,091.80

COMMUNITY SERVICE MANAGER
Start Date Hourly AnnualMonthlyStep
10,347.6459.6979506/29/25MX 124,171.73
8,513.0349.1136706/29/25MN 102,156.43

COMMUNITY SERVICES OFFICER I
Start Date Hourly AnnualMonthlyStep
4,606.6526.5768706/29/25A 55,279.88
4,836.9827.9057106/29/25B 58,043.87
5,078.8429.3010006/29/25C 60,946.08
5,332.7830.7660506/29/25D 63,993.38
5,599.4232.3043506/29/25E 67,193.04

COMMUNITY SERVICES OFFICER II A
Start Date Hourly AnnualMonthlyStep
5,067.3229.2345406/29/25A 60,807.84
5,320.6830.6962706/29/25B 63,848.24
5,586.7232.2310906/29/25C 67,040.66
5,866.0533.8426406/29/25D 70,392.69
6,159.3635.5347706/29/25E 73,912.32

CRIME ANALYST A
198
Full\Dept HeadsReport Run Date: 07/24/2025
Start Date Hourly AnnualMonthlyStep
6,516.5037.5952406/29/25A 78,198.09
6,842.3339.4750006/29/25B 82,108.00
7,184.4541.4487506/29/25C 86,213.40
7,543.6743.5211906/29/25D 90,524.07
7,920.8545.6972506/29/25E 95,050.28

CRIME/PROPERTY EVID SPECIALIST A
Start Date Hourly AnnualMonthlyStep
5,892.5033.9952006/29/25A 70,710.01
6,187.1235.6949606/29/25B 74,245.51
6,496.4837.4797106/29/25C 77,957.79
6,821.3039.3537006/29/25D 81,855.69
7,162.3741.3213806/29/25E 85,948.47

DEPUTY CITY CLERK A
Start Date Hourly AnnualMonthlyStep
6,710.3338.7134606/29/25A 80,524.00
7,045.8440.6491306/29/25B 84,550.19
7,398.1442.6815906/29/25C 88,777.70
7,768.0444.8156706/29/25D 93,216.59
8,156.4547.0564506/29/25E 97,877.41

DEPUTY CITY MANAGER A
Start Date Hourly AnnualMonthlyStep
26,324.74151.8735206/29/25MX 315,896.92
20,626.02118.9963006/29/25MN 247,512.30
DEPUTY DIR DEV SERV ECON DEV. A
Start Date Hourly AnnualMonthlyStep
17,801.78102.7026006/29/25MX 213,621.40
13,682.0278.9347806/29/25MN 164,184.34

DEPUTY DIR DEV SERVICES
Start Date Hourly AnnualMonthlyStep
17,801.78102.7026006/29/25MX 213,621.40
13,682.0278.9347806/29/25MN 164,184.34

DEPUTY FIRE CHIEF A
Start Date Hourly AnnualMonthlyStep
22,791.98131.4922206/29/25MX 273,503.81
17,857.26103.0227106/29/25MN 214,287.23

DEPUTY FIRE MARSHAL A
Start Date Hourly AnnualMonthlyStep
9,910.3757.1752306/29/25A 118,924.47
10,405.8960.0339906/29/25B 124,870.69
10,926.1863.0356906/29/25C 131,114.23
11,472.4966.1874706/29/25D 137,669.93
199
Full\Dept HeadsReport Run Date: 07/24/2025
12,046.1269.4968506/29/25E 144,553.44

DEPUTY LIBRARY DIRECTOR A
Start Date Hourly AnnualMonthlyStep
17,801.78102.7026006/29/25MX 213,621.40
13,682.0278.9347806/29/25MN 164,184.34

DEVELOPMENT SERVICES DIRECTOR A
Start Date Hourly AnnualMonthlyStep
25,071.18144.6414506/29/25MX 300,854.21
19,420.12112.0392006/29/25MN 233,041.53

DEVELOPMENT SERVICES TECH A
Start Date Hourly AnnualMonthlyStep
5,817.1433.5604506/29/25A 69,805.73
6,108.0035.2384706/29/25B 73,296.01
6,413.4037.0004006/29/25C 76,960.83
6,734.0738.8504206/29/25D 80,808.87
7,070.7740.7929406/29/25E 84,849.31

DIRECTOR OF BUILDING/SAFETY
Start Date Hourly AnnualMonthlyStep
25,071.18144.6414506/29/25MX 300,854.21
19,420.12112.0392006/29/25MN 233,041.53

DIRECTOR OF COMMUNITY SERVICES A
Start Date Hourly AnnualMonthlyStep
25,071.18144.6414506/29/25MX 300,854.21
19,420.12112.0392006/29/25MN 233,041.53

DIRECTOR OF FINANCE A
Start Date Hourly AnnualMonthlyStep
25,071.18144.6414506/29/25MX 300,854.21
19,420.12112.0392006/29/25MN 233,041.53

DIRECTOR OF LIBRARY SERVICES
Start Date Hourly AnnualMonthlyStep
25,071.18144.6414506/29/25MX 300,854.21
19,420.12112.0392006/29/25MN 233,041.53

DIRECTOR OF MUNICIPAL SERVICES A
Start Date Hourly AnnualMonthlyStep
25,071.18144.6414506/29/25MX 300,854.21
19,420.12112.0392006/29/25MN 233,041.53

DIRECTOR OF PW/CITY ENGINEER A
Start Date Hourly AnnualMonthlyStep
25,071.18144.6414506/29/25MX 300,854.21
19,420.12112.0392006/29/25MN 233,041.53

DISASTER PREPAREDNESS COORDINA A
200
Full\Dept HeadsReport Run Date: 07/24/2025
Start Date Hourly AnnualMonthlyStep
8,095.9546.7074606/29/25A 97,151.51
8,500.7549.0428306/29/25B 102,009.08
8,925.7951.4949706/29/25C 107,109.53
9,372.0854.0697206/29/25D 112,465.01
9,840.6856.7732106/29/25E 118,088.27

ECONOMIC DEVELOPMENT DIRECTOR A
Start Date Hourly AnnualMonthlyStep
25,071.18144.6414506/29/25MX 300,854.21
19,420.12112.0392006/29/25MN 233,041.53

ECONOMIC DEVELOPMENT MANGER A
Start Date Hourly AnnualMonthlyStep
9,840.6856.7732106/29/25MX 118,088.27
8,095.9546.7074606/29/25MN 97,151.51

EMERGENCY MED SRVS NURSE COORD A
Start Date Hourly AnnualMonthlyStep
10,579.1061.0332906/29/25A 126,949.24
11,108.0564.0849506/29/25B 133,296.69
11,663.4667.2892006/29/25C 139,961.53
12,246.6370.6536606/29/25D 146,959.61
12,858.9674.1863506/29/25E 154,307.60

EMERGENCY MEDICAL SRV COORD A
Start Date Hourly AnnualMonthlyStep
9,185.1652.9913306/29/25A 110,221.96
9,644.4255.6409006/29/25B 115,733.07
10,126.6458.4229406/29/25C 121,519.71
10,632.9761.3440906/29/25D 127,595.70
11,164.6264.4113006/29/25E 133,975.50

ENGINEERING MANAGER
Start Date Hourly AnnualMonthlyStep
13,576.9678.3286706/29/25MX 162,923.63
11,169.8064.4411806/29/25MN 134,037.65

EXECUTIVE ASSISTANT A
Start Date Hourly AnnualMonthlyStep
6,323.6336.4825206/29/25A 75,883.64
6,639.8138.3066506/29/25B 79,677.83
6,971.8040.2219806/29/25C 83,661.71
7,320.4042.2330806/29/25D 87,844.80
7,686.4244.3447406/29/25E 92,237.05

EXECUTIVE ASSISTANT AT-WILL A
Start Date Hourly AnnualMonthlyStep
6,481.7237.3945806/29/25A 77,780.72
201
Full\Dept HeadsReport Run Date: 07/24/2025
6,805.8139.2643106/29/25B 81,669.76
7,146.1041.2275306/29/25C 85,753.26
7,503.4043.2889006/29/25D 90,040.91
7,878.5845.4533506/29/25E 94,542.96

FINANCE MANAGER A
Start Date Hourly AnnualMonthlyStep
13,623.0078.5942706/29/25MX 163,476.08
11,207.6864.6597006/29/25MN 134,492.17

FINANCIAL ANALYST A
Start Date Hourly AnnualMonthlyStep
7,968.1245.9699806/29/25A 95,617.55
8,366.5348.2684806/29/25B 100,398.43
8,784.8650.6819106/29/25C 105,418.37
9,224.1053.2160006/29/25D 110,689.28
9,685.3155.8768006/29/25E 116,223.74
FIRE BATTALION CHIEF 40 HOUR A
Start Date Hourly AnnualMonthlyStep
14,178.1181.7968307/13/25A 170,137.40
14,887.0285.8866707/13/25B 178,644.27
15,631.3790.1810107/13/25C 187,576.50
16,412.9494.6900607/13/25D 196,955.32
17,233.5999.4245607/13/25E 206,803.08
FIRE BATTALION CHIEF 56 A
Start Date Hourly AnnualMonthlyStep
14,178.6261.7356707/13/25A 170,143.50
14,887.5564.8224507/13/25B 178,650.67
15,631.9368.0635707/13/25C 187,583.19
16,413.5371.4667507/13/25D 196,962.36
17,234.2075.0400907/13/25E 206,810.48
FIRE CAPTAIN (56 HR) A
Start Date Hourly AnnualMonthlyStep
11,018.9147.9778807/13/25A 132,227.03
11,569.8650.3767707/13/25B 138,838.37
12,148.3552.8956107/13/25C 145,780.30
12,755.7755.5403907/13/25D 153,069.31
13,393.5658.3174107/13/25E 160,722.78
FIRE CAPTAIN 40 HOUR A
Start Date Hourly AnnualMonthlyStep
11,642.6367.1690307/13/25A 139,711.58
12,224.7670.5274807/13/25B 146,697.15
12,836.0074.0538507/13/25C 154,032.00
13,477.8077.7565407/13/25D 161,733.60
14,151.6981.6443707/13/25E 169,820.28
202
Full\Dept HeadsReport Run Date: 07/24/2025

FIRE CHIEF A
Start Date Hourly AnnualMonthlyStep
26,324.74151.8735206/29/25MX 315,896.92
20,626.02118.9963006/29/25MN 247,512.30

FIRE DIVISION CHIEF A
Start Date Hourly AnnualMonthlyStep
17,127.9198.8148707/13/25A 205,534.92
17,984.30103.7556107/13/25B 215,811.66
18,883.52108.9433907/13/25C 226,602.25
19,827.69114.3905607/13/25D 237,932.36
20,819.08120.1100907/13/25E 249,828.98
FIRE ENGINEER (56 HR) A
Start Date Hourly AnnualMonthlyStep
9,360.8640.7584807/13/25A 112,330.37
9,828.9042.7964107/13/25B 117,946.90
10,320.3544.9362307/13/25C 123,844.24
10,836.3747.1830407/13/25D 130,036.45
11,378.1849.5421907/13/25E 136,538.27
FIRE ENGINEER 40 HOUR A
Start Date Hourly AnnualMonthlyStep
9,890.7257.0618707/13/25A 118,688.68
10,385.2659.9149707/13/25B 124,623.13
10,904.5262.9107207/13/25C 130,854.29
11,449.7566.0562507/13/25D 137,397.00
12,022.2369.3590607/13/25E 144,266.84

FIRE EQUIPMENT MECHANIC A
Start Date Hourly AnnualMonthlyStep
5,927.7734.1986906/29/25A 71,133.27
6,224.1635.9086206/29/25B 74,689.92
6,535.3637.7040506/29/25C 78,424.42
6,862.1339.5892606/29/25D 82,345.66
7,205.2441.5687206/29/25E 86,462.93

FIRE INSPECTOR A
Start Date Hourly AnnualMonthlyStep
6,834.7239.4310806/29/25A 82,016.64
7,176.4541.4026406/29/25B 86,117.49
7,535.2843.4727706/29/25C 90,423.36
7,912.0445.6464106/29/25D 94,944.53
8,307.6447.9287306/29/25E 99,691.75

FIRE MARSHAL A
Start Date Hourly AnnualMonthlyStep
14,717.1184.9064206/29/25MX 176,605.35
203
Full\Dept HeadsReport Run Date: 07/24/2025
12,107.8069.8527306/29/25MN 145,293.67

FIRE PREVENTION BATTALIONCHIEF A
Start Date Hourly AnnualMonthlyStep
13,345.6476.9940906/29/25A 160,147.70
14,012.9280.8437906/29/25B 168,155.08
14,713.5684.8859806/29/25C 176,562.83
15,449.2489.1302806/29/25D 185,390.98
16,221.7193.5868006/29/25E 194,660.54

FIRE PROGRAM ASSISTANT
Start Date Hourly AnnualMonthlyStep
5,288.3130.5095006/29/25A 63,459.76
5,552.7232.0349806/29/25B 66,632.75
5,830.3633.6367306/29/25C 69,964.39
6,121.8835.3185606/29/25D 73,462.60
6,427.9737.0844906/29/25E 77,135.73

FLEET & FACILITIES MANAGER A
Start Date Hourly AnnualMonthlyStep
12,002.9769.2479106/29/25MX 144,035.65
9,874.8756.9704306/29/25MN 118,498.49

GEOGRAPHIC INFO SYSTEM ANALYST
Start Date Hourly AnnualMonthlyStep
7,479.6543.1518406/29/25A 89,755.82
7,853.6345.3094306/29/25B 94,243.61
8,246.3147.5749006/29/25C 98,955.79
8,658.6349.9536406/29/25D 103,903.57
9,091.5652.4513306/29/25E 109,098.76

GIS TECHNICIAN
Start Date Hourly AnnualMonthlyStep
5,817.1433.5604506/29/25A 69,805.73
6,108.0035.2384706/29/25B 73,296.01
6,413.4037.0004006/29/25C 76,960.83
6,734.0738.8504206/29/25D 80,808.87
7,070.7740.7929406/29/25E 84,849.31

HISTORIAN/ARCHIVIST
Start Date Hourly AnnualMonthlyStep
7,018.9240.4938206/29/25A 84,227.14
7,369.8742.5185106/29/25B 88,438.50
7,738.3644.6444406/29/25C 92,860.43
8,125.2846.8766606/29/25D 97,503.45
8,531.5549.2204906/29/25E 102,378.61

HOMELESS SERVICES MANAGER A
Start Date Hourly AnnualMonthlyStep
204
Full\Dept HeadsReport Run Date: 07/24/2025
10,347.6459.6979506/29/25MX 124,171.73
8,513.0349.1136706/29/25MN 102,156.43

HR DIRECTOR
Start Date Hourly AnnualMonthlyStep
25,071.18144.6414506/29/25MX 300,854.21
19,420.12112.0392006/29/25MN 233,041.53

HUMAN RESOURCES ANALYST A
Start Date Hourly AnnualMonthlyStep
7,968.1245.9699806/29/25A 95,617.55
8,366.5348.2684806/29/25B 100,398.43
8,784.8650.6819106/29/25C 105,418.37
9,224.1053.2160006/29/25D 110,689.28
9,685.3155.8768006/29/25E 116,223.74

HUMAN RESOURCES MANAGER A
Start Date Hourly AnnualMonthlyStep
14,431.6983.2597906/29/25MX 173,180.36
11,872.9968.4980406/29/25MN 142,475.92

HUMAN RESOURCES TECHNICIAN A
Start Date Hourly AnnualMonthlyStep
5,817.1433.5604506/29/25A 69,805.73
6,108.0035.2384706/29/25B 73,296.01
6,413.4037.0004006/29/25C 76,960.83
6,734.0738.8504206/29/25D 80,808.87
7,070.7740.7929406/29/25E 84,849.31

IT ANALYST A
Start Date Hourly AnnualMonthlyStep
7,479.6543.1518406/29/25A 89,755.82
7,853.6345.3094306/29/25B 94,243.61
8,246.3147.5749006/29/25C 98,955.79
8,658.6349.9536406/29/25D 103,903.57
9,091.5652.4513306/29/25E 109,098.76

IT COORDINATOR
Start Date Hourly AnnualMonthlyStep
5,760.3033.2325006/29/25A 69,123.60
6,048.3134.8941206/29/25B 72,579.76
6,350.7336.6388306/29/25C 76,208.76
6,668.2638.4707706/29/25D 80,019.20
7,001.6840.3943106/29/25E 84,020.16

IT MANAGER A
Start Date Hourly AnnualMonthlyStep
13,623.0078.5942706/29/25MX 163,476.08
11,207.6864.6597006/29/25MN 134,492.17
205
Full\Dept HeadsReport Run Date: 07/24/2025

IT PROGRAM ADMINISTRATOR A
Start Date Hourly AnnualMonthlyStep
8,104.3246.7557106/29/25A 97,251.87
8,509.5349.0934906/29/25B 102,114.45
8,935.0151.5481706/29/25C 107,220.19
9,381.7654.1255706/29/25D 112,581.18
9,850.8556.8318506/29/25E 118,210.24

IT SYSTEMS ADMINISTRATOR A
Start Date Hourly AnnualMonthlyStep
8,104.3246.7557106/29/25A 97,251.87
8,509.5349.0934906/29/25B 102,114.45
8,935.0151.5481706/29/25C 107,220.19
9,381.7654.1255706/29/25D 112,581.18
9,850.8556.8318506/29/25E 118,210.24

IT TECHNICIAN I A
Start Date Hourly AnnualMonthlyStep
5,817.1433.5604506/29/25A 69,805.73
6,108.0035.2384706/29/25B 73,296.01
6,413.4037.0004006/29/25C 76,960.83
6,734.0738.8504206/29/25D 80,808.87
7,070.7740.7929406/29/25E 84,849.31

IT TECHNICIAN II A
Start Date Hourly AnnualMonthlyStep
6,452.3037.2248306/29/25A 77,427.64
6,774.9139.0860706/29/25B 81,299.02
7,113.6641.0403706/29/25C 85,363.96
7,469.3443.0923906/29/25D 89,632.17
7,842.8145.2470106/29/25E 94,113.78

JR ENGINEER-CIVIL
Start Date Hourly AnnualMonthlyStep
6,001.0934.6217006/29/25A 72,013.13
6,301.1536.3527906/29/25B 75,613.80
6,616.2038.1704306/29/25C 79,394.49
6,947.0140.0789506/29/25D 83,364.21
7,294.3642.0829006/29/25E 87,532.43

JR PLANNER
Start Date Hourly AnnualMonthlyStep
5,760.3033.2325006/29/25A 69,123.60
6,048.3134.8941206/29/25B 72,579.76
6,350.7336.6388306/29/25C 76,208.76
6,668.2638.4707706/29/25D 80,019.20
7,001.6840.3943106/29/25E 84,020.16

LIBRARIAN I A
206
Full\Dept HeadsReport Run Date: 07/24/2025
Start Date Hourly AnnualMonthlyStep
6,052.1534.9162906/29/25A 72,625.88
6,354.7636.6621106/29/25B 76,257.18
6,672.5038.4952106/29/25C 80,070.03
7,006.1240.4199706/29/25D 84,073.53
7,356.4342.4409706/29/25E 88,277.21

LIBRARIAN II A
Start Date Hourly AnnualMonthlyStep
6,680.5438.5416206/29/25A 80,166.56
7,014.5740.4687006/29/25B 84,174.89
7,365.3042.4921406/29/25C 88,383.65
7,733.5644.6167406/29/25D 92,802.81
8,120.2446.8475806/29/25E 97,442.96

LIBRARY ASSISTANT I A
Start Date Hourly AnnualMonthlyStep
3,787.0321.8482706/29/25A 45,444.40
3,976.3822.9406806/29/25B 47,716.61
4,175.2024.0877206/29/25C 50,102.45
4,383.9625.2921006/29/25D 52,607.56
4,603.1626.5567106/29/25E 55,237.95

LIBRARY ASSISTANT II A
Start Date Hourly AnnualMonthlyStep
4,179.5124.1125706/29/25A 50,154.14
4,388.4825.3181906/29/25B 52,661.83
4,607.9126.5841006/29/25C 55,294.92
4,838.3027.9133006/29/25D 58,059.66
5,080.2229.3089706/29/25E 60,962.65

LIBRARY MANAGER A
Start Date Hourly AnnualMonthlyStep
13,311.4576.7968806/29/25MX 159,737.51
10,357.4059.7542806/29/25MN 124,288.90

LIBRARY SERVICES SUPERVISOR A
Start Date Hourly AnnualMonthlyStep
7,334.7042.3155906/29/25A 88,016.42
7,701.4344.4313706/29/25B 92,417.24
8,086.5046.6529406/29/25C 97,038.11
8,490.8348.9855906/29/25D 101,890.02
8,915.3751.4348706/29/25E 106,984.52

LIBRARY SPECIALIST A
Start Date Hourly AnnualMonthlyStep
4,390.0025.3269706/29/25A 52,680.09
4,609.5026.5933206/29/25B 55,314.10
4,839.9827.9229806/29/25C 58,079.79
207
Full\Dept HeadsReport Run Date: 07/24/2025
5,081.9829.3191306/29/25D 60,983.79
5,336.0830.7850906/29/25E 64,032.98

MAINTENANCE MANAGER A
Start Date Hourly AnnualMonthlyStep
9,874.8756.9704306/29/25A 118,498.49
10,368.6159.8189506/29/25B 124,423.41
10,887.0462.8099006/29/25C 130,644.59
11,431.4065.9503906/29/25D 137,176.81
12,002.9769.2479106/29/25E 144,035.65

MAINTENANCE SUPERVISOR A
Start Date Hourly AnnualMonthlyStep
7,448.0542.9695306/29/25A 89,376.62
7,820.4545.1180006/29/25B 93,845.44
8,211.4747.3739106/29/25C 98,537.73
8,622.0549.7426006/29/25D 103,464.60
9,053.1552.2297306/29/25E 108,637.83

MAINTENANCE WORKER I A
Start Date Hourly AnnualMonthlyStep
4,283.4224.7120606/29/25A 51,401.08
4,497.5925.9476706/29/25B 53,971.15
4,722.4727.2450506/29/25C 56,669.70
4,958.5928.6073006/29/25D 59,503.18
5,206.5230.0376706/29/25E 62,478.35

MAINTENANCE WORKER II A
Start Date Hourly AnnualMonthlyStep
4,501.0025.9673606/29/25A 54,012.10
4,726.0527.2657206/29/25B 56,712.69
4,962.3628.6290106/29/25C 59,548.34
5,210.4730.0604606/29/25D 62,525.75
5,471.0031.5634806/29/25E 65,652.03

MANAGEMENT ANALYST AT-WILL A
Start Date Hourly AnnualMonthlyStep
7,968.1245.9699806/29/25A 95,617.55
8,366.5348.2684806/29/25B 100,398.43
8,784.8650.6819106/29/25C 105,418.37
9,224.1053.2160006/29/25D 110,689.28
9,685.3155.8768006/29/25E 116,223.74

NETWORK SYSTEMS ENGINEER A
Start Date Hourly AnnualMonthlyStep
8,104.3246.7557106/29/25A 97,251.87
8,509.5349.0934906/29/25B 102,114.45
8,935.0151.5481706/29/25C 107,220.19
9,381.7654.1255706/29/25D 112,581.18
208
Full\Dept HeadsReport Run Date: 07/24/2025
9,850.8556.8318506/29/25E 118,210.24

OFFICE ASSISTANT I A
Start Date Hourly AnnualMonthlyStep
4,187.8724.1607906/29/25A 50,254.44
4,397.2625.3688306/29/25B 52,767.16
4,617.1226.6372706/29/25C 55,405.52
4,847.9827.9691306/29/25D 58,175.79
5,090.3829.3675906/29/25E 61,084.58

OFFICE ASSISTANT II A
Start Date Hourly AnnualMonthlyStep
4,606.6526.5768706/29/25A 55,279.88
4,836.9827.9057106/29/25B 58,043.87
5,078.8429.3010006/29/25C 60,946.08
5,332.7830.7660506/29/25D 63,993.38
5,599.4232.3043506/29/25E 67,193.04
PARAMEDIC/FIREFIGHTER (56 HR) A
Start Date Hourly AnnualMonthlyStep
8,688.4537.8307007/13/25A 104,261.40
9,122.8739.7222407/13/25B 109,474.49
9,579.0141.7083507/13/25C 114,948.21
10,057.9643.7937707/13/25D 120,695.63
10,560.8645.9834507/13/25E 126,730.38
PARAMEDIC/FIREFIGHTER/ADMIN 40 A
Start Date Hourly AnnualMonthlyStep
9,180.2452.9629807/13/25A 110,163.00
9,639.2655.6111307/13/25B 115,671.15
10,121.2258.3916907/13/25C 121,454.71
10,627.2861.3112707/13/25D 127,527.44
11,158.6564.3768407/13/25E 133,903.82

PARK RANGER A
Start Date Hourly AnnualMonthlyStep
5,349.2130.8608606/29/25A 64,190.58
5,616.6732.4039006/29/25B 67,400.11
5,897.5134.0241006/29/25C 70,770.12
6,192.3835.7253006/29/25D 74,308.62
6,502.0037.5115706/29/25E 78,024.06

PARKS & COMMUNITY SRVS MANAGER
Start Date Hourly AnnualMonthlyStep
13,311.4576.7968806/29/25MX 159,737.51
10,357.4059.7542806/29/25MN 124,288.90

PARKS & LANDSCAPE INSPECTOR I
Start Date Hourly AnnualMonthlyStep
209
Full\Dept HeadsReport Run Date: 07/24/2025
5,708.0132.9308506/29/25A 68,496.16
5,993.4134.5773906/29/25B 71,920.97
6,293.0836.3062606/29/25C 75,517.02
6,607.7438.1215806/29/25D 79,292.88
6,938.1240.0276606/29/25E 83,257.53

PARKS MAINTENANCE SUPERINTEN
Start Date Hourly AnnualMonthlyStep
8,513.0349.1136506/29/25A 102,156.39
8,938.6851.5693406/29/25B 107,264.22
9,385.6154.1478006/29/25C 112,627.42
9,854.8956.8551906/29/25D 118,258.79
10,347.6459.6979506/29/25E 124,171.73

PLAN REVIEW SUPERVISOR A
Start Date Hourly AnnualMonthlyStep
8,480.3148.9249206/29/25A 101,763.83
8,904.3351.3711606/29/25B 106,852.01
9,349.5553.9397206/29/25C 112,194.61
9,817.0256.6367006/29/25D 117,804.33
10,307.8859.4685406/29/25E 123,694.56

PLANS EXAMINER A
Start Date Hourly AnnualMonthlyStep
7,374.1842.5434006/29/25A 88,490.27
7,742.8944.6705706/29/25B 92,914.78
8,130.0446.9040906/29/25C 97,560.50
8,536.5449.2493006/29/25D 102,438.54
8,963.3751.7117606/29/25E 107,560.46

POLICE AGENT A
Start Date Hourly AnnualMonthlyStep
9,653.9855.6960607/13/25A 115,847.80
10,136.6858.4808707/13/25B 121,640.20
10,643.5161.4049107/13/25C 127,722.21
11,175.6964.4751607/13/25D 134,108.33
11,734.4767.6989107/13/25E 140,813.73

POLICE CAPTAIN A
Start Date Hourly AnnualMonthlyStep
18,450.95106.4477907/13/25A 221,411.40
19,373.49111.7701807/13/25B 232,481.97
20,342.17117.3586907/13/25C 244,106.07
21,359.28123.2266307/13/25D 256,311.39
22,427.24129.3879607/13/25E 269,126.95

POLICE CHIEF A
Start Date Hourly AnnualMonthlyStep
26,324.74151.8735206/29/25MX 315,896.92
210
Full\Dept HeadsReport Run Date: 07/24/2025
20,626.02118.9963006/29/25MN 247,512.30

POLICE CORPORAL A
Start Date Hourly AnnualMonthlyStep
9,653.9855.6960607/13/25A 115,847.80
10,136.6858.4808707/13/25B 121,640.20
10,643.5161.4049107/13/25C 127,722.21
11,175.6964.4751607/13/25D 134,108.33
11,734.4767.6989107/13/25E 140,813.73

POLICE DETECTIVE I A
Start Date Hourly AnnualMonthlyStep
9,653.9855.6960607/13/25A 115,847.80
10,136.6858.4808707/13/25B 121,640.20
10,643.5161.4049107/13/25C 127,722.21
11,175.6964.4751607/13/25D 134,108.33
11,734.4767.6989107/13/25E 140,813.73

POLICE DETECTIVE II A
Start Date Hourly AnnualMonthlyStep
10,136.6858.4808607/13/25A 121,640.18
10,643.5161.4049107/13/25B 127,722.21
11,175.6964.4751507/13/25C 134,108.31
11,734.4767.6989107/13/25D 140,813.73
12,321.2071.0838507/13/25E 147,854.40

POLICE DETECTIVE III A
Start Date Hourly AnnualMonthlyStep
10,643.5161.4049007/13/25A 127,722.19
11,175.6964.4751507/13/25B 134,108.31
11,734.4767.6989107/13/25C 140,813.73
12,321.2071.0838507/13/25D 147,854.40
12,937.2674.6380407/13/25E 155,247.12

POLICE LIEUTENANT A
Start Date Hourly AnnualMonthlyStep
14,456.8083.4046407/13/25A 173,481.65
15,179.6487.5748707/13/25B 182,155.72
15,938.6291.9536107/13/25C 191,263.50
16,735.5596.5512907/13/25D 200,826.68
17,572.33101.3788607/13/25E 210,868.02

POLICE OFFICER A
Start Date Hourly AnnualMonthlyStep
8,754.5350.5069307/13/25A 105,054.41
9,192.2653.0322807/13/25B 110,307.14
9,651.8755.6838907/13/25C 115,822.49
10,134.4658.4680907/13/25D 121,613.62
10,641.1961.3914907/13/25E 127,694.29
211
Full\Dept HeadsReport Run Date: 07/24/2025

POLICE RECORDS SUPERVISOR A
Start Date Hourly AnnualMonthlyStep
6,230.9535.9478106/29/25A 74,771.44
6,542.5037.7452006/29/25B 78,510.01
6,869.6239.6324606/29/25C 82,435.51
7,213.1041.6140806/29/25D 86,557.28
7,573.7643.6947906/29/25E 90,885.16

POLICE RECRUIT A
Start Date Hourly AnnualMonthlyStep
7,361.6042.4708107/13/25A 88,339.28
7,729.6844.5943607/13/25B 92,756.26
8,116.1746.8240707/13/25C 97,394.06
8,521.9849.1652807/13/25D 102,263.78
8,948.0851.6235407/13/25E 107,376.96

POLICE SERGEANT A
Start Date Hourly AnnualMonthlyStep
11,327.2865.3497107/13/25A 135,927.39
11,893.6468.6172007/13/25B 142,723.77
12,488.3372.0480607/13/25C 149,859.96
13,112.7475.6504607/13/25D 157,352.95
13,768.3879.4329807/13/25E 165,220.59

POLICE SERVICES TECHNICIAN I A
Start Date Hourly AnnualMonthlyStep
4,187.8724.1607906/29/25A 50,254.44
4,397.2625.3688306/29/25B 52,767.16
4,617.1226.6372706/29/25C 55,405.52
4,847.9827.9691306/29/25D 58,175.79
5,090.3829.3675906/29/25E 61,084.58

POLICE SERVICES TECHNICIAN II A
Start Date Hourly AnnualMonthlyStep
4,606.6526.5768706/29/25A 55,279.88
4,836.9827.9057106/29/25B 58,043.87
5,078.8429.3010006/29/25C 60,946.08
5,332.7830.7660506/29/25D 63,993.38
5,599.4232.3043506/29/25E 67,193.04

POLICE SUPPORT SVS SUPERVISOR A
Start Date Hourly AnnualMonthlyStep
6,733.8638.8492006/29/25A 80,806.33
7,070.5540.7916606/29/25B 84,846.65
7,424.0842.8312406/29/25C 89,088.97
7,795.2844.9728006/29/25D 93,543.42
8,185.0447.2214406/29/25E 98,220.59
212
Full\Dept HeadsReport Run Date: 07/24/2025

POLICE TRAFFIC INVESTIGATOR I A
Start Date Hourly AnnualMonthlyStep
9,653.9855.6960607/13/25A 115,847.80
10,136.6858.4808707/13/25B 121,640.20
10,643.5161.4049107/13/25C 127,722.21
11,175.6964.4751607/13/25D 134,108.33
11,734.4767.6989107/13/25E 140,813.73

POLICE TRAFFIC INVESTIGATOR II A
Start Date Hourly AnnualMonthlyStep
10,136.6858.4808607/13/25A 121,640.18
10,643.5161.4049107/13/25B 127,722.21
11,175.6964.4751507/13/25C 134,108.31
11,734.4767.6989107/13/25D 140,813.73
12,321.2071.0838507/13/25E 147,854.40

PRINCIPAL CIVIL ENGINEER A
Start Date Hourly AnnualMonthlyStep
13,397.6577.2941506/29/25MX 160,771.83
11,022.2863.5900806/29/25MN 132,267.36

PRINCIPAL LIBRARIAN
Start Date Hourly AnnualMonthlyStep
7,713.9844.5037806/29/25A 92,567.86
8,099.6846.7289706/29/25B 97,196.25
8,504.6749.0654106/29/25C 102,056.05
8,929.9051.5186806/29/25D 107,158.85
9,376.4054.0946206/29/25E 112,516.80

PROPERTY/EVIDENCE TECHNICIAN A
Start Date Hourly AnnualMonthlyStep
4,407.0625.4254006/29/25A 52,884.83
4,627.4226.6966706/29/25B 55,529.07
4,858.7928.0315006/29/25C 58,305.52
5,101.7329.4330806/29/25D 61,220.80
5,356.8130.9047306/29/25E 64,281.83

PUBLIC INFORMATION OFFICER A
Start Date Hourly AnnualMonthlyStep
10,256.7959.1738306/29/25A 123,081.56
10,769.6362.1325206/29/25B 129,235.64
11,308.1165.2391506/29/25C 135,697.43
11,873.5268.5011006/29/25D 142,482.28
12,467.2071.9261606/29/25E 149,606.41

PUBLIC SAFETY COMMUNICATIO MGR A
Start Date Hourly AnnualMonthlyStep
13,623.0078.5942706/29/25MX 163,476.08
213
Full\Dept HeadsReport Run Date: 07/24/2025
11,207.6864.6597006/29/25MN 134,492.17

PUBLIC SAFETY DISPATCH SUPVR A
Start Date Hourly AnnualMonthlyStep
7,734.7844.6237606/29/25A 92,817.42
8,121.5246.8549506/29/25B 97,458.29
8,527.6049.1977006/29/25C 102,331.21
8,953.9851.6575906/29/25D 107,447.78
9,401.6754.2404606/29/25E 112,820.15

PUBLIC SAFETY DISPATCHER I A
Start Date Hourly AnnualMonthlyStep
5,540.0931.9620906/29/25A 66,481.14
5,817.0933.5601906/29/25B 69,805.19
6,107.9535.2382006/29/25C 73,295.45
6,413.3537.0001106/29/25D 76,960.22
6,734.0238.8501206/29/25E 80,808.24

PUBLIC SAFETY DISPATCHER II A
Start Date Hourly AnnualMonthlyStep
6,094.1035.1583206/29/25A 73,129.30
6,398.8136.9162406/29/25B 76,785.77
6,718.7538.7620506/29/25C 80,625.06
7,054.6940.7001506/29/25D 84,656.31
7,407.4242.7351606/29/25E 88,889.13

PUBLIC SAFETY RADIO SYST ADMIN
Start Date Hourly AnnualMonthlyStep
6,733.8638.8492006/29/25A 80,806.33
7,070.5540.7916606/29/25B 84,846.65
7,424.0842.8312406/29/25C 89,088.97
7,795.2844.9728006/29/25D 93,543.42
8,185.0447.2214406/29/25E 98,220.59

PURCHASING & CONTRACTS COORD A
Start Date Hourly AnnualMonthlyStep
5,760.3033.2325006/29/25A 69,123.60
6,048.3134.8941206/29/25B 72,579.76
6,350.7336.6388306/29/25C 76,208.76
6,668.2638.4707706/29/25D 80,019.20
7,001.6840.3943106/29/25E 84,020.16

PURCHASING MANAGER
Start Date Hourly AnnualMonthlyStep
11,405.4065.8004006/29/25MX 136,864.83
9,383.2554.1341506/29/25MN 112,599.03

PW EQUIPMENT OPER/SR MAIN WRKR
Start Date Hourly AnnualMonthlyStep
214
Full\Dept HeadsReport Run Date: 07/24/2025
4,966.5628.6532806/29/25A 59,598.82
5,214.8930.0859406/29/25B 62,578.75
5,475.6431.5902406/29/25C 65,707.69
5,749.4233.1697506/29/25D 68,993.08
6,036.8934.8282406/29/25E 72,442.73

PW INSPECTION SUPERINTENDENT
Start Date Hourly AnnualMonthlyStep
8,513.0349.1136506/29/25A 102,156.39
8,938.6851.5693406/29/25B 107,264.22
9,385.6154.1478006/29/25C 112,627.42
9,854.8956.8551906/29/25D 118,258.79
10,347.6459.6979506/29/25E 124,171.73

PW INSPECTION SUPERVISOR
Start Date Hourly AnnualMonthlyStep
7,161.5841.3168506/29/25A 85,939.04
7,519.6643.3827006/29/25B 90,236.01
7,895.6545.5518306/29/25C 94,747.80
8,290.4347.8294206/29/25D 99,485.19
8,704.9550.2208906/29/25E 104,459.45

PW INSPECTOR A
Start Date Hourly AnnualMonthlyStep
6,342.7136.5926006/29/25A 76,112.60
6,659.8538.4222306/29/25B 79,918.23
6,992.8440.3433406/29/25C 83,914.14
7,342.4842.3605106/29/25D 88,109.86
7,709.6144.4785406/29/25E 92,515.36

RECORDS CLERK A
Start Date Hourly AnnualMonthlyStep
4,179.5124.1125706/29/25A 50,154.14
4,388.4825.3181906/29/25B 52,661.83
4,607.9126.5841006/29/25C 55,294.92
4,838.3027.9133006/29/25D 58,059.66
5,080.2229.3089706/29/25E 60,962.65

RECORDS MANAGER A
Start Date Hourly AnnualMonthlyStep
7,503.9743.2921706/29/25A 90,047.71
7,879.1745.4567706/29/25B 94,550.08
8,273.1347.7296106/29/25C 99,277.58
8,686.7850.1160906/29/25D 104,241.46
9,121.1252.6219006/29/25E 109,453.55

RECREATION COORDINATOR
Start Date Hourly AnnualMonthlyStep
4,846.7627.9620806/29/25A 58,161.12
215
Full\Dept HeadsReport Run Date: 07/24/2025
5,089.0929.3601906/29/25B 61,069.19
5,343.5530.8282006/29/25C 64,122.65
5,610.7332.3696106/29/25D 67,328.78
5,891.2633.9880906/29/25E 70,695.22

RECREATION SUPERVISOR A
Start Date Hourly AnnualMonthlyStep
6,855.2839.5497206/29/25A 82,263.41
7,198.0441.5272106/29/25B 86,376.59
7,557.9543.6035706/29/25C 90,695.42
7,935.8545.7837506/29/25D 95,230.20
8,332.6448.0729306/29/25E 99,991.69

RISK MANAGEMENT ANALYST A
Start Date Hourly AnnualMonthlyStep
7,968.1245.9699806/29/25A 95,617.55
8,366.5348.2684806/29/25B 100,398.43
8,784.8650.6819106/29/25C 105,418.37
9,224.1053.2160006/29/25D 110,689.28
9,685.3155.8768006/29/25E 116,223.74

RISK MANAGEMENT TECHNICIAN A
Start Date Hourly AnnualMonthlyStep
5,817.1433.5604506/29/25A 69,805.73
6,108.0035.2384706/29/25B 73,296.01
6,413.4037.0004006/29/25C 76,960.83
6,734.0738.8504206/29/25D 80,808.87
7,070.7740.7929406/29/25E 84,849.31

SR CIVIL ENGINEER A
Start Date Hourly AnnualMonthlyStep
9,723.1356.0950306/29/25A 116,677.66
10,209.2958.8997806/29/25B 122,511.54
10,719.7661.8447706/29/25C 128,637.12
11,255.7464.9370106/29/25D 135,068.98
11,818.5368.1838606/29/25E 141,822.42

SR CODE ENFORCEMENT OFFICER
Start Date Hourly AnnualMonthlyStep
6,202.4635.7834706/29/25A 74,429.61
6,512.5937.5726506/29/25B 78,151.11
6,838.2239.4512806/29/25C 82,058.66
7,180.1341.4238406/29/25D 86,161.58
7,539.1343.4950306/29/25E 90,469.66

SR CRIME ANALYST A
Start Date Hourly AnnualMonthlyStep
7,168.1541.3547506/29/25A 86,017.88
7,526.5643.4224906/29/25B 90,318.77
216
Full\Dept HeadsReport Run Date: 07/24/2025
7,902.8945.5936206/29/25C 94,834.72
8,298.0347.8733006/29/25D 99,576.46
8,712.9350.2669606/29/25E 104,555.27

SR DEVELOPMENT SERVICES TECH A
Start Date Hourly AnnualMonthlyStep
6,443.9437.1766006/29/25A 77,327.32
6,766.1439.0354306/29/25B 81,193.69
7,104.4440.9872006/29/25C 85,253.37
7,459.6743.0365606/29/25D 89,516.04
7,832.6545.1883806/29/25E 93,991.83

SR EXECUTIVE ASSISTANT A
Start Date Hourly AnnualMonthlyStep
6,956.0040.1307906/29/25A 83,472.04
7,303.8042.1373206/29/25B 87,645.62
7,668.9944.2441906/29/25C 92,027.91
8,052.4446.4564006/29/25D 96,629.31
8,455.0648.7792206/29/25E 101,460.77

SR FINANCIAL ANALYST A
Start Date Hourly AnnualMonthlyStep
8,925.7951.4949806/29/25A 107,109.55
9,372.0854.0697306/29/25B 112,465.03
9,840.6956.7732206/29/25C 118,088.29
10,332.7259.6118806/29/25D 123,992.71
10,849.3662.5924706/29/25E 130,192.33

SR FIRE EQUIPMENT MECHANIC A
Start Date Hourly AnnualMonthlyStep
7,925.7645.7255906/29/25A 95,109.22
8,322.0548.0118706/29/25B 99,864.68
8,738.1550.4124606/29/25C 104,857.91
9,175.0652.9330906/29/25D 110,100.82
9,633.8255.5797406/29/25E 115,605.85

SR HUMAN RESOURCES ANALYST A
Start Date Hourly AnnualMonthlyStep
8,925.7951.4949806/29/25A 107,109.55
9,372.0854.0697306/29/25B 112,465.03
9,840.6956.7732206/29/25C 118,088.29
10,332.7259.6118806/29/25D 123,992.71
10,849.3662.5924706/29/25E 130,192.33

SR MAINTENANCE WORKER A
Start Date Hourly AnnualMonthlyStep
5,141.9329.6650306/29/25A 61,703.26
5,399.0331.1482806/29/25B 64,788.42
5,668.9832.7057006/29/25C 68,027.85
217
Full\Dept HeadsReport Run Date: 07/24/2025
5,952.4334.3409806/29/25D 71,429.23
6,250.0536.0580306/29/25E 75,000.70

SR MANAGEMENT ANALYST A
Start Date Hourly AnnualMonthlyStep
8,925.7951.4949806/29/25A 107,109.55
9,372.0854.0697306/29/25B 112,465.03
9,840.6956.7732206/29/25C 118,088.29
10,332.7259.6118806/29/25D 123,992.71
10,849.3662.5924706/29/25E 130,192.33

SR PLANNER A
Start Date Hourly AnnualMonthlyStep
8,604.5449.6416306/29/25A 103,254.59
9,034.7752.1237106/29/25B 108,417.31
9,486.5154.7298906/29/25C 113,838.17
9,960.8457.4663906/29/25D 119,530.09
10,458.8860.3397106/29/25E 125,506.59

SR PLANS EXAMINER A
Start Date Hourly AnnualMonthlyStep
8,111.6046.7977406/29/25A 97,339.29
8,517.1849.1376306/29/25B 102,206.27
8,943.0451.5945106/29/25C 107,316.58
9,390.2054.1742406/29/25D 112,682.41
9,859.7156.8829506/29/25E 118,316.53

SR PROGRAM MANAGER A
Start Date Hourly AnnualMonthlyStep
11,389.4265.7082306/29/25A 136,673.11
11,958.8968.9936406/29/25B 143,506.77
12,556.8472.4433206/29/25C 150,682.10
13,184.6876.0654906/29/25D 158,216.21
13,843.9179.8687606/29/25E 166,127.02

SR PUBLIC WORKS INSPECTOR A
Start Date Hourly AnnualMonthlyStep
6,976.9840.2518606/29/25A 83,723.86
7,325.8342.2644606/29/25B 87,910.07
7,692.1344.3776806/29/25C 92,305.57
8,076.7346.5965606/29/25D 96,920.84
8,480.5748.9263906/29/25E 101,766.89

SR RECORDS COORDINATOR A
Start Date Hourly AnnualMonthlyStep
5,112.6329.4959806/29/25A 61,351.63
5,368.2630.9707806/29/25B 64,419.22
5,636.6832.5193106/29/25C 67,640.16
5,918.5134.1452806/29/25D 71,022.18
218
Full\Dept HeadsReport Run Date: 07/24/2025
6,214.4435.8525406/29/25E 74,573.28

SR RECREATION COORDINATOR A
Start Date Hourly AnnualMonthlyStep
5,902.4134.0523706/29/25A 70,828.92
6,197.5335.7549906/29/25B 74,370.37
6,507.4037.5427406/29/25C 78,088.89
6,832.7739.4198806/29/25D 81,993.35
7,174.4141.3908706/29/25E 86,093.00

SR RECREATION SUPERVISOR A
Start Date Hourly AnnualMonthlyStep
7,557.9543.6035706/29/25A 90,695.42
7,935.8545.7837506/29/25B 95,230.20
8,332.6448.0729306/29/25C 99,991.69
8,749.2750.4765806/29/25D 104,991.28
9,186.7353.0004106/29/25E 110,240.85

SR RISK MANAGEMENT ANALYST A
Start Date Hourly AnnualMonthlyStep
8,925.7951.4949806/29/25A 107,109.55
9,372.0854.0697306/29/25B 112,465.03
9,840.6956.7732206/29/25C 118,088.29
10,332.7259.6118806/29/25D 123,992.71
10,849.3662.5924706/29/25E 130,192.33

SUPERVISING LIBRARIAN A
Start Date Hourly AnnualMonthlyStep
7,334.7042.3155906/29/25A 88,016.42
7,701.4344.4313706/29/25B 92,417.24
8,086.5046.6529406/29/25C 97,038.11
8,490.8348.9855906/29/25D 101,890.02
8,915.3751.4348706/29/25E 106,984.52

TRAFFIC ENGINEER
Start Date Hourly AnnualMonthlyStep
11,533.6066.5400206/29/25A 138,403.24
12,110.2869.8670306/29/25B 145,323.42
12,715.7973.3603806/29/25C 152,589.59
13,351.5877.0284006/29/25D 160,219.07
14,019.1680.8798206/29/25E 168,230.02

TRAFFIC SIGNAL TECHNICIAN A
Start Date Hourly AnnualMonthlyStep
7,374.1842.5434006/29/25A 88,490.27
7,742.8944.6705706/29/25B 92,914.78
8,130.0446.9040906/29/25C 97,560.50
8,536.5449.2493006/29/25D 102,438.54
8,963.3751.7117606/29/25E 107,560.46
219
Full\Dept HeadsReport Run Date: 07/24/2025
220
Part TimeReport Run Date: 07/24/2025

PT ACCOUNTING SPECIALIST
Start Date Hourly AnnualMonthlyStep
2,445.0528.2121806/29/25A 29,340.66
2,567.3029.6227906/29/25B 30,807.70
2,695.6731.1039306/29/25C 32,348.08
2,830.4532.6591206/29/25D 33,965.48
2,971.9834.2920806/29/25E 35,663.76

PT ACCOUNTING TECHNICIAN
Start Date Hourly AnnualMonthlyStep
5,817.1433.5604506/29/25A 69,805.73
6,108.0035.2384706/29/25B 73,296.01
6,413.4037.0004006/29/25C 76,960.83
6,734.0738.8504206/29/25D 80,808.87
7,070.7740.7929406/29/25E 84,849.31

PT CASHIER A
Start Date Hourly AnnualMonthlyStep
3,463.2519.9803106/29/25A 41,559.04
3,636.4120.9793206/29/25B 43,636.98
3,818.2322.0282906/29/25C 45,818.84
4,009.1423.1297006/29/25D 48,109.77
4,209.6024.2861906/29/25E 50,515.27

PT CODE ENFORCEMENT OFFICER I
Start Date Hourly AnnualMonthlyStep
5,927.7734.1986906/29/25A 71,133.27
6,224.1635.9086206/29/25B 74,689.92
6,535.3637.7040506/29/25C 78,424.42
6,862.1339.5892606/29/25D 82,345.66
7,205.2441.5687206/29/25E 86,462.93

PT FIRE INSPECTOR I (NONE) A
Start Date Hourly AnnualMonthlyStep
6,834.7239.4310806/29/25A 82,016.64
7,176.4541.4026406/29/25B 86,117.49
7,535.2843.4727706/29/25C 90,423.36
7,912.0445.6464106/29/25D 94,944.53
8,307.6447.9287306/29/25E 99,691.75

PT FIRE MECHANIC A
Start Date Hourly AnnualMonthlyStep
4,701.6127.1247206/29/25A 56,419.41
4,936.6928.4809506/29/25B 59,240.37
5,183.5329.9050006/29/25C 62,202.40
5,442.7131.4002506/29/25D 65,312.52
5,714.8432.9702606/29/25E 68,578.14

PT INTERN A
221
Part TimeReport Run Date: 07/24/2025
Start Date Hourly AnnualMonthlyStep
4,039.3823.3041506/29/25MX 48,472.63
3,058.6617.6461706/29/25MN 36,704.03

PT IT TECHNICIAN I
Start Date Hourly AnnualMonthlyStep
5,817.1433.5604506/29/25A 69,805.73
6,108.0035.2384706/29/25B 73,296.01
6,413.4037.0004006/29/25C 76,960.83
6,734.0738.8504206/29/25D 80,808.87
7,070.7740.7929406/29/25E 84,849.31

PT LIBRARIAN I
Start Date Hourly AnnualMonthlyStep
6,052.1534.9162906/29/25A 72,625.88
6,354.7636.6621106/29/25B 76,257.18
6,672.5038.4952106/29/25C 80,070.03
7,006.1240.4199706/29/25D 84,073.53
7,356.4342.4409706/29/25E 88,277.21

PT LIBRARY ASSISTANT I A
Start Date Hourly AnnualMonthlyStep
3,787.0321.8482706/29/25A 45,444.40
3,976.3822.9406806/29/25B 47,716.61
4,175.2024.0877206/29/25C 50,102.45
4,383.9625.2921006/29/25D 52,607.56
4,603.1626.5567106/29/25E 55,237.95

PT LIBRARY ASSISTANT II A
Start Date Hourly AnnualMonthlyStep
4,179.5124.1125606/29/25A 50,154.12
4,388.4825.3181906/29/25B 52,661.83
4,607.9126.5841006/29/25C 55,294.92
4,838.3027.9133106/29/25D 58,059.68
5,080.2229.3089706/29/25E 60,962.65

PT LIBRARY PAGE A
Start Date Hourly AnnualMonthlyStep
3,029.5317.4781106/29/25A 36,354.46
3,181.0118.3520206/29/25B 38,172.20
3,340.0619.2696206/29/25C 40,080.80
3,507.0720.2331006/29/25D 42,084.84
3,682.4221.2447606/29/25E 44,189.10

PT LIBRARY SPECIALIST A
Start Date Hourly AnnualMonthlyStep
4,390.0025.3269706/29/25A 52,680.09
4,609.5026.5933206/29/25B 55,314.10
4,839.9827.9229806/29/25C 58,079.79
222
Part TimeReport Run Date: 07/24/2025
5,081.9829.3191306/29/25D 60,983.79
5,336.0830.7850906/29/25E 64,032.98

PT LIFEGUARD LEAD SEASONAL
Start Date Hourly AnnualMonthlyStep
3,340.0619.2696206/29/25A 40,080.80
3,507.0720.2331006/29/25B 42,084.84
3,682.4221.2447506/29/25C 44,189.08
3,866.5422.3069906/29/25D 46,398.53
4,059.8723.4223406/29/25E 48,718.46

PT LIFEGUARD SEASONAL A
Start Date Hourly AnnualMonthlyStep
3,029.5317.4781106/29/25A 36,354.46
3,181.0118.3520206/29/25B 38,172.20
3,340.0619.2696206/29/25C 40,080.80
3,507.0720.2331006/29/25D 42,084.84
3,682.4221.2447606/29/25E 44,189.10

PT LIFEGUARD SENIOR SEASONAL
Start Date Hourly AnnualMonthlyStep
3,674.0721.1965906/29/25A 44,088.90
3,857.7722.2564206/29/25B 46,293.35
4,050.6623.3692406/29/25C 48,608.01
4,253.2024.5377006/29/25D 51,038.41
4,465.8625.7645806/29/25E 53,590.32

PT LIFEGUARD/WSI SEASONAL A
Start Date Hourly AnnualMonthlyStep
3,181.0118.3520206/29/25A 38,172.20
3,340.0619.2696206/29/25B 40,080.80
3,507.0720.2331006/29/25C 42,084.84
3,682.4221.2447606/29/25D 44,189.10
3,866.5422.3069906/29/25E 46,398.53

PT LIVE SCAN TECHNICIAN A
Start Date Hourly AnnualMonthlyStep
3,157.2518.2149606/29/25A 37,887.11
3,315.1219.1257006/29/25B 39,781.45
3,480.8720.0819906/29/25C 41,770.53
3,654.9221.0860906/29/25D 43,859.06
3,837.6622.1403906/29/25E 46,052.01

PT POLICE AIDE A
Start Date Hourly AnnualMonthlyStep
3,029.5317.4781106/29/25A 36,354.46
3,181.0118.3520206/29/25B 38,172.20
3,340.0619.2696206/29/25C 40,080.80
3,507.0720.2331006/29/25D 42,084.84
223
Part TimeReport Run Date: 07/24/2025
3,682.4221.2447606/29/25E 44,189.10

PT POLICE CADET A
Start Date Hourly AnnualMonthlyStep
3,029.5317.4781106/29/25A 36,354.46
3,181.0118.3520206/29/25B 38,172.20
3,340.0619.2696206/29/25C 40,080.80
3,507.0720.2331006/29/25D 42,084.84
3,682.4221.2447606/29/25E 44,189.10

PT POLICE SERVICES TECH II A
Start Date Hourly AnnualMonthlyStep
4,606.6526.5768706/29/25A 55,279.88
4,836.9827.9057106/29/25B 58,043.87
5,078.8429.3010006/29/25C 60,946.08
5,332.7830.7660506/29/25D 63,993.38
5,599.4232.3043506/29/25E 67,193.04

PT POLICE SRVCS TECH I A
Start Date Hourly AnnualMonthlyStep
4,187.8724.1607906/29/25A 50,254.44
4,397.2625.3688306/29/25B 52,767.16
4,617.1226.6372706/29/25C 55,405.52
4,847.9827.9691306/29/25D 58,175.79
5,090.3829.3675906/29/25E 61,084.58

PT PUBLIC SAFETY DISPATCHER II A
Start Date Hourly AnnualMonthlyStep
3,047.0535.1583206/29/25A 36,564.65
3,199.4036.9162406/29/25B 38,392.88
3,359.3738.7620506/29/25C 40,312.53
3,527.3440.7001506/29/25D 42,328.15
3,703.7142.7351606/29/25E 44,444.56

PT RECORDS CLERK
Start Date Hourly AnnualMonthlyStep
4,179.5124.1125606/29/25A 50,154.12
4,388.4825.3181906/29/25B 52,661.83
4,607.9126.5841006/29/25C 55,294.92
4,838.3027.9133106/29/25D 58,059.68
5,080.2229.3089706/29/25E 60,962.65

PT RECREATION LEADER A
Start Date Hourly AnnualMonthlyStep
3,029.5317.4781106/29/25A 36,354.46
3,181.0118.3520206/29/25B 38,172.20
3,340.0619.2696206/29/25C 40,080.80
3,507.0720.2331006/29/25D 42,084.84
3,682.4221.2447606/29/25E 44,189.10
224
Part TimeReport Run Date: 07/24/2025

PT RECREATION SPECIALIST A
Start Date Hourly AnnualMonthlyStep
3,029.5317.4781106/29/25A 36,354.46
3,181.0118.3520206/29/25B 38,172.20
3,340.0619.2696206/29/25C 40,080.80
3,507.0720.2331006/29/25D 42,084.84
3,682.4221.2447606/29/25E 44,189.10

PT SENIOR PLANNER A
Start Date Hourly AnnualMonthlyStep
8,604.5449.6416306/29/25A 103,254.59
9,034.7752.1237106/29/25B 108,417.31
9,486.5154.7298906/29/25C 113,838.17
9,960.8457.4663906/29/25D 119,530.09
10,458.8860.3397106/29/25E 125,506.59

PT SENIOR RECREATION LEADER A
Start Date Hourly AnnualMonthlyStep
3,508.2020.2396606/29/25A 42,098.49
3,683.6121.2516406/29/25B 44,203.41
3,867.7922.3142206/29/25C 46,413.57
4,061.1823.4299306/29/25D 48,734.25
4,264.2424.6014306/29/25E 51,170.97

PT TEMPORARY OFFICE SPECIALIST A
Start Date Hourly AnnualMonthlyStep
4,039.3823.3041506/29/25MX 48,472.63
3,058.6617.6461706/29/25MN 36,704.03
225

CITY OF MURRIETA
City Council Meeting Agenda
Report
8/19/2025
Agenda Item No. 7.
iTO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: Diego Chavez, Administrative Services Director
PREPARED BY: Jakkie Arellano, Management Analyst - Administrative Services SUBJECT:

Appropriation of Additional Funds and Amendment to the Agreement with Liebert Cassidy Whitmore

RECOMMENDATION
Amend the Fiscal Year 2024/25 Operating Budget to establish an appropriation of $125,000 for Legal Services;
Amend the Agreement with Liebert Cassidy Whitmore to increase the not-to-exceed amount for Fiscal Year 2024/25 from $300,000 to $425,000; and
Authorize the City Manager to execute the amendment.

PRIOR ACTION/VOTE
On April 3, 2018, the City Council adopted Resolution No. 18-3887, approving a retroactive agreement with Liebert Cassidy Whitmore for Labor and Employment Legal Services (Vote: 5-0).

On August 4, 2020, the City Council authorized an agreement with Liebert Cassidy Whitmore for Labor and Employment Legal Services (Vote: 5-0).

On September 5, 2023, the City Council authorized a three-year agreement with Liebert Cassidy Whitmore from July 1, 2023, to June 30, 2026 (Vote: 5-0).

CITY COUNCIL GOAL
Maintain a high performing organization that values fiscal sustainability, transparency, accountability and organizational efficiency.

DISCUSSION
Since 2017, the City of Murrieta (City) has worked with Liebert Cassidy Whitmore (LCW), a labor and employment law firm, to advise and defend the City on various personnel and employment matters. While Aleshire & Wynder, LLP, serves as the City’sgeneral legal counsel, the City also contracts with other law firms CITY OF MURRIETA Printed on 8/14/2025Page 1 of 2
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Agenda Item No. 7.

Aleshire & Wynder, LLP, serves as the City’sgeneral legal counsel, the City also contracts with other law firms for specialized legal services or when defense counsel is appointed under the City’semployment practices liability coverage. With LCW, these services have included labor negotiations, litigation, wage and overtime analysis, and other employment practices. Most recently, LCW has provided significant legal services related to the Fair Labor Standards Act, police employment matters, representation at arbitration and administrative hearings, and oversight of employment investigations to avoid conflict with the roles and responsibilities of the City Attorney’s Office.

The current agreement with LCW was approved by the City Council on September 5, 2023. The term of the agreement is for three (3) years from July 1, 2023, to June 30, 2026, in an amount not to exceed $300,000 per fiscal year. For FY 2024/25, the cost for LCW legal services exceeded the $300,000 amount. Therefore, staff is requesting the City Council approve an amendment (Attachment 1) to the agreement; and appropriate an additional $125,000 to the Human Resources Legal Services Operating Budget account in order to pay for the services rendered. The not-to-exceed amount for the final year of the agreement will remain $300,000.

FISCAL IMPACT
Amend the FY 2024/25 Operating Budget and appropriate additional funds in the amount of $125,000 the Human Resources Legal Services Operating Budget account 1102200-60440.

ATTACHMENTS

1. Amendment to the Agreement with Liebert Cassidy Whitmore CITY OF MURRIETA Printed on 8/14/2025Page 2 of 2
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228
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to the Agreement to be executed on the dates set forth below.

Signature Page to Follow.

IN WITNESS WHEREOF, the Parties hereto have executed this Agreement on the date and year first-above written.

ATTEST:

Cristal McDonald, City Clerk
Date:

APPROVED AS TO FORM:

ALESHIRE & WYNDER, LLP
Tiffany Israel, City Attorney
Date:
01375.0001/937862.4
CITY:

CITY OF MURRIETA, a California municipal
corporation
B:

Justin Clifton, City Manager
Date:

CONSULTANT:

Two corporate officer signatures required when
Contractor is a corporation, with one signature required from each of the following groups: 1) Chairperson of the Board, President or any Vice President; and 2) Secretary, any Assistant Secretary, Chief Financial Officer or any Assistant Treasurer. (Cal. Corp. Code§ 313.) Appropriate attestations shall be included as may be required by the bylaws, articles of incorporation or other rules or
regulations applicable to Contractor's business City.
elanie L. Chaney
o-Managing Partner
By""'· '--1-----------
N me:J. Scott Tiedemann
229
230

CITY OF MURRIETA
City Council Meeting Agenda
Report
8/19/2025
Agenda Item No. 8.

TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: Justin Clifton, City Manager
PREPARED BY: Isaac Bravo, Management Analyst
SUBJECT:

Second Amendment to an Agreement with GRC Associates, Inc. for As-Needed Administrative Services for the Community Development Block Grant Program

RECOMMENDATION
Approve the second amendment to an agreement with GRC Associates, Inc. for as-needed Community Development Block Grant consultation services to extend the agreement by 2 years and increase the total not- to-exceed amount by $60,000; and
Authorize the City Manager to execute the agreement.

PRIOR ACTION/VOTE
On August 1, 2023, the City Council approved Resolution No. 23-4695 authorizing the City’sparticipation in the County of Riverside’s Urban County Community Development Block Grant Program for Fiscal Years 2024/25, 2025/26, and 2026/27 (Vote: 5-0).

On November 21, 2023, the City Council approved Resolution No. 23-4715 authorizing allocation of Community Development Block Grant Funds for Fiscal Year 2024/25 (Vote: 5-0).

On August 20, 2024, the City Council approved an amendment to the agreement with GRC Associates, Inc., which extended the agreement for an additional year and increased the total not-to-exceed amount by $30,000 (Vote: 5-0).

On November 19, 2024, the City Council approved Resolution No. 24-4793 authorizing the allocation of Community Development Block Grant Funds for Fiscal Year 2025/26 (Vote: 5-0).

CITY COUNCIL GOAL
Maintain a high performing organization that values fiscal sustainability, transparency, accountability and organizational efficiency.

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8/19/2025
Agenda Item No. 8.

DISCUSSION
The United States Department of Housing and Urban Development (HUD) administers the Community Development Block Grant (CDBG) Program, which provides annual federal funding to local jurisdictions to support community development activities. The goal of the CDBG Program is to create viable urban communities by providing decent housing, a suitable living environment, and expanded economic opportunities, primarily benefiting low and moderate-income individuals.

Local jurisdictions can use CDBG funds for a wide range of eligible activities. These funds are often used to supplement General Fund expenditures for programs that meet HUD’s objectives and eligibility criteria. A portion of the City of Murrieta's (City) annual allocation is designated for “public service” activities, typically carried out by nonprofit organizations.

Participation in the CDBG Program requires the City to comply with extensive federal administrative and reporting requirements. Although the City has partnered with Riverside County to complete certain components of the program’sadministration, the City remains responsible for several key functions. These include selecting and contracting with nonprofit subrecipients, monitoring program activities, processing reimbursement requests, maintaining program records, and ensuring compliance with HUD regulations.

To support these efforts, the City entered into a professional services agreement with GRC Associates, Inc. (GRC) on March 1, 2023. GRC provides as-needed technical assistance with managing the City’sCDBG Program, including coordination with Riverside County, oversight of public service subrecipients, closing out outstanding reimbursement requests from previous years, and records management.

Since March 2023, GRC has provided services totaling $60,000. This includes an initial agreement for $30,000 and a second agreement for an additional $30,000 for Fiscal Year 2023/24. To continue services, the first amendment to the agreement extended the term through August 31, 2025, and authorized another $30,000 for FY 2024/25, with no change to the scope of services. All expenditures are fully reimbursable through the City’s CDBG administrative allocation from HUD.

A second amendment will extend the agreement through August 31, 2027, and authorize two (2) additional annual allocations of $30,000 for FY 2025/26 and 2026/27. There is no change to the scope of services. As with previous years, the costs incurred through this agreement are eligible for full reimbursement through HUD and will not impact the City’s General Fund.

FISCAL IMPACT
Funding for services was budgeted in FY 2025/26 in account 34100010-60480 in the amount of $30,000.

Future fiscal year allocations will also be included in the regular budgetary process.

ATTACHMENTS

1. Proposed Amendment to the Existing Agreement
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01375.0001 2023863.1 -1-

AMENDMENT TO THE AGREEMENT WITH

THE CITY OF MURRIETA AND CONSULTANT

Amendment No.: 2
Original Agreement Title (“Agreement”): Agreement between the City of Murrieta and GRC Associates, Inc.

Agreement Effective Date: July 1, 2023
Agreement Termination Date: August 31, 2025
Consultant Name: GRC Associates, Inc.

Brief Description of Scope of Services (“Services”): As needed on-call services related to CDBG funding, program implementation, maintenance, and closeout.

This Amendment to th e Agreement, made effective on the date executed by the City by and between the City of Murrieta, a Municipal Corporation, duly organized and existing under and by virtue of the laws of the State of California ("City"), and the above referenced Consultant with reference to the following facts which are acknowledged by each party as true and correct:

RECITALS

Whereas, City is a general law city, formed and existing pursuant to the provisions of the California Government Code.

Whereas, City and Consultant entered into an Agreement on the Effective Date set forth above for the Services.

Whereas, City and Consultant wish to amend the Agreement as further set forth herein.

Whereas, the Agreement was previously modified by the following prior amendments:

Amendment No.1, which extended the agreement to August 31, 2025, and increased the amount not-to-exceed by thirty thousand ($30,000) dollars.

AMENDMENT

NOW, THEREFORE, it is agreed by and between the parties as follows:

1. The above recitals are true and correct.

2. The following terms of the Agreement are hereby amended to read as follows:

A. Section 3.1 of the Agreement is hereby amended in its entirety to read as follows: “The term of this Agreement shall be from 8/15/2023 until 8/31/2027.” .

B. Section 4.1 of the Agreement is hereby amended in its entirety read as follows: “In consideration of the services to be performed by CONSULTANT for the CITY as set 233

01375.0001 2023863.1 -2-

forth in Section 1, the CITY agrees to pay CONSULTANT a sum not to exceed one- hundred-twenty-thousand ($120,000) billed as services are rendered based on rates deigned on attached quote/proposal (Exhibit “A”) of the original agreement.”

3. All other conditions of the Agreement shall continue in full force and effect.

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to the Agreement to be executed on the dates set forth below.

Signature Page to Follow

234

01375.0001 2023863.1 -3-

IN WITNESS WHEREOF, the Parties hereto have executed this Agreement on the date and year first-above written.

CITY:

CITY OF MURRIETA, a California municipal
corporation
By:

Justin Clifton, City Manager
ATTEST: Date:

Cristal McDonald, City Clerk
Date:

APPROVED AS TO FORM:

ALESHIRE & WYNDER, LLP

Tiffany Israel, City Attorney
Date:

CONSULTANT:

Two corporate officer signatures required when
Contractor is a corporation, with one signature required from each of the following groups: 1) Chairperson of the Board, President or any Vice President; and 2) Secretary, any Assistant Secretary, Chief Financial Officer or any Assistant Treasurer. (Cal. Corp. Code § 313.) Appropriate attestations shall be included as may be required by the bylaws, articles of incorporation or other rules or
regulations applicable to Contractor’s business City.

By:

Name:

Title:

Date:

By:

Name:

Title:

Date:
235

CITY OF MURRIETA
City Council Meeting Agenda
Report
8/19/2025
Agenda Item No. 9.

TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: Brian Ambrose, Community Services Director
PREPARED BY: Crystal Arora, Management Analyst - Parks & Recreation SUBJECT:

Donation Acceptance for FY 2025/26 Concerts in the Park

RECOMMENDATION
Accept donations from various entities totaling $7,800 for the 2025 Concerts in the Park series.

PRIOR ACTION/VOTE
None.

CITY COUNCIL GOAL
Coordinate and deliver responsive, effective community services.

DISCUSSION
California Government Code Section 37354 authorizes the City Council to accept or reject gifts made to or for the City. The Community Services Department receives various donations to the City of Murrieta throughout the year. These donations can include sponsorships for special events or funds to assist with capital improvement projects that benefit the community through parks and community services.

Current donations to be accepted include:

Donor Description Total Donation
Rancho California Water District One (1) Concert in the Park $1,800 ProFlo Air Conditioning, Heating,
and Plumbing
Four (4) Concerts in the Park $6,000
Grand Total $7,800

FISCAL IMPACT
Amend the Fiscal Year 2025/26 Operating Budget to add $7,800, in donations to Revenue account 1105000- CITY OF MURRIETA Printed on 8/14/2025Page 1 of 2
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8/19/2025
Agenda Item No. 9.

Amend the Fiscal Year 2025/26 Operating Budget to add $7,800, in donations to Revenue account 1105000- 47705 and allocate the same amount across various expenditure accounts.

ATTACHMENTS
None.

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CITY OF MURRIETA
City Council Meeting Agenda
Report
8/19/2025
Agenda Item No. 10.

TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: Scott Agajanian, Economic Development Director
PREPARED BY: Martha Coleman, Management Analyst
SUBJECT:

Approve a Deposit/Reimbursement Agreement with Murrieta Hot Springs Resort for On-Call Historical Preservation Consulting Services related to the Mills Act

RECOMMENDATION
Approve the Deposit/Reimbursement Agreement between the City of Murrieta and Murrieta Hot Springs Resort LP in connection with the agreements with Applied EarthWorks, Stantec, and SWCA for on-call historic preservation services required to undertake Mills Act obligations in connection with the Murrieta Hot Springs Resort;
Authorize the Mayor to execute the agreement; and
Upon agreement approval, all costs associated with these services will be funded by Murrieta Hot Springs Resort.

PRIOR ACTION/VOTE
None.

CITY COUNCIL GOAL
Aggressively pursue economic development.

DISCUSSION
The Murrieta Hot Springs Resort LP (MHSR) has inquired with the City of Murrieta (City) about pursuing a Mills Act designation for certain buildings within their property. The Mills Act is a body of California state law, specifically, California Government Code Sections 50280-50290, that encourages the preservation of qualified historic structures by reducing property taxes for owners who agree to rehabilitate and maintain their properties to their historic integrity.

Chapter 16.26 of the Murrieta Municipal Code (MMC) addresses cultural resource preservation, including criteria for designating historic preservation and a process. However, this section of the MMC needs to be CITY OF MURRIETA Printed on 8/14/2025Page 1 of 2
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8/19/2025
Agenda Item No. 10.
updated, as it has not been revisited since 2001 and some aspects are no longer relevant.

Based on the specialized technical expertise required to assist Murrieta Hot Springs Resort LP with its pursuit of a Mills Act designation, on March 24, 2025, staff issued a Request for Proposals for on-call historic preservation consulting services. The solicitation period closed on April 24, 2025. Nine proposals were received; five were deemed responsive, while four did not meet the minimum required criteria and were disqualified.

Following a thorough evaluation process, three firms were selected to be on-call consultants for historic preservation services based on their qualifications, experience, and overall responsiveness to the scope of work: Stantec Consulting Services, Inc., Applied EarthWorks, Inc., and SWCA Environmental Consultants.

These firms will provide as-needed historic preservation services to support the City’sobligations under the Mills Act and related programs. The value of each of these agreements is less than $75,000 and therefore within the City Manager’s signature authority.

The attached Deposit/Reimbursement Agreement will require MHSR to make and replenish, as needed, a deposit for costs the City will incur with any of these historic preservation consultants as MHSR pursues a Mills Act designation.

FISCAL IMPACT
There is no direct fiscal impact on the City’sGeneral Fund. A deposit in the amount of $15,000 has been requested from MHSR to fund the historic preservation consulting services. All costs associated with the services provided by Stantec Consulting Services, Inc., Applied EarthWorks, Inc., and SWCA Environmental Consultants and any other allowable expenses will be paid from this account, in accordance with the terms of the Deposit/Reimbursement Agreement. Additional funds may be required if costs for their services exceed the initial deposit amount.

ATTACHMENTS

1. Deposit/Reimbursement Agreement - MHSR and City of Murrieta CITY OF MURRIETA Printed on 8/14/2025Page 2 of 2
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01375.0001 2026050.3 01148/0001/126526.2

DEPOSIT/REIMBURSEMENT AGREEMENT
by and between City of Murrieta and Murrieta Hot Springs Resort LP On-Call Historic Preservation Consulting Services

THIS DEPOSIT/REIMBURSEMENT AGREEMENT (“Agreement”) is entered into by and between the CITY OF MURRIETA , a California municipal corporation (“City”), and MURRIETA HOT SPRINGS RESORT LP , a Delaware limited partnership (“Payor”). City and Payor may be referred to, sometimes individually or collectively, as “Party” or “Parties.”

RECITALS
WHEREAS, at Payor’s reque st the City is entering into agreements with qualified consultants (“Consultants”) for services to assist City with Historic Preservation Planning (“Services”) for the benefit of Payor; and
WHEREAS, Payor acknowledges and agrees that City’s approval of the proposed agreements with Consultant s and any amendments thereto (“ Consultant Agreements”) and the initiation of Services on behalf of Payor are contingent on Payor’s agreement to pay all costs incurred by City in connection with Services to benefit Payor and that Payor will tender adequate deposits to ensure that Payor fully covers the costs of the Services performed necessary for Payor’s request for historic preservation services in pursuit of a Mills Act contract with the City ; and
WHEREAS, City and Payor now desire to specify the terms of such deposit and replenishments.

AGREEMENT
NOW, THEREFORE, in consideration of the foregoing and the mutual covenants set forth herein, and for other consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:

Section 1. Deposit; Additional Advances.
(a) Upon execution of this Agreement, Payor shall pay City a lump sum deposit in the amount of Fifteen Thousand Dollars ($ 15,000) (“Initial Deposit”). The Initial Deposit represents the City’s best estimate of Payor’s obligation hereunder for the cost of the Services. The Initial Deposit and any Supplemental Deposit (defined below) are collectively referred to herein as “Deposit”. The Deposit may be commingled with other funds of the Cit y for purposes of investment and safekeeping.
(b) If City subsequently determines that the Deposit is insufficient, which determination shall be based on the actual costs and expenses generated in connection with the Services, Payor shall pay City a lump sum d eposit in the amount estimated by City to be sufficient to cover the excess (“Supplemental Deposit”). Services shall be suspended until the Supplemental Deposit is made to City.
240

2 01375.0001 2026050.3 01148/0001/126526.2
(c) Notwithstanding any provision herein to the contrary, the Parties agree that City’s obligations to make payments to the Consultant s pursuant to the Consultant Agreements shall be independent of and governed solely by the provisions of the Consultant Agreements, but that such payments shall come from the Deposit paid by Payor. (d) City shall at all times maintain records as to the expenditure of the Deposit. City shall promptly provide Payor with copies of each statement of invoice received from the Consultant s and shall give Payor at least ten (10) days within which to provide City with any comments or objections thereto prior to making payment to the Consultants. City shall also give Payor at least ten (10) days notice along with copies of any proposed change orders or contract amendments and related documents to Services so that Payor shall have the opportunity to provide comments or objections thereto prior to the City finalizing, filing, or otherwise releasing any of the foregoing.
(e) Subject to the provisions of this Agreement, Payor hereby agrees to advance those additional amou nts necessary to pay City Costs, as described in Section 2(a), in excess of the amount of the Initial Deposit, promptly upon written demand therefore from the Executive Director of City.

Section 2. Use of Funds.

The Deposits shall be administered as follows:
(a) The Director of Finance of the City may draw upon the Deposits from time to pay the “City Costs” equal to: (i) the fees and expenses of the Consultant Agreements as may be amended which are reasonable and necessary to: (i) provide the Services and which Payor has been given a ten (10) day period within which to review and comment as provided in Section 1; and (ii) any amounts necessary to pay for all required permits and applicable City fees and costs and all other fees required by other public agencies in connect ion with the Services. In the event the Services are subject to legal or other challenge, Payor shall make Supplemental Deposits to pay for all of the City's reasonable and necessary legal fees and costs related to the defense of such challenge and shall indemnify and hold harmless the City ; provided that if such challenge is filed, Payor may choose not to defend the matter and terminate this Agreement. (b) Upon the completion of Services and payment of all applicable costs , the City's Director of Finance shall return any then -unexpended Deposits to Payor, without interest, less an amount equal to any unpaid costs theretofore incurred by City.

Section 3. If, prior to the completion of Services , either (i) City takes official action stating the intent of City to terminate Consultant Agreements, or (ii) Payor delivers to City a written request that City terminate Consultant Agreements, then, within thirty (30) business days after payment of all costs relating to the Services , City shall return any then -unexpended Deposits to Payor, without interest, less an amount equal to any unpaid costs incurred by City.

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Section 4. Conflicts of Interest.
(a) During the existence of City’s contract with the Consultant s, and for a period of one (1) year after completion of Services, neither Payor, nor any of its representatives, agents or other persons acting in concert with Payor, shall en ter into any financial relation ship with the Consultants, its agents or employees, or with any City official, agent or empl oyee. Nor, during such period, shall Payor propose to enter into any future relationship with the Consultants, its agents or employees, or with any City official, agent or employee. (b) Payor makes the following warranties for the 12-month period preceding the completion of Services . Payor warrants that it has not entered into any arrangement to pay financial consideration to, and has not made any payment to, the Consultant s or any of the Consultants’ agents or employees. Payor further warrants that it has not entered into any arrangement to pay financial consideration to, and has not made any payment to, any City official, agent or employee that would create a legally cognizable conflict of interest as defined in the Political Reform Act (California Government Code Sections 87100 et seq.).

Section 5. Section 5. Agreement Not Debt or Liability of City. It is hereby acknowledged and agreed that this Agreement is not a debt or liability of the City. City shall not in any event be liable hereunder other than to return the u nexpended and uncommitted portions of the Deposits as provided in Section 2, above. City shall not be obligated to advance any of its own funds with respect to the Consultant Agreements or for any of the other purposes listed in Section 2(a) hereof. No o fficial, officer, employee , or agent of the City shall, to any extent, be personally liable hereunder.

Section 6. Notices. Any notices, requests, demands, documents, approvals or disapprovals given or sent under this Agreement from one party to another (collectively , “Notices") may be personally delivered, transmitted by facsimile ("fax") transmission, email,, overnight courier, or deposit with the United States Postal Service for mailing, postage prepaid, to the address of the other party as stated in this Section. Notices shall be sent as follows:

If to City: City of Murrieta
Attn: Scott Agajanian, Economic Development Director
1 Town Square
Murrieta, CA 92562
Telephone: (951) 461-6021
With a copy to: Aleshire & Wynder, LLP
Attn: Tiffany J. Israel, City Attorney
1 Park Plaza, Suite 1000
Irvine, California 92614
Telephone: (949) 223-1170

If to Payor: Murrieta Hot Springs Resort LP
Attn: Rob Saunders, CFA Managing Partner
39405 Murrieta Hot Springs Rd
Murrieta, CA 92563
Telephone: (951) 290-0887
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Each such Notice shall be deemed delivered to the Party to whom it is addressed (i) if personally served or delivered, upon delivery, (ii) if given by email, upon the sender's receipt of an appropriate answerback or other written acknowledgement (iii) if g iven by fax, upon the sender's receipt of an appropriate answerback or other written acknowledgement, (iv) if given by registered or certified mail, return receipt requested, deposited with the United States mail postage prepaid, 72 hours after such notice is deposited with the United States mail, (v) if given by overnight courier, with courier charges prepaid, 24 hours after delivery to said overnight courier, or (vi) if given by any other means, upon delivery at the address specified in this Section.

Section 7. Independent Judgment. City shall have control over the manner, mode, and means by which Consultants, its agents , or employees, perform the Services required. City shall have no liability to Payor in any manner whatsoever therefor other than providing the accounting of expenses as provided herein.

Section 8. Severability. If any part of this Agreement is held to be illegal or unenforceable by a court of competent jurisdiction, the remainder of this Agreement shall be given effect to the fullest extent reasonably possible.

Section 9. Assignment. Payor shall not assign or transfer any interest in this Agreement, nor the performance of its obligations hereunder, without the prior written consent of City. Any attempt of such prohibited assignment or transfer shall be void.

Section 10. Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the successors and assigns of the parties hereto.

Section 11. Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original.

Section 12. Integration; Amendment. This Agreement is the entire, complete, and exclusive expression of the understanding of the Parties. It is understood that there are no oral agreements between the Parties hereto affecting this Agreement. This Agreement supersedes and cancels any and all previous negotiations, arrangements, agreements, and understandings, if any, between the Parties, and none shall be used to interpret this Agreement. No amendment to or modification of this Agreement shall be valid unless made in writing and approved by the Parties. The Parties agree that this requirement for written modifications cannot be waived and that any attempted waiver shall be void.

Section 13. Corporate Authority. The persons executing this Agreement on behalf of the Parties hereto warrant that (i) such Pa rty is duly organized and existing, (ii) they are duly authorized to execute and deliver this Agreement on behalf of said party, (iii) by so executing this Agreement, such Party is formally bound to the provisions of this Agreement, and (iv) the entering into this Agreement does not violate any provision of any other Agreement to which said party is bound. This A greement shall be binding upon the heirs, executors, administrators, successors, and assigns of the Parties.

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Section 14. Electronic Signatures. This Agreement may be transmitted and signed by electronic or digital means by either party that such signatures shall have the same force and effect as original signatures in accordance with Government Code section 16.5 and Civil Code section 1633.7.

IN WITNESS THEREOF, the Parties hereto have executed this Agreement as of the day and year written alongside their signature line below.

PAYOR: MURRIETA HOT SPRINGS RESORT LP, a
Delaware limited partnership
By: ______________________________
Name:

Title:

By: ______________________________
Name:

Title:

Address: 39405 Murrieta Hot
Springs Rd
Murrieta, CA 92563
CITY: CITY OF MURRIETA, a California municipal
corporation
By: ________________________________
Cindy Warren, Mayor
ATTEST:

_______________________________
Cristal McDonald, City Clerk
APPROVED AS TO FORM:

ALESHIRE & WYNDER, LLP
________________________________
Tiffany J. Israel, City Attorney

[END OF SIGNATURES]
244

CITY OF MURRIETA
City Council Meeting Agenda
Report
8/19/2025
Agenda Item No. 11.

It TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: Bernard Molloy, Fire Chief
PREPARED BY: Bernard Molloy, Fire Chief
SUBJECT:

Cooperative Agreement for Hazardous Material Services between Murrieta Fire & Rescue and Corona Fire Department

RECOMMENDATION
Approve a Cooperative Agreement with the City of Corona for Hazardous Materials Responses; and Authorize the City Manager to execute the Cooperative Agreement.

PRIOR ACTION/VOTE
In 2002, Murrieta Fire joined the County of Riverside Fire Mutual Aid Plan. This document provides an outline of shared responses in Riverside County.

On June 6, 2023, the Murrieta City Council approved an automatic aid agreement with Riverside County Fire (5-0).

CITY COUNCIL GOAL
Provide a high level of innovative public safety.

DISCUSSION
Murrieta Fire & Rescue (MFR) is dedicated to providing comprehensive emergency services but currently does not maintain its own Hazardous Materials (Hazmat) Response Team. To ensure robust capabilities for specialized incidents, MFR relies on and actively seeks inter-agency cooperation.

Emergency response in California operates under the California Emergency Services Act and the Master Mutual Aid Agreement, which establishes a tiered system where local jurisdictions first utilize their own resources, then those within their Operational Area (County), and finally State resources like CAL FIRE.

Riverside County also has a Fire Mutual Aid Plan, which allows the Riverside County Fire Department to provide Hazmat resources; these are typically dispatched as "Assistance-by-Hire" (ABH), meaning the requesting agency is immediately responsible for associated costs.

To enhance Murrieta's Hazardous Materials response capabilities and provide an additional, more agile option, MFR has developed a Cooperative Agreement with the City of Corona Fire Department. The City of Corona CITY OF MURRIETA Printed on 8/14/2025Page 1 of 2
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Agenda Item No. 11.

MFR has developed a Cooperative Agreement with the City of Corona Fire Department. The City of Corona maintains a Type II State Certified Hazardous Materials Response Team. This agreement allows Murrieta to access Corona's specialized Hazardous Materials team for incidents within MFR’s jurisdiction.

This Cooperative Agreement with Corona Fire Department is a strategic enhancement that augments Murrieta's existing emergency response framework; it does not replace the vital role of CAL FIRE or the broader mutual aid system. Instead, it provides Murrieta with another pre-arranged option for hazardous materials responses. While Corona's response is voluntary and contingent on their availability, the agreement outlines that no payment is required for the first six hours of assistance, after which it reverts to an Assistance- by-Hire model. This arrangement offers a cost-effective and specialized initial response, complementing the larger-scale support available through the state mutual aid system for more extensive or prolonged incidents.

This proactive measure ensures Murrieta has diversified and specialized resources readily available. This Cooperative Agreement is a proactive measure to enhance public safety by ensuring access to specialized hazardous materials response, complementing existing mutual aid frameworks, and formalizing the terms of such critical assistance.

FISCAL IMPACT
Acceptance of this Cooperative Agreement has a potential fiscal impact only in the event that the Corona Fire Department's Hazmat Team responds to an incident within Murrieta's jurisdiction for a duration exceeding six hours. In such cases, the City of Murrieta would be responsible for "Assistance-by-Hire" costs from the time of initial dispatch at Corona Fire Department's adopted hourly rate, plus the cost of disposable supplies and materials.

ATTACHMENTS

1. Cooperative Agreement with the City of Corona for Hazardous Materials Responses CITY OF MURRIETA Printed on 8/14/2025Page 2 of 2
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01375.0025 2004130.3
2004130.3

COOPERATIVE AGREEMENT BETWEEN THE

CITY OF MURRIETA AND THE CITY OF CORONA

FOR HAZARDOUS MATERIALS RESPONSES

1. PARTIES AND DATE.

This Cooperative Agreement, made and entered into this 1st day of September, 2025 (“Effective Date”), is by and between the City of Murrieta, a municipal corporation ("Murrieta"), and the City of Corona, a municipal corporation, (“Corona”). Murrieta and Corona are sometimes hereinafter individually referred to as “Party” and hereinafter collectively referred to as the “Parties.”

2. RECITALS.

WHEREAS, the City of Corona Fire Department (“CFD”) maintains a Hazardous Materials Response Team ( “Hazmat Team”) that serves Corona and surrounding communities;

WHEREAS, the CFD Hazmat Team is Type II State Certified, created to identify and respond to incidents involving various types of hazardous materials through the use of specialized equipment and trained personnel;

WHEREAS, the City of Murrieta Fire Department (“MFD”) does not maintain a Hazmat Team;

WHEREAS, it is in the public interest that a cooperative agreement between the MFD and CFD occur through cooperative assistance for incidents of hazardous materials within MFD’s jurisdiction;

WHEREAS, the Parties acknowledge and agree that CFD’s response to a request for assistance may be delayed or denied pending an existing emergency or other demand on its equipment or personnel within CFD’s jurisdiction;

WHEREAS, the Parties are authorized to enter into this Cooperative Agreement pursuant to California Government Code Section 55632; and

WHEREAS, the Partie s value intergovernmental relationships and continuously seek to improve response and recovery capabilities following incidents of hazardous materials.

NOW, THEREFORE, in consideration of the mutual promises, covenants, and conditions herein set forth, the Parties agree as follows:

3. TERMS.
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3.1 Hazardous Materials Response . When requested by MFD, the CFD Hazmat Team shall respond with appropriate personnel and equipment to provide assistance with hazardous materials incidents within MFD’s jurisdiction , provided that such assistance does not interfere with the CFD Hazmat Team’s responsibility and ability to respond to emergencies of any type and hazardous materials within the CFD’s jurisdiction.

3.2 Limitations on Response. CFD’s obligations hereunder shall be expressly contingent upon its staffing and equipment availability, as well as existing fire conditions in the jurisdictional areas of Corona , as determined by Corona in its sole and absolute discretion. CFD’s response within the jurisdictional limit s of Murrieta may not interfere with CFD’s responsibility or ability to respond to emergencies or other calls within its own jurisdictional area. CFD shall endeavor to notify MFD in advance when it knows that its equipment or personnel will not be available to respond within the jurisdictional limits of MFD.

3.3 Dispatch and On -Scene Services . Each Party shall be responsible for providing, or contracting for the provision of, dispatch services for its own equipment and personnel for all incidents to which it responds under this Agreement. MFD shall direct all incident scene operations and support activities, and shall request any additional assistance from CFD when needed.

3.4 Voluntary Assistance . The operation and implementation of this Cooperative Agreement is voluntary only and shall not create a duty to respond on the part of CFD. CFD shall not be held liable for failing to provide assistance or for the termination of assistance under this Cooperative Agreement.

3.5 Policies and Procedures. The specific details of the services to be provided by CFD under this Cooperative Agreement, as well as the general operational policies and procedures , which may be necessary to effectuate this Cooperative Agreement, shall be as determined by the CFD and MFD Fire Chiefs, or their designees.

The Fire Chiefs of the MFD and CFD, or their designees, shall meet annually to discuss and revise , as necessary, such operational policies and procedures under this Cooperative Agreement. Each Party agrees to work closely with each other in the performance of this Cooperative Agreement, to be available to each other at all reasonable times and to take all further actions necessary and reasonable to implement the full intent of this Cooperative Agreement.

3.6 Insurance.

3.6.1 Workers’ Compensation. Corona and Murrieta shall each maintain Workers’ Compensation Insurance or self-insurance for their own employees without cost to the other Party. In the event that an employee of either Party pursues a workers’ compensation claim for an incident which occurred while responding in the jurisdictional limits of MFD pursuant to this Cooperative Agreement, the Parties understand, acknowledge and agree that the Party employing such employee shall be responsible 248

01375.0025 2004130.3
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and liable to process, defend and/or pay the claim as necessary. Each Party shall defend, indemnify and hold harmless, pursuant to Section 3.10 below, the other Party with respect to workers’ compensation claims filed by their own employees.

3.6.2 Additional Insurance. Each Party shall provide its own insurance or self-insurance for its own apparatus, equipment and employees, including general liability insurance and automobile insurance.

3.7 Independent Contractor Status. Corona and Murrieta shall pay all wages, salaries, and other amounts due to th eir own personnel in connection with any and all services under this Cooperative Agreement, as well as that which may be required by law. Each Party shall be responsible for all reports and obligations respecting their own personnel, including, but not li mited to, social security taxes, income tax withholding, unemployment insurance, benefits and workers’ compensation insurance. Employees or agents of one Party shall not be deemed employees of the other for any purpose. Each Party shall be responsible for their respective costs incurred from operating, maintaining, and repairing the equipment used and any related performance under this Cooperative Agreement.

3.8 Representatives. Corona and Murrieta hereby designate their respective Fire Chiefs, or their designees, to act as their representatives for the performance of this Cooperative Agreement. Each representative shall have the power to act on behalf of their respective Party for all purposes under this Cooperative Agreement.

3.9 Compensation. No payment shall be made to CFD as compensation for assistance provided under this Cooperative Agreement for the first six (6) hours , commencing at the time of initial dispatch, of CFD Hazmat Team’s response time to a hazardous materials incident in MFD’s jurisdiction. If CFD’s Hazmat Team provides over six (6) hours of assistance to a hazardous materials incident in MFD’s jurisdiction, then the request shall revert to assistance-by-hire (ABH) from the time of initial dispatch at the annual adopted rate per ho ur of CFD’s Hazmat Team plus disposable supplies and materials used during the response.

3.10 Indemnification. Pursuant to California Government Code Section 895 et seq., each Party agrees to defend, indemnify, and hold harmless the other Party, their elected officials, employees, contractors, volunteers and agents from any claims, demands, causes of action, costs, expenses, losses, damages, injuries and liabilities, including wrongful death and attorney's fees, arising from each Party's performance of this Cooperative Agreement, except to the extent such liability is caused by the negligence or willful misconduct of the other Party.

3.11 Entire Agreement. This Cooperative Agreement and any other documents incorporated herein by specific reference set forth the entire and integrated agreement between the Parties. This Cooperative Agreement supersedes all prior oral and written 249

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negotiations, representations, agreements, and dealings.

3.12 Amendments. This Cooperative Agreement shall not be amended nor modified, except by the written consent of both Parties. No provision or breach hereof shall be waived, except by the written consent of both Parties.

3.13 Assignment. Neither Party shall transfer, assign, or convey this Cooperative Agreement or any duties or obligat ions under this Cooperative Agreement without the prior written consent of the other Party.

3.14 Third Party Rights . The Parties do not intend to create rights in or grant remedies to any third party as a beneficiary to this Cooperative Agreement, or as a result of any duty, covenant, obligation, or undertaking established herein.

3.15 Governing Law . This Cooperative Agreement shall be interpreted, construed, and enforced in accordance with the laws of the State of California. Any action relating to this Agreement, whether in law or equity, shall be filed in the Superior Court of Riverside County.

3.16 Counterparts. This Cooperative Agreement may be executed in any number of counterparts, each of which shall be deemed to be the original and all of which together shall constitute one and the same instrument.

3.17 Authority to Enter Agreement . The person or persons executing this Cooperative Agreement on behalf of each Party warrants and represents that he/she has the authority to execute and deliver this Cooperative Agreement on behalf of said Party and has the authority to bind the said Party to the provisions of this Cooperative Agreement. This Cooperative Agreement shall be binding upon heirs, executors, administrators, successors, and assigned of Parties.

3.18 Term. This Cooperative Agreement shall commence upon the Effective Date and shall continue for three (3) years, unless terminated by either Party by giving thirty (30) days' notice, in writing, to the other Party.

3.19 Notices. Any notice permitted or required to be provided pursuant to this Cooperative Agreement shall be sent to the following address, or such other address as each Party ay provide in writing for this purpose:

MURRIETA CORONA

Attn: Fire Chief Attn: Fire Chief
41825 Juniper Street 735 Public Safety Way, St. 201 Murrieta, CA. 92562 Corona, CA 92882
[email protected] [email protected] 250

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3.20 Attorneys Fees . If either Party commences an action against the other Party, either legal, administrative or otherwise, arising out of or in connection with this Cooperative Agreement, the prevailing Party in such litigation shall be entitled to have and recover from the losing Party reasonable attorney’s fees and all other costs of such action.

[SIGNATURES ON FOLLOWING PAGE]
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IN WITNESS WHEREOF, the Parties hereto have executed this Cooperative Agreement on the date and year first-above written.

MURRIETA: CITY OF MURRIETA CORONA: CITY OF CORONA

_____________________________ _____________________
Justin Clifton, City Manager Brian Young, Fire Chief

ATTEST:

___________________________________ _________________________ Cristal McDonald, City Clerk Sylvia Edwards, City Clerk

APPROVED AS TO FORM: APPROVED AS TO FORM:

_________________________________ ______________________ Tiffany Israel, City Attorney Dean Derleth, City Attorney

252

CITY OF MURRIETA
City Council Meeting Agenda
Report
8/19/2025
Agenda Item No. 12.

TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: Javier Carcamo, Finance Director
PREPARED BY: Cynthia Rockwell, Purchasing and Contracts Coordinator SUBJECT:

Agreement with J.P. Morgan for General Banking and Procurement Card Services

RECOMMENDATION
Approve a five year agreement for general banking and procurement card services provided by JPMorgan Chase Bank, N.A., with the option of two (2) one-year extensions; and Authorize the City Manager to execute the agreement and all other necessary documents to implement banking products and services.

PRIOR ACTION/VOTE
On September 6, 2016, the City Council approved Resolution No. 16-3615, approving a five-year agreement with Wells Fargo (Vote: 5-0).

CITY COUNCIL GOAL
Maintain a high performing organization that values fiscal sustainability, transparency, accountability and organizational efficiency.

BACKGROUND
On October 28, 2015, staff issued a formal Request for Proposal for banking services and received two (2) proposals. After evaluating those proposals, Wells Fargo was chosen as the most qualified firm to handle the City of Murrieta’s (City) general banking needs.

On September 6, 2016, the City Council approved Resolution No. 16-3615, approving a five year agreement with Wells Fargo. Two (2) amendments extended the term of the Wells Fargo agreement. The first amendment extended the term period from 2021 through 2023. The second amendment extended the term period from 2023 through 2025, which is set to terminate on September 5, 2025.

On February 4, 2025, a formal Request for Proposal (RFP) was published by the City’sFinance Department for a General Banking, Merchant Services, and Purchasing Card Program. The City received six proposals in CITY OF MURRIETA Printed on 8/14/2025Page 1 of 3
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Agenda Item No. 12.
for a General Banking, Merchant Services, and Purchasing Card Program. The City received six proposals in response to the RFP. The six firms that responded are listed below, in alphabetical order:

1. HCN

2. JP Morgan Chase Bank, N.A., (J.P. Morgan)

3. Pacific Premier Bank

4. PNC

5. US Bank

6. Wells Fargo
The proposals were evaluated by a selection committee, comprised of the City’sDirector of Finance, Finance Manager, Accounting Supervisor, and Purchasing and Contracts Coordinator. The proposals were evaluated based on the following criteria, and scored as follows:
· Proper submission and completeness of proposal;
· Demonstrated understanding of the requested services; · Overall capabilities to perform the required services; · Demonstrated experience;
· Cost-effectiveness of the fees charged; and
· Favorable reference checks.

In-person and virtual demonstrations were conducted with the four highest-ranking firms. As part of the evaluation process, following proposal submission, demonstrations, and initial evaluations, the selection committee requested the top three firms to submit their best and final offers. These focused on key areas such as the purchasing card program, account analysis (armored services inclusion), pricing, sweep account interest rate, and other products aimed at enhancing service quality and cost efficiency.

After a comprehensive evaluation of the proposals, demonstrations, and final and best offer, J.P. Morgan was identified as the most responsive and most qualified firm to provide banking services to the City. J.P. Morgan is one of the world’slargest providers of cash management services, serving over 2,100 public sector agencies.

The online banking services, reporting capabilities, and procurement card program provided by J.P. Morgan will be a substantial upgrade to the City’scurrent processes and services, creating increased efficiency and continuity. In addition to these solutions, J.P. Morgan has demonstrated their commitment to delivering a high level of customer service and further innovation in the City’s banking and cash management operations.

While J.P. Morgan did not submit the lowest-priced proposal, it scored the highest during evaluations conducted by the selection committee. Staff recognizes J.P. Morgan as possessing the most robust and beneficial services and platforms that best align with the City’s primary objectives of fiscal sustainability, efficiency, and transparency.

Purchasing Card Program
All proposals were evaluated with a focus on the purchasing card program and its supporting platform. The City uses a purchasing card program for small-dollar purchases. The current process is hybrid, with limited online capabilities and a manual process. Currently, two financial institutions issue credit cards to City employees and virtual cards for utility payments.

Following completion of the general banking services transition, the Finance Department plans to consolidate these programs into a single commercial card solution and platform to strengthen financial controls and reduce administrative workload. J.P. Morgan’s purchasing card solution offers a significant improvement by automating the approval and reconciliation of credit card transactions through its online platform. Employees can upload receipts and assign expense account codes electronically using either a desktop interface or CITY OF MURRIETA Printed on 8/14/2025Page 2 of 3
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can upload receipts and assign expense account codes electronically using either a desktop interface or mobile app.

Merchant Services
All proposals were evaluated based on the Merchant Services they offered. Staff felt that Wells Fargo's services met the City’s needs and provided staff from multiple departments with the highest level of functionality from their equipment and back-end support. Staff is working with Wells Fargo to maintain those services under a new or amended agreement. As such, Merchant Services are not included in the J.P. Morgan agreement.

The term of the Wells Fargo Agreement will expire prior to the implementation of the new banking services.

Staff intends to work with Wells Fargo to enter into a short-term agreement for continued banking services or pay on a monthly basis until we complete the implementation.

Staff is proposing a five year agreement with J.P. Morgan, with the option of two (2) one-year extensions, for general banking and procurement card services.

FISCAL IMPACT
The banking services outlined in this RFP are projected to cost approximately $8,400 annually, totaling around $42,000 over five years. As part of J.P. Morgan’sfinal and best offer, their proposal includes a $8,000 fee waiver, reducing the net five year cost to approximately $34,000. Additionally, the proposal includes transition and implementation credits of $6,000 and $1,000, respectively, helping to offset any one-time costs.

The City currently pays approximately $18,500 annually for general banking services with Wells Fargo. By using J.P. Morgan for these services, the City will be saving approximately $10,100 annually. Funding is available in the Fiscal Year 2025/26 and Fiscal Year 2026/27 operating budgets for general banking services, and a budget request will be included in future biennial budgets for the remaining years of the agreement.

ATTACHMENTS

1. Banking Service Agreement

2. Proposal

3. Proposal Addendum
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Public Sector Banking Services Agreement- Houston-Galveston Area Council

BANKING SERVICES AGREEMENT
(Treasury Services)

This Banking Services Agreement is effective as of ___________ ____, 2025 (the “Effective Date”), and is entered into by and between City of Murrieta, California (the “Customer”), and JPMorgan Chase Bank, N.A. (the “Bank”).

Recitals

WHEREAS, the Customer issued a Request for Proposal (Banking Services and Merchant Services), dated February 4, 2025, as supplemented and/or amended, relating to the provision of certain banking and related services as described therein (the “RFP”).

WHEREAS, the Bank’s proposal dated March 21, 2025 was submitted in response to the RFP (the “Response”).

WHEREAS, the Customer reviewed the Response and accordingly awarded the performance of certain services described in the RFP and Response, or certain services supplemental to or in addition to services described therein (“Services”) to the Bank as authorized by the Customer.

WHEREAS, the Customer and the Bank desire to enter into this Agreement under which the Bank will provide the Services and establish and maintain certain depository accounts for the Customer.

NOW, THEREFORE, in consideration of the mutual agreements set forth hereafter and for other good and valuable consideration the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows:

1. Scope of Services. The Bank agrees to perform the Services described in the RFP and Response, incorporated herein by reference, for the Customer, directly or through its subsidiaries or affiliates, at the prices as mutually agreed, with such pricing terms attached hereto as Exhibit A. The Bank may provide additional products or services to the Customer at such cost as may be mutually agreed.

2. Description of the Agreement. The “Agreement”, which contains the terms and conditions and respective obligations of the parties with respect to the Services, is comprised of the following documents: this banking services agreement (the “Main Agreement”); and the following documents attached hereto: Exhibit A: the Comprehensive Pricing Sheet, Exhibit B: Bank’s Best and Final Terms, and Exhibit C: the Account Terms, applicable Service Terms and related Bank documentation and such supplements, amendments, and additional terms as may be provided from time to time (“Account Documentation”). In the event of any inconsistencies between the terms in this Main Agreement and the Exhibits, the terms of this Main Agreement shall control.

3. Term of the Agreement. This Agreement shall commence as of the Effective Date and continue for an initial five (5) years term (“Initial Term”) through ______________, 2030, with an option to renew for up to two (2) additional one (1) year periods (“Renewal Terms”), unless earlier terminated by the parties pursuant to Section 4, with such Renewal Term subject to changes to pricing and other terms and conditions as mutually agreed by Customer and Bank in writing. In the event a successor Agreement is not executed by the parties by the end of the Renewal Term and the Bank continues providing Services to the Customer, the term of this Agreement shall extend on a month-to-month basis.

4. Termination. Either party may terminate this Agreement at any time upon thirty (30) days prior written notice to the other party. Bank also may, by written notice, terminate this Agreement in whole if (a) Customer defaults in payment, in the aggregate, of sums due and payable to the Bank under this Agreement or (b) any action or inaction by Customer under this Agreement or otherwise directly and materially prevents Bank from performing a material part of its obligations under this Agreement; and such default, action or inaction has not been not cured after notice of such default, action or inaction has been given by the Bank to Customer. The Bank 256
2 also may, by written notice to Customer , immediately terminate this Agreement in whole if such termination is required, directly or indirectly, by any law, regulation, order, judgment, degree, injunction, or other legal requirement or process binding upon the Bank.

5. Miscellaneous.

a. This Agreement, together with the documents incorporated by reference, constitutes the entire agreement of the parties hereto and supersedes any prior understanding or agreement between the parties respecting the within subject matter.
b. Neither party shall be deemed to have waived any right or remedies under this Agreement unless such waiver is in writing and signed by the waiving party. No delay or omission in exercising any rights or remedies shall operate as a waiver of such rights or remedies. c. This Main Agreement may be amended only as otherwise provided by its terms, or upon mutual agreement of the parties as made in writing duly executed by the persons designated by each party. d. In case any provision of this Agreement shall be held to be invalid, illegal or unenforceable in any respect by a court of competent jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provisions thereof, and this Agreement shall remain operative and binding on the parties.
e. Each party to this Agreement represents and warrants to the other party that all appropriate authority exists so as to duly authorize the person executing this Agreement to so execute the same and fully bind the party on whose behalf he or she is executing. f. Each party to this Agreement further represents and warrants that this Agreement constitutes a legal, valid, and binding obligation enforceable in accordance with its terms, and the execution and performance of this Agreement does not breach any agreement of such party with any third party; does not violate any law, rule or regulation; is within its organizational powers; and has been duly authorized by all necessary action of such party.
g. Nothing contained herein shall be deemed or construed by the parties, or by any third party, as creating the relationship of principal and agent, advisor, fiduciary, or of partnership or of joint venture between the parties, it being understood and agreed that nothing contained herein, nor any acts of the parties, shall be deemed to create any relationship between the parties other than the relationship of independent contractors.
h. This Main Agreement and the rights and obligations of the parties hereunder, shall be construed and interpreted in accordance with applicable federal law and the laws of the State of California, without regard to its conflicts of laws principles. The Customer and the Bank consent to a court of competent jurisdiction located in California in connection with a dispute arising hereunder. i. This Main Agreement may be executed in one or more counterparts, each of which shall be deemed an original and all of which taken together shall constitute one and the same instrument.

The parties agree electronic, portable document format (PDF), and digital signatures are the same as handwritten signatures for purposes of validity, enforceability and admissibility.

[Signature Page Follows]

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3 IN WITNESS WHEREOF, the parties hereto have caused this Main Agreement to be executed by their respective authorized officers as of the Effective Date.

City of Murrieta, a California municipal corporation JPMorgan Chase Bank, N.A.

By: ________________________________ By: _______________________________

Name: Justin Clifton Name: Veronica Villasenor

Title: City Manager Title: Authorized Officer

ATTEST:

_______________________________________
Cristal McDonald, City Clerk
Date:

APPROVED AS TO FORM:

ALESHIRE & WYNDER, LLP

_______________________________________
Tiffany Israel, City Attorney
Date:

Attached Exhibits:

Exhibit A – Comprehensive Pricing Sheet
Exhibit B – Bank’s Best and Final Terms
Exhibit C – Bank’s Account Documentation

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4 EXHIBIT A

COMPREHENSIVE PRICING SHEET

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260
261
262
263
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5 EXHIBIT B
BANK’S BEST AND FINAL TERMS

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June 25, 2025
Cynthia Rockwell
Purchasing & Contracts Coordinator
1 Town Square
Murrieta, CA 92562
Dear Cynthia:

On behalf of JPMorgan Chase Bank, N.A., (J.P. Morgan), thank you for the opportunity to present our response to the City of Murrieta’s (the City’s) Request for Proposal (RFP) for Banking and Merchant Services on March 10,2025. It has been our distinct privilege and pleasure to engage in conversation with the City over the last several months to refine our proposal in a Best and Final Offer (BAFO) process.

We offer the following as clarifications/updates to the original terms of our proposal dated 3/10/25:
1) Purchase card rebates in alignment with the grid on p. 268 of RFP response. Additional rebate can be earned by either paying faster (up to +14 bps additional) and/or implementing JPMorgan’s virtual card solution. Our virtual card solution is a leader in the market and on average, we grow program spend of +189% versus other banks. In short, we would be happy to help the City drive spend adoption resulting in increased rebate revenue.
2) Ability for armored car fees to be included in account analysis. 3) Adjustment of the contract term from 3 years with 2, 1-year extensions, to 5 years with 2, 1-year extensions
4) Expansion of the account analysis fee waiver from 9 months or $6,000 (whichever comes first) to 12 months valued at $8,000 (whichever comes first)
5) Revision of the Hybrid DDA interest offered to the City to:
a. 3.85% on balances of $110M or greater
b. 3.75% on balances over $75M
c. 3.50% on balances below $75M
As discussed, our goal would be to maintain a dialogue so that we are aligned with the City’s plans in terms of liquidity management. Similarly, the bank manages its rates actively and the above rate offerings are subject to adjustment based on market conditions. While consistency is our goal, our approach is to assess trends over time and adjust accordingly in the context of an open dialogue with the City.
6) In addition to the City’s Banking Services Bid Form included in Exhibit A of our RFP response, we had included a Pricing Proforma in Appendix 3 which included pricing for some elements that could not be included in the Bid Form. We have attached an updated proforma that excludes the cost to insure the balances (“Balance Based Charges” on page 3 of the proforma in the amount of $11,753.42). The City

RFP for Banking & Merchant Services
Proposal Addendum for City of Murrieta

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still will be paying this pass-through cost to insure deposits, however this cost (approximately 13 basis points) was already deducted from the Earnings Credit Rate (ECR) we originally offered of 2.92%. In other words, our ECR offering is essentially 3.05% but is 2.92% minus that cost. Hopefully this should make it easier to compare total monthly banking fees across bank proposals. JPMorgan’s estimated monthly banking fees based on volumes provided are approximately $700.

We stand ready to answer any questions or provide any additional clarifying information needed. Please do not hesitate to contact me should the need arise.

Sincerely,
Veronica Villasenor
Relationship Manager
(858) 284-5810
[email protected]

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6 EXHIBIT C
BANK’S ACCOUNT DOCUMENTATION

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ACCOUNT TERMS V1.7_02_03_21

INTRODUCTION
This document, as amended or supplemented by account addenda for each country in which the Accounts are held, (collectively, the “Account Terms”) contains the general terms, conditions and disclosures for the Accounts and Services selected by the Customer and constitutes an agreement between the Bank and the Customer and supersedes all previous drafts, discussions and negotiations, whether oral or written, between them in connection with the opening of Accounts and receipt of Services.

References to the “Bank” shall mean JPMorgan Chase Bank, N.A. , and any of its affiliates. References to the “ Customer” shall mean the entity to which the Bank, as an independent contractor, provides Accounts and Services. All accounts subject to the Account Terms are, regardless of their location, referred to as “ Accounts”. References to “ Services” shall mean services offered by the Bank and subject to the Account Terms and any applicable Service Terms. References to “ Service Terms” shall mean any terms and conditions regarding specific types of Accounts or Services that are subject to the Account Terms. Use of a Service constitutes acceptance of the relevant Service Terms. In addition to the Account Terms and Service Terms, the Accounts are subject to other Account-related documentation, including signature cards and application forms (the “Account Documentation”).

The Customer shall not transfer any of its rights and obligations in an Account or with respect to a Service, or create any f orm of security interest over such rights and obligations in an Account, without the prior written consent of the Bank. Failure to obtain the Bank’s prior written consent constitutes a breach of these Account Terms by the Customer and may result in immediate closure of Accounts or termination of Services.

The Account Terms, Account Documentation and Service Terms may vary applicable law to the maximum extent permitted under any such law. Any provision of applicable law that cannot be varied shall supersede any conflicting term of the Account Terms, Account Documentation or Service Terms.

The Account Terms may be supplemented or amended as set forth in Section 17.6 (Amendments; Supplement; Waivers) herein.

1. Authorized Persons.

1.1 Authorized Persons. The Bank is authorized to rely on any document or designation that identifies a person authorized to act on behalf of the Customer (“Authorized Person”) with respect to the Accounts and Services, until the authority for such Authorized Person is withdrawn by the Customer upon written notice to the Bank, and the Bank has had a reasonable opportunity to act on such notice. The Customer will provide a specimen signature for Authorized Persons in the manner requested by the Bank.

1.2 Authorizations. Each Authorized Person is independent of the Bank and, subject to any written limitation provided by the Customer and received and accepted by the Bank, is authorized on behalf of the Customer to: open, operate and close Accounts; overdraw Accounts as permitted by the Bank; appoint and remove Authorized Persons; execute or otherwise agree to any form of agreement relating to the Accounts or Services, including Account Documentation; execute guarantees, indemnities or other undertakings to the Bank in relation to guarantees, letters of credit or other financial transactions, or in relation to missing documents; draw, accept, endorse or discount checks, drafts, bills of exchange, notes and other financial instruments ( “Items”); receive materials related to security procedures; and give instructions ( “Instructions”), including requests and payment orders, by means other than the signing of an Item, with respect to any Account transaction. Without limitation, such Instructions may direct: (i) the payment, transfer or withdrawal of funds; (ii) the disposition of money, credits, items or property at any time held by the Bank for account of the Customer; (iii) the provision of access as described in Section 1.4 (Third Party Access) and Section 2.1 (Third Party Instructions) below; (iv) the provision of information regarding the Accounts; (v) any other transaction of the Customer with the Bank; or (vi) the amendment or cancellation of any prior Instruction.

1.3 Facsimile Signatures. If the Customer provides the Bank with facsimile signature specimens, or if the Customer issues Items with a facsimile signature on one or more occasions, the Bank is authorized to pay Items signed by facsimile signature (including computer generated signatures) if the actual or purported facsimile signature, regardless of how or by whom affixed, resembles the specimens filed with the Bank by the Customer, or resembles a specimen facsimile signature otherwise employed for the Customer’s benefit.

1.4 Third Party Access. The Customer may request that the Bank permit a third party to have access to an Account by submitting an access request in a form acceptable to the Bank (an “Access Request”, and the third party designated in such form will be referred to as a “Third Party”).

Each Third Party is authorized by the Customer to issue Instructions to the Bank in relation to an Account , including to initiate payments and transfers against an Account, and to access and receive balance and transaction information (including account statements, information reporting and transaction advices) by any method of communication, including the Bank’s electronic channels, facsimile transmission, in writing, by telephone and SWIFT message, and the Bank is authorized to act on such Instructions and provide such access as described in this Section and Section 2.1 (Third Party Instructions) below. Subject to the Third Party’s completion of documentation required by the Bank, the Bank is authorized to act upon any Instructions issued in the name of any authorized person of the Third Party who has been nominated by the Third Party in a form acceptable to the Bank, and such authorized person shall be deemed an Authorized Person wi th respect to the provisions of these Account Terms relating to the use of the Accounts and the giving of Instructions with respect to the Accounts. The Customer may revoke an Access Request at any time by giving the Bank written notice of such revocation; such revocation shall be effective when the Bank has received such notice and has had a reasonable opportunity to act upon it.

2. Security Procedures; Confirmations.

2.1 Security Procedures Generally. When issuing Instructions, the Customer is required to follow the Bank’s security procedures as communicated to the Customer by the Bank from time to time, including the procedures set forth herein, and shall be bound by such security procedures for use 269

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of the Service. Upon receipt of an Instruction, the Bank will use the security procedures to verify that the Instruction is effective as that of the Customer. A security procedure may require the use of algorithms or other codes, identifying words or numbers, encryption, call back procedures or similar security devices. It is understood that the purpose of the security procedure is to verify the authenticity of, and not to detect errors in, Instructions. The Customer shall safeguard the security procedure and make it available only to persons that it has authorized. Any Instruction, the authenticity of which has been verified through such security procedure, shall be effective as that of the Customer, whether or not authorized.

Security Procedure for Verbal or Written Instructions. Unless the Customer and the Bank have agreed in writing to an alternate security procedure, the Bank may verify the authenticity of verbal or written (including those transmitted by facsimile) funds transfer Instructions by telephonic call-back to an Authorized Person. The Customer agrees that this security procedure is commercially reasonable for such Instructions.

Security Procedure for Instructions Received through Electronic Channels. If the Bank receives an Instruction in the name of the Customer by means of any of Bank’s electronic channels , the Customer’s SWIFT BIC codes , or other electronic channels through which the Bank has notified Customer that it will accept Instructions, then Bank may rely on authentication procedures established by such electronic channels as the security procedure. Any such Instruction shall be deemed to have been given by an Authorized Person and shall be effective as that of the Customer, whether or not authorized. By using an electronic channel to provide Instructions to the Bank, the Customer agrees that this security procedure is commercially reasonable for such Instructions.

Security Procedure for Third Party Instructions. The security procedures applicable to Instructions from any Third Party shall be those security procedures established by the Bank with the Third Party. Any Instruction that the Bank receives from the Third Party, the aut henticity of which has been verified through such security procedure, shall be effective as that of the Cus tomer, whether or not authorized, and shall be deemed an Instruction given on behalf of the Customer for all purposes of these Account Terms. The Bank is authorized to act upon any Instructions received via any of the SWIFT BIC codes specified in an Access Request whether or not such SWIFT BIC codes are associated with the Customer or the Third Party.

2.2 Confirmations. If the Customer, other than with respect to security procedures, chooses to confirm an Instruction, any confirmation must be clearly marked as a confirmation, and, if there is any discrepancy between an Instruction and a confirmation, the terms of the Instruction shall prevail. Subject to Section 2.1 (Security Procedure for Verbal or Written Instructions), the Bank may, at its option, confirm or clarify any request or Instruction using any means, even if a security procedure appears to have been followed. If the Bank is not satisfied with any confirmation or clarification, it may decline to honor the Instruction.

3. Deposits.

3.1 Processing Incoming Items. All Items deposited or cashed are received for collection only and are subject to receipt of final payment. The Bank may agree with other banks and clearing houses to vary procedures regarding the collection or return of Items, and deadlines to the extent permitted by applicable law or market practice. The Bank chooses the method of collecting Items and may use other banks in the process. The Bank will present Items in accordance with the custom and market practice of the jurisdictions in which the Items are handled for collection. The Bank is not responsible for actions or omissions of other banks, nor for the loss or destruction of any Item in the possession of other banks or in transit. The Customer shall use reasonable efforts to assist the Bank in locating or obtaining replacements of Items lost while in the Bank ’s possession. For purposes of determining when an Item is sent to the Customer, the provision of an image of the Item or information identifying the Item (e.g., Item number, amount, date of Item) is a sufficient substitute for the actual Item.

3.2 Availability of Funds; Credits Not Received. Credits and deposits to an Account will be available in accordance with the Bank ’s availability policy and applicable law. If the Bank credits an Account: (i) in contemplation of receiving funds for the Customer ’s credit and those funds are not actually received by the Bank; or (ii) in reliance on a transaction which is subsequently returned, reversed, set aside or revoked, or if the Bank does not receive funds for the Customer’s credit for value on the date advised by or on behalf of the Customer, or if final settlement is not received by the Bank for any reason, then the Bank shall be entitled to debit any Account of the Customer with the amount previously credited and/or with any other charges incurred, even if doing so creates or increases an overdraft.

3.3 Collection Basis Processing. If an Item is processed by the Bank on a collection basis, the Bank may defer credit to the relevant Account until it has received final, non-reversible, payment in accordance with applicable law and market practice.

4. Payment of Items.

4.1 Processing Outgoing Items. The Bank is authorized to pay any Item drawn on the Account, in accordance with the Bank’s usual procedures, including any Item that purports to be a substitute check. The Bank is authorized to debit the Account on which the Item is drawn on the day the Item is presented, certified or accepted, or at such earlier time when the Bank receives notice by electronic or other means that an Item drawn on an Account has been deposited for collection. The Bank may determine Account balances in order to decide whether to dishonor an Item for insufficient funds at any time between receiving such presentment or notice and the time of the return of the Item, and need make no more than one such determination.

4.2 No Inquiry. The Bank is authorized to pay all Items presented to it or cashed at the Bank, regardless of amount and without inquiry as to the circumstances of issue, negotiation or endorsement or as to the disposition of proceeds, even if drawn, endorsed or payable t o cash, bearer or the order of the signer or any Authorized Person or to a lender in payment of the signer’s or Authorized Person’s obligations.

4.3 Limitations. The Customer shall immediately notify the Bank if it becomes aware that any Items (whether completed or blank) are lost or stolen.

The Customer shall not allow any third party to issue Items against or otherwise use the Accounts unless specifically agreed to in writing by the 270

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Bank. The Customer shall not issue Items that are post-dated, and the Bank shall not be liable for any damages caused by premature payment or certification of a post-dated Item. Further, t he Customer shall not put any condition, restriction , or legend on any Item ; and the Bank is not required to comply with any such condition, restriction or legend.

4.4 Electronic Processing; Specifications. The Bank may process any Item by electronic means. All Items issued by the Customer against any Account must comply with industry standards and the Bank’s check specifications and image standards, published from time to time. The Bank shall not be liable for damages or losses due to any delay or failure in procuring, collecting, or paying Items not conforming to such specifications or standards, except to the extent such losses or damages are the direct result of the Bank’s gross negligence or willful misconduct.

5. Funds Transfer Instructions.

5.1 Processing Funds Transfer Instructions. The Customer may issue funds transfer Instructions against Accounts, subject to the Bank ’s acceptance. Funds transfer Instructions will be received, processed and transmitted only on the Bank’s funds transfer business days, and within the Bank’s established cut -off hours on such days. Instructions requesting cancellation or amendment of funds transfer Instructions must be clearly marked as such and received at a time and in a manner affording the Bank a reasonable opportunity to act on the cancellation or amendment Instruction. The Customer may reverse, amend, cancel or revoke any Instructions only with the consent of the Bank and, if applicable, the beneficiary’s bank. The Bank will debit the Account for the amount of each funds transfer Instruction accepted by the Bank, and the Customer authorizes the Bank to debit the Account for , or deduct from the amount of the funds transfer, all associated fees , including debit and credit processing charges. In processing a funds transfer, other banks may deduct fees from the funds transfer. No restrictions upon the acceptance of funds transfer Instructions by the Bank or upon the Accounts that the Bank may debit shall be binding unless agreed to by the Bank in writing.

The Bank shall not be required to inquire into the circumstances of any transaction.

5.2 Acting on Instructions. Notwithstanding any Instructions by the Customer to the contrary, the Bank reserves the right to use any funds transfer system and any intermediary bank in the execution of any funds transfer Instruction and may otherwise use any means of execut ing the funds transfer Instruction that the Bank deems reasonable in the circumstances.

5.3 Inconsistent Name and Number. The Bank and other financial institutions , including the beneficiary’s bank, may rely upon the identifying number of the beneficiary, the beneficiary’s bank or any intermediary bank included in a funds transfer Instruction, even if it identifies a person different from the beneficiary, the beneficiary’s bank or intermediary bank identified by name.

5.4 Foreign Exchange.
(a) If the Bank accepts a funds transfer Instruction issued in the Customer’s name for payment in a currency (the “ Non-Account Currency”) other than the currency of the Account (the “Account Currency”), the Bank is authorized to enter into a foreign exchange transaction to sell to the Customer the amount of Non-Account Currency required to complete the funds transfer and debit the Account for the purchase price of the Non-Account Currency. If the Bank receives a payment to the Account in a Non-Account Currency, the Bank is authorized to purchase the Non-Account Currency from the Customer and to credit the purchase price to the Customer’s Account in lieu of the Non- Account Currency.
(b) The applicable foreign exchange rate and spread for any of the foregoing transactions shall be determined by the Bank in its sole discretion and may differ from foreign exchange rates and spreads at which comparable transactions are entered into with other customers or the range of foreign exchange rates or spreads at which the Bank otherwise enters into foreign exchange transactions on the relevant date.

The Bank may generate additional profit or loss in connection with the Bank’s execution of a foreign exchange transaction or management of its risk related thereto in addition to the applicable spread. Further, (i) the Bank may execute such foreign exchange transactions in such manner as the Bank determines in its sole discretion; and (ii) the Bank may manage the associated risks of the Bank’s own position in the market in a manner it deems appropriate without regard to the impact of such activities on the Customer. Any such foreign exchange transaction will be between the Bank and the Customer as principals, and the Bank will not be acting as agent or fiduciary for the Customer. (c) Notwithstanding any prior action or course of dealing, subject to applicable law, the Bank has no obligation to cancel, reverse or otherwise buy back foreign currencies purchased by the Customer under a Service and the Bank makes no commitment to buy back currencies. The Customer acknowledges that it may not be able to sell back certain foreign currencies once purchased.

5.5 Cancellation of Foreign Exchange Drafts. Subject to applicable law, t he Bank may cancel any draft issued by the Bank on behalf of the Customer in a Non-Account Currency if the draft is not presented for payment within one hundred eighty (180) calendar days after the date of issuance, and the Customer authorizes the Bank to recredit the Customer’s Account with an equivalent amount of Account Currency at a foreign exchange rate and spread, and at such date and time, as the Bank determines in its sole discretion. Following such cancellation, the Customer shall be responsible for all claims that may be asserted against the Bank in respect of the draft.

6. Interest; Fees; Taxes.

6.1 Interest. The Bank may apply interest on balances in Accounts at rates determined by the Bank in its sole discretion, subject to any withholding or deduction for tax as required by applicable law (including the Foreign Account Tax Compliance Act (“FATCA”)). The Bank may deduct from the Accounts charges for early withdrawals, which may include a deduction from principal (if permitted or required by law). If the rate applied by the Bank is negative, the Customer may be required to make a negative rate payment, including on non- interest bearing Accounts, which the Bank shall be entitled to collect by debiting the Account. 271

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6.2 Fees and Taxes.
(a) The Bank may impose and the Customer will pay fees for Accounts and Services provided by the Bank, including transaction, maintenance, balance-deficiency, and service fees and other charges (collectively “Fees”). The Bank may debit any Account for Fees and/or Taxes, even if such debit creates or increases an overdraft of the Account. References to “Taxes” shall mean any taxes (including value added taxes, sales taxes and similar taxes), levies, imposts, deductions, charges, stamp, transaction and other dut ies and withholdings (together with any related interest, penalties, fines, and expenses) in connection with the Fees, Accounts or Services (including payments or receipts to an Account) except if such Taxes are imposed on the overall net income of the Bank. (b) All payments (including Fees and interest on overdrafts) from the Customer to the Bank pursuant to the Account Terms, the Service Terms and any Account Documentation shall be in full, without set -off or counterclaim, and free of any withholding or deduction ( collectively, a “Deduction”) related to any tax or other claim, unless a Deduction is required by applicable law. If any Deduction is required by applicable law in respect of any payment due to the Bank, the Customer shall:
(i) ensure that the Deduction is made;
(ii) pay the amount of the Deduction as required by applicable law; (iii) increase the payment in respect of which the Deduction is required so that the net amount received by the Bank after the Deduction shall be equal to the amount which the Bank would have been entitled to receive in the absence of any requirement to make any Deduction; and
(iv) deliver to the Bank, within thirty (30) days after it has made payment to the applicable authority, a certified copy of the original receipt issued by the authority, evidencing the payment to the authority of all amounts required to be deducted. (c) All Fees are exclusive of Taxes. In addition to any Fees or other amounts due and except to the extent the Bank is otherwise compensated for such Taxes under this Section 6, the Customer will pay or reimburse the Bank for any Taxes which the Bank is required to account for to any tax authority under any applicable law and, where required by applicable law , the Customer shall account for any Taxes directly to the applicable tax authority.

6.3 Tax Documentation and Information. The Customer will provide the Bank with such documentation and information as the Bank may require in connection with taxation, and warrants that such information is true and correct in every respect and shall immediately notify the Bank if any information requires updating or correction.

7. Account Statements.

The Bank will issue Account statements, confirmations, or advices ( “Account Statements”) at the frequency and in the manner advised to the Customer from time to time. The Customer is responsible for ensuring that an Authorized Person promptly examines each Account Statement and any accompanying Items that are made available to it by the Bank, and reporting any irregularities to the Bank in writing, including any claim of unauthorized funds transfer activity. The Bank shall not be responsible for the Customer’s reliance on balance, transaction or related information that is subsequently updated or corrected or for the accuracy or timeliness of information supplied by any third party to the Bank. Electronic Account Statements, if applicable, shall be deemed to be received by the Customer when the Bank sends notice to the Customer that the Account Statement has been posted by electronic means (including by posting such Account Statement on a Bank website).

8. Overdrafts.

8.1 Overdrafts. The Bank may debit an Account even if the debit may cause or increase an overdraft. Unless otherwise agreed in writing, the Bank is under no obligation to permit any overdraft or to continue to permit overdrafts after having permitted an overdraft or to provide notice of any refusal to permit an overdraft, in each case notwithstanding any prior action or course of dealing. Any overdraft shall be immediately due and payable by the Customer to the Bank , unless otherwise agreed in writing. If the Bank permits an overdraft, the Bank is authorized to charge interest on the amount of the overdraft as long as the overdraft is outstanding, at a rate determined by the Bank, up to the maximum rate permitted by law at the time of the overdraft or at the specific rate agreed in writing between the Customer and the Bank. Subject to applicable law, interest shall accrue on any negative balance in an Account notwithstanding closure of the Account and/or termination of these Account Terms. If the Bank pays an Item that causes or increases an overdraft, the Bank may deduct applicable Fees and expenses from the Account without notice.

8.2 Order of Payment. When Items and other debits to the Account are presented to the Bank for payment on the same day and there are insufficient available funds in the Account to pay all of these transactions, the Bank may choose the order in which it pays transactions, including the largest transaction first or any other order determined by the Bank, in its sole discretion.

9. Set Off; Security Interest.

9.1 Set-Off. The Bank may at any time, without prejudice to any other rights which it may have, and without prior notice or demand for pay ment, combine, consolidate or merge all or any of the Accounts of the Customer or may retain, apply or set off any money , deposits or balances held in, or standing to the credit of, any Account in any currency towards payment of any amount owing by the Customer to the Bank or any of its affiliates. The Bank shall be entitled to accelerate the maturity of any time deposit or fixed term deposit. For the purposes of this Section the Bank may effect currency conversions at such times or rates as it may think reasonable and may effect such transfers between any Accounts as it considers necessary.
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9.2 Security Interest. The Customer grants to the Bank a lien and security interest in any Accounts of the Customer at the Bank, in order to secure any and all obligations and liabilities of the Customer to the Bank or any of its affiliates.

10. Confidential Information; Agents; Consents.

10.1 Confidential Information. “Confidential Information” means and includes all non-public information regarding the Customer, its Accounts or the Services. The term Confidential Information does not include information which is or becomes publicly available by means other than the Bank’s breach of this section, information the Bank develops independently without the use of Confidential Information, or information the Bank obtains from a third-party that is not reasonably known to have confidentiality obligations for such information. (a) The Bank will maintain Confidential Information in the same manner it maintains its own confidential information. (b) The Customer authorizes the Bank and its agents, employees, officers and directors and affiliate s to use Confidential Information (i) to provide services to and administer the relationship with Customer, (ii) for any operational, credit or risk management purposes, (iii) for due diligence, verification or sanctions or transaction screening purposes, (iv) for the prevention or investigation of crime, fraud or any malpractice, including the prevention of terrorism, money laundering and corruption, (v) to impr ove and develop products or services, including, but not limited to using data analytics, (vi) for compliance with any legal, regulatory or tax requirements or tax reporting or any industry standard, code of practice, or internal policies or (vii) with prior consent of the Customer. (c) In connection with the permitted uses set forth in subsection (b), the Customer authorizes the Bank and its agents, employees, officers and directors and affiliates to disclose Confidential Information to (i) any subcontractor, consultant, agent, or any other unaffiliated third party or service provider, including the transmission of information to other banks and clearing houses and through channels and networks operated by third parties that the Bank reasonably believes is required in connection with the Services and provided that such parties are subject to equivalent confidentiality obligations; (ii) to the Bank’s professional advisors, auditors or public accountants; (iii) the Bank’s subsidiaries, affiliates and branches and their relevant parties as set forth in subsection (i) and (ii) herein; (iv) to a proposed assignee of the Bank’s rights under the Account Documentation; and (v) with the consent of the Customer. (d) In addition to the foregoing, the Bank may use and disclose Confidential Information as required by (i) applicable law or courts of competent jurisdiction; (ii) governmental or regulatory or supervisory authorities, or law enforcement agencies with jurisdiction over the Bank’s or Customer’s businesses; or (iii) to establish, exercise or defend claims, enforce legal rights, or satisfy the legal obligations of the Bank. (e) The Customer acknowledges that: (i) permitted disclosures of Confidential Information may be transmitted across national boundaries in the context of outsourcing arrangements and through networks, including networks owned and operated by third parties; and (ii) the Bank may process or store, or engage service providers to process or store Confidential Information on its behalf, both in its own premises and those of its services providers, located in, amongst others, the European Economic Area, the United St ates of America, India, the Philippines, Singapore, Hong Kong, Australia, China, Japan, Brazil, Mexico, Argentina, Colombia, Chile, South Africa, Russia and any other country where the Bank or such service providers conduct business.

10.2 Agents. The Bank may appoint or retain any agent (who may be any affiliate of the Bank or any unaffiliated third party) either at the Account location or outside, to perform data processing, collection and/or any other services in connection with the Accounts and Services.

10.3 Consents. The Customer represents and warrants that prior to submitting to the Bank information about natural persons related to the Customer (including Authorized Persons, users of the Bank’s electronic access systems, officers and directors, employees, beneficial owners, and customers and persons on whose behalf the Customer is receiving or transmitting funds, issuing items or maintaining an Account), the Customer shall have obtained such consents as may be required by applicable law or agreement, for the Bank to process and use the information for purposes of providing the Accounts or Services.

11. Liability Limitation; Force Majeure.

11.1 Liability. The Bank, its agents, employees, officers and directors, shall not be liable for any damage, loss, expense or liability of any nature which the Customer may suffer or incur, except to the extent of losses or expenses directly resulting from the gross negligence or willful misconduct of the Bank, its agents, employees, officers or directors. The Bank, its agents, employees, officers and directors shall not, in any event, be liable for indirect, special, consequential or punitive loss or damage of any ki nd (including lost profits , loss of business or loss of goodwill), in each case , whether or not foreseeable, even if the Bank, its agents, employees, officers or directors have been advised of the likelihood of such loss or damage, and regardless of whether the claim for loss or damage is made in negligence, gross negligence, for breach of contract or otherwise; provided, however, that the foregoing shall not apply to the extent such loss or damage is caused b y fraud on the part of the Bank, its agents, employees, officers or directors. Customer shall promptly provide the Bank with a notice of any claims it receives regarding a Service.

11.2 Force Majeure. Neither the Bank nor the Customer shall be liable for any loss or damage, expense or liability of any nature to the other for its failure to perform or delay in the performance of its obligations resulting from an act of God, act of governmental or other authority, de jure or de facto, legal constraint, civil or labor disturbance, fraud or forgery (other than on the part of the other party or its employees), war, terrorism, catastrophe, fire, flood or electrical, computer, mechanical or telecommunications failure or malfunction, including inability to obtain or interruption of communications facilities, or failure of any agent or correspondent, or unavailability or failure of or the effect of rules or operations of a payment or funds transfer system, including non- availability of appropriate foreign exchange or foreign currency , or any cause beyond its reasonable control.
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12. Indemnity.

The Customer indemnifies and holds the Bank, and its agents, employees, officers and directors, harmless from and against any and all claims, damages, demands, judgments, liabilities, losses, costs and expenses (including attorneys’ fees) (collectively, “Losses”) arising out of or resulting from: (i) the Bank’s acceptance or execution of any r equest, direction or transaction in connection with any Account or any Service provided to the Customer, including Items and Instructions; or (ii) the Bank’s payment of any taxes, interest or penalty otherwise due from the Customer paid on the Customer’s behalf, or for which the Bank has no responsibility under the Account Terms, the Service Terms or any Account Documentation.

Notwithstanding the foregoing, the Bank , its agents, employees, officers and directors shall not be indemnified for any Losses to the extent resulting directly from its own gross negligence, willful misconduct or fraud.

13. Notices.

13.1 Notice to the Customer. All Account Terms, Service Terms, Account Documentation, notices and other documents may be delivered, made available and/or made accessible to the Customer by ordinary mail or courier at the address of the Customer provided to the Bank, or by facsimile transmission, electronic means and channels (including SWIFT message, emails and by posting on a Bank website) or by such other means as the Customer and the Bank may agree upon from time to time.

13.2 Notice to the Bank. Unless otherwise arranged, all notices to the Bank must be sent to the Bank officer or service representative managing the Account or to any other address notified by the Bank to the Customer in writing from time to time, and must be sent by ordinary mail, by courier, by facsimile transmission, by electronic transmission or by such other means as the Customer and the Bank agree upon from time to time. The Bank shall have a reasonable time to act on any notices received.

14. Termination.

Either the Bank or the Customer may close an Account and/or terminate a Service:
(a) by giving the other party not less than thirty (30) calendar days’ prior written notice of intent to close or terminate, or (b) immediately upon written notice to the other party in the event of: (i) a breach of the Account Terms , Account Documentation or Service Terms by the other party; (ii) the other party ’s inability to meet its debts as they become due, receivership, administration, liquidation, or voluntary or involuntary bankruptcy; or the institution of any proceeding therefor, any assignment for the benefit of the other party’s creditors, or anything analogous to the foregoing in any applicable jurisdiction, or a determination in good faith by the terminating party that the financial or business condition of the other party has become impaired; (iii) a determination by the terminating party, in its sole opinion, that termination is necessary or required by applicable legal, tax or regulatory requirements, or as a result of a court or regulatory agency order or proceeding; or (iv) a good faith belief by the terminating party that the other party is engaged in activities that are inconsistent with the terminating party’s policies, provided however, that any closure and/or termination will be effective only after the Bank has had reasonable time to act on such notice.

The Bank shall only be required to process requests or Instructions for transactions that the Bank reasonably estimates will be completed prior to the date of closure of the Account or termination of the relevant Service, but shall not be precluded from completing a request or Instruction received by it prior to the date of the closure or termination. Any such closing or termination shall not affect the Customer’s liabilities to the Bank arising prior to, or on, such closing or termination, all of which shall continue in full force and effect. Notwithstanding anything to the contrary in any Service Terms, upon the closing of an Account, all Services linked to such Account are simultaneously terminated (unless otherwise specifically agreed to by the parties). In the absence of Instructions from the Customer on transfer of monies standing to the credit of an Account that is being terminated, the Bank may issue a cashier’s check and send it to the address of the Customer on the Bank’s record.

15. Account Disclosures.

15.1 Rejection of Funds; Reversal of Erroneous Postings. (a) The Bank may return or refuse to accept all or any part of a deposit or credit to an Account, at any time, and will not be liable to the Customer for doing so, even if such action causes outstanding Items to be dishonored and returned, or payment orders to be rejected. (b) The Bank may reverse any transactions posted to the Account if it determines such posting was made in error and that Customer was not entitled to the funds posted.

15.2 Withdrawal. The Bank may refuse to allow withdrawal s from Accounts, may block or suspend an Account, or perform any other function in certain circumstances, including where: (i) there appears to be a dispute relating to an Account, including disputes regarding the persons authorized to issue Instructions; (ii) as required by applicable law, legal process affecting the Account , or order of any relevant government regulatory, judicial or tax authority, including a levy or restraining notice; (iii) the Account is being used as collateral to secure indebtedness to the Bank or its affiliates; (iv) documentation requested by the Bank has not been presented; or (v) the Customer fails to pay its indebtedness to the Bank or its affiliates when due.

15.3 Payable Branch; Deposits Outside of the U.S. Any amount standing to the credit of any Account with the Bank is payable exclusively at a branch in the country at which the Account is held; however, payment may be suspended from time to time in order to comply with any applicable law, governmental decree or similar order, in any jurisdiction, for the time period affecting the Bank, its officers, employees, affiliates, subsidiaries, 274

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agents or correspondents. The Customer acknowledges that deposits held in a branch of the Bank located outside the United States are not payable in the United States and: (i) are not insured by the Federal Deposit Insurance Corporation or any other United States governmental agency; (ii) are subject to cross-border risks; and (iii) have a lesser preference as compared to deposits held in the United States in the event of a liquidation of the Bank.

15.4 Commissions and Rebates. In connection with the provision of any Service by the Bank to the Customer, t he Bank may from time to time receive commission, rebate or similar payments from other banks or third parties.

16. Governing Law and Procedure.

16.1 Governing Law. The Account Terms, the relevant Account Documentation and the rights and obligations of the Customer and the Bank in respect of each Account shall be governed by and construed in accordance with the laws of the jurisdiction in which the branch holding the relevant Account is located.

16.2 Waiver of Jury Trial; Limitation of Claims. The Customer and the Bank hereby knowingly, voluntarily and intentionally irrevocably waive, to the fullest extent permitted by applicable law, all right to, and will not seek, prejudgment interest and a trial by jury in any action, proceeding or counterclaim, of whatever type or nature, arising out of these Account Terms, the Account Documentation or the relationship established hereby.

Any claim in connection with any Account or Service, unless a shorter period of time is expressly provided, must be brought against the Bank within two (2) years of the occurrence of the event giving rise to the claim.

16.3 Venue. In relation to each Account, the courts of the country, state or province in which the branch or affiliate of the Bank at which the Account is held shall have exclusive jurisdiction to settle any disputes that arise out of or are connected with the Account Terms, t he Account Documentation and/or the Account and the Customer agrees to submit to the jurisdiction of such courts and waive any objection to venue or their convenience as a forum. This section is for the benefit of the Bank only and does not prevent the Bank from taking proceedings in the courts of any other country, state or province with jurisdiction including, to the extent allowed by law, concurrently in any number of countries , states or provinces.

17. Miscellaneous.

17.1 Languages. If the Account Terms, Account Documentation or Service Terms are translated into, or appear in a language other than English, the English language version shall control.

17.2 Successors and Assigns. The Account Terms, Service Terms and Account Documentation will be binding on each of the parties’ successors, assigns and transferees. The parties agree that neither party may assign or transfer any of its rights or obligations under t he Account Terms, Service Terms or Account Documentation without the prior written consent of the other party, which consent will not be unreasonably withheld or delayed; except that the Bank may assign or transfer the Account Terms, Service Terms and Account Documentation (a) to any affiliate or subsidiary of the Bank, or (b) in connection with a merger, reorganization or other restructuring involving the Bank or its business; upon notice to the Customer, and the Customer hereby consents to the same.

17.3 Order of Precedence. Any terms of any supplement, amendment, agreement, Service Terms or notice that are inconsistent with a provision of the Account Terms or the Account Documentation shall supersede such provision of the Account Terms or the Account Documentation for purposes of the particular Account or Service that is the subject thereof. The Account Terms and Account Documentation supersede and replace any other account conditions previously sent to the Customer.

17.4 Interpretation. Section and subsection headings are for convenience only and shall not affect the meaning of the Account Terms, the Service Terms and any Account Documentation. References to Schedules, Sections, Subsections and Clauses are to Schedules, Sections, Subsections and Clauses of the Account Terms, the Service Terms and any Account Documentation. Words in the singular import the plural and vice versa.

If any provision of the Account Terms , the Service Terms and any Account Documentation shall be held to be illegal , invalid, or unenforceable the validity of the remaining portions of the Account Terms the Service Terms and any Account Documentation shall not be affected. The term “including” shall in all cases mean “including without limitation” unless otherwise indicated. The term “affiliates” shall mean with respect to any entity, an entity, whether directly or i ndirectly, that controls, is controlled by , or is under common control with that entity. The term “applicable laws” or similar terms shall mean any law, statute, order, decree, rule, injunction, license, consent, approval, agreement , guideline, circular or regulation of a government authority.

17.5 Compliance; Transaction Screening. The Customer shall comply with all applicable laws and with the Bank’s policies notified to the Customer. The Bank is required to act in accordance with Bank polic ies, the laws of various jurisdictions relating to the prevention of money laundering and the implementation of sanctions, including economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by the U.S. government, including those administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State. The Bank is not obligated to execute payment orders or effect any other transaction where a party to the transaction is a person or entity with whom the Bank is prohibited from doing business by any law applicable to the Bank, or in any case where compliance would, in the Bank ’s opinion, conflict with applicable law or market practice or its own policies and procedures. Where the Bank does not execute a payment order or effect a transaction for such reasons, the Bank may take any action required by any law applicable to the Bank including freezing or blocking funds. Transaction screening may result in delays in the posting of transactions and/or funds availability.

The Bank may direct the Customer (a) to make changes to the activity in the Customer’s Accounts, including to cease and desist from using the Accounts for particular types of transactions or for transactions involving particular parties from time to time, and (b) not to use the Accounts to send payments with certain characteristics. The Customer agrees to comply with such directions. 275

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17.6 Amendments; Supplements; Waivers. All amendments must be in writing. The Account Terms may be amended or supplemented on notice to the Customer, including by terms contained in any Service Terms or Account Documentation. The Service Terms may be amended or supplemented on notice to the Customer. These amendments or supplements may impose restrictions on the Accounts and Services, as the Bank deems necessary in the course of its business, and will be effective on notice to the Customer or at such other time to be specified in the notice; provided that amendments or supplements that are required by law may be implemented immediately or as required by law. By signing an Account signature card, Account application or similar document or by using or continuing to use any of the Accounts or Services, the Customer agrees to the Account Terms, the Account Documentation, Service Terms and any amendments or supplements, as applicable.

The Bank may waive any of provision of these Account Terms, the Account Documentation or the Service Terms , but such waiver shall apply only on that occasion. Such waiver shall not constitute a waiver of any other provision of the Account Terms, the Account Documentation or the Service Terms. Any such waiver shall not affect the Bank’s right to enforce any of its rights with respect to other customers or to enforce any of its rights with respect to later transactions with Customer and is not sufficient to modify the terms and conditions of the Account Terms, the Account Documentation or the Service Terms. The rights and remedies in the Account Terms, the Service Terms and any Account Documentation are cumulative and are not exclusive of any other rights or remedies provided by applicable law.

17.7 Waiver of Immunity. To the extent that the Customer has or hereafter may acquire any immunity (including sovereign, crown or similar immunity) for itself or its assets from jurisdiction of any court, suit or legal process (whether from service of notice, injunction, attachment, execution or enforcement of any judgment or otherwise), the Customer irrevocably waives and agrees not to claim such immunity against the Bank or its affiliates.

17.8 Internet Services; Notice of Claims. The Customer agrees at its sole expense: (i) to advise each of its employees, officers, agents or other persons accessing any Service by or on behalf of Customer (“ Users”) of their obligations under the Account Terms, Account Documentation or under any Service Terms or ancillary Service material, including the obligation to refrain from using the Service via the Internet in the countries identified by the Bank; and (ii) to provide the Bank with all information reasonabl y necessary to setup and provide Services for the Customer, including advising the Bank of the countries from which Users will access any Service via the Internet.

17.9 Recordings. To the extent permitted by applicable law, the Customer acknowledges that the Bank may record and monitor all electronic communications (e.g., telephone and email communication) for the purposes of ensuring compliance with the Bank’s legal and regulatory obligations and the Bank’s internal policies. The Customer shall notify and obtain their employee’s consent to such recording and monitoring where required by applicable law.

17.10 Instructions. Instructions may be sent to the Bank using such means as the Bank may permit from time to time. All Instructions, whether Items, payment orders or otherwise, are subject to applicable laws, and rules, policies, operations and market practices of the applicable clearing or settlement systems or payment networks.

17.11 Electronic Copies. The Bank may retain copies (paper, electronic or otherwise) of any documents or Items relating to the Accounts and Services in a form preserving an image of any such documents or Items, including signatures, or a regular business record and discard the original documents or Items. The Customer hereby waives any objection to the use of such records in lieu of their paper equival ents for any purpose and in any forum, venue or jurisdiction, including objections arising from the Bank ’s role or acquiescence in the destruction of the originals.

17.12 Intellectual Property. All intellectual property rights in or relating to a Service, including any trademarks, service marks, logos, and trade names used in conjunction with a Service are the property of the Bank or its licensors and are protected by applicable copyright, patent, trademark and other intellectual property law. Except as provided herein, the Customer shall not reproduce, transmit, sell, display, distribute, establish any hyperlink to, provide access to, modify, or commercially exploit in whole or in part any part of a Service, without the prior written consent of the Bank. Further, Customer shall not make any public announcements (including interviews) or publish any promotional or marketing materials, publicity or press releases, customer listings, testimonials or advertising in relation to the Accounts or Services or the subject matter of these terms and conditions without obtaining the prior written approval of Bank.

17.13 Know Your Customer. To assist in the prevention of the funding of terrorism and money laundering activities, applicable law may require financial institutions to obtain, verify, and record information that identifies each person who opens an account. What this means for the Customer:
when the Customer opens an Account, the Bank may ask for the Customer ’s name, address, date of birth (for natural persons ), and/or other information and documents that will allow the Bank to identify the Customer. The Bank may also request and obtain certain information from third parties regarding the Customer. For purposes of this provision, the Customer, to the extent required by applicable law, shall include any Authorized Person or signatory on an Account.

Information. To fulfill the Bank’s “know your customer” responsibilities, the Bank will request information from the Customer from time to time, inter alia, regarding the Customer’s organization, business, Third Parties and, to the extent applicable, Authorized Persons and beneficial owner(s) of the Customer, the Customer’s customers, and their beneficial owners, including relevant natural or legal persons, and the Customer shall procure and furnish the same to the Bank in a timely manner . The Bank may als o request further information and/or documentation in connection with the provision of the Accounts or Services. Any information and/or documentation furnished by the Customer is the sole responsibility of the Customer and the Bank is entitled to rely on the information and/or documentation without making any verification whatsoever (except for the authenti cation under the security procedures, as applicable). The Customer represents and warrants that all such information and/or documentation is true, correc t and not misleading and shall advise the Bank promptly of any changes and, except as prohibited by applicable law, the Customer agrees to provide complete responses to the Bank’s requests within the timeframes specified. The Customer will notify the Bank in writing if any Accounts or monies it holds or places with the Bank are subject to restrictions or otherwis e held or received by the Customer in a capacity other than previous ly disclosed to the Bank, including monies being held for the benefit of third parties, whether as 276

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fiduciary or otherwise, monies subject to encumbrances, monies received as intermediary, processor or payment service provider, or arising from undisclosed business or similar sources. The Bank may, at its sole discretion and subject to such further conditions as it may impose, including execution of further documentation in form and manner acceptable to the Bank, permit the holding of such Accounts or deposits or receipt of funds. Unless prohibited by applicable law, the Customer agrees to promptly disclose to the Bank activity in the C ustomer’s Accounts that is suspicious or violates applicable laws or sanctions.

If the Customer fails to provide or consent to the provision of any information required by this Section, the Bank may close any Account or suspend or discontinue providing any Service without further notice.

17.14 Click-Thru and Electronic Signatures. The Bank may make Service Terms and Account Document ation available to the Customer via electronic means (including by posting on a Bank website or electronic signature platform). The Bank may request that an Authorized Person “click” or electronically sign to indicate the Customer’s approval of such terms. The Customer agrees that the act of “clicking” its acceptance or applying its electronic signature (or any similar act which has the same effect) with respect to any such Service Terms or Account Documentation will be evidence of Customer’s acceptance of such Service Terms and Account Documentation, to the same extent, and with the same force and effect, as if Customer had manually executed a written version of such Service Terms and Account Documentation.

18. Interpleader; Reimbursement.

18.1 Interpleader. The Bank may apply to an appropriate court for resolution of any dispute relating to the Customer’s Accounts, including any dispute: (i) regarding the ownership of or entitlement to the funds; (ii) regarding the persons authorized to issue Instructi ons or act on behalf of the Customer; or (iii) by or amongst persons authorized to act or purportedly authorized to act on behalf of the Customer. If permitted by the court, the Bank may pay funds held by the Bank for the account of the Customer into the court pending resolution of such dispute.

18.2 Reimbursement. The Customer agrees to reimburse the Bank for any expenses, including its attorneys’ fees and costs incurred in connection with the resolution of disputes (including interpleader proceedings) or in connection with the Bank’s response to, any legal or regulatory process relating to an Account or the Services.

19. Provisional Recredit.

In connection with any dispute regarding an Account, the Bank may choose to credit the Account pending completion of the Bank’s investigation of the dispute. If the Bank determines that the Customer is not entitled to such credit, then, the Bank may reverse the provisional recredit to the Account, even if that reversal results in an overdraft. 277

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ADDENDUM TO ACCOUNT TERMS (UNITED STATES OF AMERICA) V1.15_03_14_25

Accounts maintained by the Customer with the Bank are subject to the Bank’s Account Terms. This addendum (“Addendum”) amends or supplements the Account Terms with respect to Accounts maintained in the United States of America (“U.S.”) and to Services provided in connection with such U.S.

Accounts, regardless of the location where Services are provided. Capitalized terms used in this Addendum, and not otherwise defined, have the meanings set forth in the Account Terms. By using any Account maintained in the U.S., the Customer acknowledges receipt of, and agrees to be bound by, the Account Terms which includes this Addendum, each as may be amended or supplemented from time to time.

Section 2 of the Account Terms (Instructions; Security Procedures) is amended by adding the following provision:

2.3 The Customer represents and warrants to the Bank that the Customer has not requested funds transfer security procedures other than those expressly agreed by the Customer and the Bank.

Section 3 of the Account Terms (Deposits) is amended by adding the following provisions:

3.4 Verification; Adjustments. Receipts issued by the Bank for deposits are based solely on the amounts stated in the deposit ticket. Credits for Items received for deposit or collection (whether or not accompanied by a deposit ticket) are subject to verification and the Bank’ s receipt of final payment of deposited Items. The Bank may make adjustments to the Account for any errors appearing on deposit tickets or occur ring during processing or otherwise, but the Bank has no obligation to do so for de minimis discrepancies.

3.5 Foreign Currency Items. The Bank may handle Items drawn on a non-U.S. bank or Items payable in a foreign currency on a collection basis, not for deposit, even if the Bank has received the Items in a deposit. The Customer may not receive provisional credit for such Items or, if provisional credit has been given, the Bank may revoke it. Credit for Items payable in a foreign currency will be converted into U.S. dol lars at a foreign exchange rate and spread, and at such date and time, as the Bank determines in its discretion

3.6 Endorsements. Endorsement must be placed on the back of Items only in the area within 1.5 inches from the trailing edge of the Item. The trailing edge of the Item is defined as the left-hand edge of the check looking at it from the front. If the Customer is authorized in writing to endorse Items on the Bank’s behalf, the Customer agrees to comply with the endorsement standards of the Bank.

3.7 Encoding. If the Customer encodes information on an Item, the Customer warrants to the Bank and to all other collecting and paying banks of that Item that it is properly encoded and the Customer will be liable for losses related to encoding errors, including any l oss due to delay in processing caused by an encoding error.

3.8 Return or Charge Back. The Customer should not use carrier documents (Items placed inside envelopes) in either high-speed forward or return cash letters. The Bank may charge the Account for Items returned unpaid to the Bank or for claims based on asserted unauthorized signatures, endorsements or alterations.

3.9 Collections. The Customer agrees that the Bank may collect any Item deposited to Customer’s Account by electronic means. The Bank has no duty to inspect such Item during the deposit and collection process.

3.10 Variance. The Bank may agree with other banks and clearing houses to vary procedures regarding the collection or return of Items, and to vary applicable deadlines, to the maximum extent permitted by applicable laws, and rules, policies, operations and practices of the applicable clearing or settlement systems or payment networks (collectively “Rules & Regulations”).

3.11 Substitute Checks. The Customer will not deposit any substitute checks (that are not returned Items) unless the Bank expressly agrees to accept such Items for deposit. In the absence of the Bank’s express agreement, the Customer will be solely responsible for an y loss or claim in connection with its use of substitute checks.

3.12 Night Depository Deposits. The Bank is not liable for any deposit made through the use of the Bank’s night depositories until the Bank issues a written acknowledgement of the deposit. The Bank’s count of the amount deposited in a night depository will be conclusive. T he Customer is solely responsible for any loss that may be incurred before the Bank verifies the contents of the deposit.

3.13 Remotely Created Checks. If the Customer deposits a remotely created check (“RCC”), as such term is defined in Federal Reserve Regulation CC, the Customer warrants to the Bank, with respect to each RCC, that the person on whose account the RCC is drawn, authorized the issuance of such RCC in the amount and to the payee stated on the RCC. The Customer authorizes the Bank to debit the Customer’s account for any claim or return based upon an unauthorized RCC and the Customer agrees to indemnify and hold the Bank harmless from and against any claims, liabilities, costs and expenses (including attorneys’ fees) resulting directly or indirectly from any breach of the foregoing warranty.

3.14 Electronically Created Items. The Customer should not deposit electronically created items (“ECIs”) to its account, as such term is defined in Federal Reserve Regulation CC. ECIs are included in the definition of an Item. If the Customer does deposit an ECI, the Custo mer authorizes the Bank to debit the Customer’s account for any claim, return or adjustment related to the ECI, and the Customer agrees to indemnify and hold the Bank harmless from and against any claims, liabilities, costs and expenses (including attorneys’ fees) resulting directly or indirectly from the Customer’s deposit of the ECI.

3.15 ATM Cards. The Bank may issue one or more automated teller machine (“ATM”) cards (“Cards”) and personal identification numbers (“PINs”) to Customer’s employees or agents for use in initiating certain Account transactions at Bank owned ATMs. Unless otherwise agreed by Bank, Customer agrees that Cards will be used only at ATMs owned by the Bank and Customer shall be liable for any transactions and fees resulting from the use of such Cards. The Customer agrees that the types of transactions offered through the use of any Card may be limited by the Bank, 278

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in its sole discretion. The Bank may cancel any Card at any time and for any reason, and will notify Customer of such cancellation. The Customer agrees to obtain possession of and return to the Bank or destroy all cancelled Cards. If the Customer believes a Card or PIN has been lost or stolen, the Customer shall immediately contact the Bank’s ATM call center. All ATM transactions are subject to verification. Any deposit transaction through an ATM that is not made on a business day or made after the Bank’s designated cut-off time will be processed on the Bank’s next business day.

3.16 Internet Gambling. The Customer agrees not to conduct any transactions through the Account that are directly or indirectly related to unlawful Internet gambling, including the acceptance or receipt of any funds or deposits in connection therewith. The term “unlawful Internet gambling,” as used in this section, shall have its meaning set forth in 12 C.F.R. Section 233.2(bb).

Section 4 of the Account Terms (Payment of Items) is hereby amended by adding the following provisions:

4.5 Cashing Items. The Bank may, in its discretion, cash Items drawn on an Account when presented by the holder. If a holder who is not a deposit customer of the Bank presents an Item drawn on the Account for cash, the Bank may refuse to cash the Item, or may charge the holder a fee for cashing the Item.

4.6 Signatures. If the Customer establishes an Account which purports to: (i) require two or more signatures on Items drawn on the Account, or (ii) limits the amount for which an Item can be issued, the Customer acknowledges that any such requirements are solely for the Customer’s own internal control purposes. The Customer agrees that, provided that the Bank follows its usual and customary procedures for pr ocessing and paying Items, the Bank will not be liable for paying any Item (a) lacking the required number of signatures, or (b) in an amount exceeding the applicable limit.

4.7 Fraudulent Items. The Bank provides Services to which the Customer may subscribe, such as Positive Pay and Reverse Positive Pay, which are reasonably designed to prevent payment of unauthorized or altered Items. Customer agrees that failure to use such Services wi ll constitute Customer negligence contributing to the making of an unauthorized signature or the alteration of an Item, and the Customer will assume the risk that Items paid against its Account may be unauthorized or altered. In that event, the Cus tomer will be precluded from asserting any claims against the Bank for paying any unauthorized, altered, counterfeit or other fraudulent Items The Bank shall not be required to re-credit Customer’s Account or otherwise have any liability for paying such Items to the extent such Services would likely have prevented such loss.

4.8 Obscured Endorsements. The Customer assumes responsibility for losses that the Customer or the Bank may incur as the result of processing delays caused by the Customer’s: (i) issuance of an Item in such a manner that information, marks or bands on the back of the Item obscure endorsements; or (ii) placement of an endorsement on the back of the Item which obscures other endorsements.

4.9 Negotiation Outside of U.S. If an Item is transferred or negotiated outside of the U.S. and is subsequently sent to the Bank for deposit, collection or payment in the U.S., the Customer shall be deemed to make, to the Bank, the transfer and presentment warranties under the Rules & Regulations, as if such Item were negotiated or otherwise transferred in the U.S.

4.10 Stop Payments. A stop payment Instruction from the Customer will be effective with respect to an Item if: (i) the Bank has a reasonable opportunity to act on such Instruction prior to its payment or encashment, which shall be at least one (1) full Business Day following the Business Day on which the Bank received the Instruction; and (ii) the Instruction is in the form required by the Bank, the information is complete and is delivered to the location designated by the Bank. For purposes of this Section, “Business Day” means a day on which the Bank is generally open for business in the jurisdiction where the Account is maintained. Stop payment Instructions, unless otherwise provided, will be valid for one (1) year and will automatically renew up to six (6) additional years unless the Bank receives Customer’s revocation of a stop payment Instruction. The Customer may request, through the Bank’s call center or other authorized representative, a non-renewable stop payment, which will be effective for a period of time agreed to by the Bank. The Bank shall not be liable for any Item properly paid or cashed prior to the effective time of a stop payment request. The Customer acknowledges that a stop payment instruction does not limit or vary its obligation to pay the s ubject Item and, notwithstanding a stop payment instruction, the Bank may properly pay such an item to a person entitled to enforce it.

4.11 Standard of Care. Any Item issued by the Customer drawn on its Account shall be deemed to be endorsed in the name of the payee if: the Item is endorsed or deposited into an account in a name that is substantially similar to that of the payee; the payee is a fictitious person; the Customer was wrongfully or erroneously induced to issue the Item payable to the stated payee; the deposit of the item was accomplished by an employee entrusted with responsibility for the Item or person working in concert with such an employee; or the Customer or payee failed to act with ordinary care with respect to the Item. The Bank shall not be liable for any loss caused by the alteration or unauthorized signature or endorsement on any Item issued by the Customer, unless the Customer establishes that the Bank failed to handle the Item with ordinary care, and that such failure substantially contributed to the loss. If the Bank’s failure to act with ordinary care substantially contributed to the loss on the item, the loss shall be allocated between the Customer and the Bank based upon the extent to which their respective failures to exercise ordinary care contributed to the loss. The Bank may process any Item by electronic means and is not required to inspect the Item payed by automated payment processing.

4.12 Non-Standard Items. The Customer assumes responsibility for losses that the Customer or the Bank may incur as the result of Customer issuing Items that do not meet industry standards for Items (including, without limitation, any Item printed without magnetic ink character recognition (MICR), any Item which has a MICR line in a location unacceptable to Bank, or any Item which may be printed on various printi ng devices that allow size or font to vary).

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Section 5 of the Account Terms (Funds Transfer Instructions) is amended by adding the following provisions:

5.4 Foreign Exchange.

(d) If the Bank accepts a funds transfer Instruction issued in the Customer’s name for payment from its Account in the Account Currency to a beneficiary account the Bank determines is a Non Account Currency account, the Bank is authorized in its discretion to enter into a foreign exchange transaction to convert the Account Currency funds into an amount of the relevant Non-Account Currency of such beneficiary account and complete the funds transfer as provided in Section 5.4(a) above.

5.6 Funds Transfer by Check. If the Customer, through the Bank’s funds transfer services, requests that payment be made by check, the Customer authorizes the Bank to debit the Customer’s Account on receipt of the Instruction and to issue a check as agent for the Customer in accordance with the Instruction. If the Customer requests the Bank to place a stop payment on the check before the check has been presented for payment, such request must be clearly identified as a stop payment request, including the reference number given for the transaction, and it must be received by the Bank at a time and in a manner designated by the Bank from time to time. If the check is not presented for payment within one hundred eighty (180) days after issuance, the Bank may place a stop payment on the check and transfer the funds back to the Account.

5.7 Credit Entries Received Through Automated Clearing House (ACH) System. Credit given by the Bank to the Customer for an ACH credit entry shall be provisional, until the Bank receives final payment. If the Bank does not receive final payment, the Bank may revoke the provisional credit and charge back the amount of the entry to the Account, or obtain a refund from the Customer, in which case the originator of the credit entry shall not be deemed to have paid the Customer the amount of such entry. The Bank shall not be obligated to notify the Customer of the receipt of a payment order or ACH entry for credit or debit to an Account.

5.8 Same Day Amend and Cancel. The Customer may subscribe to a service to enable same day amendment and cancellation of payment orders.

All cancellation or amendment messages sent to the Bank shall be in the format specified by the Bank and must be received by the Bank no later than such time as may be established by the Bank upon notice to the Customer.

5.9 Priority/Timed. The Bank will determine the order in which it processes payment orders. If the Customer’s payment order bears the codeword “PRIORITY” in such field as the Bank specifies, the Bank will use reasonable efforts to execute such payment order in advance of the Customer’s standard payment orders. If the Customer’s payment order bears the codeword “TIMED” in such field as the Bank specifies, the Bank will endeavor, but will have no obligation, to process the payment order by the time requested by the Customer within the payment order. For “TIMED” payment orders, funds in the Customer’s Account are reserved by the Bank on the payment value date until processed. For the avoidance of doubt, all payment orders are subject to the Bank’s acceptance, and the Bank will have no liability for failure to process payments by the time requested by the Customer.

5.10 Real Time Payments. Payments received through the Real Time Payment System operated by The Clearing House Payments Company LLC ("RTP System") will be processed pursuant to the RTP Operating Rules and any other applicable Rules & Regulations, to which t he Customer agrees to be bound. If the Customer receives a payment through the RTP System on behalf of another person or entity, such other person or entity must be a resident of, or otherwise domiciled in the United States. In the further transmission of any such payments, the Customer agrees to comply with all applicable US laws and regulations, including, without limitation, those administered by the US Office of Foreign Assets Control.

5.11 Messaging Standards. To the extent there is any inconsistency between a fund transfer financial messaging standard and the governing law set forth in Section 16.1, the governing law set forth in Section 16.1 will govern.

Section 6 of the Account Terms (Interest; Fees; Taxes) is amended by adding the following provisions:

6.4 Earnings Credit Account Analysis.

(1) The Customer may instruct the Bank to calculate and apply the Earnings Credit Account Analysis service (the “ECR Service”) on eligible Accounts. The Bank will calculate a credit (the “Earnings Credit”) by applying an earnings credit rate (the “ECR”) to all or a portion of the balances held in the eligible Account (the “ECR Balance”).

(2) The Bank will apply the Earnings Credit calculated for each billing period as an offset (an “ECR Application”) against fees and charges actually incurred by the Customer during the same billing period for the use of the Bank’s products or services, including, fees and charges related to certain products or services of the Bank and/or its affiliates (the “Charges”). The Bank shall determine the manner and sequence of the ECR Application in its sole discretion . Any excess Earnings Credit remaining after an ECR Application expires immediately and will not be carried forward or backward in relation to the billing period in which the Fees are charged. T he Customer remains responsible for paying all remaining Charges after the ECR Application.

(3) The Customer hereby acknowledges and agrees that: (i) Earnings Credit is not interest for tax purposes and, unlike interest from a tax perspective, is not and will not be paid by the Bank to the Customer and has no equivalent cash value, (ii) Earnings Credit earned by the Customer may be utilized in an ECR Application against Charges owed by a different affiliate, subsidiary or related entity that agreed to participate in this ECR structure by executing the required terms; and (iii) various branches, subsidiaries and certain affiliates of the Bank may transfer to any other branch, subsidiary or affiliate of the Bank (a) any Earnings Credit earned by the Customer or any o f its subsidiaries, affiliates or related entities and/or (b) their respective rights to receive payment in relation to Charges in curred by the Customer or its affiliates, subsidiaries, or related entities who are participating in the ECR Service.

(4) The Customer represents and warrants to the Bank that it has made and will continue to make an independent assessment of the legal, regulatory, accounting, and tax implications of entering into this Addendum and the ECR Service, and acknowledges that the Bank makes 280

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no representation as to how the ECR Service or the Earnings Credit will be interpreted or treated for legal, tax, accounting or any other purpose.

(5) The Bank, in its sole discretion, may terminate the ECR Service for any reason immediately. The Customer may terminate the ECR Service at any time upon notice to the Bank, provided, however that t he Bank shall have a reasonable opportunity to act upon any termination request.

Section 7 of the Account Terms (Account Statements) is amended by adding the following provisions:

7.2 Images Sufficient. The Customer acknowledges that Account Statements and images of paid Items are available to it and are sufficient to allow it to make all examinations and reports of Account activity including errors, as required in this Section. The Bank is not r equired to return paid or cancelled Items with the Account Statement.

7.3 Obligation to Inspect. The Customer must notify the Bank in writing, within a reasonable period of time not to exceed 60 calendar days of the date of an Account Statement, of (i) the failure to receive the Account Statement, or (ii) any errors, unauthorized payments, charges, alterations, discrepancies or irregularities reported on the Account Statement (“Errors”). The Customer must notify the Bank in writing of any unauthorized, improper, or missing endorsements within six (6) months after the date of the Account Statement on which the Item was reported to have been paid. The Customer must provide the Bank with all information necessary for the Bank to investigate any claim based upon an endorsement or Error and must provide all supporting evidence that the Bank requests. Failure to comply with the time frames set forth above shall be deemed conclusive proof that the Customer failed to exercise reasonable care and promptness in examining Account Statements and paid Items or identifying Errors and that such failure may cause subsequent loss to the Bank. If the Customer fails to comply with the notice requirements set forth above, the Bank is not required to reimburse the Customer for the Customer’s claimed loss and the Customer shall be barred from bringing any action against the Bank.

7.4 Inactive Accounts. If an Account has no activity other than charges assessed or interest credited by the Bank for a period of six (6) or more months, the Bank is not required to provide an Account statement until additional activity occurs in the Account. If an Account has no activity other than charges assessed or interest credited by the Bank for a period of twelve (12) or more months, the Customer may be unable to access the Account until the Customer contacts the Bank.

7.5 Advice Services. The Customer may subscribe to Bank services for the delivery of account-related information (“Advices”) to a party designated by the Customer, including information relating to credits and debits to a Customer account, and the return or rejection of c ertain payments.

Advices may be sent via SWIFT, electronic mail, facsimile transmission, ordinary mail, telephone, through internet sites, or as otherwise agreed by the parties. The Customer is responsible for maintaining the accuracy of the information that is required for delivery of Advices, including the address, telephone and/or facsimile number of the recipient and, if applicable, the messaging components and conditions that will trigger the transmission of the Advices.

Section 10 of the Account Terms (Agents; Information) is amended by adding the following provision:

10.4 Offshoring. Certain services may be performed by Bank or any affiliate, including affiliates, branches or units located in any country in which Bank conducts business or has a service provider. The Customer authorizes Bank to transfer Customer information to such affiliates, branches or units at such locations as the Bank deems appropriate. Bank reserves the right to store, access, or view data in locations it deems appropriate for the services provided.

Section 15 of the Account Terms (Account Disclosures) is amended by adding the following provisions:

15.5 Withdrawal Limitations on Certain Account Types . U.S. federal regulations limit the number of pre-authorized or automatic transfers or withdrawals or telephonic/electronic instructions (including check, draft, debit card or similar order payable to third parti es) that can be made from a savings account (including a savings sub- account (as described below) and a money market deposit account) to a total of six (6) per calendar month or statement cycle or similar period. The Customer agrees to comply at all times with such restrictions. Exceeding these withdrawal limits may result in the Bank converting the savings account into a non-interest bearing demand deposit account, with any attendant changes in pricing and account terms and conditions. Further, the Bank is required by U.S. law to reserve the right to require at least seven (7) days’ notice prior to a withdrawal from a savings account (including a savings sub-account) or an interest-bearing negotiable order of withdrawal account (“NOW Account”).

15.6 NOW Accounts. The Customer, if eligible, may open a NOW Account. There is no limit on the number of withdrawals that the Customer may make from the demand deposit or NOW sub-account.

15.7 Administrative Subaccounts. The Bank is authorized, for regulatory reporting and internal accounting purposes, to divide an Account: (i) in the case of a demand deposit checking Account, into a non-interest bearing demand deposit sub-account and a non-interest bearing savings sub- account; (ii) in the case of a NOW Account, into an interest bearing NOW sub-account and an interest bearing savings sub-account, and, in both cases, to transfer funds on a daily basis between these sub- accounts in accordance with U.S. law at no cost to the Customer. The Bank will record the sub-accounts and any transfers between them on the Bank’s books and records only. The sub-accounts and any transfers between them will not affect the Account number, balance requirement or use of the Account, except as described herein.

15.8 Savings Subaccounts. The Bank will establish a target balance for the Customer’s demand deposit or NOW sub-account, which it may change at any time. To the extent funds in the demand deposit or NOW sub- account exceed the target balance, the excess will be transferred to the Customer’s savings sub-account, unless the maximum number of transfers from the savings sub-account for that calendar month or statement cycle have already occurred. If withdrawals from the demand deposit or NOW sub-account exceed the available balance in the demand deposit or NOW sub-account, funds from the Customer’s savings sub-account will be transferred to the demand deposit or NOW sub-account up to the 281

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entire balance of available funds in the savings sub- account to cover the shortfall and to replenish any target balance that the Bank has established for the demand deposit or NOW sub-account. If a sixth transfer is needed during a calendar month or statement cycle, it will be for the entire balance in the Customer’s savings sub- account, and such funds will remain in the demand deposit or NOW sub- account for the remainder of the calendar month or statement cycle.

15.9 Branch Designation. The Bank, for its administrative purposes may designate a branch of the Bank as the branch of record of an Account which may be different from the branch at which the Account is opened. This designation requires no action on the part of the Customer and will not change the Bank’s operations, Services or customer support.

15.10 No Fiduciary Relationship . Bank’s relationship with Customer concerning the Accounts is that of a debtor and creditor. No fiduciary, quasi - fiduciary or other special relationship exists between Bank and Customer or any third parties regarding the Accounts.

Section 16 of the Account Terms (Governing Law) is amended by replacing Section 16.1 with the following provision:

16.1 Except as otherwise agreed in writing by the Bank and the Customer, the rights and obligations of the Customer and the Bank in respect of each Account maintained in the U.S. shall be governed by and construed in accordance with the laws of the State of New York (without regard to its conflict of laws rules). Each of the Customer and the Bank irrevocably and unconditionally submits to the exclusive jurisdiction and venue of any State or Federal court sitting in the City of New York, New York over any action, suit, proceeding, claim or controversy arising out of or relating to the Account Terms which includes this Addendum. The rights and remedies of the Bank under this Addendum, the Account Terms, the Account Documentation, the Service Terms, and any other agreement by the Customer in favor of the Bank are in addition to the rights and remedies of the Bank under applicable law (as provided above in this Section), are cumulative and may be exercised successively or concurrently, and are retained by the Bank.

Section 16 of the Account Terms (Governing Law) is amended by adding the following provision:

16.4 In the event the Bank is required to remit funds to any state as abandoned property, the Account may be charged for fees in r emitting funds to that state. In addition, the Bank may charge fees in connection with its handling of dormant funds and accounts.

Section 17 of the Account Terms (Miscellaneous) is amended by adding the following provisions:

17.15 When the Customer provides the Bank any information requested by the Bank under its “Know Your Customer” or Anti -Money Laundering or other compliance polices pertaining to any natural or other persons, the Customer represents and warrants to the Bank that the Customer has obtained that person’s consent that the Bank may make continued use of that person’s information in order for the Bank to discharge any of its responsibilities in connection with “Know Your Customer” or Anti-Money Laundering, or other compliance purposes.

17.16 Beneficial Ownership. Customer agrees to adhere to the FinCEN Customer Due Diligence final rule which requires certain entities to provide and certify beneficial ownership information to the Bank at 10% and provide information on a controller when opening a new USD account. The Bank is required to collect and validate certain information (e.g. Name, Address, DOB, SSN or Passport # for non US individuals) for new accounts impacted by the rule. If an entity is exempt from rule, the Bank may require documentation to support the exemption.

17.17 Payable Through Accounts. If the Customer is a bank or financial institution and is not organized under the laws of the U.S., it shall not permit its customers to conduct banking transactions in the U.S. through the Customer’s Account, and shall not provide its customers with check stock, drafts, wire transfer capabilities or any other means which would enable its customers to draw on the Customer’s Account. These types of arrangements are typically called “payable through accounts” and are prohibited under these Account Terms. The Customer acknowledges that the sale of U.S. dollar checks or drafts to third parties is prohibited without the express written approval of the Bank.

17.18 No Advice. The Customer acknowledges and agrees that the Bank has not provided and will not provide any investment, tax or accounting advice or recommendation in relation to the Accounts or any investments made under any Service.

17.19 ERISA Status. The Customer will notify the Bank in writing, reasonably in advance of the Account opening, if any Accounts or monies it holds or places with the Bank are subject to the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), together with all the rules promulgated thereunder, or Section 4975 of the Internal Revenue Code, together with all the rules promulgated thereunder. The Bank may, in its sole discretion and subject to such further conditions as it may impose, includi ng, without limitation, execution of further documentation in form and manner acceptable to the Bank, permit the holding of such Accounts or deposits or receipt of funds.

17.20 Additional Representation for ERISA Benefit Plans .
(i) If the Customer is or represents a “benefit plan,” as defined in Section 3(42) of ERISA, and U.S. Department of Labor Regulat ions Section 2510.3-101, as modified by Section 3(42) of ERISA (together, the “Plan Asset Rules” and each such benefit plan investor, a “Benefit Plan”), or is acting on behalf of one or more Benefit Plans, the Customer represents and warrants that:

(6) the Bank has not or will not provide advice with respect to the services obtained by the Benefit Plan.

(7) the Benefit Plan fiduciary (the “Plan Fiduciary”) is independent of the Bank, and is not an individual acting for his or her own Individual Retirement Account, and such Plan Fiduciary is either (a) a bank as defined in Section 202 of the Investment Advisers Act of 1940 (the “Advisers Act”), or similar institution that is regulated and supervised and subject to periodic examination by a State or Federal agency; (b) an insurance carrier which is qualified under the laws of more than one state to perform the s ervices of managing, acquiring or disposing of assets of a Benefit Plan; (c) an investment adviser registered under the Advisers Act or, if not registered as an investment adviser under the Advisers Act by reason of paragraph (a)(1) of Section 203A of the Advisers Act, is registered as an investment adviser 282

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under the laws of the state in which it maintains its principal office and place of business; (d) a broker -dealer registered under the Securities Exchange Act of 1934, as amended; or (e) has, and will at all times have, total assets of at least U.S. $50,000,000 under its management or control;

(8) the Plan Fiduciary is capable of evaluating investment risks independently, both in general and with respect to the Accounts and Services;

(9) the Plan Fiduciary is a “fiduciary” with respect to the Benefit Plan within the meaning of Section 3(21) of ERISA, Section 4975 of the Code, or both, and is responsible for exercising independent judgment in evaluating the receipt of Services by the Benefit Plan;

(10) the Bank has not exercised any authority to cause the Benefit Plan to agree to these Account Terms; and

(11) the Plan Fiduciary has been informed (a) that the Bank is not undertaking to provide impartial investment advice or to give advice in a fiduciary capacity in connection with the Services; and (b) of the existence and nature of the financial interests of the Bank, as disclosed in the Account Terms and Service Terms.

(ii) The representations and covenants in the above clauses are intended to comply with the U.S. Department of Labor’s Reg. Sections 29 C.F.R. 2510.3-21(a) and (c)(1) as promulgated on April 8, 2016 (81 Fed. Reg. 20,997). If these regulations are revoked or repealed, these representations shall be deemed no longer in effect.

17.21 FDIC Part 370 Disclosure. If the Customer’s Account is eligible for “pass through” deposit insurance from the Federal Deposit Insurance Corporation (the “FDIC”) as set forth in the Federal Deposit Insurance Act and 12 CFR § 330, then the Customer acknowledges and agrees that if the Bank becomes insolvent or enters into receivership (hereinafter a “Bank Receivership”), the Customer will: (a) cooperate fully with the Bank and the FDIC in connection with determining the insured status of funds in each Account, and (b) provide the FDIC with the information that identifies each beneficial owner and its interest in the funds in each such Account within 24 hours of the Bank Receivership, unless it falls within one of the enumerated exceptions in 12 CFR 370.5(b). The information described in (b) must be sent to the Bank in the format specified by the FDIC (see: www.fdic.gov/regulations/resources/recordkeeping/index.html). The Bank shall provide the Customer an opportunity to validate its capability to deliver the information described in (b) in the format specified by the FDIC so that a timely calculation of deposit insurance coverage for the Account can be completed.

The Customer further acknowledges and agrees that following a Bank Receivership: (i) a hold will be placed on each Account on ce a receiver of the Bank is appointed so that the FDIC can conduct the deposit insurance determination and such hold will not be r eleased until the FDIC obtains the necessary data to enable the FDIC to calculate the deposit insurance coverage for each Account; (ii) its failure to provide the necessary data to the FDIC may result in a delay in receipt of insured funds and legal claims against the Customer from the beneficial owners of the funds in the applicable Account; and (iii) failure to provide the data the FDIC requires may result in the applicable Account being frozen until the information is received, delaying receipt of FDIC insurance proceeds.

Notwithstanding other provisions in this Agreement, this section survives after the FDIC is appointed as the Bank’s receiver, and the FDIC is considered a third party beneficiary of this section.

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AVAILABILITY POLICY - FOR ACCOUNTS MAINTAINED IN THE U.S.

The Bank’s policy is to make funds available to the Customer on the same, next or second business day after the day of deposit depending on the type of deposit and when the deposit is made as described below. If the Customer will need the funds from a deposit immediately, the Customer should ask the Bank when the funds will be available.

A. Determining the Day of a Deposit. If a deposit is made to an account on a business day before the Bank’s cutoff time established for that location (which will be no earlier than 2 p.m. local time), then the Bank will consider that day to be the day of deposit. H owever, if a deposit is made after the cutoff time or on a day that is not a business day, then the Bank will consider the deposit to have been made no later than the next business day. For determining the availability of deposits, every day is a business day, except Saturdays, Sundays, and federal holidays.

Availability with respect to any deposit will be determined by the location of the banking center or other facility where the deposit was received.

For deposits made at the Bank’s automated teller machines (ATMs) the cutoff time is 11 p.m. Eastern Time unless otherwise noted on the ATM screen.

B. Same Day Availability. Funds from the following deposits made at a banking center or at an ATM that do not require deposit envelopes will be available on the business day the Bank determines the deposit is made:

• Cash;
• Wire transfers; and
• Electronic direct deposits to an account.

C. Next Day Availability. Funds from the following deposits are available on the first business day after the business day the Bank determines the deposit is made:

• U.S. Treasury checks that are payable to the Customer; • Checks drawn on a Bank affiliate that holds the applicable account (excluding a Controlled Disbursement site); and • At least, the first $275 from a day’s total deposits.

If the deposit is made in person to a Bank employee, funds from the following deposits are also available on the first business day after the business day the Bank determines the deposit is made:

• State and local government checks that are payable to the Customer, if a special deposit slip, available upon request at any Bank banking center is used;
• Cashier’s, certified, and teller’s checks that are payable to the Customer, if a special deposit slip, available upon request at any Bank banking center, is used; and
• Federal Reserve Bank checks, Federal Home Loan Bank checks, and postal money orders, if these items are payable to the Customer.

If a special deposit slip is not used, availability of funds from these deposits will follow the schedule identified in the A vailability of Other Check Deposits section below.

D. Availability of Other Check Deposits. Generally, funds from all other deposits of checks drawn on banks (as defined in Federal Reserve Regulation CC) will be available no later than the second business day after the day of deposit. Checks that require special handling may receive delayed availability. The amount of funds available to the Customer will be reduced by the amount of any deposited check that is returned unpaid. If the Bank reprocesses the check, the funds will become available no later than the second business day after the business day in which the check is reprocessed.

E. Longer Delays May Apply. In some cases the Bank may not make all of the funds that are deposited by check available. Depending on the type of check deposited, funds may not be available as set forth above. However, the first $275 of the aggregate deposit will be available on the first business day after the day of deposit.

If the Bank is not going to make all of the funds from a deposit available at the times shown above, it will notify the Customer and specify when the funds will be available. If a deposit is not made directly to a Bank employee, or if the Bank decides to take this action after the Customer has left the premises, the Bank will mail or otherwise send the notice to the Customer by the business day after the day of deposit.

Funds deposited by check may be delayed for a longer period under the following circumstances:

• The Bank believes a deposited check will not be paid; • Deposited checks for all of the Customer’s accounts total more than $6,725 in any one day; • The Customer redeposited a check that has been returned unpaid; • The Customer has overdrawn one or more of its accounts repeatedly in the last six months; or • There is an emergency, such as failure of communications or computer equipment.

In such circumstances, funds will generally be available no later than the seventh business day after the day of deposit. Inc lement weather or transportation problems may lead to additional delays under certain availability schedules. Customer may have specific availability schedules related to a banking service.

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F. Special Rules for New Accounts. If the account is a new account, the following special rules may apply during the first thirty days the account is open:

• Funds from deposits of the first $ 6,725 of that day’s total deposits of cashier’s, certified, teller’s, traveler’s and federal, state and local government checks payable to the Customer will be available on the first business day after the day of deposit. The excess over $6,725 will be available no later than the ninth business day after the day of deposit. If the deposit of checks (other than U.S. Treasury checks) is not made in person to one of the Bank’s employees, the first $6,725 may not be made available until the second business day after the day of deposit; and
• Funds from all other check deposits will be made available no later than the fifteenth business day after the day of deposit.

G. Large Dollar Deposits. The U.S. Federal Reserve Banks will not forward process any Item over $99,999,999.99 and considers such Items as “non-cash items.” Such Items should not be deposited in the Account. If Customer does deposit such an Item, the Bank may refuse to process such Item or handle it as a collection Item. If handled as a collection Item, Customer credit and availability will be deferred accordingly.

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V5.7_04_30_25
Consolidated
Service Terms

J.P. Morgan Chase provides an array of treasury services to meet your business needs. This booklet contains important information about J.P. Morgan Chase solutions that we provide. If you would like to add a service that is covered in this booklet, please contact your Commercial Banking Representative.

TREASURY SERVICES (UNITED STATES)

COMMERCIAL BANK
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Welcome to JPMorgan Chase Bank, National Association (“J.P. Morgan”, “Chase”, or “Bank”). We are pleased that you have decided to maintain a banking relationship with us. This Consolidated Service Terms booklet (“Booklet”) contains the terms and conditions for certain cash management services (“Service Terms”) J.P. Morgan may provide to you. By executing the Account Terms Acceptance Letter, Certificate Regarding Accounts, Business Signature Card, service implementation form or similar document, or by using or continuing to use any of the services referenced herein after receipt of this Booklet, you agree that the Service Terms included in this Booklet, in addition to the Account Terms and such supplements, amendments, notices and additional service terms provided to you from time to time will govern your existing and future deposit accounts maintained with us, in addition to those services that the Bank provides to you, as applicable.

This Booklet includes Treasury Services Service Terms applicable to all Commercial Banking customers. All Service Terms are subject to the Bank’s Account Terms. Any modifications to this Booklet, including but not limited to any changes, amendments, deletions, and/or additions, will not be binding upon the Bank unless such modifications are acknowledged and agreed to it writing by an officer of JPMorgan Chase. JPMorgan Chase Bank, N.A. is organized under the laws of U.S.A. with limited liability.

We look forward to serving your business needs and thank you again for choosing Chase.

SERVICES FOR CUSTOMERS
A. ACH Origination Service Terms V2.2_10_28_22
B. ACH Transaction Blocking with ACH Positive Pay and ACH Transaction Review Service Terms V1.4_09_27_24 C. Lockbox Service Terms V1.5_05_20_21
D. Coin and Currency Service Terms V1.6_12_06_19
E. Positive Pay Reverse Positive Pay and Payee Verification Service Terms V1.5_01_04_23 F. Controlled Disbursement Service Terms V1.4_10_25_13
G. Image Cash Letter Service Terms V2.0_12_27_23
H. Check Print Service Terms V2.2_10_16_24
I. ACH Tax Payment Service Terms V1.2_04_30_25
J. Remote Capture Services Terms V1.4_07_21_23
K. JP Morgan TS Electronic Channels Service Terms V4.4_01_24_25 L. Healthcare Link Processing Service Terms V1.3_08_25_22

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SERVICE TERMS – CONSOLIDATED SERVICE TERMS BOOKLET

The services described herein (each a “Service”) are subject to the Bank’s Account Terms (as may be amended from time to time), which are hereby incorporated by reference into each Service Terms. By using any of the Services described hereunder, the Customer acknowledges that it has received and agreed to the Account Terms, as supplemented by these Service Terms. Capitalized terms in the Service Terms, unless otherwise defined herein, shall have the meanings set forth in the Account Terms

ACH ORIGINATION SERVICE TERMS V2.2_10_28_22

The origination of ACH Entries and the transmission and issuance of other transactions and information will be pursuant to these Service Terms and the Operating Rules and Guidelines (collectively the "Rules") of the National Automated Clearing House Association. Capitalized terms used in these ACH Service Terms, unless otherwise defined in the account documentation or these Service Terms, shall have the same meanings as set forth in the Rules.

Customer and JPMorgan Chase Bank, N.A. (the “Bank) agree to comply with and be bound by the Rules as in effect from time to time.

1. Service. Bank provides automated clearing house (“ACH”) origination services that will enable Customer to do one or more of the following:

• originate ACH Debit Entries;
• originate ACH Credit Entries; and
• instruct the Bank to issue or transmit prenotifications, reversals, requests for return, notifications of change or other information pertaining to the Entries.

Origination of ACH Credit Entries and origination of ACH Debit Entries are two separate services and approval or set up for one ACH service does not automatically create the ability to utilize the other. Further, the Customer’s origination of WEB, TEL and IAT Entries r equires additional pre- approval by the Bank; if the Customer attempts to originate such Entries without first obtaining such approval, the Entries m ay be suspended, delayed or rejected pending completion by the Bank of product due diligence, know-your-customer and/or other review as the Bank determines to be necessary in its discretion. The Rules and these Service Terms shall apply to all Entries, whether or not transmitted through an ACH Operator.

It is Customer’s responsibility to provide Entries and instructions to Bank with all the necessary information to complete Customer’s requested transactions. Customer agrees to transmit Entries to Bank in the manner, at the times and in accordance with approved media, content and format as agreed by Bank and Customer. Bank may reject or delay processing transactions or information if instructions are not complete or are inaccurate, contain an inactive Company ID or otherwise do not meet the criteria Bank s pecifies for acceptance. All requests to Bank must be received by Bank before Bank’s established cut-off time in order for processing to commence on that ACH processing day. Any request that is incomplete or that Bank finishes receiving after the relevant cut -off time will be processed by Bank on the next day Bank processes ACH transactions. All transactions are subject to acceptance by Bank. Bank will notify Customer of any transactions or other transmissions that are rejected or returned.

If Customer wants Bank to re-process those transactions or transmissions, Customer must correct them and re-submit them. Customer agrees to furnish Bank with copies of any authorizations or notifications, if requested, as well as any other information reasonably requested by Bank relating to Entries originated by the Customer. Customer shall provide Bank’s auditors and other personnel with reasonable access at all reasonable times to the Customer’s facilities, data and records relating to the initiation of Entries for the purpose of auditing Customer’s compliance with these Service Terms and the Rules.

2. Security and Data Protection Procedures. All instructions received by Bank in Customer’s name are subject to verification pursuant to mutually agreed security procedures. If Bank follows those procedures, Bank may process and transmit transactions or information in Customer’s name. Unless Customer and Bank both otherwise agree, transmissions to Bank will be authenticated and/or encrypted using commerciall y reasonable security technologies meeting standards acceptable to Bank. If Customer uses a security procedure other than as described above, Customer acknowledges that Customer refused Bank’s security procedure and chose another and Customer agrees to be bound by any transaction, whether or not authorized, issued in Customer’s name and accepted by Bank in compliance with the security procedure Customer chose. If Customer elects not to utilize recommended message authentication and/or encryption technology, Customer assumes all responsibility for unauthorized disclosure or unauthorized access to Customer’ s data that occurs during transmission or while such data is in storage. Customer shall not disclose any Receiver’s account number or routing number to any third party for such third party’s use, directly or indirectly, in initiating a separate Debit.

3. Settlement and Exposure Limits. On the settlement date, Bank will credit Customer’s account with Bank that Customer specifies for the total of:

• Customer’s Debit Entries that Bank processed for settlement that day; • RCCs issued for deposit to Customer’s account on that day; and • any returned or reversed Credit Entries.

Bank may delay the availability of funds deposited into Customer’s account by Debit Entry or RCC until those transactions cannot be reversed in accordance with the Rules or applicable law.

Bank will debit Customer’s account with Bank that Customer specifies for the total of C redit Entries processed in Customer’s name and for any returned Debit Entries and RCCs. Bank may require Customer to pay Bank the amount of any Credit Entries on the date of transmission to Bank or otherwise prior to the settlement date. Bank also may require Customer to maintain collateral with Bank in an amount Bank specifies. 288

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Bank may from time to time establish or revise maximum dollar limits for the total value of all outstanding files of Credit Entries and/or Debit Entries and RCCs that Bank will release on Customer’s behalf. Bank may change or cancel the limits at any time without prior notice to Customer; although Bank will try to notify Customer before Bank does that.

4. Warranties; Indemnity. Except as specified below, Customer will be deemed to make the same warranties to Bank as Bank makes pursuant to the Rules. In the case of an Entry to another account with Bank, warranties will be deemed to be given as of the time Bank first processes the Entry. Customer will not be deemed to warrant the power of the Bank under applicable law to comply with the requirements of the Rules or the conformity of Entries and other data Bank transmits to the file specifications contained in the Rules. The Customer further represents, warrants and covenants that (a) each Entry and RCC it originates will comply with all applicable U.S. laws and regulations and acknowl edges that Entries may not be initiated that violate the laws of the United States, (b) unless Customer has identified itself to Bank as a Third Party Sender (as defined in Section 7) and obtained Bank’s express consent to originate Entries as a Third Party Sender, Customer will not originate any Entries, or use any of its Company IDs to originate Entries, on behalf of third parties (including, without limitation, any affiliate of Customer), and (c) Customer will not permit a third party to originate Entries using a Customer account as the offset account unless Customer obtains Bank’s express consent to do so.

Customer agrees to indemnify Bank and Bank’s employees, officers, directors and agents, and hold all of them harmless from and against any and all claims, demands, losses, liabilities or expenses (including attorneys' fees and costs) resulting directly or indirectly from (a) Customer’s breach of any warranty made under these Service Terms and (b) compliance by Bank and the RDFI with any request Customer makes for a cancellation, stop payment, reversal or recall of any Entry or any RCC created by Bank under Section 1 hereof.

Bank shall have no responsibility for any delay by any ACH Operator or RDFI in processing any Entry the Bank transmits to the ACH Operator or failure to process or credit or debit any such Entry.

5. Stop Payments; Reversals and Recalls; Rejections. Customer’s instruction to cancel, stop payment of, reverse or recall one or more Entries must be received by Bank in such time and manner as Bank specifies. Bank will process these transactions in acc ordance with Bank’s procedures advised to Customer. Any reversal or recall initiated by Bank is subject to acceptance by the RDFI. Instructions to reverse or recall an ACH Credit Entry that are not initiated by Customer in time to meet the prescribed NACHA deadline for reversals may be originated by Bank as a Debit Entry; Customer shall obtain authorization from the Receiver in accordance with the Rules for any such Debit Entry and all other terms of these Service Terms applicable to Debit Entries shall apply. Entries or other instructions may not be amended or modified.

If Customer originates Debit Entries to an account or accounts at a financial institution that is not a Participating Depository Financial Institution in the ACH system (such account hereafter called a “Non-ACH Eligible Account”), all such Debit Entries will be rejected unless Customer subscribes to a service, subject to Bank’s prior consent, pursuant to which Bank will process each such Debit Entry to a Non-ACH Eligible Account by preparing a remotely created check, as such term is defined in Federal Reser ve Regulation CC (an “RCC”), on the Customer’s behalf. The RCC will be drawn in the amount and on the Non- Eligible ACH Account of the individual or entity specified as the receiver in the Customer’s instructions and will be deposited to the Customer’s designated account with Bank, Such RCC will thereafter be processed through the check clearing system. If the Customer is using such service, the Customer hereby authorizes the Bank to create each RCC as described herein and the Customer warrants to the Bank, with respect to each RCC, that the person on whose account the RCC is drawn authorized the issuance of such RCC in the amount and to the payee stated in the RCC. The Customer authorizes the Bank to debit the Customer’s account for any claim or return bas ed upon an unauthorized RCC. All other terms herein related to Entries shall also apply to RCCs created under this Section. The Bank s hall not create or process RCCs or other paper drafts in lieu of ACH Debits under any circumstances other than for Non -ACH Eligible Accounts and only when the Bank has consented to provide such service, even if the Customer includes an instruction in its file for the Bank to otherwis e originate an RCC or paper draft.

6. Third Party Service Providers. Customer may choose to use a third party service provider or service bureau to issue Entries or other instructions, handle returned Entries or perform other functions for and on Customer’s behalf. If Bank accepts such Entries or other instructions, Customer will be bound by them. Customer is responsible for all actions taken or not taken by Customer’s provider and Customer is responsible for all costs and expenses of Customer’s provider.

7. Notification to Bank if Customer is or Becomes a Third Party Sender. Customer will not initiate Entries as a Third Party Sender or otherwise originate Debit Entries or Credit Entries on behalf or for the benefit of other persons or entities without prior notification to, and approval of, the Bank. Accordingly, Customer wil l notify Bank if Customer at any time intends to become a Third Party Sender and will not commence and will not commence such activity unless and until Bank approval is obtained.

8. IAT Entries. If Customer is originating Entries that are required to be formatted under the Rules as IAT Entries, Customer will comply wit h all applicable Rules relating thereto, and Customer will originate such Entries only through one of Bank’s ACH origination channels that support IAT origination. Some of Bank’s ACH origination channels do not accommodate IAT Entries; upon request, the Bank will advise Customer as to which of Bank’s ACH origination channels can be used for IAT origination.

If a foreign currency conversion is performed by Bank in connection with an IAT Entry, Customer acknowledges that the foreign currency exchange rates fluctuate, and accepts the risk of such fluctuation, including fluctuations in rate between the time Customer submits the Entry Data Instructions and the time the transaction is executed and/or reversed, returned or recalled. Any payment returns and/or reversals will be credited to Customer’s account in the currency in which Customer’s account is denominated, and Customer is responsible for any rate fluctuations.

In the event of an erroneous or duplicate IAT Entry originated for payment to a receiving bank outside the United States, the rights of Bank and Customer with respect to reversal or recall of such Entry are subject to the laws, regulations and payment system rules of the receiving bank’s jurisdiction.

Customer acknowledges and agrees that IAT Entries may be delayed in processing or posting due to the Bank’s or RDFI’s review of such Entries for OFAC compliance. Further, Customer understands and acknowledges that unlike PPD Credit Entries, there is no requirement under the Rules that IAT Credit Entries that are made available to an RDFI by its ACH operator by 5:00 pm on the banking day prior to the Settlement Date be made 289

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available to the Receiver at the opening of business on the Settlement date; cleared IAT Credit Entries must be made availabl e no later than the Settlement Date of the Entry, but funds are not required to be available at opening of business on the Settlement Date.

9. Same Day Entries. The terms set forth in this Section 9 apply to any Same Day Entry, as such term is defined in the Rules, originated by the Customer. From and after the effective date specified under the Rules for Same Day Credit Entries and Same Day Debit Entries (or such other dates as may be communicated to the Customer by the Bank), subject to the conditions set forth in this Section 9, any Credit Entry or Debit Entry submitted to the Bank that meets the criteria set forth in the Rules for a Same Day Entry (“Same Day Criteria”) may be processed and released by the Bank in such time and manner as to enable same day processing and settlement by the applicable ACH Operator and RDFI.

The Bank may, in its sole discretion, provide the Same Day ACH Service to its customer segments on either an opt-out basis or an opt-in basis. If the Service is provided to the Customer on an opt-out basis, any Credit Entry or Debit Entry transmitted to the Bank in the name of the Customer that meets the Same Day Criteria may be processed as a Same Day Entry (from and after the Respective Implementation Date), and the Customer will be charged applicable fees for such processing. The Customer may elect to exclude transactions from Same Day ACH processing by notifying the Bank in writing (or by such other means as the Bank may specify) of specified Company IDs that the Customer wants to excl ude from Same Day ACH processing even if the Same Day Criteria ar e met. In such case, the Bank will exclude files/Entries with such Company IDs from the Service. If the Service is provided to the Customer on an opt-in basis, the Customer may request that its originated Entries meeting the Same Day Criteria be processed on a same day basis; otherwise, such Entries will not be processed on a same day basis. As a result of the implementation of the Same Day ACH processing, there may be changes to the posting times for Entries; Same Day ACH Entries as well as Entries originated to accounts of Receivers at the Bank may be posted to Receivers’ accounts earlier than posting was occurring prior to implementation of Same Day ACH processing. Notwithstanding anything to the contrary contained in these Service Terms, certain Bank transmission channels will not provide capability for origination of Same Day ACH Entries or will provide such capability at a later time than other channels

10. Incorporation of Account Documentation; Termination. The provisions of the account documentation, including terms and conditions governing the operation of business accounts and services, are incorporated into these Service Terms by reference. By acknowledging or signing the applicable account documentation or by using or continuing to use the ACH Origination Services, Customer agrees to these Service Terms. In addition to Bank’s termination rights under the aforementioned documentation, Bank shall have the right to terminate or suspend these Service Terms and the Services upon notice to Customer in the event of the Customer’s breach of the Rules.

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ACH TRANSACTION BLOCKING ACH TRANSACTION BLOCKING V1.4_09_27_24

WITH POSITIVE PAY AND ACH TRANSACTION REVIEW SERVICE TERMS

1. ACH Transaction Blocking

(a) Service. JPMorgan Chase Bank, N.A. (“Bank”) provides a service that allows Customer to block and return ACH debit and credit entries originated to Customer’s account with Bank. Customer can select from a variety of authorization or blocking criteria and advi se Bank in a manner and form acceptable to Bank. Bank will return any blocked transaction indicating that the ACH debit was not authorized or that the ACH credit was refused.

(b) Company IDs. If Customer elects an option that blocks or allows ACH debits or credits from specified companies, Customer will be solely responsible for obtaining the correct Company ID for each such Originator. Customer must supply the Bank, through the designated us er interface, with the applicable ACH Company ID of the Originator as it appears on the Company/Batch Header Record. The Company ID will be the sole criterion for blocking debit and credit entries (unless Customer has also set maximum dollar l imits) and Bank will have no obligation to take any other steps to determine the identity of the Originator

Customer understands that Company IDs are not unique and that a Company ID may identify more than one Originator, and one Originator may have multiple Company IDs. Customer understands that Company IDs are not a perfect filter and that transactions from O riginators may be blocked or allowed if the Originator uses a Company ID other than the one Customer identifies. Bank will not be responsible for transactions blocked or allowed in accordance with the instructions Customer provides for the Company ID.

2. ACH Transaction Blocking with Positive Pay

(a) Service. Bank also provides a service that allows Customers who are currently setup on ACH Transaction Blocking to elect an optional feature which provides notification to Customers prior to posting or return of any ACH debit entries and/or credit entries identified as unauthorized and/or authorized, regardless of established ACH Transaction blocking parameters set by Customer.

(b) Bank will provide such notification to Customer by a method prescribed by Bank, and Customer shall have an opportunity to provide instructions to Bank prior to a designated cut -off time (“Cut-Off Time”)s, and in a manner and form acceptable to the Bank, to either (a) allow the debit Entries and/or credit Entries to post rather than returning them (where the Customer’s Block Profile rule spe cifies return of such Entry), or (b) return the debit Entries and/or credit Entries instead of allowing them to be proc essed (where the Customer’s Block Profile rule specifies processing of such transactions). If the Customer does not provide such instructions prior to such designated cut-off time or if an Entry with a same day effective date is received after such designated cut -off time, Bank will disposition such Entries in accordance with the Customer’s established ACH Transaction Block Profile rules

(c) Additionally, Customer may provide instructions to Bank prior to a designated Entry cut -off time, and in a manner and form acceptable to the Bank to add allowable or non-allowable IDs to their ACH Transaction Blocking profile rule directly from transactions details presented for decisioning.

(d) Settlement and availability of funds may be delayed as a result of an ACH transaction held until the Cut-Off Time.

3. ACH Transaction Review

(a) Service. Bank provides a service that allows Customer to review ACH debit and credit entries originated and posted to Customer’s account with Bank and to instruct Bank to return some or all of these transactions. Customer shall use filter criteria available through the service to select the types or categories of incoming ACH debit and/or credit transactions it wishes to review or Customer may elect to review all incoming ACH transactions subject to Section 3(d) below.

(b) Review and Return Process. Based upon the filter criteria selected by the Customer, ACH transactions meeting that criteria will be made available for Customer to review not later than a designated time on the banking day following the day on which the transactions are posted to the Customer’s account. The details provided by Bank for each entry will include account number, dollar amount, company ID, receiver’s name, standard entry class code and settlement date.

(c) Customer shall advise Bank by means of an agreed upon transmission method not later than Bank’s designated cut -off time on the same day as transaction information is made available for those transactions, if any, that are unauthorized and that Customer wis hes to return.

Bank is entitled to rely on any instructions which it receives and which it reasonably believes to be genuine. Bank shall re turn all such transactions and make corresponding adjustments to the Customer’s account to which the transactions had been posted. All transactions reported to Customer as to which Bank does not receive a timely return instruction from Customer will remain posted or be returned based on the Transaction Review profile default decision setting established by the Customer.

(d) Certain Reviewed Transactions Maybe Returned/Posted Despite Instructions. Certain transactions reviewed and approved by the Customer may nevertheless be returned by the Bank. This will happen if (i) there are insufficient funds in the Customer’s account to cover the amount of an ACH debit or other charge, (ii) a stop payment was previously placed on the transaction, or (iii) the Bank determines the transaction must be returned for legal or regulatory reasons. Certain transactions that the Customer advises should be returned may nevertheless be posted by the Bank; these include ACH debits or credits to the Customer’s account that the Bank posts pursuant to its internal procedures in order to comply with applicable law, regulations or payment system rules or guidance.

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4. ACH Transactions Not Subject to ACH Transaction Blocking, ACH Transaction Blocking with Positive Pay or ACH Transaction Review.

Notwithstanding anything to the contrary in these Service terms, the following types of ACH transactions will not be made available for Customer’s review and decisioning:

• debits or credits to Customer’s account to offset any ACH entries originated by Customer through Bank ; • reversals of previously received ACH entries.
• returns or reversals by the RDFI of ACH entries originated by Customer through Bank; • reclamation entries;
• debits or credits to Customer’s account initiated by Bank or Bank’s agent or affiliate to correct processing errors, effect back valuations, make other adjustments, or to comply with legal requirements or for fees or charges Customer owes Bank or Bank’s affiliates; and • if Customer is also subscribing to the ACH Transaction Blocking service, any transactions blocked and returned pursuant to that service.

5. Incorporation of Account Documentation. The provisions of the account documentation, including terms and conditions governing the operation of business accounts and services, are incorporated into these Service Terms by reference. By acknowledging or signing the applicable account documentation or by using or continuing to use the ACH Transaction Blocking and/or Transaction Review Services, Customer agrees to these Service Terms.

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LOCKBOX SERVICE TERMS V1.5_05_20_21

JPMorgan Chase Bank, N.A., organized under the laws of U.S.A. with limited liability (the "Bank"), will provide the Customer with the Lockbox Service (as defined below) in accordance with the terms and conditions set forth in these Lockbox Service Terms (“Service Terms”). The provisions of the Bank’s account documentation, including terms and conditions governing the operation of business accounts and services and other applicable service terms as may be amended from time to time (collectively, the “Account Documentation”) and the Statement of Work (as defined below) are incorporated into these Service Terms by reference and form a part thereof. If and to the extent there is a conflict between the Account Documentation and these Service Terms, the provisions of these Service Terms will prevail. By acknowledging or signing the applicable Account Documentation or by using or continuing to use this Service, Customer agrees to these Service Terms.

1. Lockbox Service. The Bank shall provide the Customer remittance processing and deposit services as described in these Service Terms (the “Service” or “Lockbox Service”) to support its accounts receivables business needs. Through this Service, the Customer’s remittances are sent to a designated post office box (“Post Office Box”) and/or delivered to or via courier to the designated Bank location by the Customer. The Bank will maintain the Post Office Box for the Customer's remittances and will have unrestricted and exclusive access to the Post Office Box while providing the Lockbox Service. The Bank may direct the Customer to include specific codes or formats within its assigned addr ess in order to ensure mail is identified correctly. The Customer is responsible for ensuring its customers’ payments to Customer are properly addressed in order to prevent delays in processing. Customer agrees not to send cash to the Bank in connection with the Lockbox Service.

The Bank will collect all mail from the designated Post Office Box and deliver it to the Bank’s lockbox processing site(s). T he Bank will open the mail, process the remittance information and process the checks or cheques (collectively, “checks”) eligible for this Service (the “Items”) in accordance with the Customer’s instructions and the Statement of Work and/or Service Guide (as such terms are defined below), if applicable.

Upon completion of the remittance processing work, Bank will image the eligible I tems and process them for credit to the Customer account or process for collection the Items received, except: (i) Items which the Customer has instructed the Bank in writing, and the Bank has agreed not to process; (ii) Items which the Bank believes shoul d receive the Customer's special attention; (iii) Items for which the Customer is not the payee, unless (x) the Customer has instructed the Bank to accept all payees or (y) the Customer has provided proper authorization to process for credit or collection of such Items; and (iv) any other matter or merchandise received (collectively, “Remittance Processing”). The Bank will not process such excepted Items or other matters or merchandise, but will forward them to the Customer unprocessed. The Bank assumes no responsibility for the inadvertent processing of Items excepted from processing. The Bank will process credit card payments as point of sale transactions, obtaining authorization as required by applicable card rules; provided, however, the Bank will not pl ace phone calls for authorization of referrals or process credit transactions. The Bank shall not be deemed a merchant processor and shall not be liable for any data entry errors or any chargeback. The Bank assumes no liability for any matter or merchandis e received through the Post Office which is not a depositable Item, including cash. Any failure by the Bank to process an Item other than as provided herein does not constitute a failure by the Bank to exercise or dinary care. The Customer irrevocably appoints the Bank (and all persons the Bank designates in connection with the Lockbox Service) to endorse Items with the Customer’s name. The Customer shall be liable to the Bank as a general endorser on all Items processed by the Bank and shall be deemed to make all of the warranties of a transferor of such Item under applicable law.

(a) The Customers requiring “Caller Service” or “Business Reply Mail Service” (as such terms are used by the United States Postal Services (“USPS”)) or any similar service at the USPS or Canada Post Corporation (“CPC”) for remittance collection must obtain prior approval from the Bank. Upon approval, the Customer will secure such services directly with the USPS or the CPC, as the case may be, and ensure the Bank is authorized to collect the mail. The Bank shall not be responsible for delays in processing due to the Customer’s failure to pay the USPS or the CPC, as the case may be, for such services or any other action taken or not taken by the USPS or the CPC, as the case may be.

(b) The Bank may, at its sole discretion, provide the Customer additional optional Services including, without limitation, Decisi on Manager (as defined below), non- deposit remittance Items (i.e., the Bank will process and deposit only Items that meet the Custo mer directed rules for deposit), early transmission of remittance data, customized grouping and sorting of Items (i.e,, the Customer instructs the Bank to further group and sort the contents of its mail according to criteria specified by the Customer) and imaging and additional data capture requirements of remittance data to create customized transmission files and reporting (collectively, the “Value Add Services”). The Customer shall submit to the Bank a completed implementation requirements document (the “Statement of Work”) instructing the Bank to perform the Value Add Services agreed to by the Customer and the Bank. The Customer may receive user guides and other materials (“Service Guides”) setting forth the terms and conditions upon which such Value Added Services shall be provided to the Customer by the Bank. The Customer acknowledges and agrees that Remittance Processing and, if applicable, the provision of Value Add Services (collectively, “Pre- Deposit Processing”) may result in Items not being deposited until completion of such Pre- Deposit Processing in accordance with Customer’s instructions. Decision manager (“Decision Manager”) is an exception workflow tool to which clients can subscribe. Upon the Bank’s review of the mail and remittance information for Items that do not meet a Customer’s specified requirements for deposit (e.g., check and invoice amounts do not match, inc orrect payee name, incorrect amount, etc.) or reported as processing exceptions (“Exception Items”), the Bank will notify the Cus tomer of such Exception Items by posting such Exception Items on a designated website or application. The Customer must communicate its decision for Exception Items within the deadline indicated in the Statement of Work. The Customer agrees that the Bank shall not deposit such Exception Items until the Bank receives an instruction from the Customer. If the Customer fails to provide an instruction within the timeline speci fied, the Bank will either return the Item unprocessed to the Customer or follow the default instruction specified in the Statement of Work.

(c) If the amount of an Item written in words and figures differ, the Item will be processed for amount written in words. If the Item is accompanied by an invoice or statement and the amount on the statement matches the amount written in figures, and the Customer has requested, and the Bank has agreed, to process such Item for the amount written in figures, the Item may be processed for the amount written in figures. In the event the Bank processes the Item for the amount written in figures, the Customer indemnifies the Bank for any claim which may arise from that action.

(d) The Service is limited to Items drawn on domestic banks so to the extent the Bank notices that any Items drawn on foreign banks have been deposited, such Items shall be forwarded to the Customer as unprocessable; provided, however, upon Customer’s request, but at the sole 293

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discretion of the Bank, the Bank may process or collect foreign checks on behalf of Customer subject to terms and conditions in the Account Documentation.

2. Availability Schedule. The Bank will deposit eligible Items to the Customer’s designated deposit account in accordance with the Bank’s Availability Schedule provided to the Customer. The Customer agrees that Items that require special handling may receive delayed availability.

3. Returned Items; Re-presentment. If any Item is rejected, reversed, or returned to the Bank unpaid for any reason or there is a claim involving an Item deposited to the Customer Account, the Bank will charge back that Item, together with any fees or other amounts allowed on such claims or for returned Items, against the Customer Account, regardless of whether such debit causes an overdraft to the Customer Acc ount. If, however, the Bank has been instructed in writing by the Customer to re-present Items which have been dishonored or returned to the Bank unpaid for reasons other than account closed, the Bank may do so automatically and without notice to the Customer, and the Bank reserves the same rights to debit the Customer Account should any such Items remain unpaid after the re-presentment.

4. Original Documents; Image Storage. Unless the Bank has agreed otherwise, the Bank will image all Items and associated remittances and retain original documents on site for no longer than fourteen (14) days. All original documents will be destroyed fourteen (14) days after processing. The Bank will store Imaged Items for a period of seven (7) years from the date of the applicable transaction regardless of any additional imaging service requested by the Customer If the Customer elects, the Bank will provide images of the Items ("Imaged Items") received together with images of related documents ("Imaged Documents"), through a delivery media ("Delivery Media") at the intervals agreed upon between the Bank and the Customer. If the Customer elects storage of Imaged Documents, the Bank will store Imaged Documents for a period of thirty (30) days (Short Term Storage) to ten (10) years (Long Term Storage) from the processing date of the applicable transaction, per t he Customer’s selection. If the Customer elects to image and not store Imaged Documents with the Bank, such images will be delivered to the Customer through the Delivery Media

5. Security for Imaged Items. The Bank has specified Security Procedures for receiving and accessing Imaged Items, Imaged Documents and lockbox transaction data. The Bank is not obligated to send any images or data or allow access through the Delivery Media to any images or data which are not requested or accessed in accordance with the Security Procedures. The Customer acknowledges that once it has accessed images by any Delivery Media, persons having access to the Customer's computers and image archives may have access to the Imaged Items, Imaged Documents and lockbox transaction data.

6. Accuracy; Legibility. The information delivered to the Customer through the Delivery Media will be the same as the information in the data entry file provided to the Customer for the applicable time period. If the data entry file contains errors, those errors will also occur on the Delivery Media. The Bank will provide images that are as legible as possible given the legibility of the underlying remittance documents and the selected Delivery Media. The Bank has no liability or responsibility for the condition of the original remittance items provided to the Bank, and it reserves the right to review and approve sample remittance items for legibility prior to providing this Service. The Customer is responsible for reviewing images obtained through the Delivery Media and to promptly notify the Bank of any images that are not clear.

7. Disclosures. As between the Customer and the Customer’s clients, if applicable, certain payments collected hereunder may be subject to various cut-off times and payment deadlines (the “Disclosures”). The Customer acknowledges and agrees that the Bank has no duty to inquire as to the content of any such Disclosures, is not bound by them, and makes no representations or warranties, explicitly or implicitly, regarding same.

The Customer is responsible for ensuring that the processing and payment cut -off times established by the Bank are in compliance with the Disclosures and the Customer’s responsibilities under applicable laws and regulations. 294

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COIN AND CURRENCY SERVICE TERMS V1.6_12_06_19

I. SERVICE

JPMorgan Chase Bank, N.A. (the "Bank") will provide Customer with one or more of the coin and currency services listed below (each a "Service") in accordance with the provisions set forth in these Service Terms. The provisions of the Bank’s account documentation, incl uding terms and conditions governing the operation of business accounts and services as well as other service guides or material (the “Account Documentation”) are incorporated into these Service Terms by reference. By signing the applicable Account Documentation or by using or continuing to use any of these Services, the Customer agrees to these Service Terms.

II. CASH ORDERS

1. Cash Orders.

The Customer may issue written instructions to the Bank to release United States coin and currency (“Cash”) to an armored courier service (the “Courier”) as designated by the Customer in accordance with the Bank’s guidelines (“Cash Order”). The Customer acknowledges that Cash Orders can be transmitted to the Bank only during such time as set forth in the guidelines. The Bank is authorized to debit the account of the Customer designated in the Cash Order for the amount of a Cash Order (the “Cash”). If the Bank has agreed to such an arrangement, the Customer may also place a Cash Order directly at one of the Bank’s branch locations by issuing a check to debit the Customer’s account at the Bank or as a “cash for cash” exchange. If there are insufficient funds in the designated account, the Bank is authori zed to refuse the Cash Order, to fill a partial Cash Order, to debit the designated account even if such debit causes an overdraft, or to debit any other account of the Customer at the Bank.

2. Cash Limits.

The Bank and the Customer may agree to the amount of Cash that may be delivered pursuant to a Cash Order (“Cash Limit”).

3. Discrepancies for Cash Orders.

All Cash Orders must be validated by the Customer within 24 hours of receipt. If a currency strap, coin bag or wrapped coin discrepancy is identified, the Customer may contact Cash Services Customer Support at 888-872-0517 to request a Cash Order Claim Form. The completed form and proper documentation must be sent to the Bank and post marked within 48 hours of receipt of the Cash Order. Any clai ms post marked after the 48 hour period may be denied and the Customer will have no right to request or receive an adjustment after such time period.

4. Cancellations and Amendments.

A Cash Order may be cancelled by the Customer telephonically, electronically or in writing by a person the Bank reasonably believes to be authorized to act on behalf of the Customer and only if the cancellation is received within a reasonable time before t he Cash is delivered to the Courier (“Cancellation”). A Cash Order may only be amended telephonically and the Bank will not be responsible for any c hange in a Cash Order it has received. Any attempt to amend a Cash Order electronically may result in duplicate Cash being delivered.

5. Notice of Rejection.

If the Bank rejects a Cash Order, it will promptly notify the Customer of the reason.

6. Notice of Execution.

The Bank will notify the Customer when it has executed a Cash Order. Unless, within three (3) business days after receipt of notification of the execution of a Cash Order, the Customer notifies the Bank in writing that a Cash Order was unauthorized or otherwise unenforceable against the Customer, the Bank shall not be liable for executing the Cash Order as notified, including any loss of interest.

7. Security Procedure.

The Customer must place a Cash Order using a touch-tone telephone, or other electronic communications device mutually agreed upon by the Customer and the Bank, based upon codes assigned by the Bank to the Customer which identify the Customer and the locat ion (collectively, “Codes”). The Customer agrees that use of Codes constitutes a security procedure for verifying the authenticity of a Cash Order as being that of the Customer (“Security Procedure. The Customer and Bank will maintain reasonable security and control of the Codes. The Bank is not responsible or liable for detecting any error in the transmission or content of any Cash Order or Cancellation and the Security Procedure is not intended to detect any such error. No agreement or instruction of the Customer restricting acceptance of any Cash Order or Cancellation is binding on the Bank, except as set forth in these Service Terms or in a writing signed by the Customer and the Bank. These Security Procedures do not apply to Cash Order requests made by the Customer at one of our branch locations when the Customer is making a “cash for cash” exchange or issuing a check to debit the Customer’s account at the Bank.

8. Geographical Limitations for Cash Orders. The Customer represents and warrants that all Cash Orders will be used by Customer in its normal course of business at the Customer’s store/office locations in the United States.

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III. CASH DEPOSITS

1. Standard Courier Service.

The Customer may deliver and pick up shipments of cash or checks to or from the Bank by using the services of a courier that has been authorized by the Bank, who will act solely as the Customer’s agent. The courier must comply with the Bank’s guidelines, as amended from time to time, and must maintain all licenses and permits required by law in addition to adequate insurance to cover its liabilities in providing courier services. The Bank may refuse to permit any courier to enter its premises with or without cause, in which case the Bank will use reasonable efforts to promptly notify the Customer. With regard to the Customer's couriers, the Customer is responsible for any individual's actions while at the Bank's facilities including theft, property damage, intentional crimes and any other act or omission even if such actions would be considered outside the scope of their employment and whether the individual is impersonating an employee of the courier if the Bank has followed its customary procedures for identifying the individual.

2. Deposit Presentment and Processing for Standard Courier Service.

With regard to deposits delivered to one of the Bank’s vault areas, the Customer must deliver deposits in sealed tamper-proof plastic security deposit bags that meet the standards described in the Bank’s guidelines and contain only cash, coin and checks. The bags may also contain food stamps if the Customer provides proof satisfactory to the Bank of the Customer’s authority to redeem food stamps. The Bank will open the bags and process the deposits.

a) Delivery to Vault. If the Bank agrees to accept the Customer deposits at a vault location, the Bank will provide a receipt indicating the number of bags it has received. This receipt is not an acknowledgment of the contents of any bag, nor is any telephonic or o ther acknowledgment of a deposit of which the Customer notifies the Bank by telephone or by electronic means.

b) Delivery to Branch for Delayed Processing. If the Bank agrees to accept your deposits at a branch location, the Bank will not verify the amount of the deposits at the time of receipt, but will provide the Customer with a receipt showing the amount indicated the Customer’s deposit slip. This receipt is not an acknowledgment of the contents of any bag.

3. Courier Service through the use of a Smart Safe or Recycler Machine.

The Customer may use the services of a courier that has been authorized by the Bank, who will act solely as the Customer’s agent. The courier must comply with the Bank’s guidelines, as amended from time to time, and must maintain all licenses and permits required by law in addition to adequate insurance to cover its liabilities in providing courier services. The Bank may refuse to permit any courier to enter its premises with or without cause, in which case the Bank will use reasonable efforts to promptly notify the Customer. The Customer will receive provisional credit only for Cash placed in Deposit Cassette (as defined below) component of the machine. The Customer’s courier is authorized to transmit the Cash information only with regard to the Deposit Cassette component of the machine to the Bank on the Customer’s behalf and the Bank, upon receipt of such data transmission, will provide provisional credit to the Customer’s designated account. T he courier will deliver the Cash to the Bank as directed by the Bank at the Customer’s expense. The Customer authorizes the Bank to instruct the courier to pick up any Cash for which the Bank has given provisional credit at any time at the Customer’s expense. For purpose of these Service Terms, “Deposit Cassette” is the component of the machine whereby the Customer places Cash into such component and only the courier is able to access such Cash once it is placed in the Deposit Cassette.

4. Deposit Presentment and Processing Courier Service through the use of a Smart Safe or Recycler Machine.

The Customer agrees that once the Cash is in the Deposit Cassette component of the machine, the Customer no longer has any ownership, control or rights with regard to the physical Cash and that the Bank is authorized to rely upon the transmitted information from the Customer’s courier with regard to deposits or adjustments to the Customer’s deposit account with the Bank. Once the Customer’s courier has completed the verification of the Cash from the Deposit Cassette component of the machine and has transmitted the deposit/adjustment informa tion to the Bank, the Cash is then placed into the Bank’s inventory at the courier’s location. In the event of a dispute related to the amount credited to the Customer’s deposit account, the Customer will initiate its claim and request for an investigation with its courier.

5. Revocation of Provisional Credit.

The Customer agrees that the courier will pick up the Cash from the Smart Safe, deliver it to the vault and complete the veri fication process at least every seven (7) calendar days (or as otherwise agreed to by the Bank). In the event the courier does not retrieve the Cash from the Smart Safe for whatever reason, within such time frame, or otherwise deliver the Cash to a vault location, Customer authorize s the Bank to revoke the provisional credit given to Customer’s designated account at the Bank’s discretion and without prior notice, even if doing so creates or increases an overdraft.

6. Discrepancies.

All deposits are subject to verification. If there are differences between the amount credited by the Bank and the amount shown on the deposit slip prepared by the Customer, the receipt provided to the Customer or its agent upon initial presentment or the transmission received from the courier on the Customer’s behalf, the currency will be re-counted for discrepancies over the minimum amount specified in the Cash Vault Services Product Guide, the “Threshold” amount, the Customer’s representative designated in the service implementation questionnaire will be notified of the adjustment, and an adjustment fee will be charged. If the discrepancy is in the Threshold amount or less, the Bank will not adjust the Customer’s account, the Bank will retain the discrepancy amount, and no adjustment fee will be charged. The Bank’s determination and records as to its receipt of any bag and as to the contents of any bag is conclusive and binding on the Customer. 296

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7. Geographical Limitations for Cash Deposits.

Cash Deposits must be delivered to the Bank by Customer’s courier and from Customer’s physical store/office locations in the United States.

Cross-border cash deposits (i.e., cash brought into the United States from outside the United States) are strictly prohibited

8. Relationship upon Delivery of Bags.

Until the Bank counts or re-counts the contents of the bags and enters a final credit to the Customer’s account. The Bank is not responsible any claimed contents of the bags. The Customer should not include anything in a bag other than Cash and its deposit slip, and the Bank shall have no responsibility or liability if there is any other property included or claimed to have been included in a bag.

9. Deliveries to an Unattended Facility.

If the Bank agrees to allow the Customer to use one of our unattended facilities (including but not limited to a night depository or commercial ATM) the Bank may provide the Customer with an access device (such as a key or card that may require a Personal Identification Number (“PIN”). The Customer must return all access devices to the Bank upon the Bank’s request. The Bank will process any deposits delivered to an unattended facility as provided for in the Bank’s guidelines. If the Customer receives a receipt from an unattended facility, the receipt is not an acknowledgment of the contents of any bag or of the receipt of any bags. While the Customer or the Customer’s designated courier agent is physically present at one of the Bank’s unattended facilities, the Customer is a licensee only and the Bank has no responsibility for the safety of the Customer or its Courier while at such facility.

10. Liability at Unattended Facility.

The Customer assumes all risks of using any unattended facilities, including risks of theft, robbery and personal injury; the Bank is not responsible if a facility fails to operate properly in any way, including failing to open, close, lock or unlock. It is the Customer’s responsibility to verify that its bags have dropped down completely into the facility and the Customer agrees that it will not leave any bags i n any facility that does not appear to be operating properly. The Bank will not be liable to the Customer if any unattended facility, tele-entry or online system is closed or otherwise unavailable for use at any time

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POSITIVE PAY, REVERSE POSITIVE PAY AND V1.5_01_04_23

PAYEE VERIFICATION SERVICE TERMS

JPMorgan Chase Bank, N.A. (the "Bank") will provide Customer, in accordance with the provisions set forth in these Positive Pay, Reverse Positive Pay and Payee Verification Service Terms (these “Service Terms”), with one or more of the services listed below (each a "Serv ice") that help prevent check fraud on deposit accounts by identifying discrepancies between checks (“Items”) presented to the Bank for payment from the Customer’s demand deposit account associated with the Service (the “Account”) and those Items that are issued by Customer. The provisions of the Bank’s account documentation, including terms and conditions governing the operation of business accounts and services as well as other serv ice guides or material (the “Account Documentation”) are incorporated into these Service Terms by reference. By signing the applicable Account Documentation or by using or continuing to use any of these Services, the Customer agrees to these Service Terms.

1. Services.

With Positive Pay, the Customer sends check issuance information to the Bank and the Bank compares such information to Items being presented for payment. With Reverse Positive Pay, the Bank sends the Customer information on Items that have been presented f or payment. and the Customer does its own comparison. Payee Verification is an enhanced feature for Positive Pay whereby the Customer includes payee name information, and the Bank compares such information against the payee names on Items that have been pr esented for payment. As a condition precedent for receiving Payee Verification, the Customer must be receiving Positive Pay in connection with the same Account.

2. Issuance Information.

The following information is defined as “Issuance Information” for each Item: (i) Account number on which the Item is drawn; (ii) Item serial number; (iii) dollar amount; (iv) issue date (not as part of Reverse Positive Pay); and (v) for Payee Verification only, the payee name. For Positive Pay and Payee Verification, the Customer must provide the Bank the Issuance Information by the banking day on which the Customer issues Items by means of a mutually-agreed-upon transmission method. With Positive Pay, the Bank will compare items (i), (ii) and (iii) (and, in the case of Payee Verification, item (v)) of the Issuance Information with the applicable information from the Items presented to the Bank for payment against the Account. If Customer has properly set up an issue date limitation, then Bank will compare the date the Item has been paid with the issue date in the Issuance Information. For Reverse Positive Pay, the Bank will provide the Customer access to the Issuance Information, and the Customer will compare such information with the Items Customer has issued.

3. Discrepancies.

For Positive Pay and Payee Verification, if an Item is presented to the Bank for which it has not received timely Issuance Information or that contains information different from the Issuance Information for that Item, the Bank will notify the Customer by means of a mutually agreed upon method, by the designated time of the Banking Day following the Banking Day the Item is presented to the Bank for payment. If Customer f ails to provide the Issuance Information (including, in the case of Payee Verification, the payee name) in the file format required by the Bank, the Bank will not be liable for failing to detect any discrepancy between the Item and the Issuance Information or for processing and payment of such Item. The Customer shall advise the Bank by means of a mutually agreed upon method by the designated time on that same Banking Day whether any such Item is authorized for payment (“Presentment Decision”). In the event that the Customer fails to timely inform the Bank about any Ite m for which a Presentment Decision is requested, the Bank is authorized to return such Item unless otherwise agreed by the Customer and the Bank. For Reverse Positive Pay, the Bank will provide access to the Issuance Information to the Customer of Items presented for payment; the Customer shall advise the Bank by means of a mutually agreed upon method by the designated time on that same Banking Day whether any such Item is not authorized for payment, and in the event that the Customer fails to timely inform the Bank as required, t he Bank is authorized to pay such Item(s) unless otherwise agreed by the Customer and the Bank. The Bank is entitled to rely on any Instructions by the Customer which it receives and which it reasonably believes to be genuine. If a Customer attempts to change an Instruction previously given by sending an email or other message to the Bank, the Bank may, but has no obligation to, act upon such change request. “Banking Day” means any day other than a Saturday , Sunday or other day on which Bank is or is authorized or required by law to be open for business.

4. Payee Verification Additional Terms.

For Payee Verification, Customer acknowledges that Items which have been converted to ACH transactions prior to being presented for payment will not be eligible for this service and the payee name information will not be compared to the Issuance Information for Items that have been converted to ACH transactions. The Bank reserves the right to set a threshold amount for Items (as may be revised by the Bank from time to time) to be reviewed under the Payee Verification service (the “Threshold Amount”). The Items below the Threshold Amount will be handled according to the standard Account Documentation governing the Customer’s Account; however, Customer will not be liable for such Items if the discrepancy would have otherwise been detected under this Service. With regard to Payee Verification, the Bank will compare the payee name provided in the Issuance Information to the payee lines contained in the name/address block identified on the Item (presented as provided for in the Bank’s set-up requirements) and will otherwise be limited to those parameters specifically agreed to by the Customer and Bank. Customer understands that Bank will not be liable to Customer (i) for any discrepancy in the payee name if the discrepancy was not detected due to the check stock or the print format of the Item not passing the Bank’s testing (including, without limitation, with respect to the payee name placement) or (ii) for any discrepancy in the payee name if the payee name was handwritten on the Item.

5. Voided Items and Stop Payments.

For any Item listed on Customer’s Issuance Information which Customer decides it no longer wishes to pay: (a) if the Item is physically in the Customer’s possession, Customer may place a void notice in the Issuance Information for such Item, or (b) if the Item is no longer physically in its possession, the Customer must place a stop payment request with the Bank in accordance with the Bank’s requirements and the A ccount Documentation. If the Customer does not place a stop payment request for an Item not phy sically in Customer’s possession as set forth in (b) 298

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above and instead places a void notice, Customer agrees (i) that Bank may debit the Customer’s account for the payment of such Item and (ii) that Customer will be liable to Bank for any damages Bank may suffer as a result of the Customer’s failure to place a stop payment on such Item.

6. Item Payment.

The Bank is not obligated to maintain signature cards for the Account and whether or not the Bank does maintain such signature cards, in no event shall the Bank be obligated to inspect any Item for the presence or authenticity of any signature or to determine whether any signature is authorized.

The Customer acknowledges that the Bank’s adherence to these procedures in these terms, in lieu of signature examination, wil l constitute the exercise of good faith and ordinary care by the Bank in handling Items presented for payment against the Account.

7. Over the Counter Presentment and Encashment.

The Bank may, without liability to the Customer, refuse to pay any Item presented for encashment at any of the Bank’s branch locations. If an Item is presented for encashment or deposit at one of the Bank’s branch locations at the teller line and the account is under the Positive Pay or Payee Verification Service, the Customer authorizes the Bank to pay such Item at the teller line based upon the Issuance Information. If an Item is presented for encashment at one of the Bank’s branch locations at the teller line and the account is under the Reverse Positive Pay Service, (i) the Customer authorizes the Bank to pay such Item pursuant to the Bank’s policies and procedures for encashment, (ii) Customer assumes the risk of any loss that would have been prevented through the use of Positive Pay or Payee Verification services; and (iii) Customer agrees to unconditionally release, indemnify and hold harmless the Bank against any and all liability loss or claim relating to an Item being cashed or returned over-the- counter. The Bank may charge a person who cashes an Item drawn on the Customer’s Account a fee at the time of encashment.

8. Non-Standard Items.

The Service(s) shall not apply to any Item that does not meet the Bank’s set -up requirements for Items to be eligible for the Services (including, without limitation, any Item printed without magnetic ink character recognition (MICR), any Item which has a MICR line in a location unacceptable to Bank, or any Item which may be printed on various printing devices that allow size or font to vary) (“Non- Standard Items”). Customer acknowledges that (i) the use of Non- Standard Items may increase the likelihood of fraud, such Non- Standard Items may not be accepted for deposit at financial institutions, and the use of Non- Standard Items may lead to processing delays in the failure of such Non- Standard Items to systemically be matched to the Issuance Information at the time they are presented to the Bank for payment, and (ii) the use of Non-Standard Items may result in the Bank’s fraud protection services not being able to operate as designed such that Non- Standard Items may not be able to be returned within the legal timeframe. Customer acknowledges that Non-Standard Items may be treated as non-cash items for purposes of Regulation CC.

Customer agrees that the Bank may, without liability to Customer, refuse to deposit any Non- Standard Item, including, without limitation, refusing to accept the deposit at any of the Bank’s branch locations. Customer agrees that Customer’s decision to use Non-Standard Items which result in the inability to meet the formatting standards required by the Bank’s Service(s) to operate as designed (systemic matching of the Issuance Information to the Item at the time it is presented for payment) constitutes negligence contributing to the making of an unauthorized signature and/or a material alteration of the Item (collectively “Unauthorized Item”) in situations where a Non-Standard Item is paid against the Customer’s account that the Customer claims is an Unauthorized Item, (a) Customer assumes the risk of loss to the extent that such Service(s) would have detected the Unauthorized Item if it had used check stock that met the Bank’s formatting requirements, (b) Customer shall not claim against the Bank, and the Bank shall have no obligation or liability to Customer to recredit any such account for any such loss, and (c) the Bank will hav e exercised ordinary care if it pays an Item drawn on any Customer account based upon industry standards without any further inspec tion of any such Item, even if it is an Unauthorized Item.

9. Incomplete Activations and Service Suspensions.

Customer agrees that the Bank shall have no obligation or liability to Customer in accordance with these Service Terms (i) in the event the Services are suspended by Bank in accordance with the Account Documentation; or (ii) prior to Customer taking all required steps to fully implement the Services (including, without limitation, Customer’s final activation of the Service [i.e., actioning “pending positive pay”] on the applicable Bank electronic channel). Customer also understands that it may be billed for the Services notwithstanding that it has not taken all required steps to fully implement the Services.
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CONTROLLED DISBURSEMENTS SERVICE TERMS V1.4_10_25_13

1. Service.

JPMorgan Chase Bank, N.A. (the "Bank") will provide you (the “Customer”) with controlled disbursement services (the “Service”) in accordance with the provisions set forth in these Service Terms. The provisions of the Bank’s account documentation, including account terms and conditions governing the operation of business accounts and services and other service terms (“Account Documentation”) are incorporated into these Service Terms by reference.

By signing the applicable Account Documentation (as may be amended, modified or supplemented from time to time) or by using or continuing to use the Service, the Customer agrees to these Service Terms. JPMorgan Chase Bank, N.A. is organized under the laws of U.S.A. with limited liability.

2. Controlled Disbursement Account.

Each controlled disbursement account (“Controlled Disbursement Account”), except as set forth herein, shall be opened and maintained in accordance with the Account Documentation. Customer agrees that if it fails to utilize one of the Bank’s positive pay s ervices on the Controlled Disbursement Account, that failure will constitute Customer negligence contributing to the making of any unauthorized signature and Customer assumes the risk that checks or drafts (“Items”) presented against the Controlled Disbursement Account may be forged or altered, to the extent that the positive pay services the Bank offers may have prevented any loss. The Bank will have no liability for any loss related to an Item presented against the Controlled Disbursement Account which would otherwise generally have been returned under such positive pay services.

3. Payment of Items.

Bank, on each banking day, will advise Customer of the total amount of Items drawn against the Controlled Disbursement Accounts that are presented for payment, on that day, to the Bank by a Federal Reserve Bank or another depository institution pursuant to a same-day settlement arrangement.

Bank will honor Items which are properly payable, but shall have no obligation to pay any Item should sufficient immediately available funds to cover such Items not be transferred to the Controlled Disbursement Account in accordance with these Service Terms and the Account Documentation.

4. Over-the-Counter Presentment.

Bank may, without liability to Customer, refuse to pay any Item presented for encashment at any of the Bank’s branch locations.

5. Funding Account for Controlled Disbursement.

Customer will maintain with Bank a designated account for purposes of funding the Controlled Disbursement Account, or the funding account may be maintained at an affiliated bank or other financial institution (the "Funding Account"). Customer authorizes Bank to debit the Funding Account for the total amount of the Items presented and any funds transfers against the Controlled Disbursement Account, and to promptly transfer such amount to the Controlled Disbursement Account even though such a debit may bring about or increase an overdraft. All funds transfers from t he Funding Account to the Controlled Disbursement Account shall be in immediately available funds. Customer will maintain sufficient available funds in the Funding Account to cover Items and funds transfers presented against the Controlled Disbursement Account, and the Bank shall have no obligation to transfer funds, process Items for payment or complete any funds transfers unless there are sufficient available funds in the Funding Account. The Bank is authorized to debit the Funding Account for any obligations owed directly or in directly on the Controlled Disbursement Account. The Bank shall not be liable for failure to pay any Item presented for payment against any Controlled Disbursement Account due to insufficient funds in the Funding Account.

6. Media.

Bank will transmit to Customer, by the transmission method or media agreed to by Customer and Bank, information regarding Customer’s Controlled Disbursement Account.

7. Routing Transit Number.

Customer agrees to use the designated controlled disbursement account routing transit number on the Items it issues from the Controlled Disbursement Account. Customer acknowledges that if it fails to use such designated controlled disbursement account routing transit number the Bank is authorized to terminate this Service or any Service feature upon notice to the Customer.

8. Financial Condition.

In the event of the deterioration of the financial condition of the Customer, as determined in the Bank’s sole discretion, the Bank may immediately terminate the Service, any Service feature, and/or may convert any Controlled Disbursement Account to a stand-alone demand deposit account without prior notice to the Customer.

9. Third Party Usage.

Customer agrees that it will not permit a third party to write checks on or otherwise issue payment transactions or instructions on Customer’s Controlled Disbursement Account. Customer agrees to indemnify and hold Bank harmless from and against any and all actions, claims, demands, losses, liabilities or expenses whatsoever, including attorney’s fees and costs, resulting directly or indirectly from Customer’s breach of this Section 9. This indemnity shall survive the termination of these Service Terms. Notwithstanding anything to the contrary, Customer acknowledges that, if Customer breaches this Section 9, Bank may immediately terminate this Service or any Service feature upon notice to the Customer

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IMAGE CASH LETTER SERVICE TERMS V2.0_12_27_23

1. Service.

JPMorgan Chase Bank, N.A. (the “Bank”) which may include designated agents of the Bank, will provide Customer with image cash letter services for Checks as defined below (the “Service”) in accordance with the provisions set forth in this document (the “ Service Terms”). The provisions of the Bank’s account documentation, including account terms and conditions governing the operation of business accounts and services and the ACH Origination Service Terms as may be applicable (“Account Documentation”) are incorporated into these Service Terms by ref erence. By signing the applicable Account Documentation or by using or continuing to use the Service, Customer agrees to these Service Terms.

2. Transmission and Processing.

Customer shall provide through its own methods or devices the captured check images and check data from the Check, including the magnetic ink character recognition formatting (MICR) information through electronic transmissions (the “Transmissions”) in the format and specifications required by the Bank’s File Standards and within the cut-off times provided by the Bank. Customer authorizes Bank to process the Transmissions as substitute checks, electronic images or photos in lieu, as may be applicable for further clearing through any other financial institution, clearinghouse or Federal Reserve Bank. If the Customer is eligible and has chosen to have Checks processed as ACH transaction s, Bank will convert eligible Checks to ARC or POP entries, as defined and provided for in the ACH Origination Service Terms. Customer agrees that it is solely responsible for the creation and transmission of these Transmissions to the Bank. If any Transmission (including any source document for purposes of these Service Terms) does not meet the Bank’s or any transferee’s standard requirements for processing, Customer assumes all risk of loss or delay in processing such Transmission and authorizes the Bank to either (a) return the Transmission to the Customer without further processing, (b) process the Transmission as sent from the Customer, (c) process the Checks as photocopies in lieu of the originals, or (d) repair or attempt to repair the Transmission for further processing. Under this Service, “Checks” shall mean original paper checks and drafts drawn in US dollars on, or payable through, banks located in the United States (including Puerto Rico, Guam and the US Virgin Islands) , endorsed for deposit to Customer’s account at the Bank. For non-financial institutions the Checks must be made payable to the Customer unless the Bank has agreed to allow the deposit of third- party checks. If the Customer is approved by the Bank for Canadian transmission and processing, “Checks” also include original paper checks and drafts drawn in US dollars or Canadian dollars drawn on banks located in Canada.

3. Image Cash Letter File Deposit Time.

The Transmissions must be sent to the Bank prior to the deposit deadline. Any Transmission will be deemed to have been received by the Bank when the entire file has been written onto the Bank’s system and made available for the Bank to validate. Based upon the size of the Transmission file, there may be a significant delay between the time Customer begins to send the file and the completion of the transfer as stated above. As a result, Customer will make every effort to send the Transmission file as early as possible. Files that are received after a deposit deadline will be considered deposited as of the next deposit deadline. Processing fees and funds availability will be assessed based on the deposit deadline that is met.

4. Customer Liability.

Customer shall be solely responsible if any Transmission for which Customer has been given provisional credit is returned or reversed, and neither Bank nor its subcontractors shall be liable or responsible for same. Customer acknowledges that all credits received for deposit are provisional, subject to verification, final settlement or return. Information and data reported hereunder: (a) may be received prior to f inal posting and confirmation and is subject to correction and (b) is for informational purposes only and may not be relied upon. Customer agrees that Bank shall have no liability for the content of payment-related information as received from the Customer. Customer shall be solely responsible for the original Checks, including storage and retrieval. Customer agrees to provide a legible copy of an image or the original Check if requested by the Bank within five (5) business days of such request. If Customer is unable to provide the original or legible copy, Customer shall be liable for any associated loss or claim involving the Check. Customer will not present an original Check more than once through this Service. If the Customer receives a return (substitute check) of the original deposited Check, Customer can deposit the substitute check through this Service; provided however, Customer shall be responsible for any and all losses or claims resulting from the Customer presenting an original Check for payment more than once through any method.

5. Suspension/Cancellation of Service.

Bank reserves the right to suspend or terminate the Service, in whole or in part if Bank believes Customer is in breach of these Service Terms or is otherwise using or accessing the Service in a manner inconsistent with the rules and regulations relating to the Service being provided and such breach, use or access is not cured within three business days after notice to Customer. Further, this Service will automatic ally terminate if the Customer’s account with the Bank is closed for any reason. Either part y may terminate the Service upon thirty (30) days’ prior written notice to the other party; provided, however, that the terms of Section 9 will apply to any termination prior to the time period set forth in the Pricing Schedule.

6. Intellectual Property Ownership.

Neither these Service Terms nor the provision of the Service transfer to Customer any ownership or proprietary rights in the Bank’s technology or any work or any part thereof, and all right, title and interest in and to the Bank’s technology will remain solely with Bank or its subcontractors.

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7. WARRANTIES AND DISCLAIMERS.

7.1 CUSTOMER WARRANTY. CUSTOMER WARRANTS AND REPRESENTS TO THE BANK THAT: (A) EACH TRANSMISSION

CONTAINS ACCURATE AND LEGIBLE IMAGES OF ALL OF THE INFORMATION ON THE FRONT AND BACK OF THE ORIGINAL CHECKS AT THE TIME EACH CHECK WAS TRUNCATED; (B) EACH TRANSMISS ION ALSO CONTAINS A RECORD OF ALL APPLICABLE MICR-LINE INFORMATION REQUIRED FOR A SUBSTITUTE CHECK AND THE ACCURATE AMOUNT OF THE CHECK; (C) EACH TRANSMISSION CONFORMS TO THE TECHNICAL STANDARDS FOR AN ELECTRONIC ITEM SET FORTH IN

REGULATION J AND FEDERAL RESERVE BANK OPERATING CIRCULARS AND FOR A SUBSTITUTE CHECK SET FORTH IN REGULATION CC; (D) NO PERSON WILL RECEIVE A TRANSFER, PRESENTMENT OR RETURN OF, OR OTHERWISE BE CHARGED

FOR, THE CHECK (EITHER THE ORIGINAL CHECK, OR A PAPER OR ELECTRONIC REPRESENTATION OF THE ORIGINAL CHECK) SUCH THAT THE PERSON WILL BE ASKED TO MAKE PAYMENT BASED UPON A CHECK IT HAS ALREADY PAID; (E) CUSTOMER

WILL NOT REDEPOSIT THROUGH THIS SERVICE ANY TRANSMISSION REPRESENTING A CHECK PREVIOUSLY DEPOSITED AND RETURNED TO THE CUSTOM ER; (F) CUSTOMER WILL EMPLOY COMMERCIALLY REASONABLE SECURITY MEASURES AND

FIREWALLS SUFFICIENT TO PROTECT THE TRANSMISSIONS AND STORAGE TO ENSURE NO UNAUTHORIZED ACCESS OR DUPLICATE PRESENTMENT; (G) CUSTOMER WILL ONLY TRUNCATE AND CREATE TRANSMISSIONS FO R CHECKS THAT ORIGINATED AS PAPER CHECKS; (H) CUSTOMER HAS ESTABLISHED AN ANTI -MONEY LAUNDERING PROGRAM IN

COMPLIANCE WITH ANTI -MONEY LAUNDERING LAWS AND REGULATIONS APPLICABLE TO IT AND SUCH ANTI -MONEY

LAUNDERING PROGRAM INCLUDES POLICIES, PROCEDURES AND CONTROLS DESIGNED TO DETECT AND PREVENT MONEY LAUNDERING WHICH CUSTOMER BELIEVES EFFECTIVELY PREVENTS THE USE OF CUSTOMER’S OPERATIONS, PERSONNEL OR FACILITIES FOR MONEY LAUNDERING PURPOSES; (I) CUSTOMER WILL ONLY ACCESS THE SERVICE AND SEND TRANSMISSIONS TO THE BANK FROM LOCATIONS WITHIN THE UNITIED STATES; AND (J) CUSTOMER IS IN COMPLIANCE WITH ALL LOCAL LAWS AND REGULATIONS APPLICABLE TO IT IN THE USE OF THIS SERVICE.

7.2 DISCLAIMER. BANK AND ITS SUBCONTRACTORS MAKE NO REPRESENTATIONS OR WARRANTIES, WHETHER EXPRESS,

IMPLIED OR STATUTORY REGARDING OR RELATING TO ANY OF THE TECHNOLOGY OR SERVICE AND/OR ACCESS TO OR USE OF THE SERVICE OR TECHNOLOGY PROVIDED TO CUSTOMER HEREUN DER. BANK AND ITS SUBCONTRACTORS

SPECIFICALLY DISCLAIM ANY AND ALL IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NONINFRINGEMENT. CUSTOMER ACKNOWLEDGES THAT THERE ARE CERTAIN SECURITY, CORRUPTION,

TRANSMISSION ERROR AND ACCE SS AVAILABILITY RISKS ASSOCIATED WITH USING OPEN NETWORKS SUCH AS THE INTERNET, AND CUSTOMER ASSUMES ALL SUCH RISKS. CUSTOMER SHALL MAKE AN INDEPENDENT ASSESSMENT OF THE ADEQUACY OF THE INTERNET IN USE OF THE SERVICE PURSUANT TO THE BANK’S PROCEDURES. CUSTOMER FURTHER

ACKNOWLEDGES THAT THE SELECTION AND USE BY IT OF ANY THIRD PARTY SECURITY AND COMMUNICATIONS SOFTWARE

AND THIRD PARTY SERVICE PROVIDERS IS THE SOLE RESPONSIBILITY OF CUSTOMER, AND BANK DISCLAIMS ALL RISKS

RELATED THERETO, NOTHWITHSTANDING THAT THE BANK MAY RECOMMEND CERTAIN SECURITY AND/OR COMMUNICATIONS SOFTWARE AND SERVICES. CUSTOMER AGREES TO, AT ITS SOLE EXPENSE, PROCURE AND MAINTAIN

ALL HARDWARE, BROWSERS, SOFTWARE AND TELECOMMUNICATIONS EQUIPMENT NECESSARY TO ACCESS THE SERVICE IN ACCORDANCE WITH THE BANK’S RECOMMENDED SYSTEM CONFIGURATION.

8. INDEMNIFICATION.

IN ADDITION TO ITS INDEMNIFICATION OBLIGATIONS IN THE ACCOUNT TERMS, AND EXCEPT FOR LOSSES OR EXPENSES CAUSED BY BANK’S FAILURE TO EXERCISE ORDINARY CARE OR WILLFUL MISCONDUCT, CUSTOMER AGREES TO INDEMNIFY BANK FOR ANY LOSS OR EXPENSE SUSTAINED (INCLUDING ATTORNEY’S FEES AND EXPENSES OF LITIGATION) RESULTING FROM (i) CUSTOMER’S LACK OF AUTHORITY TO MAKE THE WARRANTIES PROVIDED HEREIN; (ii) ANY ACTION TAKEN OR NOT TAKEN BY BANK WITHIN THE SCOPE OF ITS AUTHORITY UNDER THESE SERVICE TERMS IN HANDLING A CHECK; AND (iii) A BREACH OF ANY

WARRANTY OR INDEMNITY REQUIRED TO BE MADE BY BANK WITH RESPECT TO A CHECK UNDER APPLICABLE LAW, CLEARING HOUSE RULE OR REGULATION.

9. Pricing Schedule/Volume/Termination Penalties.

Bank and Customer agree to the terms of the Pricing Schedule which are incorporated herein by reference, including the length of time the Service will be provided, the charges/fees and the volumes, as may be stated in the Pricing Schedule. If Customer terminates the Service or the Service is otherwise terminated without fault of the Bank prior to the period of time set forth in the Pricing Schedule, Customer shall pay the Bank a termination fee equal to twelve (12) times the average monthly transaction fee for the Service for the period of time the Service was provided to Customer. Such termination fee shall be paid within thirty (30) days’ after the effective termination date.

10. Audit.

Customer authorizes the Bank to audit its facilities where the Checks are imaged, stored and destroyed as well as where the T ransmissions are processed under this Service upon reasonable prior written notice from the Bank.

11. Customer Offering Mobile Check Delivery Application.

If Customer offers its own customers (“Customer’s Client”) a mobile deposit solution through the Customer’s (or its vendor’s) mobile check delivery application (“Application”), allowing the Customer’s customer to capture pictures of the front and back of eligible Checks from their mobile device and to send the images to Customer through the Application, Customer also represents and warrants the following:

(a) Customer will only send images of Checks that are made payable to Customer. 302

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(b) Customer has established internal controls and procedures relating to Checks delivered to it through an Application, to compl y with the requirements of these Service Terms.

(c) Customer’s Clients are required to enter into the Customer’s Application service terms and conditions or a similar agreement setting forth the Customer’s Client’s obligations and limiting the use of the Application for only original paper checks that are made payable to the name of the Customer. Such terms shall include the Customer Client’s agreement that use of the Application constitutes their issuance and delivery of the Check to the Customer, and the Customer is a holder of the Check

(d) Customer prohibits use of the Application from OFAC prohibited countries.

12. Financial Institution Customer.

If Customer is a financial institution and the Checks are drawn on Canadian banks Customer agrees that the Bank will be the bank of first deposit for returns and chargebacks and the Bank is authorized to charge Customer’s Account for any such return or chargeback including any related fees.

13. Online Adjustments Services.

If Bank and Customer agree, Customer will submit its adjustment requests through the web- based SVPCO Online Adjustment Service (“Online Adjustment”) based on the following terms:

For Customers choosing the deposit account option where they settle for the Items through the Customer’s deposit account at B ank (“Deposit Account”) option, Customer agrees to be bound by the SVPCO Electronic Adjustment Exchange Rules, as may be amended from time to time (“SVPCO Rules”). Bank will assist the Customer in implementing and registering for Online Adjustment. Customer will designat e at least one Administrator by submitting the Secure ID Token Form for Online Adjustments (“Form”). After the initial registration, Customer will be able to update its designated users directly through SVPCO. Bank may conclusively rely upon any information or instructions purported to be sent by the Customer through Online Adjustment. Customer agrees that Bank may charge Customer’s Account for any adjustments and related fees.

Customer agrees that the Bank shall have no responsibility with regard to the adjustment information transmitted through Online Adjustment.

Notwithstanding anything to the contrary in these Service Terms or the Account Documentation, Online Adjustment will automati cally terminate upon the termination or expiration of the agreement covering the SVPCO online adjustment service between Bank and The Clearing House.

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CHECK PRINT SERVICE TERMS V2.2_10_16_24

1. Check Print Services. The Bank will provide the Customer with check print services (the “Check Print Service”) in accordance with these Service Terms. The provisions of the Bank’s Account Terms governing the Customer’s deposit accounts, including any accounts used to fund the purchase of cashier’s checks created through the Check Print Service (“Funding Account”), are incorporated into these Service Terms by reference

2. Print Orders. The Bank will execute each print order requested by the Customer which is received by the Bank in a manner described in these Service Terms or as otherwise provided by the Bank (the “Print Order”). Customer agrees that all Print Order requests are for payment of the Customer’s own payment obligations and not for any third party obligations unless explicitly approved by the Bank. Print Order information shall include payee names and addresses. Customer agrees that it will not include any other personally identifiable information or any protected health information in its Print Orders, unless Customer has executed the required business associate agreement with the Bank. Print Orders may include printing of non-payment documents (“Documents”) if agreed to by the Bank based upon these Service Terms.

3. Receipt of Print Orders. The Customer shall transmit Print Orders to the Bank’s designated location and in compliance with the formatting and other requirements of the Bank set forth in its operating procedures. Bank may reject any Print Order that does not comply with these Service Terms.

4. Issuance of Checks/Documents. For each Print Order accepted by the Bank, the Bank will: (a) cause a check to be created; (b) cause a laser facsimile of the signature image provided by the Customer to be placed on the check; (c) if agreed upon, cause other documents to be completed and included with the check issuance (“Documents”); and (d) mail, send by courier or make available for download through the Bank’s internet based check solution along with any Documents as agreed upon (collectively, the “Issuance”). The Customer expressly grants the Bank the authority to create and process such Issuances and agrees that the signature template that is provided to the Bank (even if provided in blank form) is the authorized signature of the Customer for the checks created under this Check Print Service.

5. Digital Check Delivery. The Bank reserves the right to provide a digital transmission of the check to the payee or payee’s designated agent as an alternative to physical check printing and delivery. This digital transmission may include, but is not limited to ele ctronic checks, or other digital formats as determined by the Bank. The Bank shall not be liable for any issues arising from the digital transmission of checks, including but not limited to delays, errors, or non-receipt by the payee, provided that the Bank has taken reasonable steps to ensure the successful transmission

6. Notice of Rejection. The Bank will promptly notify the Customer if a Print Order is rejected by the Bank and will advise the Customer as to the reason. The notice or advice shall be deemed commercially reasonable if made available through the Check Print Service or given electronically, orally, by telephone or facsimile transmission.

7. Control. The Bank is not responsible or liable for the detection of errors contained in any Print Order as received from the Customer and is entitled to rely on the information contained therein.

8. Reliance Upon Instructions. The Customer is responsible for, and the Bank may rely upon, the contents of any notice or instructions that Bank believes in good faith to be from the Customer without any independent investigation. The Bank shall have no duty to inquire into the authority of the individual giving such notice or instruction. In the event the Bank receives conflicting notices or instructions, the Bank is authorized to act on either the notice or instruction, or it can refuse to act. No restriction on the Bank’s acceptance of any Print Order will be binding on the Bank, except as set forth in these Service Terms unless it is agreed to in writing by the Bank and the Bank has had a reasonable opportuni ty to act upon such change.

9. Limitation of Liability.

The Bank’s liability shall be limited to direct damages caused by the Bank’s failure to use reasonable care. Reasonable care in providing the Check Print Service shall be measured by the relevant provisions of any service levels or business requirements and the standard of reasonableness of the procedures established for the transaction involved. Mere inadvertence or honest mistake of judgment shall not constitute a failure to perform such obligations or a failure to exercise reasonable care and in no case will be deemed wrongful.

10. Cashier’s Checks. If the Bank agrees to create cashier’s checks under the Check Print Service, the following additional terms will apply: (a) Customer will send the cashier’s check print file information (“File Information”) to the Bank by the Bank’s cut off time on a given day (“Day One”); (b) the Customer authorizes the Bank to debit the Customer’s Funding Account for the amounts shown on the File Information on Day One; (c) as the cashier’s checks from the File Information are being processed, the account reconciliation issue file (“ARP File”) must match the date of funding found in the File Information of the next banking day (“Day Two”); (d) for any cashier’s check for which there is insufficient funds in the Funding Account on Day One to fund the purchase of the cashier’s check, the Bank is authorized to reject the creation of such cashier’s check; (e) fully funded cashier’s checks will be printed on Day Two; (f) if the Customer is using one of the Bank’s online services, Customer will be able to view information regarding the cashier’s checks which were funded and created and those that were rejected; (g) any information from the File Information which cannot be used to create a cashier’s check will be communicated to the Customer for further research and reconciliation; (h) if any cashier’s check is returned as undeliverable, the cashier’s check will remain outstanding in the Bank’s cashier’s check account and escheated according to applicable laws and regulations. If the payee of a cashier’s check claims that the cashier’s check was lost, stolen or destroyed before the funds are escheated, such claim will be handled in accordance with the Bank’s procedures.

11. Limitations. Customer agrees that it will not include any requests for conditions or restriction in its Print Orders, and, if the Customer nonetheless adds a condition or restriction in its Print Order, the Bank is not required to comply with any such condition or restriction when paying the check.

The Bank may pay any check resulting from a Print Order as if the condition or restriction was not on such check, and the Bank shall not be liable to Customer or any third party for paying a check as if the condition or restriction was not on such check. 304

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ACH TAX PAYMENT SERVICE TERMS V1.2_04_30_25

1. Service. Bank will provide a service (the “Service”) whereby Customer can direct Bank, via touchtone telephone or internet platform, to make tax payments through the automated clearing house (ACH) system from an account with Bank that Customer specifies. Customer may use the service to pay:
• any federal taxes covered by the Federal Tax Deposit Coupons (Form 8109) that Customer has executed and delivered to Bank from time to time;
• certain state taxes; and
• certain municipal taxes.

Bank may pay taxes from Customer’s account in accordance with any instructions issued in Customer’s name that Bank verifies pursuant to the security procedures specified in these Service Terms. In using the Service, Customer agrees to comply with and be bound by the Operating Rules of the National Automated Clearing House Association (“NACHA Rules”).

2. Receipt of Instructions and Cancellations . Customer may issue instructions and cancellations only during service hours that Bank specifies, and Customer acknowledges that Bank may change such service hours upon prior notice to Customer. Bank must receive instructions, including but not limited to payment cancellation instructions, not later than 6:00 p.m. ET (or such other time as Bank specifies) on the Business Day prior to the day on which the tax payment is due. For purposes of this Section, “Business Day” means a day on which the Bank is open for business in its New York office. Instructions received after such time shall not be processed until the following business day and Customer shall be liable for any charges, fees or costs associated with such payment. Bank may reject or delay processing of a tax payment if the request is not complete or is inaccurate or otherwise does not meet the criteria Bank specifies for acceptance herein or in the User Guide (as hereafter defined).

The Service is not designed or intended to be used for any ACH tax payment that is required to be formatted as an “International ACH Transaction” (or IAT) under the NACHA Rules. Customer agrees not to use or attempt to use the Service to originate any ACH tax payment that is required to be formatted under the NACHA Rules as an “International ACH Transaction” (or IAT). Customer shall indemnify and hold Bank harmless from and against any and all claims, demands, losses, fines, penalties, damages, liabilities and expenses, including, without limitation, legal fees and expenses, resulting directly or indirectly from any ACH tax payment processed or requested to be processed by Customer via the Service which should have been formatted under the NACHA Rules as an IAT.

3. Tax Payment Security Procedures.
(a) A Bank-issued or approved access code and PIN and/or other security device (“Security Device”) is required to access the Service. T he Customer shall be bound by and adhere to the security procedures and other procedures for use of the Service advised to it in writing through any medium by the Bank, as may be revised from time to time upon notice to the Customer (the “User Guide”). The Customer shall notify the Bank immediately of loss or theft of a Security Device, any unauthorized use of a Security Device or any other breach of security. The Bank may dishonor or disable any Security Device at any time and will inform the Customer of the same. The Customer agrees that any use of the Service with a Security Device is deemed to be carried out directly by and on behalf of the Customer. The Customer agrees to safeguard all Security Devices and to instruct each Authorized User (as defined below) to do the same. (b) This Section 3(b) applies to use of the Service through the designated internet platform, but does not apply to touchtone tel ephone access.

Customer shall designate an administrator (the “Administrator”) who shall have authority in accordance with the oper ational instructions for the Service provided to Customer in the User Guide. Customer agrees to notify Bank of any change in Administrator in the manner and form designated by Bank. Any such changes shall be effective at such time as Bank has received such notice and has had a reasonable opportunity to act upon it. In accordance with the procedures contained in the User Guide, the Administrator shall be responsible for (i ) designating individuals as users (“Authorized Users”); (ii) identifying the functions of the Service; (iii) requesting, creating, controlling, disseminating, and/or canceling user entitlements; (iv) receiving and distributing materials, notices, documents and correspondence relating to the security procedures; and (v) advising each A uthorized User of his/her obligations hereunder and under the User Guide. The Administrator shall provide to the Bank, upon the Bank’s request, a list of Authorized Users.

4. Open Network Access. The Customer acknowledges that there are certain security, corruption, transmission error and access availability risks associated with using open networks such as the internet, and the Customer assumes all such risks. The Customer shall make an independent assessment of the adequacy of the internet and the Bank’s security procedures. The Customer further acknowledges that the selection and use by it of any third party security and communications software and third party service prov iders is the sole responsibility of the Customer, and the Bank disclaims all risks related thereto, notwithstanding that the Bank may recommend certain security and/or communications software and services. The Customer agrees to, at its sole expense, procure and maintain all hardware, browsers, software and telecommunications equipment necessary to access the Service in accordance with the Bank’s recommended system configuration.

5. Funding. Customer authorizes Bank to debit Customer’s applicable account for the amount of each tax payment and for any applicable bank fees and charges when due. In the event Customer does not have sufficient funds in Customer’s applicable account to cover the amount of a tax payment, Bank shall have no obligation to make the tax payment for Customer. Bank may require Customer to pay Bank the amount of each tax payment on the date of transmission of the tax payment instruction or otherwise prior to the tax payment due date. Bank may from time to establish or revise maximum dollar limits for the total value of all outstanding files of tax payments that Bank will release on custom er’s behalf. Bank may change or cancel the limits any time without prior notice to Customer, although Bank will try to notify Customer before Bank does that. Funds Bank receives and holds pursuant to the Service shall be held as a deposit liability to Customer and not in trust for Customer or the taxing authority. 305

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6. Warranties; Indemnity. Except as specified below, Customer will be deemed to make the same warranties to Bank as Bank makes pursuant to the NACHA Rules although Customer will not be deemed to warrant the power of the Bank under applicable law to comply with the requirements of the NACHA Rules or the conformity of tax payments and other data Bank transmits to the file specifications contained in the N ACHA Rules.

Customer further represents and warrants to Bank that: (i) Customer shall not access the Service from any jurisdiction in which the Service is not authorized; and (ii) each tax payment Customer originates will comply with applicable U.S. laws and regulations and Customer acknowledges that payments may not be initiated that violate the laws of the United States.

Customer agrees to indemnify Bank and Bank’s employees, officers, directors and agents, and hold all of them harmless from and against any and all claims, demands, losses, liabilities or expenses (including attorney’s fees and costs) resulting directly or indirectly from (a) Customer’s breach of any warranty made under this Section and (b) compliance by Bank with any request Customer makes for a cancellation, stop payment, reversal or recall of any tax payment.

Bank shall have no responsibility for any delay by any ACH Operator (as such term is defined in the NACHA Rules) or taxing authority in processing any tax payment Bank transmits to such entity or failure by such entity to process or apply any tax payment.

7. Stop Payments; Reversals and Recalls. Customer’s instruction to stop payment of, reverse or recall one or more tax payments must be received by Bank in such time and manner as Bank specifies. Bank will process these transactions in accordance with Bank’ s procedures advised to Customer. Any reversal or recall initiated by Bank is subject to acceptance by the relevant taxing authority. Tax payment instructions may not be amended or modified.

8. Payment Limits. Bank may from time to time establish or revise (a) maximum dollar limits for each payment to be made by the Customer to a specified taxing authority, and (b) aggregate limits for all payments to be made by the Customer to a specified taxing authority within a 24-hour period. Bank may change or cancel the limits at any time without prior notice to Customer, although Bank will endeavor to give prior notice to Customer. Bank may require Customer to pay Bank the amount of any tax payment on the date of transmission to Bank or otherwise prior to the settlement date. Bank also may require Customer to maintain collateral with Bank in an amount Bank specifies.

9. Limitation of Liability . Bank’s maximum aggregate liability in connection with the Service shall be limited as provided in the Account Documentation (as defined in Section 9 below) and shall be further limited to the lesser of the amount of any penalty or interest actually imposed by the applicable taxing authority or the total fees Customer paid Bank during the prior 12 months. Customer will be responsible for monitoring and adhering to Internal Revenue Service or Electronic Federal Tax Payment Service requirements and timeframes applicable to its specific tax payments and Bank will have no liability or responsibility for any penalties or losses incurred by Customer resulting from Customer’s non-compliance with such requirements.

10. Incorporation of Account Documentation; Termination . The Bank’s terms governing the operation of business accounts and services (“Account Documentation”) are incorporated herein, as the same may be amended from time to time. If and to the extent that there is a conflict between the Account Documentation and these Service Terms, the provisions of these Service Terms shall prevail. In addition to Bank’s termination rights under the Account Documentation, Bank shall have the right to terminate or suspend these Service Terms and the Service upon notice to Customer in the event of Customer’s breach of the NACHA Rules.

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REMOTE CAPTURE SERVICE TERMS V1.4_07_21_23

Remote Capture is a remote scanning service that processes remittances and promotes Customers’ efficiency in their businesses. Through this service, the Customer’s remittance deposits can be imaged and transferred to JPMorgan Chase Bank, N.A. (the “Bank”) via a Bank supplied data platform for further processing and posting to the Customer’s deposit account.

1. Service

The Bank, which may include designated agents of the Bank, will provide Customer with Remote Capture services solely for domestic transactions (the “Service”) in accordance with the provisions set forth in this document (the “Service Terms”). The Service allows Customer to electronically transmit deposits of eligible checks and items (eligible checks and items are limited to personal checks, money orders, business checks, cashier’s checks, traveler’s checks, if the scan of the check or item (i) originated within U.S. borders, (ii) is payable in U.S. Dollars, and (iii) is drawn on U.S. banks or U.S. Postal Service Money Orders, payabl e to the Customer) by using a capture device, including a desktop scanner or mobile device (hereinafter referred to as a “Scanner”), to create an electronic image of an original paper check or item and other paper source documents (collectively, “Item”) and transmitting the image of the Item (“Item Image”) and related data within the U.S. to Bank. The provisions of the Lockbox Service Terms, Account Terms, J.P. Morgan Treasury Services Electronic Channels Service Terms (“the “Channels Terms”) , and any other applicable Service Terms as may be amended from time to time (collectively, the "Account Documentation") are incorporated int o these Service Terms by reference. By signing the applicable Account Documentation or by using or continuing to use the Ser vice, Customer agrees to these Service Terms. If and to the extent there is a conflict between the Account Documentation and these Service Terms, the provisions of these Service Terms will prevail.

a. Customer agrees that after the Item Image has been created and transmitted to the Bank for deposit, Customer shall not otherw ise transfer or negotiate the original Item, substitute check or any other image of the Item. Customer further agrees that Customer shall be solely responsible for the original Items, including storage, retrieval and destruction. Customer must have in place policies and procedures for the secure storage and destruction of the original Items.

b. Customer agrees that a copy made from the Item Image or substitute check of the Item, as defined by federal law, will become the legal representation of the Item for all purposes, including return item processing.

c. Subpart B of Federal Regulation CC (availability of funds) does not apply when electronic images of Items are transmitted to Bank. Funds from deposits made via this Service will be available in accordance with the availability schedule for the Service. H owever, Bank may apply additional delays on the availability of funds based on any other factors as determined in the Bank’s sole discretion.

2. Processing

Customer shall provide through Bank approved devices, including a desktop scanner or mobile device, the Item Images in the format and specifications and in accordance with the procedures required by the Bank. The Bank may process the Items as substitute checks, electronic images or photos-in-lieu, as may be applicable for further clearing through another financial institution, clearinghouse or the Federal Reserve Bank.

Customer assumes sole responsibility for the creation of these images and their subsequent provision to the Bank. If any Item Image does not meet the Bank’s or any transferee’s standard processing requirements, in processing such Items, Customer assumes all risk of loss or delay and authorizes the Bank to either (a) return the Item to the Cust omer without further processing, (b) process the Item as sent from the Customer, (c) process the Items as photos--in-lieu of the originals, or (d) repair or attempt to repair the items for further processing. Access to the Item Images and the use of a mobile device in conjunction with the Service are governed by the Channels Terms , as may be amended from time to time.

3. Deposit Time

Item Images are deemed received by the Bank when the Item Images have been transferred onto the Bank’s system and validated b y the Bank.

Based upon the size of the batch of items, there may be a significant delay between the time Customer begins to send the items and the completion of the transfer as stated above. If Bank receives and validates the submitted deposit transmission no later than the Bank’s designated cut off time (the “Cutoff Time”) on a day that the Bank is generally open for business, i.e. , Monday through Friday excluding weekends and state or federal holidays (“Business Day”), Bank will consider that Business Day to be the day of deposit ( i.e., the date deposit is credited). If Bank receives and validates the submitted deposit transmission after the Cutoff Time or on a non-Business Day, the deposit will be considered to be made on the next Business Day. Whether the Cutoff Time has been met wil l be determined by the time displayed on the Bank’s internal system clocks which may not necessarily be synchronized with the internal clock displayed on Customer’s computer or device. For this reason, Bank suggests that Customer submit its deposit transmissions to Bank sufficiently in advance of the Cutoff Time to avoid the possibility of missing the Cutoff Time.

4. Foreign Items

The Service only accepts and processes Items drawn on U.S. chartered banks, whose image originates within U.S. borders.

5. Warranties.

5.1 Customer represents and warrants to Bank that:
• Customer will capture and transmit all Item Images using Bank approved hardware and software applicable to the Service’s function; • Any image Bank receives accurately and legibly represents all of the information on the front and back of the Item as of the time the Item was truncated;
• The information Customer transmits to Bank corresponding to an Item contains a record of all applicable MICR-line information required for a substitute check and the accurate amount of the Item; • The Item Image conforms to the technical standards for an electronic Item set forth in Regulation J or Federal Reserve Bank Operating Circular 3, and for a substitute check set forth in Regulation CC; 307

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• No person will receive a transfer, presentment, or return of, or otherwise be charged for, the Item (either the original Item, or a paper or electronic representation of the original Item) such that the person will be asked to make payment based on an Item it has already paid; • Customer will not redeposit through this Service any Item previously deposited and returned to Customer; • Customer will employ commercially reasonable security measures, including firewalls, sufficient to protect against unauthorized access or duplicate presentment;
• Customer will only transmit Items that originated as paper checks; • Customer will comply with all applicable laws and regulations; • Customer will not originate any use of the Service for any purpose outside the U.S. borders. Such origination includes, but is not limited to, the capture and transmission of check images from outside of the U.S. • Customer will not use the Service for any purpose prohibited by foreign exchange regulations, postal regulations or any other treaty, statute, regulation or authority; and
• If the Customer is depositing Items on behalf of third parties, the Customer also represents and warrants to the Bank that with respect to each Item deposited through the Service, the owner of the Item has authorized the electronic transmittal of the Item and guarantees all prior endorsements; Customer has established an anti -money laundering program in compliance with anti -money laundering laws and regulations applicable to it and such anti-money laundering program includes policies, procedures and controls designed to detect and prevent money laundering, including “know -your-customer” policies and procedures, monitoring of transactions for suspicious activities and reporting of suspicious activities, which Customer believes effectively prevents the use of Customer’s operations, personnel or facilities for money laundering purposes.

6. New Features. Bank may, from time to time, introduce new features to the Service or modify or delete existing features in its sole discretion.

Bank shall notify Customer of any of these changes to features if Bank is legally required to do so. By using any new or modi fied features when they become available, Customer agrees to be bound by the rules concerning these features.

7. Disclaimer.

Bank makes no representations or warranties, whether express, implied or statutory regarding or relating to any of the software, capture devices or other hardware and/or access to or use of them or the related materials and the Service. Bank specifically disclaims any and all implied warranties of merchantability and fitness for a particular purpose and non- infringement. Bank and its subcontractors also do not guarantee that Customer’s access to the Services will be uninterrupted, error free or secure.

8. Indemnification.

Customer agrees to indemnify and hold the Bank harmless for any loss or expense (including attorney’s fees and expenses of litigation) resulting from: breach of any of the warranties made by Customer pursuant to these Service Terms or the Lockbox Service T erms; any claim pertaining to any warranty or indemnity that Bank makes with respect to an Item under the Check Clearing for the 21st Century Act, Federal Reserve Board Regulations CC and J and all other laws, regulations and industry and clearing house rules applicable to Items as either the bank of first deposit, truncating or reconverting bank.

9. Customer Liability.

Customer shall be solely responsible if any item for which Customer has been given provisional credit is returned or reversed , and neither Bank nor its subcontractors shall be liable or responsible for same. Customer acknowledges that all credits received for deposit are provisional, subject to verification, final settlement, warranty claims or return. Information and data reported under these Service Terms: (a) may be received prior to final posting and confirmation and are subject to correction and (b) ar e for informational purposes only and may not be relied upon. Customer agrees that Bank shall have no liability for the content of payment -related information as received from the Customer. Customer shall be solely responsible for the original Items, including storage, retrieval and destruction. Customer agrees to provide a legible copy of an image or the original Item if requested by the Bank. If Customer is unable to provide the original or legible copy, Customer shall be liable for any associated loss or claim involving the Item.

10. Suspension/Cancellation of Service.

Bank reserves the right to suspend or terminate the Service, in whole or in part if Bank believes Customer is in breach of these Service Terms or is otherwise using or accessing the Service in a manner inconsistent with the rules and regulations relating to the Service being provided and such breach, use or access is not cured within three business days after notice to Customer. Further, this Service will automatically terminate if the Customer’s account with the Bank is closed for any reason. Either party may terminate the Service upon thirty (30) days’ prior written notice to the other party.

11. Intellectual Property Ownership.

Audits. Customer agrees that the Bank shall have the right to audit Customer’s books, records, processes and procedures for managing and maintaining the security and safety of the scanners, transmissions and original Items, including the right to audit Customer’s and Customer’s agents, if any, physical locations where Customer scans original Items and processes electronic check images and data related to the Service. Customer agrees that the use of scanners, including mobile devices, in conjunction with this Service must originate within the United States. 308

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J.P. MORGAN TREASURY SERVICES ELECTRONIC CHANNELS V4.4_01_24_25

SERVICE TERMS

1. Service and Service Terms.

The Bank will provide a service (the “Service”) for electronic access to the Customer’s account information, reports and data (collectively, “Data”) and for the electronic transmission to the Bank of messages, service requests, and payment and non-payment instructions (each an “Instruction”) and from the Bank of messages, notifications and alerts, via the J.P. Morgan Access® Online, J.P. Morgan Access® Mobile, J.P. Morgan Host-to- Host/managed file transfer and J.P. Morgan Treasury Services API channels. The Bank reserves the right to modify the applications and products available via the Service. The Service is governed by these terms (the “ Service Terms”), which incorporate the Bank’s terms governing the business accounts and services, including service terms that govern the Bank’s processing of Instructions transmitted via the Service (collectively, the “Account Documentation”), as the same may be amended from time to time. If and to the extent that there is a conflict between the Account Documentation and these Service Terms, the provisions of these Service Terms shall prevail. Capitalized terms used in these Service Terms, and not otherwise defined, have the meaning set forth in the Global Account Terms or other account terms applicable to the Custom er. JPMorgan Chase Bank, N.A. is organized under the laws of U.S.A. with limited liability.

2. Security Procedures and Other Controls

2.1. General. The security procedures for each channel are set forth below, as may be modified on notice to the Customer through any medium (each, a “Security Procedure”). Any Instruction, the authenticity of which has been verified through a Security Procedure, shall be effective as that of the Customer, whether or not authorized, and notwithstanding that the Instruction may result in an overdraft of an Account. Controls unilaterally implemented by the Bank shall not be deemed to be Security Procedures for purposes hereof unless explicitly identified as such in writing. The Customer is responsible for implementing any procedures and requirements set forth in the applicable documentation provided to it by the Bank, as well as any subsequent modification to the procedures and requirements that are designed to strengthen the Security Procedures.

2.2. Security Procedures and Other Controls for Access Online and Mobile Channels.

2.2.1. Access Online. The Security Procedure for verifying payment Instructions given in the Customer’s name via the Access Online channel is validation of a user ID and confidential password of an Authorized User (as defined in Section 2.6 below), validation of a token code generated by a Bank issued or approved security device (which, for the avoidance of doubt, includes software and hardware used to generate “soft tokens” on a mobile device )(“ Security Device”) assigned to that Authorized User and Bank transac tion review as specified in Section 2.5.

2.2.2. Access Mobile. The Security Procedure for verifying payment Instructions given in the Customer’s name via the Access Mobile channel is (i) validation of the registration with the Bank of the mobile device used in the transaction, biometric identity verification of the Authorized User by a Bank-issued or approved method, entry of an accompanying PIN of an Authorized User (as defined in Section

2.6 below) and transaction review as specified in Section 2.5; (ii) validation of a user ID and confidential password of an Authorized User (as defined in Section 2.6 below), a token code generated by a Security Device assigned to that Authorized User and transaction review as specified in Section 2.5 or a combination of three or more factors in (i) and (ii).

2.2.3. Controls Offered to Customer. For Access Online and Mobile, the Customer may choose to apply certain controls offered by the Bank to the Customer from time to time designed to reduce the Customer’s risk of unauthorized transactions. The Customer is responsible for choosing controls that are appropriate for the Customer taking into account, among other things, the nature and scale of the Customer’s business, including the size, type and frequency of payment orders normally issued to the Bank, and the nature of its technical environment, internal accounting controls and information security policies and procedures (collectively, “Customer Internal Controls”). The Security Procedure that is established by agreement of the Customer and the Bank herein is established in view of the Customer Internal Controls applied by the Customer. For the avoidance of doubt, none of the contr ols described in this Section are part of the Security Procedures for the channels.

2.3. Security Procedures and Certificate Procedures for Host-to-Host/Managed File Transfer Channel. The Security Procedure for verifying payment Instructions given in the Customer’s name via the Host-to-Host/managed file transfer channel is authentication of a digital signature certificate, which authenticates transmitted files on the basis of the corresponding security key (the “Signature Certificate”) and transaction review as provided in Section 2.5. The Customer and the Bank will use the following procedures for the use of a transport certificate, which establishes a secure session between the Bank and the Customer on the basis of a corresponding security key (the “Transport Certificate”) and the Signature Certificate. Each of the Signature Certificate and the Transport Certificate are referred to herein as a “Certificate” and the corresponding security key as a “Security Key”.

2.3.1. Certificate Procedures and Requirements. The Customer shall comply with the Bank's procedures and requirements for Certificates and Security Keys notified to the Customer, including but not limited to Certificate validity period, key strength and cryptographic specifications, as amended from tim e to time. Any request to the Bank to add, update or delete a Security Key shall include the applicable Certificate, a text file or other physical representation of the public Security Key of such Certificate and any other information in the manner and for m designated by the Bank. The Bank shall have the right to rely on any request that the Bank believes in good faith to have been sent by the designated security administrator ("Security Administrator"), notwithstanding that such Security Administrator may be a third party acting on behalf of the Customer.

2.3.2. Certificate Expiration. Notwithstanding any courtesy notifications the Bank may send to the Customer regarding the Customer's impending Certificate expiration, the Customer acknowledges that it is the Customer's sole responsibility to update the Certi ficate prior to its expiration date. The Bank shall have no liability for any loss or damage (including, for the avoidance of doubt, any indirect, special, punitive or consequential damages or losses) arising from the Customer's failure to timely update its Certificate. To allow 309

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for proper execution of administrative procedures, and to prevent any lapse in service or emergency procedures, the Customer must request a Certificate change at least 30 days prior to actual Certificate expiration.

2.4. Security Procedure and Certificate/Token Procedures for API Channel. The Security Procedure for verifying payment Instructions given in the Customer’s name via the API channel is authentication of a Signature Certificate and transaction review as provided in Section 2.5.

2.4.1. Secure Session. The Customer and the Bank will establish a secure session between the Customer and the Bank by validation of either (i) a Transport Certificate or (ii) a Bank-generated token (“API Token”).

2.4.2. Certificate Procedures and Requirements. The Customer and the Bank will use the procedures set forth in Sections 2.3.1 and 2.3.2 for the use of Certificates for the API channel.

2.4.3. API Token Procedures and Requirements. The Customer shall comply with the Bank's procedures and requirements for API Tokens, as amended from time to time, including but not limited to the generation and safekeeping of any credentials used for the validation of the API Token, notified to the Customer. The Bank shall have the right to revoke an API Token at any time, including in reliance on a request or communication related to an API Token that the Bank believes in good faith to have been sent by the Secur ity Administrator, notwithstanding that such Security Administrator may be a third party acting on behalf of Customer. Any request to the Bank to update an API Token shall be made solely in the manner and form designated by the Bank.

2.5. Transaction Review. In addition to the Security Procedures described above, the applicable Security Procedure for each channel also includes transaction review based on various risk characteristics. The transaction review shall be conducted in accordance with commercially reasonable protocols selected by the Bank. Additional authentication from the Customer, such as call-back verification, may be required to complete certain transactions identified by the Bank through transaction review.

2.6. Confidentiality/Security Breach. The Customer will be responsible for safeguarding and ensuring that the Security Procedures, Security Devices, API Tokens and any credentials used for the validation of the API Token are known to and used (i) in the case of Acc ess Online and Mobile, only by individuals designated as users by the Security Administrators (“Authorized Users”), or, (ii) in the case of the Host -to- Host/managed file transfer and API channels, only by the Security Administrators, as applicable. The Customer shall notify the Bank immediately in the event of any loss, theft or unauthorized use of a Security Procedure, a Security Device, API Token, any credentials used for the validation of the API Token or any other breach of security. The Bank may dishonor or disable any Security Device, API Token, any credentials used for the validation of the API Token or any aspect of the Security Procedures at any time without prior notice and will inform the Customer of the same. In addition, each Customer must implement its own physical and logical security, as well as management controls, that appropriately protect the hardware, software, and access controls used in the transaction process from unauthorized access and use.

2.7. Security Administrator Designation. The Customer shall designate Security Administrators who shall have equal authority as specified in Section 2.8 below. The Bank is entitled to rely on any such designation of a Security Administrator. The Customer agrees to notify the Bank of any change in Security Administrators in the manner and form designated by the Bank. Any such change shall be effective at such time as the Bank has received such notice and has had a reasonable opportunity to act upon it.

2.8. Security Administrator Responsibilities. Each Security Administrator shall be authorized by the Customer to and be responsible for (i) designating individuals as Authorized Users with respect to the Access Online and Mobile channels; (ii) identifying the functions of the Service that each Authorized User may access; (iii) requesting, creating, controlling, disseminating, and/or canceling user entitlements with respect to the Access Online and Mobile channels; (iv) managing the Customer’s Certificates and corresponding Security Keys or API Tokens and any credentials used for the validation of the API Token with respect to the Host -to-Host/managed file transfer and API channels, as applicable; (v) receiving and distributing materials, notices, documents and correspondence relating to the Security Procedures, as applicable; and (vi) advising each Authorized User of his/her obligations hereunder or under any of the applicable Account Documentation.

The Security Administrators shall provide to the Bank, upon the Bank’s request, a list of Authorized Users for the Access Online and Mobile channels. In the absence of a valid designation of a Security Administrator at any time or in the event that, after reasonable efforts, the Bank is unable to contact a Security Administrator, the Bank may deliver Security Devices, API Tok ens (and any attendant credentials) and materials and deliver/receive Security Keys to/from any person authorized to act on behalf of the Customer with respect to the Accounts.

2.9. Processing. The Customer acknowledges that the application of the Security Procedures and any controls unilaterally implemented by the Bank may cause delays in processing Instructions or result in the Bank declining to execute an Instruction.

3. Open Network Access; Equipment

THE SERVICE IS PROVIDED “AS IS” AND "AS AVAILABLE". TO THE MAXIMUM EXTENT PERMITTED UNDER APPLICABLE LAW, ALL

WARRANTIES AND REPRESENTATIONS, EXPRESS, STATUTORY OR IMPLIED, WITH REGARD TO THE SERVICE ARE HEREBY

DISCLAIMED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY, SATISFACTORY QUALITY, FITNESS FOR A PARTICULAR

PURPOSE AND COURSE OF DEALING OR USAGE OF TRADE OR WARRANTIES OF NON-INFRINGEMENT OR WARRANTIES AS TO ANY RESULTS TO BE OBTAINED FROM THE USE OF THE SERVICE. TO THE EXTENT THAT A NY IMPLIED WARRANTIES CANNOT BE DISCLAIMED UNDER APPLICABLE LAW, ANY SUCH IMPLIED WARRANTIES ARE LIMITED IN DURATION TO 30 DAYS FROM THE INITIAL DELIVERY DATE OF THE RELEVANT SERVICE. THE BANK AND ITS THIRD PARTY DATA AND SERVICE PROVIDERS DO NOT WARRANT

OR GUARANTEE THE SECURITY, SEQUENCE, TIMELINESS, ACCURACY, PERFORMANCE OR COMPLETENESS OF THE DATA OR THAT ANY PART OF THE SERVICE WILL BE ERROR-FREE, WITHOUT DELAY OR UNINTERRUPTED.

The Customer is responsible for, at its sole expense, obtaining, installing, maintaining and operating all browsers, software, hardware, telecommunications equipment or other equipment (collectively, “ System”) necessary for the Customer to access and use the Service in accordance with the Bank’s recommended system configuration. The Bank makes no endorsement of any System or third party site, notwithstanding that the Bank may recommend certain Systems or provide a link to a third party site where the Customer may download software.

The Customer shall at all times maintain current and effective anti -virus, anti-spyware or other security software and shall take all reasonable measures to maintain the security of its System. The Customer acknowledges that there are certain security, corruption, transmission error, and access availability risks associated with using open networks such as the Internet. The Customer further acknowledges that it has made an 310

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independent assessment of the adequacy of the Internet, the System and the Security Procedures in connection with the use of the Service. The Customer assumes all risks and liabilities associated with the operation, performance and security of its System and the use of the Internet or other open networks, failure or use of Customer’s or third party equipment, hardware, browsers, operating systems and/or other soft ware or programs, and services or persons outside of the Bank’s control, and the Bank disclaims all such risks. The Customer shall not use any equipment, hardware, software or program that harms the Bank. The Customer agrees to indemnify and hold the Bank, and its agents, employees, officers and directors, harmless from and against any and all claims, damages, demands, judgments, liabilities, losses, costs and expenses arising, directly or indirectly, from the Customer’s use of Customer’s or third-party software or program. The Bank may in its discretion provide training or information on best practices to the Customer from time to time but in so doing it will not be considered a consultant or advisor with respect to cybersecurity.

4. Instructions; Data

4.1. The Customer shall be solely responsible for the genuineness and accuracy, both as to content and form, of all Instructions g iven to the Bank’s in the Customer’s name and verified through the applicable Security Procedure.

4.2. The Customer acknowledges that Data may not have been reviewed by the Bank, may be inaccurate, and may be periodically updated and adjusted. The Bank is not obligated to assure the accuracy of Data and will not be liable for any loss or damage arising out of the inaccuracy of Data. Further, the Bank shall have no liability for the receipt or viewing by any party of Data sent to the destinations designated by the Customer, including but not limited to email addresses, fax and telephone number(s).

5. Customer Warranties

The Customer represents, warrants and covenants to the Bank that: (i) prior to submitting any document or Instruction that designates Authorized Users, the Customer shall obtain from each individual referred to in such document or Instruction all necessary consents to enable the Bank to process the data set out therein for the purposes of providing the Service; (ii) the Customer has accurately designated in wr iting or electronically the geographic location of its Authorized Users and shall provide all updat es to such information; (iii) the Customer shall not access the Service from any jurisdiction which the Bank informs the Customer or where the Customer has knowledge that the Service is not authori zed; and (iv) the Security Procedures offered to the Custom er conform to the Customer’s wishes and needs and the Customer has not requested Security Procedures other than those expressly agreed by the Customer and the Bank. The Customer hereby represents, warrants and covenants to the Bank that these Service Terms constitute its legal and binding obligations enforceable in accordance with its terms.

6. Miscellaneous

6.1. The additional jurisdiction specific provisions set forth in the attached Exhibit are applicable to the Customer based on the domicile of the Customer. Where any local laws or regulations of any jurisdiction apply as a result of the Customer’s Authorized Users accessing the Service from such jurisdiction or as a result of the location of such accounts in such jurisdiction, the jurisdictional specific provisions of that jurisdiction set forth in the attached Exhibit shall apply to the use of the Service by such Authorized Users.

6.2. These Service Terms shall be governed by and construed in accordance with the laws of the State of New York, USA (without reference to the conflict of laws rules thereof).

6.3. All disputes relating to or in connection with these Service Terms solely arising outside the United States shall be finally settled under the Rules of Arbitration of the International Chamber of Commerce by one or more arbitrators appointed in accordance with the said Rules. The place of arbitration shall be (i) Singapore where the dispute arises solely in Asia and (ii) London where the dispute arises elsewhere (other than the United States) and the arbitration shall be conducted in English, except that ( a) disputes solely between a Customer domiciled in the People’s Republic of China and JPMorgan Chase Bank (China) Company Limited shall be submitted to the China International Economic and Trade Arbitration Commission (“CIETAC”) for arbitration in accordance with its rules in effect at the time an application is made, with the place of arbitration being Beijing and the arbitration being conducted in English; and (b) disputes involving a Customer domi ciled in Taiwan shall be irrevocably submitted to the exclusive jurisdiction of the courts of the State of New York and the United States District Court located in the borough of Manhattan in New York City. With respect to any dispute, suit, action or proceedings arising in the United States relating to these Service Terms, the Customer irrevocably submits to the exclusive jurisdiction of the courts of the State of New York and the United States District Court located in the borough of Manhattan in New York City.

7. Mobile

7.1. Accepting use of the Bank’s SMS text notification service and/or Access Mobile channel constitutes the Customer’s authorization for the Bank to send Data, message notifications and alerts through any communication service providers, including both Internet and telecommunications providers, which shall each be deemed to be acting as the Customer’s agent. Such providers may not encrypt communications.

7.2. Authorized Users may be required to accept an application agreement or license in order to download Access Mobile. The Custo mer acknowledges that the Account Documentation shall in all cases govern the provision of these services.

7.3. The Customer acknowledges that the Bank shall not be liable for any delays in any Data, message notification or alert deliver ed via any mobile device.

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EXHIBIT A - JURISDICTION SPECIFIC PROVISIONS

A. Australia & New Zealand

To the extent that any supply made by the Bank under these Service Terms is a taxable supply for the purposes of the Australian Goods and Services Tax, or that goods and services tax under the New Zealand Goods and Services Tax Act 1985 is payable in respect of any supply under this License Agreement, (“GST”), the fees payable in respect of that taxable supply (“ original amount”) will be increased by the amount of GST payable in respect of that taxable supply. Customer must pay the increased amount at the same time and in the same manner as the original amount.

B. People’s Republic of China (PRC)

The Customer can access the Access Online channel via the URL: https://access.jpmorgan.com/. In terms of emergency or any other questions in relation to its access or use of the website or the Service, the Customer may refer to the contact information on the website or contact its representative of the Bank.

C. Indonesia

The Bank and the Customer agree that, for the effectiveness of any termination of these Service Terms or the Services provided hereunder, they hereby waive any provisions, procedures and operation of any applicable law to the extent a court order is required for the t ermination of these Service Terms and the Account Documentation as applicable to the services provided under these Service Terms.

Section 7.3 shall be replaced by “Except for losses directly resulting from errors or delay caused by the Bank’s gross negligence or willful misconduct, the Customer acknowledges that the Bank shall not be liable for any delays in any Data, message notific ation or alert delivered via any mobile device.”

D. Malaysia/Labuan

In relation to accounts held in Malaysia (excluding Labuan) and/or where the Service is provided in Malaysia (excluding Labuan) references in the Service Terms to “Bank,” shall mean J.P. Morgan Chase Bank Berhad. In relation to accounts held in Labuan and/or where the Service is provided in Labuan, references in the Service Terms to “Bank,” shall mean J.P. Morgan Chase Bank, N.A., Labuan Branch. The Service pro vided by J.P.

Morgan Chase Bank Berhad shall be accessed through http://www.jpmorganaccess.com.my and the Customer undertakes not to access or utilize or attempt to access or utilize the Service through any other JPMorgan website.

E. Republic of China (Taiwan)

The Customer acknowledges that it will take steps to ensure it enters into the correct website before attempting to access the Service.

F. European Union.

The Customer acknowledges that it is not a "consumer" for the purpose of the European Union’s Electronic Commerce Directive (“ECD”) (i.e., that it is not an individual) and agrees that the Bank shall not be required to make any disclosures or do any other thing which a non-consumer may agree not to require under the UK rules and legislation implementing the ECD. For further informat ion on the Bank, please see "Notice regarding EU e-commerce information" in the Terms & Conditions on http://www.jpmorgan.com.

The Bank will collect information about the Customer and the Customer’s employees and agents (such as, without limitation, authorized signatory details) which may constitute personal data for the purposes of the data protection law. Such personal data may be collected by or on behalf of the Bank in a number of ways (the “Collection Methods“), including via documentation relating to the provision to or use by t he Customer of electronic banking services or via the Customer’s use of such electronic banking services and via other correspondence or communications between the Customer and the Bank.

Details of the Bank’s processing activities of personal data can be found in its EMEA Privacy Policy, which is available on t he Bank’s website at www.jpmorgan.com/privacy/EMEA. The Bank’s EMEA Privacy Policy may be updated or revised from time to time without prior notice. The EMEA Privacy Policy may be used to assist the Customer with providing a fair processing notice to the Customer’s underlying data subjects.

The Customer agrees that it has an appropriate legal basis to provide personal data to the Bank and that the Customer will pr ovide any requisite notice to individuals and ensure that there is a proper legal basis for the Bank to process the personal data a s described in and for the purposes detailed in the Bank’s EMEA Privacy Policy. Both the Customer and the Bank will comply with its respective obligations under applicable data protection and privacy laws.

G. Abu Dhabi Global Market

The Bank may collect information about the Customer and the Customer’s employees and agents (such as, without limitation, authorized signatory details) which may constitute personal data for the purposes of the applicable data protection laws, including the ADGM Data Protection Regulations 2021. Such personal data will be processed in accordance with the Bank’s EMEA Privacy Policy, accessible through www.jpmorgan.com/privacy/EMEA. The Bank will only process the personal data as described in and for the purposes detailed in such EMEA Privacy Policy. The EMEA Privacy Policy may be updated or revised from time to time without prior notice. The EMEA Privacy Policy may be used to assist the Customer with providing a fair processing notice to the Customer’s underlying data subjects. 312

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HEALTHCARE LINK SERVICE TERMS V1.3_08_25_22

J.P. Morgan Chase Bank, N.A., which may include its designated affiliates and agents (the "Bank"), will provide to Customer the services (as elected by and applicable to Customer) described below as part of Bank’s Healthcare LinkSM Service. The Bank reserves the right to modify the applications and products available via the service. The services are governed by these terms (the “ Service Terms”), which incorporate the Bank’s standard account terms and conditions governing the operation of business accounts and services as well as other applicable service terms, service guides or materials (the “Account Documentation”), as the same may be amended or otherwise modified from time to time. By acknowledging or signing the Account Documentation or by using or continuing to use the Services described herein, Customer agrees to these Service Terms. Capitalized terms used herein and not otherwise defined shall have the meaning specified in the Account Documentation. J.P. Morgan Chase Bank, N.A. is organized under the laws of U.S.A. with limited liability.

1. Service. Bank will provide to Customer some or all of the services generally described below in connection with Bank’s Healthcare Link SM Service, all as elected by Customer and agreed to by Bank. The following shall be performed by Bank in accordance with its st andard operating procedures applicable to the service(s) elected:

A. Remittance Data. Bank may receive and process remittance information and related correspondence, both paper and electronic, for health care claims payments (by way of example, Explanations of Benefits or “EOBs” and Electronic Remittance Advices or “ERAs”). Rem ittance information for healthcare claim payments, whether received electronically or in paper format, may be referred to herein as “Remittance Data”.

B. Payment Data. Bank may re-associate payment data made to Customer by third party payers (“Payment Data”) with Remittance Data.

C. Data Delivery. Remittance Data and Payment Data (as applicable) may be made available electronically to Customer following processing by Bank. The format and timing of transmissions of Remittance Data and Payment Data will be as mutually agreed by Bank and Customer.

D. Web Presentment. Bank may make Remittance Data and Payment Data available to Customer via a web interface.

E. Workflow Services. Bank may make additional services available through a web interface that will allow Customer to perform certain agreed online remittance management activities or other workflow -related tasks such as management of denials, reconciliation and/or secondary claim submission.

2. Data Retention. Images of checks and documents will be retained for the period of time mutually agreed to by Bank and Customer; provided, that in no event shall such time period exceed Bank’s then-current standards for data retention.

3. Security. Bank will specify security procedures ("Security Procedures") for receiving and accessing Remittance Data and Payment Data and for accessing online services. Customer will comply with the Security Procedures, as the Bank may revise the same from time to time.

4. Third Party Provider of Customer. In situations where Customer has requested that Bank work with Customer’s third party provider (“Customer’s Agent”) in connection with the services elected by Customer: (a) Customer is responsible for all actions taken or not taken by Customer’s Agent and Customer is responsible for all costs and expenses of Customer’s Agent; (b) Customer agrees to cooperate with Bank regarding any request for information concerning Customer’s Agent, though Customer also agrees that Bank has no responsibility or obligation to inquire as to the authority of Customer’s Agent or with regard to any action taken or not taken by Customer’s Agent on Custom er’s behalf; (c) Customer hereby authorizes Bank to communicate directly with and provide information and data directly to and to receive information and data directly from Customer’s Agent on any and all matters related to the services provided on behalf of or for the benefit of Customer; and (d) Customer shall notify Bank immediately if Customer suspects or becomes aware of any activity or transaction of Customer’s Agent that Customer believes may be of an illegal or illegitimate nature.

5. Other Service Providers. Nothing express or implied in these Service Terms prohibits Bank from performing the services itself, through an affiliate or by contracting with a third-party contractor to assist Bank in the performance of the services hereunder including, without limi tation, an affiliate or third-party contractor located outside of the United States of America. Bank may add or change subcontractors at any time without notice.

Bank may terminate the services, including the ability of Customer to access images of checks and documents as provided herein, if any third-party processing agent ceases to provide some or all of the processing or performance of the services being provided under these Service Terms.

6. Accuracy; Legibility. Customer will provide and ensure that Customer’s Agents provide the information determined by Bank to be necessary to satisfy its responsibilities under these Service Terms in a format required by Bank. All information shall be provided to Bank in the time and in the method required by Bank. Bank shall assume that all such information provided to Bank by Customer, Customer’s Agent(s), another processing area of Bank (for example, Bank’s lockbox processing area) or any other third party (for example, an insurance company or other payer) is complete and accurate, and Bank is under no duty to question the completeness or accuracy of such information. Customer acknowledges that Bank cannot perform its duties under these Service Terms without complete, accurate and timely information and that Bank shall have no liability to Customer as a consequence of incomplete, inaccurate and/or untimely information provided to Bank.

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ELECTRONIC SIGNATURES SERVICE TERMS V1.4_11_17_20 These Service Terms set forth the terms and conditions upon which the Bank will accept documents and Instructions related to the Account and Services (including commercial card services, if applicable) signed by any person authorized to sign such documents on behalf of the Customer (“Authorized Signer”) using an electronic signature (“E -Signed Document”). The provisions of the account documentation, including terms and conditions governing the operation of Accounts and S ervices (“Account Documentation”) are incorporated into these Service Terms by reference.

Capitalized terms used in these Service Terms, unles s otherwise defined herein shall have the meanings set forth in the Account Documentation.

Neither the Customer nor the Bank are obligated to use or accept electronic signatures. The Customer may request that a document presented to it through a Platform be provided for manual signature. The Bank may require that the Customer provide a document or instruction manually signed by an Authorized Signer along with evidence of the Authorized Signer’s authority to execute such document or instruction.

1. Eligible Platforms. By using an eligible e-signature platform (“Platform”) to send an E-Signed Document to the Bank, the Customer shall be deemed to accept these Service Terms and provide consent to use the below Platforms to send and receive any document and information related to the Account and Services (including commercial card services, if applicable) to and from the Bank, which for the avoidance of doubt shall be binding on the Customer (to the exclusion of any terms and conditions provided by the Cu stomer). The Bank only accepts E -Signed Documents signed through Platforms acceptable to the Bank on the terms set forth herein. The Bank may accept E-Signed Documents signed through a Platform in instances where the signing event was initiated by the Bank or internally by the Customer. A list of Platforms is available from JPMorgan upon request. E-Signed Documents signed through a Platform must include a signature panel or other indicator evidencing the document has not been modified since the signature was applied and a certificate of completion or audit trail providing details about each signer on the document, which must include, at a minimum, the signer’s email address and timestamp (“Completion Document”).

2. Configuration of Platforms. The Customer is responsible for its own use and configuration of each Platform. Security features (including, without limitation, encrypted messages, additional authentication requirements or features designed to prevent a document fro m being reassigned to another individual for signature) are included on the Platform for the benefit of the Customer (including, without limitation, to mitigate against fraud). By choosing not to use (or, in the case of encryption, not having the capability to use) any one or more security features, the Customer accepts the risks associated with not using such security measures. The Bank is not liable for any loss suffered by the Customer as a result of the Customer not using such security measures. The designated recipient of an email received from a Platform may not forward such email to another person for e-signature. If a document is misdirected, the recipient should contact the Bank or use functionality within the Platform to reassign the document to an Authorized Signer. The representations and warranties given by the Customer in these Service Terms will in no way be affected by a Customer’s choice not to use a security feature.

3. Authority Documents; Personal Data. The Customer has separately provided the Bank with documentation (i) showing or certifying the authority of its Authorized Signers to sign documents on behalf of the Customer and (ii) containing the correct name, business email address, and telephone numbers (“Personal Data”) for each Authorized Signer (“Authority Documents”). The Customer represents and warrants that the information contained in the Authority Documents is accurate and complete, and that the Customer will promptly notify the Bank if there are any changes to the Authority Documents, including if an Authorized Signer’s authority is modified or revoked. The Bank is authorized to rely on the information set forth in the Authority Documents until it receives and has had a reasonable time to act on such notice. In instances where the Bank initiates the signing event, the Bank will share Personal Data with the Platform for the sole purpose of facilitating the e-Signing process, and the Customer and Authorized Signer hereby, and by executing an E -Signed Document, consent to the sharing of such information and waives (to the extent permissible) any restrictions on sharing such information under applicable law , including banking secrecy, if applicable .

Personal Data will be kept by the Platform for the duration of the e-Signing process and will be deleted after a period of two years.

4. Bank’s Review of E -Signed Documents. Upon receiving an E-Signed Document, the Bank will review the applicable Completion Document and current Authority Documents to (i) to verify that the signer of the E-Signed Document is an Authorized Signer, and (ii) verify that the email address associated with the electronic signature on the E-Signed Document is the email address of an Authorized Signer. The Bank will not verify whether the electronic signature in an E -Signed Document matches the specimen signature hel d by the Bank. The Customer agrees that verification of each E -Signed Document in accordance with this paragraph shall be deemed as prima -facie evidence of its having been duly executed by the Authorized Signer whose electronic signature appears thereon.

5. Customer Representations and Warranties; Acknowledgements. The Customer represents and warrants on a continuous basis that (i) each E-Signed Document has been validly executed by duly Authorized Signer(s) in accordance with the requirements of applicable law in the Customer’s place of incorporation and, to the extent relevant, the Customer’s constitutional documents ; and (ii) each E -Signed Document constitutes a valid, legal, enforceable and binding obligation of the Customer. The Customer acknowledges that the Bank has relied on the foregoing representations and warranties when accepting E-Signed Documents. The Customer confirms that each E-Signed Document constitutes an electronic record established and maintained in the ordinary course of business and an original written record when printed from electronic files. Such printed copies will be treated to the same extent and under the same conditions as other original business records created and maintained in documentary form.

The Customer represents and warrants that it has commercially reasonable policies and procedures intended to prevent unauthori zed access to email messages delivered to any Authorized Signer at the Authorized Signer’s business email address, which include the following: (i) each Authorized Signer is assigned a unique business email address; (ii) the Authorized Signer’s access to the business email account requires at least the use of a unique username and password; and (iii) the Authorized Signer is required to maintain the security of the log-in password and other security used to access the business email account and not to reveal them to any other person.

6. Limitation of Liability; Indemnification. Bank assumes no responsibility or liability arising from operation of a Platform or the transmission, treatment or storage of any data by a Platform, including, without limitation, any Personal Data. In consideration of the Bank 315

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accepting E-Signed Documents, the Customer indemnifies and holds the Bank, and its agents, employees, officers and directors, harmless from and against any and all claims, damages, demands, judgments, liabilities, losses, costs and expenses (including attorneys’ fees) arising out of or resulting from the Bank’s reliance on these Service Terms or on an E-Signed Document executed on behalf of the Customer.

7. Governing Law. Without prejudice to any other provision in the E -signed Documents relating to governing law, these Service Terms and any non-contractual obligations arising out of or in relation to its terms shall be (i) with respect to Accounts located in North America, Central America, South America, Asia (except the People’s Republic of China (“PRC”), India and Vietnam), Australia and New Zealand, governed by and construed in accordance with the laws of New York (except as set forth herein), (ii) with respect to Accounts located in Europe, the Middle East and Africa, governed by and construed in accordance with the laws of England, (iii) with respect to Accounts located in India, governed by and construed in accordance with the laws of India, (iv) with respect to Accounts located in the PRC, governed by and construed in accordance with the laws of the PRC, (v) with respect to Accounts located in Vietnam, governed by and construed in accordance with the laws of Vietnam, and (vi) with respect to commercial card services, governed and construed in accordance with the laws of New York. Any disputes arising out of or relating to its terms or any non-contractual obligations arising out of or relating to its terms will be submitted for resolution to the exclusive jurisdiction of the courts of the country or state at which the relevant Accoun t is located, without r eference to the conflicts of laws provisions thereof, provided, however, for Accounts located in the PRC, any such disputes will be submitted for resolution to the China International Economic and Trade Arbitration Commission ("CIETAC") for arbitration which shall be conducted in accordance with CIETAC’s arbitration rules in effect at the time of applying for arbitration and the hearing place shall be Beijing. The Customer agrees that Personal Data will be subject to the laws and legal procedures of the jurisdictions where Platform’s databases are located and to the Platform’s data retention policy.

8. Entire Agreement. These Service Terms shall constitute the entire agreement between Bank and Customer with respect to the use and acceptance of electronic signatures related to the services provided under the Account Documentation . Therefore, any terms and conditions displayed through a Platform, on the Platform’s website, or on the Customer website, or any other Customer terms and conditions, related to the use and acceptance of electronic signatures shall not be binding on Bank or the Customer.

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Cover Letter | 1 |
●

March 21, 2025
Banking and Merchant Services
Proposal for
City of Murrieta
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Cover Letter | 2 |

DELETE SECTION BREAK BELOW IF REMOVING DIMON QUOTE

A vision is an aspiration; it describes what
people hope to see in the future, not
necessary what is true today. Pursuing the
vision means translating broad priorities into
more particular policies and actions.

Murrieta’s vision…marks a deliberate effort
to direct investment toward building a strong
economic base, a “sense of community”, and
great quality of life for generations to come.

CITY OF MURRIETA GENERAL PLAN 2025

318
Cover Letter | 1 |
Cover Letter

March 18, 2025
Cynthia Rockwell
Purchasing & Contracts Coordinator
1 Town Square
Murrieta, CA 92562
Dear Cynthia:

On behalf of JPMorgan Chase Bank, N.A., (J.P. Morgan), thank you for the opportunity to present our response to the City of Murrieta’s (the City’s) Request for Proposal (RFP) for Banking and Merchant Services. It has been our distinct privilege and pleasure to get to know you and the Finance team over the course of the past year. Thank you for the investment you have made in connecting with us, and for articulating the City’s needs, goals and vision for the future.

Should we earn the City’s banking and merchant services business, the primary location where the City’s banking relationship will be managed is: 12860 El Camino Real, Floor 2, San Diego, CA 92130. The City’s local branch is located 1.4 miles from City Hall at: 40655 California Oaks Rd, Murrieta, CA 92562. We will provide the City with a specific branch contact should the need arise to conduct business there, but our service model allows for the City to be cared for by a dedicated Public Sector Customer Service Team for day-to-day needs, as well as by your banking team which is comprised of your Treasury Management Officer, John Wacaster, and by me, your Relationship Manager and primary business contact.

We stand ready to answer any questions or provide any additional information needed as the City undergoes your evaluation process. Please do not hesitate to contact me should the need arise.

Sincerely,
Veronica Villasenor
Relationship Manager
(858) 284-5810
[email protected]

Message to
City of Murrieta

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Table of Contents | 2 |
Table of Contents
COVER LETTER ....................................................................................................................................................... 1 TABLE OF CONTENTS ............................................................................................................................................ 2 EXECUTIVE SUMMARY ........................................................................................................................................... 5 SOLUTION OVERVIEW .......................................................................................................................................... 11 SECTION A - LETTER OF TRANSMITTAL ............................................................................................................ 17 SECTION B - BANK SERVICES TO PUBLIC SECTOR ........................................................................................ 19 Bank Overview ...................................................................................................................................................... 19 Experience ............................................................................................................................................................ 23 Relationship Management .................................................................................................................................... 25 Customer Service .................................................................................................................................................. 30 References ............................................................................................................................................................ 32 SECTION C – DEMAND DEPOSIT ACCOUNTS ................................................................................................... 34 SECTION D – COLLATERALIZATION OF DEPOSITS ......................................................................................... 45 SECTION E – BANK COMPENSATION ................................................................................................................. 47 SECTION F – DEPOSIT ACTIVITY ......................................................................................................................... 53 SECTION G – WIRE TRANSFERS ......................................................................................................................... 69 SECTION H – AUTOMATED CLEARING HOUSE (ACH) SERVICE REQUIREMENTS ....................................... 74 SECTION I – INVESTMENT SWEEP ACCOUNT ................................................................................................... 79 SECTION J – STATE ACTIVITY/LAIF TRANSFERS ............................................................................................. 84 SECTION K – ONLINE BANK PROCESSES AND INFORMATION REPORTING ............................................... 86 SECTION L – ACCOUNT RECONCILIATION ...................................................................................................... 103 SECTION M – DAYLIGHT OVERDRAFT PROTECTION ..................................................................................... 111 SECTION N – MERCHANT BANKCARD ............................................................................................................. 112 SECTION O – PURCHASING CARD .................................................................................................................... 118 SECTION P - TECHNOLOGICAL CONTROLS & CYBERSECURITY ................................................................ 137 SECTION Q - CITY DISASTER PREPAREDNESS PROGRAM .......................................................................... 139 SECTION R - IMPLEMENTATION PLAN ............................................................................................................. 145 320
Table of Contents | 3 |
SECTION S - SERVICE ENHANCEMENTS ......................................................................................................... 155 SECTION T - ADDITIONAL SERVICES ............................................................................................................... 169 SECTION U - COMPENSATION AND REIMBURSEMENT ................................................................................. 171 SECTION V - ADDITIONAL INFORMATION ........................................................................................................ 172 EXHIBITS .............................................................................................................................................................. 178 Exhibit A – Banking Services Bid Form ............................................................................................................... 178 Exhibit C – Relevant Cash Management Agreements ........................................................................................ 181 Exhibit D – Financial Statements and Ratings .................................................................................................... 182 Attachment 2: Vendor Application & W9 Form .................................................................................................... 183 DOCUMENTATION ............................................................................................................................................... 187

Appendices
Appendix 1: Availability Schedules
Appendix 2: Sample Contract for Deposit of California Local Agency Funds Appendix 3: Pricing Proforma
Appendix 4: Cash Vault Services Deposit Preparation Guide Appendix 5: J.P. Morgan Access Technology Checklist
Appendix 6: Business Resiliency Client Letter
Appendix 7: Cybersecurity Overview
Appendix 8: Sample Implementation Plan
Appendix 9: Commercial Card Consortium Pricing
Appendix 10: Merchant Services Pricing
Appendix 11: Sample Account Agreements

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Table of Contents | 4 |
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Executive
Summary

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Executive summary | 5 |
Executive summary
Doing business with the City is an honor and a privilege.

You demand excellence and take the welfare of the people you serve seriously. We want to match those high standards and support your vision and mission. We can do this by offering innovative treasury services and solutions that fit the diverse needs of your residents.

As you read the following pages, we want you to feel confident that we’ve done our due diligence. This response outlines how a responsible and responsive provider like us delivers financial excellence by creating new solutions, transforming industries, embracing diversity and providing dedicated support.

Our seamless, cohesive approach to treasury management offers you an efficient, cutting-edge way of managing receivables, payables, liquidity and credit. We’ve also put levers in place to help make sure there are minimal disruptions to your operations in the event of an economic downturn.

Our Southern California-based team remains by your side through thick and thin. We will periodically reassess the plan we create together so we can always stay on target—doing our best to align our initiatives with your objectives.

Thank you for giving us this special opportunity. It’s our pleasure getting to know you better through your RFP and preparing a response that best addresses your questions.

You have access to a strong and stable financial institution

Our financial stability is demonstrated by statistics (as of December 31, 2024):
● $670.6 billion in market capitalization
● $2.4 trillion in deposits
● $1.35 trillion in loans
● $345 billion total stockholder equity
We also have Tier 1 capital Ratio and Total Capital Ratios of 16.8% and 18.5%, respectively; the ratios presented are calculated under the Basel III Fully Phased-In Approach.

Have confidence that you’re working with an experienced relationship team

Our Government Banking team is a specialized group of relationship managers dedicated to delivering solutions to state and local governments. We know the government sector intimately through our experience serving more than 2,100 government clients.
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Executive summary | 6 |

We make the onboarding process easy

We deliver tailored solutions that meet your needs and provide a dedicated resource to fully support your onboarding journey. We will:
● Develop a tailored implementation plan that fits the needs of your organization ● Work with you to understand each operating environment ● Collaborate with leadership to deploy a cohesive strategy ● Enhance your experience by acting on your feedback and making continuous improvement

We’re invested in your success

Our mission is to support people, strengthen communities and advance local economies. We’re deeply dedicated to local growth and transformation while maintaining the richness and culture that’s so important to you.

We invest in the economy: We provide capital to businesses, governments and nonprofit organizations in local markets. This is how we show our support in California:
● $3.3 billion spent on goods and services in 2023.
● $158 million in philanthropic contributions from 2019-2024.

We invest in community: The strongest, most resilient communities are those with thriving educational systems, resources for people and businesses, and investments in infrastructure. ● Committed $5 million to Mission Economic Development Agency’s partnership with the San Francisco Housing Development Corporation to support affordable housing capacity and anti-displacement strategies.
● Committed $4 million to Genesis LA to support local collaboratives to address the housing affordability crisis by increasing their capacity in housing production and preservation.

Our contribution to
California
875+
branches
3,100
ATMs

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Executive summary | 7 |
We invest in people: We’re supporting your residents in meaningful and sustainable ways. We’re creating opportunities for artists to beautify neighborhoods, for technologists to conduct research and development or for veterans to start businesses. We look forward to continuing to support the people of the City:
● $12.3 million new market tax credit equity invested in the Seed School of Los Angeles County to support the development of a new college-prep boarding school for career readiness in transportation infrastructure, STEM and humanities, located in South LA. ● 160 fellows sponsored since 2014 as part of The Fellowship Initiative (RFI), a program that supports young ;men of color through high school and college.
● JPMorganChase is committed to honoring those who have serviced. We have hired more than 970 veterans in California since 2014.

We invest in technology: Our 2024 technology spend budget was $17 billion. This major commitment is your assurance that we are prepared and able to meet your needs and requirements during these turbulent economic conditions.

Take advantage of favorable pricing and controlled bank fees

The City’s financial health is our top priority and we want to show you what financial benefits we can offer you:

Financial incentives summary

Pricing and incentives

Lock on pricing 3 years

Transition credit (1) $6,000

9-month analysis fee waiver $6,000 estimated value

Waiver yields potential interest earnings on average
balance of $100 million
$2,812,500 value

Implementation fee waiver $1,000

2 remote deposit scanners at no charge $1,100 value

Maximized liquidity

Earnings credit rate (2) 2.92%

Hybrid demand deposit account rate (2) 3.75%
(1) To be applied to account analysis up to the first 9 months after account opening (2) 3.75% for balances of over $100 million; 3.50% for balance above $75 million, up to $100 million

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Executive summary | 8 |
We stay one-step ahead when it comes to Government Banking Our government-first focus means we’re dedicated to providing the industry with innovative financial solutions and personalized client service. Our first-hand knowledge and understanding of today’s challenges comes from having supported government agencies and authorities with critical activities ranging from planning and development to tax processing, utilities, finance, procurement, public safety and disaster relief. We remain responsive to change because of our:
● Expertise: We have institutional banking knowledge gained through our more than more than 2,100 public agency clients and our Government Council resource ● Technology: Our tech innovations are funded by a technology budget of $17 billion that includes investments in cybersecurity
● Service: Stay up to date through regular relationship reviews, training opportunities and discussions with your local team
● One relationship: Leverage us to provide a broad assortment of services that can help reduce costs, improve services and better manage risks
● Onboarding: Your experienced onboarding specialist will facilitate your transition and implementation of services and provide you with insights and project visibility Our Government Council benefits you
Each year, our Government Council hosts client webinars, provides articles on topics of interest, such as shared services and mobile payments, and participates in government conferences. Learn from your peers and government sector experts about best practices and innovative solutions.

Our Government Industry Council consists of senior bank management, relationship managers, and industry and product experts who collaborate to help our products remain aligned with our clients’ financial, operational and regulatory requirements. You maintain a voice in the Government Council. Your relationship team communicates feedback to the Council to provide recommendations for improvements to our products and services. 326

Executive summary | 9 |
Why us?
We understand you’re making a big decision whether to change banks or maintain status quo. We ask you to consider the following as you review our response:
● The people and the experience: Implementation and service should be nothing short of outstanding. The bank you choose should exceed your expectations in planning, operational accuracy, troubleshooting, communication, sense of urgency, care and kindness.
● Thought leadership: The bank you select should employ the very best people in the industry who have the experience and expertise to apply best practices on a regular basis and keep you abreast of emerging technology and trends.
● New and different technology: You’re choosing a bank for its people and what the future holds. You enter a long-term strategic relationship and invest in that bank’s technology of the future. It’s important to understand your provider’s budget and roadmap. You should feel confident it has the resources and vision to stay ahead of rapidly changing technologies.
● Understanding of culture and vision: You deserve a highly experienced team of treasury experts that understands your needs, culture and vision for the future and the goals of each of your departments—both individually and as a whole.

We understand you’re working to achieve efficiency and create a bright future. We know it’s all in the details. By selecting us as your primary provider, you’re choosing a proven and dependable institution focused on aligning your objectives with solutions to exceed your goals.

In conclusion
We welcome the opportunity to discuss our recommendations, introduce our broader team and demonstrate our systems as we collaborate closely with you throughout this effort.

With over 55 years of experience in the government sector and more than 2,100 government clients, we’re prepared to support you at any juncture—enhancing risk management, boosting efficiencies and improving constituent service.

We have the experience, the solutions and the people to effectively support your goals. We’re honored you have given us this opportunity and look forward to hearing your decision.

The integrity and quality you expect.

A proven commitment to exceptional service makes certain that what matters to you, matters to us.

Our commitment
Our government expertise is
one of the many reasons
clients choose J.P. Morgan
Commercial Banking.

We provide quality service,
make it easy to do business
with us and build long-lasting
relationships based on client
satisfaction.
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Executive summary | 10 |

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Solution
Overview

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Solution overview | 11 |
Solution overview
Leadership, quality, client advocacy, investment, along with unparalleled scale and commitment to delivering our services on your behalf, position us to help you achieve your treasury goals. We have a 200-year legacy of client service excellence, product innovation and industry leadership.

Capture scale from the firm that ranked #1 in U.S. dollar treasury and commercial clearing—as of 2021, processing $3.3 trillion in daily wire payments and $32.7 trillion in originated annual ACH payments.

You gain from later deadlines, faster clearing and operating efficiencies. Spreading capital expense of technology and infrastructure across large volumes defines our value proposition to provide industry-leading products and services at a competitive price.

Receivables

As one of the world’s largest providers of cash management services, J.P. Morgan offers the perspective of an industry thought leader, product innovator and global financial solutions provider. Each day, we deliver payment, collection, liquidity and investment management, trade finance, commercial card and information solutions to corporations, financial services institutions, middle market companies, small businesses, governments and municipalities worldwide. We serve over 2,100 government clients nationally through our Government Banking specialized industry group.

We are excited to work with your goals, co-innovating and collaborating across each aspect of payments to help you accept, manage and pay out throughout each stage of your growth. You can feel confident working with a provider that is the #1 in U.S. dollar payments volume
1, #1 Overall Merchant Acquirer in U.S.2 and #1 U.S. card issuer3. The relationship team stands ready to deliver the full breadth of our resources to the City. We live, work and volunteer in your community and are here to support your employees, customers and stakeholders and the communities we both serve.
(1) Nilson Report, Issue 1215, March 2022
(2) J.P. Morgan 2021 Annual Report
(3) Global Finance, World’s Best Bank 2021, October 2021

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Solution overview | 12 |
Receivables solutions
Remote Deposit Capture

A check deposit solution powered by Receivables Online via J.P. Morgan Access, allows the City to scan checks and full-page documents from their desktop or mobile device and electronically send the images to the bank for deposit.

Desktop: San checks and remittance documents using an approved high-speed check or check + document scanner.

Mobile (U.S. Only): Take pictures of checks and remittance documents with a supported iOS or Android smartphone device.

Lockbox

Scannable lockbox allows the City to direct consumer payments to one of our local processing centers where coupon based payments are automatically collected, processed and deposited into your J.P. Morgan bank account. You can report, enrich and reconcile your lockbox payments alongside other payment channels with Receivables Online.

Image Cash Letter

We have invested well over $100 million to enhance our image infrastructure and capabilities in depository services to make certain we are an industry leader in depository services. Therefore, we would encourage the City to take advantage of our Image Cash Letter (ICL) or Remote Deposit Capture (RDC) product offerings.

If you process your own checks, rely on a third-party or electronically consolidate deposits from multiple locations, you face growing costs, risks and inefficiency. Our Image Cash Letter solution allows you to image your paper items and transmit them to us electronically for clearing. As part of this process, our solution reviews your check images and accompanying data to determine the optimum clearing method:
• Automated Clearing House (ACH)
• Check Image Clearing
In addition, because we process a significant number of transactions as on-us items, we are able to process yours the same way, helping you keep clearing costs down.

ACH debit origination

Use our banking portal or secure file transfer protocol (SFTP) transmission to originate ACH debits from your constituents.

The banking portal provides a fully integrated, browser-based service with easy-to-use applications for all your information, compliance and portfolio management needs.

Many large originators find it convenient to originate large volume via batch and create occasional manual entries online when necessary.

Digital Bill Payment

Customers benefit from modern payment methods that allow them to view and pay their bills easily and efficiently. With the Digital Bill Payment solution, the City is poised to deliver innovative solutions to your customers by providing them with the ability to pay obligations owed to you in person or online, in many convenient ways. As a fully hosted, single-vendor solution, our relationship with Paymentus alleviates the burden, disadvantages and costs of coordinating across different vendor systems. With one connection and one integration, the City has access to industry leading electronic bill presentment service and directly integrated with us and our J.P. Morgan Merchant Services platform.

With our solution, your customers can easily view invoices electronically and pay single or multiple invoices through an online portal. Implementing Digital Bill Payment (DBP) enables the City to improve reconciliation by streamlining a paper-intensive process and migrate your customers to electronic payments to expedite collections.

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Solution overview | 13 |
Payables

The distinct value of J.P. Morgan Payments is our vision is to transform the future of payments as one of the industry’s top innovators and empower your business to thrive. We believe seamless and secure payment solutions can help your business grow, diversify and thrive—enabling you to pay anyone, by any method or channel, from anywhere, at any time. We offer a detailed approach to solutioning your payments needs.

Payables solutions
Wires

U.S. dollar wire transfers continue to be a vital and widely used method for the electronic transfer of funds. Wires can also quickly send money globally in a non-local currency, allowing transfers to be easily received by other financial institutions. We offer secure, same-day payment settlement with intraday finality and irrevocability.

Check print

Check Print Outsourcing (CKO) allows the City to send check printing data electronically to us to print and deliver checks, advices and related documents. The City can eliminate costly operations while maintaining control of the payment process, enabling you to focus on core competencies. Mitigate fraud risk by eliminating the need to manage internal controls related to in-house check printing, such as securing check stock. Reduce expenses by lowering your per-unit cost of check print materials and take advantage of pre-sort bulk postage rates. Be better prepared when using J.P. Morgan as your disaster recovery plan, no need to maintain a backup site or risk delaying payments.

Purchasing card

Plastic and cardless (ghost) payment solution
• Reduce costs: Increase efficiency, streamline processes and reduce costly manual processing on low-value/high-frequency spend
• Enhance control: Enhance employee convenience with spend controls and added visibility to promote policy adherence and minimize misuse • Realize gains: Create potential for rebate revenue and cash flow optimization Virtual card

Virtual, electronic single-use payables solution
• Automate control (to the penny): Automate higher value spend requiring accounts payable control or “one-off” transactions
• Get it all: Receive the benefits of a Purchasing Card with the controls of a check (payee, date, amount) and the efficiencies of ACH
• Realize gains: Take advantage of earning rebate revenue, extending float, increasing liquidity and streamlining the payment process

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Solution overview | 14 |
Information reporting and connectivity

J.P. Morgan Access is an award-winning integrated global cash management platform. A secure single sign-on for transactions, reporting, liquidity management and trade services—all in one place. The online portal’s multi-level security is designed to help protect your privacy, preserve data authenticity and maintain strong operational controls. This advanced reporting and transaction initiation platform is customizable, allowing each user to have immediate access to information specific to their job responsibilities. Our online portal is proof of our dedication to investing in leading-edge technology, product innovation and improving the client experience.

J.P. Morgan Access®
Banking portal

Our online portal, is an award winning integrated single sign-on experience for transactions, reporting, liquidity management and trade services.

Mobile

Now the power of J.P. Morgan Access is available to the City in the palm of your hand—with a mobile application that provides anytime, anywhere, secure cash management on smart-phones and tablets.

From wherever they are, treasury professionals can view business critical account information, tailored to their needs for informed and quick decision making. And it’s all supported with our award winning multi-level security protocol designed to protect privacy, preserve data integrity and maintain operational control.

J.P. Morgan Embedded
Solution for Excel

A Microsoft Excel® add-in that automatically populates your spreadsheets with account data from J.P. Morgan Access.

File transmission

File Transmission allows the City to connect your treasury workstation (ERP/TMS) with us through a global electronic file transmission for bulk payments and reporting for secure, centralized and automated payments and data delivery. • Centralized payments: Global mixed payment electronic file for urgent/non-urgent, electronic/paper, credit transfer and direct debit—all in a single file • Streamlined reporting: Global intraday and prior-day balance and transaction reporting on U.S. and international J.P. Morgan and multibank accounts

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Solution overview | 15 |
Account structure

The Hybrid DDA allows you to earn interest on excess funds without moving them to an investment account.

Optimize your cash management in comparison to managing a sweep option or direct investment because the funds remain in one cash account and are available for use as needed. Moreover, 100% of the funds in this account are collateralized per California State requirements with Treasuries, enabling the City to feel secure entrusting J.P. Morgan with its public funds.

The power of DDA with earnings credit and interest-bearing DDA together:
● Increase operational efficiency and flexibility in your cash management. ● Hybrid DDA account earns an earnings credit rate (ECR) up to your controlled peg balance. ● Funds in excess of the peg balance earn hard dollar interest. ● Benefit of full liquidity throughout the business day with no restrictions on withdrawals.

The Result: Funds are housed in a single account earning both a competitive ECR and interest rate.

Conclusion
We offer industry-leading financial solutions and thought leadership that foster greater financial and operational outcomes. Based on the objectives stated in the RFP and our understanding of your goals, we are confident that we are specifically qualified to meet the City’s objectives. Our team will work with you to further identify opportunities for improvement and collaborate with leadership to deploy a cohesive strategy. We hope you will allow us to demonstrate our attention to detail, service, project management, organization and overall platform by choosing us to be your go-forward banking provider.

We want to earn your business and we value this opportunity to build a strong relationship with the City.

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Solution overview | 16 |

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Scope
of Services

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Section A - Letter of Transmittal | 17 |
Section A - Letter of Transmittal
The letter should address the Proposer’s desire and commitment, if selected, to provide the service, and why the bank believes it should be selected. The letter should contain a statement that the bank has read and will comply with all the terms and conditions of the RFP. The letter should be addressed to Javier Carcamo, Director of Finance, and signed by an authorized representative of the Proposer.

Dear Javier:

The City of Murrieta (the City) is in the midst of unprecedented growth, development and change; it truly is an exciting time. We have enjoyed getting to know you and your team over the past year. Our dialogue has helped us to gain a better understanding of your specific needs. Because of the extensive conversations we’ve enjoyed, we are poised to support you in your goals to increase efficiencies and incorporate technology to enhance your operations. As you evaluate our proposal, please consider the following points which demonstrate why we believe JPMorgan Chase Bank, N.A. (J.P. Morgan) is the ideal banking provider to support the City’s goal of obtaining the most efficient, high-quality services at the most reasonable cost. ● Government-first, local focus: With over 55 years of experience in the government sector, we are prepared to support the City at your touchpoints—enhancing risk management, boosting efficiencies and improving the constituent experience. J.P. Morgan is the largest and one of the strongest banks in the United States. We provide financial solutions to all types of government entities, and in October 2022 became the only bank in the U.S. qualified to accept government deposits in all 50 states. This is a true testament to our dedication to the government sector, managed by a dedicated team of over 230 bankers covering more than 2,100 government clients across the U.S. Moreover, we are dedicated to the region.

We are pleased to offer the City the convenience of a Chase branch location 1.4 miles from City Hall.

Lastly, your Southern California-based banking team has over 40 years of collective experience serving local governments, and stands ready to serve the City.
● Demonstrated experience in the transition and implementation process: With over 87,000 product implementations completed in 2023 and more than 500 digital implementations annually, we are prepared to guide the City through a thoughtful and customized banking services transition. Our goal is a seamless integration, and we strive to provide industry-leading experience. By providing dedicated resources and intuitive processes, we help ensure that moving your business to J.P. Morgan is as smooth as possible.

We understand the importance of a consistent and timely implementation. That is why our customer-first approach is designed to be efficient. We encourage you to speak with the references provided to receive a first-hand account of their transition experience.

March 18, 2025
Javier Carcamo
Director of Finance
1 Town Square
Murrieta, CA 92562
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Section A - Letter of Transmittal | 18 |
● Technology: Our 2024 technology spend was more than $17 billion. This dedication is your continued assurance that we are prepared to support the City’s evolving needs during rapidly changing times. We take a consultative approach and empower our clients to leverage technology to increase efficiencies, mitigate fraud and deliver superior value to their constituents. Also, a significant portion of this technology budget is dedicated to cybersecurity. You can take comfort knowing that we are keeping J.P. Morgan’s house, and ultimately your data, safe.

J.P. Morgan is willing to utilize the sample Agreement included in the RFP, subject to such terms being negotiated and mutually agreed to by both parties, and incorporating J.P. Morgan’s account terms and service terms. The services contemplated by this RFP are standard financial services subject to particular requirements in the financial services industry, and as such, we have attached our form agreements for the services contemplated in the RFP. The account terms and service terms provided by J.P. Morgan relate directly to and articulate the specific services J.P. Morgan is proposing to the City of Murrieta. J.P. Morgan is amenable to discussing modifications to the agreements where appropriate to try and meet the City’s needs. Further, if J.P. Morgan is mandated as the winning bidder, J.P. Morgan will negotiate the sample Contract with the City The City’s vision of an investment toward building a strong economic base, a “sense of community”, and great quality of life for generations to come is one that we align with and are dedicated to supporting. We appreciate the opportunity to present our offerings and welcome any questions about our proposal.

Sincerely,

Veronica Villasenor, Relationship Manager
(858) 284-5810
[email protected]

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Section B - Bank Services to Public Sector | 19 |
Section B - Bank Services to Public Sector
Please respond to the following sections:

Bank Overview
General overview of the bank, governmental client service philosophy, and corporate organization, including identification of the government services unit, location of corporate, processing center, local branch locations, hours of operation and banking holidays.

JPMorgan Chase & Co. (JPMorganChase) is a financial holding company. Its principal banking subsidiary is JPMorgan Chase Bank, N.A. (J.P. Morgan), a national banking association with branches in 48 states. Here are some other key distinctions we think you should know about us:
● Our principal nonbank subsidiary is J.P. Morgan
Securities LLC (J.P. Morgan Securities), a United
States (U.S.) broker-dealer.
● The firm’s principal operating subsidiary outside the U.S. is J.P. Morgan Securities PLC, a United
Kingdom (U.K.)-based subsidiary of J.P. Morgan—
wholly owned by JPMorganChase.
● JPMorganChase is a leading global financial
services firm with assets of more than $4.0 trillion.
● A component of the Dow Jones industrial average,
JPMorganChase has its corporate headquarters in
New York.

The firm serves millions of consumers in the U.S. and many of the world's most prominent corporate, institutional and government clients under the J.P. Morgan and Chase brands. Additional information about the firm is available at www.jpmorganchase.com .

As of December 31, 2024, JPMorganChase has:
• Headcount of 317,233 employees worldwide.
• Market capitalization of $670.6 billion.
• Deposits of $2.4 trillion.
• Loans of $1.35 trillion.
• Total stockholder equity of $345 billion.
• Tier 1 and total risk-based capital ratios 16.8% and 18.5%, respectively. The ratios presented are calculated under the Basel III Fully Phased-In Approach.

WE’RE STRONG IN NUMBERS
JPMorganChase has a global reach
We have 141 locations across the U.S. and 34
major international cities. Commercial Banking
provides comprehensive financial solutions,
including:
 Lending
 Treasury services
 Investment banking
 Asset management
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Section B - Bank Services to Public Sector | 20 |
Lines of business
Both JPMorganChase and J.P. Morgan are managed on a line-of-business basis. The business segments are based on the products and services provided or the type of client served. The services required to meet your requirements will be provided through our Commercial Banking sub-line of business.

JPMorgan Chase & Co. current organization by lines of business

Figure 1

Values and mission statement
Our mission is to be the best financial services company in the world, and we believe the principles outlined below will get us there. We hope these values, which have helped guide JPMorgan Chase for over 200 years, will provide you with a roadmap on how and why we make our decisions.

Aspire to be the best
● Develop a world-class franchise in every business we operate ● Be field- and client-driven, consistently delivering the best products and services in a cost-effective way ● Innovate, test and learn
● Create powerful brands that carry a commitment of quality and integrity

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Execute with excellence
● Demand and maintain strong financial discipline, building for good times and bad ● Create and maintain a fortress balance sheet
● Design and maintain the best systems and operations
● Eliminate waste and bureaucracy
● Maintain a strong system of internal governance and controls ● Measure performance through balanced scorecards
Build a great and winning culture
● Operate with the highest standards of integrity
● Train and retain great managers
● Be open and honest with ourselves, our colleagues, our shareholders, and our communities ● Get incentives right
● Foster an environment of respect and inclusiveness
● Give back to our communities
Corporate headquarters
JPMorgan Chase Bank, N.A. is headquartered in the United States at: 1111 Polaris Parkway, Columbus, OH 43240.

Branch locations
Refer to Section F – Deposit Activity, Question #1 for a comprehensive list of branch locations near the City.

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Bank holiday schedule
2025 U.S. holiday schedule
Wednesday, January 1, 2025 New Year's Day
Monday, January 20, 2025 Martin Luther King Jr. Day
Monday, February 17, 2025 President’s Day
Monday, May 26, 2025 Memorial Day
Thursday, June 19, 2025 Juneteenth National Independence Day Friday, July 4, 2025 Independence Day
Monday, September 1, 2025 Labor Day
Tuesday, November 11, 2025 Veterans Day
Thursday, November 27, 2025 Thanksgiving Day
Thursday, December 25, 2025 Christmas Day

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Experience
Describe the bank's direct experience in servicing public sector clients, primarily mid-size cities such as the City of Murrieta. Please include the following: the number of public agency clients, the dollar amount of public funds on deposit, and the bank's knowledge of and adherence to the California Government Code, including collateralization requirements, and other applicable federal and state laws.

Will the bank be able to comply with transaction or account balance confirmations and respond to other requests for data as needed from the City's auditors? What role does technology play in the delivery of service?
We currently hold several billion dollars in public deposits and we pledge collateral to secure such public deposits through our National Collateral Management Group (NCMG) to numerous government clients in the State of California (including several cities in California) and throughout the country. The Bank has been designated a depository for funds of Customer in the manner required by applicable law. See ‘California General Collateral Information (Mandatory Local Agency Pool)’ herein.

California General Collateral Information (Mandatory Local Agency Pool) JPMorgan Chase Bank, N.A. (the Bank), through its National Collateral Management Group (NCMG), employs a Bank developed Corporate Collateral Management System (CCM), which provides daily monitoring of deposit balances and security value for collateralization purposes.

CCM is reviewed each Federal Reserve banking day by dedicated Collateral Managers for compliance with collateral requirements. Collateral requirements are based upon the end-of-day ledger balances in deposit accounts (demand and time deposits) (plus accrued interest if any), less applicable FDIC coverage if coverage for insured balances is appropriately waived, plus applicable margin (10%). The end-of-day deposit balances are uploaded into CCM the following Federal Reserve banking day morning from the Bank's deposit system. NCMG monitors the market value of collateral pledged to our customers and compares the market value to the collateral requirements. In the event a market value reduction or increase in deposit level creates an under-collateralized position, additional collateral will be pledged promptly.

Collateral is pooled for all Local Agency Government Customers and State Agency Customers The Bank follows the collateralization process (California Pool) established by California law and procedures of the Local Agency Security Program (LASP) Administrator. In addition, the Bank follows the collateralization process established by California law for State Agency customers. The State’s own deposits are directly collateralized.

Types of Collateral Pledged
The Bank is currently pledging U.S. Treasury securities to secure Local Agency deposits and State Agency deposits. The amount and types of collateral pledged are subject to change but will be in accordance with the California Government Code (for Local Agency deposits, Government Code §§ 53651, 53651.2, 53651.6 and rules established by the LASP Administrator; and for State Agency Deposits, Government Code § 16522). 341

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Custodian for the Collateral Securities
The Bank currently employs The Bank of New York Mellon as third-party custodian to hold collateral for the LASP; and the Federal Reserve Bank, which account is controlled by the State Treasurer for the State Agency accounts.

Collateral Priced/Marked to Market
The Bank uses an independent, third-party pricing agent for collateral valuation. Dependent upon the types of securities pledged, the Bank will update security prices (marked to market) daily, weekly and monthly, as provided by the pricing agent. The Bank of New York Mellon also prices pledged securities daily, weekly and monthly, dependent upon the types of securities pledged as collateral.

Departments Responsible for Tracking Collateral and Reporting to the State The Bank has two groups for tracking collateral and reporting: Firmwide Regulatory Reporting and Analysis (FRRA), which conducts all reporting to the LASP Administrator, and NCMG, which conducts security pledging (and other collateral transactions) with the LASP Administrator.

Collateral Reporting
The Bank is required to provide reporting to the LASP Administrator in such frequency and in such format as described in California law and LASP rules. The Bank is unable to provide collateral reporting for LASP pool program customers because the collateral pledged covers all California Pool participants and is not segregated to a specific customer. Request of proof of collateralization for LASP pool program customers can be submitted to:

Contact Information
Proof of collateralization requests can be made for LASP pool grogram customers by:

Phone
Fax
(415) 542-6305
(415) 263-8508
Email [email protected]
U.S. mail Department of Business Oversight
Division of Financial Institutions
One Sansome St, Suite 600
San Francisco, CA 94104-4428

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Relationship Management
Identify the size and scope of your public sector banking unit, bank officers responsible for the City's accounts, what each person's role and responsibilities will be, and the relevant credentials and experience of each person on the relationship management team. Please specify the name and title of who will be designated as the bank's relationship manager for the City, and the person responsible for implementation of services.

Within Commercial Banking, the public sector is a key industry segment in which we continue to invest and enjoy ongoing growth. Our Government Specialized Industry segment provides financial solutions such as tax processing and general banking services to more than 2,100 clients at the state and local government levels.

There are more than 230 professionals supporting this industry.

Relationship team
The City can be confident in the J.P. Morgan team. Part of our commitment to the City is having the appropriate individuals assigned to your relationship team and providing outstanding client service. We take a consultative team approach to building relationships with our clients.

We assign a skilled relationship team, which is made up of professionals with a variety of expertise, who will listen carefully and proactively and will provide targeted ideas to energize your business. ● Relationship Manager: Veronica Villasenor will serve as the lead relationship contact at J.P. Morgan.

Veronica is a highly experienced client advocate and maintains responsibility for the overall relationship with the City.
● Treasury Management Officer: John Wacaster will lead the treasury services team and consult with the City on an ongoing basis to maintain exceptional treasury management arrangements specifically tailored to meet the City’s needs.
● Client Service Associate: Kelsey Roloson is dedicated to managing the service requirements of your business.
● Sales Associate: Briana Morales is responsible for supporting John Wacaster, the treasury management officer.
● Onboarding Specialist: Briana Burtley will be your primary point of contract during your onboarding of implementations services.

Brief biographies and contact information for your relationship team are provided on the following pages.

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Relationship Manager
Veronica Villasenor will serve as the lead relationship contact at J.P. Morgan. Veronica is responsible for the City’s banking arrangements at J.P. Morgan and the effectiveness of our team in handling the City’s banking services.

Veronica Villasenor

Role Relationship Manager
Address 12860 El Camino Real, Floor 2
San Diego, CA 92122-1029
Phone (859) 284-5810
Email [email protected]
Responsibilities
Veronica will lead the City’s banking team with a focus on the quality and delivery of our services.

She will:
• Serve as your primary point of contact for the bank’s full capabilities • Recommend products and services that meet the City’s needs and goals, including financing solutions, treasury management and other banking services
• Oversee delivery of products and services, including financing, treasury services and other financial services • Address your overall satisfaction with your J.P. Morgan banking relationship Biography
Veronica Villasenor joined the firm in 2019 with an extensive background in banking, with specialized expertise in the areas of treasury management, public and nonprofit finance, credit analysis and a range of payment solutions. Her career has spanned public affairs, community relations, finance and lending and nonprofit administration. Prior to joining J.P. Morgan, she held SVP positions at two California regional banks, as well as VP/relationship manager roles in both the corporate and business banking spaces.

Veronica is a Certified Treasury Professional (CTP). She holds a B.A. from Princeton University and a M.A. from Harvard University, both in the field of Public Policy and International Affairs. She is a Public Policy & International Affairs (PPIA) Fellow, as well as a graduate of the LEAD San Diego, and Leadership North County/Leadership Southwest County regional education and leadership programs. A North County San Diego native, she holds leadership positions with local chapters of the Women in Public Finance and the Association for Financial Professionals, and she serves on the Board of Directors for the nonprofit organization Reality Changers which focuses on access for first-generation college graduates like herself.

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Treasury Management Officer
Leading the treasury services team, Treasury Management Officer John Wacaster will consult with the City on an ongoing basis to maintain industry leading treasury management arrangements specifically tailored to meet the City’s needs. He will communicate best practices, new solutions and enhancements to products and services.

John Wacaster

Role Treasury Management Officer
Address 3 Park Plz, Floor 9
Irvine, CA 92614
Phone (949) 838-1436
Email [email protected]
Responsibilities
John will assist the City in resolving working capital and efficiency challenges by providing information and offering ideas from J.P. Morgan’s Treasury Services team.

He will:
• Recommend cash flow optimization strategies, including ways to streamline financial processes • Assist you in realizing day-to-day operational efficiencies in alignment with your treasury service goals • Provide targeted information to you about new products, market developments and industry trends • Monitor the City’s implementation for successful service delivery Biography
John Wacaster began his career at J.P. Morgan over 20 years ago. He started with the bank as a treasury services sales associate and quickly moved into the senior treasury management officer role, followed by team lead. John later joined the Healthcare, Higher Education and Not-for-Profit Banking team as a relationship manager, then transitioned to our Government Onboarding team as Team Lead. Currently, he is the Treasury Management Officer supporting the Southern California Government Banking team. Prior to joining J.P. Morgan, John was the banking analyst at Walgreen Co.’s corporate offices in Deerfield, IL and worked as a teller, personal banker and assistant branch manager for a regional bank in the southeastern United States.

John attended Millsaps College in Jackson, MS, where he earned a Bachelor of Arts in Political Science with a minor in Business Administration. He is a Certified Treasury Professional.

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Client Service Associate
The City’s day-to-day banking service needs will be handled by your designated client service associate. Kelsey Roloson serves as the single point of contact for all the City’s account inquiries.

Kelsey Roloson

Role Client Service Associate
Address 150 W University Dr, Floor3
Tempe, AZ 85281
Phone (480) 902-6193
Email [email protected]
Responsibilities
Kelsey will serve as the primary point of contact and as a proactive resource for the City’s banking service needs. She will facilitate the timely resolution of all service issues with her understanding of all aspects of our Treasury Services’ product functionality and technology.

For day-to-day matters, she will:
• Resolve the City’s inquires including credit/debit confirmations, cancellations of payments, amendments of payment instructions, funds transfer inquires and other treasury service matters • Identify and resolve operational inquiries in a timely manner • Share her specialized knowledge of fraud prevention tools and provide advice on asset and data protection strategies
• Facilitate the opening of additional accounts
Kelsey works with a team of client service associates who will provide consistent, reliable and timely service support.

Biography
Since joining J.P. Morgan in 2022, Kelsey has excelled in various roles, acquiring valuable insights and expertise. She began her career as a Government, Higher Education and Non-Profit Service Analyst while concurrently pursuing her MBA in Global Management and International Business from Arizona State University. Subsequently, she advanced to the position of Government Client Service Associate, where she has cultivated strong client relationships and dedicated her efforts to serving both local and state government clients.

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Sales Associate
The sales associate is responsible for supporting the treasury management officer and the City’s team at J.P. Morgan.

Briana Burtley

Role Onboarding Specialist
Address
10 S Dearborn St, Floor 34
Chicago, IL 60603-2300
Phone (312) 336-1157
Email [email protected]
Responsibilities
Briana will be responsible for the City’s Treasury Services product and services onboarding.

She will:
• Implement products and services to meet your objectives • Manage the installation of comprehensive and complex cash management solutions • Provide the City with onboarding support and serve as the point of contact for questions and issues • Coordinate service delivery to occur within specified timeframes so that your onboarding is a positive experience Biography
Briana is a dedicated Banking Associate with growing expertise in treasury management. She’s dedicated to optimizing financial resources and delivering customized solutions that meet client needs. She is known for her strategic insight and dedication to fostering strong client relationships. Briana excels at developing innovative financial strategies that proactively drive success and enhance relationships. Her academic background, including an MBA, further supports her qualifications and ability to deliver exceptional service and strategic guidance.

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Customer Service
Describe how the bank handles issue resolution, customer service, day-to-day contact, and ongoing maintenance for governmental agencies. Identify metrics for how the bank measures quality and customer service, and how often the City will be provided with the results of these evaluations.

Does the bank provide a toll-free number for Customer Service? Please identify the hours of operations for the customer service unit.

The City benefits from our coordinated approach to distinctive, industry-leading client support. CSAs answer your day-to-day questions about our banking services and interact with our operations areas on your behalf to solve your inquiries or requests. When your primary CSA is not available, your designated back up CSA assists you.

Additionally, our Commercial Banking Service Center is staffed with CSAs who help with routine requests from 5:00 a.m. to 5:00 p.m. PT, Monday through Friday.

Ongoing support
In addition to your CSA, our Payments Solution Center Access Support team supports routine transactional and technical issues and provides you with consistent, reliable access to service consultants who understand your business. Our service centers are open to support your business requirements during and after normal business hours, and they are staffed with bilingual product experts. ● The Access Support team provides a general help desk as the first level of support, accessed via toll-free client support line. If your call needs to be escalated, senior specialists provide the second level of support, and the manager provides the third level.
● In addition, Access Support specialists have the authority to escalate, as appropriate, any client issue to provide timely and accurate resolution.
● The Access Support team hours of operation are 5:00 a.m. to 5:00 p.m. PT, Monday through Friday.

Access Transaction Services is our Internet-based self-service tool, to search for payments, inquiries and ACH requests and create inquiries for wire and ACH payments in accounts to which you are entitled. You may also initiate requests for deletions, reversals, reclaiming funds, returns and notifications of change (NOC) for ACH payments in accounts to which you are entitled.

Additionally, we provide merchant-specific support through Merchant Services senior-level consultants and specialists, Account and Support teams. Merchant Services Technical, Operations and point-of-sale Help Desks are staffed 24/7/365.

Measuring quality and customer service
Client Service and Implementations use web-based surveys, IVR options and in-depth and in-person interviews to measure satisfaction with clients. We understand that metrics for how the bank measures quality 348

Section B - Bank Services to Public Sector | 31 |
and customer service are of utmost importance to the City. We are dedicated to delivering these metrics to you as often as preferred, whether that be after each interaction or as incorporated into a regular schedule of relationship reviews which can be provided on a quarterly, semi-annual or annual basis.

Surveys are delivered via email to a sampling of clients who have recently implemented new Treasury Service products and/or had servicing interaction with their CSA. ● New Business Set-Up satisfaction is measured by the client’s satisfaction with the overall implementation experience and their likelihood to recommend the bank to others. We always ask for open-ended feedback.
 Clients may also receive a call by a manager during an implementation to check on their satisfaction in process. Issues identified during or after an implementation are reviewed internally during daily calls and in post-implementation internal reviews to identify best practices and future changes that may improve client's overall satisfaction.
● Client Service satisfaction is based on overall satisfaction ratings with Commercial Banking Client Service and any open-ended feedback provided.
● Survey results are reviewed daily, and outbound calls are made by a manager to any survey participant who submitted a low score rating to resolve outstanding issues and understand all feedback in real-time. ● The Payments Solution Center Access Support team is also evaluated for customer satisfaction.  For the Access Support team, a survey is sent via an email to clients for a random sample of cases created from inbound client calls.
 The survey evaluates overall satisfaction with the interaction and provides an opportunity to include free form feedback.
 Survey results are published daily and used to track both departmental and individual agent performance. Outbound client calls are made by a manager to any survey participants who rated the overall service less than excellent of very good, or provided negative feedback.

These factors help us better identify the strengths and opportunities that drive the client’s overall satisfaction of the service we provide.

We would be happy to work with you to develop these metrics and collaborate to provide these evaluations based on your needs.
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References
Please provide three (3) references. References should include other California cities of similar size and scope of service utilization as the City of Murrieta. Select both long-standing and recent customers.

Include the following information for each reference:
● Contact name and title
● Name of agency
● Telephone number and email address
● Services provided
Please see our references and contact information provided below.

City of Upland
Contact name and title Stephen Parker, Assistant City Manager Name and Address of
customer (agency)
460 N. Euclid Ave
Upland, CA 91786
Telephone number (909) 931-4121 Email [email protected] Number of years as a customer 13 years
Services provided Core treasury services

City of Santa Monica
Contact name and title Sean Tong, Treasury Administrator Name and Address of
customer (agency)
1685 Main St., Room 3
Santa Monica, CA 90413
Telephone number (310) 458-2201 ext. 2353 Email [email protected] Number of years as a customer 1 year
Services provided Core treasury including lockbox services, virtual card and purchasing card

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City of Pleasanton
Contact name and title Chui Mun Hsieh, Finance Director Name and Address of
customer (agency)
123 Main St
Pleasanton, CA 94567
Telephone number (510) 931-5408 Email [email protected] Number of years as a customer 9 years
Services provided Depository, lockbox, eLockbox, remote deposit, vault, merchant, check disbursements with payee positive pay, ACH and wire origination, virtual reference, integrated payables and receivables.

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Section C – Demand Deposit Accounts | 34 |
Section C – Demand Deposit Accounts
The City currently uses one (1) general demand deposit account (DDA). One (1) account (Payroll) is a Zero Balance Account (ZBA), with the general deposit account serving as the Parent ZBA. Checks are issued using the General Checking Account and Payroll Accounts.

1. What types of demand deposit accounts (DDAs) do you offer, and how do they differ in terms of fees, services, and features?
We offer both Commercial Checking and Commercial Checking with Interest accounts, also known as a demand deposit account (DDA). The Commercial Checking DDA provides the option of paying an earnings credit rate (ECR), a “soft dollar” interest on balances which are applied against bank fees. The Commercial Checking with Interest DDA pays a “hard dollar” interest. Both accounts are fully liquid with no restrictions on withdrawals.

We also offer a Hybrid DDA which offers both soft and hard dollar interest. Soft dollar interest is applied against bank fees up to a pre-determined level of balances and hard dollar interest is applied to the balance over that predetermined level. Please refer to the Hybrid DDA section for more information.

The offered rates—on the standalone interest-bearing DDA and Hybrid DDA—are bank managed rates which are reviewed and updated periodically by us after considering a range of factors, including the market rate environment. Using a managed rate helps to maintain pricing flexibility while helping to protect you from the short-term rate volatility that could result from using an indexed rate.

The earnings credit rate is a bank managed rate which is reviewed and updated periodically by us after considering a range of factors, including the market rate environment. Using a managed rate helps to maintain pricing flexibility while helping to protect you from the short-term rate volatility that could result from using an indexed rate.

Hybrid DDA
Recent central bank actions have resulted in an evolving rate environment, making an optimized, flexible account structure a key component of a successful business strategy.

Our Hybrid DDA combines the power of a DDA with earnings credit and an interest-bearing DDA, allowing you to earn both a competitive earnings credit rate (ECR) and interest from a single account.

This innovative solution opens the door to a simplified account structure, allows for balances to offset service fees and minimizes time spent managing investments. 352

Section C – Demand Deposit Accounts | 35 |

How it works
The Hybrid DDA offers a solution similar to the functionality of an overnight sweep service. In the Hybrid DDA solution, balances earn an earnings credit allowance up to a predetermined threshold to offset bank service fees with balances above the threshold earning hard dollar interest. Thus, instead of sweeping to a separate account each night, your excess balance remains in the DDA and earns interest. Additionally, the Hybrid DDA does not have an investment cap like an end-of-day money market fund (MMF) sweep solution. And, unlike an overnight sweep, 100% of the funds in this account are collateralized per California State requirements with Treasuries, enabling the City to feel secure entrusting J.P. Morgan with its public funds.

Balances up to a predetermined threshold (“the peg balance”) earn an earnings credit allowance at the proposed earnings credit rate of 2.92%. Funds up to the peg balance are used to offset bank service fees.

Balances above the peg balance threshold earn hard dollar interest at a proposed rate of 3.75%. Interest accrues daily and is paid monthly. The below illustrates how the Hybrid DDA works.

Hybrid DDA structure

Figure 2

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Section C – Demand Deposit Accounts | 36 |
The peg balance can be changed at any time prior to the next billing cycle (and applied on a go forward basis) to adjust for unplanned changes in service fees (e.g., significant volume changes, service additions/deletions, to compensate for periods in which minimum balance levels fall below the peg balance amount).

Calculation of ECR and interest
The earnings credit rate and interest rate are bank managed rates that are reviewed and updated periodically by us after considering a range of factors, including the market rate environment. Using a managed rate helps maintain pricing flexibility while also helping protect you from the short-term rate volatility that could result from using an indexed rate.

The earnings credit allowance is calculated and applied on a monthly basis on the balances up to the peg balance threshold.

Monthly earnings credit allowance calculation
(Average monthly investable balance x ECR x actual number of days in month) Actual number of days in year

Hard dollar interest accrues on a daily basis on the closing daily balance above the ECR peg and is paid on a monthly basis.

Daily interest accrual calculation
(Daily positive collected balance above the peg x account interest rate) Actual number of days in year

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Money Market Deposit Accounts
For balances that are not immediately needed to cover operating cash needs and/or are of a reserve nature, we offer a Money Market Deposit Account (MMDA) that earns a premium rate above other overnight deposit alternatives.

Use this product when you have reserve cash with long-term characteristics that must be invested in an overnight instrument either due to investment policy guidelines or to effectively manage maximum weighted average maturity (WAM) requirements of your overall cash portfolio.

You can monitor account activity and view reports on an MMDA using our banking portal.

MMDA balances earn a competitive rate of interest, which accrues daily and is posted to the account on the last business day of each month. MMDAs provide greater flexibility than fixed term products as they are not subject to breakage costs. In addition, monthly maintenance or service fees are waived if certain minimum required balances are maintained. There are no fees to open an MMDA.

MMDAs allow up to six electronic withdrawals per calendar month, in accordance with Federal Reserve Regulation D. There are no limits to the number of deposits that can be made into the account.

MMDAs are backed by the full faith and credit of J.P. Morgan. As interest-bearing bank obligations, they are FDIC-insured up to $250,000 per depositor.

Certificates of deposit
A certificate of deposit (CD) is an interest-bearing bank deposit offering a fixed-term and a fixed rate of interest. Funds can be invested in CDs with a variety of maturity options typically greater than 90 days. CDs are backed by the full faith and credit of J.P. Morgan. As U.S. bank deposits; they have no foreign country risk and are FDIC insured up to $250,000 per depositor. Rates are based on market conditions at the time of investment.

Liquidity Management Account
The Liquidity Management Account (LMA) is an interest-bearing account that pays interest based on the stability of the account balance over time. You can potentially earn an enhanced yield on operating cash balances, depending on the duration that balances remain in the account. The longer stable operating balances remain here, the higher the payout tier the balances can achieve.

Balances are categorized into overnight, one-month, three-month and six-month tranches. Each progressive tranche automatically earns incremental value without locking balances to term or actively investing. Interest accrues daily and posts monthly to the LMA.

Manage Reserve Cash
Enhance the value of excess
non-operating funds with an
MMDA:
 Set aside reserve cash to
fund periodic payments
 Use excess cash to provide
a cushion for immediate
needs
 Set up reserve accounts for
cash accumulation for
strategic transactions and
to hold funds from a liquidity
event
 Earn a competitive rate of
interest
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Section C – Demand Deposit Accounts | 38 |
LMA offers daily liquidity where the City has unrestricted access to deposit balances throughout the business day. Accounts can be more operationally efficient for optimizing cash than managing a sweep or direct investment.

The standard FDIC deposit insurance coverage applies, up to applicable regulatory limits.

LMA Sample Payout Chart

Figure 3

2. Does the bank offer online and mobile banking options for easy monitoring and management of DDAs?
Yes. The City can easily monitor and manage DDAs with our online portal.

Our online portal offers the City a highly intuitive and easy to use, cash management solution that seamlessly integrates all treasury activities through a secure portal using a single authentication process.

In addition to desktop online functionality, our Mobile service enables clients to log on to J.P. Morgan Access via our app using a smartphone.

We discuss our online portal in greater detail in Section K – Online Bank Processes and Information Reporting.

3. What is the standard availability of deposited funds in a DDA (e.g., check deposits, remote deposits, wire transfers)?
Please reference the availability schedules in Appendix 1. 356

Section C – Demand Deposit Accounts | 39 |

4. How many days after month-end will the City receive its bank statements? Benefit from receiving electronic bank statements that are identical to mailed paper statements within two business days after the statement cutoff date.

5. Are the bank statements available online?
Yes. Access bank statements of your accounts in a timely and efficient manner via secure internet delivery on our online portal.

6. Does the bank offer Zero ZBAs? If so, please describe the service.

Yes. We offer physical cash concentration via zero and target balance accounts.

We will work with you to create an integrated liquidity and investment solution. We offer fully automated zero balanced sweeping between single-entity owned accounts as well as multi-entity owned accounts. Accounts can be set to concentrate at either a zero or target balance level.

Concentration can be set up with two primary options:
● Zero/target balance: On a daily basis, automated cash concentration transfers occur to bring participating accounts to a zero or target balance at end-of-day. ● Customized transfers: Options include one-way transfers, intraday concentration and date specific transfers. We also offer fixed and percentage-driven instructions.

Through our ability to provide a completely automated end-of-day concentration process, late-posted or back- valued items are included in the zero balance or target balance transfer.

7. Are the transfers to the Parent Account automatic?
Yes. Physical cash concentration services lets you automatically concentrate funds intraday or at the end of each business day.

8. Does the bank offer ACH blocks or filters? If so, please explain.

Yes. We offer you protection from unauthorized ACH items.

Protect your account from unauthorized ACH transactions with ACH Transaction Blocking or ACH Transaction Blocking with Positive Pay. These services offer protection from third-party organizations who originate ACH transactions against your accounts.
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The ACH Transaction Blocking with ACH Positive Pay self-service tool can make a difference
ACH Transaction Blocking is a fraud mitigation solution available in our online portal that allows you to add ACH debit and/or ACH credit block setups at the account level.

Additionally, we offer ACH Positive Pay, a solution that works in conjunction with ACH Transaction Blocking, to review and decision items prior to posting to the protected account.

Benefit from the following with ACH Transaction Blocking with ACH Positive Pay:
● Set your blocking criteria
● View six months of ACH debit and credit blocked transactions and items for review history online ● Entitlements for viewing profiles or setup and maintenance ● Security administrators can enable or disable dual control and ACH Positive Pay ● Entitled users have the ability to select multiple ACH Positive Pay exceptions for review and decision prior to transaction posting
ACH blocks and rules can be setup through Payment Control Center.

ACH FRAUD IS ON THE RISE
You decide to “block” or “allow”:
 All ACH transactions
 Specific originators
 By dollar amount
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Section C – Demand Deposit Accounts | 41 |
ACH Transaction Blocking with Positive Pay

Figure 4
(1) Review/Accept decision and Review/Change decision functionality is only available when Positive Pay is enabled. Future capabilities are under development, features and timelines are subject to change.

How our ACH fraud tools work
Product features ACH Transaction Blocking ACH Positive Pay Platform
• Payment Control Center via
J.P. Morgan Access
• Payment Control Center via
J.P. Morgan Access
Before or after posting • Block transaction before posting • Decision transaction before posting How it works • Requires the setup of ACH
Transaction Blocking rules
• Received ACH debits and credits
that match block settings are
returned automatically without
posting
• Received ACH debits and credits
that match allowed settings will post
to the account on the effective date
• Requires the setup of ACH
Transaction Blocking rules
• Received ACH debits or credits
generate alerts based on positive
pay settings
• Choose to change the Pending
Return or Pay decision applied
based on the blocking rule
• Simplify block rule maintenance by
adding company IDs directly to
block rules from decisioned
transactions
Decision cutoff • N/A • 2:00 p.m. PT for Same Day CTX
transactions
• All other transactions 6:00 p.m. PT
on the effective date

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9. Does the option exist to create sub-accounts under the primary account? Yes. The City can use your master cash concentration account to fund an unlimited number of subaccounts.

10. When are listings/copies of cancelled checks available? How long will cancelled checks be available? What format are these available in?
Check images are usually available the same day checks are presented. At a minimum, images of these items are available on a next business day basis. We offer paid item images in different media to meet the City’s image strategy. Options for paid check images are:
● Online via J.P. Morgan Access: Retrieve in seconds, compared with hours or even days for physical retrieval and the quality of the reproduced image is extremely clear (see image example below)
● Image transmission: Receive fast, automated image files directly transmitted to your internal check archive for high-volume clients

Sample check image

Figure 5

Images are stored and available for online retrieval for a standard period of 7 years, with the option of extending to 10 years.
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Online bank statements
Bank statements include all transactions posted to the account including all checks paid by check number with paid amount. Online bank statements also include images of checks paid during the statement cycle.

Save and print the statement in PDF format, as well as export data to an Excel spreadsheet or in CSV format.

Image transmission
We can provide image files daily, weekly or monthly. An index is also provided with the tiff images. There is no specific image viewing software required to view the images.

11. Describe the features you provide to streamline the bank reconciliation process.

We differentiate our reconcilement features from other providers through excellent service, superior products and innovative technology. Technology is a key component of our continued success offering account reconciliation.

Streamline your account reconciliation process through our comprehensive check services solution.

Information reporting
Receive both prior-day and current-day information on J.P. Morgan Access.

Our online portal provides a powerful tool that delivers timely, accurate data through reports that are easy to create and read—helping you analyze and manage cash flow.

Cash reporting tools let the City create, customize and run up-to-the-minute reports on its accounts, all from a single location.

Your users select the information needed in the way they want it presented and schedule reports from a single page. And output is flexible—download the report in Excel, PDF or CSV format. Monthly DDA statements can also be exported to Excel or in CSV format.

Receive prior-day information reporting by 7:00 a.m. local time, based on where each account is domiciled.

Receive current-day information of transactions posted (memo-posted transactions)—such as lockbox, wire, ACH, returns, controlled disbursement and demand depository accounts—throughout the day, within minutes of receipt or completion.

Positive pay
The choice is yours—manually enter, upload files or transmit positive pay information for sending voids/cancels and stop payment requests to update your issue file. For validation, receive automated acknowledgement of your transmission within one hour of file receipt, via the banking portal or transmission.

Review digital images of exception items and instruct us to pay or return each exception. Payee name exceptions are conveniently delivered along with all other types of exceptions, so you can easily use the most 361

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up-to-date fraud protection services. To know when to perform your positive pay review, sign up to receive email notification when exceptions are available.

Account Reconciliation
Be confident that our account reconciliation services solution simplifies and automates the reconciliation and reporting processes to save you the expense and time associated with the manual balancing of your bank statements. We offer a broad range of account reconcilement services—from robust reports with detailed information on all checks issued and posted to a simple listing of paid checks—that gives you fast access to account information and helps protect you from fraud.

Receivables Online
Receivables Online (RO) is a cloud-based receivables management dashboard and account reconciliation solution accessed through J.P. Morgan Access®. It combines advanced image and data capture technology to deliver a consolidated view of current-day and long-term remittance data. Clients can also use simple navigation, advanced queries, payment alerts, and workflow tools give accounts receivable, credit and customer service staff the ability to make informed business decisions quickly without handling paper documents. In addition to having access to view receivables information online, clients can also establish file integration with their systems of record to import data for cash application and reconciliation reporting.

We discuss these services and features in greater detail in Section L – Account Reconciliation. 362

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Section D – Collateralization of Deposits
The bank is required to collateralize public funds deposits under the California Government Code, Sections 53651 and 53652. Copies of the reports filed with the State of California shall be made available to the City upon request. Please detail the bank’s procedures for collateralizing public funds deposits.

1. What types of securities are used as collateral? Can the City select the type of collateral used? The Bank is currently pledging U.S. Treasury securities to secure Local Agency deposits and State Agency deposits. The amount and types of collateral pledged are subject to change, but will be in accordance with the California Government Code (for Local Agency deposits, Government Code §§ 53651, 53651.2, 53651.6 and rules established by the LASP Administrator; and for State Agency Deposits, Government Code § 16522).

2. Which bank department is responsible for tracking deposits and monitoring collateral? The Bank has two groups for tracking collateral and reporting: Firmwide Regulatory Reporting and Analysis (FRRA), which conducts all reporting to the LASP Administrator, and NCMG, which conducts security pledging (and other collateral transactions) with the LASP Administrator.

3. Will the City receive regular updates or notifications regarding the status of the collateral? The Bank is required to provide reporting to the LASP Administrator in such frequency and in such format as described in California law and LASP rules. The Bank is unable to provide collateral reporting for LASP pool program customers because the collateral pledged covers all California Pool participants and is not segregated to a specific customer. Request of proof of collateralization for LASP pool program customers can be submitted to:

Contact Information
Proof of collateralization requests can be made for LASP pool grogram customers by:

Phone
Fax
(415) 542-6305
(415) 263-8508
Email [email protected]
U.S. mail Department of Business Oversight, Division of Financial Institutions One Sansome St, Suite 600
San Francisco, CA 94104-4428

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4. What is the bank’s current level ($ amount) of California public funds deposits and the related collateral?
We currently hold several billion dollars in public deposits, and we pledge collateral to secure such public deposits through our National Collateral Management Group to numerous government clients in the State of California (including several cities in California) and throughout the country.

Types of Collateral Pledged
The Bank is currently pledging U.S. Treasury securities to secure Local Agency deposits and State Agency deposits. The amount and types of collateral pledged are subject to change, but will be in accordance with the California Government Code (for Local Agency deposits, Government Code §§ 53651, 53651.2, 53651.6 and rules established by the LASP Administrator; and for State Agency Deposits, Government Code § 16522).

5. What is the frequency of reporting to the State Treasurer’s Office? Please see our response to question 3 above.

6. How does your bank ensure compliance with the state and federal regulations regarding the collateralization of government deposits?
JPMorgan Chase Bank, N.A. (the Bank), through its National Collateral Management Group (NCMG), employs a Bank developed Corporate Collateral Management System (CCM), which provides daily monitoring of deposit balances and security value for collateralization purposes.

CCM is reviewed each Federal Reserve banking day by dedicated Collateral Managers for compliance with collateral requirements. The Bank provides required reporting to the State of California Local Agency Security Pool (LASP) administrator. The Entity may contact the LASP administrator directly with questions regarding the Bank’s compliance with the LASP program.

7. Please include a copy of the Bank’s Contract for Deposit of Moneys in this section Please see Appendix 2 for a copy of our sample Contract for Deposit of California Local Agency Funds. 364

Section E – Bank Compensation | 47 |
Section E – Bank Compensation
The City has historically paid for bank services with a combination of hard-dollar fees and compensating balances. Please indicate the following in this section:

1. Can the City compensate the bank for services with fees, balances, or a combination of the two at its own election? Please describe any differences in related costs to the City with either option.

Yes. We accept compensation based on fees and/or balances, with no difference in unit prices. ● Fee Compensation: If you choose a fee compensation plan, balances are not used to offset any service charges. Total service charges are debited from a designated account, generally monthly. ● Balance Compensation: If you choose a balance compensation plan, eligible balances are used to calculate an earnings credit allowance to offset service charges. If eligible balances are sufficient, the earnings credit allowance offsets the service charge. If the level of eligible balances does not fully cover the fees, remaining service charges are debited from a designated account, usually monthly.

2. Can the City choose between paying for analysis deficiencies by check, auto debit, or ACH? Yes. Our standard method of payment is direct debit. We also accept ACH, wire or check for payment of fees as an exception. Payment is due within 30 days of the invoice date. As part of the exception agreement to process payments outside of direct debit, we reserve the right to direct debit for past due fees beyond 60 days.

3. What is the bank’s Earning Credit Rate (ECR) based on, and how is the credit calculated, and how is it applied to offset fees?
The earnings credit rate is a bank managed rate that we review and update periodically after considering a range of factors, including the market rate environment. Using a managed rate helps to maintain pricing flexibility while helping to protect you from the short-term rate volatility that could result from using an indexed rate.

The earnings credit allowance is calculated based on the average daily positive collected balances in the non-interest-bearing accounts less the reserve requirement (currently 0%) using the following calculation:

Monthly earnings credit allowance calculation
(Average monthly investable balance x ECR x actual number of days in month) Actual number of days in year

Offset certain banking service fees with an earnings credit and realize greater value for your cash compared to other short-term investment alternatives.
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JPMorgan Chase Bank, N.A., has the financial strength organizations look for in a global operating services provider with a fortress balance sheet and short-term rating* of A-1+/P-1 by Standard & Poor’s and Moody’s, respectively.
* Credit ratings are provided for information purposes only. Credit ratings are solely the opinions of the rating agencies. We do not endorse, and accept no responsibility for, the credit ratings issued by the rating agencies. Credit ratings may be changed, superseded or withdrawn by the rating agencies at any time.

Earnings credit—How it works
Using earnings credit to reduce bank fees for services is a practice widely used by companies and financial institutions in the U.S.

Operating balances held overnight in non-interest-bearing DDAs receive earnings credit. End-of-day account balances are averaged for the billing month, and an earning credit rate is applied to calculate the earnings credit allowance (ECA).

At month end, the ECA is automatically applied as an offsetting credit to eligible banking service fees. The earnings credit rate can be applied either on standalone accounts or across a billing group.

Monthly service fees are reduced up to the amount of earnings credit gained on balances. If the ECA is equal to or greater than total banking service fees, offset all fees incurred that month. If the ECA is less than the total banking service fees, you pay the differential between the earnings credit offset and total banking service fees for the month.

4. List the bank’s actual ECR for each of the last six months (July – December, 2024).

Please see our ECR rates from July – December 2024 in the below table.

ECR rates
July 2024 3.72% October 2024 3.32%
August 2024 3.72% November 2024 3.12%
September 2024 3.72% December 2024 3.12%
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5. Using the ECR for the month of December 2024, please calculate the level of compensating balances (after float and reserves) needed to offset one dollar of the bank services. ($1 in services = $ in compensating balances.)
The City will need $389.96 in compensating balances to offset $1.00 of fees.

6. Please explain in detail, how and when the FDIC assessment is computed and charged.

We charge a balance-based charge (BBC), which is a monthly administrative fee assessed to address various regulatory and other charges affecting the bank. The rate is set by the bank and subject to periodic review and adjustment.

We use the following formula to calculate the BBC:

Balance-based charge calculation (monthly)
Average positive ledger balance x charge rate x number of calendar days in the month Actual number of days in the year

Since January 2, 2010, our BBC rate has been 0.13%.

As with other eligible fees, the monthly BBC may be offset by earnings credit provided by us. This charge is included in monthly account analysis statements.

7. What is the bank’s settlement period for account analysis and billing purposes – monthly, quarterly, semiannually, or annually? How long can any excess balances be carried forward to apply to charges in future billing periods?
As the standard option, we offer monthly settlement with fees debited on the 15th calendar day of the month following the close of the billing period. Alternative schedules may be quarterly, semiannual or annual and are subject to negotiation.

Account analysis statements are generated monthly, regardless of settlement period.

Earnings credit is calculated and applied within the billing cycle it is earned.

You may carry forward excess credit amounts to the next billing cycle on an exception basis.

8. How long will the bank’s pricing, as indicated in this proposal and the Banking Services Bid Form, be fixed?
If we are awarded the contract, all pricing and fees included in this proposal shall remain fixed for a 3-year period from the start of the contract. Any extension period shall be subject to negotiation of mutually agreeable terms, pricing and fees.
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9. Please detail which types of items and services can be applied against the account analysis in addition to the standard bank services, such as merchant bankcard processing, supplies, custody services, etc. Is there a markup for any of the items? If so, how much? Account analysis can be effectively utilized to offset a variety of items including, but not limited to:
● Supplies: This encompasses a range of necessary banking supplies, including check scanners and deposit supplies. There is no markup applied to these items. We are committed to providing transparent and cost-effective solutions to our clients.

A customized pricing pro forma is provided in Appendix 3.

10. How does the bank charge for overdrafts? Does the bank charge for the use of uncollected funds? If so, how is the charge calculated?
All of your accounts are netted together for tracking intraday liquidity usage. Real-time balance and transaction information is available via our online portal.

Daylight overdrafts are referenced in the context of either intraday credit line (IDL) or intraday liquidity (Fed daylight overdraft) usage. The bank does not charge for intraday or daylight overdrafts.

We charge for the use of end-of-day (EOD) uncollected funds by applying a daily variable overdraft (OD) rate to individual DDAs for each day an overdraft occurs. There may also be a fee per occurrence. Offset Interest and overdraft fees are eligible for offset with earnings credit allowance generated through positive investable balances associated with related stand-alone or group billing relationships.

The negative collected balance fee is calculated daily, as follows:

Negative collected balance fee calculation
(negat ive collected balance x overdraft rate)
360 days

There is also a per occurrence fee for each day an account maintains an EOD negative collected balance.

Our policy is that collected balances be maintained in the account(s) at all times in order to cover daily cash disbursements. Credit arrangements or netting/pooling arrangements that may be required would be determined and discussed in advance with the City’s relationship manager.

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11. Please state the negative collected balance charge that the City will pay and, in detail, explain how this charge is computed. Is the rate quoted in this proposal good for the term of the contract? The formula for EOD negative collected balance fee is as follows:

Negative collected balance fee calculation
(Negative collected balance x OD rate* x number of days overdrawn) 360 days
*OD rate = J.P. Morgan’s Prime +3%

12. Are Account Analysis Reports available online? If so, specify the cost.

Yes. The City receives an account analysis statement via our online portal each month identifying all services provided, product volumes and the resulting service charge incurred. As per the pricing proforma, there is no charge for account analysis statements online.

Please note that mail postage fees for J.P. Morgan Access Check Print service are not charged through account analysis. You receive a direct debit to your account for these separate fees.

Account analysis statements—How it works
Each month, you receive a detailed account analysis statement for your account. If you have multiple accounts, you receive a summary account analysis statement for your entire billing relationship in addition to a detailed account analysis statement for each individual account. The statement includes:
● Balance/Compensation analysis: Provides a summarized view of the balances, service charges and earnings allowance applied to your account.
● Service/Activity analysis: Details the services used in the statement month by product category.

You can retrieve your electronic account analysis statements on the sixth business day after the close of the billing period. View, print and export all sections of your account analysis statement through the online portal.

Analysis statements are available in PDF, Excel and CSV formats. Additionally, EDI 822 format is available through direct transmission or secure email. We also offer CAMT.086 ISO formatted billing files, the newest industry standard electronic statement, for both U.S. and non-U.S. accounts. 369

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You can group specific accounts and billing relationships together for online analysis purposes and create user profiles giving access to specific accounts or billing relationships, as required.

We do not charge a fee to provide account analysis statements online.

13. What procedure is used to make any adjustments to the Account Analysis statements, how long does it take for adjustments to take effect, and is there a fee to make the changes? No, there is no fee for adjustments. Details of adjustments to prior periods are provided in separate sections of the current analysis statement and labeled as such in the Financial Recap section.

The City should notify us in writing of any errors or not receiving an account analysis statement within 60 calendar days after the statement is made available.

Errors are researched thoroughly so appropriate adjustments can be applied to the account.

Should there be a billing error and adjustments not completed prior to the direct debit, we will post the difference between the original and corrected service charge as a separate transaction. 370

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Section F – Deposit Activity
The City utilizes a variety of methods to process daily deposits. The City is currently under contract for an armored carrier service to perform weekly cash deposit pick-ups at four (4) locations in Murrieta. These locations include Murrieta City Hall, Community Center, Library, and Youth Center.

Total monthly deposits may consist of checks, coins, and currency. Deposited items should be automatically re-cleared once. Checks that are returned are mailed to the City. The City requires the ability to use the local branch to make branch deposits, get change, allow vendors to cash checks, allow employees to cash payroll checks, and for other miscellaneous activities.

1. Please identify your branch locations within the City of Murrieta. Do all locations provide night depository services?
Branch locations, address and hours of operation are provided in the table below. The deposit cutoff time is the branch closing time Monday through Friday, 5:00 p.m. local time for branches in your area. Night depository service is available at the following location(s).

Commercially enabled
branch name Address
Hours of operation
(Local time at branch)
Murrieta 40655 California Oaks Rd
Murrieta, CA 92562
Monday – Friday: 9:00 a.m. to 5:00 p.m.

Saturday: 9:00 a.m. to 2:00 p.m.
* Branch hours are subject to change and are posted at each branch location.

As a business practice, we regularly review branch and ATM activity, which may result in branch openings and closings, ATM placement or removal, or in the change of branch bank or ATM functions. Therefore, branch and ATM locations and functions may change from time to time.

2. Please describe the bank’s deposit requirements. How should the coin and currency deposits be prepared? How should un-encoded check deposits be prepared? The City receives materials, including detailed deposit preparation procedures during the initial implementation meeting. Instructions for deposit preparation are summarized below.

Deposit bag requirements
● Must be a clear, tamper-evident, dual-pouch, “cash and check” plastic security bag ● The pouch designated for deposit tickets, checks and money orders should have a resealable closure
● The pouch designated for cash should have a tamper-evident closure 371

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● The two pouches must be clearly separate from each other, so that there’s no access from one pouch to the other
● One side of the bag must be clear to verify the contents ● The bag number must be barcoded on the outside of the bag Type of bag required for coin deposits greater than $10 We require disposable, heavy-duty, plastic coin bags for coin deposits greater than $10. Coin deposits greater than $10 may be verified on a delayed basis. Coin deposits greater than $10 should be directed to a vault for processing.

Our advanced deposit processing equipment provides the City with timely and accurate posting of your deposits. Once received, our Vault Management System tracks all deposits individually from the point of delivery through verification and posting of the deposit.

Check preparation
First, endorse your checks. The endorsement stamp is a seven-line endorsement legend that conforms to the specifications set forth in Federal Regulation CC. Place the stamp within the first 1.5 inches of the trailing edge of the back of the check.

Next, prepare your check deposits:
● Stack all checks face-up in the same direction.
● Attach a list, such as a calculator tape, computer list or handwritten list showing the sum of the checks in the deposit.
● List checks in the same order as they are in the stack. ● Include a maximum of 100 checks per deposit
Standard currency and coin preparation
For deposits with currency and small amounts of coin, sort currency by denomination. Enclose only one deposit per deposit bag.

Preparing Fed-Ready deposits
To prepare a Fed-Ready deposit, place the appropriate strap per 100 notes of the same denomination as follows:
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Strap Color Strap amount
Hundreds Gold $10,000
Fifties Brown $5,000
Twenties Purple $2,000
Tens Yellow $1,000
Fives Red $500
Twos Green $200
Ones Blue $100

If you do not have enough notes for a standard strap, combine the denominations under one reversed strap, sorted from the smallest to the largest denomination. Place the strap around the currency with the strap reversed (the color/printed side down). Write the total dollar amount on the strap.

The person preparing the straps (all straps, including Fed-Standard and partial) writes legibly or stamps on each strap:
● Location name
● Location number (if applicable)
● Current date
● Preparer's initials
Unfit currency (i.e., badly soiled, dirty, defaced, disintegrated or torn) should be sent in full straps for credit.

Mutilated currency that has been damaged by fire, flooding, chemicals, explosions, animals or insects should be sent to the Bureau of Engraving and Printing. For further information please visit the following web site:
https://www.bep.gov/services/mutilated-currency-redemption.

Preparing coin deposits
Small amounts of coin
Place small amounts of coin under $10.00 in an envelope. Write or stamp the depositor’s name, current date, preparer’s initials and the total amount on the envelope. Place all of the loose coin inside the envelope and seal the envelope. Place the envelope in the deposit bag with the currency.

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Large amounts of coin
For large amounts of coin, place the loose coin inside a disposable plastic coin bag. All bagged coin deposits must have a declared value. If you have multiple bags for a single deposit, number the bags (e.g., #1 of 3, #2 of 3, #3 of 3). Do not wrap coin. Each bag must be individually labeled with amount, client name, location number, deposit date and preparer’s initials.

Bulk coin deposit tickets must be sent separately to the vault in an envelope or tamper-evident bag. Do not enclose the deposit ticket in the bag of coin. List the bag numbers on the deposit ticket. We do not accept bulk coin deposits at the branch.

Full bags
Single denomination, loose coin should be counted, bagged and sealed in disposable plastic bags in the increments as follows:

Denomination Full bag amount
Dollars $2,000
Half dollars $1,000
Quarters $1,000
Dimes $1,000
Nickels $200
Pennies $50

In the area indicated on the bag, write:
● Location name
● Current date
● Preparer's initials
● Amounts contained in bag

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Mixed bags
Multi-denomination, loose coin should be bagged and sealed in disposable plastic coin bags weighing no more than 50 pounds. In the area indicated on the bag, write:
● Location name
● Current date
● Preparer's initials
● Amounts contained in bag
● "Mixed Coin"
Completing the deposit ticket
Deposit tickets should be preprinted with your location name, address, location/store number and account number, and should include the following:
● Current date
● Preparer's initials
● Bag serial number
● Dollar amount
If multiple locations are depositing into the same account, the unique location identification number (ULID) must be included in the MICR line field on the deposit ticket for reporting.

To expedite your currency and check deposit, we recommend a separate deposit ticket for:
● Currency and loose coins totaling less than $10.00
● Loose, bulk coin more than $10.00
● Checks
For mixed deposits that include currency, coin and checks, provide subtotals for each category listed.

Bulk coin deposits require a separate deposit ticket. The deposit ticket should list a breakdown by denomination. The coin deposit slip must be sent separately to the vault in a tamper-evident bag, not enclosed in the bag with the coins.

Unencoded check deposits
As part of the City’s initial depository service setup, we provide a transmittal form with instructions on how to prepare physical checks for deposit. Additional forms may be ordered as needed. The following is an overview of the requirements for depositing unencoded checks:
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Instructions on how to use deposit tickets
● Include with each check deposit an original, preprinted deposit ticket with our name on it  Deposit tickets are ordered as part of the implementation process ● List each deposit total on the courier receipt if a courier delivers deposits ● Include no more than 100 checks per deposit
● If multiple deposits are made, keep each deposit together with its individual deposit ticket Helping you with deposit preparation
● Endorse the back of every check with: “For deposit only in Account (Name and Number) with JPMorgan Chase Bank, N.A.”
● Place this endorsement on the back of the check in the area at the left edge of the check; it should not extend more than 1½ inches from that left edge
● Prepare items in a condition to be processed on high-speed sorters ● Remove staples, paper clips, tape and wrappers
● Checks should not be folded, bent or torn. Put any torn checks in carriers or repair them ● Place all checks right side up, facing the same direction, with the MICR line on the bottom edge ● Don’t write on the MICR line (the lower edge of the check or deposit ticket) or bar code on the deposit ticket
● Include a tape listing each item/check in the package with each individual package of checks:
 Create a readable listing tape (lister tape) for each package of checks, detailing all checks in order—up to 100 checks per package deposit
 Mark all adjustments on the tapes clearly
 Place the individual tape listing for a package of checks in front of the package; it’s not necessary to wrap the package of checks with the tape listing ● Detach and retain any copies of the deposit ticket for your records ● Place deposit in a clear or transparent tamper-resistant plastic bag ● Seal the plastic bag

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Documentation
Expedite collections of lost paper cash letter items through the depositing/clearing process. We strongly suggests that you retain one or more of the following:
● Image or photocopy of the front and back of each check ● Detailed description of all checks, such as MICR line information, name, address, bank name, bank account number and/or check number
● Image or photocopy of each tape listing the checks deposited Please keep in mind, if you don’t retain one or more of these items, we won’t be liable for any associated losses.

Delivery
Paper check deposits are be delivered to a designated vault site using an approved courier service. We accept responsibility only for work receipted or signed for at the site.

Please see Appendix 4 for our Cash Vault Deposit Preparation Guide.

3. How would the City order cash vault supplies? How is payment made for such supplies? We provide you with access to the deposit bag vendor at preferred prices. The bank has implemented a full- service program for ordering, billing and drop-shipping deposit bags to client locations. Order bags online at www.chasebags.com or call the vendor directly at 866-458-BAGS (866-458-2247), from 5:00 a.m. to 4:00 p.m. PT.

No fees are levied above those charged by the vendor. The cost of bags is the same as that paid by our branches and vaults. Billing gets itemized by location on the bag vendor’s statement and billed directly to an account or the vendor may charge a credit card.

Fees include the cost of the bag and standard UPS Ground delivery. Only sales taxes are additional, when applicable. Prices depend on the size of bag ordered.

Additional supplies, such as deposit tickets, are ordered via www.chasebags.com. We debit your account for
deposit tickets. Other depository supplies may be charged through account analysis.

4. Please describe in detail the bank’s procedures for handling deposit adjustments. What documentation on discrepancies does the bank provide?
The chart below outlines standard procedures for reporting deposit adjustments and options available to you. 377

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Standard and options for reporting deposit adjustments
Branch
The standard delivery method for adjustment advices is the U.S. Postal Service. We mail adjustment advices within one business day of verification to the address listed on the deposit account. The location number can be included on the adjustment advice.

For paper check deposit, we can mail a second copy of the adjustment advice to an alternate address. However, for cash deposit adjustments, we’re not able to mail an adjustment advice to an alternate address, nor can we send copies to multiple addresses.

The credit or debit deposit adjustment can also be viewed online and on your bank statement with the dollar amount and location number, depending on whether the deposit is delivered to a vault or branch.

Vault
In addition to online viewing, we also offer the following notification options to supplement the paper advice:
• Email: Next-day notification for all deposits and adjustments processed during the prior processing day • Receipt mailer: Mailed next day for all deposits, adjustments and change orders processed during the prior processing day
• Web: Adjustment reports are available online through Web Currency Services Vault deposit adjustment advices also include the original deposit amount, original deposit date, processing vault ID and adjustment reason.

Murrieta City CouncilAugust 19, 2025

Murrieta City Council
August 19, 2025