Legal

Last updated: June 24, 2022

By using Weltio you agree to these terms & disclosures.

If you have any questions about these terms and disclosures or do not agree with it, please contact us on info@weltio.com. Weltio may amend these terms and disclosures from time to time, so you should check this page from time to time to ensure that you are aware of any changes that have been made.

Alpaca Terms and Conditions

Alpaca Terms and Conditions Alpaca Securities, LLC (“Alpaca Securities”) and Alpaca Crypto, LLC (“Alpaca Crypto”), wholly-owned subsidiaries of AlpacaDB, Inc. (collectively “ALPACA”; “the Firm”). Alpaca Securities is a registered broker-dealer and member of FINRA and SIPC that provides online and mobile application-based discount stock brokerage services to self-directed investors. Alpaca Crypto provides digital asset trading services and is registered with FinCEN as a Money Service Business (registration # 31000188404516)

These Terms and Conditions are in addition to any other agreements between you, Alpaca Securities, Alpaca Crypto and AlpacaDB (collectively, “Alpaca”), including any customer or account agreements and any other agreements that govern your use of software, products, goods, services, content, tools, and information provided by Alpaca.

General

The Alpaca website, Application Programming Interface (“API”), and mobile application for Android and iOS (collectively, the “Service”) may include or make available certain content (the “Content”). Content includes, without limitation:

  1. Account positions, balances, transactions, confirmations, and order history;
  2. General news and information, commentary, research reports, educational material and information and data concerning the financial markets, securities and other subjects;
  3. Market data such as quotations for securities transactions and/or last sale information for completed securities transactions reported in accordance with federal securities regulations;
  4. Financial and investment interactive tools, such as alerts or calculators;
  5. Tax preparation, bill payment and account management tools;
  6. Company names, logos, product and service names, trade names, trademarks and services marks (collectively, “Marks”) owned by Alpaca, and Marks owned by Third Party Providers (defined below); and
  7. Any other information, content, services, or software.

Certain Content is furnished by third parties (each, a “Third-Party Provider” and collectively, the “Third-Party Providers”). Such Content (“Third Party Content”) includes, without limitation, any information, ‘Basic’ and ‘Pro’ data (if provided through a Paid Subscription, as defined below), content, service or software made available by or through social media websites, blogs, wikis, online conferences, telecasts, podcasts, and other forums (collectively, the “Forums”). Third Party Content may be available through framed areas or through hyperlinks to the Third-Party Providers’ websites.

Acceptance of Terms and Conditions

By using the Service and the Content, you agree to follow and be bound by these Terms and Conditions, including the policies referenced herein. Brokerage account customers of Alpaca are granted additional levels of access to the website and their relationship with Alpaca is governed by additional agreements and terms of use, such as the Customer Agreement.

Personal and Non-Commercial Usage

Other than as set forth herein, you agree to use the Services and Content solely for your own personal and non-commercial purposes. Should you wish to use the Services and Content for any other purposes, including without limitation commercial usage, or making the Services and Content available to others through your own application (a “User Application”), you shall provide Alpaca with 30 days advance written notice prior to making such User Application available to others. Alpaca reserves the right to restrict your User Application’s connectivity to the Service and Content, and may disallow any connectivity entirely, if Alpaca determines the User Application may interfere with Alpaca’s Services or otherwise be detrimental to Alpaca, as may be determined in Alpaca’s sole discretion.

Disclaimer and Limitations of Liability

The Content and the Service are provided on an “as is” and “as available” basis. To the fullest extent permitted under applicable law, Alpaca and the Third Party Providers expressly disclaim all warranties of any kind with respect to the Content and the Service, whether express or implied, including, but not limited to, the implied warranties of merchantability, fitness for a particular purpose and non-infringement. Neither Alpaca nor Third Party Providers guarantee the accuracy, timeliness, completeness or usefulness of any Content. You agree to use the Content and the Service only at your own risk.

Neither Alpaca nor the Third Party Providers explicitly or implicitly endorse or approve any Third Party Content. Third Party Content is provided for informational purposes only.

The Content is not intended to provide financial, legal, tax or investment advice or recommendations. You are solely responsible for determining whether any investment, investment strategy or related transaction is appropriate for you based on your personal investment objectives, financial circumstances and risk tolerance. You should consult your legal or tax professional regarding your specific situation.

ALPACA AND THE THIRD PARTY PROVIDERS WILL NOT BE LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL OR EXEMPLARY DAMAGES, INCLUDING, BUT NOT LIMITED TO, DAMAGES FOR LOSS OF PROFITS, REVENUE, INCOME, GOODWILL, USE, DATA OR OTHER INTANGIBLE LOSSES (EVEN IF ALPACA OR ANY THIRD PARTY PROVIDER HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES), RESULTING FROM: (1) THE USE OF OR THE INABILITY TO USE THE CONTENT OR THE SERVICE; (2) THE COST OF PROCUREMENT OF SUBSTITUTE GOODS AND SERVICES RESULTING FROM ANY GOODS, DATA, INFORMATION OR SERVICES PURCHASED OR OBTAINED OR MESSAGES RECEIVED OR TRANSACTIONS ENTERED INTO, THROUGH OR FROM THE SERVICE; (3) ACCESS TO OR ALTERATION OF YOUR ACCOUNT, TRANSMISSIONS OR DATA DUE TO YOUR CONDUCT, INACTION OR NEGLIGENCE; OR (4) ANY OTHER MATTER RELATING TO THE CONTENT OR THE SERVICE.

Mobile Service

In the event that you are using our mobile application, you are responsible for any fees, including data, access and usage fees by an internet provider or mobile carrier, that you incur when accessing the Services.

No Recommendations

Alpaca Securities provides self-directed investors with discount brokerage services, and does not make recommendations of any kind. You are solely responsible for evaluating the merits and risks associated with the use of any Content provided through the Service before making any decisions based on such Content. You agree not to hold Alpaca or any Third-Party Provider liable for any possible claim for damages arising from any decision you make based on the Content or other information made available to you through the Service or any Third-Party Provider websites. Past performance data should not be construed as indicative of future results.

U.S. Residents

Only The Content and the Service are intended for United States residents only. They shall not be considered a solicitation to any person in any jurisdiction where such solicitation would be illegal.

Content

Content posted on the Service is published as of its stated date or, if no date is stated, the date of first posting. Neither Alpaca nor the Third-Party Providers have undertaken any duty to update any such information.

Alpaca does not prepare, edit, or endorse Third Party Content. Alpaca does not guarantee the accuracy, timeliness, completeness or usefulness of Third Party Content, and is not responsible or liable for any content, advertising, products, or other materials on or available from third party sites.

You will not hold Alpaca and/or any Third-Party Provider liable in any way for (a) any inaccuracy of, error or delay in, or omission of the Content; or (b) any loss or damage arising from or occasioned by i) any error or delay in the transmission of such Content; ii) interruption in any such Content due either to any negligent act or omission by any party to any “force majeure” (e.g., flood, extraordinary weather conditions, earthquake or other act of God, fire, war, insurrection, riot, labor dispute, accident, action of government, communications or power failure, equipment or software malfunction), or iii) to any other cause beyond the reasonable control of Alpaca and/or Third-Party Provider, or iv) non-performance.

Content

Content posted on the Service is published as of its stated date or, if no date is stated, the date of first posting. Neither Alpaca nor the Third-Party Providers have undertaken any duty to update any such information.

Alpaca does not prepare, edit, or endorse Third Party Content. Alpaca does not guarantee the accuracy, timeliness, completeness or usefulness of Third Party Content, and is not responsible or liable for any content, advertising, products, or other materials on or available from third party sites.

You will not hold Alpaca and/or any Third-Party Provider liable in any way for (a) any inaccuracy of, error or delay in, or omission of the Content; or (b) any loss or damage arising from or occasioned by i) any error or delay in the transmission of such Content; ii) interruption in any such Content due either to any negligent act or omission by any party to any “force majeure” (e.g., flood, extraordinary weather conditions, earthquake or other act of God, fire, war, insurrection, riot, labor dispute, accident, action of government, communications or power failure, equipment or software malfunction), or iii) to any other cause beyond the reasonable control of Alpaca and/or Third-Party Provider, or iv) non-performance.

Any price quotes may be delayed 20 minutes or longer, according to the rules and regulations applicable to exchanges and Third Party Providers. Neither Alpaca nor the Third-Party Providers make any representations, warranties or other guarantees as to the accuracy or timeliness of any price quotes. Neither Alpaca nor the Third-Party Providers make any representations, warranties or other guarantees as to the present or future value or suitability of any sale, trade or other transaction involving any particular security or any other investment.

Content is provided exclusively for personal and non-commercial access and use. No part of the Service or Content may be copied, reproduced, republished, uploaded, posted, publicly displayed, encoded, translated, transmitted or distributed in any way (including “mirroring”) to any other computer, server, web site or other medium for publication or distribution or for any commercial enterprise, without Alpaca’s express prior written consent.

You acknowledge that Alpaca is the sole owner of Alpaca Marks and that other Marks are the property of their respective owners. You agree that you will not use any Marks for any purpose without the prior express written consent of the respective owners.

Termination; Modification

You agree that, without notice, Alpaca may terminate these Terms and Conditions, or suspend your access to the Service or the Content, with or without cause at any time and effective immediately. These Terms and Conditions will terminate immediately without notice from Alpaca if you, in Alpaca’s sole discretion, fail to comply with any provision of these Terms and Conditions. Alpaca shall not be liable to you or any third party for the termination or suspension of the Service or the Content, or any claims related to such termination or suspension. Alpaca may also terminate or suspend your access to the Service or the Content if Alpaca finds that your usage violates these Terms and Conditions, or if your usage puts an undue strain on Alpaca’s information technology infrastructure.

Alpaca and/or the Third-Party Providers may discontinue or modify the Content, or any portion thereof, at any time. You release and agree to indemnify and hold harmless Alpaca, and the Third-Party Providers, for any loss or damages arising from or relating to such discontinuation or modification.

Communications

By using the Service or the Content, you consent to any form of recording and retention of any communication, information and data exchanged between you and Alpaca or its representatives or agents.

All communications made at or through the Forums are public. Neither Alpaca nor the Third-Party Providers screen, review, approve or endorse any Third Party Content available on or through the Forums.

Reliance on any Third Party Content available on or through the Forums is at your own risk. When discussing a particular company, stock or security in the Forums, you agree to reveal any ownership interest in such company, stock or security. Without limitation, you agree not to do any of the following:

  • upload, post, transmit or otherwise make available any Content that is unlawful, harmful, threatening, abusive, harassing, tortuous, defamatory, vulgar, obscene, libelous, invasive of another’s privacy (including, but not limited to, any address, email, phone number, or any other contact information without the written consent of the owner of such information), hateful, or racially, ethnically or otherwise objectionable;
  • harm minors in any way;
  • impersonate any person or entity, including, but not limited to, (i) an Alpaca or Third-Party Provider manager, employee, agent, or representative or (ii) forum leader, guide or host;
  • falsely state or otherwise misrepresent your affiliation with any person or entity;
  • forge headers or otherwise manipulate identifiers in order to disguise the origin of any material;
  • upload, post or otherwise transmit any material that you do not have a right to transmit under any law or under contractual or fiduciary relationships (such as inside information, proprietary and confidential information learned or disclosed as part of employment relationships or under nondisclosure agreements);
  • upload, post or otherwise transmit any material that infringes any patent, trademark, trade secret, copyright, rights of privacy or publicity, or other proprietary rights of any party;
  • upload, post, or transmit unsolicited commercial email or “SPAM,” including, but not limited to, unethical marketing, advertising, or any other practice that is in any way connected with SPAM, such as: (1) sending mass email to recipients who haven’t requested email from you or with a fake return address; (2) promoting a site with inappropriate links, titles, or descriptions; or (3) promoting any site by posting multiple submissions in forums that are identical;
  • upload, post or otherwise transmit any material that contains software viruses or any other computer code, files or programs designed to interrupt, destroy or limit the functionality of any computer software or hardware or telecommunications equipment;
  • interfere with or disrupt the Service or servers or networks connected to the Service, or disobey any requirements, procedures, policies or regulations of networks connected to the Service;
  • intentionally or unintentionally violate any applicable local, state, national or international law, including, but not limited to, regulations promulgated by the U.S. Securities and Exchange Commission, any rules of any national or other securities exchange, and any regulations having the force of law;
  • “stalk” or otherwise harass another;
  • collect or store personal data about other users of the Service;
  • promote or provide instructional information about illegal activities, promote physical harm or injury against any group or individual, or promote any act of cruelty;
  • promote, offer for sale or sell any security or item, good or service that i) violates any applicable federal, state, or local law or regulation, ii) you do not have full power and authority under all relevant laws and regulations to offer and sell, including all necessary licenses and authorizations, or iii) Alpaca or the Third Party Providers determine, in their sole discretion, is inappropriate for sale;
  • use the Forums as a forwarding service to another website; or
  • access or otherwise use the Forums in any unlawful manner, for any unlawful purpose or in violation of these Terms and Conditions.

External Links

Alpaca and/or the Third-Party Providers may provide links to other websites or resources. Because neither Alpaca or the Third-Party Providers have any control over such sites and resources, you acknowledge and agree that neither Alpaca nor the Third Party Providers are responsible for the availability of such external sites or resources. Alpaca and the Third Party Providers do not endorse and are not liable for any content, advertising, products, or other materials on or available through such sites or resources. You further acknowledge and agree that neither Alpaca nor the Third Party Providers shall be responsible or liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with use of or reliance on any such content, goods or services available on or through any such site or resource.

Applicable Policies

In addition to these Terms and Conditions, your access to and use of the Content and the Service is subject to Alpaca’s then-current policies relating to the Content and the Service, including, without limitation, the Alpaca Privacy Policy available on the Service. You agree to be bound by these policies and all other Alpaca policies applicable to the access and use of the Content and the Service.

By using the Service, you are consenting to have your personal data transferred to and processed by Alpaca and its affiliates. As part of providing you the Service, Alpaca may need to provide you with certain communications, such as service announcements and administrative messages. These communications are considered part of the Service, which you may not be able to opt-out from receiving.

Indemnification

You will indemnify and hold harmless Alpaca and the Third Party Providers, and the officers, directors, agents, partners, employees, licensors, distributors, and representatives of Alpaca and the Third Party Providers, from and against any and all claims, demands, actions, causes of action, suits, proceedings, losses, damages, costs, and expenses, including reasonable attorneys’ fees, arising from or relating to your access and/or use of, or interaction with the Content (including, without limitation, Third Party Content), or any act, error, or omission of your use of your account or any user of your account, in connection therewith, including, but not limited to, matters relating to incorrect, incomplete, or misleading information; libel; invasion of privacy; infringement of a copyright, trade name, trademark, service mark, or other intellectual property; any defective product or any injury or damage to person or property caused by any products sold or otherwise distributed through or in connection with the Service; or violation of any applicable law.

Revisions

Alpaca may at any time revise these Terms and Conditions by updating this document and making it available to you through the Services. You agree to be bound by subsequent revisions and agree to review these Terms and Conditions periodically for changes. The most updated version of this document will be available for your review under the “Alpaca Terms and Conditions” link that appears on the Alpaca website and mobile application.

Applicable Law and Venue; Severability

You agree that these Terms and Conditions shall be governed by and interpreted in accordance with the laws of the State of California, without giving effect to principles of conflicts of law. Any legal action or proceeding arising under these Terms and Conditions will be brought exclusively in courts located in San Mateo County, California, and you hereby irrevocably consent to the personal jurisdiction and venue therein. If any provision of these Terms and Conditions is deemed unlawful, void or for any reason unenforceable, then that provision will be deemed severable from these Terms and Conditions and will not affect the validity and enforceability of the remaining provisions.

Alpaca Customer Agreement

In consideration of Alpaca Securities LLC (“Alpaca”) and its agents and assigns (collectively “You” and/or “Your”) opening one or more accounts (“My Account(s)” or the “Account(s)”) on my behalf, I represent and agree with respect to all Accounts, to the terms set forth below (the “Agreement”). When used in this Agreement, the words “I”, “Me”, “My”, “Mine”, “We” and/or “Us” mean the owner(s) of the Account. When used in the Agreement, the word “federal” means the United States of America.

I UNDERSTAND THAT THE TERMS AND CONDITIONS OF THIS AGREEMENT GOVERN ALL ASPECTS OF MY RELATIONSHIP WITH YOU REGARDING MY ACCOUNTS. I WILL CAREFULLY READ, UNDERSTAND AND ACCEPT THE TERMS AND CONDITIONS OF THIS AGREEMENT BEFORE I SIGN THE APPLICATION OR OTHER SIMILARLY WORDED SIGNATURE AREAS. IF I HAVE ANY QUESTIONS ABOUT ANY OF THE PROVISIONS IN THIS AGREEMENT, I WILL EMAIL AT COMPLIANCE@ALPACA.MARKETS OR CALL ALPACA AT 01- 650-489-2017. I UNDERSTAND THAT ELECTRONICALLY SIGNING THE APPLICATION, IT IS THE LEGAL EQUIVALENT OF MY MANUALLY SIGNING THIS AGREEMENT AND I WILL BE LEGALLY BOUND BY ITS TERMS AND CONDITIONS. BY ENTERING INTO THIS AGREEMENT, I ACKNOWLEDGE RECEIPT OF THE ALPACA PRIVACY STATEMENT. I UNDERSTAND THAT THIS AGREEMENT MAY BE AMENDED FROM TIME TO TIME BY ALPACA, WITH REVISED TERMS POSTED ON THE ALPACA WEBSITE. I AGREE TO CHECK FOR UPDATES TO THIS AGREEMENT. I UNDERSTAND THAT BY CONTINUING TO MAINTAIN MY SECURITIES BROKERAGE ACCOUNT WITHOUT OBJECTING TO ANY REVISED TERMS OF THIS AGREEMENT, I AM ACCEPTING THE TERMS OF THE REVISED AGREEMENT AND I WILL BE LEGALLY BOUND BY ITS TERMS AND CONDITIONS. IF I REQUEST OTHER SERVICES PROVIDED BY ALPACA THAT REQUIRE ME TO AGREE TO SPECIFIC TERMS AND CONDITIONS ELECTRONICALLY (THROUGH CLICKS OR OTHER ACTIONS) OR OTHERWISE, SUCH TERMS AND CONDITIONS WILL BE DEEMED AN AMENDMENT AND WILL BE INCORPORATED INTO AND MADE PART OF THIS AGREEMENT. I ALSO UNDERSTAND THAT BY ELECTRONICALLY SIGNING THE APPLICATION, I HAVE ACKNOWLEDGED THAT THIS AGREEMENT CONTAINS A PREDISPUTE ARBITRATION CLAUSE IN SECTION 28 HEREIN.

1. Capacity and Status

If an individual, I am of legal age under the laws of the jurisdiction where I reside and authorized to enter into this Agreement. If an entity, I am duly formed, validly existing and in good standing in My jurisdiction of organization, have full power and authority to enter and perform this Agreement, and the persons signing the account application are fully authorized to act on My behalf. No person, except Myself (or any person named in a separate agreement or joint account), has any interest in the Account opened pursuant to this Agreement. I acknowledge that unless You receive written objection from Me, You may provide My name, address, and securities positions to requesting companies in which I hold securities. Except as otherwise disclosed to You in writing, neither I nor any member of My immediate family is an employee of any exchange, any corporation of which any exchange owns a majority of the capital stock, a member of any exchange or self-regulatory organization, a member of any firm or member corporation registered on any exchange, a bank, trust company, insurance company or any corporation, firm or individual engaged in the business of dealing either as a broker-dealer or as principal in securities. I understand and agree that I am obligated to promptly notify You in writing if I or a member of My immediate family becomes registered or employed in any of the above-described capacities. I further agree to promptly notify You in writing if I am now or if I become: (i) registered or qualified with the Financial Industry Regulatory Authority, Inc. (“FINRA”), the SEC, the Commodities Futures Trading Commission, any state securities agency, any securities exchange or association, or any commodities or futures contract market or association; (ii) an “investment adviser” as that term is defined in Section 201(11) of the Investment Advisers Act of 1940 (whether or not registered or qualified under that act); (iii) employed by a bank or other organization exempt from registration under federal and state securities laws to perform functions that would require Me to be so registered or qualified if I were to perform such functions for an organization not so exempt; or (iv) an officer, director or 10% stockholder of any publicly traded company.

2. Authorization

I understand that My brokerage account is self-directed. Accordingly, I appoint You as My agent for the purpose of carrying out My directions to You in accordance with the terms and conditions of this Agreement and any attendant risks with respect to the purchase or sale of securities. You are authorized to open or close My Accounts, place and withdraw orders and take such other steps as are reasonable to carry out My directions. All transactions will be effected only on My order or the order of My authorized delegate, except as described in Section 9. I understand Alpaca provides trading and brokerage services through the Alpaca website (the “Website”), the Alpaca mobile application (the “App”), and the Application Programming Interface (the “API”). I agree to receive and transmit financial information through such electronic means. My use or My grant of access to My Account to any third party to access information or place transactions in My Account is solely at My risk.

3. Customer Representations and Responsibilities

a. Self-directed Account.

I understand that My Account is self-directed, I am solely responsible for any and all orders placed in My Account and all orders entered by me or on My behalf are unsolicited and based on My own investment decisions or the investment decision of My duly authorized representative or agent. Accordingly, I agree that neither You nor any of Your employees, agents, principals or representatives:

i. provide investment advice in connection with this Account;

ii. recommend any security, transaction or order; solicit orders; act as a market maker in any security;

iii. make discretionary trades; and

iv. produce or provide research

b. Research Materials

To the extent research materials or similar information is available through the App or the Website or the web sites of any of its affiliates, I understand that these materials are intended for informational and educational purposes only and they do not constitute a recommendation to enter into any securities transactions or to engage in any investment strategies.

с. Information Accuracy

i. I certify that the information contained in this Agreement, the account application, and any other document that I furnish to You in connection with My Account(s) is complete, true and correct, and acknowledge that knowingly giving false information for the purpose of inducing You to extend credit is a federal crime;

ii. I authorize You to contact any individual or firm noted herein or on the documents referred to in subsection (i) of this Section and any other normal sources of debit or credit information;

iii. I authorize anyone so contacted to furnish such information to You as You may request; and

iv. I agree that this Agreement, the account application and any other document I furnish in connection with My Account is Your property, as the case may be. I shall promptly advise You of any changes to the information in such agreements and documents in writing within 10 calendar days. I authorize You to obtain reports and provide information to others concerning My creditworthiness and business conduct. Upon My request, You agree to provide Me a copy of any report so obtained. You may retain this Agreement, the Account application, and all other such documents and their respective records at Your sole discretion, whether or not credit is extended.

4. Risks

I understand that all investments involve risk, that losses may exceed the principal invested, and that the past performance of a security, industry, sector, market, or financial product does not guarantee future results or returns.

5. Account Defaults

I understand that My Account comes with many defaulted service instruction features and preferences. I further understand that I am not required to use these defaulted options or preferences and that once My Account is approved and opened I have the sole discretion to control and adjust such defaulted service preferences that relate to my account.

6. Knowledge of Account

I understand that I am solely responsible for knowing the rights and terms for all securities purchased, sold and maintained in My Account including, but not limited to, mergers, reorganizations, stock splits, name changes and/or symbol changes, and dividends. I further understand that certain securities may grant Me valuable rights that may expire unless I take specific action. These securities include bonds, convertible securities, warrants, stock rights and securities subject to exchange offers or tenders. I am responsible for knowing all expiration dates, redemption dates, and the circumstances under which rights associated with My securities may be called, cancelled, or modified. You may, but are not obligated to, notify Me of any upcoming expiration or redemption dates, or take any action on My behalf without My specific instructions except as required by law and the rules of regulatory authorities.

7. Purchases

All orders for the purchase of securities given for My Account will be authorized by Me and executed in reliance on My promise that an actual purchase is intended. It is My obligation to pay for purchases immediately or on Alpaca’s demand. I understand Alpaca may at any time, in its sole discretion and without prior notice to Me, prohibit or restrict My ability to trade securities. I further agree not to allow any person to trade for My Account unless a trading authorization for that person has been received and approved by Alpaca. You reserve the right to require full payment in cleared funds prior to the acceptance of any order. In the event that I fail to provide sufficient funds, You may, at Your option and without notice to Me, i) charge a reasonable rate of interest, ii) liquidate the Property subject of the buy order, or iii) sell other Property owned by Me and held in any of My Accounts. You may also charge any consequential loss to My Account. For purposes of this Agreement, “Property” shall mean all monies, contracts, and all related distributions, proceeds, products and accessions. This includes all such Property held, maintained or carried by Electronic Transaction Clearing, Inc. in any manner for Me

8. Sales/Short Sales

I promise to deliver all securities sold in My Account and to provide collateral of a type and amount acceptable to Alpaca for all short sales in My Account. Alpaca requires that a security be held in an account prior to the acceptance of a sell order with respect to such security unless the order is specifically designated as a “short sale.” If a security is not held in My Account and a sell order is processed, I must promptly deliver such security to Alpaca for receipt in good deliverable form on or before the settlement date. Any order accepted without negotiable certificates or positions in My Account will be subject, at Alpaca’s sole discretion, to cancellation or buy-in. To ensure this will not occur, I agree to only place sell orders for securities owned by Me and held in My Account at the time My order is placed. Proceeds of a sale will not be paid to me or released into My Account until Alpaca has received the security in good deliverable form, whether from a transfer agent or from Me and the settlement of the security is complete. If the security is not received on or before settlement date, or as market conditions warrant, Alpaca may in its sole discretion purchase the security on the open market for My Account and may liquidate and close out any and all securities in My Account in order to pay for such purchase. In the event a security is bought in, I will be responsible for all resulting Losses incurred by Alpaca. I understand that I may execute short sales only in a Margin Account (See Margin Agreement and Margin Disclosure Statement for more information) and that such execution must comply with applicable short sales rules.

9. Assistance by Alpaca

I understand that when I request assistance from Your employees in using the investment tools available on the Website, the App, or API, it will be limited to an explanation of the tool’s functionality and, if requested by Me, to the entry by Your employees of variables provided by Me, and that such assistance does not constitute investment advice, an opinion with respect to the suitability of any transaction, or solicitation of any orders.

10. No Tax or Legal Advice

I understand that Alpaca does not provide tax or legal advice and that You may discontinue this service for My Account immediately by providing written notice to Me.

11. Electronic Access

a. I am solely responsible for keeping My Account numbers and PINs confidential. “PINs” shall mean My username and password.

b. I agree and accept full responsibility for monitoring and safeguarding My Accounts and access to My Accounts.

c. In the event that I wish to grant a third-party power and authority over my account, I will complete a Limited Power of Attorney and Hold Harmless Agreement (“POA”) and submit the executed POA to You. I understand and acknowledge that by executing and submitting a POA to You that I will be subject to the terms and conditions of such POA, and that the POA shall supplement the terms of this Agreement.

d. Granting a third-party access to My Accounts does not in any way mitigate my responsibility for monitoring for loss, theft, or unauthorized access to My Accounts.

e. I agree to immediately notify You in writing, delivered via e-mail and a recognized international delivery service, if I become aware of:

i. any loss, theft, or unauthorized use of My PINs or Account numbers;

ii. any failure by Me to receive any communication from You indicating that an order was received, executed or cancelled, as applicable;

iii. any failure by Me to receive an accurate written confirmation of an execution;

iv. any receipt by Me of confirmation of an order, execution or cancellation, which I did not place;

v. any inaccurate information in or relating to My Account balances, deposits, withdrawals, securities positions or transaction history; or

vi. any other unauthorized use or access of My Account.

vii. Each of the events described in subsections 3(k)(iii)(1-6) shall be deemed a “Potential Fraudulent Event”.

The use and storage of any information including, without limitation, My Account numbers, PINs, portfolio information, transaction activity, account balances and any other information or orders available on My wireless, web-enabled cellular telephone or similar wireless communications device (collectively, “Mobile Device”) or My personal computer is at My own risk and is My sole responsibility. I represent that I am solely responsible for and have authorized any orders or instructions appearing in, originating from, or associated with My Account, My Account number, and PINs. I agree to notify You immediately after I discover any Potential Fraudulent Event, but in no event more than twenty-four (24) hours following discovery. Upon request by You, I agree to report any Potential Fraudulent Event promptly to legal authorities and provide You a copy of any report prepared by such legal authorities. I agree to cooperate fully with the legal authorities and You in any investigation of any Potential Fraudulent Event and I will complete any required affidavits promptly, accurately and thoroughly. I also agree to allow You access to My Mobile Device, My computer, and My network in connection with Your investigation of any Potential Fraudulent Event. I understand that if I fail to do any of these things I may encounter delays in regaining access to the funds in My Account. I agree to indemnify and hold You and Your parent company and affiliates harmless from and against any losses arising out of or relating to any Potential Fraudulent Event.

12. Clearance of Trades

I understand that You have entered into a clearing agreement with Electronic Transaction Clearing, Inc. (“ETC”) whereby You will introduce My Account to ETC, and ETC will clear all transactions, on a fully-disclosed basis. I understand that ETC carries My Account (s) and is responsible for the clearing and bookkeeping of transactions, but is not otherwise responsible for the conduct of Alpaca. Until receipt from Me of written notice to the contrary, ETC may accept from Alpaca, without inquiry or investigation, (i) orders for the purchase or sale of securities and other property on margin, if I have elected to have a margin account, or otherwise, and (ii) any other instructions concerning said accounts. ETC shall look solely to Alpaca unless otherwise directed by Alpaca, and not to Me with respect to any such orders or instructions; except that I understand that ETC will deliver electronically confirmations, statements, and all written or other notices with respect to My Account directly to Me with copies to Alpaca, and that ETC will look directly to Me or Alpaca for delivery of margin, payment, or securities. I agree to hold ETC harmless from and against any losses, costs or expenses arising in connection with the delivery or receipt of any such communication(s), provided ETC has acted in accordance with the above. The foregoing shall be effective as to My Account until written notice to the contrary is received from Me by ETC or Alpaca

13. Review of Confirmations and Statements.

I agree that it is My responsibility to review order execution confirmations and statements of My Account promptly upon receipt. I agree to receive all confirmations and account statements, as well as all tax related documents, in electronic format. I understand that account statements will evidence all activity in My Account for the stated period, including securities transactions, cash balances, credits to My Account and all fees paid from My Account. These documents will be considered binding on Me unless I notify You of any objections within two (2) days from the date confirmations are sent and within ten (10) days after My Account statements are posted online. Such objection may be oral or in writing, but any oral objection must be immediately confirmed in writing. In all cases, You reserve the right to determine the validity of My objection. If I object to a transaction for any reason, I understand and agree that I am obligated to take action to limit any losses that may result from such transaction or I will bear sole responsibility for any losses relating to the transaction, even if My objection to the transaction is ultimately determined to be valid. Nothing in this Section 5 shall limit My responsibilities as described in Section 3 of this Agreement.

14. Important Information Needed to Open a New Account

To help the government better detect the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. Therefore, I understand that when I open My Account You will ask for My name, address, date of birth and other identifying information. You may also ask copies of My driver’s license, passport or other identifying documents. I understand that You may take steps to verify the accuracy of the information I provide to You in My Account application or otherwise, and that you may restrict My access to My Account pending such verification. I will provide prompt notification to You of any changes in the information including, but not limited to, My name, address, e-mail address and telephone number.

15. SIPC and Other Insurance Coverage

I understand that Alpaca is a member of the Securities Investor Protection Corporation (“SIPC”), which provides protection for accounts up to $500,000 (including $250,000 for claims of cash) per client as defined by SIPC rules. An explanatory brochure is available upon request via telephone at (202) 371-8300 or at www.sipc.org.

16. Telephone Conversations and Electronic Communications

I understand and agree that You may record and monitor any telephone or electronic communications with Me. Unless otherwise agreed in writing in advance, You do not consent to the recording of telephone conversations by any third party or Me. I acknowledge and understand that not all telephone or electronic communications are recorded by You, and You do not guarantee that recordings of any particular telephone or electronic communications will be retained or capable of being retrieved

17. Oral Authorization

I agree that You shall be entitled to act upon any oral instructions given by Me so long as You reasonably believe such instruction was actually given by Me or my authorized agent

18. Applicable Laws and Regulations

All transactions in My Account will be subject to federal securities laws and regulations, the applicable laws and regulations of any state or jurisdiction in which Alpaca is registered, the rules of any applicable self-regulatory organization of which Alpaca is a member and the rules, regulations, customs and usages of the exchange or market, and its clearing house, if any, where the transactions are executed. In no event will Alpaca be obligated to effect any transaction it believes would violate any federal or state law, rule or regulation or the rules or regulations of any regulatory or self-regulatory organization

19. Distributions

In the event that I sell a security prior to its ex-dividend/distribution date, and I receive the related cash/stock dividend or distribution in error, I direct You on My behalf to pay such dividend/distribution to the entitled purchaser of the securities I sold, and I guarantee to promptly reimburse You for, or deliver to You, said dividend or distribution

20. Market Volatility; Market Orders; Limit Orders; and Queued Orders.

I understand that, whether I place a market or limit order, I will receive the price at which my order is executed in the marketplace. Particularly during periods of high volume, illiquidity, fast movement or volatility in the marketplace, the execution price received may differ from the quote provided on entry of an order, and I may receive partial executions of an order at different prices. I understand that Alpaca is not liable for any price fluctuations. I also understand that price quotes generally are for only a small number of shares as specified by the marketplace, and larger orders are relatively more likely to receive executions at prices that vary from the quotes or in multiple lots at different prices.

I understand that securities may open for trading at prices substantially higher or lower than the previous closing price or the anticipated price. If I place a market order (whether during normal market hours or when the market is closed), I agree to pay or receive the prevailing market price at the time My market order is executed, subject to the specific clarification above relating to buy orders. I understand that the price I pay may be significantly higher or lower than anticipated at the time I placed the order. To avoid buying a security at a higher price and possibly exceeding My purchasing power, I understand My option to enter a limit order. I also understand that limit orders may not be executed at any particular time, or at all if there is not sufficient trading at or better than the limit price I specify, and are only good until the end of the trading day in which they are entered. The Website contains further information regarding order types and limitations, which I agree to read and understand before placing such orders.

As a customer of Alpaca, I understand that orders submitted after regular trading hours that have not been elected to be eligible for execution during the extended hours trading session will be queued and routed to a market maker the following morning prior to the regular trading open. The order will then be eligible for execution during regular trading hours. “Extended hours trading” means trading outside of “regular trading hours.” Regular trading hours generally means the time between 9:30 a.m. and 4:00 p.m. Eastern Standard Time.

I understand that my order may fail to be sent to the market due to unforeseen circumstances or technical issues, and that Alpaca is not liable in the event my order fails.

21. Bulletin Board/Pink Sheet Stocks

I understand that, whether I place a market or limit order, I will receive the price at which my order is executed in the marketplace. Particularly during periods of high volume, illiquidity, fast movement or volatility in the marketplace, the execution price received may differ from the quote provided on entry of an order, and I may receive partial executions of an order at different prices. I understand that Alpaca is not liable for any price fluctuations. I also understand that price quotes generally are for only a small number of shares as specified by the marketplace, and larger orders are relatively more likely to receive executions at prices that vary from the quotes or in multiple lots at different prices.

I understand that securities may open for trading at prices substantially higher or lower than the previous closing price or the anticipated price. If I place a market order (whether during normal market hours or when the market is closed), I agree to pay or receive the prevailing market price at the time My market order is executed, subject to the specific clarification above relating to buy orders. I understand that the price I pay may be significantly higher or lower than anticipated at the time I placed the order. To avoid buying a security at a higher price and possibly exceeding My purchasing power, I understand My option to enter a limit order. I also understand that limit orders may not be executed at any particular time, or at all if there is not sufficient trading at or better than the limit price I specify, and are only good until the end of the trading day in which they are entered. The Website contains further information regarding order types and limitations, which I agree to read and understand before placing such orders.

As a customer of Alpaca, I understand that orders submitted after regular trading hours that have not been elected to be eligible for execution during the extended hours trading session will be queued and routed to a market maker the following morning prior to the regular trading open. The order will then be eligible for execution during regular trading hours. “Extended hours trading” means trading outside of “regular trading hours.” Regular trading hours generally means the time between 9:30 a.m. and 4:00 p.m. Eastern Standard Time.

I understand that my order may fail to be sent to the market due to unforeseen circumstances or technical issues, and that Alpaca is not liable in the event my order fails.

22. Margin Trading

Margin trading involves interest charges and risks, including the potential to lose more than deposited or the need to deposit additional collateral in a falling market. Before using margin, customers must determine whether this type of trading strategy is right for them given their specific investment objectives, experience, risk tolerance, and financial situation. For more information please see our Margin Agreement, Margin Disclosure Statement, Day Trading Risk Disclosure, and FINRA Investor Information. These disclosures contain information on our lending policies, interest charges, and the risks associated with margin accounts

23. Use of Market Data and Waiver or Limitation of Liability

I understand that each participating national securities exchange or association asserts a proprietary interest in all of the market data it furnishes to parties that disseminate said data. I understand that neither Alpaca nor any participating national securities exchange or association nor any supplier of market data guarantees the timeliness, sequence, accuracy, completeness, reliability or content of market information, or messages disseminated to or by any party. I understand that neither Alpaca nor any participating national securities exchange or association nor any supplier of market data warrants that the service will be uninterrupted or error-free. I further understand that Polygon.io, LLC provides market data to non-professional Alpaca customers. The terms “non-professional” and “nonprofessional” are defined within both the NASDAQ OMX Global Subscriber Agreement as well as the NYSE Market Data Display Services Agreement, and are incorporated by reference. I agree that My use of the App, the Website, the API, or any other Alpaca service is at My sole risk. I agree not to reproduce, distribute, sell or commercially exploit the market data in any manner without written consent from Alpaca. The 24. 25. Alpaca service is provided on an “as is,” “as available” basis without warranties of any kind, either express or implied, including, without limitation, those of merchantability and fitness for a particular purpose, other than those warranties which are implied by and incapable of exclusion, restriction or modification under the laws applicable to this Agreement.

NEITHER I NOR ANY OTHER PERSON SHALL HOLD ANY DISSEMINATING PARTY LIABLE IN ANY WAY, OR OMISSION FROM, I) ANY SUCH DATA, INFORMATION OR MESSAGE OR II) THE TRANSMISSION OR DELIVERY OF ANY SUCH DATA , INFORMATION OR MESSAGE, OR (B) ANY LOSS OR DAMAGE ARISING FROM OR OCCASIONED BY I) ANY SUCH INACCURACY, ERROR, DELAY OR OMISSION, II) NON- PERFORMANCE OR III) INTERRUPTION IN ANY SUCH DATA, INFORMATION OR MESSAGE, WHETHER DUE TO ANY NEGLIGENT ACT OR OMISSION BY ANY DISSEMINATING PARTY, OR TO ANY “FORCE MAJEURE” (E.G., FLOOD, EXTRAORDINARY WEATHER CONDITIONS, EARTHQUAKE OR OTHER ACT OF GOD, FIRE, WAR, INSURRECTION, RIOT, LABOR DISPUTE, ACCIDENT, ACTION OF GOVERNMENT, OR COMMUNICATIONS OR POWER FAILURE, EQUIPMENT OR SOFTWARE MALFUNCTION) OR OTHER CAUSE BEYOND THE REASONABLE CONTROL OF ANY DISSEMINATING PARTY. NEITHER YOU NOR ANY DISSEMINATING PARTY SHALL BE LIABLE, AND I AGREE TO INDEMNIFY AND HOLD HARMLESS ALPACA AND SUCH DISSEMINATING PARTY, FOR ANY INACCURACY, ERROR OR DELAY IN, OR OMISSION OF, (1) ANY SUCH DATA, INFORMATION OR MESSAGE, OR (2) THE TRANSMISSION OR DELIVERY OF ANY SUCH DATA, INFORMATION OR MESSAGE; OR ANY LOSS OR DAMAGE ARISING FROM OR OCCASIONED BY (A) ANY SUCH INACCURACY, ERROR, DELAY OR OMISSION, (B) NON-PERFORMANCE, OR (C) INTERRUPTION IN ANY SUCH DATA, INFORMATION OR MESSAGE, DUE EITHER TO ANY ACT OR OMISSION BY ALPACA OR ANY DISSEMINATING PARTY OR TO ANY “FORCE MAJEURE” (AS DEFINED ABOVE) OR ANY OTHER CAUSE BEYOND THE REASONABLE CONTROL OF ALPACA OR ANY DISSEMINATING PARTY.

I UNDERSTAND AND AGREE THAT YOU WILL NOT BE LIABLE TO ME OR TO THIRD PARTIES, OR HAVE ANY RESPONSIBILITY WHATSOEVER, FOR ANY SPECIAL, INDIRECT, INCIDENTAL OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS, TRADING LOSSES AND DAMAGES) THAT I MAY INCUR IN CONNECTION WITH MY USE OF THE SERVICE PROVIDED BY YOU UNDER THIS AGREEMENT.

24. Restrictions on Trading

I understand that You may, in Your discretion, prohibit or restrict the trading of securities, or the substitution of securities, in any of My Accounts. I understand that You may execute all orders by Me on any exchange or market, unless I specifically instruct You to the contrary. In the event of a breach or default by Me under this Agreement, You shall have all rights and remedies available to a secured creditor under all applicable laws and in addition to the rights and remedies provided herein. I understand that You may at any time, at Your sole discretion and without prior notice to Me: prohibit or restrict My access to the use of the App or the Website or related services and My ability to trade, You may refuse to accept any of My transactions, You may refuse to execute any of My transactions, and/or You may terminate My Account. The closing of My Account will not affect the rights and/or obligations of either party incurred prior to the date My Account is closed.

Further, You will not tolerate any foul or abusive language, physical violence, threatening behavior, or other inappropriate conduct directed toward Your officers, employees, contractors or customers. If I engage in any such behavior, as determined by You in Your sole discretion, I agree that You are authorized to: (i) liquidate any securities, instruments or other property in My Account, (ii) send Me the proceeds, and (iii) close My account. You will not be responsible for any losses caused by the liquidation of securities, instruments or other property pursuant to this paragraph, including but not limited to any tax liabilities.

25. Disclaimer of Liability; Indemnification

Except as otherwise provided by law, You, ETC or any of Your or ETC’s affiliates shall not be liable for any expenses, losses, damages, liabilities, demands, charges, claims, penalties, fines and excise taxes of any kind or nature (including legal expenses and reasonable attorneys’ fees) (“Losses”) by or with respect to any matters pertaining to My Account, except to the extent that such Losses are actual Losses and are determined by a court of competent jurisdiction or an arbitration panel in a final non-appealable judgment or order to have resulted solely from Your, ETC’s or any of Your or ETC’s affiliates’ gross negligence or wilful misconduct. In addition, I agree that You, ETC and Your or ETC’s affiliates and respective partners, managing directors, officers, directors, employees and agents (collectively, “Indemnified Parties”) shall have no liability for, and I agree to indemnify, defend and hold harmless Indemnified Parties from, all Losses that result from: (i) My or My agent’s misrepresentation or alleged misrepresentation, or act or omission, (ii) Indemnified Parties following My or My agent’s directions or failing to follow My or My agent’s unlawful or unreasonable directions, (iii) any activities or services of the Indemnified Parties in connection with the My Account (including, without limitation, any technology services, reporting, trading, research or capital introduction services), or (iv) the failure by any person not controlled by the Indemnified Parties and their affiliates to perform any obligations to Me.

I consent to the use of automated systems or service bureaus by You and ETC and Your and Electronic Transaction Clearing, Inc.’s affiliates in conjunction with My Account, including, but not limited to, automated order entry and execution, record keeping, reporting and account reconciliation and risk management systems (collectively “Automated Systems”). I understand that the use of Automated Systems entails risks, such as interruption or delays of service, errors or omissions in the information provided, system failure and errors in the design or functioning of such Automated Systems (collectively, a “System Failure”) that could cause substantial damage, expense or liability to Me. I understand and agree that Indemnified Parties will have no liability whatsoever for any claim, loss, cost, expense, damage or liability of Me arising out of or relating to a System Failure.

I also agree that Indemnified Parties will have no responsibility or liability to Me in connection with the performance or non-performance by any Exchange, clearing organization, or other third party (including, without limitation, other clearing firms, banks and International Executing Brokers as defined infra) or any of their respective agents or affiliates, of its or their obligations relative to any Securities. I agree that Indemnified Parties will have no liability, to Me or to third parties, or responsibility whatsoever for: (i) any Losses resulting from a cause over which Indemnified Parties do not have direct control, including but not limited to the failure of mechanical equipment, unauthorized access, theft, operator errors, government restrictions, force majeure (as defined in Section 15), Exchange rulings or suspension of trading; and (ii) any special, indirect, incidental, consequential, punitive or exemplary damages (including lost profits, trading losses and damages) that I may incur in connection with My use of the brokerage and other services provided by Indemnified Parties under this Agreement. Further, if I authorize or allow third parties to gain access to Your services, including My Accounts, I will defend and indemnify You against any Losses arising out of claims or suits by such third parties based upon or relating to such access and use. Alpaca does not warrant against loss of use or any direct, indirect or consequential damages or losses to Me caused by My assent, expressed or implied, to a third party accessing My Account or information, including access provided through any other third party systems or sites.

26. Mutual Fund Transactions

In the event that I purchase or hold a mutual fund, I agree to read and understand the terms of its prospectus. I understand that certain mutual funds reserve the right to change their purchasing, switching or redemption procedures and/or suspend or postpone redemptions under certain market conditions. I further understand that any mutual fund order entered with You is placed by You on a best efforts basis as prescribed and recognized by the individual fund, and that You are not responsible for unexecuted orders due to the failure of any communication system. I agree to be fully responsible for the information contained within the mutual fund prospectus and to hold You harmless for any deficiencies contained therein. I authorize You to act as My agent in the purchase and redemption of fund shares

27. Exchange Traded Funds

Investors should consider the investment objectives and unique risk profile of Exchange Traded Funds (ETFs) carefully before investing. ETFs are subject to risks similar to those of other diversified portfolios. Leveraged and Inverse ETFs may not be suitable for all investors and may increase exposure to volatility through the use of leverage, short sales of securities, derivatives and other complex investment strategies. Although ETFs are designed to provide investment results that generally correspond to the performance of their respective underlying indices, they may not be able to exactly replicate the performance of the indices because of expenses and other factors. A prospectus contains this and other information about the ETF and should be read carefully before investing. Customers should obtain prospectuses from issuers and/or their third party agents who distribute and make prospectuses available for review. ETFs are required to distribute portfolio gains to shareholders at year end. These gains may be generated by portfolio rebalancing or the need to meet diversification requirements. ETF trading will also generate tax consequences. Additional regulatory guidance on Exchange Traded Products can be found by clicking here.

28. Effect of Attachment or Sequestration of Accounts

You shall not be liable for refusing to obey any orders given by or for Me with respect to any of My Accounts that has or have been subject to an attachment or sequestration in any legal proceeding against Me, and You shall be under no obligation to contest the validity of any such attachment or sequestration.

29. Event of Death

It is agreed that in the event of My death or the death of one of the joint account holders, the representative of My estate or the survivor or survivors shall immediately give You written notice thereof, and You may, before or after receiving such notice, take such proceedings, require such papers and inheritance or estate tax waivers, retain such portion of and/or restrict transactions in the Account as You may deem advisable to protect You against any tax, liability, penalty or loss under any present or future laws or otherwise. Notwithstanding the above, in the event of My death or the death of one of the joint account holders, all open orders shall be cancelled, but You shall not be responsible for any action taken on such orders prior to the actual receipt of notice of death. Further, You may in Your discretion close out any or all of the Accounts without awaiting the appointment of a personal representative for My estate and without demand upon or notice to any such personal representative. The estate of any of the account holders who have died shall be liable and each survivor shall continue to be liable, jointly and severally, to You for any net debit balance or loss in said account in any way resulting from the completion of transactions initiated prior to the receipt by You of the written notice of the death of the decedent or incurred in the liquidation of the Account or the adjustment of the interests of the respective parties. Such notice shall not affect Your rights under this Agreement to take any action that You could have taken if I had not died

30. Tax Reporting; Tax Withholding

The proceeds of sale transactions and dividends paid will be reported to the Internal Revenue Service in accordance with applicable law.

a. U.S. Persons.

This section is applicable if I am a U.S. person. Under penalties of perjury, I certify that the taxpayer identification number that I have provided or will provide to You (including, without limitation, any taxpayer identification number on any Form W-9 that I have provided or will provide to You) is My correct taxpayer identification number. I certify that I am not subject to backup withholding and I am a U.S. Person (including a U.S. resident alien). If a correct Taxpayer Identification Number is not provided Alpaca, I understand I may be subject to backup withholding tax at the appropriate rate on all dividends, interest and gross proceeds paid to me. Backup withholding taxes are sent to the IRS and cannot be refunded by Alpaca. I further understand that if I waive tax withholding and fail to pay sufficient estimated taxes to the IRS, I may be subject to tax penalties

b. Non-U.S. Persons.

This section is applicable if I am not a U.S. person. I certify that I fully understand all the information on any Form W-8BEN that I have submitted or will submit to You. Under penalties of perjury, I declare that (i) I have examined all the information (including, without limitation, all the information in the English language) on any Form W-8BEN that I have submitted or will submit to You and (ii) to the best of my knowledge and belief all such information is true, correct, and complete. I authorize You to provide any such Form W-8BEN to ETC or any withholding agent that has control, receipt, or custody of the income of which I am the beneficial owner or any withholding agent that can disburse or make payments of the income of which I am the beneficial owner. I agree that I will submit a new Form W-8BEN to You within 30 days if any certification made on any previously submitted Form W-8BEN becomes incorrect. I understand that the Internal Revenue Service does not require My consent to any provisions of such Form W-8BEN other than the certifications required to establish My status as a non-U.S. individual and, if applicable, obtain a reduced rate of withholding.

31. Equity Orders and Payment For Order Flow

SEC rules require all registered broker-dealers to disclose their policies regarding any “payment for order flow” arrangement in connection with the routing of customer orders. “Payment for order flow” includes, among other things, any monetary payment, service, property, or other benefit that results in remuneration, compensation, or consideration to a broker-dealer from any broker-dealer in return for directing orders. You transmit customer orders for execution to various exchanges or market centers based on a number of factors. These include: size of order, trading characteristics of the security, favorable execution prices (including the opportunity for price improvement), access to reliable market data, availability of efficient automated transaction processing and reduced execution costs through price concessions from the market centers. Certain of the market centers may execute orders at prices superior to the publicly quoted market in accordance with their rules or practices. While a customer may specify that an order be directed to a particular market center for execution, the order-routing policies, taking into consideration all of the factors listed above, are designed to result in favorable transaction processing for customers. The nature and source of any payments and/or credits received by You in connection with any specific transactions will be furnished upon written request

32. Free Credit Balances

I understand that Alpaca and ETC shall not be obligated to pay interest on any free credit balance in my Account, and without notice, can use any and all free credit balances to the extent necessary to satisfy any debits arising in any of My Accounts. I further understand that Alpaca receives from Electronic Transaction Clearing, Inc., its clearing agent, rebates derived from customer margin debt balances and customer free credit balances

33. Fees and Charges

I understand that there may be charges for certain services provided under this Agreement. Those charges are included in the Alpaca Fee Schedule. I also agree to pay all applicable federal, state and local taxes. I authorize Alpaca to automatically debit My Account for any such charges, fees and taxes. I acknowledge that the prevailing rate of fees may change and that change may occur without notice. I agree to be bound by such changes. I specifically agree to pay a reasonable rate of interest on the principal amount of any debit balance carried with respect to My Account. Interest may be charged against My Account in connection with cash withdrawals, if the proceeds from a security sale are disbursed before the regular settlement date of the sale transaction and late payments. If Alpaca receives My payment for securities purchases in a cash account after the settlement date, I shall be charged a late payment fee plus a daily interest charge on the debit balance until Alpaca is fully paid. Charges will be calculated using a prevailing interest rate. The charges shall accrue until paid and posted to My Account on the day following payment of the debit balance. Interest due on My Account is payable on demand. I also agree to pay such expenses incurred by You in connection with collection of any unpaid balance due on My Accounts including, but not limited to, attorney’s fees allowed by law.

34. ACH Transfers

I authorize Alpaca, at its discretion and without further prior notice, to utilize an electronic check process or Automated Clearing House (“ACH”) facility to draft funds in the amount of any of My checks payable to Alpaca, its agents or assigns. Money deposited via ACH is normally not available for withdrawal for 5 to 10 business days. Within 63 days of the date of My ACH deposit, My funds may only be withdrawn to the bank account from which such funds were deposited. I understand that for the ACH transfers to be established, at least one common name must match exactly between My Alpaca and bank accounts. To send and receive ACHs My bank must be a member of the ACH system. For ACH transactions, I hereby grant You limited power of attorney for purposes of redeeming any shares in My Account if the payment exceeds available free credits and direct You to accept any orders to make payments to an authorized bank account and to fulfill these orders through the redemption of shares in My Account if the payment exceeds available free credits. In addition, if I or any joint account owner decides to rescind an ACH transfer, I hereby direct and grant You power of attorney to redeem any shares necessary to fulfill and make such rescission regardless if I incur any loss.

An ACH bank reversal may occur when (A) there are insufficient funds in My bank account, (B) there is a duplicate transaction, (C) the transaction is denied, or (D) the type of account is incorrect. I acknowledge that in the event of an ACH bank reversal, I will incur a fee. Before making an ACH transfer, I agree to check Alpaca’s most recent Fees Schedule, available upon request. I agree that I am solely liable and responsible for any ACH reversal fees that I incur

35. Electronic Delivery of Trade and Account Information; Notice

All communications, including account statements, trade confirmations, margin calls, notices, disclosures, regulatory communications and other information, documents, data and records regarding My Account, or an alert that such communication has been posted to the secure section of the Website or the App, and is available for viewing, may be sent to Me at the e-mail address that I have given to You in My account application or at such other address as I may hereafter give You in writing or by e-mail at least 10 calendar days prior to delivery, and all communications so sent, whether in writing or otherwise, shall be deemed given to Me personally, whether actually received or not.

36. Arbitration

a. This Agreement contains a pre-dispute arbitration clause. By signing an arbitration agreement, the parties agree as follows

i. All parties to this Agreement are giving up the right to sue each other in court, including the right to a trial by jury, except as provided by the rules of the arbitration forum in which a claim is filed.

ii. Arbitration awards are generally final and binding; a party’s ability to have a court reverse or modify an arbitration award is very limited.

iii. The ability of the parties to obtain documents, witness statements and other discovery is generally more limited in arbitration than in court proceedings.

iv. The arbitrators do not have to explain the reason(s) for their award unless, in an eligible case, a joint request for an explained decision has been submitted by all parties to the panel at least 20 calendar days prior to the first scheduled hearing date.

v. The panel of arbitrators will typically include a minority of arbitrators who were or are affiliated with the securities industry.

vi. The rules of some arbitration forums may impose time limits for bringing a claim in arbitration. In some cases, a claim that is ineligible for arbitration may be brought to court. The rules of the arbitration forum in which the claim is filed, and any amendments thereto, shall be incorporated into this Agreement.

b. Any controversy or claim arising out of or relating to this Agreement shall be settled by arbitration in accordance with the rules of FINRA Dispute Resolution, Inc. (“FINRA DR”). I agree to arbitrate any controversy or claim before FINRA DR in the State of California.

c. This agreement to arbitrate constitutes a waiver of the right to seek a judicial forum unless such a waiver would be void under the federal securities laws. If I am a foreign national, non-resident alien, or if I do not reside in the United States, I agree to waive My right to file an action against You in any foreign venue.

d. No person shall bring a putative or certified class action to arbitration, nor seek to enforce any pre-dispute arbitration agreement against any person who has initiated in court a putative class action; or who is a member of a putative class who has not opted out of the class with respect to any claims encompassed by the putative class action until:

i. the class certification is denied;

ii. the class is decertified; or

iii. the customer is excluded from the class by the court.

e. Such forbearance to enforce an agreement to arbitrate shall not constitute a waiver of any rights under this Agreement except to the extent stated herein.

37. Electronic Signatures and Modifications to the Agreement.

I agree to transact business with You electronically. By electronically signing an application for an account, I acknowledge and agree that such electronic signature is valid evidence of My consent to be legally bound by this Agreement and such subsequent terms as may govern the use of Your services. The use of an electronic version of any document fully satisfies any requirement that the document be provided to Me in writing. I accept notice by electronic means as reasonable and proper notice, for the purpose of any and all laws, rules and regulations. I acknowledge and agree that Alpaca may modify this Agreement from time-to- time and I agree to consult the Website from time-to-time for the most up-to-date Agreement. The electronically stored copy of this Agreement is considered to be the true, complete, valid, authentic and enforceable record of the Agreement, admissible in judicial or administrative proceedings to the same extent as if the documents and records were originally generated and maintained in printed form. I agree to not contest the admissibility or enforceability of Alpaca’s electronically stored copy of the Agreement

a. Consent to Electronic Delivery of Documents. By agreeing to electronic delivery, I am giving My informed consent to electronic delivery of all Account Documents, as defined below, other than those I have specifically requested to be delivered in paper form. “Account Documents” include notices, disclosures, current and future account statements, regulatory communications (such as prospectuses, proxy solicitations, and privacy notices), trade confirmations, and any other information, documents, data, and records regarding My Account and the services (including amendments to this Agreement) delivered or provided to me by Alpaca, the issuers of the securities and/or other property in which I invest, and any other parties. I agree that I can download, save, and/or print any Account Documents I receive via electronic delivery for my records.

b. Electronic Delivery System. I acknowledge that Your primary methods of communication with Me include, without limitation, (A) posting information on the Website, (B) providing information via the App, and (C) sending email(s) to My email address of record, and, to the extent required by law, (D) providing Me with notice(s) that will direct Me to the App or the Website where I can read and print such information. Unless otherwise required by law, You reserve the right to post Account Documents on the Website without providing notice to Me. Further, You reserve the right to send Account Documents to My postal or email address of record, or via the App. I agree that all Account Documents provided to Me in any of the foregoing manner is considered delivered to Me personally when sent or posted by Alpaca, whether I receive it or not.

c. E-mail Notification. All e-mail notifications regarding Account Documents will be sent to My e-mail address of record. I understand that e-mail messages may fail to transmit promptly or properly, including being delivered to SPAM folders. I further understand that it is my sole responsibility to ensure that any emails from Alpaca are not marked as SPAM. Regardless of whether or not I receive an e-mail notification, I agree to check the Website regularly to avoid missing any information, including, without limitation, time- sensitive or otherwise important communication.

d. The Internet is not Secure. I acknowledge that the Internet is not a secure network and agree that I will not send any confidential information, including, without limitation, Account numbers or passwords, in any unencrypted e-mails. I also understand that communications transmitted over the Internet may be accessed by unauthorized or unintended third parties and agree to hold You and Your parent company and affiliates harmless for any such access regardless of the cause.

e. Review of Account Documents. I agree to promptly and carefully review all Account Documents when they are delivered and notify Alpaca in writing within five (5) calendar days of delivery if I object to the information provided. If I fail to object in writing within five (5) calendar days of delivery, Alpaca is entitled to treat such information as accurate and conclusive.

f. Costs. Potential costs associated with electronic delivery of Account Documents may include charges from Internet access providers and telephone companies, and I agree to bear these costs. Alpaca will not charge Me additional online access fees for receiving electronic delivery of Account Documents.

g. Archival. Through the Website, I will have access to an archive of all documents I received via electronic delivery for a period of one (1) year. Upon My request, I may obtain copies of earlier documents for up to six (6) years for account statements, and three (3) years for trade confirmations.

h. Revocation of Consent. Subject to the terms of this Agreement, I may revoke or restrict My consent to electronic delivery of Account Documents at any time by notifying Alpaca in writing of my intention to do so. I also understand that I have the right to request paper delivery of any Account Document that the law requires Alpaca to provide Me in paper form. I understand that if I revoke or restrict My consent to electronic delivery of Account Documents or request paper delivery of same, Alpaca, in its sole discretion, may charge Me a reasonable service fee for the delivery of any Account Document that would otherwise be delivered to Me electronically, restrict or close My account, and/or terminate My access to Alpaca’s services. I understand that neither My revocation or restriction of consent, My request for paper delivery, nor Alpaca’s delivery of paper copies of Account Documents will affect the legal effectiveness or validity of any electronic communication provided while My consent was in effect.

i. Duration of Consent. My consent to receive electronic delivery of Account Documents will be effective immediately and will remain in effect unless and until either I or Alpaca revokes it. I understand that it may take up to three (3) business days to process a revocation of consent to electronic delivery, and that I may receive electronic notifications until such consent is processed.

j. Hardware and Software Requirements. I understand that in order to receive electronic deliveries, I must have access to the Internet, a valid e-mail address, and the ability to download such applications as Alpaca may specify and to which I have access. I also understand that if I wish to download, print, and/or save any information I wish to retain, I must have access to a printer or other device in order to do so.

k. Consent and Representations. I hereby agree that I have carefully read the above information regarding informed consent to electronic delivery and fully understand the implications thereof. Additionally, I hereby agree to all conditions outlined above with respect to electronic delivery of any Account Document. I will maintain a valid e-mail address and continue to have access to the Internet. If my e-mail address changes, I agree to immediately notify Alpaca of my new e-mail address in writing.

38. Miscellaneous Provisions.

The following provisions shall also govern this Agreement:

a. Headings. The heading of each provision hereof is for descriptive purposes only and shall not be (1) deemed to modify or qualify any of the rights or obligations set forth herein or (2) used to construe or interpret any of the provisions hereunder.

b. Binding Effect; Assignment. This Agreement shall bind My heirs, assigns, executors, successors, conservators and administrators. I may not assign this Agreement or any rights or obligations under this Agreement without first obtaining your prior written consent. You may assign, sell or transfer My Account and this Agreement, or any portion thereof, at any time, without My prior consent.

c. Severability. If any provisions or conditions of this Agreement are or become inconsistent with any present or future law, rule or regulation of any applicable government, regulatory or self-regulatory agency or body, or are deemed invalid or unenforceable by any court of competent jurisdiction, such provisions shall be deemed rescinded or modified, to the extent permitted by applicable law, to make this Agreement in compliance with such law, rule or regulation, or to be valid and enforceable, but in all other respects, this Agreement shall continue in full force and effect.

d. Entirety of Agreement. This Agreement, any attachments hereto, other agreements and policies referred to in this Agreement (including, but not limited to, the Website postings), and the terms and conditions contained in My Account statements and confirmations, contain the entire agreement between Alpaca and Me and supersedes all prior or contemporaneous communications and proposals, whether electronic, oral or written, between Alpaca and Me, provided, however, that any and all other agreements between Alpaca and Me, not inconsistent with this Agreement, will remain in full force and effect.

e. Website Postings. I agree and understand that Alpaca may post other specific agreements, disclosures, policies, procedures, terms and conditions that apply to My use of the App, the Website or My Account on the Website. I understand that it is My continuing obligation to understand the terms of such postings, and I agree to be bound by such postings as are in effect at the time of My use.

f. Amendment. You may at any time amend this Agreement without prior notice to Me. The current version of the Agreement will be posted on the Website and My continued Account activity after such amendment constitutes My agreement to be bound by all then in effect amendments to the Agreement, regardless of whether I have actually reviewed them. Continued use of the App, the Website or any other Alpaca services after such posting will constitute My acknowledgment and acceptance of such amendment. I agree to regularly consult the Website for up-to-date information about Alpaca services and any modifications to this Agreement. You are not bound by any verbal statements that seek to amend the Agreement.

g. Termination. You may terminate this Agreement, or close, deactivate or block access to My Account at any time in Your sole discretion. I will remain liable to You for all obligations incurred in My Account or otherwise, whether arising before or after termination. I may terminate this Agreement after paying any obligations owed upon written notice. This Agreement survives termination of My Account.

h. No Waiver; Cumulative Nature of Rights and Remedies. I understand that Your failure to insist at any time upon strict compliance with any term contained in this Agreement, or any delay or failure on Your part to exercise any power or right given to You in this Agreement, or a continued course of such conduct on Your part, shall at no time operate as a waiver of such power or right, nor shall any single or partial exercise preclude any other further exercise. All rights and remedies given to You in this Agreement are cumulative and not exclusive of any other rights or remedies to which You are entitled.

i. Governing Law. This Agreement and all transactions made in My Account shall be governed by the laws of the State of California (regardless of the choice of law rules thereof), except to the extent governed by the federal securities laws, FINRA Rules, and the regulations, customs and usage of the exchanges or market (and its clearing house) on which transactions are executed.

You also acknowledge that the Customer Agreement contains a pre-dispute arbitration clause in section 36 of this Customer Agreement.

Crypto Customer Agreement

In consideration of Alpaca Crypto LLC (“Alpaca Crypto”) and its agents and assigns (collectively, “you” and/or “your”) opening one or more accounts (“My Account(s)” or the “Account(s)”) on my behalf (“My Account(s)” or the “Account(s)”), I represent and agree with respect to all Accounts, to the terms set forth below (the “Agreement”). When used in this Agreement, the words “I”, “me”, “my”, “mine”, “myself”, “We” and/or “Us” mean the owner(s) of the Account. When used in the Agreement, the word “federal” means the United States of America. I also agree to the terms of the Alpaca Terms and Conditions, Alpaca Cryptocurrency Risk Disclosure, and Alpaca Business Continuity Plan Summary, and to the extent that I have indicated that my Account will be opened pursuant to the Uniform Gifts to Minors (“UGMA”) or Uniform Transfers to Minors (“UTMA”) state statutes, Alpaca UGMA/UTMA Disclosure Statement, which are incorporated by reference and constitute part of this Agreement.

I understand that the Alpaca trading platform (the “Platform”) is operated by each of Alpaca Securities LLC and Alpaca Crypto LLC (“Alpaca Crypto”) (each, an “Alpaca Entity”). The Platform is accessible via website (the “Website”) and mobile application (the “App”). I understand that the services offered by Alpaca Securities are governed by separate terms and if I chose to engage with Alpaca Securities, I will enter into the Alpaca Customer Agreement between Myself and Alpaca Securities (the “Alpaca Securities Customer Agreement”). For the avoidance of doubt, I understand that this Agreement solely governs My relationship with Alpaca Crypto as it relates to the services provided under this Agreement.

In addition, I may, in the future, receive from You supplemental disclosures, terms, and agreements that pertain to certain account types, features, or services. References to this Agreement include such supplemental disclosures, terms, and agreements. I agree to read this Agreement and all incorporated disclosures, terms, and agreements carefully and retain copies for My records.

I UNDERSTAND THAT THE TERMS AND CONDITIONS OF THIS AGREEMENT GOVERN ALL ASPECTS OF MY RELATIONSHIP WITH ALPACA CRYPTO REGARDING MY ACCOUNTS. I WILL CAREFULLY READ AND ACCEPT THE TERMS AND CONDITIONS OF THIS AGREEMENT BEFORE I SIGN THE APPLICATION OR OTHER SIMILARLY WORDED SIGNATURE AREAS. IF I HAVE ANY QUESTIONS ABOUT ANY OF THE PROVISIONS IN THIS AGREEMENT, I WILL EMAIL SUPPORT@ALPACA.MARKETS OR CALL ALPACA CRYPTO AT 1-800-570-5178. I UNDERSTAND THAT ELECTRONICALLY SIGNING THE APPLICATION, IT IS THE LEGAL EQUIVALENT OF MY MANUALLY SIGNING THIS AGREEMENT AND I WILL BE LEGALLY BOUND BY ITS TERMS AND CONDITIONS IN THEIR ENTIRETY. BY ENTERING INTO THIS AGREEMENT, I ACKNOWLEDGE RECEIPT OF THE ALPACA PRIVACY STATEMENT. I UNDERSTAND THAT THIS AGREEMENT MAY BE AMENDED FROM TIME TO TIME BY ALPACA, WITH REVISED TERMS POSTED ON THE ALPACA WEBSITE. I AGREE TO CHECK FOR UPDATES TO THIS AGREEMENT. I UNDERSTAND THAT BY LOGGING INTO MY ACCOUNT AND CONTINUING TO MAINTAIN MY ACCOUNT WITHOUT OBJECTING TO ANY REVISED TERMS OF THIS AGREEMENT, I AM ACCEPTING THE TERMS OF THE REVISED AGREEMENT AND I WILL BE LEGALLY BOUND BY ITS TERMS AND CONDITIONS. I UNDERSTAND THAT I SHOULD THEREFORE READ THIS AGREEMENT FROM TIME TO TIME AND THAT MY AFFIRMATIVE ASSENT TO ITS TERMS, AS AMENDED, MAY BE REQUESTED OF ME AS A CONDITION OF LOGGING INTO MY ACCOUNT. I UNDERSTAND THAT IF I DO NOT AGREE TO BE LEGALLY BOUND BY THIS AGREEMENT AND ALL OF ITS TERMS AND CONDITIONS (AS AMENDED FROM TIME TO TIME), I SHOULD NOT LOG INTO MY ACCOUNT. IF I REQUEST OTHER SERVICES PROVIDED BY ALPACA THAT REQUIRE ME TO AGREE TO SPECIFIC TERMS AND CONDITIONS ELECTRONICALLY (THROUGH CLICKS OR OTHER ACTIONS) OR OTHERWISE, SUCH TERMS AND CONDITIONS WILL BE DEEMED AN AMENDMENT AND WILL BE INCORPORATED INTO AND MADE PART OF THIS AGREEMENT. THE TRADING OF CRYPTOCURRENCY INVOLVES SIGNIFICANT RISK. BY ENTERING INTO THIS CUSTOMER AGREEMENT, I ACKNOWLEDGE RECEIPT OF THE ALPACA CRYPTOCURRENCY RISK DISCLOSURE.

1. Capacity and Status

a. If an individual, I am of legal age under the laws of the jurisdiction where I reside and authorized to enter into this Agreement. Alpaca Crypto reserves the right to assess or reassess at any time my eligibility to maintain My Account and utilize the Platform. If an entity, I am duly formed, validly existing and in good standing in My jurisdiction of organization, have full power and authority to enter and perform this Agreement, and the persons signing the Agreement are fully authorized to act on My behalf. No person, except Myself (or any person named in a separate agreement or joint account), has any interest in the Account opened pursuant to this Agreement. Without limiting the foregoing, by accessing the Platform and utilizing the Services, I acknowledge and understand that laws regarding financial instruments, which sometimes include Cryptocurrency (as defined below), may vary from state to state, and it is My obligation alone to ensure that I fully comply with any law, regulation or directive, relevant to My state of residency with regard to the use of the Platform and the Services. For the avoidance of doubt, the ability to open an Account and access the Platform does not necessarily mean that My activities in connection therewith are legal under the laws, regulations or directives relevant to My state of residency. “Cryptocurrency” means any digital asset or digital currency that is available for trading or custody through the Platform.

b. Non-Domestic Customer. Alpaca Crypto makes its services available to persons and businesses in countries where it is not otherwise prohibited. Alpaca Crypto does not solicit any non-domestic persons or businesses. If I am a non-domestic person or business, I must explicitly acknowledge and confirm that I have not been solicited by Alpaca Crypto prior to becoming a customer of Alpaca Crypto (a “Non-Domestic Customer”). To the extent that I am a Non-Domestic Customer, I understand and acknowledge that You also may conduct more extensive due diligence and require additional identity documentation for Non-Domestic Customers. All Non-Domestic Customers must complete and provide to Alpaca Crypto an appropriate Form W-8 and its certification. In order for a Non-Domestic Customer to keep an account open, a Non-Domestic Customer must keep an appropriate Form W-8 current and no less than every 36 months, re-certify that the information on the appropriate Form W-8 is correct and accurate. I acknowledge and understand that any failure to satisfy the aforementioned obligations may, at Alpaca Crypto’s sole discretion, result in the restriction and/or termination of My Account.

c. I understand that if I attempt to access My Account from a jurisdiction subject to certain U.S. sanctions, or from a jurisdiction where Alpaca Crypto is not authorized to provide the services hereunder, or if I am ordinarily resident in such a jurisdiction, or if Alpaca Crypto reasonably believes that I am attempting such access, or have become a resident in such a jurisdiction, You may restrict the Account, and any pending orders may be cancelled. If this happens, I understand that I should contact support@alpaca.markets and that I may be asked to provide supplemental information as part of this process. I further understand that I must close all Accounts before establishing residency in any jurisdiction subject to U.S. sanctions or where Alpaca Crypto is not authorized to provide the services to Me.

2. My Representation and Warranties

I represent and warrant that:

a. The Account is not maintained by a current or former Politically Exposed Person or Public Official (includes U.S. and Foreign Individuals).

b. This Account is not maintained by a Foreign Financial Institution as defined by Title 30 of the Code of Financial Institution as defined by Title 30 of the Code of Federal Regulations.

c. This Account is not a Foreign Bank organized under foreign law and located outside of the United States as defined by Title 31 of the Code of Federal Regulations.

d. I have carefully reviewed, understand and agree to the terms and provisions of the following; Alpaca Terms and Conditions, Alpaca Privacy Notice, Alpaca Business Continuity Plan Summary, Alpaca UGMA/UTMA Disclosure Statement (if applicable) and the Alpaca Cryptocurrency Risk Disclosures.

e. All information provided in this application is accurate. You can rely on and are authorized to verify this information, and I will promptly notify You of any changes.

f. I consent to receive all future Account information electronically

g. By signing below electronically, it is equivalent to My written signature, and I understand that I am entering into legal agreements.

h. I acknowledge and agree that Alpaca Crypto did not directly solicit me to open an Account.

i. The information I have provided in this application is accurate.

j. I agree to notify you promptly regarding any change in the information provided on this application.

3. Authorization

I understand that My Account is self-directed. Accordingly, I appoint You as My agent for the purpose of carrying out My directions to You in accordance with the terms and conditions of this Agreement and any attendant risks with respect to the purchase or sale of Cryptocurrency. You are authorized to open or close My Accounts, place and withdraw orders and take such other steps as are reasonable to carry out My directions. All transactions will be effected only on My order or the order of My authorized delegate. I understand Alpaca Crypto provides trading services through the Website, the App. and the Application Programming Interface (the “API”). I agree to receive and transmit financial information through such electronic means. My use or My grant of access to My Account to any third party to access information or place transactions in My Account is solely at My risk.

I further authorize You and/or any entity directed by Alpaca Crypto LLC to obtain a credit and background investigation report about me. I understand that a “consumer credit report” includes any information regarding my credit worthiness, credit standing and credit capacity. I further understand and agree that a credit report and/or a background investigation report may be obtained at any time, and any number of times, as Alpaca Crypto LLC, in its sole discretion, determines is necessary before, during or after my involvement with Alpaca Crypto LLC.

I hereby authorize all reporting agencies and other persons or entities having information about me to provide such information to Alpaca Crypto LLC or other entity that obtains information for Alpaca Crypto LLC. I further fully release Alpaca Crypto LLC, its employees, officers, directors, agents, successors and assigns, and all other parties involved in this background investigation, including but not limited to investigators, credit agencies and those companies or individuals who provide information to Alpaca Crypto LLC concerning me, from any claims or actions for any liability whatsoever related to the process or results of the background investigation. Upon My written request, You will disclose to Me whether it obtained a report, and if so, the name and address of the consumer reporting agency that provided it.

I further understand that if I am in the state of California, Minnesota, or Oklahoma, I can receive a free copy of any credit report requested by Alpaca Crypto LLC about me at the same time the report is provided to Alpaca Crypto LLC (send an email to support@alpaca.markets requesting a copy of the credit report).

4. Customer Representations and Responsibilities

a. Self-directed Account.

I understand that My Account is self-directed, I am solely responsible for any and all orders placed in My Account and all orders entered by me or on My behalf are unsolicited and based on My own investment decisions or the investment decision of My duly authorized representative or agent. Accordingly, I agree that neither You nor any of Your employees, agents, principals or representatives:

i. provide investment advice in connection with this Account;

ii. recommend any Cryptocurrency, transaction or order;

iii. solicit orders;

iv. act as a market maker in any Cryptocurrency;

v. make discretionary trades; and

vi. produce or provide research

b. Research Materials.

To the extent research materials or similar information is available through the App or the Website or the web sites of any of its affiliates, I understand that these materials are intended for informational and educational purposes only, and they do not constitute a recommendation to enter into any Cryptocurrency transactions or to engage in any investment strategies.

c. Information Accuracy.

i. I certify that the information contained in this Agreement and any other document that I furnish to You in connection with My Account(s) is complete, true and correct, and acknowledge that knowingly giving false information for the purpose of inducing You to extend credit is a federal crime;

ii. I authorize You to contact any individual or firm noted herein or on the documents referred to in subsection (i) of this Section and any other normal sources of debit or credit information;

iii. I authorize anyone so contacted to furnish such information to You as You may request; and

iv. I agree that this Agreement and any other document I furnish in connection with My Account is Your property, as the case may be.

I shall promptly advise You of any changes to the information in such agreements and documents in writing within ten (10) calendar days. I authorize You to obtain reports and provide information to others concerning My creditworthiness and business conduct. Upon My request, You agree to provide Me a copy of any report so obtained. You may retain this Agreement, the Account application, and all other such documents and their respective records at Your sole discretion, whether or not credit is extended.

5. Risks

I understand that all investments involve risk, that losses may exceed the principal invested, and that the past performance of a Cryptocurrency or any financial product does not guarantee future results or returns. I further certify that I have carefully reviewed the Alpaca Cryptocurrency Risk Disclosures.

6. Account Defaults

I understand that My Account comes with many defaulted service instruction features and preferences. I further understand that I am not required to use these defaulted options or preferences and that once My Account is approved and opened, I have the sole discretion to control and adjust such defaulted service preferences that relate to my Account(s).

7. Platform Trading; Flow of Funds; Orders

I UNDERSTAND THAT THE SERVICES OFFERED BY ALPACA SECURITIES LLC ARE SEPARATE AND DISTINCT FROM THE SERVICES OFFERED BY ALPACA CRYPTO LLC UNDER THIS AGREEMENT AND THAT THIS AGREEMENT SOLELY GOVERNS MY RELATIONSHIP WITH ALPACA CRYPTO LLC AS IT RELATES TO MY ACCOUNT. I UNDERSTAND THAT BASED ON MY LOCATION OR JURISDICTION OF RESIDENCE, MY ACCOUNT MAY BE OFFERED IN CONJUNCTION WITH VARIOUS THIRD-PARTY SERVICE PROVIDERS.

Multiple Accounts.

This Agreement solely governs the relationship between Me and Alpaca Crypto as it relates to My Account.

Third-Party Providers

I understand and acknowledge that my location within a particular jurisdiction or residence within a particular jurisdiction may affect the third-party providers who service My Account, but that at all times My Account will remain provided through Alpaca Crypto. Based on my location, My Account may be offered in conjunction with various third-party service providers with whom Alpaca Crypto has established relationships with. Lastly, I understand and acknowledge that the third-party providers serving My Account have separate documentation (“Third-Party Documentation”) to govern their services as they relate to the maintenance and servicing of My Account. By entering into this Agreement I represent that I have been provided with access to such Third-Party Documentation and agree to such terms. I further understand that where the provisions of the Third-Party Documentation conflict, contrast, or otherwise differ from the provisions as stated in this Agreement, the provisions of the Third-Party Documentation shall control.

Account Funding; Flow of Funds.

I understand and acknowledge that the Platform is operated by both Alpaca Securities and Alpaca Crypto. I understand that I will not have an account with Alpaca Securities unless and until I have completed the Alpaca Securities Customer Agreement.

a. Regulatory Treatment of Funds. I understand and acknowledge that I may arrange to deposit United States Dollars (“USD” or “Cash”) into My Account. Cash deposited into the My Account is maintained in an omnibus fashion at a bank which is a member of the Federal Deposit Insurance Corporation (“FDIC”). Cash in My Account is insured up to $250,000 per depositor against the failure of the FDIC member bank. FDIC insurance does not protect against the failure of Alpaca Crypto or any Custodian (as defined below) or malfeasance by any Alpaca Crypto or Custodian employee. Alpaca Crypto and the bank at which My Account is held are not members of the Financial Industry Regulatory Authority, Inc. (“FINRA”) or the Securities Investor Protection Corporation (“SIPC”) and therefore My Cash is not SIPC protected.

b. Customer Cryptocurrency. I understand that My Cryptocurrency is not subject to FDIC insurance coverage or protected by SIPC. I authorize and instruct Alpaca Crypto to hold My Cryptocurrency on My behalf. I understand that Alpaca Crypto may hold My Cryptocurrency together with the Cryptocurrency of other Alpaca Crypto customers in omnibus accounts or wallets. In addition, I understand and authorize Alpaca Crypto to delegate some or all custody functions to one or more affiliates or third parties (which may include, but not be limited to exchanges and custodians) at Alpaca Crypto’s discretion (each, a “Custodian”). Some or all custody functions provided by a Custodian may be performed, supported, or conducted in foreign jurisdictions, or conducted by Custodians domiciled, registered, or subject to the laws and regulations of foreign jurisdictions. You will exercise reasonable skill and care in the selection, appointment, and periodic review of any such Custodian. You will maintain true, complete and accurate records relating to My Cryptocurrency. You and I understand that the legal treatment of Cryptocurrency is unsettled and disparate across different jurisdictions. In the event that I, You, or a Custodian become subject to an insolvency proceeding it is unclear how My Cryptocurrency would be treated and what rights I would have to such Cryptocurrency. How an insolvency court would categorize and treat My Cryptocurrency is a highly fact-dependent inquiry that necessarily depends upon the circumstances of each individual case. In addition, within the U.S. there is notably little case law addressing insolvency proceedings involving Cryptocurrency. As such, the law governing the likely treatment of My Cryptocurrency in the event of My, Your, or a Custodian insolvency proceeding remains largely unsettled. You do not make any representation as to the likely treatment of My Cryptocurrency in the event of My, Your, or a Custodian insolvency proceeding whether in the U.S. or in any other jurisdiction. I explicitly understand and acknowledge that the treatment of My Cryptocurrency in the event of My, Your, or a Custodian insolvency proceeding is unsettled, not guaranteed, and may result in a number of outcomes that are impossible to predict, including but not limited to Me being treated as an unsecured creditor and/or the total loss of all My Cryptocurrency.

c. Consent to Rehypothecate. I grant You the right, subject to applicable law, without further notice to Me, to hold My Cryptocurrency in My Account in Your name or in another name, and to pledge, repledge, hypothecate, rehypothecate, sell, lend, or otherwise transfer or use any amount of such Cryptocurrency, separately or together with other property, with all attendant rights of ownership, and for any period of time and without retaining a like amount of Cryptocurrency, and to use or invest such Cryptocurrency at My sole risk.

IN THE EVENT THAT I HAVE ANY QUESTIONS REGARDING ANY OF THE ABOVE REFERENCED PLATFORM DISCLOSURES OR I AM UNCERTAIN AS TO HOW OR IN WHAT CAPACITY CERTAIN TRANSACTIONS EFFECTED ON THE PLATFORM ARE HANDLED OR WILL BE TREATED, I AGREE THAT I WILL IMMEDIATELY CONTACT ALPACA CRYPTO AT SUPPORT@ALPACA.MARKETS PRIOR TO ENGAGING IN ANY TRADING AND/OR RELATED ACTIVITY ON THE PLATFORM.

8. Orders

a. Overview. I may place market orders through My Account in either USD amounts or in Cryptocurrency amounts. In addition to market orders, I may also place limit orders. A limit order may be “good till cancelled” which means the order remains valid until (A) it is executed, or (B) I cancel the order. I understand that limit orders may not be executed at any particular time, or at all, if there is not sufficient trading at or better than the limit price that I specify, and are good until I cancel them, provided, however, that You have the right, in Your sole discretion, to cancel any limit order, whether “good till cancelled” or otherwise, that remains unexecuted for sixty (60) calendar days or if deemed by You to be a risk. I understand that additional transaction types and order types may be made available to Me on the Platform from time to time as determined by You in Your sole discretion.

b. Sufficient Funds. In order to execute a purchase order for Cryptocurrency, My Account must contain available funds equal to, but in most cases, greater than the purchase price of the Cryptocurrency plus any associated fees or commissions and that all payments for the purchase be made without set-off, counterclaim or deduction. I agree that any purchase order accepted by You (inadvertently or otherwise) without sufficient funds in My Account will be subject to liquidation at My expense.

c. No liability for Failure to Settle. I understand and agree that You are not responsible for any delay in the settlement of a transaction resulting from circumstances beyond Your reasonable control, or the failure of any other person or party (including Me) to perform all necessary steps to enable the completion of a transaction.

d. Discretion to Decline or Cancel Orders. You may, in Your sole discretion, decline the execution of any order for any reason, including, but not limited to, the size of an order, market conditions, My breach of this Agreement, actual, potential, or apparent violation of any applicable laws, rules, or regulations, insufficient or inadequate funds in My Account (including all commission, charges, taxes, and any amount in addition to the price of the Cryptocurrency that You reasonably consider may be necessary), or any other appropriate risk considerations. If You accept an order and then an event takes place which means that it is no longer reasonable for You, in Your sole determination, to act on that order, You will be entitled to disregard or cancel My order and You shall not have any liability to Me as a result of such action. You further reserve the right not to execute orders for Cryptocurrency or to close any open positions therein, without any further notice to Me, in the following circumstances: (a) My order violates any applicable laws, rules, regulations, or appears intended to defraud or manipulate the market; (b) the existence of abnormal market conditions or a significant disruption in, or premature close of, trading in or of the underlying Cryptocurrency or the market or an exchange on which the underlying Cryptocurrency is trade; (c) a force majeure, or action by an exchange, regulatory, or governmental authority that disrupts trading in the relevant Cryptocurrency occurs; or (d) You are unable to obtain satisfactory liquidity in order to satisfy the order.

e. Cancellations. I agree that it is My responsibility to review order execution confirmations and statements promptly upon receipt. Notwithstanding any other provision in this Agreement trade confirmations will be considered binding on Me unless I notify You of any objections within two (2) hours from the time trade confirmations are delivered. I understand that any objection that You receive from Me consistent with the immediately preceding sentence is simply a request that You attempt to cancel or modify an order. You are not liable to Me if You are unable to cancel or modify an order. I understand and agree that, if an order cannot be cancelled or modified, I am bound by any execution of the original order, even if My objection to the transaction is ultimately determined to be valid.

f. No Guarantee Order will be Filled. There is no guarantee that an order will be filled. An order may fail to be filled or You may, in Your sole discretion, refuse to execute an order for any reason, including: (a) due to the failure, misuse, degradation, corruption, downtime, or unavailability of any Alpaca Crypto or third party trading, communication or operations systems, b) market volatility, (c) the existence, detection, or suspicion of unusual market, trading, or order activity, or (d) the existence, detection, or suspicion of fraud or any other activity that presents, or potentially presents to Alpaca Crypto, in Alpaca Crypto’s sole discretion, any commercial, economic, or reputational risk. Where a delay in fulfilling an order occurs for any reason, Alpaca Crypto will attempt to execute the order as soon as reasonably practicable, provided that Alpaca Crypto reserves the right to cancel a delayed order in the event of a material price fluctuation or for any other reason in accordance with this Agreement. Alpaca Crypto will not be liable or have any responsibility for any Losses (as defined below) suffered by Me in connection with an order that is not filled or is erroneously filled.

g. Aggregation of Orders. I understand and acknowledge that Alpaca Crypto may, in its sole discretion, aggregate My orders with the orders of other customers (a “Batched Order”). In such instances, My order may not be placed or executed on a real-time basis, but rather batched with one or more orders from other Alpaca Crypto customers. The price of a particular Cryptocurrency may be higher or lower at the time of execution of a Batched Order as compared to the time at which My original order was placed. A Batched Order may only partially fill, in which case some or part of the order is executed. In the event of a partial fill, Alpaca Crypto will allocate the purchased Cryptocurrency or proceeds among the participating customers in the Batched Order in pro-rata fashion. A Batched Order may become fully executed through one or more partial fills, in which case the price of the relevant Cryptocurrency or amount of proceeds may change, or, for a variety of reasons, a Batched Order may only ever execute partially. Alpaca Crypto will not be liable or have any responsibility for any Losses suffered by Me in connection with or as a result of My order being included in a Batched Order.

h. Market Volatility. In the event of a market disruption or force majeure, Alpaca Crypto may do one or more of the following: (a) suspend access to the Account; (b) prevent Me from completing any and all actions via the Platform, including closing any open positions in the Account; or (c) cease to follow any of My instructions. Following any such event, when trading resumes, I acknowledge that prevailing market rates may differ significantly from the rates available prior to such event.

i. Suspension. If at any time any exchange, trading venue, or market suspends trading in any Cryptocurrency that forms the subject of My order, then the applicable order may be suspended. In addition, I may not be able to sell any Cryptocurrency that Alpaca Crypto holds on My behalf until such suspension is terminated and trading recommences. Following the lifting of a suspension, outstanding orders with respect to the affected Cryptocurrency will be executed as and when Alpaca Crypto is reasonably able to do so, Alpaca Crypto cannot guarantee the price at which such orders will execute.

j. Delisting or Non-Supported Cryptocurrency. If at any time any of the Cryptocurrency that forms the subject of My order is delisted or Alpaca no longer supports the trading in such Cryptocurrency for any reason, then the applicable order will be immediately closed. If Alpaca is notified that a Cryptocurrency in My Account is likely to be delisted or removed, or cancelled from one or more exchanges, or trading venues, and Alpaca Crypto reasonably believes that trading in the Cryptocurrency will be materially affected by such delisting, removal or cancellation, then I authorize Alpaca Crypto to attempt to sell the Cryptocurrency on My behalf at such time and price, and in such manner, as Alpaca Crypto may determine in its sole discretion (a “Delisting Sale”). I understand and agree that Alpaca Crypto is not obligated to engage in any Delisting Sale and will not be liable for any loss sustained by Me during Alpaca Crypto’s attempt to execute a Delisting Sale.

k. Position and Transaction Limits. I understand and acknowledge that Alpaca may impose trading and/or position or volume limits on My Account (“Limits”). Limits are subject to change any time at Alpaca Crypto’s sole discretion. In the event that I attempt to place an order or effect a transaction that would result in the breach of a particular Limit, Alpaca Crypto may, in its sole discretion, refuse to act upon such instructions. I may request details regarding Limits by contacting Alpaca Crypto at support@alpaca.markets

l. No Leverage. I understand that Alpaca Crypto does not offer leverage. For the avoidance of doubt, each purchase of Cryptocurrency must be fully funded.

m. Cryptocurrency Withdrawals. I understand that Alpaca Crypto does not allow for the withdrawal of Cryptocurrency from My Account into an external wallet.

9. Cryptocurrency Networks; Forks; Airdrops

Alpaca Crypto does not own or control the underlying software protocols which govern the operation of Cryptocurrency available for trading on the Platform. In general, the underlying protocols are open source and anyone can use, copy, modify, and distribute them. Alpaca Crypto is not responsible for the operation of the underlying protocols, and Alpaca makes no guarantee of their functionality, security, or availability, The underlying protocols are subject to sudden changes in operating rules (“Forks”). And such Forks may materially affect the value, function, or even the name of the Cryptocurrency that Alpaca Crypto or its Custodian holds for My benefit. In the event of a Fork or any other similar operational change to a Cryptocurrency network Alpaca Crypto may take all steps that it determines necessary to protect the security and safety of the Platform, including temporarily suspending Alpaca Crypto operations (with or without advance notice to Me). Alpaca Crypto will use its reasonable efforts to provide notice to Me of its response to any Fork or similar operational change affecting a Cryptocurrency. In response to a Fork or other similar operational change, Alpaca Crypto may determine not to support such Cryptocurrency on the Platform. I agree that Alpaca Crypto is not responsible for any loss of value that I may experience as a result, whether directly or indirectly, from any such Fork or similar operating change. I further acknowledge and accept that Alpaca Crypto has no obligation or responsibility to assist Me with respect to any Cryptocurrency that Alpaca Crypto determines not to support.

In the event that a Cryptocurrency network attempts to or does contribute (an “Airdrop”) Cryptocurrency (“Airdropped Cryptocurrency”) or any other similar event to a Cryptocurrency network, then Alpaca Crypto may, in its sole discretion, take steps that You determine necessary to manage the Platform, including how and whether to incorporate Airdropped Cryptocurrency into the Platform, distribute it to Me or do nothing, or such other action or inaction that Alpaca Crypto deems appropriate in its sole discretion. I understand and accept the risks of Airdrops and other similar events to a Cryptocurrency available through the Platform and understand and agree that ownership of a Cryptocurrency in the App for which an Airdrop is occurring on the date of such Airdrop does not in and of itself grant entitlement to or ownership of the Airdropped Cryptocurrency. I agree that Alpaca Crypto is not responsible for any loss of value that I may experience as a result, whether directly or indirectly, from any such Airdrop or similar event. Customer further acknowledges and accepts that Alpaca Crypto has no obligation or responsibility to assist Me with respect to any Cryptocurrency that Alpaca Crypto determines not to support whether or not Alpaca Crypto receives an Airdropped Cryptocurrency by virtue of its holding omnibus custody of the Cryptocurrency related to such Airdrop. To the extent that Alpaca Crypto is aware of the Airdrop, Alpaca Crypto will use its reasonable efforts to provide notice to Me of its response to any Airdrop. Alpaca Crypto may, in its sole discretion, elect to: (1) subject to potential fees, support the Airdropped Cryptocurrency and update the Account as appropriate, (2) abandon or otherwise not pursue obtaining the Airdropped Cryptocurrency from the relevant network, (3) liquidate the Airdropped Cryptocurrency and distribute the proceeds to Me or hold the funds in My Account for My benefit, (4) deliver the Airdropped Cryptocurrency to Me within a time period as determined by Alpaca Crypto in its sole discretion, together with any credentials, keys or other information sufficient to gain control over such Airdropped Cryptocurrency (subject to the withholding and retention by Alpaca Crypto of any amount reasonably necessary, as determined by Alpaca in its sole discretion to fairly compensate Alpaca Crypto for the efforts expended to obtain and deliver such Airdropped Cryptocurrency to Me), or (5) determine, in its sole discretion that the Airdrop, although received by Alpaca Crypto, does not have sufficient market support or sufficient value to warrant Alpaca Crypto incorporating the Airdropped Cryptocurrency into the Platform in any way or distribute the Airdropped Cryptocurrency to its users.

10. Assistance by Alpaca Crypto.

I understand that when I request assistance from Your employees in using the investment tools available on the Website, the App, or API, it will be limited to an explanation of the tool’s functionality and, if requested by Me, to the entry by Your employees of variables provided by Me, and that such assistance does not constitute investment advice, an opinion with respect to the suitability of any transaction, or solicitation of any orders.

11. No Tax or Legal Advice

I understand that Alpaca Crypto does not provide tax or legal advice.

12. Local Jurisdiction

I understand that applicable laws, rules and regulations vary from jurisdiction to jurisdiction, and it is My responsibility to make sure that I comply with any and all local regulations, directives, restrictions and laws in my jurisdiction of residence (“Local Jurisdiction”) prior to entering into this Agreement. I have verified and determined that entering into this Agreement and utilizing the services offered by Alpaca Crypto hereunder does not violate any such laws, rules or regulations of my Local Jurisdiction applicable to Me.

Electronic Access

a. I am solely responsible for keeping My Account numbers and PINs confidential. “PINs” shall mean My username and password.

b. I agree and accept full responsibility for monitoring and safeguarding My Accounts and access to My Accounts.

c. In the event that I wish to grant a third-party power and authority over My Account, I will complete a Limited Power of Attorney and Hold Harmless Agreement (“POA”) and submit the executed POA to You. I understand and acknowledge that by executing and submitting a POA to You that I will be subject to the terms and conditions of such POA, and that the POA shall supplement the terms of this Agreement.

d. Granting a third-party access to My Accounts does not in any way mitigate my responsibility for monitoring for loss, theft, or unauthorized access to My Accounts.

e. I agree to immediately notify You in writing, delivered via email and a recognized international delivery service, if I become aware of:

any loss, theft, or unauthorized use of My PINs or Account numbers;

any failure by Me to receive any communication from You indicating that an order was received, executed or cancelled, as applicable;

any failure by Me to receive an accurate written confirmation of an execution;

any receipt by Me of confirmation of an order, execution or cancellation, which I did not place;

any inaccurate information in or relating to My Account balances, deposits, withdrawals, Cryptocurrency positions or transaction history; or

any other unauthorized use or access of My Account.

Each of the events described in subsections 12(e)(1-6) shall be deemed a “Potential Fraudulent Event.”

The use and storage of any information including, without limitation, My Account numbers, PINs, portfolio information, transaction activity, account balances and any other information or orders available on My wireless, web-enabled cellular telephone or similar wireless communications device (collectively, “Mobile Device”) or My personal computer is at My own risk and is My sole responsibility. I represent that I am solely responsible for and have authorized any orders or instructions appearing in, originating from, or associated with My Account, My Account number, and PINs. I agree to notify You immediately after I discover any Potential Fraudulent Event, but in no event more than twenty-four (24) hours following discovery. Upon request by You, I agree to report any Potential Fraudulent Event promptly to legal authorities and provide You a copy of any report prepared by such legal authorities. I agree to cooperate fully with the legal authorities and You in any investigation of any Potential Fraudulent Event, and I will complete any required affidavits promptly, accurately and thoroughly. I also agree to allow You access to My Mobile Device, My computer, and My network in connection with Your investigation of any Potential Fraudulent Event. I understand that if I fail to do any of these things, I may encounter delays in regaining access to the funds in My Account. I agree to indemnify and hold You and Your parent company and affiliates harmless from and against any losses arising out of or relating to any Potential Fraudulent Event.

13. Review of Confirmations and Statements

I agree that it is My responsibility to review trade execution confirmations and statements of My Account promptly upon receipt. I agree to receive all confirmations and account statements, as well as all tax related documents, in electronic format. I understand that account statements will evidence all activity in My Account for the stated period, including Cryptocurrency transactions, credits to My Account and all fees paid from My Account. These documents will be considered binding on Me unless I notify You of any objections within two (2) hours from the date confirmations are sent and within ten (10) days after My Account statements are posted online. Such objection may be oral or in writing, but any oral objection must be immediately confirmed in writing. In all cases, You reserve the right to determine the validity of My objection. If I object to a transaction for any reason, I understand and agree that I am obligated to take action to limit any losses that may result from such transaction(s), or I will bear sole responsibility for any losses relating to the transaction, even if My objection to the transaction is ultimately determined to be valid. Nothing in this Section 13 shall limit My responsibilities as described in Sections 2 through 13 of this Agreement.

14. Important Information Needed to Open a New Account

To help the government better detect the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. Therefore, I understand that when I open My Account, You will ask for My name, address, date of birth and other identifying information, and as applicable, the name, address, date of birth and other identifying information relating to the minor the benefit of which this account is being established for. You may also ask for copies of My driver’s license, passport or other identifying documents. I understand that You may take steps to verify the accuracy of the information I provide to You in My Account application or otherwise, and that you may restrict My access to My Account pending such verification. I will provide prompt notification to You of any changes in the information, including, but not limited to, My name, address, email address and telephone number.

15. Telephone Conversations and Electronic Communications

I understand and agree that You may record and monitor any telephone or electronic communications with Me. Unless otherwise agreed in writing in advance, You do not consent to the recording of telephone conversations by any third party or Me. I acknowledge and understand that not all telephone or electronic communications are recorded by You, and You do not guarantee that recordings of any particular telephone or electronic communications will be retained or capable of being retrieved.

16. Oral Authorization

I agree that You shall be entitled to act upon any oral instructions given by Me so long as You reasonably believe such instruction was actually given by Me or my authorized agent.

17. Conflicts

I understand that Alpaca Crypto may have, or in the future may make, arrangements with certain third parties (“Third Parties”) to offer additional or supplemental services to me in connection with or in addition to My Account (“Third Party Services”). These Third Party Services are governed by the relevant documentation relating to such Third Party Services (“Third Party Documentation”). In connection with entering into this Agreement and Third Party Documentation, I understand that I am subject to certain limitations, restrictions or prohibitions on My activity, including but not limited to activity with respect to My Account (“Prohibited Activity”). In the event that this Agreement or any Third Party Documentation is silent with respect to Prohibited Activity, or in the event of any conflict with respect to this Agreement and any Third Party Documentation regarding Prohibited Activity, the document or agreement containing the most restrictive terms shall prevail for purposes of this Agreement

18. Restrictions on Trading

You will not tolerate any foul or abusive language, physical violence, threatening behavior, or other inappropriate conduct directed toward Your officers, employees, contractors or customers. If I engage in any such behavior, as determined by You in Your sole discretion, I agree that You are authorized to: (i) liquidate any Cryptocurrency, instruments or other property in My Account, (ii) send Me the proceeds, and (iii) close My Account(s). You will not be responsible for any losses caused by the liquidation of Cryptocurrency, instruments or other property pursuant to this paragraph, including but not limited to any tax liabilities.

19. Disclaimer of Liability; Indemnification.

Except as otherwise provided by law, You or any of Your affiliates shall not be liable for any expenses, losses, damages, liabilities, demands, charges, claims, penalties, fines and excise taxes of any kind or nature (including legal expenses and reasonable attorneys’ fees) (“Losses”) by or with respect to any matters pertaining to My Account, except to the extent that such Losses are actual Losses and are determined by a court of competent jurisdiction or an arbitration panel in a final non-appealable judgment or order to have resulted solely from Your or any of Your affiliates’ gross negligence or wilful misconduct. In addition, I agree that You and Your affiliates and respective partners, managing directors, officers, directors, employees and agents (collectively, “Indemnified Parties”) shall have no liability for, and I agree to indemnify, defend and hold harmless Indemnified Parties from, all Losses that result from: (i) My or My agent’s misrepresentation or alleged misrepresentation, or act or omission, (ii) Indemnified Parties following My or My agent’s directions or failing to follow My or My agent’s unlawful or unreasonable directions, (iii) any activities or services of the Indemnified Parties in connection with the My Account (including, without limitation, any technology services, reporting, trading, research or capital introduction services), or (iv) the failure by any person not controlled by the Indemnified Parties and their affiliates to perform any obligations to Me.

I consent to the use of automated systems or service bureaus by You and Your affiliates in conjunction with My Account, including, but not limited to, automated order entry and execution, record keeping, reporting and account reconciliation and risk management systems (collectively “Automated Systems”). I understand that the use of Automated Systems entails risks, such as interruption or delays of service, errors or omissions in the information provided, system failure and errors in the design or functioning of such Automated Systems (collectively, a “System Failure”) that could cause substantial damage, expense or liability to Me. I understand and agree that Indemnified Parties will have no liability whatsoever for any claim, loss, cost, expense, damage or liability of Me arising out of or relating to a System Failure.

I also agree that Indemnified Parties will have no responsibility or liability to Me in connection with the performance or non-performance by any exchange, market maker, liquidity provider, clearing organization, or other third party (including, without limitation, other clearing firms, banks and International Executing Brokers as defined infra) or any of their respective agents or affiliates, of its or their obligations relative to any Cryptocurrency. I agree that Indemnified Parties will have no liability, to Me or to third parties, or responsibility whatsoever for: (i) any Losses resulting from a cause over which Indemnified Parties do not have direct control, including but not limited to the failure of mechanical equipment, unauthorized access, theft, operator errors, government restrictions, force majeure, Exchange rulings or suspension of trading; and (ii) any special, indirect, incidental, consequential, punitive or exemplary damages (including lost profits, trading losses and damages) that I may incur in connection with My use of the brokerage and other services provided by Indemnified Parties under this Agreement. Further, if I authorize or allow third parties to gain access to Your services, including My Accounts, I will defend and indemnify You against any Losses arising out of claims or suits by such third parties based upon or relating to such access and use. Alpaca Crypto does not warrant against loss of use or any direct, indirect or consequential damages or losses to Me caused by My assent, expressed or implied, to a third party accessing My Account or information, including access provided through any other third party systems or sites.

20. Effect of Attachment or Sequestration of Accounts

You shall not be liable for refusing to obey any orders given by or for Me with respect to any of My Accounts that have been subject to an attachment or sequestration in any legal proceeding against Me, and You shall be under no obligation to contest the validity of any such attachment or sequestration.

21. Event of Death

I agree that in the event of my death or the death of any joint account holder(s), the representative of my estate or the survivor or survivors shall immediately give you written notice thereof, and you may, before or after receiving such notice, take such proceedings, require such papers and inheritance or estate tax waivers, retain such portion of and/or restrict transactions in the Account as you may deem advisable to protect you against any tax, liability, penalty or loss under any present or future laws or otherwise. Notwithstanding the above, in the event of my death or the death of one of the joint account holders, all open orders shall be cancelled, but you shall not be responsible for any action taken on such orders prior to the actual receipt of notice of death. Further, You may, in Your discretion, close out any or all of the Accounts without awaiting the appointment of a personal representative for My estate and without demand upon or notice to any such personal representative. The estate of any of the account holders who have died shall be liable, and each survivor shall continue to be liable, jointly and severally, to You for any net debit balance or loss in said account in any way resulting from the completion of transactions initiated prior to the receipt by You of the written notice of the death of the decedent or incurred in the liquidation of the Account or the adjustment of the interests of the respective parties. Such notice shall not affect Your rights under this Agreement to take any action that You could have taken if I had not died.

22. Tax Reporting; Tax Withholding

The proceeds, along with required cost basis information of sale transactions and dividend/interest paid, will be reported to the Internal Revenue Service in accordance with applicable law.

a. U.S. Persons.

This section is applicable if I am a U.S. person. Under penalties of perjury, I certify that (1) the taxpayer identification number that I have provided or will provide to You (including, without limitation, any taxpayer identification number on any Form W-9 that I have provided or will provide to You) is My correct taxpayer identification number (or I am waiting for a number to be issued to Me), and (2) I am not subject to backup withholding because: (a) I am exempt from backup withholding, or (b) I have not been notified by the Internal Revenue Service (IRS) that I am subject to backup withholding as a result of a failure to report all interest or dividends, or (c) the IRS has notified Me that I am no longer subject to backup withholding, and (3) I am a U.S. citizen or other U.S. person (defined below). If a correct Taxpayer Identification Number is not provided, I understand I may be subject to backup withholding tax at the appropriate rate on all dividends, interest and gross proceeds paid to me. Backup withholding taxes are sent to the IRS and cannot be refunded by Alpaca Crypto. I further understand that if I waive tax withholding and fail to pay sufficient estimated taxes to the IRS, I may be subject to tax penalties.

b. Non-U.S. Persons.

This section is applicable if I am not a U.S. person. I certify that I fully understand all the information on any Form W-8BEN or Form W-8BEN-E that I have submitted or will submit to You. Under penalties of perjury, I declare that (i) I have examined all the information (including, without limitation, all the information in the English language) on any Form W-8BEN or Form W-8BEN-E that I have submitted or will submit to You and (ii) to the best of my knowledge and belief all such information is true, correct, and complete. I authorize You to provide any such Form W-8BEN or Form W-8BEN-E to any withholding agent that has control, receipt, or custody of the income of which I am the beneficial owner or any withholding agent that can disburse or make payments of the income of which I am the beneficial owner. I agree that I will submit a new Form W-8BEN or Form W-8BEN-E to You within 30 days if any certification made on any previously submitted Form W-8BEN or Form W-8BEN-E becomes incorrect. I understand that the Internal Revenue Service does not require My consent to any provisions of such Form W-8BEN or Form W-8BEN-E other than the certifications required to establish My status as a non-U.S. individual and, if applicable, obtain a reduced rate of withholding.

If I have been notified by the IRS that I am currently subject to backup withholding because I have failed to report all interest and dividends on My tax return, I will send an email to support@alpaca.markets with “Backup Withholding” in the title.

Definition of a U.S. person: For federal tax return purposes, l am considered a U.S. person if I am: An individual who is a U.S. citizen or U.S. resident alien, a partnership, corporation, company, or association created or organized in the United States or under the laws of the United States, an estate (other than a foreign estate), or a domestic trust (as defined in Regulations section 301.7701-7).

23. Fees and Charges

I understand that Alpaca Crypto LLC (“Alpaca”) may charge certain fees (“Fees”) in connection with Cryptocurrency purchase and sale transactions (“Cryptocurrency Transactions”). Fees are subject to change from time to time, and may differ based upon a number of factors, including but not limited to your location, account type, the type of Cryptocurrency being purchased, market volatility, etc.

Alpaca reserves the right to pass on any fees charged by any Cryptocurrency exchanges, brokers, market-makers, liquidity providers, or other types of Cryptocurrency trading venues, counterparties, or intermediaries (each, a “Market Actor”), including in connection with the withdrawal of Cryptocurrencies or any fees related to any enhanced due diligence related to My Account.

Fees may take the form of a spread which is an amount of margin that is added to a market exchange rate applicable to a Cryptocurrency Transaction (“Spread”). In addition, Alpaca may charge a separate transaction-based Fee, which may be calculated as a flat charge, or as a percentage of the Cryptocurrency Transaction size (“Transaction Fee”). I further understand that Alpaca Crypto may receive activity-based rebates from Market Actors in relation to Cryptocurrency transactions.

24. Electronic Delivery of Trade and Account Information; Notice.

All communications, including account statements, trade confirmations, margin calls, notices, disclosures, regulatory communications and other information, documents, data and records regarding My Account, or an alert that such communication has been posted to the secure section of the Website or the App, and is available for viewing, may be sent to Me at the email address that I have given to You in My Account application or at such other address as I may hereafter give You in writing or by email at least ten (10) calendar days prior to delivery, and all communications so sent, whether in writing or otherwise, shall be deemed given to Me personally, whether actually received or not

25. Arbitration.

THIS AGREEMENT CONTAINS AN ARBITRATION PROVISION. UNLESS OTHERWISE INDICATED IN A SEPARATE WRITING BETWEEN YOU AND I, OR UNLESS OTHERWISE REQUIRED PURSUANT TO THE TERMS OF THE ALPACA SECURITIES CUSTOMER AGREEMENT, BY ENTERING INTO THIS AGREEMENT, YOU AND I AGREE AS FOLLOWS:

(A) ALL PARTIES TO AGREEMENTS ARE GIVING UP THE RIGHT TO SUE EACH OTHER IN COURT, INCLUDING THE RIGHT TO A TRIAL BY JURY EXCEPT AS PROVIDED BY THE RULES OF THE ARBITRATION FORUM IN WHICH A CLAIM IS FILED;

(B) ARBITRATION AWARDS ARE GENERALLY FINAL AND BINDING; A PARTY’S ABILITY TO HAVE A COURT REVERSE OR MODIFY AN ARBITRATION AWARD IS VERY LIMITED;

(C) THE ABILITY OF THE PARTIES TO OBTAIN DOCUMENTS, WITNESS STATEMENTS AND OTHER DISCOVERY IS GENERALLY MORE LIMITED IN ARBITRATION THAN IN COURT PROCEEDINGS;

(D) THE ARBITRATORS DO NOT HAVE TO EXPLAIN THE REASON(S) FOR THEIR AWARD EXCEPT IN VERY LIMITED CIRCUMSTANCES;

(E) THE PANEL OF ARBITRATORS WILL TYPICALLY INCLUDE A MINORITY OF ARBITRATORS WHO WERE OR ARE AFFILIATED WITH THE SECURITIES INDUSTRY;

(F) THE RULES OF SOME ARBITRATION FORUMS MAY IMPOSE TIME LIMITS FOR BRINGING A CLAIM IN ARBITRATION; AND

(G) THE RULES OF THE ARBITRATION FORUM IN WHICH THE CLAIM IS FILED, AND ANY AMENDMENTS THERETO, SHALL BE INCORPORATED INTO THE AGREEMENTS, AS APPLICABLE.

ANY AND ALL CONTROVERSIES, DISPUTES OR CLAIMS BETWEEN YOU AND I OR MY OR YOUR REPRESENTATIVES, EMPLOYEES, DIRECTORS, OFFICERS, AGENTS OR CONTROL PERSONS, ARISING OUT OF, IN CONNECTION WITH, FROM, OR WITH RESPECT TO (A) ANY PROVISIONS OF OR THE VALIDITY OF THIS AGREEMENT, (B) THE RELATIONSHIP OF THE PARTIES HERETO, OR (C) ANY CONTROVERSY ARISING OUT OF ALPACA CRYPTO’S BUSINESS OR MY ACCOUNT (COLLECTIVELY, “CLAIMS”), SHALL BE CONDUCTED SOLELY BY ARBITRATION PURSUANT TO THE RULES THEN IN EFFECT OF THE AMERICAN ARBITRATION ASSOCIATION. ARBITRATION MUST BE COMMENCED BY SERVICE OF A WRITTEN DEMAND FOR ARBITRATION OR A WRITTEN NOTICE OF INTENTION TO ARBITRATE UPON THE OTHER PARTY. THE DECISION AND AWARD OF THE ARBITRATOR(S) SHALL BE CONCLUSIVE AND BINDING UPON ALL PARTIES, AND ANY JUDGMENT UPON ANY AWARD RENDERED MAY BE ENTERED IN A COURT HAVING JURISDICTION THEREOF, AND NEITHER PARTY SHALL OPPOSE SUCH ENTRY. ANY SUCH ARBITRATION SHALL BE HELD IN THE CITY AND STATE WHERE ALPACA CRYPTO’S PRINCIPAL OFFICE IS LOCATED AT THE TIME SUCH ARBITRATION IS COMMENCED. YOU AND I AGREE THAT THERE SHALL BE NO RIGHT OR AUTHORITY FOR ANY CLAIMS TO BE ARBITRATED ON A CLASS ACTION BASIS, AND I EXPRESSLY WAIVE ANY RIGHT TO BRING A CLASS ACTION LAWSUIT OR ARBITRATION AGAINST ALPACA CRYPTO OR ITS REPRESENTATIVES, EMPLOYEES, DIRECTORS, OFFICERS, AGENTS OR CONTROL PERSONS WITH RESPECT TO ANY CLAIMS.

26. Electronic Signatures and Modifications to the Agreement.

I agree to transact business with You electronically. By electronically signing an application for an account, I acknowledge and agree that such electronic signature is valid evidence of My consent to be legally bound by this Agreement and such subsequent terms as may govern the use of Your services. The use of an electronic version of any document fully satisfies any requirement that the document be provided to Me in writing. I accept notice by electronic means as reasonable and proper notice, for the purpose of any and all laws, rules and regulations. I acknowledge and agree that Alpaca Crypto may modify this Agreement from time-to-time, and I agree to consult the Website from time-to-time for the most up-to-date Agreement. The electronically stored copy of this Agreement is considered to be the true, complete, valid, authentic and enforceable record of the Agreement, admissible in judicial or administrative proceedings to the same extent as if the documents and records were originally generated and maintained in printed form. I agree to not contest the admissibility or enforceability of Alpaca Crypto’s electronically stored copy of the Agreement.

a. Consent to Electronic Delivery of Documents. By agreeing to electronic delivery, I am giving My informed consent to electronic delivery of all Account Documents, as defined below, other than those I have specifically requested to be delivered in paper form. “Account Documents” include notices, disclosures, current and future account statements, regulatory communications (such as prospectuses, proxy solicitations, and privacy notices), trade confirmations, and any other information, documents, data, and records regarding My Account and the services (including amendments to this Agreement) delivered or provided to me by Alpaca Crypto and any other parties. I agree that I can download, save, and/or print any Account Documents I receive via electronic delivery for my records.

b. Electronic Delivery System. I acknowledge that Your primary methods of communication with Me include, without limitation, (A) posting information on the Website, (B) providing information via the App, and (C) sending email(s) to My email address of record, and, to the extent required by law, (D) providing Me with notice(s) that will direct Me to the App or the Website where I can read and print such information. Unless otherwise required by law, You reserve the right to post Account Documents on the Website without providing notice to Me. Further, You reserve the right to send Account Documents to My postal or email address of record, or via the App. I agree that all Account Documents provided to Me in any of the foregoing manner are considered delivered to Me personally when sent or posted by Alpaca Crypto, whether I receive it or not.

c. Email Notifications. All email notifications regarding Account Documents will be sent to My email address of record. I understand that email messages may fail to transmit promptly or properly, including being delivered to SPAM folders. I further understand that it is my sole responsibility to ensure that any emails from Alpaca Crypto are not marked as SPAM. Regardless of whether or not I receive an email notification, I agree to check the Website regularly to avoid missing any information, including, without limitation, time-sensitive or otherwise important communication.

d. The Internet is not Secure. I acknowledge that the Internet is not a secure network and agree that I will not send any confidential information, including, without limitation, Account numbers or passwords, in any unencrypted emails. I also understand that communications transmitted over the Internet may be accessed by unauthorized or unintended third parties and agree to hold You and Your parent company and affiliates harmless for any such access regardless of the cause.

e. Review of Account Documents. I agree to promptly and carefully review all Account Documents when they are delivered and notify Alpaca Crypto in writing within five (5) calendar days of delivery if I object to the information provided. If I fail to object in writing within five (5) calendar days of delivery, Alpaca Crypto is entitled to treat such information as accurate and conclusive.

f. Costs. Potential costs associated with electronic delivery of Account Documents may include charges from Internet access providers and telephone companies, and I agree to bear these costs. Alpaca Crypto will not charge Me additional online access fees for receiving electronic delivery of Account Documents.

g. Archival. Through the Website, I will have access to an archive of all documents I received via electronic delivery for a period of one (1) year. Upon My request, I may obtain copies of earlier documents for up to six (6) years for account statements, and three (3) years for trade confirmations.

h. Revocation of Consent. Subject to the terms of this Agreement, I may revoke or restrict My consent to electronic delivery of Account Documents at any time by notifying Alpaca Crypto in writing of my intention to do so. I also understand that I have the right to request paper delivery of any Account Document that the law requires Alpaca Crypto to provide Me in paper form. I understand that if I revoke or restrict My consent to electronic delivery of Account Documents or request paper delivery of same, Alpaca Crypto, in its sole discretion, may charge Me a reasonable service fee for the delivery of any Account Document that would otherwise be delivered to Me electronically, restrict or close My Account, and/or terminate My access to Alpaca’s services. I understand that neither My revocation nor restriction of consent, My request for paper delivery, nor Alpaca Crypto’s delivery of paper copies of Account Documents will affect the legal effectiveness or validity of any electronic communication provided while My consent was in effect.

i. Duration of Consent. My consent to receive electronic delivery of Account Documents will be effective immediately and will remain in effect unless and until either I or Alpaca Crypto revokes it. I understand that it may take up to three (3) business days to process a revocation of consent to electronic delivery, and that I may receive electronic notifications until such consent is processed.

j. Hardware and Software Requirements. I understand that in order to receive electronic deliveries, I must have access to the Internet, a valid email address, and the ability to download such applications as Alpaca Crypto may specify and to which I have access. I also understand that if I wish to download, print, and/or save any information I wish to retain, I must have access to a printer or other device in order to do so.

k. Consent and Representations. I hereby agree that I have carefully read the above information regarding informed consent to electronic delivery and fully understand the implications thereof. Additionally, I hereby agree to all conditions outlined above with respect to electronic delivery of any Account Document. I will maintain a valid email address and continue to have access to the Internet. If my email address changes, I agree to immediately notify Alpaca Crypto of my new email address in writing.

27. Miscellaneous Provisions.

The following provisions shall also govern this Agreement:

a. Headings. The heading of each provision hereof is for descriptive purposes only and shall not be (1) deemed to modify or qualify any of the rights or obligations set forth herein or (2) used to construe or interpret any of the provisions hereunder.

b. Binding Effect; Assignment. This Agreement shall bind My heirs, assigns, executors, successors, conservators and administrators. I may not assign this Agreement or any rights or obligations under this Agreement without first obtaining your prior written consent. You may assign, sell or transfer My Account and this Agreement, or any portion thereof, at any time, without My prior consent.

c. Severability. If any provisions or conditions of this Agreement are or become inconsistent with any present or future law, rule or regulation of any applicable government, regulatory or self-regulatory agency or body, or are deemed invalid or unenforceable by any court of competent jurisdiction, such provisions shall be deemed rescinded or modified, to the extent permitted by applicable law, to make this Agreement in compliance with such law, rule or regulation, or to be valid and enforceable, but in all other respects, this Agreement shall continue in full force and effect.

d. Entirety of Agreement. This Agreement, any attachments hereto, other agreements and policies referred to in this Agreement (including, but not limited to, the Website postings), and the terms and conditions contained in My Account statements and confirmations, contain the entire agreement between Alpaca Crypto and Me and supersedes all prior or contemporaneous communications and proposals, whether electronic, oral or written, between Alpaca Crypto and Me, provided, however, that any and all other agreements between Alpaca Crypto and Me, not inconsistent with this Agreement, will remain in full force and effect.

e. Website Postings. I agree and understand that Alpaca Crypto may post other specific agreements, disclosures, policies, procedures, terms and conditions that apply to My use of the App, the Website or My Account on the Website. I understand that it is My continuing obligation to understand the terms of such postings, and I agree to be bound by such postings as are in effect at the time of My use.

f. Amendment. You may at any time amend this Agreement without prior notice to Me. The current version of the Agreement will be posted on the Website and My continued Account activity after such amendment constitutes My agreement to be bound by all then in effect amendments to the Agreement, regardless of whether I have actually reviewed them. Continued use of the App, the Website or any other Alpaca Crypto services after such posting will constitute My acknowledgment and acceptance of such amendment. I agree to regularly consult the Website for up-to-date information about Alpaca Crypto services and any modifications to this Agreement. You are not bound by any verbal statements that seek to amend the Agreement.

g. Termination. You may terminate this Agreement, or close, deactivate or block access to My Account at any time at Your sole discretion. I will remain liable to You for all obligations incurred in My Account or otherwise, whether arising before or after termination. I may terminate this Agreement after paying any obligations owed upon written notice. I understand that You may delay or refuse to terminate My Account in instances where it deems appropriate or necessary, in its sole discretion, including but not limited to, where (a) Alpaca Crypto believes such action is prudent in order to satisfy Alpaca Crypto’s anti-money laundering obligations, (b) Alpaca Crypto suspects that I am connected to, engaged in, or acting in furtherance of fraud, or potential fraud, (c) I am in violation of the Agreement, or (d) the Account has outstanding actual or anticipated fees or other charges against it. This Agreement survives termination of My Account. Upon termination of My Account, I understand and agree that any and all Cryptocurrency holdings in My Account will be liquidated.

h. No Waiver; Cumulative Nature of Rights and Remedies. I understand that Your failure to insist at any time upon strict compliance with any term contained in this Agreement, or any delay or failure on Your part to exercise any power or right given to You in this Agreement, or a continued course of such conduct on Your part, shall at no time operate as a waiver of such power or right, nor shall any single or partial exercise preclude any other further exercise. All rights and remedies given to You in this Agreement are cumulative and not exclusive of any other rights or remedies to which You are entitled.

i. Governing Law. This Agreement and all transactions made in My Account shall be governed by the laws of the State of California (regardless of the choice of law rules thereof).

j. Non-English Agreement and Disclosure Translations. This Agreement may be written in English and translated into other languages. The English version of this Agreement shall be deemed the official version of this Agreement. Any translation is provided for convenience purposes only. In case there is any discrepancy between the two versions, the English one shall prevail.

Margin Disclosure Statement

We are furnishing this document to you to provide some basic facts about purchasing securities on margin, and to alert you to the risks involved with trading securities in a margin account. Before trading stocks in a margin account, you should carefully review the margin agreement provided by your broker. Consult your broker regarding any questions or concerns you may have with your margin accounts.

When you purchase securities, you may pay for the securities in full or you may borrow part of the purchase price from your brokerage firm. If you choose to borrow funds from your firm, you will open a margin account with the firm. The securities purchased are the firms collateral for the loan to you. If the securities in your account decline in value, so does the value of the collateral supporting your loan, and as a result, the firm can take action, such as issue a margin call and/or sell securities in your account, in order to maintain the required equity in the account.

It is important that you fully understand the risks involved in trading securities on margin. These risks include the following:

You can lose more funds than you deposit in the margin account. A decline in the value of securities that are purchased on margin may require you to provide additional funds to the firm that has made the loan to avoid the forced sale of those securities or other securities in your account.

The firm can force the sale of securities in your account. If the equity in your account falls below the maintenance margin requirements under the law, or the firms higher house requirements, the firm can sell the securities in your account to cover the margin deficiency. You also will be responsible for any shortfall in the account after such a sale.

The firm can sell your securities without contacting you. Some investors mistakenly believe that a firm must contact them for a margin call to be valid, and that the firm cannot liquidate securities in their accounts to meet the call unless the firm has contacted them first. This is not the case. Most firms will attempt to notify their customers of margin calls, but they are not required to do so. However, even if a firm has contacted a customer and provided a specific date by which the customer can meet a margin call, the firm can still take necessary steps to protect its financial interest, including immediately selling the securities without notice to the customer.

You are not entitled to choose which security in your margin account is liquidated or sold to meet a margin call. Because the securities are collateral for the margin loan, the firm has the right to decide which security to sell in order to protect its interests.

The firm can increase its house maintenance margin requirement at any time and is not required to provide you advance written notice. These changes in firm policy often take effect immediately and may result in the issuance of a maintenance margin call. Your failure to satisfy the call may cause the member to liquidate or sell securities in your account.

You are not entitled to an extension of time on a margin call. While an extension of time to meet margin requirements may be available to customers under certain conditions, a customer does not have a right to the extension.

The IRS requires Broker Dealers to treat dividend payments on loaned securities positions as a substitute payment in lieu of a dividend. A substitute payment is not, a qualified dividend and is taxed as ordinary income.

Industry regulations may limit, in whole or in part, your ability to exercise voting rights of securities that have been lent or pledged to others. You may receive proxy materials indicating voting rights for a fewer number of shares than are in your account, or you may not receive any proxy materials.

Alpaca Credit Terms and Policies

The following Disclosure of Credit Terms and Policies is required by the Securities and Exchange Commission and is part of your Alpaca Account Customer Account Agreement. It describes the terms under which we extend credit and charge interest and how your obligations are secured by property in your Account.

Interest Charges. We will charge interest on a daily basis on the credit we extend to you. The daily interest charges are calculated by multiplying your “daily adjusted debit balance” by the “daily margin interest rate.” Generally speaking, your daily adjusted debit balance is the actual settled debit balance in your Margin and Short Account, increased by the value of securities held short and reduced by the amount of any settled credit balance carried in your Cash Account.

We calculate your daily-adjusted debit balance each day by adjusting your previous day’s balance by any debits and credits to your account and by changes in the value of short positions. If your daily-adjusted debit balance is reduced because you deposit a check or other item that is later returned to us unpaid, we may adjust your account to reflect interest charges you have incurred.

We reserve the right to charge interest on debit balances in the Cash Account. Periodically, we will send you a comprehensive statement showing the activity in your account, including applicable interest charges, interest rates and adjusted daily debit balances.

Daily Margin Interest Rate. The “daily margin interest rate” is based on a 360-day year. It is calculated for each day by dividing the base margin interest rate by 360. Note that the use of a 360-day year results in a higher effective rate of interest than if a year of 365 days were used.

The applicable margin interest rate is the base rate for all daily adjusted debit balances. Your margin interest rate will be adjusted automatically and without notice to reflect any change in the Base Rate. If your interest rate increases for any reason other than a change in the Base Rate, we will give you written notice at least 30 days’ prior to that change.

Compounding Interest Charges. We compound interest on a daily basis. Interest charges will accrue to your account each day. We will include the charges in the next day’s opening debit balance and charge interest accordingly. The interest rates described above do not reflect compounding of unpaid interest charges; the effective interest rate, taking into effect such compounding, will be higher.

Initial Margin Requirements. The Federal Reserve Board and various stock exchanges determine margin loan rules and regulations. When you purchase securities on margin, you agree to deposit the required initial equity by the settlement date and to maintain your equity at the required levels. The maximum amount we currently may loan for common stock (equity) securities is 50% of the value of marginable securities purchased in your Margin and Short Account; different requirements apply to non-equity securities, such as bonds or options. If the market value of stock held as collateral increases after you have met the initial margin requirements, your available credit may increase proportionately. Conversely, if the market value decreases, your available credit may proportionately decrease.

Initial margin requirements may change without prior notice. We may impose anytime and without prior notice more stringent requirements on positions that in our sole discretion involve higher levels of risk; for example, higher limits may apply for thinly traded, speculative or volatile securities, or concentrated positions of securities.

You may purchase only certain securities on margin or use them as collateral in your Margin and Short Account. Most stocks traded on national securities exchanges, and some over-the-counter (OTC) securities are marginable. At our discretion, we reserve the right not to extend credit on any security.

Equity securities with a market value of less than $3 per share may not be purchased on margin or deposited as margin collateral. If the market value of a security drops below $3 per share, the security will not be assigned any value as collateral to secure your margin obligations.

Margin Maintenance Requirements. You must maintain a minimum amount of equity in your account to collateralize your outstanding loans and other obligations. Margin maintenance requirements are set:

  • By the rules and regulations of the New York Stock Exchange, the American Stock Exchange and other regulatory agencies to the jurisdiction of which we are subject; and
  • According to our sole discretion and judgment.
  • You agree to maintain in your Margin and Short Account collateral of the type and amount required by:
  • Applicable exchange rules and federal regulations; and
  • Our Disclosure of Credit Terms and Policies; or
  • As required by us, at our discretion.

Margin maintenance requirements may change without prior notice.

We may issue a “margin call” (that is, a notification to deposit additional collateral) if your account equity falls below the margin maintenance requirement. This can happen for various reasons. The most common reasons are a decrease in the value of long securities held as collateral or an increase in the value of securities held short.

As a general guideline and when it is practicable to do so, we may (but are not required to) issue a margin call when the equity in your Margin and Short Account falls below a predetermined percentage of the market value of assets at risk (that is, the sum of the market values of the long and short equity security positions) in your Margin and Short Account. The amount of additional collateral we require usually is an amount sufficient to raise your equity to minimum standards. For information on the current equity requirements, please contact your broker.

We retain absolute discretion to determine whether, when and in what amounts we will require additional collateral. In some situations, we may find it necessary to require a higher level of equity in your account. For example, we may require additional collateral if an account contains:

  • Only one security or a large concentration of one or more securities; or
  • Low-priced, thinly traded or volatile securities; or if
  • Some of your collateral is or becomes restricted or non-negotiable or non-marginable. We also may consider market conditions and your financial resources.

Fractional Shares Disclosure

The fractional share offering available on the Weltio app allows you to purchase securities in dollar amounts rather than share quantities. Please be advised that trading in fractional shares has unique risks and limitations that you should understand prior to trading in fractional.

Rounding

The fractional share offering available on the Weltio app allows fractional holdings up to nine decimal places. For all notional based orders, your transaction will never exceed the order amount. Rounding may also affect your ability to be credited for cash dividends, stock dividends and stock splits. For example, if you own 0.000000001 shares of stock that pays a one cent dividend per share, you will not receive credit for a fraction of a cent.

No Limit Orders

At this time, you will only be permitted to place market orders on the Weltio app for fractional shares.

Trade Capacity and Execution

Fractional share orders will comply in all aspects with respect to “best execution” on all orders executed through Alpaca Securities LLC (“Alpaca”) in line with its regulatory requirements. Any order greater than one share that includes a fractional share component will be executed in a mixed capacity. Alpaca will act in either a principal or riskless principal capacity with respect to the fractional share components of the transaction, or Alpaca will act in an agent capacity with respect to the full share component of the transaction. Your trade confirmation will disclose the agent and principal/riskless principal capacities of a mixed capacity trade. If you enter an order solely for a fractional share, Alpaca will execute your trade against its proprietary account at the then current National Best Bid and Offer (“NBBO”) price. Orders entered outside of regular trading hours will be queued for execution when the market is open.

Transfer of Fractional Shares

Fractional shares are not transferable. If you close your account or transfer your account to another firm, the fractional shares held in your account will need to be liquidated. Similarly, Fractional shares cannot be put into certificated form and mailed.

Voting Rights

There may not be voting rights for the fraction of a share owned.

Dividends

In some circumstances, dividends on fractional positions may not be processed on your account, if the value of the dividend is too small.

Market Volatility Disclosure

This Statement seeks to provide you with an overview of some of the major risks associated with your Investments and Transactions from a market volatility perspective. It does not purport to be a comprehensive description of all the significant risks or other aspects of your Investments and Transactions.

Delays

In a fast-moving market, attempts at cancelling an existing order and replacing it with a new one may result in an execution of duplicate orders. In such situations, customers are wholly responsible for both executions and any resulting losses. High volumes of trading at the market opening or intra-day may cause delays in execution and executions at prices significantly away from the market price quoted or displayed at the time the order was entered. Market Makers may execute orders manually or reduce their size guarantees during periods of volatility, resulting in possible delays in order execution and losses. Using limit orders is highly recommended in order to avoid executions at prices significantly different from the prices quoted at the time of order entry.

Quotes

In times of high market volatility, significant price discrepancies may exist between the quote (real time or delayed) received by the customer and the price at which the trade is executed. In addition, the number of shares available at a certain price (known as the size of a quote) may change rapidly, affecting the likelihood of a quoted price being available to the customer. Enhanced risk exists in this market environment for investors who employ short-term strategies such as day trading.

Types of Orders

We are required to execute a market order fully and promptly without regard to price. While a customer may receive a prompt execution of a market order, the execution may be at a price significantly different from the current quoted price of that security. Limit orders will be executed only at a specified price or better. While the customer receives price protection, there is the possibility that the order will not be executed.

Access

Customers may suffer market losses during periods of volatility in the price and volume of a particular stock when systems problems result in inability to place buy or sell orders. Customers trading on-line may have difficulty accessing their accounts due to high Internet traffic or because of systems capacity limitations. When on-line trading has been disabled or is not available because of systems limitations, customers may have difficulty reaching account representatives on the telephone during periods of high volume. While every effort is made to ensure the availability of electronic systems and brokers, no guarantee of access can be made during periods of exceptionally heavy activity. In addition, system response and account access times may vary, or service may be interrupted due to other conditions, including system performance, Internet traffic levels and other factors.

ETF Disclosure

Before investing consider carefully the investment objectives, risks, and charges and expenses of the fund, including management fees, other expenses and any special risks. This and other information may be found in each Exchange Traded Product (ETP), Exchange Traded Fund’s (ETF) or Exchange Traded Note’s (ETN) prospectus or summary prospectus, if available. Always read the prospectus or summary prospectus carefully before you invest or send money. Prospectuses can be obtained by contacting us at info@weltio.com

Performance data comes from sources we believe to be reliable, however, we do not guarantee its accuracy. Performance data represents past performance and is no guarantee of future results. Investment returns and principal value will fluctuate and are subject to market volatility. An investment, when redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance data quoted. Past performance is also not a guarantee of future results.

ETFs designed to provide investment results that correspond to the performance of respective underlying indices may not be able to exactly replicate the performance of said indices due to lag, expenses, or various other factors. ETF shares are bought and sold at market price, which may be higher or lower than their Net Asst Value (NAV). ETFs are required to distribute portfolio gains to shareholders at year end. These gains may be generated by portfolio rebalancing or the need to meet diversification requirements. ETNs are subject to the credit risk of the underlying issuer. If the issuer defaults on the note, investors may lose some or all of their investment. ETF and ETN trading will also generate tax consequences. Additional regulatory guidance on Exchange Traded Products can be found at the SEC website and at the FINRA website (here and here).

Leveraged and inverse ETFs generally involve greater risk and may not be suitable for all investors, particularly for longer term investors. Volatility linked ETFs pose special risks tied to market volatility that can significantly impact the pricing of the product and your ability to trade them during times of extreme market volatility. These ETFs are designed to produce their desired outcomes daily and may not necessarily do so over any longer period of time. Investing in such ETFs may increase exposure to volatility through the use of leverage, short sales of securities, derivatives and other complex investment strategies.

The net asset value (NAV) for a fund is calculated by dividing the total net assets of the fund by the total number of shares. NAVs are provided by the fund. ETF investors purchase shares on an exchange at the market price, which may be different from the NAV.

The expense ratio reflects the amount of money a fund charges every year for management, administration, and marketing – expressed as a percentage of total net assets. It does not include any fee waiver or expense reimbursement agreements that may be in effect.

The market price used to calculate the Price return is the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the fund are listed for trading, as of the time that the fund’s NAV is calculated. If you trade your shares at another time, your return may differ.