General Terms and Conditions

General Terms and Conditions

Updated as of March 13, 2025
Version 3.0.0

Bits of Stock, an Emcee Invest, Inc. company ("Bits of Stock," "we," "us," or "our") welcomes you. We invite you to access and use our website, mobile applications, and services provided through our financial institution partners' digital banking platforms (collectively, the "Platform") subject to the following General Terms & Conditions (the "Terms"), which may be updated by us from time to time without notice to you.

These Terms govern your access to and use of our investment accounts and brokerage services, stock rewards program, all related features and services, and any services accessed through our financial institution partners.

By accessing or using the Platform, you agree to be bound by (i) these Terms; (ii) our Privacy Policy; (iii) the Investment Advisory Agreement (if you open an investment account); and (iv) all other applicable rules, policies, and terms incorporated by reference.

The Investment Advisory Agreement contains additional terms specific to investment advisory services. In the event of any conflict between these Terms and the Investment Advisory Agreement regarding investment advisory services, the Investment Advisory Agreement will control.

THE SECTIONS BELOW TITLED "BINDING ARBITRATION" AND "CLASS ACTION WAIVER" CONTAIN A BINDING ARBITRATION AGREEMENT AND CLASS ACTION WAIVER. THEY AFFECT YOUR LEGAL RIGHTS. PLEASE READ THEM.

ARTICLE I. DEFINITIONS

Capitalized terms used in these Terms have the following meanings:

1.1. "Customer" means any individual who accesses or uses the Platform, whether directly through Bits of Stock or through a Financial Institution Partner.

1.2. "Financial Institution Partner" means any bank, credit union, or other financial institution that has partnered with Bits of Stock to provide access to the Platform.

1.3. "Investment Account" means a brokerage account opened and maintained by Customer through Bits of Stock and its clearing partner, Velox Clearing LLC.

1.4. "Platform" means our website, mobile applications, and services provided through our Financial Institution Partners' digital banking platforms.

1.5. "Qualified Payment Methods" means linked credit cards, linked debit cards, linked checking accounts, linked savings accounts, and other eligible banking accounts or payment methods. What constitutes a Qualified Payment Method is subject to change at Bits of Stock's sole discretion. Linked accounts must be in the same name as the Investment Account holder.

1.6. "Qualified Purchases" means purchases of goods and services using a Qualified Payment Method. Eligible purchases are subject to change at Bits of Stock's sole discretion. Qualified Purchases shall not include: (i) gift cards or gift certificates; (ii) prepaid cards; (iii) bill pay services; (iv) money order services; (v) cash equivalents; (vi) virtual currency; (vii) items considered "bullion" (precious metals in coin, bar, or ingot form); (viii) ATM transactions or cash withdrawals; or (ix) account transfers or balance payments.

1.7. "Stock Rewards" means rewards earned from Qualified Purchases, account activities, or other eligible transactions that can be redeemed for fractional shares of securities. Stock Rewards may be earned through: (i) Qualified Purchases; (ii) maintaining minimum balances in linked accounts; (iii) account opening bonuses; (iv) referral bonuses; or (v) other activities as determined by Bits of Stock or Financial Institution Partners.

Additional capitalized terms not defined in these Terms shall have the meaning set forth in our Privacy Policy.

ARTICLE II. ELIGIBILITY

2.1. Eligibility Requirements. To access and use the Platform, you must: (i) be 18 years of age or older; (ii) reside in the United States; (iii) have a valid U.S. residential address; (iv) have a valid U.S.-based, non-VoIP mobile phone number; and (v) maintain an account in good standing with a Financial Institution Partner (if accessing through a partner).

2.2. Age of Majority. If you are 18 years of age or older but under the age of majority in your jurisdiction, you must review these Terms with your parent or guardian to ensure both you and your parent or guardian understand them.

2.3. Account Types. For information about investment account types, including joint accounts, custodial accounts, and beneficiary designations, please refer to the Investment Advisory Agreement.

2.4. Discretionary Rights. We reserve the right, in our sole and absolute discretion, to: (i) deny you access to the Platform or any portion thereof; (ii) restrict or terminate your access to certain features; (iii) close your account; or (iv) take any other actions we deem necessary. We may take these actions at any time, without notice, and for any reason or no reason.

ARTICLE III. ACCOUNT OPENING AND PLATFORM FEATURES

3.1. Account Creation.

3.1.1. Required Information. To create a Platform account, you must provide: (i) your name; (ii) valid email address; (iii) valid phone number; (iv) maybe a password; and (v) additional authentication and other background information as required.

3.1.2. Digital Banking Platform Access. If you are accessing the Platform through a Financial Institution Partner: (i) you must have an active account with the Financial Institution Partner; (ii) you may access the Platform through the partner's digital banking interface; (iii) your access may be subject to the partner's authentication methods; (iv) single sign-on (SSO) may be available through your partner's platform; and (v) your access may be terminated if you close your partner account.

3.1.3. Account Usage and Security. A Platform account may be accessed by a single individual or multiple authorized users in the case of joint accounts. For joint accounts: (i) each account holder will have separate login credentials; (ii) both account holders have full access to account features; (iii) account holders share responsibility for account security and activity; and (iv) joint account features and access may vary based on your Financial Institution Partner.

3.1.4. Security Responsibilities. Regardless of account type, each account holder is responsible for: (i) maintaining the confidentiality of their login information; (ii) all activities that occur under their credentials; (iii) notifying us immediately of any unauthorized use; and (iv) keeping their account information current and accurate.

3.2. Linking Financial Accounts.

3.2.1. Eligible Accounts. You may link financial accounts to use certain Platform features, including: (i) bank accounts; (ii) credit cards; (iii) debit cards; and (iv) other eligible payment methods.

3.2.2. Account Requirements. The following requirements apply to linked accounts: (i) all linked accounts must be in your name; (ii) joint accounts may only be linked if you are one of the account holders; (iii) you may not link accounts belonging to others; (iv) you must have authority to use any account you link; and (v) we may verify account ownership at any time.

3.3. Platform Features and Stock Rewards.

3.3.1. Available Features. The Platform offers various features including, but not limited to: (i) investment accounts with trading capabilities; (ii) stock rewards programs; (iii) round-ups on transactions to facilitate certain trading capabilities; (iv) educational resources; (v) research tools; (vi) family account options; and (vii) additional features as made available.

3.3.2. Feature Requirements and Access. Features may vary by account tier (Tier 1, 2, or 3). Some features require explicit opt-in through the Platform, while certain features may be automatically enabled based on your tier. Features may require additional verification or documentation, and some features may be provided by third-party vendors.

3.3.3. Feature Changes. We may make changes to Platform features by: (i) adding new features or functionality; (ii) modifying existing features; (iii) removing or discontinuing features; (iv) changing feature requirements or eligibility; and (v) updating terms or pricing. We will use commercially reasonable efforts to notify you in a reasonably timely manner of any such changes through Platform notifications, email communications, partner communications, website updates, or other reasonable methods.

3.4. Trading Windows and Execution.

3.4.1. Order Submission and Timing. For Stock Rewards and other securities transactions: (i) orders are typically processed during market hours on each trading day; (ii) different transaction types (rewards, round-ups, direct investments, recurring investments) may be processed at different times during market hours; (iii) round-ups may be processed at market open or upon receipt of funds; (iv) we may change trading windows at our discretion without notice; (v) orders received after cutoff will be processed the next trading day; and (vi) trading may be suspended on market holidays or during market disruptions.

3.4.2. Settlement and Allocation. Securities transactions are subject to the following: (i) securities are allocated after trade settlement (typically T+1); (ii) securities may be shown to the Customer before settlement; (iii) fractional shares are allocated up to six decimal places; (iv) residual cash remains as buying power in your account; and (v) dividends are automatically processed and deposited into your account.

3.5. Program Requirements and Limitations.

3.5.1. Reward Thresholds. Your Financial Institution Partner may establish minimum thresholds ("Thresholds") for: (i) Stock Rewards redemptions; (ii) round-up investments; and (iii) other reward types. Thresholds will be displayed in the Platform. Rewards below the Threshold remain pending until the Threshold is met. Multiple pending rewards may be combined to meet the Threshold.

3.5.2. Additional Terms. The following additional terms apply: (i) all rewards and features are subject to your tier's terms; (ii) tax implications may apply to rewards and dividends; (iii) account closure may result in forfeiture of unredeemed rewards; (iv) we may cancel rewards obtained through fraudulent activity; (v) additional fees may apply based on your selected tier and features; (vi) rewards are subject to expire based on your financial institution’s program terms and conditions;  and (vii) rewards may be subject to a monthly cap based on your financial institution’s program terms and conditions. 

ARTICLE IV. RISKS AND DISCLAIMERS

4.1. Platform Risks and Disclaimers. The Platform and all related services are provided "as is" and "as available." You understand and acknowledge:

4.1.1. Technology and Access Risks. Service interruptions may occur, features may be modified or discontinued, technical problems may prevent access, data transmission delays or failures may occur, mobile functionality may vary by device, system maintenance may cause downtime, and cybersecurity incidents could affect service.

4.1.2. Third Party Service Risks. Partner services may have separate terms, third party interruptions may affect service, access to partner features may change, rewards programs may be modified, and integration issues may affect Platform functionality.

4.2. Investment-Related Risks. WHILE DETAILED INVESTMENT RISKS ARE COVERED IN THE INVESTMENT ADVISORY AGREEMENT, PART 2A to OUR FORM ADV, AND VELOX CLEARING AGREEMENT, YOU UNDERSTAND AND ACKNOWLEDGE:

4.2.1. General Investment Risks. Securities investments involve risk of loss, past performance does not guarantee future results, market volatility can affect investment value, stock rewards may fluctuate in value, fractional shares may have limited liquidity, and investment returns are not guaranteed.

4.2.2. Additional Information. For complete information about investment risks, you should: (i) review the Investment Advisory Agreement and PART 2A to our FORM ADV; (ii) read the Velox Clearing Agreement; (iii) consider all risk disclosures before investing; and (iv) consult with financial advisors as needed.

4.3. No Investment Recommendations. YOU ACKNOWLEDGE THAT: (i) we do not make investment recommendations; (ii) any investment advice we do provide is non-discretionary, meaning that we do not have the authority to decide which securities to purchase and sell for you; (iii) we do not provide tax, legal, or accounting advice; (iv) investment decisions are made solely by you at your explicit direction; (iv) stock reward selections are not investment recommendations; and (v) educational materials are not personalized advice; and (vii) any monies invested in the Program at your discretion may be subject to total loss. 

4.4. General Disclaimers and Limitations. WE MAKE NO WARRANTIES, EXPRESS OR IMPLIED, REGARDING: (i) Platform availability or reliability; (ii) accuracy of information; (iii) investment success or returns; (iv) suitability for any purpose; (v) freedom from harmful code; or (vi) device compatibility.

4.5. Limitation of Liability. TO THE MAXIMUM EXTENT PERMITTED BY LAW: (i) service interruption liability is limited; (ii) consequential damages are disclaimed; (iii) direct damages are capped per applicable law; and (iv) force majeure events excuse performance.

ARTICLE V. USER OBLIGATIONS AND RESTRICTIONS

5.1. Required Notifications. You must immediately notify us if you: (i) discover any unauthorized account access; (ii) suspect security compromise; (iii) change your contact information or any other material changes to the information you provided to us; (iv) no longer meet eligibility requirements; (v) become subject to backup withholding; or (vi) close your Financial Institution Partner account.

5.2. Platform Use Restrictions. When using the Platform, you agree NOT to: (i) use it for any unlawful purpose; (ii) violate any applicable laws or regulations; (iii) impersonate any person or entity; (iv) submit false or misleading information; (v) attempt to reverse engineer the Platform; (vi) interfere with Platform security features; (vii) use automated means to access the Platform; (viii) conduct competitive analysis or monitoring; (ix) overload Platform infrastructure; or (x) attempt unauthorized access.

5.3. Account Security Obligations. You are responsible for: (i) maintaining strong password security; (ii) keeping access credentials confidential; (iii) logging out of active sessions; (iv) using secure internet connections; (v) installing security updates; (vi) reporting suspicious activity; and (vii) maintaining device security.

5.4. Platform Access. You acknowledge that: (i) access may be monitored for security; (ii) suspicious activity may trigger restrictions; (iii) maintenance may affect availability; (iv) we may suspend access if we suspect violations; and (v) partners may restrict access based on their terms.

ARTICLE VI. INTELLECTUAL PROPERTY RIGHTS

6.1. Platform Ownership. The Platform, including all content, features, and functionality, is owned by: (i) Bits of Stock; (ii) our licensors; and (iii) our Financial Institution Partners (their respective content). All rights are reserved under United States and international laws.

6.2. Licensed Rights. We grant you a limited, non-exclusive, non-transferable right to: (i) access and use the Platform for personal use; (ii) view content through authorized interfaces; and (iii) use features as intended and permitted. This license is conditioned on your compliance with these Terms.

6.3. Restrictions. You may not: (i) copy, modify, or create derivative works; (ii) reverse engineer the Platform; (iii) remove copyright or trademark notices; (iv) use content for commercial purposes; (v) transfer your access rights; (vi) display content on other websites; or (vii) use Platform elements in other services.

6.4. Trademarks and Branding. Protected marks include: (i) Bits of Stock trademarks; (ii) partner institution marks; (iii) third-party service marks; and (iv) associated logos and designs. Use of any marks requires prior written permission.

6.5. Content Ownership. You understand that: (i) all Platform content is protected; (ii) partner content remains partner property; (iii) third-party content is owned by providers; (iv) user-generated content rules are separate; and (v) educational materials are proprietary.

6.6. Enforcement. We reserve the right to: (i) enforce our intellectual property rights; (ii) remove infringing content; (iii) terminate access for violations; and (iv) take legal action if necessary.

ARTICLE VII. FEEDBACK AND COMMUNICATIONS

7.1. Feedback Submission. We welcome your feedback about the Platform. By submitting feedback, you understand: (i) all feedback becomes our property; (ii) we may use feedback without compensation; (iii) feedback should not include confidential information; (iv) we are not obligated to review or implement feedback; and (v) similar features may already be in development.

7.2. Communication Channels. Feedback and communications should be submitted through: (i) Platform feedback forms; (ii) designated support channels; (iii) official social media accounts; (iv) authorized partner channels; or (v) other specified methods.

7.3. Content Guidelines. When providing feedback, do not submit: (i) confidential information; (ii) personal financial data; (iii) account credentials; (iv) third-party proprietary information; or (v) sensitive personal information.

7.4. Usage Rights. By submitting feedback, you grant us: (i) perpetual, worldwide rights to use; (ii) right to modify and incorporate; (iii) right to share with partners; (iv) right to implement without credit; and (v) no right to compensation.

7.5. Partner Feedback. For partner-specific features: (i) direct feedback to appropriate partner; (ii) follow partner communication guidelines; (iii) understand shared feedback policies; and (iv) respect partner confidentiality.

ARTICLE VIII. WARRANTIES AND LIABILITY

8.1. Incorporation by Reference. This Article incorporates and supplements the warranties and liability limitations detailed in Article IV (Risks and Disclaimers).

8.2. Additional Warranty Disclaimers. IN ADDITION TO THE DISCLAIMERS IN ARTICLE IV, AND TO THE MAXIMUM EXTENT PERMITTED BY LAW: (i) no warranty of any kind is made regarding third-party services; (ii) partner services carry their own warranties and limitations; and (iii) state-specific warranties may apply (see below).

8.3. State-Specific Provisions. Some jurisdictions, including the State of New Jersey, do not allow the exclusion of certain warranties or certain limitations of liability. Therefore, some of the above limitations and disclaimers may not apply to you.

8.4. Non-Waivable Rights. Nothing in these Terms shall affect any non-waivable statutory rights that apply to you.

ARTICLE IX. EXTERNAL SITES AND SERVICES

9.1. External Links. The Platform may contain links to: (i) third-party websites; (ii) partner institutions; (iii) educational resources; (iv) market data providers; and (v) other external content.

9.2. No Endorsement. Links are provided for convenience only. We: (i) do not endorse external content; (ii) do not control external sites; (iii) cannot verify external accuracy; (iv) do not monitor external changes; and (v) make no representations about external content.

9.3. Your Responsibility. When accessing external sites, you: (i) accept their terms of use; (ii) follow their privacy policies; (iii) assume all associated risks; (iv) are subject to their security measures; and (v) should verify their legitimacy.

9.4. Partner Sites. For Financial Institution Partner sites: (i) separate terms may apply; (ii) different security measures exist; (iii) independent privacy policies govern; (iv) partner features may vary; and (v) partner support may be required.

9.5. Security. When leaving our Platform: (i) use caution downloading files; (ii) verify site authenticity; (iii) protect your credentials; (iv) report suspicious activity; and (v) follow security best practices.

ARTICLE X. INDEMNIFICATION

10.1. Your Agreement to Indemnify. You agree to indemnify, defend, and hold harmless Bits of Stock, our Financial Institution Partners, our affiliates and licensors, our respective officers, directors, and employees, and our agents and representatives (collectively, "Indemnified Parties") from any and all claims, liabilities, damages, losses, costs, and expenses (including reasonable attorney's fees) arising from or relating to: (i) your use of the Platform; (ii) violation of these Terms; (iii) violation of applicable laws; (iv) your content or submissions; (v) unauthorized account access; (vi) your interactions with third parties; or (vii) your breach of any agreement.

10.2. Cooperation. For any indemnified claim, you agree to: (i) promptly notify us of claims; (ii) allow us to control the defense; (iii) cooperate in the defense; (iv) not settle without our consent; and (v) reimburse reasonable expenses.

10.3. Right to Assume Defense. We reserve the right to: (i) assume exclusive defense; (ii) control any settlement; (iii) choose legal representation; (iv) require your cooperation; and (v) seek reimbursement of costs.

10.4. Survival. These indemnification obligations: (i) survive termination; (ii) continue after account closure; (iii) apply to all future claims; and (iv) cover all related services.

ARTICLE XI. COMPLIANCE WITH APPLICABLE LAWS

11.1. Geographic Restrictions. (i) Platform is intended for U.S. residents only; (ii) access from outside U.S. is at user's risk; (iii) we make no claims about international appropriateness; and (iv) local laws may restrict or prohibit use.

11.2. Regulatory Compliance. You agree to comply with all applicable: (i) federal securities laws; (ii) banking regulations; (iii) state regulations; (iv) tax requirements; (v) data privacy laws; (vi) consumer protection laws; and (vii) anti-money laundering laws.

11.3. Prohibited Users. You may not use the Platform if you are: (i) subject to U.S. sanctions; (ii) located in prohibited jurisdictions; (iii) barred by applicable laws; (iv) on government watchlists; or (v) otherwise restricted by regulations.

11.4. Tax Obligations. You acknowledge: (i) responsibility for tax reporting; (ii) obligation to provide accurate information; (iii) requirement to update tax status; (iv) compliance with backup withholding; and (v) duty to consult tax advisors.

11.5. Regulatory Updates. We may modify services to comply with: (i) new regulations; (ii) legal requirements; (iii) regulatory guidance; (iv) court orders; and (v) government requests.

ARTICLE XII. ELECTRONIC COMMUNICATIONS AND RECORDINGS

12.1. Electronic Delivery Consent. You consent to receive electronically: (i) account statements; (ii) transaction confirmations; (iii) legal notices and disclosures; (iv) Platform updates; (v) marketing communications; (vi) service notifications; and (vii) tax documents.

12.2. Communication Methods. We may communicate through: (i) Platform notifications; (ii) email; (iii) text messages (with consent); (iv) mobile app alerts; (v) partner platform notices; and (vi) other electronic methods.

12.3. Technical Requirements. To receive electronic communications, you must maintain: (i) valid email address; (ii) internet access; (iii) mobile device access (for app features); (iv) ability to download and store documents; and (v) PDF reader software.

12.4. Communication Recording. You understand and agree that: (i) we may record communications; (ii) calls may be monitored; (iii) chat sessions may be logged; (iv) support interactions may be documented; and (v) recordings may be used for quality assurance, training purposes, legal compliance, and dispute resolution.

12.5. Withdrawal of Consent. You may withdraw consent to: (i) electronic delivery; (ii) text messages; and (iii) marketing communications. However, withdrawal of certain consents may: (i) limit Platform functionality; (ii) restrict service access; and (iii) affect account features.

ARTICLE XIII. MODIFICATIONS AND TERMINATION

13.1. Platform Modifications. We reserve the right to: (i) modify the Platform; (ii) update features and functionality; (iii) change service offerings; (iv) alter program terms; and (v) discontinue any service.

For pricing structure changes: (i) we will provide at least 30 days' advance notice; (ii) notice will be delivered through Platform notification and email; (iii) you will have the right to opt out of such changes by terminating your account; (iv) if you do not opt out before the effective date, your continued use constitutes acceptance; and (v) certain changes may affect your access to features or services.

13.2. Agreement Modifications. We may modify these Terms: (i) at any time; (ii) by posting an updated version; (iii) through Platform notification; and (iv) via email notification. Your continued use after changes constitutes acceptance.

13.3. Termination by Us. We may terminate or suspend your access: (i) for any violation of Terms; (ii) for suspicious activity; (iii) to comply with regulations; (iv) at partner institution request; (v) for business purposes; or (vi) without cause or notice.

13.4. Termination by You. You may terminate: (i) by closing your account; (ii) by written notice to us; (iii) through partner platforms; (iv) subject to existing obligations; and (v) after settling pending transactions.

13.5. Effect of Termination. Upon termination: (i) access rights end immediately; (ii) pending transactions may complete; (iii) fees may still be due; (iv) records are maintained as required; and (v) Terms that survive continue.

ARTICLE XIV. ACCOUNT CLOSURE

14.1. Account Closure Events. Your account(s) may be closed: (i) at your request; (ii) upon termination of your Financial Institution Partner relationship; (iii) due to inactivity; (iv) for violations of these Terms; or (v) as required by law or regulation.

14.2. Financial Institution Relationship and Account Closure. If you end your relationship with your Financial Institution Partner:

14.2.1. Account Closure Effects. (i) your Platform access through that partner will terminate; (ii) associated rewards accounts will be closed; (iii) investment accounts may require separate closure procedures through Velox Clearing; (iv) pending rewards may be forfeited; and (v) features tied to that institution will end.

14.2.2. Investment Account Closure. You must: (i) contact Velox Clearing through our Platform; (ii)  if offered, select a method for transferring securities (in-kind transfer or liquidation), otherwise, liquidation is selected; (iii) provide new bank account information for cash transfers; and (iv) complete any required documentation.

14.2.3. Funds Transfer. Cash balances will be handled as follows: (i) transferred to your designated bank account; (ii) transfer timing depends on settlement of any pending transactions; (iii) wire transfers may be available for expedited processing; (iv) ACH transfers typically process within 3-5 business days; or (vi) a check will be mailed to your address. 

14.2.4. Unclaimed Property. For dormant accounts: (i) accounts with no activity or contact may be subject to state escheatment laws; (ii) we will attempt to contact you using your last known information; (iii) unclaimed funds may be transferred to state authorities after required dormancy period; and (iv) recovery of escheated funds requires contacting relevant state authorities.

14.3. Record Retention. Following closure: (i) account statements and tax documents remain available for download or available upon request by contacting help@bitsofstock.com; (ii) you should save copies of all relevant documents before closure; and (iii) we maintain records as required by applicable regulations.

ARTICLE XV. BINDING ARBITRATION

15.1. Agreement to Arbitrate. You agree that any dispute, claim, or controversy arising out of or relating to: (i) these Terms and/or the Investment Advisory Agreement; (ii) the Platform; (iii) your account; (iv) any services provided; or (v) any aspect of our relationship will be resolved through binding arbitration rather than court.

15.2. Arbitration Procedures. (i) arbitration will be administered by JAMS; (ii) conducted under JAMS Comprehensive Arbitration Rules; (iii) held in New York County, New York; (iv) decided by one arbitrator; (v) conducted in English; and (vi) may be done remotely when appropriate.

15.3. Arbitration Limitations. YOU UNDERSTAND THAT BY AGREEING TO ARBITRATION: (i) YOU GIVE UP THE RIGHT TO SUE IN COURT; (ii) YOU WAIVE RIGHT TO JURY TRIAL; (iii) YOUR DISCOVERY RIGHTS MAY BE LIMITED; (iv) APPEAL RIGHTS ARE LIMITED; and (v) YOU MAY STILL BRING CLAIMS IN SMALL CLAIMS COURT.

15.4. Exception for Small Claims. Either party may bring claims in small claims court if: (i) claims qualify under court rules; (ii) court has jurisdiction; and (iii) only individual relief is sought.

15.5. Costs and Fees. (i) each party responsible for their own costs; (ii) arbitrator fees split according to JAMS rules; and (iii) we will not seek attorneys' fees unless permitted by law.

ARTICLE XVI. CLASS ACTION WAIVER

16.1. Individual Claims Only. (i) all disputes must be brought individually; (ii) no claims may be brought as class actions; (iii) no claims may be brought as representative actions; (iv) no claims may be joined or consolidated with others; and (v) no group arbitration allowed.

16.2. Specific Waivers. YOU EXPRESSLY WAIVE ANY RIGHT TO: (i) participate in a class action; (ii) act as a class representative; (iii) act as a private attorney general; (iv) join claims with others; and (v) consolidate claims.

16.3. Scope of Waiver. This waiver applies to: (i) all Platform disputes; (ii) all service-related claims; (iii) all account matters; (iv) any related disputes; and (v) future disputes.

16.4. Severability. If this class action waiver is found unenforceable: (i) the entire arbitration agreement is null; (ii) any proceedings must be in court; and (iii) individual claims remain individual.

16.5. Acknowledgment. YOU ACKNOWLEDGE AND AGREE THAT YOU ARE KNOWINGLY AND VOLUNTARILY WAIVING YOUR RIGHTS TO: (i) PARTICIPATE IN A CLASS ACTION; (ii) BRING COLLECTIVE CLAIMS; and (iii) SEEK CLASS-WIDE RELIEF.

ARTICLE XVII. EQUITABLE RELIEF

17.1. Acknowledgment of Harm. You acknowledge and agree that: (i) breach of intellectual property rights causes irreparable harm; (ii) violation of confidentiality causes immediate damage; (iii) certain violations cannot be fully compensated by money; (iv) emergency court intervention may be necessary; and (v) time is of the essence in preventing violations.

17.2. Available Remedies. We may seek, without waiving other remedies: (i) temporary restraining orders; (ii) preliminary injunctions; (iii) permanent injunctions; (iv) emergency court relief; and (v) other equitable remedies.

17.3. Jurisdiction. You hereby: (i) consent to jurisdiction of New York courts; (ii) accept New York venue for these purposes; (iii) waive objections to jurisdiction; (iv) agree to accept service of process; and (v) consent to expedited proceedings.

17.4. No Limitation. Nothing in these Terms: (i) limits our right to seek injunctive relief; (ii) requires arbitration before seeking equitable relief; (iii) prevents emergency court action; (iv) restricts available legal remedies; or (v) waives any legal protections.

ARTICLE XVIII. GOVERNING LAW AND JURISDICTION

18.1. Governing Law. These Terms and your relationship with us are governed by: (i) laws of the State of New York; (ii) without regard to conflict of law provisions; (iii) federal laws where applicable; and (iv) securities regulations where applicable.

18.2. Exclusive Forum. You agree that: (i) courts in New York County, New York have exclusive jurisdiction; (ii) you submit to personal jurisdiction in New York; (iii) you waive any objection to venue; (iv) you accept New York as the exclusive forum; and (v) small claims exceptions still apply per Article XV.

18.3. Exceptions. This Article does not: (i) override arbitration requirements; (ii) limit emergency relief rights; (iii) affect statutory rights; (iv) prevent regulatory actions; or (v) limit small claims court rights.

18.4. Federal Preemption. Where federal law applies: (i) federal law controls; (ii) state law applies only where consistent; (iii) securities laws and regulations prevail; and (iv) banking regulations remain applicable.

ARTICLE XIX. MISCELLANEOUS

19.1. Survival. The following provisions survive termination: (i) Intellectual Property Rights; (ii) Indemnification; (iii) Warranties and Liability; (iv) Arbitration and Class Action Waiver; (v) Governing Law; (vi) Confidentiality obligations; and (vii) any accrued rights or obligations.

19.2. Severability. If any provision is found invalid: (i) remaining provisions stay in effect; (ii) invalid portion will be modified; (iii) intent of provision will be preserved; and (iv) fundamental Terms remain binding.

19.3. Assignment. (i) you may not assign your rights; (ii) we may assign our rights and obligations; (iii) we may transfer our rights; (iv) partners may assume obligations; and (v) notice will be provided of material changes.

19.4. Entire Agreement. These Terms constitute: (i) complete understanding between parties; (ii) supersede prior agreements; (iii) replace previous versions; (iv) include referenced documents; and (v) incorporate partner terms.

19.5. No Waiver. (i) failure to enforce is not waiver; (ii) delay in enforcement preserves rights; (iii) written waivers must be explicit; (iv) single waiver is not continuing; and (v) rights and remedies are cumulative.

19.6. Notices. All notices must be: (i) in writing; (ii) sent to designated addresses; (iii) through authorized channels; (iv) effective upon receipt; and (v) in English language.

19.7. Force Majeure. Neither party is liable for: (i) acts of God; (ii) government actions; (iii) system failures; (iv) network disruptions; or (v) other events beyond control.

• Version History:

Version 3.0.0 - March 13, 2025

Version 2.2.0 - September 6, 2023

Version 2.1.0 - July 23, 2023

Version 2.0.0 - June 23, 2023

Version 1.0.0 - May 8, 2023

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Velox Terms of Use

Velox Clearing LLC - Customer Agreement

Relative to becoming a Customer and opening a custodial securities account at Velox Clearing LLC (“Velox”), you represent and attest to Velox that;

1. LEGAL CAPACITY: You have the required legal capacity and are authorized to enter into this Agreement (“the Agreement”), or you have provided written documentation of your authorized delegate, agent, or attorney-in-fact.

2. RESPONSIBILITY FOR INVESTMENT DECISIONS: You understand that Velox provides no investment advice, nor does Velox give advice or offer any opinion with respect to the suitability of any security or order. All transactions will be done only upon your instruction or the instruction of your authorized delegate, agent, or attorney-in-fact. You further acknowledge that Velox will not provide you with any trading, investment, legal, tax, or accounting advice, that its employees are not authorized to give any such advice, and that you will not solicit or rely upon any such advice from Velox or its employees whether in connection with transactions in or for any of your accounts or otherwise. In making trading, investment, legal, tax, or accounting decisions with respect to transactions in or for your accounts or any other matter, you will consult with and rely upon your own advisors and not upon Velox.

3. ORDER MARKINGS: You agree, when placing sell orders, to designate whether each order is from a short position or long position and authorize Velox to mark each order accordingly. If Velox does not already hold securities designated for long accounts when the order is placed, you agree to deliver such securities in good form to Velox on or before the settlement date for the order. If you do not fulfill this agreement, or if Velox is unable to settle any other transaction by reason of your failure to make payment or deliver securities in good form, you authorize Velox to take all steps necessary to complete the transaction, and you will reimburse Velox for all costs, losses or liabilities Velox incurs.

4. SECURITIES LAWS AND REGULATIONS: You will at all times comply with US Securities laws and regulations, as well as any applicable State and Federal laws, including, but not limited to efforts to fight the funding of terrorism and money laundering, and US PATRIOT Act and Bank Secrecy Act requirements. You understand that any violation of US Securities regulations or other applicable laws will constitute a breach of this agreement and may result in the immediate termination of this Agreement by Velox. You further understand that any fines and or penalties imposed on Velox as a result of a violation by you of any applicable securities regulation or law may, at Velox’s discretion, be passed onto you; and you acknowledge and represent that you will be responsible for payment to Velox of such fines.

5. COLLECTION FEES: The reasonable costs of collection of the debit balance and any unpaid deficiency in your accounts, including attorney's fees incurred by Velox, shall be reimbursed by you to Velox.

6. CANCEL OPEN ORDERS: You understand that all open orders may be reviewed after 30 days. In the event that Velox is unable to confirm with you that the order is still good, Velox may at its discretion cancel it.

7. LAWS OF THE STATE OF CALIFORNIA: You agree that this Agreement shall be governed by and interpreted in accordance with the laws of California, excluding its conflicts of law rules.

8. ARBITRATION: YOU ACKNOWLEDGE AND AGREE THAT THIS AGREEMENT CONTAINS A PREDISPUTE ARBITRATION CLAUSE. BY SIGNING AN ARBITRATION AGREEMENT, THE PARTIES AGREE AS FOLLOWS:

A. 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. 

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.

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. IN SOME CASES, A CLAIM THAT IS INELIGIBLE FOR ARBITRATION MAY BE BROUGHT IN COURT.

G. THE RULES OF THE ARBITRATION FORUM IN WHICH THE CLAIM IS FILED, AND ANY AMENDMENTS THERETO, SHALL BE INCORPORATED INTO THIS AGREEMENT.

YOU AGREE, AND BY CARRYING AN ACCOUNT FOR YOU, VELOX AGREES, THAT ALL CONTROVERSIES WHICH MAY ARISE BETWEEN THE PARTIES CONCERNING ANY TRANSACTION OR CONSTRUCTION, PERFORMANCE, OR BREACH OF THIS OR ANY OTHER AGREEMENT BETWEEN US PERTAINING TO SECURITIES AND OTHER PROPERTY, WHETHER ENTERED INTO PRIOR, ON OR SUBSEQUENT TO THE DATE HEREOF, SHALL BE DETERMINED BY ARBITRATION. ANY ARBITRATION UNDER THIS AGREEMENT SHALL BE CONDUCTED PURSUANT TO THE FEDERAL ARBITRATION ACT AND THE LAWS OF THE STATE OF CALIFORNIA, AND IN ACCORDANCE WITH THE RULES OF THE SELECTED ORGANIZATION. ANY CONTROVERSY BETWEEN YOU AND VELOX SHALL BE SUBMITTED TO ARBITRATION BEFORE ANY NATIONAL SECURITIES EXCHANGE ON WHICH A TRANSACTION GIVING RISE TO THE CLAIM TOOK PLACE (AND ONLY BEFORE SUCH EXCHANGE), OR THE FINANCIAL INDUSTRY REGULATORY AUTHORITY, INC (“FINRA”). THE AWARD OF THE ARBITRATORS, OR OF THE MAJORITY OF THEM, SHALL BE FINAL, AND JUDGMENT UPON THE AWARD RENDERED MAY BE ENTERED AND ENFORCED IN ANY COURT, STATE OR FEDERAL, HAVING JURISDICTION. NO PERSONS 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, OR (II) THE CLASS IS DECERTIFIED, OR (III) THE CUSTOMER IS EXCLUDED FROM THE CLASS BY THE COURT. 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. YOU UNDERSTAND THAT ANY COMPLAINTS SHOULD BE DIRECTED TO VELOX AT ITS ADRESS LISTED ON THE VELOX WEBSITE WWW.VELOX-GLOBAL.COM.

9. BUSINESS CONTINUITY PLANS: Velox has established Business Continuity Plans (“BCP”) that will support its ability to conduct business in the event of a disaster or other significant business disruption. This plan is reviewed and updated at least annually. In the event of a disaster or other disruption, Velox intends to implement one or more of its BCP’s to minimize any interruption and recover business as quickly as possible. To receive more information about Velox’s BCP please navigate to the Velox website at www.velox-global.com.

10. AGENCY REPORTING: You understand that, under the Federal Fair Credit Reporting Act, you have the right to notify Velox if you believe Velox has inaccurately reported information about your account to a consumer reporting agency. You understand that under no circumstances will Velox sell, share or otherwise provide your personal information to any non-affiliated third-party entity.

11. BACKGROUND CHECKS: You acknowledge and authorize Velox to perform a background check on you which may include criminal and credit searches. You acknowledge that Velox has disclosed to you that an investigative consumer report, including information as to your creditworthiness, insurance and credit standing, credit capacity, character, general reputation, personal characteristics, and mode of living will be conducted. You have initiated this transaction and have been advised that you have the right, upon written request within a reasonable time after having received this disclosure, to receive complete and accurate information on the nature and scope of the inquiry, if one is made, and to a written summary of the rights of the consumer under the Fair Credit Reporting Act with any disclosure from a consumer reporting agency. You understand any such requests, notices, or inquiries should include your names(s), current address(es), social security number(s), telephone number(s), and account number, and, in the case of information you believe inaccurately reported, the specific item of dispute. You understand that your request should be sent to Velox at its address listed on the Velox website www.velox-global.com.

12. AGREEMENT TERMS AND CONDITIONS: This Agreement shall be in force upon approval or acceptance of your account by Velox (“Approval Date”) and shall continue until terminated as is hereinafter provided. The Effective Date of the Agreement shall be thirty (30) days subsequent to the Approval Date, or on the date of commencement of account funding, whichever comes first (“Effective Date”).

(a) The parties agree that this Agreement shall be in force for a period of one month from the Effective Date (“Contract Period”). Thereafter, the Agreement shall automatically renew for a subsequent Contract Period, unless terminated pursuant to the termination terms described below.

(b) This Agreement may be terminated by you, without cause, upon ten (10) days’ written notice to Velox, prior to the expiration of the then current Contract Period. Should you fail to provide timely notice, you may thereafter terminate this Agreement at any time during the Contract Period but agree that you will be liable and will pay to Velox all agreed upon fees and charges for the remainder of the Contract Period.

If either party terminates the Agreement pursuant to this subparagraph, Velox shall have the right to impose reasonable limitations upon your activities with respect to your accounts at Velox during the period between the giving of notice and the transfer of your account.

(c) In the event either party defaults in the performance of its obligations under this Agreement, the non-defaulting party may terminate this Agreement on the following terms and conditions. Written notice must be delivered to the defaulting party specifying the nature of the default and notifying the defaulting party that unless the default is cured within a period of ten (10) business days from receipt of the notice, this Agreement may be terminated without further proceedings by the non-defaulting party.

(d) This Agreement may be terminated by Velox or you immediately in the event that the other party is criminally indicted, enjoined, disabled, suspended, prohibited or otherwise unable to engage in the securities business, or any part of it, as a result of any administrative or judicial proceeding or action by the U.S. Department of Justice or state prosecutor, the SEC, or any state securities regulator or any other self-regulatory organization having jurisdiction, or pursuant to a voluntary Agreement or understanding with any of the aforementioned entities.

(e) This Agreement may be terminated by Velox or you immediately in the event that the other party becomes a debtor in a bankruptcy proceeding, is placed into receivership or becomes insolvent.

(f) Velox may terminate this Agreement forthwith upon prior written notice to you in the event that you are adjudicated bankrupt or insolvent or a trustee or similar creditors’ representative is appointed by court order, or any property of yours is sequestered by court order and such order remains in effect for more than thirty (30) calendar days, or a petition is filed by or against you either voluntarily or involuntarily under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation law of any jurisdiction, whether now or hereafter in effect, and is not dismissed within thirty (30) calendar days of such filing, or you make an assignment for the benefit of your creditors, or admit in writing your inability to pay your debts generally as they become due, or consent to the appointment of a receiver, trustee or liquidator for yourself or for any property held by you.

(g) Termination of this Agreement, however caused, shall not release you or Velox from any liability or responsibility to the other with respect to transactions effected prior to the effective date of such termination, whether or not claims relating to such transactions shall have been made before or after such termination.

(h) If you terminate this Agreement pursuant to subparagraph (b) above within the first year of the date of this Agreement, or Velox terminates this Agreement pursuant to subparagraph (c) or (d) above, you will pay to Velox a termination fee equal to all agreed upon minimums that would have been due to Velox for the remainder of the Contract Period.

14. PRIVACY POLICY: In order to maintain and service your accounts, Velox will gather and store information about you. This information, collected via this application and other account documentation, is critical to open and administer your account. In addition to this collected information, transactions facilitated by you through Velox will be kept for reporting purposes and pursuant to Velox’s regulatory requirements. To provide superior service to clients it is necessary for Velox to share information with third parties it is currently involved with in a contractual relationship (such as your referring financial institution); except in states where this type of sharing is not permitted by law. This sharing of personal information is carried out on a strictly professional basis and is incidental to servicing your account. Velox has received assurances from these third parties that they will not share your personal information. You understand that through the normal course of servicing your account, certain agents and employees may have access to your confidential account information. This may include operations and support personnel, as well as your investment professional. You understand that access to this information is limited and held in the strictest confidence. You understand that information about former customers who do not currently maintain an account relationship with Velox is not shared with any outside party. You understand that due to the partnerships that Velox has with financial institutions to offer investment services, sharing of information with these financial institutions is critical to servicing your account. Allowing this sharing process to continue uninterrupted will allow you to take full advantage of the value offered by the relationship between your financial institution and Velox. Velox does offer you the option to limit the sharing of information between Velox and your referring financial institution. If you would like to request that your information not be shared with your referring financial institution or if you would like more information about Velox’s Privacy Policy, please navigate to the Velox website www.velox-global.com.

Velox Clearing Customer Agreement Related to Fractional Shares Trading 

Velox Clearing, LLC (“Velox” or “VC”) fractional share trading functionality allows you to buy and sell  fractional share quantities and dollar amounts of certain securities (“Fractional Trading”). Fractional  Trading presents unique risks and has certain limitations that you should understand before placing your  first trade. 

In consideration of Velox allowing you to purchase and sell fractional interests of whole equity securities  (“fractional shares”) from and to Velox acting as principal, You represent and agree with respect to all  Accounts, whether margin or cash, to the terms in this addendum (“Addendum”) to the Velox Clearing,  LLC Customer Agreement (“Agreement”) set forth below. Unless noted otherwise, defined terms have the  same meaning here as in the Agreement. In the case of conflict between the terms of the Agreement and  the Addendum, the terms of the Addendum will control for purposes of the subject matter herein. You  acknowledge and understand that: 

1. Trading Orders to buy or sell may be entered using either a fractional share quantity (e.g., 1.750 shares)  or a dollar value (e.g., $150.00). Velox will not accept dollar-based purchases or sales of less than $1.00.  Proceeds from the sale of any whole or fractional shares will be rounded to the nearest $0.01. Dollar  value orders will be converted into share quantities for execution. In all cases, when converting dollar 

value orders into share quantities, the share quantities will be rounded down. For a variety of reasons,  including but not limited to this conversion convention, the actual amount of an executed dollar-value  trade may be different from the requested amount. The actual amount of an executed order to buy or sell  a dollar value of a security may also be lower than the amount requested due to the deduction of certain  commissions, fees (e.g., regulatory fees) or taxes. Commissions are calculated on a dollar-value basis at  0.01%, or $0.01 per every $100.00 in stock/ETF purchases, rounded up to the nearest cent. Contact your  authorized agent/advisor for more information on the commissions and fees that apply to your account. 

2. A vendor employed by Velox will aggregate any proxy votes for fractional shares of Velox’s  customers with all votes reported to the issuer or issuer’s designated vote tabulator. You understand  that while Velox’s vendor will report such proxy votes on fractional shares, the issuer or tabulator may  not fully count such votes. 

3. You hereby direct Velox, and Velox hereby agrees, not to vote or take any discretionary or voluntary  action with respect to any fractional share position. Furthermore, you acknowledge that you cannot vote  or take any discretionary or voluntary action with respect to any fractional share position. Accordingly,  while VC may notify you of issuer meetings, VC will not solicit proxies in connection with fractional  share positions, and you and/or your authorized agent/advisor cannot vote proxies for fractional share  positions. Fractional shareholders will not be able to provide instruction in connection with voluntary  corporate actions (e.g., tenders), except for optional dividends; and VC will not vote proxies for any  fractional shares it holds as principal and will not affirmatively participate in any voluntary corporate  actions.

4. Velox will execute all orders that include fractional shares (“Fractional Orders”) on a principal basis.  Velox will act as your agent and will act in either a principal or a mixed capacity (i.e., both as agent  and principal) when executing your order. The whole share component of any order will be executed  by Velox as agent in its’ principal account and customers will receive a price at the then current  National Best Bid or Offer (“NBBO”). When a fractional share interest is allocated to your account,  Velox will maintain custody of the whole share in which you have the fractional interest. Any  fractional share interest in the whole share not allocated to your account may be allocated to other  customers or to Velox as principal. All orders with a fractional share component will be marked “Not  Held,” which gives Velox the time and price discretion to execute the order without being held to the  security’s current quote. In connection therewith, each time you submit an order to buy or sell a  fractional share quantity or dollar amount of a particular security, you authorize Velox to “work the  order.” If you do not wish your order to be handled on a Not Held basis, you should not engage in  Fractional Trading. 

5. To the extent that Velox must purchase or sell shares in the market to fulfill any part of your Fractional  Order, the fractional component of that order will be fulfilled at the execution price Velox received for  the corresponding whole shares. When trading as principal for its own account, Velox may make a  profit or incur a loss on each trade. In the case of a purchase of the fractional component of any order,  if Velox has sufficient principal inventory, that purchase will also be executed at the then current  NBBO. In the case of a sale of the fractional component of any order, that sale will be executed at the  then current National Best Bid or Offer (“NBBO”). Please note that this price may be higher or lower  than the price at the time you place your order. 

6. To the extent that Velox fulfills your Fractional Order for national exchange-listed securities (“NMS  Securities”) entirely out of its inventory and without purchasing or selling shares in the market  (“Inventory Fulfillment”), Velox will endeavor to price such shares or fractional shares at a price  between the National Best Bid and Offer (“NBBO”) at the time of the order during market hours.  However, certain NMS stocks may not be made available for Fractional Trading, and we reserve the  right to modify the list of eligible NMS stocks at any time without notice to you. Any modification to  the list of eligible NMS stocks available for Fractional Trading will not affect any fractional share  interests previously acquired by you. Price Improvement for fractional shares is handled differently  than round lot shares, and in many situations will be less advantageous to the purchaser. 

7. Velox only accepts market orders, during market hours, for fractional shares trading at this time. You  may attempt to cancel an order, but there is no ability to request that an order be “cancelled and  replaced” (i.e., you cannot modify an order once it has been submitted). Fractional Trading supports  market orders only for fractional share quantities of a security that are good for that day’s trading  session only. Because of this, your ability to buy or sell a security using Fractional Trading may be  more restricted than if you were to buy or sell traditional whole share quantities of the same security.  In the event of a trading halt of a security, Fractional Trading of that security will also be halted, and  your order will be held until trading resumes. If trading does not resume or your order is not executed  by the close of that day’s Fractional Trading window, it will be cancelled.

8. Shareholder Rights for Fractional Share Interests: Fractional shares do not entitle the holder to vote or  take any discretionary or voluntary action with respect to any fractional share position. Fractional  shareholders will not be able to provide instruction in connection with voluntary corporate actions  (e.g., tenders). In the case of a dividend, the dividend will be passed along to you in proportion to your  ownership interest, inclusive of fractional share interests. Velox will only support payments that are  equal to or greater than $.01 in total. Amounts smaller than that, or non-divisible amounts will be  maintained by Velox and titled as “Undistributable Interests”. Automatic reinvestments often involve  purchase of fractional shares. Partial shares pay prorated dividends and can be sold if you sell your  entire share position and will be liquidated automatically in transfers and certain other situations, but  otherwise typically cannot be sold.  

9. Fractional share positions may be illiquid. Velox does not guarantee that there will be a market for fractional share positions and makes no representations or warranties about its ability or willingness to continue to trade as principal in fractional share quantities. If your account is closed, your fractional  shares may be liquidated, and the proceeds distributed to you as cash. Fractional share positions cannot  be transferred or certificated. The Automated Customer Account Transfer System (ACATS) does not  support fractional share positions. If you want to transfer your account or specific share positions to  another broker, you must sell your fractional positions and transfer the cash proceeds.