Common use of No Recommendations Clause in Contracts

No Recommendations. I understand that this Margin Agreement is not a recommendation to make a specific investment or use any specific investment strategy. Alpaca provides no investment, legal or tax advice. An Alpaca account is not necessarily suitable for everyone. I agree to examine my investment objectives, financial resources and risk tolerance to determine whether the Alpaca account meets my investment needs. By using a margin account, I acknowledge that I remain subject to all other terms and conditions provided in the Alpaca Customer Agreement, ETC Margin Account Agreement, NASDAQ OMX Global Subscriber Agreement (if applicable), AGREEMENT FOR MARKET DATA DISPLAY SERVICES (if applicable), Alpaca Use and Risk Disclosures, Alpaca PFOF Disclosure, Alpaca Privacy Notice, Alpaca Extended Hours Trading Risk Disclosure, and Alpaca Business Continuity Plan Summary, which are incorporated by reference and constitute part of this Account Application Agreement. By signing electronically below, I: [1] acknowledge that I have read this Account Agreement and all incorporated disclosures, terms and agreements carefully, and retained copies for my records; [2] authorize Alpaca to accept instructions to allow for trading no more than the amount held in my Alpaca Account; and [3] agree to open my Alpaca account under all of the aforementioned terms and conditions. BY ELECTRONICALLY SIGNING BELOW, I AGREE TO THIS APPLICATION 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 ▇▇▇▇▇▇▇▇▇▇@▇▇▇▇▇▇.▇▇▇▇▇▇▇ OR CALL ALPACA AT 01-650- 489-2017. I UNDERSTAND THAT ELECTRONICALLY SIGNING THE APPLICATION, IT IS THE LEGAL EQUIVALENT OF MY MANUALLY SIGNING

No Recommendations. I understand that this Margin Agreement is not a recommendation to make a specific investment or use any specific investment strategy. Alpaca provides no investment, legal or tax advice. An Alpaca account is not necessarily suitable for everyone. I agree to examine my investment objectives, financial resources and risk tolerance to determine whether the Alpaca account meets my investment needs. By using a margin account, I acknowledge that I remain subject to all other terms and conditions provided in the Alpaca Customer Agreement, ETC ET C Margin Account Agreement, NASDAQ OMX Global Subscriber Agreement (if applicable)Agreement, AGREEMENT FOR MARKET DATA DISPLAY SERVICES (if applicable)SERVICES, Alpaca Use and Risk Disclosures, Alpaca PFOF Disclosure, Alpaca Privacy Notice, Alpaca Extended Hours Trading Risk Disclosure, and Alpaca Business Continuity Plan Summary, which are incorporated by reference and constitute part of this Account Application Agreement. By signing electronically below, I: [1] acknowledge that I have read this Account Agreement and all incorporated disclosures, terms and agreements carefully, and retained copies for my records; [2] authorize Alpaca to accept instructions to allow for trading no more than the amount held in my Alpaca Account; and [3] agree to open my Alpaca account under all of the aforementioned terms and conditions. BY ELECTRONICALLY SIGNING BELOW, I AGREE TO THIS APPLICATION AGREEMENT. DATE: 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 ▇▇▇▇▇▇▇▇▇▇@▇▇▇▇▇▇.▇▇▇▇▇▇▇ OR CALL ALPACA AT 01▇▇▇-650- 489▇▇▇-2017▇▇▇▇. I UNDERSTAND THAT ELECTRONICALLY SIGNING THE APPLICATION, IT IS THE LEGAL EQUIVALENT OF MY MANUALLY SIGNINGMY

No Recommendations. I understand that this Margin the Alpaca Customer Agreement is not a recommendation to make a specific investment or use any specific investment strategy. Alpaca provides no investment, legal or tax advice. An Alpaca account is not necessarily suitable for everyone. I agree to examine my investment objectives, financial resources and risk tolerance to determine whether the Alpaca account meets my investment needs. By using a margin account, I acknowledge that I remain am subject to all other terms and conditions provided in the Alpaca Customer Agreement, ETC Margin Account Agreement, NASDAQ OMX Global Subscriber Agreement (if applicable), AGREEMENT FOR MARKET DATA DISPLAY SERVICES (if applicable), Alpaca Use and Risk Disclosures, Alpaca PFOF Disclosure, Alpaca Privacy Notice, Alpaca Extended Hours Trading Risk Disclosure, and Alpaca Business Continuity Plan Summary, Alpaca Margin Disclosure Statement, which are incorporated by reference and constitute part of this Account Application Agreement. By signing electronically below, I: [1] acknowledge that I have read this Account Application Agreement and all incorporated disclosures, terms and agreements carefully, and retained copies for my records; [2] authorize Alpaca to accept instructions to allow for trading no more than the amount held in my Alpaca Account; and [3] agree to open my Alpaca account under all of the aforementioned terms and conditions. BY ELECTRONICALLY SIGNING BELOW, I AGREE TO THIS APPLICATION AGREEMENT. DATE: 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 ▇▇▇▇▇▇▇▇▇▇@▇▇▇▇▇▇.▇▇▇▇▇▇▇ OR CALL ALPACA AT 01-650- 489650-489- 2017. I UNDERSTAND THAT ELECTRONICALLY SIGNING THE APPLICATION, IT IS THE LEGAL EQUIVALENT OF MY MANUALLY SIGNINGSIGNING 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 ▇▇▇▇▇▇, 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 38 HEREIN.