Alpaca Terms and Conditions
Alpaca Securities LLC (“Alpaca Securities”), a wholly-owned subsidiary of AlpacaDB, Inc.
(“AlpacaDB”), 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.
These Terms and Conditions are in addition to any other agreements between you, Alpaca
Securities 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.
GeneralThe Alpaca website, Application Programming Interface (“API”), and mobile application(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 forcompleted 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, andMarks 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-PartyProvider” and collectively, the “Third-Party Providers”). Such Content (“Third Party Content”)
includes, without limitation, any information, content, service or software made available by or
through social media websites, blogs, wikis, online conferences, telecasts, podcasts, and otherforums (collectively, the “Forums”). Third Party Content may be available through framed areasor 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 andConditions, including the policies referenced herein. 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 andContent available to others through your own application (a “User Application”), you shallprovide 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 orimplied, including, but not limited to, the implied warranties of merchantability, fitness for aparticular purpose and non-infringement. Neither Alpaca nor Third Party Providers guarantee theaccuracy, timeliness, completeness or usefulness of any Content. You agree to use the Contentand 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 orrecommendations.
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 EXEMPLARYDAMAGES, INCLUDING, BUT NOT LIMITED TO, DAMAGES FOR LOSS OFPROFITS, REVENUE, INCOME, GOODWILL, USE, DATA OR OTHER INTANGIBLELOSSES (EVEN IF ALPACA OR ANY THIRD PARTY PROVIDER HAS BEENADVISED 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 SERVICESRESULTING FROM ANY GOODS, DATA, INFORMATION OR SERVICESPURCHASED OR OBTAINED OR MESSAGES RECEIVED OR TRANSACTIONSENTERED INTO, THROUGH OR FROM THE SERVICE; (3) ACCESS TO OR
ALTERATION OF YOUR ACCOUNT, TRANSMISSIONS OR DATA DUE TO YOURCONDUCT, INACTION OR NEGLIGENCE; OR (4) ANY OTHER MATTERRELATING TO THE CONTENT OR THE SERVICE.
No Recommendations
Alpaca Securities provides self-directed investors with discount brokerage services, and does notmake recommendations of any kind. You are solely responsible for evaluating the merits andrisks associated with the use of any Content provided through the Service before making anydecisions 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 theContent 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 beillegal.
Content
Content posted on the Service is published as of its stated date or, if no date is stated, the date offirst 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 theaccuracy, 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 arisingfrom 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 “forcemajeure” (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 othertransaction involving any particular security or any other investment.
Content is provided exclusively for personal and noncommercial access and use. No part of theService 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 theproperty 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 suspensionof 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 yourusage 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 theThird-Party Providers, for any loss or damages arising from or relating to such discontinuation ormodification.
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 theThird-Party Providers screen, review, approve or endorse any Third Party Content available onor 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:
1. upload, post, transmit or otherwise make available any Content that is unlawful, harmful,threatening, abusive, harassing, tortuous, defamatory, vulgar, obscene, libelous, invasiveof another's privacy (including, but not limited to, any address, email, phone number, orany other contact information without the written consent of the owner of suchinformation), hateful, or racially, ethnically or otherwise objectionable;
2. harm minors in any way;
3. 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;
4. falsely state or otherwise misrepresent your affiliation with any person or entity;
5. forge headers or otherwise manipulate identifiers in order to disguise the origin of any
material;
6. 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);
7. 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;

8. upload, post, or transmit unsolicited commercial email or “SPAM,” including, but notlimited 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 withinappropriate links, titles, or descriptions; or (3) promoting any site by posting multiple
submissions in forums that are identical;
9. 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 thefunctionality of any computer software or hardware or telecommunications equipment;
10. interfere with or disrupt the Service or servers or networks connected to the Service, ordisobey any requirements, procedures, policies or regulations of networks connected to
the Service;
11. intentionally or unintentionally violate any applicable local, state, national orinternational 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;
12. “stalk” or otherwise harass another;
13. collect or store personal data about other users of the Service;
14. promote or provide instructional information about illegal activities, promote physicalharm or injury against any group or individual, or promote any act of cruelty;
15. 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 andauthority 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 theirsole discretion, is inappropriate for sale;
16. use the Forums as a forwarding service to another website; or
17. access or otherwise use the Forums in any unlawful manner, for any unlawful purpose orin 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 andresources, you acknowledge and agree that neither Alpaca nor the Third Party Providers areresponsible for the availability of such external sites or resources. Alpaca and the Third PartyProviders do not endorse and are not liable for any content, advertising, products, or othermaterials on or available through such sites or resources. You further acknowledge and agree thatneither 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 relianceon 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 bythese policies and all other Alpaca policies applicable to the access and use of the Content andthe Service.
By using the Service, you are consenting to have your personal data transferred to and processedby 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 andthe Third Party Providers, from and against any and all claims, demands, actions, causes ofaction, 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 ofyour 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 soldor otherwise distributed through or in connection with the Service; or violation of any applicablelaw.
Revisions
Alpaca may at any time revise these Terms and Conditions by updating this document. 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 yourreview under the “Alpaca Terms and Conditions” link that appears on the Alpaca website andmobile application.
Applicable Law and Venue; Severability
You agree that these Terms and Conditions shall be governed by and interpreted in accordancewith 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 andConditions is deemed unlawful, void or for any reason unenforceable, then that provision will bedeemed severable from these Terms and Conditions and will not affect the validity andenforceability of the remaining provisions.