Live Trader Agreement

A STRIX OPTIONS LLC DOCUMENT

THIS LIVE TRADER AGREEMENT (this "Instrument") is made and takes effect on _______________ (the "Effective Date") BETWEEN STRIX OPTIONS LLC, a limited liability company organised under the laws of the Commonwealth of Pennsylvania and having its principal place of business at 1945 Brickell Ave, Suite 800, Miami, FL 33129 (the "Firm"), AND _______________, an individual whose residence is _______________ and who is engaged under this Instrument as an independent contractor (the "Designee"). The Firm and the Designee are each a "Signatory" and together the "Signatories".

This Instrument reaches the Live stage of the Firm's programme and reaches nothing else. The evaluation and funded stages of that programme are conducted in simulated accounts and are governed by the Firm's published Terms of Service. Clause 110 states which document prevails where the two meet.

BACKGROUND

(A) The Firm maintains at a registered broker (the "Executing Broker") a proprietary trading account carrying a separate trading limit. That account stands in the Firm's own name and is funded exclusively with capital belonging to the Firm.

(B) The Firm wishes to procure for the Designee, from the Executing Broker, permission to transmit orders in one (1) sub-account of that account, subject to such allocations of capital and such trading limits as the Firm may from time to time set.

(C) The Designee holds himself or herself out as possessing the skill, the experience and the independent means to trade in a professional manner as an independent business, and not as an employee of the Firm.

(D) It is the common intention of the Signatories that the Designee shall at no time acquire ownership of, any beneficial interest in, or any right to withdraw, the Firm's capital, the Partition or any asset held in the Partition, and that the only entitlement the Designee takes under this Instrument shall be the share of profit conferred by Article Seven.

IN CONSIDERATION of the mutual covenants recorded below, of the Firm's allocation of its own capital for the Designee to trade, of the remuneration made payable to the Designee, and of other good and valuable consideration, the receipt and sufficiency of which each Signatory acknowledges, and intending to be legally bound, the Signatories agree as follows.

CONVENTIONS OF THIS INSTRUMENT. Expressions given an initial capital bear the meanings assigned to them in Schedule One, which is placed at the end of this Instrument and forms part of it. Clauses are numbered continuously from 1 to 118 without regard to the Article in which they sit, and a reference to a numbered clause is a reference to a clause of this Instrument. Article headings and clause headings are for convenience and do not affect construction. "Including" and "in particular" are to be read without limitation. A reference to a sum of money is a reference to United States dollars.

ARTICLE ONE - TITLE TO THE PARTITION AND THE CHARACTER OF THE ARRANGEMENT

1. TITLE. The Partition, the Firm Capital, every item of cash, every security, every option, every other asset held in the Partition at any time, and all proceeds of any of them, are and shall remain the sole and exclusive property of the Firm. The Designee shall acquire no ownership interest, no beneficial interest, no equitable interest, no security interest and no lien of any description in the Partition or in any asset held in it, and shall acquire none by reason of trading activity, of the generation of profit, of the passage of time or otherwise howsoever.

2. ABSENCE OF DEALING RIGHTS. The Designee has neither the right nor the ability to withdraw funds from, to deposit funds into, to transfer assets into or out of, to pledge, to encumber, or otherwise to direct the disposition of the Partition or of any asset in it. The permissions the Designee holds at the Executing Broker are confined to the transmission of orders and, where the Firm elects to supply it, read-only visibility of the Partition. The Designee shall make no request to the Executing Broker for a transfer, a withdrawal or a change of account instruction, and the Executing Broker is not authorised to act upon any such request if made.

3. NO CONTRIBUTION OF CAPITAL. The Designee has contributed no capital to the Partition, to the Firm's brokerage account or to the Firm, and shall contribute none. Any fee the Designee paid at any earlier stage of the Firm's programme was consideration for participation in a simulated evaluation and shall not be construed as a contribution of capital, as a deposit, as an investment, as the purchase of any interest, or as an amount held to the Designee's order or for the Designee's benefit.

4. WHOSE MONEY SITS IN THE PARTITION. No money of the Designee, and no money of any customer of or participant in the Firm's evaluation or funded programme, is held in, transferred to, pledged to or available to trade in the Partition or in any brokerage account of the Firm. Every dollar in the Partition is the Firm's own capital, placed there by the Firm. Fees collected for participation in the Firm's simulated evaluation programme are the Firm's revenue upon collection and are held and applied as general operating funds; they are not segregated for any customer, are not held for any customer's benefit and are never routed to the Executing Broker.

5. THE DESIGNEE IS NOT A CUSTOMER OF THE EXECUTING BROKER. The brokerage account and the Partition are opened and maintained in the name of the Firm. The Designee is not the account holder, is not a joint holder and is not a beneficiary. The Designee does not become a customer or client of the Executing Broker by reason of this Instrument, has no account relationship with the Executing Broker, and is entitled to no customer protection, no insurance and no account-holder right arising out of the Executing Broker's relationship with the Firm.

6. THE FIRM'S OWN STATUS. The Firm is not a broker-dealer, an investment adviser, a futures commission merchant or a commodity trading advisor. The Firm does not accept deposits for trading, does not hold customer funds for trading purposes, does not execute securities transactions on behalf of any customer, does not give investment advice and does not offer any security or investment to the Designee. This Instrument is an engagement to trade the Firm's own capital. It is not an investment, is not a security and is not a participation in any pooled vehicle.

7. NO ASSURANCE OF AVAILABILITY. The Firm gives no representation and no guarantee as to the availability of the Executing Broker, of the Firm's platform, of market data or of connectivity, nor as to the Designee's ability to enter, to modify or to exit any position at any time or at any price.

8. CREDENTIALS. Any credential issued to the Designee by the Firm or by the Executing Broker is issued for the Designee's sole personal use. The Designee shall not share it, shall not transfer it, shall not permit any other person to use it and shall not permit any other person to transmit orders in the Partition, and shall notify the Firm immediately upon suspecting that it has been compromised. Where the Firm has set the Designee's initial credential at the Executing Broker, the Firm holds a copy of it until the Designee changes it; the Designee shall change it and shall confirm to the Firm that the change has been made, and the Firm may withhold order-entry permission until that confirmation is received.

ARTICLE TWO - THE STATUS OF THE DESIGNEE AND THE SCOPE OF THE ENGAGEMENT

9. ENGAGEMENT. The Firm engages the Designee, and the Designee accepts engagement, to trade the Firm's capital in the Partition in conformity with this Instrument, the Published Rules and the Trading Limits. The engagement commences on the Effective Date and continues until it is brought to an end under Article Fifteen.

10. THE ORDER-ENTRY DESIGNATION AND ITS REVOCATION. The Firm shall designate the Designee to the Executing Broker as an individual permitted to transmit orders in the Partition. The Firm may revoke that designation at any time, for any reason or for no reason, with or without notice.

11. INDEPENDENT CONTRACTOR. The Designee is an independent contractor. Nothing in this Instrument creates a relationship of employment, of partnership, of joint venture, of agency or of fiduciary between the Signatories. The Designee is not an employee of the Firm for any purpose whatever, including for the purposes of federal, state, local or foreign taxation, of wage-and-hour law, of benefits, of workers' compensation and of unemployment insurance, is not eligible for any employee benefit of any kind and waives any claim to one. The Designee controls the manner, the method, the timing and the location of his or her trading, subject only to the Trading Limits and the Published Rules, which exist to protect the Firm's capital and do not constitute supervision of the Designee as an employee.

12. NEITHER EXCLUSIVITY NOR MINIMUM. Neither Signatory owes the other any exclusivity. The Firm is under no obligation to allocate capital in any particular amount, to maintain any allocation once made, or to furnish any minimum trading opportunity. The Designee is under no obligation to trade any minimum volume or with any minimum frequency, subject only to the Firm's right to bring the engagement to an end under Article Fifteen.

13. INDEMNITY AGAINST A FINDING OF EMPLOYMENT. Should any governmental authority, court or tribunal determine that the Designee was at any time during the term an employee of the Firm, the Designee shall indemnify the Firm against, and hold the Firm harmless from, the employment taxes, withholding obligations, penalties, interest and reasonable attorneys' fees resulting from that determination, save to the extent that the determination arises from a written misrepresentation of the relationship made by the Firm itself.

14. NO AUTHORITY TO BIND. The Designee has no authority to bind the Firm, to incur any obligation on the Firm's behalf, to open or to close any account, to hold himself or herself out as an officer, employee or agent of the Firm, or to represent to any third party that he or she acts for the Firm otherwise than as an individual transmitting orders in the Partition under the Order-Entry Designation.

ARTICLE THREE - ADMISSION TO THE LIVE STAGE: THE NOTICE, THE DECISION AND WHAT EACH ANSWER CAUSES

15. THE NOTICE OPERATES ON NOTHING. The Firm has sent the Designee a Live Program Notice. On the date that Notice is sent, and for so long as it remains open, no account of the Designee's closes. Every evaluation account and every funded account the Designee holds remains open and remains tradeable. Billing is unaffected. Nothing is barred. The Notice puts a question and records a deadline; it closes no account, cancels no payout request, cancels no subscription and bars the Designee from nothing. The Designee has thirty (30) calendar days from the date of the Notice within which to accept or to decline. That deadline is displayed to the Designee and is recorded against the Designee's account.

16. WHAT THE NOTICE DOES DO, WHICH IS TO HOLD DISTRIBUTIONS. Upon the Notice being sent, new payout requests are paused, and every payout request the Designee had already submitted is HELD. A held request is not cancelled and remains open, with the consequences that the Designee may not submit a duplicate of it and that, for so long as the Notice remains open, the Firm will neither approve it nor pay it. A held request is resolved by the Designee's answer and by nothing else, under clauses 17, 18 and 19. The Firm states the position to the Designee in these terms: "New payout requests are paused while your Live Program Notice is open. Every payout request you had already submitted is held while your notice is open. It is not cancelled, and it is not paid in the meantime. It is resolved by your answer: accepting cancels it without payment, and declining pays it in cash, up to the cap."

17. SIGNATURE IS THE OPERATIVE EVENT. Signature of this Instrument constitutes the Designee's acceptance of the Live Program Notice, and that acceptance is the event upon which the consequences of admission occur. Upon acceptance, and upon acceptance alone: (a) every evaluation account and every funded account the Designee holds is closed; (b) the subscription underlying each closed account is cancelled, so that no further charge is raised in respect of it; (c) every payout request then pending is cancelled without cash payment; (d) the Designee may not open, purchase or hold any further evaluation or funded account, including under a different email address; and (e) a Live Account is opened for the Designee upon the terms recorded in this Instrument. None of the foregoing occurs before signature, and none of it occurs if the Designee does not sign.

18. A CANCELLED REQUEST YIELDS NOTHING. A payout request cancelled under clause 17(c) is not paid in cash and is not paid in any other form. No credit, no offset, no discount, no rebate and no benefit of any description arises out of it, and its amount is not applied against the Lock Threshold, against the realized profit the Designee must generate under Article Four, or against any other figure appearing in this Instrument. The Designee receives nothing for it and, by accepting, gives up that money. The Lock Threshold is the figure the Firm publishes for the Designee's Nominal Plan Size and is not reduced by a cancelled request, by the number of requests cancelled, or by anything else whatever. The Firm records each cancelled request, together with its amount and the date on which it was made, against the Designee's account.

19. THE SETTLEMENT PAYABLE ON A DECLINE. Where the Designee declines the Notice, nothing is cancelled under clause 17 and this clause governs instead. Every payout request pending at the moment of the decline is PAID IN CASH, including every request held under clause 16, which the decline releases for payment. The amounts are summed across every account the Designee holds and the sum is then capped at three thousand dollars ($3,000) IN TOTAL FOR THE DESIGNEE. The cap attaches to the person and not to the account: a Designee holding five accounts with $2,000 pending on each is paid $3,000 and not $10,000. A Designee who declines with no payout request pending is paid nothing; there is no minimum settlement, no goodwill payment and no payment for declining as such, the settlement being confined to the pending requests as capped by this clause. This clause and clauses 20 to 23 state what the Designee receives upon declining and upon never answering, and are recorded in this Instrument because that is the alternative the Designee is asked to weigh before signing; nothing in them requires the Designee to sign anything.

20. A NOTICE LEFT UNANSWERED. A Notice that is not answered expires thirty (30) days after it is sent and is treated as a decline. No settlement is payable upon an expired Notice, and every payout request held under clause 16 is cancelled upon expiry without payment. A Designee who wishes to receive the cash described in clause 19 must decline within the thirty days; allowing the deadline to pass gives up that money and gives up nothing else, the accounts closing, the billing ceasing and re-entry being barred upon the same terms either way.

21. CONSEQUENCES COMMON TO A DECLINE AND TO AN EXPIRY. Upon a decline, and upon an expiry treated as a decline, every evaluation account and every funded account the Designee holds is closed, the subscription underlying each closed account is cancelled so that no further charge is raised in respect of it, and the Designee may not open, purchase or hold any further evaluation or funded account, including under a different email address. No Live Account is opened. To decline, or to allow the Notice to expire, is not a breach of any obligation, gives rise to no debt and no liability to the Firm, and is not treated as misconduct.

22. THE MANNER IN WHICH A SETTLEMENT IS PAID. A settlement under clause 19 is paid through the ordinary payout rail, in the same queue and by the same method as any other payment to a trader, and is subject to the same conditions. The Designee must supply the tax and banking details that any such payment requires, being a properly completed Form W-9 or the applicable Form W-8BEN through the Firm's payments provider together with valid bank details, and the Firm may withhold the settlement for so long as any of them is outstanding. Clauses 59 and 60 apply to a settlement as they apply to a Distribution.

23. A SETTLEMENT ONCE OWED IS FIXED. Once the Designee has declined, the settlement described in clause 19 is owed as computed at the moment of the decline. It is not reduced and not extinguished by any subsequent amendment of the Terms of Service, of the Published Rules or of any published rule set, as clause 100 provides.

24. FEES ALREADY CHARGED. Fees already charged in respect of a closed evaluation account or a closed funded account are not refunded. That is so however the account came to be closed, whether upon the Designee's acceptance of this Instrument, upon a decline or upon expiry of the Notice. It is the position under the Firm's Terms of Service and this Instrument does not alter it.

25. ONE LIVE ACCOUNT, AND HOW IT IS SIZED. The Designee holds exactly ONE Live Account, however many evaluation or funded accounts he or she held before. EVERY other account the Designee holds is closed upon acceptance of this Instrument, and not upon the sending of the Notice, including every evaluation account, every funded account, any evaluation that has been passed but not activated, and any account standing within a redemption or reset window. Firm Capital is determined by reference to the single LARGEST eligible funded account the Designee held on the date of the Notice and is never the sum of the Designee's accounts; plans are never added together. A trader who held five funded accounts receives the same Live Account as a trader who held one of the same size.

26. THE ELIGIBLE PLAN SIZES AND THEIR FIGURES. Three funded plan sizes are eligible to be considered for advancement, namely the $25,000, the $50,000 and the $100,000 funded plan. A $100,000 funded plan yields $50,000 of Firm Capital, $50,000 of entry buying power, a maximum drawdown of $5,000 and a Drawdown Floor that locks once realized profit reaches $5,100. A $50,000 funded plan yields $25,000 of Firm Capital, $25,000 of entry buying power, a maximum drawdown of $2,500 and a Drawdown Floor that locks once realized profit reaches $2,600. A $25,000 funded plan yields $12,500 of Firm Capital, $12,500 of entry buying power, a maximum drawdown of $2,000 and a Drawdown Floor that locks once realized profit reaches $2,100. Where the Designee holds funded accounts of more than one size, Firm Capital is determined by the largest of them under clause 25 and the sizes are never added together. Eligibility means only that a plan size is capable of being advanced. It is not a right to be advanced and it is not a representation that any trader will be advanced: admission to the Live stage remains in the Firm's sole discretion, and the Firm applies the same standard of selection at every plan size. The Designee acknowledges that the Live Account is smaller in real dollars than the combined simulated nominal of the accounts it replaces, and that it is real capital rather than simulated capital.

27. ADMISSION IS CONDITIONAL UPON THE EXECUTING BROKER. Admission to the Live stage is conditional upon the Executing Broker accepting the Designee as an individual permitted to transmit orders. The Executing Broker may decline for any reason, including jurisdiction, sanctions screening and its own risk policies. Should the Executing Broker decline, this Instrument terminates automatically under clause 87 with no liability of any kind on the part of the Firm, and the closures, the cancellations and the restrictions produced by the Designee's acceptance under clause 17 are reversed.

28. ADVANCEMENT IS ONE-WAY. The transition to the Live stage is one-way. From the Decision Date, meaning the date upon which the Designee accepts, the date upon which the Designee declines, or the date upon which the Notice expires unanswered, the Designee may not purchase, hold or trade an evaluation account, whether directly or through any Related Account as that expression is defined in the Firm's Terms of Service, and may not do so under a different email address. Nothing is barred before that date, and the Notice of itself bars nothing. This restriction survives termination of this Instrument for any reason, including a terminal breach at the Live stage. It is lifted, and the closed accounts are restored, only where the Executing Broker declines to accept the Designee under clause 27.

ARTICLE FOUR - FIRM CAPITAL, BUYING POWER AND THE DRAWDOWN FLOOR

29. THE FIRM'S DISCRETION OVER ITS OWN CAPITAL. The Firm determines the Firm Capital standing in the Partition in its sole discretion and may increase it, reduce it or withdraw it at any time, with or without notice, including to zero ($0).

30. ENTRY BUYING POWER AND THE LADDER. A Designee enters the Live stage with buying power equal to approximately one half of his or her Nominal Plan Size and may be advanced as realized profit in the Partition grows. Save where the Firm specifies otherwise in writing, the Buying-Power Steps are: fifty percent (50%) of Nominal Plan Size upon entry; seventy-five percent (75%) upon realized profit of $2,500 above Firm Capital; one hundred percent (100%) upon $5,000; and one hundred and twenty-five percent (125%) upon $10,000. Each step is expressed as a multiple of Nominal Plan Size and not of Firm Capital, and the advancement of a Buying-Power Step does not of itself increase Firm Capital. The Designee's initial Buying-Power Step and initial Firm Capital are as recorded in the allocation summary below, or as separately communicated by the Firm in writing.

31. ADVANCEMENT REQUIRES EVIDENCE AND NOT MERELY PROFIT. A step up requires, in addition to the profit threshold, that the Designee has closed at least thirty (30) trades in the Partition and that the mean result per trade over those live trades is statistically greater than zero at a one-sided significance level of five percent (5%), together with any further statistical control the Firm applies to the assessment. Until thirty live trades exist, buying power remains at the entry step irrespective of realized profit. The Firm may reduce the Designee's Buying-Power Step at any time, including where realized profit falls below a step threshold, where statistical significance is no longer satisfied, or in response to elevated risk-taking or to a contravention of the Trading Limits. A reduction is not a termination and does not of itself bring this Instrument to an end.

32. THE DRAWDOWN FLOOR BEFORE IT LOCKS. Until it locks, the Drawdown Floor trails the Designee's peak equity by the maximum drawdown applicable to the Nominal Plan Size and is in no case higher than Firm Capital. Distributions and withdrawals never move the Drawdown Floor, in either direction and by any amount.

33. THE LOCK. The Drawdown Floor locks when realized profit in the Partition reaches the Lock Threshold published for the Designee's Nominal Plan Size, being $5,100 on a $100,000 basis, $2,600 on a $50,000 basis and $2,100 on a $25,000 basis. Upon locking, the Drawdown Floor is fixed at the level at which it then stands, subject to a ceiling of Firm Capital plus one hundred dollars ($100); a Designee who reaches the Lock Threshold while carrying an open losing position accordingly locks below that ceiling and retains the drawdown room he or she then has, rather than having the Drawdown Floor raised beneath him or her. The Firm will not lock the Drawdown Floor unless the Partition's equity exceeds the level at which the Drawdown Floor would lock by at least one hundred dollars ($100), and will not lock it while the Partition's equity cannot be read. A Drawdown Floor once locked is permanent and does not move again.

34. THE CONSEQUENCE OF LOCKING. Once the Drawdown Floor is locked, the trailing drawdown ceases to apply and the daily loss limit ceases to apply. Every other restriction in this Instrument continues in full, and in particular the restrictions in Article Five, the requirement that risk be defined, the limits upon expiration and assignment exposure and the pre-trade limits, none of which is relaxed by the lock at any time or for any Designee.

35. LIMITS FOLLOW THE CAPITAL ACTUALLY IN PLACE. Where the Firm reduces or increases Firm Capital, the corresponding Trading Limits and the basis upon which Realized Net Gain is computed follow the allocation actually in effect. The Designee is not entitled to remuneration computed upon a nominal size larger than the Firm Capital actually in effect.

ARTICLE FIVE - THE TRADING MANDATE AND THE LIMITS UPON IT

36. THE DUTY TO TRADE WITHIN THE LIMITS. The Designee shall at all times trade within the Trading Limits and the Published Rules, and is responsible for knowing which Trading Limits apply to the Partition at any given time.

37. THE FIRM MAY MOVE THE LIMITS, PROSPECTIVELY ONLY. The Firm may modify the Trading Limits and the Published Rules at any time in its sole discretion, including intraday where the Firm determines that market conditions or the Designee's exposure warrant it, and a modification takes effect when it is communicated through the Firm's platform, by email or by configuration at the Executing Broker. A modification operates prospectively only. It does not apply to a trade already placed, does not retrospectively put into breach a Partition that complied with the Trading Limits in force when the trade was made, and does not reduce remuneration to which the Designee has already become entitled.

38. PROHIBITED INSTRUMENTS AND STRATEGIES. Without limiting the Trading Limits, the Designee shall not, unless the Firm expressly permits it in writing: (a) sell or write any option that is not fully defined-risk, including any uncovered or naked short option; (b) hold any short option position through expiration where assignment is reasonably foreseeable; (c) carry any position overnight where the Published Rules prohibit it; (d) trade any instrument, symbol or product outside those the Published Rules permit, the Firm reserving the right to restrict permitted product types at the Executing Broker so that such an order is refused before it reaches the market; (e) exceed any limit upon position size, order size, notional value or concentration; or (f) take any position whose maximum loss cannot be calculated at the time of entry. Nothing in sub-paragraph (b) prohibits the trading of a same-day expiry where the Published Rules permit the instrument and the position is fully defined-risk.

39. THE INTRADAY CEILING UPON AGGREGATE MAXIMUM LOSS. The aggregate Maximum Theoretical Loss of the Designee's open book, taken together with the Maximum Theoretical Loss added by any order the Designee seeks to transmit, may not exceed seventy-five percent (75%) of Drawdown Room. The measurement is aggregate and is not made order by order. The Firm will refuse an order (i) where the Partition's equity cannot be read, so that Drawdown Room is unknown; (ii) where the maximum loss of the order cannot be computed, including where a defined-risk short leg is transmitted without the width of the defining spread; (iii) where the open book already contains a position whose loss is unbounded; or (iv) where any open position lacks a usable mark, so that the aggregate cannot be bounded. In each case the Firm refuses rather than assumes, an unmeasured exposure not being treated as a nil exposure. An order that closes or reduces existing exposure is not subject to this clause.

40. THE OVERNIGHT CARRY ALLOWANCE. A position may be carried past the close of a trading session only if it is fully defined-risk and only if the aggregate Maximum Theoretical Loss of everything so carried does not exceed seventy percent (70%) of Drawdown Room. Maximum Theoretical Loss for this purpose is measured upon prevailing marks and is the further amount the book can lose from where it then stands, being the current mark value of a group of positions upon one underlying and one expiry less the worst terminal value that group can take; it is re-measured at each checkpoint and is not a figure fixed at entry. The limit is assessed at a checkpoint before the close upon the aggregate of all open positions and not position by position. A group of positions whose loss is unbounded, including any group carrying a net short call exposure that is not covered, may not be carried at all. A group in which any position lacks a usable mark may not be carried, because its loss cannot be measured; the Firm treats that as a failure of measurement rather than as a contravention by the Designee. Where the limit is exceeded and the Designee does not reduce, the Firm may reduce the positions on the Designee's behalf under Article Six.

41. PRE-TRADE LIMITS. The Firm configures pre-trade limits upon the Partition, which at the date of this Instrument are: a maximum of fifty (50) contracts per order; a maximum resulting position of one hundred (100) contracts in any one underlying; a maximum notional value per order equal to one half of the Partition's buying power; a maximum gross notional value across all open positions equal to the Partition's buying power; a maximum exposure to any single underlying of fifty percent (50%) of the Partition's equity; and a ceiling upon maintenance-margin utilisation of sixty percent (60%) of the Partition's equity. Aggregate assignment exposure upon short options is capped at Firm Capital, and a short option standing within two (2) days of expiry is to be closed before expiration. An order that closes or reduces existing exposure is not subject to the limits in this clause, a control that prevents a Designee from leaving a position being no control at all.

42. BROKER-LEVEL CONTROLS ARE A BACKSTOP. The Firm may configure pre-trade controls at the Executing Broker which reject orders contravening the Trading Limits. Those controls are a backstop and are not a permission set. An order which the Executing Broker's controls do not reject is not thereby authorised, and the Designee remains responsible for compliance with this Instrument and with the Published Rules.

43. NO RELIANCE UPON ENFORCEMENT. A failure by the Firm to detect a contravention, to reject it or to respond to it immediately is not a waiver, does not authorise the contravention and creates no expectation that similar conduct will be permitted in the future.

ARTICLE SIX - INTERVENTION, SUSPENSION AND BREACH

44. THE FIRM'S AUTHORITY TO INTERVENE. The Firm may at any time and without prior notice to the Designee: (a) close, liquidate, hedge or otherwise reduce any or all positions in the Partition; (b) suspend or revoke the Order-Entry Designation; (c) reduce or withdraw Firm Capital; (d) restrict the instruments, the strategies or the sizes available to the Designee; or (e) bring this Instrument to an end under Article Fifteen.

45. THE GROUNDS UPON WHICH IT MAY DO SO. The Firm may exercise the authority conferred by clause 44 for any reason, including a contravention of the Trading Limits, a breach of the Drawdown Floor or of the daily loss limit, elevated firm-wide exposure, adverse market conditions, a requirement of the Executing Broker or of an exchange, a suspected compliance issue, or the Firm's own capital or risk management needs, and whether or not the Designee has done anything wrong.

46. EXECUTION RISK UPON A FORCED CLOSING. The Designee acknowledges that a position closed under clause 44 may be closed at a price materially worse than the prevailing mark, particularly in an illiquid instrument, near the close, at or near expiration, or in volatile conditions. The Firm is not liable to the Designee for the price at which any such position is closed, and the resulting realized loss falls upon the Partition in the ordinary course.

47. INDEPENDENT ACTION BY THE EXECUTING BROKER. The Executing Broker may liquidate positions independently under its own margin and risk policies. The Firm neither controls nor is responsible for the Executing Broker's actions, and the Designee has no claim against the Firm arising out of them.

48. THE DAILY LOSS LIMIT. While the Drawdown Floor remains unlocked, a daily loss limit equal to thirty percent (30%) of the maximum drawdown applicable to the Nominal Plan Size applies to the Partition, being $1,500 on a $100,000 basis, $750 on a $50,000 basis and $600 on a $25,000 basis. Where the Partition's loss on a session reaches that limit, trading is stopped for the remainder of that session. The stop is confined to the session, is reversible and does not of itself bring the Live Account or this Instrument to an end.

49. BREACH OF THE DRAWDOWN FLOOR IS TERMINAL. Where the Partition's equity falls to or below the Drawdown Floor, the Partition is in breach. The Firm closes the open positions, the Order-Entry Designation is revoked and the Live Account is recorded as breached. A breach is TERMINAL AND IRREVERSIBLE: no actor, including an officer or operator of the Firm, may restore a breached Live Account to any other status, and the same is true of an account recorded as terminated, as refused by the Executing Broker, or as declined. The Designee's re-entry bar under clause 28 survives a breach.

50. TWO PROTECTIONS AGAINST A BREACH WRONGLY DECLARED. The Firm shall not declare a breach, stop a session or take any other destructive action upon a reading of the Partition's state that is more than thirty (30) seconds old, and shall in that case withhold the action until a current reading is obtained. No rule founded upon drawdown may close the Partition until the Executing Broker has once shown the Partition holding its Firm Capital, so that a Partition whose funding has not yet settled is treated as unfunded and not as having lost the money.

ARTICLE SEVEN - REMUNERATION

51. THE SHARE. As the Designee's sole and complete remuneration under this Instrument, the Designee is entitled to eighty percent (80%) of the Realized Net Gain generated in the Partition, and the Firm retains twenty percent (20%).

52. NOTHING ELSE IS PAYABLE. The Designee is entitled to no salary, no wage, no hourly pay, no draw, no advance, no retainer, no guaranteed minimum, no signing payment, no bonus, no reimbursement of expenses, no commission, no override, no remuneration computed upon assets under management and no remuneration computed upon trading volume, order flow or the number of trades placed. The Designee receives nothing if the Partition generates no Realized Net Gain.

53. THE BASIS IS REALIZED AND CUMULATIVE. Remuneration accrues only upon realized profit from closed positions. An unrealized gain upon an open position creates no entitlement, and an open position showing a gain which is later closed at a loss produces no remuneration. Realized Net Gain is measured continuously and cumulatively. The Live stage has no payout cycle, no requirement of qualifying or winning days and no cap upon the number or the size of Distributions beyond the limits stated in Article Eight.

54. LOSSES REDUCE THE BASIS AND CREATE NO DEBT. A realized loss in the Partition reduces the balance from which subsequent Realized Net Gain is measured, upon the basis the Published Rules specify and by reference to the Drawdown Floor. For the avoidance of doubt, and consistently with Article Nine, no such reduction is ever a debt of the Designee and no amount arising from it is ever collectible from the Designee.

55. NO VESTED RIGHT UNTIL A DISTRIBUTION IS APPROVED. The Designee's share of Realized Net Gain becomes a payable obligation of the Firm only when the Firm approves a Distribution under Article Eight. Until approval the Designee holds an unvested contingent expectancy, and not a debt, a property interest or a claim against any specific asset.

ARTICLE EIGHT - DISTRIBUTIONS

56. REQUEST AND APPROVAL. The Designee requests a Distribution through the Firm's platform. The Firm reviews each request against the Published Rules, the Trading Limits and the realized results of the Partition, and approves or declines it. The Firm may decline or hold a request which does not satisfy the Published Rules, which is associated with conduct under review, or which the Firm reasonably believes to be the product of conduct prohibited by Article Ten.

57. THE MINIMUM, THE CEILING AND THE OPERATING BUFFER. The smallest Distribution the Firm will process is one hundred dollars ($100). The largest amount that may be withdrawn at any time is the lesser of (a) the realized profit in the Partition which has not already been withdrawn or committed, and (b) the Partition's equity less the Drawdown Floor less an operating buffer of two thousand dollars ($2,000). The operating buffer exists so that a Designee cannot withdraw down to the Drawdown Floor and be left with an account that is technically alive with no capacity to trade. A Distribution is a share of profit and never a withdrawal of principal. The Firm will not quote or pay a Distribution while the Partition's equity cannot be read.

58. THE FIRM PAYS, AND THE EXECUTING BROKER DOES NOT. An approved Distribution is paid by the Firm out of the Firm's own funds, by ACH, by wire or by such other method as the Firm offers. A Distribution is never paid to the Designee by the Executing Broker and is never paid directly out of the Partition, and the Designee has no claim against the Executing Broker in respect of any Distribution.

59. CONDITIONS OF IDENTITY, TAX AND SCREENING. The Firm may make any Distribution conditional upon the Designee completing identity verification, tax documentation and such screening as the Firm reasonably requires, and may withhold a Distribution for so long as any of them is outstanding.

60. SETOFF AND RECOVERY. The Firm may set off against any Distribution any amount the Designee owes the Firm under this Instrument, and may recover any Distribution obtained through conduct prohibited by Article Ten or through a material misstatement.

61. DE-RISKING WITHDRAWALS. Where realized profit in the Partition which has not already been withdrawn reaches twice (2x) the maximum drawdown applicable to the Nominal Plan Size, the Firm shall initiate a Distribution of that profit without a request from the Designee. Upon its doing so, the Designee receives the share conferred by clause 51 and the Firm retains its own. Such a withdrawal is limited to the profit which triggered it, is never taken below the Drawdown Floor plus the operating buffer, and does not move the Drawdown Floor. Profit already withdrawn does not count toward a further trigger. This clause pays the Designee sooner than the Designee would otherwise be paid and does not reduce, forfeit or defer any amount owed to the Designee.

ARTICLE NINE - LOSSES

62. THE FIRM BEARS EVERY TRADING LOSS. All trading losses in the Partition are borne entirely by the Firm. The Designee is not liable to the Firm for, and shall not be required to pay, to reimburse, to restore or to guarantee, any trading loss, drawdown, deficit, negative balance, margin call or liquidation shortfall arising out of trading in the Partition.

63. THE DESIGNEE HAS NO CAPITAL AT RISK. The Designee has no capital at risk in the Partition. The Designee's sole exposure under this Instrument is the loss of the remuneration which would have accrued had the Partition been profitable, together with the Firm's rights to reduce the Buying-Power Step and to bring the engagement to an end under Articles Four and Fifteen.

64. CARVE-OUT. Clauses 62 and 63 do not limit the Designee's liability for loss arising from the Designee's fraud, from wilful misconduct, from an intentional contravention of Article Ten, from an unauthorised sharing of credentials in contravention of clause 8, or from a breach of Article Twelve, in each case to the extent permitted by applicable law.

ARTICLE TEN - CONDUCT, COMPLIANCE AND COOPERATION

65. LAWFUL TRADING. The Designee shall trade in compliance with all applicable laws, rules and regulations, and with the rules of every exchange, market and clearing organisation upon which the Designee transacts.

66. PROHIBITED CONDUCT. The Designee shall not engage in, attempt or assist any of the following: manipulation of a market; spoofing, layering or the entry of orders without bona fide intent to execute; wash trading or matched orders; front-running; trading upon material non-public information; coordinated or collusive trading with any other trader, whether or not that trader is engaged by the Firm; abuse of an error, a latency, a pricing defect or a data defect in any platform; or any strategy whose profitability depends upon a defect in the systems of the Firm or of the Executing Broker rather than upon movement in the market.

67. NO TRADING FOR THIRD PARTIES. The Designee shall not trade the Partition for the benefit of, at the direction of, or pursuant to any profit-sharing or fee arrangement with, any third party, and shall not accept remuneration from any person other than the Firm in connection with trading in the Partition.

68. COOPERATION. The Designee shall cooperate promptly and fully with any inquiry by the Firm, by the Executing Broker, by an exchange or by a regulator concerning activity in the Partition, and shall preserve records relevant to any such inquiry.

69. CONSEQUENCES. A contravention of this Article is a material breach, permits immediate termination under clause 88, permits the Firm to avoid and to recover any remuneration associated with it, and is carved out of the protections conferred by Article Nine.

ARTICLE ELEVEN - INFORMATION AND ONBOARDING AT THE EXECUTING BROKER

70. INFORMATION REQUIRED. The Order-Entry Designation requires the Executing Broker to collect and to screen information identifying the Designee. The Designee shall provide, and shall keep current, an accurate legal name, date of birth, country of birth, citizenship, residential address, telephone number, email address, government identification and tax identification information, together with such further information as the Firm or the Executing Broker reasonably requires.

71. CONSENT TO TRANSMIT. The Designee expressly consents to the Firm transmitting the information described in clause 70, together with any supporting documentation, to the Executing Broker and to any successor or additional broker, and to the Executing Broker's processing, screening and retention of it in accordance with its own policies and with applicable law.

72. ACCURACY. Any material misstatement in, or material omission from, information supplied under this Article is a material breach permitting immediate termination under clause 88.

ARTICLE TWELVE - CONFIDENTIALITY AND PUBLICITY

73. WHAT IS CONFIDENTIAL. "Confidential Information" means non-public information of the Firm disclosed to or observed by the Designee in connection with this Instrument, including the Trading Limits and their thresholds, the Firm's risk models and methods of monitoring, its methodology for allocating capital, its platform architecture, its brokerage arrangements and account structure, its roster of traders, unpublished Published Rules, and the terms of this Instrument other than those the Firm itself publishes.

74. THE OBLIGATION. The Designee shall keep Confidential Information confidential, shall use it solely for the purpose of performing under this Instrument, and shall not disclose it to any third party. The obligation survives termination for three (3) years, and indefinitely in respect of anything qualifying as a trade secret.

75. EXCLUSIONS AND COMPELLED DISCLOSURE. Confidential Information does not include information which is or becomes public otherwise than through an act of the Designee, which the Designee lawfully possessed free of obligation before disclosure, or which the Designee independently develops without reference to the Firm's information. The Designee may disclose Confidential Information to the extent legally compelled, provided that the Designee gives the Firm prompt notice where it is lawful to do so.

76. THE DESIGNEE'S OWN ADVISERS. Nothing in this Article restricts the Designee from disclosing this Instrument or any Confidential Information to the Designee's own attorney, accountant, tax preparer or financial adviser, provided that person is bound by a professional or contractual duty of confidence. The Designee need not notify the Firm before doing so. The Designee is encouraged to have this Instrument reviewed by counsel of the Designee's own choosing before signing it.

77. THE DESIGNEE'S OWN EXPERIENCE. Nothing in this Article restricts the Designee from describing truthfully the Designee's own experience with the Firm, the Designee's own trading results, or the published terms of the programme, including to a regulator, to a prospective counterparty or publicly. This Instrument contains no obligation of non-disparagement and shall not be construed as containing one.

78. MARKS AND ENDORSEMENT. The Designee shall not use the Firm's name or marks in a manner implying the Firm's sponsorship or endorsement of the Designee, or the Firm's verification of any performance claim, without the Firm's prior written consent. The Designee may state accurately that he or she trades as an independent contractor for the Firm.

ARTICLE THIRTEEN - RECORDS, DATA AND INTELLECTUAL PROPERTY

79. TRADING RECORDS. All records of orders, executions, positions and account state generated in the Partition, and all analytics, statistics and derived data the Firm produces from them, are the property of the Firm. The Firm may use, retain, analyse and disclose them for risk management, compliance, the resolution of disputes, the development of models and any other lawful business purpose, and may publish them in anonymised or aggregated form.

80. THE DESIGNEE'S OWN METHODS. Nothing in this Instrument assigns to the Firm any trading strategy, method or know-how which the Designee independently developed and does not disclose to the Firm as Confidential Information. The Designee retains the right to trade his or her own methods elsewhere, for his or her own account, or for others where the Designee lawfully may do so and holds every registration and licence that doing so requires, in each case subject to clause 67 and to Article Twelve. Nothing in this clause permits the Designee to trade for any other person in or through the Partition, to use the Partition or any credential issued for it in connection with any account other than the Partition, or to act in any capacity for which registration or licensing is required without holding it.

81. THE PLATFORM. The Firm's platform, software, content and marks are the property of the Firm. The Designee receives a limited, revocable, non-exclusive and non-transferable right to use them solely for the purpose of performing under this Instrument.

ARTICLE FOURTEEN - ASSURANCES GIVEN BY THE SIGNATORIES

82. MUTUAL ASSURANCE. Each Signatory represents that it has full power and authority to enter into this Instrument and that this Instrument is a valid and binding obligation of it.

83. ASSURANCES GIVEN BY THE DESIGNEE. The Designee represents and warrants that: (a) the Designee is at least eighteen (18) years of age and has legal capacity to contract; (b) all information supplied by the Designee under Article Eleven is true, accurate and complete; (c) the Designee is not subject to any statutory disqualification, regulatory bar, suspension or order which would prohibit the Designee from trading securities or options, and is not the subject of any pending proceeding which could result in one; (d) the Designee is not a person or entity with whom transactions are prohibited under applicable sanctions laws and does not reside in a jurisdiction subject to comprehensive sanctions; (e) the Designee's entry into and performance of this Instrument breaches no agreement with, and no duty owed to, any employer or other person, including any covenant against competition or solicitation and any duty concerning confidential information; and (f) the Designee is not acting for or at the direction of any undisclosed third party.

84. THE ASSURANCES ARE CONTINUING. The assurances given in clause 83 are given on the Effective Date and are deemed repeated on each day upon which the Designee transmits an order in the Partition. The Designee shall notify the Firm immediately should any of them cease to be true.

85. DISCLAIMER. Save as expressly stated in this Instrument, the Firm gives no representation and no warranty of any kind, express or implied, and specifically disclaims any implied warranty of merchantability, of fitness for a particular purpose and of non-infringement in respect of the platform, the Partition, market data and connectivity.

ARTICLE FIFTEEN - DURATION AND THE ENDING OF THE ENGAGEMENT

86. DURATION. This Instrument commences on the Effective Date and continues until brought to an end in accordance with this Article.

87. ENDING WITHOUT CAUSE, AND ENDING AUTOMATICALLY. The Firm may bring this Instrument to an end at any time, for any reason or for no reason, upon written notice, effective immediately unless the notice states otherwise. The Designee may bring this Instrument to an end at any time, for any reason or for no reason, by written notice to the Firm at the address in clause 115 or by email to the address the Firm publishes for legal notices; there is no self-service control for this in the Firm's platform, and a request made through any other channel is not notice under this clause. A notice given by the Designee takes effect when the Firm revokes the Order-Entry Designation and closes the Partition, and in any event no later than five (5) business days after the Firm receives it; until it takes effect the Designee remains bound by this Instrument and may continue to trade within the Trading Limits. Termination by the Designee is not a breach, is not a termination for cause under clause 88, and clause 89 applies to it in the ordinary way. This Instrument also terminates automatically if the Executing Broker declines or revokes the Order-Entry Designation, or if the Firm ceases to maintain a brokerage account permitting designated individuals to transmit orders.

88. ENDING FOR CAUSE. The Firm may bring this Instrument to an end immediately and without notice upon any material breach by the Designee, including any contravention of clause 8, of Article Five, of Article Ten, of Article Eleven or of Article Twelve, and upon any breach of an assurance given in clause 83.

89. WHAT FOLLOWS THE ENDING. Upon this Instrument coming to an end: (a) the Order-Entry Designation and every credential are revoked; (b) the Firm may close all open positions in the Partition at the then-prevailing market, and clause 46 applies to those closings; (c) the Firm performs a final accounting of Realized Net Gain through the closing of all positions; (d) the Firm pays any Distribution which was approved and unpaid as at the ending and, unless the ending was for cause under clause 88, any share of Realized Net Gain shown by the final accounting, in each case subject to clauses 59 and 60; and (e) upon an ending for cause under clause 88, the Firm may withhold any unapproved amount to the extent that it relates to the conduct giving rise to the ending.

90. NO SEVERANCE. The ending of this Instrument gives rise to no severance, no pay in lieu of notice, no damages and no compensation of any kind beyond clause 89.

91. SURVIVAL. The following survive the ending of this Instrument: Schedule One; clauses 1 to 7; the whole of Article Three; clauses 16, 18 and 55; the whole of Article Nine; clauses 68 and 69; the whole of Article Twelve; the whole of Article Thirteen; the whole of Article Fourteen; clauses 89 and 90; and the whole of Articles Sixteen, Seventeen, Eighteen, Nineteen and Twenty.

ARTICLE SIXTEEN - TAXES

92. THE DESIGNEE'S RESPONSIBILITY. The Designee is solely responsible for all taxes upon amounts paid under this Instrument. The Firm will not withhold income tax, social security, Medicare, unemployment or any similar amount, save where required by law.

93. DOCUMENTATION. The Designee shall deliver a properly completed Form W-9 or the applicable Form W-8 before the first Distribution and shall promptly deliver an updated form upon any change. The Firm may withhold any Distribution until it holds valid documentation and may apply backup or treaty withholding where required.

94. REPORTING. The Firm will report amounts paid as required by law, including upon Form 1099-NEC where applicable.

ARTICLE SEVENTEEN - LIMITS UPON LIABILITY

95. EXCLUDED HEADS OF DAMAGE. Neither Signatory is liable to the other for indirect, incidental, special, consequential, exemplary or punitive damages, nor for lost profits, lost opportunity or trading losses that would have been avoided, arising out of or relating to this Instrument, even if advised of the possibility of them.

96. CAP. The aggregate liability of the Firm arising out of or relating to this Instrument shall not exceed the total Distributions actually paid to the Designee in the twelve (12) months preceding the event giving rise to the claim.

97. CARVE-OUTS. Clauses 95 and 96 do not limit the Designee's obligations under clause 13, clause 64, Article Ten or Article Twelve, nor either Signatory's liability for fraud, for wilful misconduct, or for any liability which cannot be limited under applicable law.

98. ALLOCATION OF RISK. The Signatories acknowledge that the limits imposed by this Article reflect an agreed allocation of risk, that they are a material inducement to the Firm's willingness to allocate its own capital, and that the remuneration structure in Article Seven was set in reliance upon them.

ARTICLE EIGHTEEN - AMENDMENT OF THE PUBLISHED RULES; SUSPENSION FOR CAUSE

99. PROSPECTIVE AMENDMENT. The Firm may amend the Terms of Service, the Published Rules and any published rule set at any time and in its sole discretion, including for reasons of risk, compliance, law, brokerage or business. An amendment takes effect when posted with a stated effective date, or upon the date stated in a notice. Continued use of the Firm's services or of any account after the effective date constitutes acceptance of the amendment.

100. RIGHTS ALREADY VESTED. An amendment does not apply to a payout request properly submitted and pending before the effective date, to a settlement already owed under clause 19, or to a Live Trader Agreement already executed. Each is governed by the rules in force when it arose.

101. SUSPENSION AND CLOSURE FOR CAUSE. Separately, and at any time, the Firm may suspend or close any account, halt trading, or withhold a payment pending investigation where it reasonably believes there has been a contravention of the rules, manipulation of the simulated environment, prohibited trading, fraud, chargeback activity or misuse of identity, or where a legal, brokerage or regulatory requirement applies. No period of notice applies to action under this clause.

ARTICLE NINETEEN - THE RESOLUTION OF DISPUTES

102. GOVERNING LAW. This Instrument is governed by the laws of the Commonwealth of Pennsylvania, without regard to its conflict-of-laws principles.

103. INFORMAL RESOLUTION FIRST. Before commencing any proceeding, the complaining Signatory shall give the other written notice describing the dispute and shall negotiate in good faith for thirty (30) days.

104. ARBITRATION. Any dispute not resolved under clause 103 shall be finally resolved by binding arbitration administered by the American Arbitration Association under its Commercial Arbitration Rules, before a single arbitrator, seated in the Commonwealth of Pennsylvania, or conducted remotely by agreement. Judgment upon the award may be entered in any court of competent jurisdiction.

105. NO CLASS PROCEEDINGS. Each Signatory may bring claims only in its individual capacity and not as a plaintiff or class member in any purported class, collective, consolidated or representative proceeding. The arbitrator may not consolidate claims and may not preside over any form of representative proceeding.

106. JURY WAIVER. To the extent that any dispute proceeds in court, EACH SIGNATORY KNOWINGLY AND VOLUNTARILY WAIVES ANY RIGHT TO TRIAL BY JURY.

107. EQUITABLE RELIEF PRESERVED. Notwithstanding clause 104, either Signatory may seek temporary or preliminary injunctive relief in a court of competent jurisdiction to protect Confidential Information or intellectual property pending arbitration.

108. TIME LIMIT. Any claim arising out of or relating to this Instrument must be brought within one (1) year after it accrues, to the extent permitted by applicable law.

ARTICLE TWENTY - FINAL PROVISIONS

109. WHOLE AGREEMENT. This Instrument, together with the Published Rules and the documents it incorporates, is the entire agreement between the Signatories concerning the Live stage and supersedes all prior discussions and understandings concerning it.

110. ORDER OF PRECEDENCE. This Instrument governs the Live stage. The Firm's published Terms of Service govern the evaluation and funded (simulated) stages and continue to apply to the Designee's participation in those stages. Where this Instrument and the Terms of Service conflict as applied to Live-stage activity, this Instrument prevails. Where this Instrument and the Published Rules conflict, this Instrument prevails save as to the specific rule values which the Published Rules set.

111. AMENDMENT OF THIS INSTRUMENT. The Firm may amend the Published Rules and the Trading Limits as clause 37 provides, and may amend the Terms of Service, the Published Rules and any published rule set as Article Eighteen provides. Any amendment of this Instrument itself must be in writing and signed by both Signatories, save that the Firm may amend it upon thirty (30) days' written notice, in which case the Designee's sole remedy if the Designee objects is to bring this Instrument to an end under clause 87 before the amendment takes effect.

112. ASSIGNMENT. The Designee may not assign or delegate this Instrument in whole or in part, whether by operation of law or otherwise; this Instrument is personal to the Designee. The Firm may assign it to an affiliate or in connection with a merger, a reorganisation or a sale of substantially all of its assets.

113. NO WAIVER. No failure and no delay in exercising a right operates as a waiver of it, and no single or partial exercise of a right precludes any further exercise of it.

114. SEVERABILITY. If any provision is held unenforceable, it shall be modified to the minimum extent necessary to render it enforceable, or severed if modification is not possible, and the remainder of this Instrument shall continue in full force.

115. NOTICES. Notices to the Firm shall be sent to Strix Options LLC, 1945 Brickell Ave, Suite 800, Miami, FL 33129, and by email to the address the Firm publishes for legal notices. Notices to the Designee may be sent to the address or email address on file, and notice by email is effective upon transmission absent bounce.

116. COUNTERPARTS AND ELECTRONIC SIGNATURE. This Instrument may be executed in counterparts and delivered electronically. The Signatories consent to the use of electronic records and electronic signatures, which have the same legal effect as handwritten signatures under the federal ESIGN Act and applicable state law.

117. ACKNOWLEDGMENT. THE DESIGNEE ACKNOWLEDGES HAVING READ THIS INSTRUMENT IN FULL, HAVING HAD THE OPPORTUNITY TO CONSULT INDEPENDENT COUNSEL, AND UNDERSTANDING IN PARTICULAR THAT THE DESIGNEE OWNS NO PART OF THE PARTITION OR OF THE CAPITAL IN IT, HAS NO RIGHT OF WITHDRAWAL, AND IS REMUNERATED SOLELY BY A SHARE OF REALIZED NET GAIN.

118. THE PUBLISHED VERSION THIS INSTRUMENT STATES. This Instrument states Strix Options Live Program terms version live-2026-08-27 (ordinal 1), published 2026-08-27, as recorded in the Firm's register of published Live terms. The rule values it refers to are those published by the Firm on its Live Program Rules page as in force from time to time.

SCHEDULE ONE - DEFINED TERMS

In this Instrument the following expressions have the following meanings, and a defined expression bears that meaning wherever it appears, whether in the recitals, in an Article, in a clause or in this Schedule.

"Buying-Power Step" means the level of buying power currently granted to the Partition under clause 30, expressed as a multiple of Nominal Plan Size. A Buying-Power Step is a level of buying power and is not an amount of Firm Capital, and the advancement or reduction of a Buying-Power Step does not of itself move Firm Capital.

"Confidential Information" has the meaning given in clause 73.

"Decision Date" means the date upon which the Designee accepts the Live Program Notice, the date upon which the Designee declines it, or the date upon which it expires unanswered, whichever occurs.

"Distribution" means a payment by the Firm to the Designee of the Designee's share of Realized Net Gain under Article Eight.

"Drawdown Floor" means the equity level at or below which the Partition is in breach, computed as clauses 32 and 33 provide.

"Drawdown Room" means the amount by which the Partition's equity exceeds the Drawdown Floor at the moment of measurement.

"Executing Broker" means the registered broker at which the Firm maintains its proprietary trading account, together with any successor broker and any additional broker the Firm designates.

"Firm Capital" means the Firm's capital which the Firm transfers to, or designates as available in, the Partition from time to time. Firm Capital remains at all times the property of the Firm.

"Live Account" means the Designee's standing at the Live stage, of which the Designee holds exactly one, as clause 25 provides.

"Live Program Notice" and "Notice" mean the notice described in clause 15 by which the Firm asks the Designee whether the Designee will advance to the Live stage.

"Lock Threshold" means the realized profit at which the Drawdown Floor locks, being the figure the Firm publishes for the Designee's Nominal Plan Size as recorded in clause 26.

"Maximum Theoretical Loss" means, in respect of a position or a group of positions upon one underlying and one expiry, the largest further amount that position or group can lose from where it stands at the moment of measurement, being its current mark value less the worst value it can take at expiry. Where a group carries a net short call exposure which is not covered, its Maximum Theoretical Loss is unbounded. Where any position within a group lacks a usable mark, the Maximum Theoretical Loss of that group cannot be measured and the group is treated as unmeasurable and not as carrying no risk.

"Nominal Plan Size" means the funded plan size by reference to which the Designee's Firm Capital, buying power, maximum drawdown, daily loss limit and Lock Threshold are determined under clauses 25 and 26.

"Order-Entry Designation" means the permission the Firm procures from the Executing Broker for the Designee to transmit orders in the Partition. It confers permission to transmit orders and nothing further, and confers no ownership, no account relationship and no customer relationship of any kind.

"Partition" means the single sub-account, trading partition or separate trading limit account of the Firm's brokerage account to which the Designee is assigned under the Order-Entry Designation.

"Published Rules" means the rules for the Live stage which the Firm publishes, as in force from time to time, including the allocation and entry buying power for each plan size, the maximum drawdown, the daily loss limit, the instruments permitted and the conduct prohibited, the buying-power ladder, the Lock Threshold, the share of profit payable to the Designee, the minimum Distribution, and the conditions of eligibility for a Distribution. That enumeration is not exhaustive.

"Realized Net Gain" means the realized profit in the Partition from closed positions, net of realized losses and of the commissions, exchange fees, regulatory fees and financing charges incurred upon those positions. An unrealized gain upon an open position is not Realized Net Gain and does not become Realized Net Gain until the position is closed. Subscriptions for market data, platform costs and every other cost of operating the Firm's brokerage account are borne by the Firm and are not deducted in computing Realized Net Gain.

"Trading Limits" means the trading limits applicable to the Partition, including the maximum drawdown, the Drawdown Floor, the daily loss limit, the limits upon position size and order size, the instruments and strategies permitted and prohibited, the restrictions upon expiration and assignment, and any limit configured at the Executing Broker.

SIGNATURES

STRIX OPTIONS LLC

By: _______________

Printed Name: _______________

Title: _______________

Date: _______________

TRADER

By: _______________

Printed Name: _______________

Date: _______________