Options Trading Application and Agreement

OFFICE USE ONLY: SUB FIRM: BR CODE: FA CODE: ACCT:

Please use this form to apply for options trading capabilities on your account.

Section 1 Tell Us About Your Brokerage Account

As it appears on 8-Digit Brokerage Account Number Account Title your statement

Section 2 Options Disclosure Document

Fill in the date Industry regulations require that we furnish you with the Options Disclosure Document before you received your account can be approved for options trading. and read the Document Date Options Disclosure Document Received and Read (mm/dd/yyyy)

Section 3 Tell Us About Yourself If joint account both account holders’ information is required

For non- Primary Account Holder individual entities Name (For corporations, trusts, etc., enter entity name only) Date of Birth Number of (corporations, (mm/dd/yyyy) Dependents trusts, organizations, etc.) provide Employer Name (If retired, state retired) entity name Marital Status only in primary Single Married account holder Occupation Description (Supervisor, Sales Associate, Data Analyst)   section  Divorced  Widow(er)

Business Nature (Education, Transportation, Construction)

Secondary/Joint Account Holder Name (For corporations, trusts, etc., enter entity name only) Date of Birth (mm/dd/yyyy)

Employer Name (If retired, state retired)

Occupation Description (Supervisor, Sales Associate, Data Analyst)

Business Nature (Education, Transportation, Construction)

Section 4 Discretionary or Third Party Trading Authorization (If applicable)

Leave blank Requires an existing signed Trading Authorization or other Power of Attorney document on file. if no third party trading Name Relationship to applicant authority required Years of Investment Experience Options Stocks

*Account(s) carried by First Clearing. First Clearing is a trade name used by Wells Fargo Clearing Services, LLC, a registered broker-dealer and non-bank affiliate of Wells Fargo & Company.

544465 (Rev 19 - 06/18) Page 1 of 5 Options Trading Application and Agreement Page 2 of 5

Section 5 Source of Information

If information was given by someone other than the account owner or authorized person, check the box and provide name and relationship to the account owner. Not the account owner

Name Relationship to account owner

Section 6 Tell Us About Your Financial Situation Check one box for each section

Joint accounts, Annual Income Liquid Assets Net Worth provide (Employer, investments, etc.) (Cash, securities, etc.) (Exclusive of residence) combined $0 – 49,999 $0 – 49,999 $0 – 49,999 figures $50,000 – 99,999 $50,000 – 99,999 $50,000 – 99,999 Corporations, $100,000 – 199,999 $100,000 – 199,999 $100,000 – 199,999 trusts, etc., $200,000 – 499,999 $200,000 – 499,999 $200,000 – 499,999 provide entity $500,000 – 999,999 $500,000 – 999,999 $500,000 – 999,999 figures $1,000,000 – 4,999,999 $1,000,000 – 4,999,999 $1,000,000 – 4,999,999 $5,000,000 – 9,999,999 $5,000,000 – 9,999,999 $5,000,000 – 9,999,999 Greater than $10,000,000 Greater than $10,000,000 Greater than $10,000,000

Section 7 Tell Us About Your Investment Experience

For each Investment Years of Experience Average Trades per Year Types of Trades investment type, Type (Check all that apply) if None checked in years of Options None Less than 1 Less than 20 Cash Margin 1-2 3-5 6+ 20-49 50-100 100+ Short experience leave remaining row Stocks None Less than 1 Less than 20 Cash Margin blank 1-2 3-5 6+ 20-49 50-100 100+ Short Bonds None Less than 1 Less than 20 Cash Margin 1-2 3-5 6+ 20-49 50-100 100+ Short Commodities None Less than 1 Less than 20 Cash Margin 1-2 3-5 6+ 20-49 50-100 100+ Short

Section 8 Tell Us How You Like to Invest

Investment Objective (Risk Tolerance) Check one box only Income + Conservative (A) Growth + Aggressive (E) Income + Aggressive (I) Growth & Income + Conservative (B) Income + Moderate (G) Growth & Income + Aggressive (K) Growth + Moderate (C) Growth + Conservative (H) Trading & Speculation (L) Growth & Income + Moderate (D)

Section 9 Your Options Trading Level Request

Select a level Approval Level Options Strategies (1-6); check one box only Income and Safety Strategies Level 1 Covered call writing and buying puts against long stock positions (married puts) Level 2 Level 1 + put writing against full deposit of strike price (covered puts) Speculation and Trading Strategies Level 3 Level 2 + option buying, purchasing put/call warrants Level 4 Level 3 + option spreading Level 5 Level 4 + uncovered put writing vs. buying power Level 6 Level 5 + uncovered straddles, uncovered call writing

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Section 10 Your Signature All Owners Must Sign and Date

CORPORATE ACCOUNTS: I certify that the corporate resolution or bylaws, or partnership agreement attached permits the use of options trading.

FOR ALL ACCOUNTS: • I/We have read the Special Statement for Uncovered Option Writers located on the last page of this document. • I/We hereby certify that the background and financial information provided above is true, correct, and complete in all aspects, and agree to advise you by registered mail to the attention of the Compliance Department of any changes in my investment objectives, financial situation and needs insofar as such changes are material to my option transactions. • I/We acknowledge receipt of the current option risk disclosure pamphlet and represent that we have sufficient investment knowledge to invest in put and call options, and that option transactions are suitable for me/us. • Further, I/We have read, understand, and agree to be bound by the Options Agreement. It is noted that these provisions are in addition to provisions contained in the Basic Brokerage Account Agreement and Disclosure Document. • THIS AGREEMENT CONTAINS A PRE-DISPUTE ARBITRATION CLAUSE LOCATED ON PAGE 5. THE UNDERSIGNED HEREBY ACKNOWLEDGES RECEIPT OF A COPY OF THIS AGREEMENT.

Owner or Authorized Person Title if Applicable Today’s Date (mm/dd/yyyy) X Title if Applicable Today’s Date (mm/dd/yyyy) All owners must Owner or Authorized Person sign and date X Owner or Authorized Person Title if Applicable Today’s Date (mm/dd/yyyy) X Owner or Authorized Person Title if Applicable Today’s Date (mm/dd/yyyy) X

OFFICE USE ONLY

Financial Advisor’s Signature Financial Advisor Name Rep Code

Financial Advisor Signature Date (mm/dd/yyyy)

Subfirm Branch Code

Principal Approval

Principal Approver Name Rep Code

Options Level Approved (choose one) 1 2 3 4 5 6 Account Type Individual Investment Club Traditional/Roth IRA Uniform Gift/Transfer to Minor Sole Proprietorship Estate SEP IRA/SIMPLE IRA Retirement Trust/Pension, Profit- Sharing Plan Joint Partnership Limited Liability Company DVP Corporation Personal Trust Non-Corporate/Religious/ Non-Profit Bank/Trust Company/Credit Union ERISA

Principal Approval Signature Date (mm/dd/yyyy)

*Account(s) carried by First Clearing. First Clearing is a trade name used by Wells Fargo Clearing Services, LLC, a registered broker-dealer and non-bank affiliate of Wells Fargo & Company. 544465 (Rev 19 - 06/18) Options Trading Application and Agreement Page 4 of 5

Options Agreement

In consideration of Introducing Firm and its clearing agent, First Clearing* (“Clearing Agent”) (hereinafter collectively referred to as “you”) respectively opening and carrying an account or accounts for me, I hereby represent and warrant with knowledge and intent that you rely thereon that all of the information and statements contained in this agreement are true and accurate. I agree to promptly notify you of any material change in my financial situation, needs, or investment objective. I acknowledge, agree, and represent:

1. I have received and read a copy of the document positions or exercise limits established by FINRA, entitled Characteristics and Risks of Standardized any exchange or any marketplace with respect to the Options. trading of options. 2. I understand that the purchasing or selling of options 9. I understand that when transactions on my behalf are may involve a high degree of risk and speculation. to be executed in options traded on more than one When purchasing options, there is the risk that the exchange, in the absence of my specific instructions, entire premium paid (purchase price) for the option you may use discretion in selecting the market in can be lost if the option is not exercised or otherwise which to enter my order. sold. When selling (writing) options, the risk of loss 10. In transactions involving Exchange or NASDAQ listed can be much greater if such options are written options I will comply with all the rules and regulations uncovered (“naked”). In such case the risk of loss can of said market, and the Options Clearing Corporation exceed the amount of premium received. and you, including, but not limited to, limitations on 3. I am capable of evaluating and bearing the financial the number of options I individually, or in concert with risks attendant to the writing (selling) or purchasing others, may have, long or short, or may exercise. of options. My capabilities are based on my income, 11. It is understood that if options are purchased, it net worth, experience and knowledge of securities shall be my sole responsibility to sell or exercise in a investing, my financial needs, and investment proper and timely manner as set forth by the Option objectives. Clearing Corporation and you. I agree in the event 4. I fully understand that an active program of less than three days remain until expirations of an purchasing and/or selling (writing) options may option, and when you have been unable to contact me involve concomitant purchases and sales of the regarding any positions in my account about to expire, underlying stock to which the options relate, and that you then may exercise the limited discretion granted such a program may produce a high level of trading to liquidate those positions as you may see fit. This activity and commission costs. limited discretionary authority shall not require you 5. I agree to be bound by your policies (as they exist to take any action whatsoever. In the event that you now and as they may be amended in the future), should liquidate any options positions, my account will particularly with respect to margin requirements and be credited in a fair and equitable manner. payment requirements. You may, whenever your 12. I understand that exercise assignment notices for sole discretion determines that there is danger of option contracts are allocated among client short financial loss to you or me, request additional margin positions, whether covered or uncovered, pursuant to deposit, purchase, or sale of additional stock, or an automated procedure which randomly selects from the closing out of an option position. I understand among all client short options positions established that if I exceed any applicable position or exercise as of the day assignment those contracts which are limits, you are authorized at your sole discretion, and subject to exercise. The writer of an American-style without notification, to take any and all steps you option is subject to being assigned an exercise at any deem necessary to protect yourself (for any reason), time he had written the option until the option expires. including the right to buy and/or sell (including short By contrast, the writer of an European-style option or short exempt) from my account in order to bring is subject to exercise assignment only during the my account into compliance with such position limits. exercise period. 6. I understand that settlement (payment date) for 13. I understand that you may from time to time, options trades is the business day following the purchase or sell options and/or underlying securities purchase or sale of the option. However, you may for your own account that you have recommended to require deposits at the time of purchase or sale. me. 7. I understand that there are strict rules governing the 14. Any agreement by me with you, whether previously cutoff time for exercising long options. I understand or hereafter made applicable to any account of mine and agree that it is my sole responsibility to learn and with you, shall also apply to such option transactions keep track of the cutoff times applicable to the options except to the extent which it conflicts with this in my account. agreement. In the event of a conflict, this agreement 8. I am aware of and agree to be bound by FINRA rules shall control and where there is no conflict, each applicable to the trading of options contracts. I am provision or each agreement shall apply. also aware of and agree to be bound by the rules of 15. You shall not be liable in connection with the the Options Clearing Corporation. I understand that execution, handling, selling, purchasing, exercising, or all transactions in my account shall be subject to the endorsing of puts or calls for my account, except for constitution, rules, regulations, customs, and usages gross negligence or willful misconduct on your part. of the exchange or market, and its clearinghouse, if 16. You are under no obligation to convey to me any any, where the transactions are executed. Transactions information relating to the underlying securities shall also be subject to the provisions of federal covered by an option or any securities related thereto and state securities laws, as amended, and to the or any information relating to the options whether rules and regulations of the Securities and Exchange such information is then or thereafter known or Commission and the Board of Governors of the Federal available. Reserve System. You shall not be liable for any loss 17. It shall be my sole responsibility to exercise in a caused directly or indirectly by your compliance proper and timely manner, any right or privilege or with such rules or regulations, or by government obligation of any put option, call option, or other restrictions, exchange or market rulings, suspensions option which you may purchase, handle, or carry for of trading, war, or other conditions beyond your my accounts. control. I am aware of and agree not to violate, either acting alone or in concert with others, the applicable

Options Agreement

ARBITRATION Arbitration Disclosures: SPECIAL STATEMENT FOR UNCOVERED OPTION This Agreement contains a pre-dispute arbitration WRITERS clause. By signing an arbitration agreement, the The following statements pertain only to clients who parties agree as follows: engage in uncovered put writing and/or uncovered • All of the parties to this Agreement are giving up call writing (risk levels 5 and/or 6). IF APPLICABLE, the right to sue each other in court, including the PLEASE RETAIN A COPY FOR YOUR RECORDS. right to a trial by jury, except as provided by the rules of the arbitration forum in which the claim is There are special risks associated with uncovered option filed. writing which expose the investor to potentially significant • Arbitration awards are generally final and loss. Therefore, this type of strategy may not be appropriate binding; a party’s ability to reverse or modify an for all clients approved for options transactions. arbitration award is very limited. • The ability of the parties to obtain documents, 1. The potential loss of uncovered call writing is unlimited. witness statements and other discovery is The writer of an uncovered call is in an extremely risky generally more limited in arbitration than in court position, and may incur large losses if the value of the proceedings. underlying instrument increases above the exercise • The arbitrators do not have to explain the price. reason(s) for their award unless, in an eligible 2. As with writing uncovered calls, the risk of writing case, a joint request for an explained decision has uncovered put options is substantial. The writer of been submitted by all parties to the panel at least an uncovered put option bears a risk of loss if the 20 days prior to the first scheduled hearing date. value of the underlying instrument declines below the • The panel of arbitrators typically will include a exercise price. Such loss could be substantial if there minority of arbitrators who were or are affiliated is a significant decline in the value of the underlying with the securities industry. instrument. • The rules of some arbitration forums may impose 3. Uncovered option writing is thus suitable for the time limits for bringing a claim in arbitration. knowledgeable investor who understands the risks, In some cases, a claim that is ineligible for has the financial capacity and willingness to incur arbitration may be brought in court. potentially substantial losses, and has sufficient liquid • The rules of the arbitration forum in which the assets to meet applicable margin requirements. In claim is filed, and any amendments thereto, shall this regard, if the value of the underlying instrument be incorporated into this Agreement. moves against an uncovered writer’s options position, the investor’s broker may request significant additional No person shall bring a putative or certified class margin payments. If an investor does not make such action to arbitration, nor seek to enforce any pre- margin payments, the broker may liquidate stock or dispute arbitration agreement against any person who options positions in the investor’s account, with little or has initiated in court a putative class action; or who is no prior notice in accordance with the investor’s margin a member of a putative class who has not opted out of agreement. the class with respect to any claims encompassed by 4. For combination writing, where the investor writes both the putative class action until: a put and a call on the same underlying instrument, the i) the class certification is denied; or potential risk is unlimited. ii) the class is decertified; or 5. If a secondary market in options were to become iii) the client is excluded from the class by the court. unavailable, investors could not engage in closing transactions, and an option writer would remain Such forbearance to enforce an agreement to arbitrate obligated until expiration or assignment. shall not constitute a waiver of any rights under this 6. The writer of an American-style option is subject to Agreement except to the extent stated herein. being assigned an exercise at any time after he or she had written the option until the option expires. By Arbitration Provision: It is agreed that all contrast, the writer of a European-style option is subject controversies or disputes which may arise between to exercise assignment only during the exercise period. you and Introducing Firm, First Clearing* and any Sub-Advisor (and/or any other agent) (collectively, NOTE: It is expected that you will read the booklet entitled “us”) concerning any transaction or the construction, Characteristics and Risks of Standardized Options performance or breach of this Agreement or any other available from your broker. In particular, your attention is agreement between us, whether entered into prior directed to the chapter titled “Principal Risks of Options to, on, or subsequent to the date of this Agreement, Positions.” This statement is not intended to enumerate all of including any controversy concerning whether an the risks entailed in writing uncovered options. issue is arbitrable, shall be determined by arbitration conducted before, and only before, an arbitration panel set up by the Financial Industry Regulatory Authority (“FINRA”) in accordance with its arbitration procedures. Any of us may initiate arbitration by filing a written claim with FINRA. Any arbitration under this Agreement will be conducted pursuant to the Federal Arbitration Act and the Laws of the State of New York. The state or federal statute of limitations, statute of repose, non-claim statute or any other time bar that would be applicable to any claim filed in a court of competent jurisdiction shall be applicable to any claim filed in arbitration.