Robinhood Customer Agreement (June 22) (1)

Revised June 22, 2020

Robinhood Financial LLC & Robinhood Securities, LLC Customer Agreement

In consideration of Robinhood Financial LLC, Robinhood Securities, LLC, and their agents and assigns

(collectively, "Robinhood") opening one or more accounts on my behalf ("My Account(s)" or the

"Account(s)") for the purchase, sale or carrying of securities or contracts relating thereto and/or the

borrowing of funds, which transactions are cleared through Robinhood Securities, I represent and agree

with respect to all Accounts, whether margin or cash, to the terms set forth below (the "Agreement").

When used in this Agreement, the words "I", "Me", "My", "We", or "Us" mean the owner(s) of the

Account. For purposes of this Agreement, Business Days are Monday through Friday, excluding federal

holidays. Any references to "days" found in this Agreement are calendar days unless indicated

otherwise.

I UNDERSTAND THAT THE TERMS AND CONDITIONS OF THIS AGREEMENT GOVERN ALL

ASPECTS OF MY RELATIONSHIP WITH ROBINHOOD REGARDING MY ACCOUNTS. I WILL

CAREFULLY READ, UNDERSTAND AND ACCEPT THE TERMS AND CONDITIONS OF THIS

AGREEMENT BEFORE I CLICK "SUBMIT APPLICATION" OR OTHER SIMILARLY WORDED

BUTTON. IF I HAVE ANY QUESTIONS ABOUT ANY OF THE PROVISIONS IN THIS AGREEMENT,

I WILL EMAIL

HELP@ROBINHOOD.COM. I UNDERSTAND THAT CLICKING "SUBMIT

APPLICATION" IS THE LEGAL EQUIVALENT OF MY MANUALLY SIGNING THIS AGREEMENT

AND I WILL BE LEGALLY BOUND BY ITS TERMS AND CONDITIONS. BY ENTERING INTO

THIS AGREEMENT, I ACKNOWLEDGE RECEIPT OF THE ROBINHOOD PRIVACY POLICY AND

PRIVACY AND SECURITY STATEMENT. I UNDERSTAND THAT THIS AGREEMENT MAY BE

AMENDED FROM TIME TO TIME BY ROBINHOOD, WITH REVISED TERMS POSTED ON THE

ROBINHOOD WEBSITE. I AGREE TO CHECK FOR UPDATES TO THIS AGREEMENT. I

UNDERSTAND THAT BY CONTINUING TO MAINTAIN MY SECURITIES BROKERAGE

ACCOUNT WITHOUT OBJECTING TO ANY REVISED TERMS OF THIS AGREEMENT, I AM

ACCEPTING THE TERMS OF THE REVISED AGREEMENT AND I WILL BE LEGALLY BOUND

BY ITS TERMS AND CONDITIONS. IF I REQUEST OTHER SERVICES PROVIDED BY

ROBINHOOD THAT REQUIRE ME TO AGREE TO SPECIFIC TERMS AND CONDITIONS

ELECTRONICALLY (THROUGH CLICKS OR OTHER ACTIONS) OR OTHERWISE, SUCH TERMS

AND CONDITIONS WILL BE DEEMED AN AMENDMENT AND WILL BE INCORPORATED INTO

AND MADE PART OF THIS AGREEMENT. I ALSO UNDERSTAND THAT BY CLICKING "SUBMIT

APPLICATION" I HAVE ACKNOWLEDGED THAT THIS AGREEMENT CONTAINS A PREDISPUTE

ARBITRATION CLAUSE IN SECTION38 HEREIN.

1. Capacity and Status.

If an individual, I am of legal age under the laws of the state where I reside and authorized to enter into

this Agreement. If an entity, I am duly formed, validly existing and in good standing in My state of

organization, have full power and authority to enter and perform this Agreement, and the persons signing

the account application are fully authorized to act on My behalf. No person, except Myself, has any

interest in the Account opened pursuant to this Agreement. I acknowledge that unless Robinhood

receives written objection from Me, Robinhood may provide My name, address, and securities positions

to requesting companies in which I hold securities. Except as otherwise disclosed to Robinhood in

writing, neither I nor any member of My immediate family is an employee of any exchange, any

corporation of which any exchange owns a majority of the capital stock, a member of any exchange or

self-regulatory organization, a member of any ﬁrm or member corporation registered on any exchange, a

bank, trust company, insurance company or any corporation, ﬁrm or individual engaged in the business

of dealing either as a broker-dealer or as principal in securities. I understand and agree that I am

obligated to promptly notify Robinhood in writing if I or a member of My immediate family becomes

registered or employed in any of the above-described capacities. Except as otherwise disclosed to

Robinhood in writing, I am not a Professional (as deﬁned below). I further agree to promptly notify

Robinhood in writing if I am now or if I become a Professional or an ofﬁcer, director or 10% stockholder

of any publicly traded company.

2. Market Data.

Robinhood may choose to make certain market data available to Me pursuant to the terms and

conditions set forth in this Agreement. By executing this Agreement, I agree to comply with those terms

and conditions.

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A. Deﬁnitions.

"Market Data" means (a) last sale information and quotation information relating to securities that

are admitted to dealings on the New York Stock Exchange ("NYSE"), (b) such bond and other

equity last sale and quotation information, and such index and other market information, as United

States-registered national securities exchanges and national securities associations (each, an

"Authorizing SRO") may make available and as the NYSE may from time to time designate as

"Market Data"; and (c) all information that derives from any such information.

"Nonprofessional" means any natural person who receives market data solely for his/her

personal, non- business use and who is not a "Professional." A "Professional" includes an

individual who, if working in the United States, is: (i) registered or qualiﬁed with the Securities and

Exchange Commission (the "SEC"), the Commodity Futures Trading Commission (the "CFTC"),

any state securities agency, any securities exchange or association, or any commodities or

futures contract market or association; (ii) engaged as an "investment advisor" as that term is

deﬁned in Section 202 (a) (11) of the Investment Advisers Act of 1940 (whether or not registered

or qualiﬁed under that Act), or (iii) employed by a bank or other organization exempt from

registration under federal and/or state securities laws to perform functions that would require him

or her to be so registered or qualiﬁed if he or she were to perform such functions for an

organization not so exempt. A person who works outside of the United States will be considered a

"Professional" if he or she performs the same functions as someone who would be considered a

"Professional" in the United States.

B. Provisions Applicable to All Users.

Proprietary Nature of Data. I understand and acknowledge that each Authorizing SRO and Other

Data Disseminator (as deﬁned below) has a proprietary interest in the Market Data that originates

on or derives from it or its market(s). I agree not to reproduce, distribute, sell or commercially

exploit the Market Data in any manner.

Enforcement. I understand and acknowledge that (a) the Authorizing SROs are third-party

beneﬁciaries under this Agreement and (b) the Authorizing SROs or their authorized

representative(s) may enforce this Agreement, by legal proceedings or otherwise, against Me or

any person that obtains Market Data that is made available pursuant to this Agreement other than

as this Agreement contemplates.

Data Not Guaranteed. I understand that neither Robinhood nor any Authorizing SRO, other entity

whose information is made available over the Authorizing SROs' facilities (an "Other Data

Disseminator"), or information processor that assists any Authorizing SRO or Other Data

Disseminator in making Market Data available (collectively, the "Disseminating Parties")

guarantees the timeliness, sequence, accuracy, completeness, reliability, or content of Market

Data or of other market information or messages disseminated to or by any Disseminating Party. I

understand that neither Robinhood Financial nor any Disseminating Party guarantees the

timeliness, sequence, accuracy, completeness, reliability or content of market information, or

messages disseminated to or by any party. I understand that neither Robinhood Financial nor any

Disseminating Party warrants that the service provided by any such entity will be uninterrupted or

error-free. I further understand that Market Data by Xignite provides market data to Robinhood

Financial customers. NEITHER ROBINHOOD FINANCIAL, ANY OF ITS AFFILIATES, THEIR

RESPECTIVE OFFICERS OR EMPLOYEES, NOR ANY DISSEMINATING PARTY SHALL BE

LIABLE IN ANY WAY FOR (A) ANY INACCURACY, ERROR OR DELAY IN, OR OMISSION

OF, (I) ANY MARKET DATA, INFORMATION OR MESSAGE, OR (II) THE TRANSMISSION

OR DELIVERY OF ANY SUCH DATA, INFORMATION OR MESSAGE; OR (B) ANY LOSS (AS

DEFINED IN THIS AGREEMENT) OR DAMAGE ARISING FROM OR OCCASIONED BY (I)

ANY SUCH INACCURACY, ERROR, DELAY OR OMISSION, (II) NON-PERFORMANCE OR

III) INTERRUPTION IN ANY SUCH MARKET DATA, INFORMATION, OR MESSAGE,

WHETHER DUE TO ANY ACT OR OMISSION BY ROBINHOOD FINANCIAL, ANY OF ITS

AFFILIATES, THEIR RESPECTIVE OFFICERS OR EMPLOYEES, OR ANY DISSEMINATING

PARTY, OR TO ANY "FORCE MAJEURE" (E.G., FLOOD, EXTRAORDINARY WEATHER

CONDITIONS, EARTHQUAKE OR OTHER ACT OF GOD, FIRE, WAR, INSURRECTION,

RIOT, LABOR DISPUTE, ACCIDENT, ACTION OF GOVERNMENT, OR COMMUNICATIONS

OR POWER FAILURE, EQUIPMENT OR SOFTWARE MALFUNCTION) OR ANY OTHER

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CAUSE BEYOND THE REASONABLE CONTROL OF ROBINHOOD FINANCIAL, ITS

AFFILIATES, THEIR RESPECTIVE OFFICERS AND EMPLOYEES, OR ANY

DISSEMINATING PARTY.

Permitted Use. I shall not furnish Market Data to any other person or entity. If I receive Market

Data other than as a Nonprofessional, I shall use Market Data only for My individual use.

Dissemination, Discontinuance, or Modiﬁcation. I understand and acknowledge that, at any time,

the Authorizing SROs may discontinue disseminating any category of Market Data, may change

or eliminate any transmission method and may change transmission speeds or other signal

characteristics. The Authorizing SROs shall not be liable for any resulting liability, loss or

damages that may arise therefrom.

Duration; Survival. This Section 2 of this Agreement remains in effect for so long as I have the

ability to receive Market Data as contemplated by this Section 2. In addition, Sections 2(B)(1)-(3)

and the ﬁrst two sentences of Section 2(B)(7), survive any termination of this Agreement.

Miscellaneous. The laws of the State of New York shall govern this Section 2 and it shall be

interpreted in accordance with those laws. This Subsection is subject to the Securities Exchange

Act of 1934, the rules promulgated under that act, and the joint-industry plans entered into

pursuant to that act.

C. Provisions Applicable to Nonprofessionals.

Permitted Receipt. I understand that I may not receive Market Data from Robinhood as a

Nonprofessional, and Robinhood may not provide Market Data to Me as a Nonprofessional,

unless Robinhood ﬁrst properly determines that I qualify as a Nonprofessional as deﬁned above

and I in fact qualify as a Nonprofessional. I agree that, as a prerequisite to Robinhood Financial

qualifying Me as a Nonprofessional, I will provide to Robinhood truthful and accurate information

about Me, such as: my occupation, employer, employment position and functions; my use of

Market Data; my registration status with any securities agency, exchange, association, or

regulatory body, or any commodities or future contract market, association, or regulatory body,

whether in the United States or elsewhere; and any compensation of any kind I may receive from

any individual or entity for my trading activities, asset management, or investment advice. Except

as otherwise declared to Robinhood in writing, by executing this Agreement, I certify that I meet

the deﬁnition of Nonprofessional as set forth in this Agreement.

Permitted Use. If I am a Nonprofessional, I agree to receive Market Data solely for my personal,

non-business use.

Notiﬁcation. I shall notify Robinhood promptly in writing of any change in my circumstances that

may cause Me to cease to qualify as a Nonprofessional.

3. NASDAQ OMX Information.

A. Deﬁnitions.

"Information" means certain market data and other data disseminated that has been collected,

validated, processed, and recorded by any system NASDAQ OMX has developed for the creation

or dissemination of Information or other sources made available for transmission to and receipt

from either a distributor such as RHF or from NASDAQ OMX relating to: a) eligible securities or

other ﬁnancial instruments, markets, products, vehicles, indicators, or devices; b) activities of a

NASDAQ OMX company; c) other information and data from a NASDAQ OMX company.

"Information" also includes any element of Information as used or processed in such a way that

the Information can be identiﬁed, recalculated or re-engineered from the processed Information or

that the processed Information can be used as a substitute for Information.

"NASDAQ OMX" means The NASDAQ OMX Group, Inc., a Delaware limited liability company

and its subsidiaries and Afﬁliates (collectively, "NASDAQ OMX").

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B. Use of Data.

I understand that I may use the Information only for personal use and not for any business purpose. I

may not sell, lease, furnish or otherwise permit or provide access to the Information to any other natural

person or entity ("Person") or to any other ofﬁce or place. I will not engage in the operation of any illegal

business use or permit anyone else to use the Information, or any part thereof, for any illegal purpose or

violate any NASDAQ OMX or SEC Rule or any FSA rule or other applicable law, rule or regulation. I may

not present the Information rendered in any unfair, misleading or discriminatory format. I shall take

reasonable security precautions to prevent any Person other than Myself from gaining access to the

Information.

C. Proprietary Data.

I acknowledge and agree that NASDAQ OMX has proprietary rights to the Information that originates on

or derives from markets regulated or operated by NASDAQ OMX, and compilation or other rights to

Information gathered from other sources. I further acknowledge and agree that NASDAQ OMX's third-

party information providers have exclusive proprietary rights to their respective Information. In the event

of any misappropriation or misuse by Me or anyone who accesses the Information through Me,

NASDAQ OMX or its third-party information providers shall have the right to obtain injunctive relief for its

respective materials.

D. System.

I acknowledge that NASDAQ OMX, in its sole discretion, may from time-to-time make modiﬁcations to

its system or the Information. Such modiﬁcations may require corresponding changes to be made in

Robinhood Financial's service. Changes or the failure to make timely changes by Me may sever or

affect My access to or use of the Information. I understand that neither NASDAQ OMX nor Robinhood

shall be responsible for such effects.

E. NASDAQ OMX Limitation of Liability.

Except as may otherwise be set forth herein, NASDAQ OMX shall not be liable to Me for indirect,

special, punitive, consequential or incidental loss or damage (including, but not limited to, trading losses,

lost proﬁts, or other indirect loss or damage) of any nature arising from any cause whatsoever, even if

NASDAQ OMX has been advised of the possibility of such damages. NASDAQ OMX shall not be liable

to Me for any unavailability, interruption, delay, incompleteness or inaccuracy of the Information. This

Section shall not relieve NASDAQ OMX or Me from liability for damages that result from their own gross

negligence or willful tortious misconduct or from personal injury or wrongful death claims. I agree that the

terms of this Section reﬂect a reasonable allocation of risk and limitation of liability.

F. Disclaimers of Warranties.

NASDAQ OMX and its third-party information providers make no warranties of any kind with respect to

the Information---express, implied or statutory (including without limitation, timeliness, truthfulness,

sequence, completeness, accuracy, freedom from interruption), any implied warranties arising from trade

usage, course of dealing, course of performance or the implied warranties of merchantability or ﬁtness

for a particular use or purpose or noninfringement.

G. Termination by NASDAQ OMX.

I acknowledge that NASDAQ OMX, when required to do so in fulﬁllment of statutory obligations, may by

notice to Robinhood unilaterally limit or terminate the right of any or all Persons to receive or use the

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Information and that Robinhood will comply with any such notice and will terminate or limit the furnishing

of the Information.

4. Authorization.

I understand that My Account is self-directed. Accordingly, I appoint Robinhood Financial as My agent for

the purpose of carrying out My directions to Robinhood Financial in accordance with the terms and

conditions of this Agreement and any attendant risks with respect to the purchase or sale of securities.

Robinhood Financial is authorized to open or close My Account(s), place and withdraw orders and take

such other steps as are reasonable to carry out My directions. All transactions will be effected only on

My order or the order of My authorized delegate, except as described in Section 10. I understand

Robinhood Financial provides trading and brokerage services through the Robinhood website (the

"Website") and the Robinhood mobile application (the "App"). I agree to receive and transmit ﬁnancial

information through such electronic means. My use or My grant of access to My Account to any third

party to access information or place transactions in My Account is solely at My risk.

5. Customer Representations and Responsibilities.

A. Self-directed Account.

I understand that My Account is self-directed, and so that I am solely responsible for any and all orders

placed in My Account and that all orders entered by Me or on My behalf are unsolicited and based on My

own investment decisions or the investment decision of My duly authorized representative or agent.

Accordingly, I agree that neither Robinhood nor any of its employees, agents, principals, or

representatives:

provide investment advice in connection with this Account;

recommend any security, transaction or order;

solicit orders;

act as a market maker in any security;

make discretionary trades; and

produce or provide ﬁrst-party research providing a speciﬁc investment strategies such as buy, sell

or hold recommendations, ﬁrst-party ratings and/or price targets. To the extent research materials

or similar information are available through the App or the Website or the websites of any entity

controlled by, controlling, or under common control with Robinhood (such entity, an "Afﬁliate"), I

understand that these materials are intended for informational and educational purposes only and

they do not constitute a recommendation to enter into any securities transactions or to engage in

any investment strategies.

B. Information Accuracy.

I: (i) certify that the information contained in this Agreement, the account application, and any other

document that I furnish to Robinhood Financial in connection with My Account(s) is complete, true and

correct, and acknowledge that knowingly giving false information for the purpose of inducing Robinhood

Financial to extend credit is a federal crime; (ii) authorize Robinhood Financial to contact any individual

or ﬁrm noted herein or on the documents referred to in subsection (i) of this Section and any other normal

sources of debit or credit information; (iii) authorize anyone so contacted to furnish such information to

Robinhood Financial as Robinhood may request; and (iv) agree that this Agreement, the account

application and any other document I furnish in connection with My Account is Robinhood's property, as

the case may be. I shall promptly advise Robinhood Financial of any changes to the information in such

agreements and documents in writing within ten (10) calendar days. I authorize Robinhood Financial to

obtain reports and provide information to others concerning My creditworthiness and business conduct.

Upon My request, Robinhood agrees to provide Me a copy of any report so obtained. Robinhood may

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retain this Agreement, the Account application, and all other such documents and their respective

records at Its sole discretion, whether or not credit is extended.

C. Risks.

I understand that all investments involve risk, that losses may exceed the principal invested, and that

the past performance of a security, industry, sector, market, or ﬁnancial product does not guarantee

future results or returns.

D. Account Defaults.

I understand that My Account comes with many defaulted service instruction features and preferences. I

further understand that I am not required to use these defaulted options or preferences and that once My

Account is approved and opened I have the sole discretion to control and adjust such defaulted service

preferences that relate to My account.

E. Knowledge of Account.

I understand that I am solely responsible for knowing the rights and terms for all securities purchased,

sold and maintained in My Account including mergers, reorganizations, stock splits, name changes or

symbol changes, dividends, option symbols, and option deliverables. I further understand that certain

securities may grant Me valuable rights that may expire unless I take speciﬁc action. These securities

include bonds, convertible securities, warrants, stock rights and securities subject to exchange offers or

tenders. I am responsible for knowing all expiration dates, redemption dates, and the circumstances

under which rights associated with My securities may be called, cancelled, or modiﬁed. Robinhood may,

but are not obligated to, notify Me of any upcoming expiration or redemption dates, or take any action on

My behalf without My speciﬁc instructions except as required by law and the rules of regulatory

authorities. I acknowledge that Robinhood may adjust My Account to correct any error. If My Account

has an option position on the last trading day prior to expiration, which is one cent or more in the money,

Robinhood Financial will generally exercise the option, on My behalf. However, Robinhood Financial

reserves the right at Its discretion to close any option position prior to expiration date or any position

resulting from the exercising/assignment after option expiration. I will be charged a commission for any

such transaction. Robinhood Financial is not obligated to take any of these actions and Robinhood

Financial is not liable for Losses should it not take them.

F. Purchases.

All orders for the purchase of securities given for My Account will be authorized by Me and executed in

reliance on My promise that an actual purchase is intended. It is My obligation to pay for purchases

immediately or on Robinhood's demand. I understand Robinhood may at any time, in its sole discretion

and without prior notice to Me, prohibit or restrict My ability to trade securities. I further agree not to

allow any person to trade for My Account unless a trading authorization for that person has been

received and approved by Robinhood. Robinhood reserve the right to require full payment in cleared

funds prior to the acceptance of any order. In the event that I fail to provide sufﬁcient funds, Robinhood

may, at its option and without notice to Me, i) charge a reasonable rate of interest, ii) liquidate the

Property subject of the buy order, or iii) sell other Property owned by Me and held in any of My Accounts.

Robinhood may also charge any consequential Loss to My Account. For purposes of this Agreement,

"Property" shall mean all monies, contracts, investments and options, whether for present or future

delivery, and all related distributions, proceeds, products and accessions.

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G. Sales/Short Sales.

I promise to deliver all securities sold in My Account and to provide collateral of a type and amount

acceptable to Robinhood Financial for all short sales in My Account. Robinhood Financial requires that a

security be held in My Account prior to the acceptance of a sell order with respect to such security

unless the order is speciﬁcally designated as a "short sale." If a security is not held in My Account and a

sell order is processed, I must promptly deliver such security to Robinhood Financial for receipt in good

deliverable form on or before the settlement date. Any order accepted without negotiable certiﬁcates or

positions in My Account will be subject, at Robinhood Financial's sole discretion, to cancellation or buy-

in. To ensure this will not occur, I agree to only place sell orders for securities owned by Me and held in

My Account at the time My order is placed.

Proceeds of a sale will not be paid to Me or released into My Account until Robinhood Financial has

received the security in good deliverable form, whether from a transfer agent or from Me and the

settlement of the security is complete. If the security is not received on or before settlement date, or as

market conditions warrant, Robinhood Financial may in its sole discretion purchase the security on the

open market for My Account and may liquidate and close out any and all securities in My Account in

order to pay for such purchase. In the event a security is bought in, I will be responsible for all resulting

Losses incurred by Robinhood Financial.

I understand that I may execute short sales only in a margin Account and that such execution must

comply with applicable short sales rules.

H. Assistance by Robinhood.

I understand that when I request assistance from Robinhood or its employees in using the investment

tools available on the Website or the App, it will be limited to an explanation of the tool's functionality

and, if requested by Me, to the entry by Robinhood or its employees of variables provided by Me, and

that such assistance does not constitute investment advice, an opinion with respect to the suitability of

any transaction, or solicitation of any orders.

I. No Tax or Legal Advice.

I understand that Robinhood does not provide tax or legal advice.

J. Discontinuation of Services.

I understand that Robinhood may discontinue My Account and any services related to My Account

immediately by providing written notice to Me

K. Electronic Access.

I am solely responsible for keeping My Account numbers and PINs conﬁdential and will not share

them with third parties. "PINs" shall mean My username and password.

I agree and accept full responsibility for monitoring and safeguarding My Accounts and access to

My Accounts.

I agree to immediately notify Robinhood in writing, delivered via e-mail and a recognized

international delivery service, if I become aware of: (i)any loss, theft, or unauthorized use of My

PINs or Account numbers; (ii) any failure by Me to receive any communication from Robinhood

indicating that an order was received, executed or cancelled, as applicable; (iii) any failure by Me

to receive an accurate written conﬁrmation of an order, execution, or cancellation; (iv) any receipt

by Me of conﬁrmation of an order, execution or cancellation, which I did not place; (v) any

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inaccurate information in or relating to My orders, trades, margin status, Account balances,

deposits, withdrawals, securities positions or transaction history; or (vi) any other unauthorized

use or access of My Account.

Each of the events described in subsections (K)(3)(i)-(vi) shall be deemed a "Potential Fraudulent

Event". The use and storage of any information including My Account numbers, PINs, portfolio

information, transaction activity, account balances and any other information or orders available

on My wireless, web-enabled cellular telephone or similar wireless communications device

(collectively, "Mobile Device") or My personal computer is at My own risk and is My sole

responsibility. I represent that I am solely responsible for and have authorized any orders or

instructions appearing in, originating from, or associated with My Account, My Account number,

My username and password, or PINs. I agree to notify Robinhood immediately after I discover

any Potential Fraudulent Event, but in no event more than twenty-four (24) hours following

discovery. Upon request by Robinhood, I agree to report any Potential Fraudulent Event promptly

to legal authorities and provide Robinhood a copy of any report prepared by such legal authorities.

I agree to cooperate fully with the legal authorities and Robinhood in any investigation of any

Potential Fraudulent Event and I will complete any required afﬁdavits promptly, accurately and

thoroughly. I also agree to allow Robinhood access to My Mobile Device, My computer, and My

network in connection with Robinhood's investigation of any Potential Fraudulent Event. I

understand that if I fail to do any of these things I may encounter delays in regaining access to

the funds in My Account. I agree to indemnify and hold Robinhood, its Afﬁliates, and Robinhood

and its Afﬁliates' respective ofﬁcers, directors, and employees harmless from and against any

Losses arising out of or relating to any Potential Fraudulent Event. I acknowledge that Robinhood

does not know when a person entering orders with My username and password is Me.

Trusted Contact Person. I understand that, pursuant to FINRA regulations, Robinhood is

authorized to contact the Trusted Contact Person (as deﬁned by FINRA Rule 4512) designated

for My Account and to disclose information about My account to address possible ﬁnancial

exploitation, to conﬁrm the speciﬁcs of My current contact information, health status, or the

identity of any legal guardian, executor, trustee or holder of a power of attorney, or as otherwise

permitted by Rule 2165.

6. Clearance of Trades.

I understand that Robinhood Financial has entered into a clearing agreement with Robinhood Securities

whereby Robinhood Financial will introduce My Account to Robinhood Securities, and Robinhood

Securities will clear all transactions, on a fully-disclosed basis. I understand that Robinhood Securities

carries My Account(s) and is responsible for the clearing and bookkeeping of transactions, but is not

otherwise responsible for the conduct of Robinhood Financial.

Until receipt from Me of written notice to the contrary, Robinhood Securities may accept from Robinhood

Financial, without inquiry or investigation, (i) orders for the purchase or sale of securities and other

property on margin, if I have elected to have a margin account, or otherwise, and (ii) any other

instructions concerning my Accounts. Robinhood Securities shall look solely to Robinhood Financial

unless otherwise directed by Robinhood Financial, and not to Me, with respect to any such orders or

instructions; except that I understand that Robinhood Securities will deliver conﬁrmations, statements,

and all written or other notices with respect to My Account directly to Me with copies to Robinhood

Financial, and that Robinhood Securities will look directly to Me or Robinhood Financial for delivery of

margin, payment, or securities. I agree to hold Robinhood Securities harmless from and against any

Losses arising in connection with the delivery or receipt of any such communication(s), provided

Robinhood Securities has acted in accordance with the above. The foregoing shall be effective as to My

Account(s) until written notice to the contrary is received from Me by Robinhood Securities or Robinhood

Financial.

7. Review of Conﬁrmations and Statements.

I agree that it is My responsibility to review order execution conﬁrmations and statements of My

Account(s) promptly upon receipt. I agree to receive all conﬁrmations and account statements, as well

as all tax related documents, in electronic format. I understand that account statements will evidence all

activity in My Account for the stated period, including securities transactions, cash balances, credits to

My Account and all fees paid from My Account. Notwithstanding Section36.B, conﬁrmations will be

considered binding on Me unless I notify Robinhood of any objections within two (2) calendar days from

the date conﬁrmations are sent. Account statements will be considered binding on Me unless I notify you

8 2020.06

of any objections within ten (10) calendar days after My Account statements are posted online. Such

objection may be oral or in writing, but any oral objection must be immediately conﬁrmed in writing. In all

cases, Robinhood reserves the right to determine the validity of My objection. If I object to a transaction

for any reason, I understand and agree that I am obligated to take action to limit any losses that may

result from such transaction or I will bear sole responsibility for any losses relating to the transaction,

even if My objection to the transaction is ultimately determined to be valid. Nothing in this Section 7

shall limit My responsibilities as described in Section 5 of this Agreement.

8. Important Information Needed to Open a New Account.

To help the government better detect the funding of terrorism and money laundering activities, federal

law requires all ﬁnancial institutions to obtain, verify, and record information that identiﬁes each person

who opens an account. Therefore, I understand that when I open My Account Robinhood will ask for My

name, address, date of birth and other identifying information. Robinhood may also ask copies of My

driver's license, passport or other identifying documents. I understand that Robinhood may take steps to

verify the accuracy of the information I provide to Robinhood in My Account application or otherwise, and

that Robinhood may restrict My access to My Account pending such veriﬁcation. I will provide prompt

notiﬁcation to Robinhood of any changes in the information including My name, address, e-mail address

and telephone number.

I further understand that if I attempt to access My Account from a jurisdiction subject to certain U.S.

sanctions or I am ordinarily resident in such a jurisdiction, or if you reasonably believe that I am

attempting such access or have become a resident in such a jurisdiction, you may restrict My Account,

and any pending orders may be cancelled. If this happens, I understand that I should contact

help@robinhood.com, and that I may be asked to provide supplemental information as part of this

process. I further understand that I must close My Account before establishing residency in any

jurisdiction subject to U.S. sanctions.

9. Telephone Conversations and Electronic Communications.

I understand and agree that Robinhood may record and monitor any telephone or electronic

communications with Me. Unless otherwise agreed in writing in advance, Robinhood does not consent

to the recording of telephone conversations by any third party or Me. I acknowledge and understand that

not all telephone or electronic communications are recorded by Robinhood, and Robinhood does not

guarantee that recordings of any particular telephone or electronic communications will be retained or

capable of being retrieved.

10. Oral Authorization.

I agree that Robinhood shall be entitled to act upon any oral instructions given by Me so long as

Robinhood reasonably believes such instruction was actually given by Me or My authorized agent.

11. Applicable Laws and Regulations.

All transactions in My Account will be subject to federal securities laws and regulations, the applicable

laws and regulations of any state or jurisdiction in which Robinhood Financial is registered, the rules of

any applicable self-regulatory organization of which Robinhood Financial is a member and the rules,

regulations, customs and usages of the exchange or market, and its clearing house, if any, where the

transactions are executed. In no event will Robinhood Financial be obligated to effect any transaction it

believes would violate any federal or state law, rule or regulation or the rules or regulations of any

regulatory or self-regulatory organization.

12. Erroneous Distributions.

I agree to promptly return to Robinhood any assets erroneously distributed to Me. In the event that I sell

a security prior to its ex-dividend/distribution date, and I receive the related cash/stock dividend or

distribution in error, I direct Robinhood on My behalf to pay such dividend/distribution to the entitled

purchaser of the securities I sold, and I guarantee to promptly reimburse Robinhood for, or deliver to

Robinhood, said dividend or distribution.

9 2020.06

13. Market Volatility; Market Orders; Limit Orders; and Queued Orders.

I understand that, whether I place a market or limit order, I will receive the price at which My order is

executed in the marketplace, subject to any clariﬁcation stated below. Particularly during periods of high

volume, illiquidity, fast movement or volatility in the marketplace, the execution price received may differ

from the quote provided on entry of an order, and I may receive partial executions of an order at different

prices. I understand that Robinhood Financial is not liable for any price ﬂuctuations. I also understand

that price quotes generally are for only a small number of shares as speciﬁed by the marketplace, and

larger orders are relatively more likely to receive executions at prices that vary from the quotes or in

multiple lots at different prices.

I understand that Robinhood Financial does not currently support sending traditional market buy orders

and that Robinhood Financial collars all market buy orders (other than dollar-based buy orders executed

during market hours) by using limit orders priced up to 5% above the last trade price. This is not the

case for market sell orders. I further understand that when I send a market buy order through Robinhood

Financial's trading system, the trading system generates a limit order up to 5% above the last trade

price, and then Robinhood Financial sends the order to an executing broker. I understand that Robinhood

Financial's implementation of market buy orders may vary depending on prices of instruments, market

conditions, and other factors. I further understand that Robinhood Financial uses the following rounding

mechanics with respect to buy orders: the last trade price is (i) multiplied by 1.05; (ii) rounded down to

two decimal places if the last trade price is over $1.00; otherwise, rounded down to four decimal places;

and (iii) for securities included in the SEC's Tick Size Pilot Program, rounded down to the nearest $.05

increment. I understand that securities may open for trading at prices substantially higher or lower than

the previous closing price or the anticipated price. If I place a market order (whether during normal

market hours or when the market is closed), I agree to pay or receive the prevailing market price at the

time My market order is executed, subject to the speciﬁc clariﬁcation above relating to buy orders. I

understand that the price I pay may be signiﬁcantly higher or lower than anticipated at the time I placed

the order. To avoid buying a security at a higher price and possibly exceeding My purchasing power, I

understand My option to enter a limit order. I also understand that limit orders may not be executed at

any particular time, or at all, if there is not sufﬁcient trading at or better than the limit price I specify, and

are only good until the end of the trading day in which they are entered. The Website contains further

information regarding order types and limitations, which I agree to read and understand before placing

such orders.

As a customer of Robinhood Financial, I understand that after the market has closed for the day, I have

the ability to place in a queue order requests to be executed the following day upon the opening of the

market ("Queued Order"). I understand that My Queued Order request is prioritized based on the order in

which it is received by Robinhood Financial, and that the Queued Order requests are sent out for

execution shortly after the market opens on the next day of trading. I further understand that each

Queued Order request is sent out per customer and per security as Robinhood Financial market orders

(described above), and that they are not aggregated.

A limit order may be "good till cancelled" which means the order remains valid until (A) it is executed; (B)

I cancel the order; (C) approximately 90 days from when the order is placed; or (D) the contract to which

it relates is closed. I understand that Robinhood will cancel a "good till cancelled" order at the end of

every trading day (on the exchange on which the instrument to which the contract relates is traded) and

place such order again at the start of the following trading day. This process will be repeated every day

for as long as the "good till cancelled" order remains valid. I further agree that any "good till cancelled"

orders I place should be treated as "do not reduce" orders.

14. Bulletin Board/Pink Sheet Stocks.

Bulletin board, pink sheet and other thinly-traded securities (collectively "bulletin board stocks") present

particular trading risks, in part because they are relatively less liquid and more volatile than actively

traded securities listed on a major exchange. I understand that bulletin board stocks may be subject to

different trading rules and systems than other securities and that I may encounter signiﬁcant delays in

executions, reports of executions, and updating of quotations in trading bulletin board stocks. Robinhood

Financial in its sole discretion may require limit orders on certain bulletin board stock transactions.

15. Research and Internet Links.

News, research, links to outside websites, and other information accessible through the App or Website

("Content") may be prepared by independent external providers not afﬁliated with Robinhood Financial,

10 2020.06

including Morningstar, Inc. (all such providers, the "Providers"). I agree not to distribute, reproduce, sell,

or otherwise commercially use the Content in any manner. I understand that Robinhood may terminate

My access to the Content. I understand that none of the Content is a recommendation by Robinhood to

buy or sell any securities or to engage in any investment strategy.

16. Restrictions on Trading.

I understand that Robinhood may, in its discretion, prohibit or restrict the trading of securities, or the

substitution of securities, in any of My Accounts. I understand that Robinhood may execute all orders by

Me on any exchange or market, unless I speciﬁcally instruct Robinhood to the contrary. In the event of a

breach or default by Me under this Agreement, Robinhood shall have all rights and remedies available to

a secured creditor under all applicable laws and in addition to the rights and remedies provided herein. I

understand that Robinhood may at any time, at its sole discretion and without prior notice to Me: (i)

prohibit or restrict My access to the use of the App or the Website or related services and My ability to

trade, (ii) refuse to accept any of My transactions, (iii) refuse to execute any of My transactions, or (iv)

terminate My Account. The closing of My Account will not affect the rights or obligations of either party

incurred prior to the date My Account is closed.

Further, Robinhood will not tolerate any foul or abusive language, physical violence, threatening behavior,

or other inappropriate conduct directed toward Robinhood, its Afﬁliates' ofﬁcers, employees, contractors

or customers. If I engage in any such behavior, as determined by Robinhood in its sole discretion, I

agree that Robinhood is authorized to: (i) liquidate any securities, instruments or other property in My

Account, (ii) send Me the proceeds, and (iii) close My account. Robinhood will not be responsible for any

Losses caused by the liquidation of securities, instruments or other property pursuant to this paragraph,

including any tax liabilities.

17. Waiver; Limitation of Liability; Indemniﬁcation.

I agree that My use of the App or the Website or any other service provided by Robinhood Financial or

its Afﬁliates is at My sole risk. The Robinhood Financial service (including the App, the Website, the

provision of Market Data, Information, Content, or any other information provided by Robinhood

Financial, any of its Afﬁliates, or any third-party content provider or market data provider) is provided on

an "as is," "as available" basis without warranties of any kind, either express or implied, statutory

(including without limitation, timeliness, truthfulness, sequence, completeness, accuracy, freedom from

interruption), implied warranties arising from trade usage, course of dealing, course of performance, or

the implied warranties of merchantability or ﬁtness for a particular purpose or application, other than

those warranties which are implied by and incapable of exclusion, restriction or modiﬁcation under the

laws applicable to this Agreement.

Although considerable effort is expended to make the Website, App and other operational and

communications channels available around the clock, Robinhood does not warrant that these channels

will be available and error free every minute of the day. I agree that Robinhood will not be responsible for

temporary interruptions in service due to maintenance, Website or App changes, or failures, nor shall

Robinhood be liable for extended interruptions due to failures beyond our control, including but not limited

to the failure of interconnecting and operating systems, computer viruses, forces of nature, labor

disputes and armed conﬂicts.

EXCEPT AS OTHERWISE EXPRESSLY PROVIDED IN THIS AGREEMENT, I UNDERSTAND AND

AGREE THAT ROBINHOOD, ITS AFFILIATES, THEIR RESPECTIVE OFFICERS, DIRECTORS,

EMPLOYEES AND AGENTS, AND THE PROVIDERS (COLLECTIVELY THE "ROBINHOOD

PARTIES") WILL NOT BE LIABLE TO ME OR TO THIRD PARTIES UNDER ANY

CIRCUMSTANCES, OR HAVE ANY RESPONSIBILITY WHATSOEVER, FOR ANY SPECIAL,

INDIRECT, INCIDENTAL, PUNITIVE OR CONSEQUENTIAL DAMAGES (INCLUDING TRADING

LOSSES, DAMAGES, LOSS OF PROFITS, REVENUE, OR GOODWILL) THAT I MAY INCUR IN

CONNECTION WITH MY USE OF THE SERVICE PROVIDED BY ROBINHOOD OR ANY OF ITS

AFFILIATES UNDER THIS AGREEMENT (INCLUDING MY USE OF THE APP, THE WEBSITE, THE

MARKET DATA, THE INFORMATION, OR THE CONTENT), BREACH OF THIS AGREEMENT, OR

ANY TERMINATION OF THIS AGREEMENT, WHETHER SUCH LIABILITY IS ASSERTED ON THE

BASIS OF CONTRACT, TORT (INCLUDING NEGLIGENCE), OR OTHERWISE, AND WHETHER OR

NOT FORESEEABLE, EVEN IF ANY ROBINHOOD PARTY HAS BEEN ADVISED OR WAS AWARE

OF THE POSSIBILITY OF SUCH LOSS OR DAMAGES. THE ROBINHOOD PARTIES SHALL NOT

BE LIABLE BY REASON OF DELAYS OR INTERRUPTIONS OF THE SERVICE OR

TRANSMISSIONS, OR FAILURES OF PERFORMANCE OF THEIR RESPECTIVE SYSTEMS,

11 2020.06

REGARDLESS OF CAUSE, INCLUDING THOSE CAUSED BY GOVERNMENTAL OR

REGULATORY ACTION, THE ACTION OF ANY EXCHANGE OR OTHER SELF REGULATORY

ORGANIZATION, OR THOSE CAUSED BY SOFTWARE OR HARDWARE MALFUNCTIONS.

Except as otherwise provided by law, Robinhood or any of its afﬁliates or respective partners, ofﬁcers,

directors, employees or agents (collectively, "Indemniﬁed Parties") shall not be liable for any expenses,

losses, costs, damages, liabilities, demands, debts, obligations, penalties, charges, claims, causes of

action, penalties, ﬁnes and taxes of any kind or nature (including legal expenses and attorneys' fees)

(whether known or unknown, absolute or contingent, liquidated or unliquidated, direct or indirect, due or

to become due, accrued or not accrued, asserted or unasserted, related or not related to a third party

claim, or otherwise) (collectively, "Losses") by or with respect to any matters pertaining to My Account,

except to the extent that such Losses are actual Losses and are determined by a court of competent

jurisdiction or an arbitration panel in a ﬁnal non-appealable judgment or order to have resulted solely from

Robinhood's or any of its afﬁliates' gross negligence or intentional misconduct. In addition, I agree that

the Indemniﬁed Parties shall have no liability for, and I agree to indemnify, defend and hold harmless the

Indemniﬁed Parties from all Losses that result from: (i) any noncompliance by Me with any of the terms

and conditions of this Agreement; (ii) any third-party actions related to My receipt and use of any

Information, Market Data, Content, market analysis, other third-party content, or other such information

obtained on the App or Website, whether authorized or unauthorized under this Agreement; (iii) any third-

party actions related to My use of the App or the Website; (iv) My or My agent's misrepresentation or

alleged misrepresentation, or act or omission; (v) Indemniﬁed Parties following My or My agent's

directions or instructions, or failing to follow My or My agent's unlawful or unreasonable directions or

instructions; (vi) any activities or services of the Indemniﬁed Parties in connection with My Account

(including any technology services, reporting, trading, research or capital introduction services); or (vii)

the failure by any person not controlled by the Indemniﬁed Parties and their afﬁliates to perform any

obligations to Me. Further, if I authorize or allow third parties to gain access to Robinhood's services,

including My Accounts, I will indemnify, defend and hold harmless the Indemniﬁed Parties against any

Losses arising out of claims or suits by such third parties based upon or relating to such access and

use. Robinhood does not warrant against loss of use or any direct, indirect or consequential damages or

Losses to Me caused by My assent, expressed or implied, to a third party accessing My Account or

information, including access provided through any other third party systems or sites.

I consent to the use of automated systems or service bureaus by Robinhood and its respective afﬁliates

in conjunction with My Account, including automated order entry and execution, record keeping, reporting

and account reconciliation and risk management systems (collectively "Automated Systems"). I

understand that the use of Automated Systems entails risks, such as interruption or delays of service,

errors or omissions in the information provided, system failure and errors in the design or functioning of

such Automated Systems (collectively, a "System Failure") that could cause substantial damage,

expense, or liability to Me. I understand and agree that Indemniﬁed Parties will have no liability

whatsoever for any of my Losses arising out of or relating to a System Failure.

I also agree that Indemniﬁed Parties will have no responsibility or liability to Me in connection with the

performance or non-performance by any exchange, clearing organization, market data provider, or other

third party (including other broker-dealers and clearing ﬁrms, and banks) or any of their respective agents

or afﬁliates, of its or their obligations relative to any securities. I agree that Indemniﬁed Parties will have

no liability, to Me or to third parties, or responsibility whatsoever for: (i) any Losses resulting from a

cause over which Indemniﬁed Parties do not have direct control, including the failure of mechanical

equipment, unauthorized access, theft, operator errors, government restrictions, force majeure (as

deﬁned in this Agreement), market data availability or quality, exchange rulings or suspension of trading;

and (ii) any special, indirect, incidental, consequential, punitive or exemplary damages (including lost

proﬁts, trading losses and damages) that I may incur in connection with My use of the App, the Website,

Robinhood's brokerage, and other services provided by Indemniﬁed Parties under this Agreement.

18. Mutual Fund Transactions.

In the event that I purchase or hold a mutual fund, I agree to read and understand the terms of its

prospectus. I understand that certain mutual funds reserve the right to change their purchasing,

switching or redemption procedures or suspend or postpone redemptions under certain market

conditions. I further understand that any mutual fund order entered with Robinhood is placed by

Robinhood on a best efforts basis as prescribed and recognized by the individual fund, and that

Robinhood is not responsible for unexecuted orders due to the failure of any communication system. I

agree to be fully responsible for the information contained within the mutual fund prospectus and to hold

Robinhood, its Afﬁliates, and Robinhood and its Afﬁliates' respective ofﬁcers and employees harmless

12 2020.06

for any deﬁciencies contained therein. I authorize Robinhood to act as My agent in the purchase and

redemption of fund shares.

19. Exchange Traded Funds.

I understand that I should consider the investment objectives and unique risk proﬁle of Exchange Traded

Funds ("ETFs") carefully before investing, and that ETFs are subject to risks similar to those of other

diversiﬁed portfolios. I further understand that leveraged and inverse ETFs may not be suitable for all

investors and may increase exposure to volatility through the use of leverage, short sales of securities,

derivatives, and other complex investment strategies, and that although ETFs are designed to provide

investment results that generally correspond to the performance of their respective underlying indices,

they may not be able to exactly replicate the performance of the indices because of expenses and other

factors. I further understand that ETFs are required to distribute portfolio gains to shareholders at year

end, which may be generated by portfolio rebalancing or the need to meet diversiﬁcation requirements,

and that ETF trading will also generate tax consequences. I understand that I can obtain prospectuses

from issuers or their third party agents who distribute and make prospectuses available for review.

Additional regulatory guidance on ETFs can be found

here.

20. Effect of Attachment or Sequestration of Accounts.

Robinhood shall not be liable for refusing to obey any orders given by or for Me with respect to any of

My Accounts that has or have been subject to an attachment or sequestration in any legal proceeding

against Me, and Robinhood shall be under no obligation to contest the validity of any such attachment or

sequestration.

21. Event of Death.

It is agreed that in the event of My death, the representative of My estate or the survivor or survivors

shall immediately give Robinhood written notice thereof, and Robinhood may, before or after receiving

such notice, take such proceedings, require such papers and inheritance or estate tax waivers, retain

such portion of, or restrict transactions in the Account as Robinhood may deem advisable to protect

Robinhood against any tax, liability, penalty or loss under any present or future laws or otherwise.

Notwithstanding the above, in the event of My death, all open orders shall be canceled, but Robinhood

shall not be responsible for any action taken on such orders prior to the actual receipt of notice of death.

Further, Robinhood may in Its discretion close out any or all of the Accounts without awaiting the

appointment of a personal representative for My estate and without demand upon or notice to any such

personal representative. The estate of any of the Account holders who have died shall be liable and each

survivor shall continue to be liable, jointly and severally, to Robinhood for any net debit balance or loss in

said account in any way resulting from the completion of transactions initiated prior to the receipt by

Robinhood of the written notice of the death of the decedent or incurred in the liquidation of the Account

or the adjustment of the interests of the respective parties, and for all other obligations pursuant to this

Agreement. Such notice shall not affect Robinhood's rights under this Agreement to take any action that

Robinhood could have taken if I had not died.

22. Tax Reporting; Tax Withholding.

The proceeds of sale transactions and dividends paid will be reported to the Internal Revenue Service

("IRS") in accordance with applicable law.

A. U.S. Persons.

This subsection is applicable if I am a U.S. person. Under penalties of perjury, I certify that the taxpayer

identiﬁcation number that I have provided or will provide to Robinhood (including any taxpayer

identiﬁcation number on any Form W-9 that I have provided or will provide to Robinhood) is My correct

taxpayer identiﬁcation number. I certify that I am not subject to backup withholding and I am a United

States Person (including a U.S. resident alien) as such term is deﬁned in section 7701(a)(30) of the

Internal Revenue Code of 1986, as amended ("U.S. Person"). If a correct Taxpayer Identiﬁcation

Number is not provided Robinhood Financial, I understand I may be subject to backup withholding tax at

the appropriate rate on all dividends, interest and gross proceeds paid to me. Backup withholding taxes

13 2020.06

are sent to the IRS and cannot be refunded by Robinhood Financial. I further understand that if I waive

tax withholding and fail to pay sufﬁcient estimated taxes to the IRS, I may be subject to tax penalties.

B. Non-U.S. Persons.

This subsection is applicable if I am not a U.S. Person. I certify that I fully understand all the information

on any Form W-8BEN that I have submitted or will submit to Robinhood. Under penalties of perjury, I

declare that (i) I have examined all the information (including all the information in the English language)

on any Form W-8BEN that I have submitted or will submit to Robinhood and (ii) to the best of My

knowledge and belief all such information is true, correct, and complete. I authorize Robinhood to

provide any such Form W-8BEN to Robinhood Securities or any withholding agent that has control,

receipt, or custody of the income of which I am the beneﬁcial owner or any withholding agent that can

disburse or make payments of the income of which I am the beneﬁcial owner. I agree that I will submit a

new Form W-8BEN to Robinhood within 30 calendar days if any certiﬁcation made on any previously

submitted Form W-8BEN becomes incorrect. I understand that the IRS does not require My consent to

any provisions of such Form W-8BEN other than the certiﬁcations required to establish My status as a

non-U.S. Person and, if applicable, obtain a reduced rate of withholding.

23. Equity Orders and Payment For Order Flow.

SEC rules require all registered broker-dealers to disclose their policies regarding any "payment for order

ﬂow" arrangement in connection with the routing of customer orders. "Payment for order ﬂow" includes,

among other things, any monetary payment, service, property, or other beneﬁt that results in

remuneration, compensation, or consideration to a broker-dealer from any broker-dealer in return for

directing orders. I understand that Robinhood transmits customer orders for execution to various

exchanges or market centers based on a number of factors. These include: size of order, trading

characteristics of the security, favorable execution prices (including the opportunity for price

improvement), access to reliable market data, availability of efﬁcient automated transaction processing

and reduced execution costs through price concessions from the market centers. I further understand

that certain of the exchanges or market centers may execute orders at prices superior to the publicly

quoted market in accordance with their rules or practices and that while a customer may specify that an

order be directed to a particular market center for execution, the order-routing policies, taking into

consideration all of the factors listed above, are designed to result in favorable transaction processing for

customers. The nature and source of any payments or credits received by Robinhood in connection with

any speciﬁc transactions will be furnished upon written request.

24. Free Credit Balances and Sweep Service.

If I enroll in Robinhood Financial Cash Management ("Cash Management"), I understand that I am

electing to participate in the Insured Network Deposit ("IND") sweep service (the "Sweep Service").

Under the Sweep Service, free credit balances in My Account will be deposited into interest-bearing

accounts at one or more banks ("Participating Depository Institutions"), in accordance with the Insured

Network Deposit Sweep Program Disclosures ("IND Disclosures") available on the Website and in the

App. By enrolling in Cash Management, I represent and warrant that I have reviewed the IND

Disclosures and agree to the terms set forth in the IND Disclosures. If I am not enrolled in Cash

Management, free credit balances in My Account will remain in My Account, will not earn interest and

will not be eligible for FDIC insurance, but will be eligible for SIPC protection as described in the IND

Disclosures.

25. Fees and Charges.

I understand that Robinhood does not charge fees or commissions for executing buy and sell orders.

However, I understand that other fees may apply. The current fees are included in the fee schedule

available in the App and on the Website. I agree to pay any such fees at the then-prevailing rate. I

acknowledge that the prevailing fees may change and that change may occur without notice. I agree to

be bound by such changes once they are posted in the fee schedule available in the App and on the

Website. I also agree to pay all applicable federal, state, local, and foreign taxes. I authorize Robinhood

Financial to automatically debit My Account for any such fees and taxes. I also agree to pay such

expenses incurred by Robinhood in connection with collection of any unpaid balance due on My

Accounts including attorney's fees allowed by law.

14 2020.06

26. ACH Transactions.

A. Debit Transactions.

Robinhood will initiate an ACH debit at My request to debit funds from an account that I own at another

ﬁnancial institution ("External Account") for deposit into My Account. I understand that in order for

Robinhood to initiate an ACH debit, the ﬁnancial institution holding my External Account must participate

in the ACH system. I understand that for the ACH transfers to be established, at least one common

name must match exactly between My Account and My External Account. I authorize Robinhood to take

such steps as it deems appropriate to verify my ownership of External Account, including by telling the

bank at which such External Account is held that I have authorized and consented to such bank

disclosing to Robinhood any information that Robinhood may request about Me or My External Account.

I also agree to cooperate with Robinhood's veriﬁcation of my ownership of such External Account by

promptly providing any identiﬁcation and/or other documentation that Robinhood may request regarding

such External Account. I represent and warrant that there are sufﬁcient funds in My External Account to

cover the amount of the deposit to My Account. Robinhood will initiate the ACH debit to My External

Account on the Business Day or next Business Day after I request the transfer. A transfer request will be

deemed to have been made on a Business Day if it is received by Robinhood by 7:00 p.m. (Eastern

Time) on such Business Day; if received after that time, the transfer request will be deemed to have

been made on the next Business Day.

Within 60 days of the date of My ACH deposit, My funds may only be withdrawn to the External Account

from which such funds were debited.

I understand that an ACH debit transfer may be reversed or rejected if: (A) there are insufﬁcient funds in

My External Account; (B) there is a duplicate transaction; (C) the transaction is denied by the bank

holding My External Account; or (D) My External Account does not support ACH transfers. I

acknowledge that in the event of an ACH reversal, I will incur a fee. Before initiating making an ACH

debit transfer, I agree to check Robinhood Financial's most recent

Commissions and Fees Schedule. I

agree that I am solely liable and responsible for any ACH reversal fees that I incur.

B. Credit Transactions.

Robinhood will initiate an ACH credit at My request to transfer funds from My Account to a recipient that

I designate. I agree that I will have sufﬁcient Available Funds in My Account to cover the amount of any

ACH credit that I ask Robinhood to initiate. Robinhood will debit the amount of such request from My

Account on the Business Day or next Business Day after I request the transfer. A transfer request will be

deemed to have been made on a Business Day if it is received by Robinhood on such Business Day; if

received after that time, the transfer request will be deemed to have been made on the next Business

Day.

I agree that Robinhood may use any means which Robinhood, in its sole discretion, considers suitable

to execute my ACH credit transfers.

27. Fractional Shares.

I acknowledge and understand that Robinhood rounds all holdings of fractional shares to the sixth

decimal place, the value of fractional shares to the nearest cent, and any dividends paid on fractional

shares to the nearest cent. I further understand that Robinhood will not accept dollar-based purchases or

sales of less than $1.00 and that I will receive proceeds from the sale of any whole or fractional shares

rounded to the nearest cent.

I understand that if I enter repeated fractional orders with individual notional values of less than $0.01,

my account may be restricted.

I understand that a vendor employed by Robinhood will aggregate any proxy votes for fractional shares

of Robinhood’s customers with all votes reported to the issuer or issuer’s designated vote tabulator and

that, while Robinhood’s vendor will report such proxy votes on fractional shares, the issuer or tabulator

may not fully count such votes.

15 2020.06

I understand that Robinhood will execute all orders that include fractional shares ("Fractional Orders") on

a principal basis. To the extent that Robinhood must purchase or sell shares in the market to fulﬁll any

part of my Fractional Order, the fractional component of that order will be fulﬁlled at the execution price

Robinhood received for the corresponding whole shares. To the extent that Robinhood fulﬁlls my

Fractional Order for national exchange-listed securities ("NMS Securities") entirely out of its inventory

and without purchasing or selling shares in the market ("Inventory Fulﬁllment"), Robinhood will endeavor

to price such shares or fractional shares at a price between the National Best Bid and Offer (“NBBO”) at

the time of the order for orders made during market hours, or, for such orders made during extended

hours trading (9:00-9:30 a.m. and 4:00-6:00 p.m. Eastern), Robinhood will endeavor to price such orders

between the best bid and offer at the time of the order, as reported by an external vendor ("Vendor

BBO"). For Inventory Fulﬁllment of Fractional Orders for securities not listed on a national exchange

("Non-NMS Securities") made during market hours as well as extended hours trading, Robinhood will

endeavor to price such orders between Vendor BBO.

All non-market orders placed outside market hours and extended hours trading are queued and fulﬁlled

either at or near the beginning of extended hours trading (9:00 a.m. Eastern) or at or near market open

(9:30 a.m. Eastern), according to my instructions. All market orders placed outside market hours and

extended hours trading are queued and fulﬁlled at or near market open. To the extent that I trade outside

of market hours, these trades are subject to Robinhood’s

Extended Hours Trading Disclosure.

I understand Robinhood only accepts market orders for fractional shares at this time and does not permit

limit orders for fractional shares. I understand that fractional shares within My Account (i) are

unrecognized, unmarketable, and illiquid outside the Robinhood platform, (ii) are not transferrable in-kind,

and (iii) may only be liquidated and the proceeds transferred out via a wire transfer. I acknowledge that,

subject to applicable requirements, Robinhood may report holdings and transactions in My Account in

terms of either U.S. Dollars, shares, or both.

28. Phone Calls.

You agree that, by providing information Robinhood requests, Robinhood and its third party services

providers may contact you via mail, phone or email.

Speciﬁcally, if you provide us with a phone number: (a) you represent and warrant that the number you

provide is your phone number, and you will promptly notify us if that changes, and (b) you consent to

receive calls (including text messages) made to that phone number that may be prerecroded and/or

completed with an automatic telephone dialing system (automated calls) for purposes including but not

limited to providing account-related communications (including security alerts), investigating or

preventing fraud, and/or collecting amounts owed to Robinhood. We may share your number with third

parties that provide services to us in connection with any of the foregoing purposes, including but not

limited to debt collectors. You understand that message, telephone minute and data rates may apply for

calls made to a mobile phone number. You may opt out at any time from receiving these types of calls

orally or in writing to

limitsharing@robinhood.com. Please note, even if you opt out, we may still make

other calls as permitted by law.

You consent to our recording of phone calls, including calls we make to you or that we receive from you.

29. Dividend Reinvestment Program.

Except as expressly stated otherwise, the provisions of this Section 29 will only apply if I am enrolled in

Robinhood’s Dividend Reinvestment Program (“DRIP”). My enrollment in the DRIP will be activated

within three business days after I notify Robinhood of my intention to enroll an eligible security through

the App. “Eligible security” means all shares available for fractional investing through Robinhood. I

understand that in order to be eligible for dividend reinvestment, the securities must be held in My

Account.

I may specify individual securities or have all Eligible securities in My Account enrolled for dividend

reinvestment. If I choose to reinvest dividends from all Eligible securities, I understand that individual

securities could subsequently no longer be Eligible securities at Robinhood’s discretion or under

applicable law. In those cases, only those securities will be discontinued from the DRIP. If I specify

individual securities, I may add additional Eligible securities to the DRIP at any time if I hold a position

in those securities. Enrollment with respect to these additional Eligible securities will be effective within

three business days after Robinhood receives notiﬁcation from me through the App. If I maintain open

orders for securities I do not already hold, I may not enroll those securities for dividend reinvestment

16 2020.06

until my open orders are executed. If my entire Account is set up for dividend reinvestment, any eligible

securities I purchase in the future will automatically participate in the DRIP.

All eligible cash distributions will be reinvested on all securities I have selected in the DRIP, provided

that I owned the securities on the record date for determining shareholders eligible to receive dividends,

and continue to hold the securities through payable date. “Eligible cash distributions” means most cash

distributions, including regular and optional dividends, cash-in-lieu payments, and capital gains

distributions. Special dividends, late ex-date, liquidation, and miscellaneous payments may not be

eligible distributions. Optional dividends will be processed in accordance with dividend reinvestment

instructions. If I have a margin account, Robinhood is permitted to borrow a dividend paying stock in the

normal course of business and, as a result, in such situations instead of a dividend payment I may

receive a cash in lieu payment. If I receive a cash in lieu payment, I authorize Robinhood to treat such

payment as if it was not “in lieu” and reinvest it accordingly.

Robinhood will credit My Account upon completion of the dividend reinvestment. Robinhood will reinvest

dividends on the business day following receipt of funds. In the rare instance in which Robinhood is

unable to reinvest all dividends on the business day following receipt, it will reinvest the remaining funds

as soon as reasonably possible thereafter, which may take up to ﬁve business days. I will not have use

of the funds prior to reinvestment.

I understand that my participation in the DRIP is voluntary and that Robinhood has not made any

recommendation that I should participate. I further understand that Robinhood is not recommending or

offering any advice regarding the purchase of any security included as an Eligible security in the DRIP. I

further understand that dividend reinvestment does not assure proﬁts on my investments, nor does it

protect against losses in declining markets.

I may terminate my participation in the DRIP, or the enrollment of individual securities in the DRIP, at

any time by giving notice through the App. Termination will take effect prior to the next Eligible cash

distribution provided my notice to terminate was received at least three business days prior to the record

date of that distribution. I understand that my notice to terminate my participation in the DRIP will not

affect any obligations that may result from transactions initiated prior to Robinhood’s receipt and

processing of my notice.

If I participate in the DRIP, I understand Robinhood will reinvest the dividends of a particular stock at or

near the opening price on the trading day following receipt of the dividend. Robinhood will combine

Eligible cash distributions from My Account with those from other Robinhood clients requesting dividend

reinvestment in the same security and use these combined funds to purchase securities on my behalf

and on behalf of these other clients. If the combined reinvested funds do not total the purchase price of

at least one share, the distribution will be invested in fractional shares. On that same day, Robinhood will

credit My Account with that number of shares, including fractional shares, equal to my Eligible cash

distribution divided by the purchase price per share. Robinhood does not intend to charge a fee for

transactions executed pursuant to the DRIP.

Dividend reinvestment may result in my owning interests in fractional shares of a security. I will be

entitled to receive future dividend payments on my fractional shares, although other corporate actions

may result in allocation of only whole shares and cash in lieu of fractions as determined by the issuer. In

mandatory corporate reorganizations, my partial interest will be handled according to the speciﬁc terms

of the reorganization. In voluntary corporate reorganizations, Robinhood will act on my instructions with

respect only to my whole shares.

Because fractional share positions cannot be transferred, reorganized, or issued in certiﬁcate form, my

partial interest will be liquidated, without commission charges to me, at prevailing market prices in the

event My Account is transferred or closed, the stock is reorganized, or stock certiﬁcates are ordered out

of My Account. The timing of such liquidations will be at the discretion of Robinhood.

Reinvestment of dividends may result in my owning a fractional share position in securities that are

callable in part. In the event of a call, fractional shares to be called will be determined through a random

selection process. The probability of my fractional share holdings being called will be proportional to the

holdings of all Robinhood clients who own a fractional share position in that security. Prior to the

publication date of such a call, I have the right to withdraw from My Account cash in lieu of my uncalled,

fully paid partial holdings. Once a call is announced, however, all shares, whether registered or held in

street name, participate in the random selection process. If my fractional shares are selected and I no

longer hold the shares that I held on the publication date of the call, I will be responsible for covering

those shares.

17 2020.06

30. Cash Management Services.

Except as expressly stated otherwise, the provisions of this Section30 will only apply if I am enrolled in

Cash Management.

A. General.

I understand and agree that by enrolling in Cash Management, I may apply for a Robinhood-branded

debit card issued by the bank identiﬁed in My Robinhood Debit Card Agreement ("Card"). I further

understand and agree that by using My Card, exercising My electronic fund transfer ("EFT") privileges

offered in connection with My Account, and/or by successfully completing a request using Pay by

Check, I authorize Robinhood to debit My Account immediately whenever an electronic draft or Card

transaction is presented for payment on My behalf, when an EFT transaction is effected, when a Pay by

Check request is successfully completed on My Account and/or when any fee or charge is due

(collectively "Payment" or “Payments”). I further understand and agree that when I request a Payment or

withdrawal or instruct Robinhood to make a purchase of securities from My Account, Robinhood is

authorized to place a block on the amount of the transaction ("Blocked Amounts") prior to the settlement

date of the Payment, withdrawal or trade, and that the Blocked Amounts will not be available for use for

additional Payments or the purchase of securities. I agree to maintain Available Funds sufﬁcient to pay

for Payments made by Me or any Authorized Card User (as deﬁned below) and to pay for any securities

trades and for interest on any margin loans and other transaction fees. For this purpose, "Available

Funds" in My Account will ﬂuctuate daily and means the sum of (i) free credit balances, (ii) deposits to

Participating Depository Institutions through the Sweep Service, and (iii) available margin loan value if

My Account has margin privileges, minus (x) uncleared funds, (y) Blocked Amounts, and (z) deposits

subject to a hold. The loan value of eligible securities for the purpose of margin is subject to regulatory

requirements and Robinhood credit policies then in effect.

B. Payments and Withdrawals.

I agree that any Payments that I make from My Account will be lawful. I agree that Payments will be

deducted from the Available Funds in My Account in the following order: ﬁrst, from free credit balances;

second, by withdrawal of funds deposited to Participating Depository Institutions as part of the Sweep

Service; and third, if My Account has margin privileges, from margin loans on the eligible securities in

My margin Account. Robinhood will debit My Account only up to an amount equal to the Available Funds.

I understand and agree that (i) if there are insufﬁcient Available Funds in My Account to cover Payments

when they become due, Robinhood has no obligation to make such Payments, and (ii) Robinhood has

no obligation to make partial Payments. Robinhood will not charge a fee with respect to any declined

Payment for which there were insufﬁcient Available Funds. I acknowledge and agree, however, that

Robinhood will not be responsible for any costs or losses that I may incur (including fees, costs,

charges, attorneys' fees, investment losses, claims, demands, or liability resulting from any litigation or

other actions) as a result of Robinhood's decision to decline any Payment or withdrawal or other

transaction because My Account has insufﬁcient Available Funds.

I understand that if a Payment is funded by a margin loan, I will incur interest until the margin loan is

repaid.

I agree that if my Available Funds at any time falls below zero, Robinhood may suspend my ability to

make Payments and terminate My Card. If this occurs, I agree to immediately pay all amounts owed to

Robinhood, including any purchases on My Card which will be immediately charged to My Account.

I acknowledge and agree that Robinhood reserves the right to decline any Payments at any time for any

reason with or without notice to Me. If Robinhood decides to take such action, I understand and agree

that I am responsible for any pending debits, which will be processed and deducted from My Account.

I understand that transactions will post to My Account in any order determined by Robinhood and that

Robinhood may change that order without prior notice to Me. Robinhood will comply with requirements of

applicable law regarding the order of posting transactions.

18 2020.06

C. Limitation of Liability.

I agree that, subject to any limitations imposed by applicable law, and except as otherwise set forth in

this Agreement or in the disclosures contained in the Robinhood Debit Card Agreement, which has been

provided to Me or made available to me in connection with the opening of My Account, Robinhood,

Robinhood’s agents, any processing bank, and the Card issuer will not be liable for any loss I incur in

connection with My Account and any Payments or other features of My Account unless Robinhood is

grossly negligent in fulﬁlling this Agreement. In no event will Robinhood, Robinhood’s agents, any

processing bank, and the Card issuer shall not be liable for consequential, special or indirect damages or

losses unless applicable law requires otherwise. I also agree that liability regarding online services or

use of the App is further limited by the Robinhood Terms and Conditions, available at

https://

about.robinhood.com/legal/. To the extent I utilize online services or the App I acknowledge that I am

bound by such Robinhood Terms and Conditions.

D. Debit Cards.

I understand and agree that My use of the Card is subject to the terms, conditions and disclosures set

forth in the Robinhood Debit Card Agreement, which has been provided to Me in connection with the

opening of My Account and which I may access on the Website.

I understand and agree that I cannot request a Card for another person to use. I agree, however, that if I

permit another person to have access to use My Card or Card number (an "Authorized Card User"), I am

authorizing all Card transactions by such person and I agree that there are no limits to my authorization.

I accept all liability with respect to the Card transactions effected by Me and any Authorized Card Users.

I further agree that I may terminate the authority of an Authorized Card User only by contacting

help@robinhood.com, to cancel my Card. I agree that the cancellation of My Card is effective only after

Robinhood has a reasonable period to act on My notice.

If My Card is cancelled, I agree to destroy, or if requested by Robinhood, return the Card to Robinhood. I

acknowledge that I will be responsible for any Card transactions that are processed because of My

failure to destroy or return the Card following cancellation.

If My Account includes margin privileges, I agree that transactions that exceed My free credit balances

and deposits in the Sweep Service may result in margin credit being extended to My Account, for which

I will be charged interest. I agree to review the Margin Disclosure Statement, which is available at

https://about.robinhood.com/legal/.

E. Deposits.

The provisions in this Section30.E shall apply to My Account whether or not I am enrolled in Cash

Management.

General; Holds. I acknowledge and agree that funds that I deposit to My Account may be subject to one

or more hold periods, which are described in the RHF Funds Availability schedule available at https://

about.robinhood.com/legal/. I understand and agree that Robinhood reserves the right to modify the RHF

Funds Availability schedule at any time by posting an updated schedule at https://about.robinhood.com/

legal/, or otherwise providing notice to me. During the applicable hold period, My funds will not be

available for Payments, withdrawal, or the settling of securities transactions, in each case as described

in the RHF Funds Availability schedule. I further understand and agree that Robinhood reserves the right

to further delay making deposited funds available for periods longer than the hold periods speciﬁed in the

RHF Funds Availability schedule to the extent Robinhood determines that additional time is needed to

verify information about the item deposited or the sender or if Robinhood otherwise believes there is a

risk of fraud or other unlawful activity with respect to My Account.

Mistaken Deposits. If funds are deposited or transferred into My Account by mistake or otherwise, I

agree that Robinhood may correct the situation and deduct any interest paid by Participating Depository

Institutions, if applicable, without prior notice to Me.

19 2020.06

Returned Funds. I acknowledge and agree that I am responsible for returned transactions. If I have

funds transferred into My Account and that transfer is returned for any reason, Robinhood may charge

the transfer and interest paid by Participating Depository Institutions, if applicable, against My Account,

without prior notice to Me.

F. Electronic Fund Transfers.

The provisions in this Section30.F relating to EFTs other than Card transactions shall apply to My

Account whether or not I am enrolled in Cash Management.

I understand that My Account may be eligible for a variety of EFTs, which may be subject to separate

agreements, terms and conditions. These services may include use of the Card, and the "Move Money"

functionality of the App. I understand that I may be required to agree to separate terms and conditions

governing the particular service I use to initiate EFTs. In addition, I understand and agree that my use of

EFT services are subject to the disclosures set forth in AppendixA (Electronic Fund Transfer

Disclosures), and acknowledge that I have received and reviewed such disclosures.

G. Security.

I agree to protect My Card, and My PINs, from access by anyone not authorized by Me to use them. I

acknowledge that I will be liable for all Card and online transactions conducted by anyone to whom I

have given access or who has obtained access even if not authorized by Me, up to applicable legal

limits. I understand that I am responsible for reviewing My Account statement promptly to discover and

report unauthorized activity, including use of My Card, Card number or PIN. I agree to notify Robinhood

as provided in AppendixA (Electronic Fund Transfer Disclosures) if I believe or have reason to believe

that there has been unauthorized activity in My Account or that My Card, Card number or PIN has been

lost, stolen or may be used by an unauthorized person. Unless limited by law or as otherwise set forth in

this Agreement or in the disclosures contained in Robinhood Debit Card Agreement, which is provided to

Me as part of the Account opening process and is available on the Website, I agree that I will be

responsible for losses that arise from My failure to (i) safeguard My Card and PINs, (ii) review My

monthly statement for possible unauthorized activity and (iii)report any unauthorized activity to

Robinhood as provided herein or in the Robinhood Debit Card Agreement.

H. No Illegal Purpose.

I agree and understand that I may not use my debit card or any Payments on My Account for any illegal

purpose. I agree and understand that Robinhood may, in its discretion, deny any transactions that appear

to be made for an illegal purpose.

I. Pay by Check.

I agree and understand that if I try to stop payment on a check after it has been mailed to the payee,

Robinhood will attempt to but cannot guarantee that payment on the check will be stopped. I understand

that a stop payment order on a check is valid for six months. I understand that if I wish to renew a stop

payment on a check after the six month period, I must contact Robinhood to request another stop

payment. I agree and understand that I may still be liable to the holder of the check even if I have

requested a stop payment for the amount of the check. I agree and understand that Robinhood may

deduct My Account for the amount on the check if the stop payment request is unsuccessful.

J. Disclosure of Information.

I agree and understand that all disclosures of My non-public personal information shall be made in

accordance with the terms of the this Agreement or the Robinhood Privacy Policy (available on the

20 2020.06

Website at https://about.robinhood.com/legal/, as applicable. I agree that My consent to sharing non-

public personal information will remain in effect until I revoke such consent by updating My settings and

visibility, which I may do at any time through the App.

In addition, I understand and agree that Robinhood may disclose information about My Account and My

related activities to third parties under the following circumstances: - As necessary to complete My

Payment transactions; - To investigate any complaint, disputed transaction, transaction inquiry or

request I make or as necessary to investigate potential fraud or misuse related to My Account; - To

respond to requests from credit bureaus, creditors or other third parties for account-related information, to

the extent such inquiries are necessary for processing My transactions or are usual and customary in

the course of servicing similar products or accounts; - As necessary to comply with any applicable law,

government or court order or subpoena; or - In accordance with My written permission or as otherwise

permitted under the Robinhood Privacy Policy.

I. Termination.

I understand that Robinhood may terminate my participation in Cash Management or in speciﬁc features

of Cash Management for any reason, upon notice to me.

31. Consent to Redeem Shares.

I understand and agree that whenever it is necessary for Robinhood's protection or to satisfy a margin

call, deﬁciency, debit or other obligation owed to Robinhood, Robinhood may (but is not required to) sell,

assign and deliver all or any part of the securities in My Account, or close any or all transactions in My

Account. I understand that Robinhood may, but is not obligated to, attempt to contact Me before taking

any such action. I understand and agree that Robinhood reserves the right to take any such action

without prior notice or demand for additional collateral, and free of any right of redemption, and that any

prior demand, call or notice will not be considered a waiver of our right to sell or buy without demand,

call or notice.

I further understand that Robinhood may choose which securities to buy or sell, which transactions to

close, and the sequence and timing of liquidation, and may take such actions on whatever exchange or

market and in whatever manner (including public auction or private sale) that Robinhood chooses in the

exercise of its business judgment. I agree not to hold Robinhood liable for the choice of which securities

to buy or sell or of which transactions to close or for the timing or manner of the liquidation. I also agree

not to hold Robinhood liable for taking such action.

I understand and agree that Robinhood is entitled to exercise the rights described in this section in its

sole discretion, including, but not limited to, whenever any of the following occurs:

The equity level in My Account falls below required minimums;

Sufﬁcient funds or securities are not deposited to pay for transactions in My Account;

I reverse any ACH debit transfer to My Account;

A petition of bankruptcy or for the appointment of a receiver is ﬁled by or against Me;

An attachment is levied against My Account;

I die or become incapacitated or incompetent; or

My Account is closed.

32. Electronic Delivery of Trade and Account Information; Notice.

All communications, notices, legal disclosures, and other materials related to My Account or this

Agreement, including account statements, trade conﬁrmations, margin calls, notices, disclosures,

regulatory communications and other information, documents, data and records regarding My Account

(the "Communications"), or an alert that any such Communication has been posted to the secure section

of the Website or the App, and is available for viewing, may be sent to Me at the mailing address for My

Account or the e-mail address that I have given to Robinhood in My account application or at such other

address as I may hereafter give Robinhood in writing or by e-mail at least ten (10) calendar days prior to

delivery, and all communications so sent, whether in writing or otherwise, shall be deemed given to Me

personally, whether actually received or not.

•

21 2020.06

33. API.

A. Overview; Deﬁnitions.

Robinhood may, in Robinhood's sole discretion, provide third parties with an application programming

interface and other materials in accordance with any accompanying documentation (collectively, the "API

Package") (such third parties, "API Licensees"), to make available certain features and functionality of

Robinhood's mobile applications, websites, or technology platform via the API Licensees' products (such

products, the "Licensee Products"). The API Package and the Licensee Products are collectively

referred to as the "API Products". "Personal Information" means My personally identiﬁable information

(including username, logon password, ﬁnancial information, trade data, and other ﬁnancial information)

and all data exchanged between Robinhood and the API Products.

B. Access to My Personal Information.

Through My use of any API Products, I may be providing API Licensees with access to My Account and

Personal Information. By using any API Products, I acknowledge that such API Products may employ

security, policies, procedures and systems of API Licensees which may or may not be less stringent and

secure than Robinhood's policies, procedures and systems. I agree that My use of any API Products

shall be subject to the terms and conditions of this Agreement, in addition to any other agreements

which I executed with respect to any such API Products. I understand and agree that any end user

agreement that I executed with any API Licensee is concluded between Me and such API Licensee only,

and not with Robinhood; and such API Licensee, not Robinhood, is solely responsible for such Licensee

Product and the content thereof. I understand and agree that the API Products may deliver Personal

Information to Robinhood, and that Robinhood is authorized to receive and store such Personal

Information consistent with Robinhood's then-in-effect policies and procedures. Further, I agree that the

API Products may request Personal Information stored by Robinhood, and I consent to Robinhood's

disclosure of such Personal Information to the API Products.

C. No Recommendations.

To the extent the Licensee Products or API Licensees express opinions or make recommendations, I

understand that such opinions and recommendations are expressed solely by API Licensees and are not

the opinions or recommendations of Robinhood. The existence of the API Products and Robinhood's

consent to any connectivity between any Licensee Products and Robinhood's technology, the App, the

Website, or trading platform(s) does not constitute (i) any recommendation by Robinhood to invest in any

security or utilize any investment strategy; or (ii) any representation, warranty, or other guarantee by

Robinhood as to the present or future value or suitability of any sale, trade, or other transaction involving

any particular security or any other investments. The existence of any and all information, tools and

services provided by API Licensees or by the Licensee Products shall not constitute Robinhood's

endorsement of API Licensees or the Licensee Products.

D. Data Provided by Robinhood to API.

From time to time, and subject to then-in-effect agreements between Robinhood and API Licensees,

Robinhood may, in its own discretion, make market data feeds received from third parties available via

the API Products. Robinhood does not make any guarantees in regard to such market data feeds.

Furthermore, API Licensees or Licensee Products may make available to Me market data feeds

independent of Robinhood. I am aware that from time to time that there may be discrepancy between the

market data presented on the App or Website and information provided by any API Products due to a

variety of reasons, including the time to update and transmit such data to a mobile application or website

and latency caused by such API Product's or My local environment (such as computer set up,

connection speed, etc.). Robinhood is not responsible for the accuracy of any market data displayed on

any API Products or otherwise made available by API Licensees.

22 2020.06

E. Risks; No Liability.

I acknowledge that there may be latency between the time an order (or other Personal Information) is

submitted from the API Products and the time such order or Personal Information is received by

Robinhood. Latency may also affect order modiﬁcation and order cancellation requests. The time an

order or a request is actually received by Robinhood (including for execution) will be the ofﬁcial time,

including for the purposes of routing the order to the market for execution. In addition, all orders

submitted to Robinhood are subject to order vetting by Robinhood. Orders created and submitted through

any API Products are not vetted until they are received by Robinhood. It is possible that Robinhood may

reject an order placed through any API Products. Robinhood cannot guarantee that any order will be

accepted when such order is routed to the market for execution, and Robinhood cannot guarantee that

notiﬁcations and Personal Information provided to Me by Robinhood will be successfully delivered to or

displayed by any API Products.

Without limiting the generality of any other terms in this Agreement, I agree that:

Robinhood or its Afﬁliates shall not be liable for any Losses as a result of any issues addressed

in this Section33 of this Agreement, nor shall Robinhood or its Afﬁliates be liable for any Losses

realized for technical issues involving any API Products or API Licensee technology or product

offerings (including system outages or downtime).

Robinhood or its Afﬁliates shall not be responsible for any investment research provided by any

API Licensee or any Licensee Products.

Robinhood or its Afﬁliates makes no representations, warranties or other guarantees as to the

accuracy, timeliness or efﬁcacy of any market data, information, or other functionality made

available by any API Licensee or any API Products.

F. Intellectual Property.

My use of any API Products will not confer to Me any title, ownership interest or intellectual property

rights that otherwise belongs to Robinhood or any of its afﬁliates. The API Package, including content, is

protected under U.S. patent, copyright laws, international treaties or conventions, and other laws and will

remain Robinhood's exclusive property, as applicable. Names, logos, and all related product and service

names, design marks, and slogans displayed by or relating to Robinhood or any of its Afﬁliates or API

Licensees in the context of the API Products shall remain the property of the respective owner, and use

of such property by Robinhood or any API Licensee in marketing or provision of any API Products does

not grant ownership of or entitle Me to use any such name or mark in any manner.

G. User's Representations and Warranties.

I represent and warrant that:

By virtue of utilizing any API Products, I consent to and accept any risk associated with

Robinhood's sharing of Personal Information with any API Licensee and shall not hold Robinhood,

its Afﬁliates, or their respective ofﬁcers, directors, or employees responsible for any Losses

resulting from the sharing of such Personal Information.

I agree that My use of any API Products or API Licensee's content, information, technology, or

functionality is at My own risk.

I agree that Robinhood may revoke any API Licensee or API Products' authorization at any time,

for any reason, with or without cause and without prior notice to Me.

34. Electronic Signatures; Modiﬁcations to the Agreement.

I agree to transact business with Robinhood electronically. By electronically signing an application for an

Account, I acknowledge and agree that such electronic signature is valid evidence of My consent to be

23 2020.06

legally bound by this Agreement and such subsequent terms as may govern the use of Robinhood's

services. The use of an electronic version of any document fully satisﬁes any requirement that the

document be provided to Me in writing. I accept notice by electronic means as reasonable and proper

notice, for the purpose of any and all laws, rules and regulations. I acknowledge and agree that

Robinhood Financial may modify this Agreement from time to time and I agree to consult the Website

from time to time for the most up-to-date Agreement. The electronically stored copy of this Agreement is

considered to be the true, complete, valid, authentic and enforceable record of the Agreement,

admissible in judicial or administrative proceedings to the same extent as if the documents and records

were originally generated and maintained in printed form. I agree to not contest the admissibility or

enforceability of Robinhood Financial's electronically stored copy of the Agreement.

35. Margin Accounts.

A. Election.

This numbered section applies to my account to the extent I elect and am approved for a Robinhood

Gold margin account.

B. Margin Trading.

I understand that margin trading involves interest charges and risks, including the potential to lose more

than deposited or the need to deposit additional collateral in a falling market. Before using margin,

customers must determine whether this type of trading strategy is right for them given their speciﬁc

investment objectives, experience, risk tolerance, and ﬁnancial situation. If I have elected to have a

margin Account, I represent that I have read the

Margin Disclosure Statement, Day Trading Risk

Disclosure, and FINRA Investor Information. These disclosures contain information on Robinhood's

lending policies, interest charges, and the risks associated with margin accounts.

C. Hypothecation.

Within the limitations imposed by applicable laws, rules and regulations, all securities now or hereafter

held by Robinhood, or carried by Robinhood in any account for Me (either individually or jointly with

others), or deposited to secure same, may from time to time, without any notice, be carried in your

general loans and may be pledged, repledged, hypothecated or re-hypothecated, separately or in

common with other securities for the sum due to you thereon or for a greater sum and without retaining

in your possession or control for delivery a like amount of similar securities. The IRS requires Broker

Dealers to treat dividend payments on loaned securities positions as payments received in lieu of

dividends for 1099 tax reporting purposes. Taxation of substitute dividend payments may be greater than

ordinary on qualiﬁed dividends. It is understood, however, that you agree to deliver to Me upon My

demand and upon payment of the full amount due thereon, all securities in such accounts, but without

obligation to deliver the same certiﬁcates or securities deposited by Me originally. Any securities in My

margin or short account may be borrowed by you, or lent to others.

D. Interest.

Debit balances in My Accounts shall be charged with interest in accordance with your established

custom, as disclosed to Me in the Customer Information Brochure pursuant to the provisions of the

Securities Exchange Act.

24 2020.06

E. Margin.

I agree to maintain in all accounts with Robinhood such positions and margins as required by all

applicable statutes, rules, regulations, procedures and custom, or as you deem necessary or advisable. I

agree to promptly satisfy all margin and maintenance calls.

F. Sales.

I agree to speciﬁcally designate any order to sell a security, which I do not own as a short sale, and

understands that Robinhood will mark such order as a short sale. I agree that any order which is not

speciﬁcally designated as a short sale is a sale of securities owned by me, and that I will deliver the

securities on or before settlement date, if not already in the account. If I should fail to make such

delivery in the time required, Robinhood is authorized to borrow such securities as necessary to make

delivery for the sale, and I agree to be responsible for any loss you may thereby sustain, or which you

may sustain as a result of your inability to borrow such securities.

36. Consent to Electronic Delivery of Documents.

A. Consent.

By agreeing to electronic delivery, I am giving My informed consent to electronic delivery of all

Account Documents, as deﬁned below, other than those I have speciﬁcally requested to be

delivered in paper form. "Account Documents" include notices, disclosures, current and future account

statements, regulatory communications (such as prospectuses, proxy solicitations, and privacy notices),

trade conﬁrmations, tax-related documents, and any other information, documents, data, and records

regarding My Account, this Agreement (including amendments to this Agreement), and the agreements

and disclosures governing the services delivered or provided to Me by Robinhood Financial, the issuers

of the securities or other property in which I invest, and any other parties. I agree that I can access,

view, download, save, and print any Account Documents I receive via electronic delivery for My records.

B. Electronic Delivery System.

I acknowledge that Robinhood's primary methods of communication with Me include (A) posting

information on the Website, (B) providing information via the App, (C) sending email(s) to My email

address of record, and, to the extent required by law, (D) providing Me with notice(s) that will direct Me

to the App or the Website where I can read and print such information. Unless otherwise required by law,

Robinhood reserves the right to post Account Documents on the Website without providing notice to Me.

Further, Robinhood reserves the right to send Account Documents to My postal or email address of

record, or via the App or Website. I agree that all Account Documents provided to Me in any of the

foregoing manner is considered delivered to Me personally when sent or posted by Robinhood, whether I

receive it or not.

All e-mail notiﬁcations regarding Account Documents will be sent to My e-mail address of record. I agree

to maintain the e-mail address that I have provided Robinhood until I provide Robinhood with a new one.

I understand that e-mail messages may fail to transmit promptly or properly, including being delivered to

SPAM folders. I further understand that it is My sole responsibility to ensure that any emails from

Robinhood or its Afﬁliates are not marked as SPAM. Regardless of whether or not I receive an e-mail

notiﬁcation, I agree to check the Website regularly to avoid missing any information, including time-

sensitive or otherwise important communication. If I authorize someone else to access the e-mail

account I have provided Robinhood, I agree to tell them to share the Account Documents with Me

promptly, and I accept the risk that they will see My sensitive information. I understand that if I use a

work e-mail address or computing or communications device, My employer or other employees may

have access to the Account Documents.

Additionally, I acknowledge that the Internet is not a secure network and agree that I will not send any

conﬁdential information, including Account numbers or passwords, in any unencrypted e-mails. I also

25 2020.06

understand that communications transmitted over the Internet may be accessed by unauthorized or

unintended third parties and agree to hold Robinhood, its Afﬁliates, and Robinhood and its Afﬁliates'

respective ofﬁcers and employees harmless for any such access regardless of the cause.

I agree to promptly and carefully review all Account Documents when they are delivered and notify

Robinhood Financial in writing within ﬁve (5) calendar days of delivery if I object to the information

provided (or other such time speciﬁed herein). If I fail to object in writing within such time, Robinhood

Financial is entitled to treat such information as accurate and conclusive. I will contact Robinhood to

report any problems with accessing the Account Documents.

C. Costs.

Potential costs associated with electronic delivery of Account Documents may include charges from

Internet access providers and telephone companies, and I agree to bear these costs. Robinhood

Financial will not charge Me additional online access fees for receiving electronic delivery of Account

Documents.

D. Archival.

Upon My request, I may obtain copies of up to six (6) prior years of account statements, and three (3)

prior years of trade conﬁrmations.

E. Revocation of Consent.

Subject to the terms of this Agreement, I may revoke or restrict My consent to electronic delivery of

Account Documents at any time by notifying Robinhood Financial in writing of My intention to do so. I

also understand that I have the right to request paper delivery of any Account Document that the law

requires Robinhood Financial to provide Me in paper form. Robinhood Financial will not treat My request

for paper copies as a withdrawal of My consent to electronic delivery of Account Documents. I

understand that if I revoke or restrict My consent to electronic delivery of Account Documents or request

paper delivery of same, Robinhood Financial, in its sole discretion, may charge Me a reasonable service

fee for the delivery of any Account Document that would otherwise be delivered to Me electronically,

restrict or close My account, or terminate My access to Robinhood Financial's services. I understand

that neither My revocation or restriction of consent, My request for paper delivery, nor Robinhood

Financial's delivery of paper copies of Account Documents will affect the legal effectiveness or validity

of any electronic communication provided while My consent was in effect.

F. Duration of Consent.

My consent to receive electronic delivery of Account Documents will be effective immediately and will

remain in effect unless and until either I or Robinhood Financial revokes it. I understand that it may take

up to three (3) Business Days to process a revocation of consent to electronic delivery, and that I may

receive electronic notiﬁcations until such consent is processed.

G. Hardware and Software Requirements.

I understand that in order to receive electronic deliveries, I must have access to a computer or Mobile

Device with Internet access, a valid e-mail address, and the ability to download such applications as

Robinhood Financial may specify and to which I have access. I also understand that if I wish to

download, print, or save any information I wish to retain, I must have access to a printer or other device

in order to do so.

26 2020.06

H. Consent and Representations.

I hereby agree that I have carefully read the above information regarding informed consent to electronic

delivery and fully understand the implications thereof. Additionally, I hereby agree to all conditions

outlined above with respect to electronic delivery of any Account Document. I will maintain a valid e-mail

address and continue to have access to the Internet. If My e-mail address changes, I agree to

immediately notify Robinhood Financial of My new e-mail address in writing.

37. Miscellaneous Provisions.

The following provisions shall also govern this Agreement:

A. Contact Information.

Robinhood Customer Service may be contacted by visiting support.robinhood.com or by email at

help@robinhood.com.

B. Interpretation.

The heading of each provision hereof is for descriptive purposes only and shall not be (1) deemed to

modify or qualify any of the rights or obligations set forth herein or (2) used to construe or interpret any of

the provisions hereunder. When a reference is made in this Agreement to a Section, such reference shall

be to a Section of this Agreement unless otherwise indicated. Whenever the words "include," "includes"

or "including" are used in this Agreement, they shall be deemed to be followed by the words "without

limitation." The word "or," when used in this Agreement, has the inclusive meaning represented by the

phrase "and/or." Unless the context of this Agreement otherwise requires: (i) words using the singular or

plural number also include the plural or singular number, respectively; and (ii) the terms "hereof,"

"herein," "hereunder" and derivative or similar words refer to this entire Agreement. References to any

law shall be deemed to refer to such law as amended from time to time and to any rules or regulations

promulgated thereunder.

C. Binding Effect; Assignment.

This Agreement shall bind My heirs, assigns, executors, successors, conservators and administrators. I

may not assign this Agreement or any rights or obligations under this Agreement without ﬁrst obtaining

Robinhood's prior written consent. Robinhood may assign, sell, or transfer My Account and this

Agreement, or any portion thereof, at any time, without My prior consent.

D. Severability.

If any provisions or conditions of this Agreement are or become inconsistent with any present or future

law, rule, or regulation of any applicable government, regulatory or self-regulatory agency or body, or are

deemed invalid or unenforceable by any court of competent jurisdiction, such provisions shall be deemed

rescinded or modiﬁed, to the extent permitted by applicable law, to make this Agreement in compliance

with such law, rule or regulation, or to be valid and enforceable, but in all other respects, this Agreement

shall continue in full force and effect.

E. Website Postings.

I agree and understand that Robinhood Financial may post other speciﬁc agreements, disclosures,

policies, procedures, terms, and conditions that apply to My use of the App, the Website, or My Account

27 2020.06

on the Website ("Website Postings"). I understand that it is My continuing obligation to understand the

terms of the Website Postings, and I agree to be bound by the Web Postings as are in effect at the time

of My use.

F. Entirety of Agreement.

This Agreement, any attachments hereto, other agreements and policies referred to in this Agreement

(including the Website Postings), and the terms and conditions contained in My Account statements and

conﬁrmations, contain the entire agreement between Robinhood and Me and supersede all prior or

contemporaneous communications and proposals, whether electronic, oral, or written, between

Robinhood and Me, provided, however, that any and all other agreements between Robinhood and Me,

not inconsistent with this Agreement, will remain in full force and effect.

G. Amendment.

Robinhood may at any time amend this Agreement without prior notice to Me. The current version of the

Agreement will be posted on the Website and My continued Account activity after such amendment

constitutes My agreement to be bound by all then-in-effect amendments to the Agreement, regardless of

whether I have actually reviewed them. Continued use of the App, the Website or any other Robinhood

Financial services after such posting will constitute My acknowledgment and acceptance of such

amendment. I agree to regularly consult the Website for up-to-date information about Robinhood

Financial services and any modiﬁcations to this Agreement. Robinhood is not bound by any verbal

statements that seek to amend the Agreement.

H. Termination.

Robinhood may terminate this Agreement, or close, deactivate, or block access to My Account at any

time in its sole discretion. I will remain liable to Robinhood for all obligations incurred in My Account,

pursuant to this Agreement, or otherwise, whether arising before or after termination. I may terminate this

Agreement after paying any obligations owed upon written notice. This Agreement survives termination

of My Account.

I. No Waiver; Cumulative Nature of Rights and Remedies.

I understand that Robinhood's failure to insist at any time upon strict compliance with any term

contained in this Agreement, or any delay or failure on Robinhood's part to exercise any power or right

given to Robinhood in this Agreement, or a continued course of such conduct on Robinhood's part, shall

at no time operate as a waiver of such power or right, nor shall any single or partial exercise preclude

any other further exercise. All rights and remedies given to Robinhood in this Agreement are cumulative

and not exclusive of any other rights or remedies to which Robinhood is entitled.

J. International Customers.

The products and services described on the Website are offered only in jurisdictions where they may be

legally offered. Neither the Website nor the App shall be considered a solicitation for or offering of any

investment product or service to any person in any jurisdiction where such solicitation or offering would

be illegal. I understand that Robinhood, in its sole discretion, may accept unsolicited accounts from non-

U.S. residents, depending on the country of residence and other factors. I understand that Robinhood is

based in the United States and that Robinhood accepts only U.S. currency in Robinhood's customer

accounts.

28 2020.06

K. Governing Law.

This Agreement and all transactions made in My Account shall be governed by the laws of the State of

California (regardless of the choice of law rules thereof), except to the extent governed by the federal

securities laws, FINRA Rules, and the regulations, customs and usage of the exchanges or market (and

its clearing house) on which transactions are executed.

38. Arbitration.

A. This Agreement contains a pre-dispute arbitration clause. By signing an arbitration agreement,

the parties agree as follows: (1) All parties to this Agreement are giving up the right to sue each

other in court, including the right to a trial by jury, except as provided by the rules of the

arbitration forum in which a claim is ﬁled. (2) Arbitration awards are generally ﬁnal and binding; a

party's ability to have a court reverse or modify an arbitration award is very limited. (3) The ability

of the parties to obtain documents, witness statements and other discovery is generally more

limited in arbitration than in court proceedings. (4) The arbitrators do not have to explain the

reason(s) for their award unless, in an eligible case, a joint request for an explained decision has

been submitted by all parties to the panel at least 20 days prior to the ﬁrst scheduled hearing

date. (5) The panel of arbitrators will typically include a minority of arbitrators who were or are

afﬁliated with the securities industry. (6) The rules of some arbitration forums may impose time

limits for bringing a claim in arbitration. In some cases, a claim that is ineligible for arbitration

may be brought in court. (7) The rules of the arbitration forum in which the claim is ﬁled, and any

amendments thereto, shall be incorporated into this Agreement. B. Any controversy or claim

arising out of or relating to this Agreement, any other agreement between Me and Robinhood, any

Account(s) established hereunder, any transaction therein, shall be settled by arbitration in

accordance with the rules of FINRA Dispute Resolution, Inc. ("FINRA DR"). I agree to arbitrate

any controversy or claim before FINRA DR in the State of California. C. This agreement to

arbitrate constitutes a waiver of the right to seek a judicial forum unless such a waiver would be

void under the federal securities laws. If I am a foreign national, non-resident alien, or if I do not

reside in the United States, I agree to waive My right to ﬁle an action against Robinhood in any

foreign venue. D. No person shall bring a putative or certiﬁed class action to arbitration, nor seek

to enforce any pre-dispute arbitration agreement against any person who has initiated in court a

putative class action; or who is a member of a putative class who has not opted out of the class

with respect to any claims encompassed by the putative class action until: (1) the class

certiﬁcation is denied; or (2) the class is decertiﬁed; or (3) the customer is excluded from the

class by the court. Such forbearance to enforce an agreement to arbitrate shall not constitute a

waiver of any rights under this Agreement except to the extent stated herein.

ACCEPTED AND AGREED: I acknowledge that I have read the preceding terms and conditions of this

Agreement, that I understand them and that I hereby manifest my assent to, and my agreement to

comply with, those terms and conditions by accepting this agreement. I ALSO UNDERSTAND THAT

BY ACCEPTING THIS AGREEMENT I HAVE ACKNOWLEDGED THAT THIS AGREEMENT

CONTAINS A PREDISPUTE ARBITRATION CLAUSE IN SECTION38 HEREIN. I ALSO AGREE (1)

THAT ANY OF MY MARGIN ACCOUNT SECURITIES MAY BE BORROWED BY ROBINHOOD OR

LOANED TO OTHERS; (2) I HAVE RECEIVED OF A COPY OF THIS AGREEMENT AND (3) I HAVE

REVIEWED A COPY OF THE MARGIN DISCLOSURE STATEMENT.

Appendix A

Electronic Fund Transfer Services Disclosures

The following disclosures apply to the use of any EFT services offered by Robinhood, including the

Card, ACH transactions and the Move Money functionality of the App.

Solely for purposes of these disclosures: (i)references to the Bank shall include any ﬁnancial institution

that issues the Card or provides services in connection with ACH, Move Money or other EFT

transactions; (ii)"you" and "your" mean the owner of the Account; and (iii)"we" and "us" means

Robinhood and the Bank collectively.

29 2020.06

1. Your Liability.

Contact Robinhood Customer Service AT ONCE if you believe your Card or PIN has been lost or stolen

or if you believe that an electronic fund transfer has been made without your permission. Telephoning is

the best way of keeping your losses down. You could lose all the Available Funds in your Account (plus

your maximum overdraft line of credit). If you tell Robinhood within 2 business days after you learn of

the loss or theft of your Card or PIN, you can lose no more than $50 if someone used your Card or PIN

without your permission.

If you do NOT tell Robinhood within 2 business days after you learn of the loss or theft of your Card or

PIN, and Robinhood can prove that it could have stopped someone from using your Card or PIN without

your permission if you had told Robinhood, you could lose as much as $500.

Also, if your statement shows transfers that you did not make, including those made by Card or using

your PIN, tell Robinhood at once. If you do not tell Robinhood within sixty (60) days after the statement

was mailed to you, or otherwise made available to you, you may not get back any money you lost after

the sixty (60) days if Robinhood can prove that Robinhood could have stopped someone from taking the

money if you had told Robinhood in time. If a good reason (such as a long trip or a hospital stay) kept

you from telling Robinhood, Robinhood will extend the time periods.

2. Contact in event of unauthorized transfer.

If you believe your Card or PIN has been lost or stolen, contact Robinhood by emailing

help@robinhood.com,.

3. Business Days.

Business Days are Monday through Friday, excluding federal holidays.

4. Transfer Types and Limitations.

You may use your Card to make purchases at any merchant that accepts Mastercard debit cards or

debit cards of other networks in which the Bank participates, and to make ATM withdrawals, in each

case subject to the Available Funds in your Account, the transaction limits described below, and the

other terms and conditions of this Agreement. You acknowledge and agree that the value available to

you for use with the Card is limited to the Available Funds in your Account. So long as you do not

exceed the Available Funds in your Account, you may use the Card to purchase goods or services

wherever the Card is honored, and to obtain cash by initiating cash withdrawal transactions through the

Card from any ﬁnancial institution or ATM that accepts the Card. Each time you use the Card, you

authorize Robinhood to reduce the Available Funds in your Account by the amount of the purchase or

withdrawal and any applicable fees, costs, or holdings. Nevertheless, if you exceed the Available Funds

in your Account you shall remain fully liable to Robinhood for the amount of the transactions and any

applicable fees and charges.

You may also make ACH withdrawals from your Account, either originated through Robinhood or

originated by a third party (a "non-originated" withdrawal), subject to the Available Funds in your Account,

the transaction limits described below, and the other terms and conditions of this Agreement. You also

may make ACH deposits to your Account, either originated through Robinhood or originated by a third

party (a "non-originated" deposit), subject to the transaction limits described below.

There are limits on the dollar amount of transactions you can make with your Card each day and each

month, and limits on the amount of ACH withdrawals and deposits you can make each day. The

following lists the limits for each type of transaction:

Originated ACH Withdrawals* Daily Limit: $50,000.00

Weekly Limit: N/A Monthly Limit: N/A

30 2020.06

Originated ACH Deposits* Daily Limit: $50,000.00

Weekly Limit: N/A Monthly Limit: N/A

Non-Originated ACH Withdrawals* Daily Limit: $250,000.00

Weekly Limit: N/A Monthly Limit: N/A

Non-Originated ACH Deposits* Daily Limit: $250,000.00

Weekly Limit: N/A Monthly Limit: N/A

Point of Sale Purchases with the Card* Daily Limit: $5,000.00 Weekly Limit: N/A Monthly Limit:

$15,000.00

ATM Withdrawals* Daily Limit: $510.00 Weekly Limit: N/A Monthly Limit: $5,000.00

Originated ACH* Daily Limit: N/A, subject to the Weekly Limit Weekly Limit: $2,999 Monthly Limit: N/A

5. Fees.

We will not charge you any fees for use of ATMs that are part of the AllPoint or MoneyPass ATM

networks, or for point of sale transactions using the Card, or for initiating other EFTs on your behalf. If

you withdraw funds from ATMs outside of the AllPoint or MoneyPass ATM networks, you may be

separately assessed fees by those ATM owners or operators.

6. Conﬁdentiality.

We may disclose information to third parties about you, your Card, or the transactions you make using

any of the EFT services we provide:

Where it is necessary or helpful for completing or correcting transactions and resolving claims

regarding transactions;

In order to verify the existence and condition of your Card or your Account for a third party, such

as a merchant;

In order to comply with a valid request by a government agency, a court order, or other legal or

administrative reporting requirements;

If you consent by giving us your written permission;

To our employees, auditors, afﬁliates, service providers, or attorneys as needed;

In order to prevent, investigate or report possible illegal activity;

In order to issue authorizations for transactions on the Card;

As permitted by applicable law; or

Otherwise as necessary to fulﬁll our obligations under this Agreement and the terms applicable to

the EFT service you are using.

Please see Robinhood's privacy policy, available at about.robinhood.com/legal, and the applicable

Bank's privacy policy, available at

https://www.suttonbank.com/_/kcms-doc/85/49033/WK-Privacy-

Disclosure-1218.pdf, for further details. (The Robinhood privacy policy and the applicable Bank's privacy

policy are referred to collectively as the "Privacy Policies"). You hereby agree to Robinhood's and the

Bank's collection, use and sharing of information about you and the Card as provided in the Privacy

Policies, which are made a part of this Agreement. The Privacy Policies also tell you how you can (i)

limit the ways in which Bank and Robinhood share information about you, or (ii) request corrections to

the information that Bank or Robinhood maintain about you. You agree that information you provide in

connection with your Card or other EFT services you use is being provided directly to both Robinhood as

the holder of the Account associated with the service and the Bank as the Card issuer or provider of the

EFT service, as applicable.

7. Documentation.

Terminal Transfers. You can get a receipt at the time you make any transfer to or from your Account

using an ATM from the AllPoint or MoneyPass ATM networks or at the point of sale.

31 2020.06

Preauthorized Credits. If you have arranged to have direct deposits made to your Account at least once

every 60 days from the same person or company, the person or company making the deposit will tell you

every time they send us the money. You can also check your Account online to see if a deposit has been

received.

Periodic Statements. You will get a monthly Account statement, unless there are no transfers in a

particular month. In any case you will get the statement at least quarterly. You may obtain information

about the Available Funds in your Account and a history of your Cash Management transactions on the

App.

8. Preauthorized Payments/Stop Payment Procedure and Notice of Varying

Amounts.

You do not have the right to request that Robinhood in advance make regular payments out of your

Account, although you may ask third parties to initiate regular payments out of your Account.

Right to stop payment: If you have automatic recurring payments taken out of your Account, you can

stop any of these payments by contacting us at help@robinhood.com,. You must contact us in time for

us to receive your request at least three business days before the payment is scheduled to be made.

Notice of varying amounts: If these regular payments vary in amount, the party you are going to pay will

tell you, 10 days before each payment, when the payment will be made and how much it will be. (The

party you are going to pay may allow you to choose to get this notice only when the payment would

differ by more than a certain amount from the previous payment, or when the amount would fall outside

certain limits that you set.)

Liability for failure to stop payment of a preauthorized transfer: If you order us to stop a payment at least

three business days before the transfer is scheduled and we do not do so, we will be liable for your

losses or damages.

9. Our Liability.

If we do not complete a transaction to or from your Account on time or in the correct amount according

to our Agreement with you, we will be liable for your losses or damages. However, there are some

exceptions. We will not be liable, for instance:

If through no fault of Robinhood or the Bank, you do not have enough Available Funds in your

Account to complete the transaction;

If a merchant refuses to accept your Card;

If an electronic terminal where you are making a transaction does not operate properly, and you

knew about the problem when you initiated the transaction;

If access to your Card has been blocked after you reported your Card lost or stolen;

If there is a hold or your funds are subject to legal or administrative process or other encumbrance

restricting their use;

If Robinhood or the Bank have reason to believe the requested transaction is unauthorized;

If circumstances beyond the control of Robinhood or the Bank (such as ﬁre, ﬂood, or computer or

communication failure) prevent the completion of the transaction, despite reasonable precautions

that Robinhood or the Bank have taken; or

For any other exception stated in this Agreement with you or by applicable law.

32 2020.06

10. Errors or Questions About Electronic Transfers.

In case of errors or questions about your electronic transfers, including your Card transactions, or if you

think your statement or receipt is wrong or if you need more information about a transaction listed on the

statement or receipt, contact Robinhood by emailing help@robinhood.com,. Robinhood must hear from

you no later than sixty (60) days after you were sent the FIRST statement on which the problem or error

appeared.

Tell Robinhood your name and account number.

Describe the error or the transfer you are unsure about, and explain as clearly as you can why

you believe it is an error or why you need more information.

Tell Robinhood the dollar amount of the suspected error.

Robinhood will determine whether an error occurred within ten (10) business days after Robinhood hears

from you and will correct any error promptly. If Robinhood needs more time, however, it may take up to

forty-ﬁve (45) days to investigate your complaint or question. If Robinhood decides to do this, Robinhood

will credit your Account within ten (10) business days for the amount you think is in error, so that you will

have the use of the money during the time it takes Robinhood to complete our investigation.

For errors involving new accounts, point of sale, or foreign initiated transactions, Robinhood may take up

to ninety (90) days to investigate your complaint or question. For new accounts, Robinhood may take up

to twenty (20) business days to credit your Account for the amount you think is in error.

Robinhood will tell you the results of our investigation within three (3) business days after completing the

investigation. If Robinhood decides that there was no error, Robinhood will send you a written

explanation. You may ask for copies of the documents that Robinhood used in our investigation.

33 2020.06