FIRST STRIKE RESEARCH

TERMS OF SERVICE, LEGAL DISCLAIMERS & SUBSCRIBER AGREEMENT

EFFECTIVE DATE: 01/01/2026 | LAST UPDATED: 07/27/2026

IMPORTANT LEGAL NOTICE — READ THIS ENTIRE DOCUMENT CAREFULLY AND IN ITS ENTIRETY BEFORE ACCESSING, SUBSCRIBING TO, PURCHASING, OR OTHERWISE USING THIS PUBLICATION IN ANY MANNER WHATSOEVER. THIS DOCUMENT CONSTITUTES A LEGALLY BINDING AGREEMENT BETWEEN YOU (”SUBSCRIBER”) AND FIRST STRIKE RESEARCH (”PUBLISHER”). THIS AGREEMENT CONTAINS A BINDING INDIVIDUAL ARBITRATION CLAUSE, A CLASS ACTION AND CLASS ARBITRATION WAIVER, A JURY TRIAL WAIVER, AND MATERIAL LIMITATIONS ON YOUR LEGAL RIGHTS AND REMEDIES. BY ACCESSING OR USING THIS PUBLICATION, YOU KNOWINGLY AND VOLUNTARILY WAIVE CERTAIN LEGAL RIGHTS AS DESCRIBED HEREIN.

This document, together with any supplemental policies or disclosures expressly incorporated herein by reference, constitutes the complete, exclusive, and entire Terms of Service, Legal Disclaimer, Subscriber Agreement, and Conflict of Interest Disclosure (collectively, this “Agreement”) governing your access to and use of the publication known as First Strike Research, published by First Strike LLC, a Wyoming limited liability company, including without limitation all articles, research reports, analysis, commentary, data, charts, models, alerts, direct messages, social media posts, email communications, platform-specific content, and any and all other materials or communications published, transmitted, or distributed through any medium or channel, including but not limited to Substack, electronic mail, Discord, Telegram, Signal, social media platforms, websites, successor platforms, and any other distribution channel now known or hereafter developed (collectively, the “Content”). First Strike Research is also referred to herein as “we,” “our,” “us,” or the “Publisher.” You, the reader, subscriber, paying member, founding member, or any other user, are referred to herein as “you,” “your,” or “Subscriber.”

BY ACCESSING, READING, SUBSCRIBING TO, PURCHASING, SHARING, DOWNLOADING, SAVING, FORWARDING, OR OTHERWISE USING THIS PUBLICATION OR ANY CONTENT IN ANY FORM, YOU REPRESENT AND WARRANT THAT: (A) YOU ARE AT LEAST 18 YEARS OF AGE AND HAVE THE LEGAL CAPACITY TO ENTER INTO A BINDING CONTRACT; (B) YOU HAVE READ AND FULLY UNDERSTAND THIS AGREEMENT; AND (C) YOU AGREE TO BE LEGALLY BOUND BY EVERY PROVISION OF THIS AGREEMENT. IF YOU DO NOT AGREE TO EVERY PROVISION OF THIS AGREEMENT, YOUR SOLE AND EXCLUSIVE REMEDY IS TO IMMEDIATELY CEASE ALL ACCESS TO AND USE OF THIS PUBLICATION AND TO UNSUBSCRIBE. CONTINUED ACCESS TO OR USE OF THIS PUBLICATION AFTER ANY AMENDMENT OR MODIFICATION TO THIS AGREEMENT CONSTITUTES YOUR BINDING ACCEPTANCE OF THE MODIFIED TERMS.

1. NATURE OF CONTENT; OPINION AND COMMENTARY

All Content published by First Strike Research constitutes the opinions, beliefs, interpretations, inferences, and analytical conclusions of the Publisher, based exclusively upon publicly available information obtained through lawful means. No Content shall be construed, interpreted, or relied upon as a statement of proven fact, an adjudicated finding of liability, an established legal or regulatory conclusion, or a representation of objective truth. Where the Publisher draws inferences, identifies patterns, raises questions, or expresses conclusions regarding corporate practices, management conduct, earnings call behavior, financial reporting, market dynamics, governance practices, or operational matters, such statements represent the Publisher’s subjective analytical judgment and opinion regarding the significance of publicly available information and not assertions of objectively verifiable, established, or adjudicated fact.

Subscribers are expressly encouraged to independently verify all information cited in any Content by consulting the underlying original public sources, including without limitation filings with the U.S. Securities and Exchange Commission (”SEC”), the Commodity Futures Trading Commission (”CFTC”), state regulatory bodies, foreign regulatory authorities, court records, corporate disclosures, and other publicly accessible documents and databases. The Publisher endeavors, but does not guarantee, to hyperlink or cite supporting public sources; no representation is made, express or implied, that any cited source is complete, current, accurate, or free from error.

All Content constitutes protected speech and expression under the First Amendment to the United States Constitution and analogous state and federal constitutional and statutory protections, including the right to publish commentary, criticism, satire, analysis, and investigative research concerning publicly traded entities, market participants, economic events, and matters of public concern and interest.

2. REGULATORY STATUS AND REGISTRATION DISCLOSURES

2.1 Securities Laws — Non-Registration

First Strike Research is NOT registered with the U.S. Securities and Exchange Commission (”SEC”) as an investment adviser, broker-dealer, municipal securities dealer, transfer agent, or in any other regulated capacity. The Publisher is NOT a member of the Financial Industry Regulatory Authority (”FINRA”), the Securities Investor Protection Corporation (”SIPC”), or any state securities self-regulatory organization. No Content constitutes an offer to sell, or a solicitation of an offer to purchase, any security within the meaning of Section 2(a)(1) of the Securities Act of 1933, as amended, or Section 3(a)(10) of the Securities Exchange Act of 1934, as amended.

The Publisher operates pursuant to, and relies upon, the publisher's exclusion from the statutory definition of "investment adviser" set forth in Section 202(a)(11)(D) of the Investment Advisers Act of 1940, as amended (15 U.S.C. § 80b-2(a)(11)(D)), as interpreted and construed by the United States Supreme Court in Lowe v. SEC, 472 U.S. 181 (1985), and as subsequently applied to modern electronic financial publications by federal courts, including the 2024 dismissal of subscriber claims asserting unregistered investment adviser status against Seeking Alpha, Inc. in the United States District Court for the Southern District of New York. The Publisher relies upon this exclusion on the grounds that First Strike Research constitutes a bona fide financial publication of general and regular circulation, the Content of which is impersonal in nature, is disseminated in identical form to all recipients within a given subscription tier, is not tailored to the specific financial circumstances, holdings, objectives, or risk tolerance of any individual Subscriber or class of Subscribers, and does not constitute a personal advisory relationship with any person.

2.2 Commodity, Derivatives, and Event Contract Laws — Non-Registration

First Strike Research is NOT registered with the Commodity Futures Trading Commission (”CFTC”) or the National Futures Association (”NFA”) as a Commodity Trading Advisor (”CTA”), Commodity Pool Operator (”CPO”), Futures Commission Merchant (”FCM”), Swap Dealer (”SD”), Major Swap Participant (”MSP”), Introducing Broker (”IB”), Retail Foreign Exchange Dealer (”RFED”), or in any other capacity regulated under the Commodity Exchange Act (”CEA”), 7 U.S.C. § 1 et seq., or any rules or regulations promulgated thereunder.

To the extent any Content references, discusses, or analyzes commodity interests, futures contracts, options on futures, swaps, event contracts, binary outcome contracts, prediction market contracts (including those listed on CFTC-regulated Designated Contract Markets (”DCMs”) such as Kalshi Exchange LLC), or any other derivative instruments, such Content is provided exclusively as general, non-personalized, standardized incidental commentary on economic, political, market, and industry conditions and events. Such Content is not based upon, and is not tailored to, the commodity interest, cash market, or prediction market positions, account size, risk tolerance, financial circumstances, or other individual circumstances of any particular Subscriber, reader, or third party.

The Publisher expressly relies upon, and operates in accordance with, the exemption from CTA registration set forth in CFTC Regulation 4.14(a)(9), 17 C.F.R. § 4.14(a)(9), which exempts from registration a person who provides commodity trading advice solely by means of written publications or written materials (including newsletters, periodicals, and electronic publications) where such advice is provided to all recipients in identical, non-customized form, and is not directed to any particular commodity interest account. The Publisher further relies upon the publisher’s exclusion and First Amendment protections recognized by the CFTC and federal courts for publishers of general-circulation financial commentary.

FIRST STRIKE RESEARCH AND ALL OF ITS OWNERS, OPERATORS, PRINCIPALS, CONTRIBUTORS, COMMENTORS, EMPLOYEES, INDEPENDENT CONTRACTORS, AND AFFILIATES ARE NOT REGISTERED AS COMMODITY TRADING ADVISORS (CTAs) WITH THE CFTC, NOR ARE THEY MEMBERS OF THE NFA. NOTHING PUBLISHED, DISTRIBUTED, OR COMMUNICATED THROUGH THIS PLATFORM — INCLUDING BUT NOT LIMITED TO NEWSLETTERS, REPORTS, ALERTS, MODELS, ANALYSES, DIRECT MESSAGES, SOCIAL MEDIA POSTS, OR ANY OTHER CONTENT OR COMMUNICATION — CONSTITUTES COMMODITY TRADING ADVICE, INVESTMENT ADVICE, FINANCIAL ADVICE, LEGAL ADVICE, TAX ADVICE, ACCOUNTING ADVICE, OR ANY OTHER FORM OF REGULATED ADVISORY OR PROFESSIONAL SERVICES.

2.3 No Fiduciary Duty; No Professional Relationship

No fiduciary, advisory, agency, trust, contractual, quasi-contractual, or other professional, confidential, or special relationship of any kind exists or shall be deemed to exist between First Strike Research and any Subscriber, reader, or third party by virtue of any Subscriber’s access to or use of the Content, or any communication between the Publisher and any Subscriber (including via direct message, email, or any other channel). The Publisher owes no fiduciary duty to any Subscriber or third party whatsoever, and expressly and irrevocably disclaims the existence of any such duty to the maximum extent permitted by applicable law.

No Content constitutes, or shall be construed as, a substitute for personalized professional advice from a licensed and qualified financial advisor, registered investment adviser, broker-dealer, commodity trading advisor, attorney, certified public accountant, tax advisor, or any other credentialed professional. The Publisher cannot, does not, and shall not assess any individual Subscriber’s personal financial circumstances, investment objectives, risk tolerance, tax situation, liquidity needs, time horizon, account size, or suitability for any particular investment, trading strategy, or event contract transaction.

2.4 No Governmental Affiliation, Sanction, or Endorsement

To the extent any Content, biographical description, author page, social media profile, marketing material, or third-party discussion references or alludes to prior or current government service, military service, federal employment, law enforcement experience, security clearances, professional credentials, training, or agency affiliation of the Publisher or any Affiliated Person, such reference is provided solely for background, biographical, and general credibility context and: (a) is not made in any official capacity; (b) does not imply, and shall not be construed to imply, the sanction, approval, concurrence, endorsement, or participation of any Governmental Entity in this publication or in any Content; (c) does not confer upon the Publisher any special access, authority, jurisdiction, or investigative power; and (d) does not indicate that any Content derives from, or is informed by, any official duty, position, or assignment.

To this end, First Strike Research LLC is a limited liability company organized and existing under the laws of the State of Wyoming, operating as a private commercial publishing enterprise. The Publisher is a distinct legal entity, separate from any natural person who serves as its member, manager, officer, or contributor, and its activities are conducted in a purely private, personal, and non-official capacity. First Strike Research LLC is not a publication of, and is in no way affiliated with, sponsored by, endorsed by, funded by, chartered by, reviewed by, approved by, or operated on behalf of the United States Government, any federal department, agency, bureau, component, or instrumentality thereof, any branch of the United States Armed Forces, any state, local, tribal, or territorial government, or any foreign government or international body (collectively, "Governmental Entities"). The Publisher is not a government contractor, grantee, subcontractor, or recipient of any federal financial assistance, and holds no government contract, cooperative agreement, or other instrument creating any agency relationship with any Governmental Entity.

ALL CONTENT REFLECTS SOLELY THE PERSONAL VIEWS, OPINIONS, AND ANALYTICAL JUDGMENTS OF THE PUBLISHER IN THE PUBLISHER’S PRIVATE CAPACITY. NO CONTENT REPRESENTS, PURPORTS TO REPRESENT, OR SHALL BE CONSTRUED AS REPRESENTING THE OFFICIAL POSITION, POLICY, DETERMINATION, INTERPRETATION, GUIDANCE, OR ENDORSEMENT OF ANY GOVERNMENTAL ENTITY. NO CONTENT CONSTITUTES AN OFFICIAL ACT, OFFICIAL COMMUNICATION, OFFICIAL STATEMENT, OR EXERCISE OF ANY GOVERNMENTAL AUTHORITY, DUTY, OR FUNCTION.

All editorial, research, and business activities of the Publisher are conducted exclusively using private, personally owned or Publisher-owned resources, including personal or corporate time, equipment, accounts, funds, facilities, communications infrastructure, and subscriptions. No Content is produced, drafted, edited, transmitted, or distributed using the property, information systems, communications infrastructure, credentials, funds, facilities, supplies, personnel, or working hours of any Governmental Entity. To the extent any principal, member, officer, employee, contractor, or contributor of the Publisher holds, has held, or may in the future hold any position, employment, engagement, appointment, or affiliation with any Governmental Entity, all such activities on behalf of the Publisher are and shall be conducted wholly independently of, and outside the scope of, any such position, and no such position bears any relationship to the Publisher's editorial output.

No Use of Nonpublic Government Information. No Content is based upon, derived from, or informed by any classified information, Controlled Unclassified Information (CUI), law enforcement sensitive information, sealed or non-public investigative material, grand jury material, procurement-sensitive information, protected personnel information, or any other nonpublic information obtained by reason of any federal position or employment. All Content is derived exclusively from publicly available sources obtained through lawful means, as set forth in Sections 1 and 8 of this Agreement. The Publisher does not, and will not, use or permit the use of nonpublic government information for private gain, whether in Content, in trading activity, or otherwise.

Ethics Compliance. The Publisher conducts this outside activity consistent with the Publisher’s good faith understanding of applicable federal ethics law and regulation, including without limitation the Standards of Ethical Conduct for Employees of the Executive Branch, 5 C.F.R. Part 2635 — including § 2635.702 (use of public office for private gain and appearance of governmental sanction), § 2635.703 (use of nonpublic information), § 2635.704–705 (use of government property and official time), and § 2635.807 (teaching, speaking, and writing) — 18 U.S.C. § 208, the Stop Trading on Congressional Knowledge Act of 2012, and any applicable agency supplemental regulations, outside-employment approval requirements, and financial disclosure obligations. Nothing in this Agreement shall be construed as a representation that any Governmental Entity has reviewed, cleared, approved, or endorsed this publication or any Content.

No Regulatory Authority. Any Content characterized as regulatory commentary, agency analysis, rulemaking analysis, enforcement analysis, or discussion of any statute, regulation, guidance document, or administrative proceeding constitutes the Publisher’s personal analytical opinion only. Such Content is not, and shall not be relied upon as, an official interpretation, advisory opinion, no-action position, enforcement signal, or statement of agency policy by the SEC, CFTC, NFA, or any other regulatory or governmental body, and confers no rights, safe harbors, or protections upon any person.

3. NO INVESTMENT, TRADING, OR COMMODITY ADVICE

NOTHING CONTAINED IN THIS PUBLICATION, IN ANY CONTENT, IN ANY DIRECT MESSAGE, OR IN ANY COMMUNICATION FROM FIRST STRIKE RESEARCH OR ANY AFFILIATED PERSON CONSTITUTES, OR SHALL BE CONSTRUED AS, FINANCIAL ADVICE, INVESTMENT ADVICE, COMMODITY TRADING ADVICE, TRADING ADVICE, SECURITIES ADVICE, LEGAL ADVICE, TAX ADVICE, ACCOUNTING ADVICE, OR A RECOMMENDATION, SOLICITATION, INDUCEMENT, OR DIRECTIVE OF ANY KIND TO BUY, SELL, SHORT, COVER, HOLD, TRADE, OR OTHERWISE TRANSACT IN ANY SECURITY, COMMODITY INTEREST, EVENT CONTRACT, PREDICTION MARKET CONTRACT, FINANCIAL INSTRUMENT, INVESTMENT PRODUCT, OR TRADING STRATEGY. NO CONTENT SHALL BE CONSTRUED AS A PERSONAL RECOMMENDATION TAILORED TO YOUR INDIVIDUAL FINANCIAL SITUATION.

Any reference, mention, or discussion of specific companies, securities, financial instruments, event contracts, prediction market contracts, trading strategies, quantitative models, probability estimates, fair value assessments, or investment or trading approaches is made solely for analytical, investigative, educational, informational, or illustrative purposes. Such references do not constitute an endorsement, recommendation, or solicitation of any kind. Past performance discussed, implied, projected, or referenced in any Content is not indicative of and provides no guarantee of future results.

ALL CONTENT IS PROVIDED STRICTLY FOR INFORMATIONAL AND EDUCATIONAL PURPOSES ONLY. YOU BEAR SOLE AND EXCLUSIVE RESPONSIBILITY FOR ALL TRADING AND INVESTMENT DECISIONS YOU MAKE. THE PUBLISHER EXPRESSLY DISCLAIMS ALL RESPONSIBILITY AND LIABILITY FOR ANY TRADING OR INVESTMENT DECISION MADE BY ANY SUBSCRIBER OR THIRD PARTY IN RELIANCE UPON ANY CONTENT.

4. CONFLICTS OF INTEREST & POSITION DISCLOSURE

4.1 Universal Position Disclosure

YOU SHOULD ASSUME AT ALL TIMES — INCLUDING, WITHOUT LIMITATION, PRIOR TO, CONCURRENT WITH, AND SUBSEQUENT TO THE PUBLICATION DATE OF ANY CONTENT — THAT THE PUBLISHER, TOGETHER WITH ITS PRINCIPALS, OFFICERS, DIRECTORS, MEMBERS, PARTNERS, AFFILIATES, SUBSIDIARIES, EMPLOYEES, INDEPENDENT CONTRACTORS, CONSULTANTS, AGENTS, AND MEMBERS OF THEIR RESPECTIVE HOUSEHOLDS AND IMMEDIATE FAMILIES (COLLECTIVELY, “AFFILIATED PERSONS”), HOLD, HAVE RECENTLY HELD, ARE IN THE PROCESS OF ACQUIRING, OR ARE ACTIVELY EVALUATING THE ACQUISITION OR DISPOSITION OF, LONG OR SHORT POSITIONS, DIRECTLY OR INDIRECTLY, THROUGH ANY INSTRUMENT OR VEHICLE WHATSOEVER.

Such positions may include, without limitation, common equity, preferred equity, debt instruments, put options, call options, warrants, convertible instruments, swaps, total return swaps, contracts for difference, event contracts, binary outcome contracts, prediction market contracts listed on any DCM or otherwise (including contracts listed on Kalshi Exchange LLC), futures contracts, forward contracts, spread positions, synthetic positions, or any other derivative or structured instrument (collectively, “Positions”) in any security, commodity interest, digital asset, prediction market contract, event contract, or other financial instrument discussed, referenced, analyzed, or implied — whether directly or indirectly — in any Content published by the Publisher (collectively, “Covered Instruments”).

4.2 Right to Trade; No Obligation to Notify

Affiliated Persons expressly reserve the right, in their sole and absolute discretion, to establish, modify, increase, decrease, hedge, cover, close, transfer, assign, or otherwise alter the form, substance, timing, or size of any Position in any Covered Instrument at any time and for any reason, including before, during, and after the publication of any Content and without prior notice to, or consent from, any Subscriber, reader, or third party. Affiliated Persons shall have no obligation whatsoever to amend, supplement, correct, update, or retract any previously published Content as a result of any change in any Position.

The publication of any Content shall not constitute, and shall not be construed or interpreted as: (a) a representation of the current, continuing, or future status of any Position held by any Affiliated Person; (b) a signal, recommendation, solicitation, or inducement to any person to buy, sell, hold, or otherwise transact in any Covered Instrument; (c) an assurance that Affiliated Persons have not already established, modified, or exited any Position in any Covered Instrument discussed therein prior to publication; or (d) any representation that Affiliated Persons’ trading activity is in any way coordinated with, or limited by, the timing of any publication.

4.3 Specific In-Report Disclosures

Where position-specific disclosures are expressly set forth within a report or publication (e.g., “First Strike Research holds a position in [Contract/Ticker]”), such disclosures are made solely as of the specific date and time expressly indicated therein. All such in-report disclosures: (a) are subject to change at any time without prior notice; (b) shall not be construed as a current, ongoing, or continuing representation of any Affiliated Person’s position status at any time following the stated disclosure date; (c) shall not create any duty, obligation, or liability on the part of any Affiliated Person to update, correct, supplement, or reaffirm such disclosure at any future time; and (d) shall be read in conjunction with the universal position assumptions set forth in Section 4.1 of this Agreement.

4.4 Platform-Specific Compliance

All trading and investment activity conducted by Affiliated Persons on any regulated or unregulated prediction market platform, exchange, or DCM — including but not limited to Kalshi Exchange LLC — is conducted independently of and separately from the Publisher’s editorial activities, and is subject in all respects to: (a) the applicable rules, regulations, terms of service, and market integrity policies of such platforms; (b) all applicable rules and regulations promulgated by the CFTC, NFA, and any other federal or state regulatory authority of competent jurisdiction; and (c) the CEA and all applicable regulations thereunder, including without limitation prohibitions on fraud, manipulation, and misappropriation of material nonpublic information as codified in CEA Sections 6(c) and 9(a) and CFTC Rules 180.1 and 180.2.

4.5 No Third-Party Compensation

Unless expressly and prominently stated otherwise in a specific, individually identified report or publication, the Publisher has not received, is not receiving, and does not anticipate receiving compensation, remuneration, or any other thing of value from any third party — including any issuer, company, exchange, broker, or other market participant — in connection with or in exchange for the publication of any Content concerning any Covered Instrument.

5. EVOLVING EVENT CONTRACT MARKETS; GOOD FAITH COMPLIANCE STATEMENT

5.1 Rapidly Evolving Regulatory Landscape

Prediction markets and event contract markets — including markets operated by CFTC-regulated Designated Contract Markets such as Kalshi Exchange LLC — represent a rapidly evolving and novel asset class subject to an actively developing and unsettled regulatory framework. As of the effective date of this Agreement, the CFTC has issued Staff Advisory Letters and Advance Notices of Proposed Rulemaking expressly acknowledging the evolving nature of prediction market regulation and inviting public comment on potential future rulemaking that may materially alter the regulatory obligations applicable to publishers, analysts, traders, and other market participants in this space. The SEC and CFTC have further entered into a Memorandum of Understanding to coordinate jurisdiction over overlapping financial products and activities.

Accordingly, the legal, regulatory, and compliance landscape governing event contract publishing, analysis, and trading activity is subject to material change at any time, including without limitation changes to: registration requirements for publishers and analysts; disclosure obligations with respect to positions in event contracts; definitions of prohibited trading activity, market manipulation, and insider trading as applied to prediction market participants; jurisdictional determinations regarding federal versus state authority over event contracts; and the scope and applicability of publisher and media exemptions to commodity regulatory requirements.

Subscribers acknowledge and agree that: (a) any Content discussing prediction markets, event contracts, or Kalshi-listed instruments is provided in a context of regulatory uncertainty; (b) nothing in this Agreement or in any Content shall be construed as a representation that the Publisher’s activities comply with any future regulatory requirement not yet enacted, promulgated, or issued; and (c) the Publisher’s regulatory posture and disclosure practices are subject to modification at any time in response to developments in applicable law or regulatory guidance.

5.2 Publisher’s Good Faith Compliance Statement

First Strike Research is committed to operating in good faith in full compliance with all applicable federal and state laws, regulations, guidance, and rules, including those of the CFTC, SEC, NFA, and any applicable DCM, to the best of the Publisher’s understanding of those requirements as they exist and are interpreted at any given time. The Publisher does not knowingly engage in, facilitate, or encourage prohibited trading activity of any kind, including insider trading based on material nonpublic information, market manipulation, fraudulent or deceptive practices, or any other activity proscribed by the CEA, the Securities Exchange Act of 1934, or any other applicable law or regulation.

The Publisher actively endeavors to: (a) base all Content exclusively on publicly available information obtained through lawful means; (b) avoid knowingly soliciting, receiving, or relying upon material nonpublic information in the preparation of any Content; (c) maintain disclosures that are accurate, prominent, and consistent with applicable regulatory guidance; and (d) update its compliance practices promptly and in good faith as regulatory developments warrant.

Notwithstanding the foregoing, given the novel and rapidly evolving nature of prediction market regulation, no representation is made that the Publisher’s practices will, at all times and in all respects, satisfy every requirement of future regulatory guidance, rulemaking, or enforcement action that may be issued after the effective date of this Agreement. The Publisher’s good faith commitment to compliance shall be considered in the evaluation of any alleged violation of applicable law or regulation, to the maximum extent recognized by law.

6. FORWARD-LOOKING STATEMENTS AND PROJECTIONS

Certain Content may contain forward-looking statements within the meaning of applicable securities and commodity laws, identifiable by the use of words or phrases including but not limited to “may,” “will,” “shall,” “should,” “expect,” “anticipate,” “believe,” “estimate,” “intend,” “project,” “forecast,” “could,” “would,” “target,” “seek,” “predict,” “likely,” “probability,” “fair value,” and similar expressions or the negatives thereof. All such forward-looking statements are based solely upon the Publisher’s current expectations, beliefs, assumptions, and analysis as of the date of publication and are inherently uncertain, speculative, and subject to material risks. Actual events, outcomes, and results may differ materially from any projection, estimate, probability assessment, fair value model, or forward-looking statement included in any Content, due to risks and uncertainties including but not limited to changes in general economic conditions; industry and sector dynamics; regulatory actions, rulemaking, and enforcement; competitive developments; company-specific events (including management decisions, earnings calls, and public statements); market volatility and liquidity conditions; and other factors beyond the Publisher’s control or foresight.

All estimates, projections, probability assessments, fair value models, scenarios, price targets, and other forward-looking statements — including those relating to earnings call content, management language, event contract outcomes, net asset value, or any other metric — are provided for informational and illustrative purposes only. All numerical figures may be rounded, estimated, derived, or modeled and may contain material errors. No representation is made that any estimate, model, or projection is accurate, reliable, or free from methodological bias. Subscribers are strongly encouraged to independently verify all figures, assumptions, and model inputs. The Publisher undertakes no obligation to update, correct, supplement, or revise any forward-looking statement after publication, whether as a result of new information, subsequent events, changes in assumptions, or otherwise.

7. RHETORICAL AND ANALYTICAL LANGUAGE

Any reference within any Content to terms including but not limited to “fraud,” “scheme,” “predatory,” “coercive,” “improper,” “misconduct,” “incompetence,” “manipulation,” “conflict of interest,” “self-dealing,” “misrepresentation,” “destruction of value,” “misleading,” “deceptive,” or similar characterizations shall be construed solely as: (a) shorthand reference to allegations, claims, or findings described in specifically cited legal proceedings, regulatory actions, government investigations, public complaints, or other official proceedings; or (b) non-literal rhetorical, analytical, or hyperbolic commentary constituting the Publisher’s protected opinion and expression; and in no case as a statement of proven criminal or civil liability, an adjudicated finding of wrongdoing, or an assertion of objective established fact. No person, entity, or organization discussed in any Content should be considered guilty of any legal, regulatory, civil, or criminal wrongdoing unless and until formally adjudicated as such by a court or tribunal of competent jurisdiction.

No discussion of incentives, motive, intent, knowledge, state of mind, control, or causation in any Content shall be construed as a factual assertion of any person’s subjective mental state. All such discussion constitutes the Publisher’s protected analytical inference and opinion based on the public record cited and the Publisher’s assessment of publicly observable conduct, stated incentives, and structural patterns.

8. RESEARCH METHODOLOGY AND INVESTIGATIVE PRACTICES

8.1 Research and Outreach

The Publisher’s research and analytical process may include, without limitation: analysis of public filings with the SEC, CFTC, state and foreign regulators, and other governmental bodies; review of court records, liens, UCC filings, and judgments; review of corporate registration and entity records; field research and direct observation of publicly observable business operations; outreach and correspondence with industry participants including current and former employees, customers, suppliers, competitors, regulators, and other market participants conducted on a voluntary and lawful basis; Freedom of Information Act (”FOIA”) and state public records requests; analysis of satellite imagery, web traffic and application usage data, patent filings, social media activity, and other publicly available or lawfully obtained datasets; earnings call transcripts and investor presentations; and any other investigative techniques the Publisher deems appropriate, lawful, and consistent with applicable ethical standards.

Any outreach to companies, their employees, or other market participants is conducted solely to understand publicly observable business practices, stated policies, customer-facing representations, and related matters of public interest. Such outreach is not intended to, and shall not be construed as, an attempt to obtain material nonpublic information (”MNPI”), interfere with any business relationship, or induce reliance by any contacted party. The Publisher has not knowingly received or relied upon MNPI in the preparation of any Content, and expressly represents its good faith belief that all research underlying published Content is based solely on publicly available or otherwise lawfully obtained information.

The Publisher may, to the extent permitted by applicable law, record conversations or communications. Sources and third-party informants are not guaranteed to be reliable, and the Publisher makes no representation regarding the accuracy, completeness, or veracity of information obtained from third-party sources, interviews, field research, or other investigative activities.

8.2 Unsolicited Submissions; No Confidential or Source Relationship

The Publisher may receive unsolicited communications, documents, data, tips, allegations, or other materials from Subscribers, third parties, current or former employees of covered entities, or other persons (collectively, “Unsolicited Submissions”). You acknowledge and agree that the transmission of any Unsolicited Submission to the Publisher, through any channel, including email, direct message, encrypted messaging application, physical mail, anonymous drop, or any other means:

(a) does not create any confidential, fiduciary, contractual, quasi-contractual, employment, agency, joint venture, source-protection, or other special relationship between you and the Publisher; (b) does not obligate the Publisher to review, respond to, acknowledge, investigate, verify, publish, decline to publish, protect, return, retain, or destroy such Unsolicited Submission; (c) does not entitle you to any compensation, credit, attribution, royalty, equity, subscription benefit, or other consideration of any kind, and you irrevocably waive any claim to the same, including any claim founded in implied contract, quantum meruit, unjust enrichment, or misappropriation of ideas; (d) grants the Publisher a perpetual, irrevocable, worldwide, royalty-free, sublicensable, transferable license to use, reproduce, analyze, excerpt, publish, and create derivative works from such Unsolicited Submission and its contents, in whole or in part, in any medium, subject only to Section 8.4; and (e) constitutes your representation and warranty that you possess all rights necessary to transmit such material and that its transmission violates no law, contract, duty, or third-party right.

Confidential source status, anonymity, embargo terms, or any other protective arrangement arises only where expressly agreed by the Publisher in a signed writing that identifies the specific terms of protection. No such arrangement may be created unilaterally, by assertion, by a legend or notice affixed to any transmitted material, by the use of encrypted or anonymizing technology, or by any statement of expectation by the sender.

8.3 Prohibited Submissions

THE PUBLISHER DOES NOT SEEK, DOES NOT WANT, AND WILL NOT KNOWINGLY ACCEPT, SOLICIT, OR PUBLISH: (a) material nonpublic information as that term is understood under the federal securities and commodity laws; (b) trade secrets or other confidential business information disclosed in breach of any nondisclosure agreement, employment agreement, confidentiality obligation, fiduciary duty, or duty of loyalty; (c) information subject to the attorney-client privilege, work product doctrine, or any other legal privilege held by a third party; (d) classified information, Controlled Unclassified Information, or any information the disclosure of which is restricted by law; (e) information obtained through unauthorized access to any computer system, network, account, or premises; (f) information obtained through theft, deception, misrepresentation of identity, unlawful recording, or unlawful surveillance; or (g) personal information the disclosure of which would violate any applicable privacy or data protection law.

Do not send the Publisher any material you are not legally and contractually permitted to disclose. By transmitting any material to the Publisher you represent and warrant that it falls within none of the categories enumerated above. The Publisher reserves the right, in its sole discretion and without notice, to decline, quarantine, delete, return, or disregard any submission, and to decline to publish any Content derived from any submission. The Publisher’s receipt of any material shall not be construed as an inducement to, solicitation of, or participation in any breach of duty by the sender, and the Publisher expressly disclaims any intent to induce any such breach.

8.4 Source Protection and Journalistic Privilege

The Publisher is engaged in the gathering, analysis, and dissemination of news and commentary on matters of public concern, and asserts all rights, privileges, immunities, and protections available to journalists, reporters, news media, and publishers under the First Amendment to the United States Constitution, the Illinois Reporter’s Privilege Act, 735 ILCS 5/8-901 et seq., comparable shield statutes and common-law privileges of other jurisdictions, and any applicable federal statutory or constitutional protection. Where the Publisher has expressly agreed in writing to protect the identity of a source, the Publisher will assert every available privilege against compelled disclosure. Nothing in this Agreement shall be construed as a waiver of any such privilege or protection.

9. ACKNOWLEDGMENT OF RISK OF LOSS

INVESTMENT AND TRADING ACTIVITIES — INCLUDING BUT NOT LIMITED TO SHORT SELLING, OPTIONS TRADING, FUTURES TRADING, SWAPS, EVENT CONTRACT TRADING, BINARY CONTRACT TRADING, AND PREDICTION MARKET PARTICIPATION — CARRY A SUBSTANTIAL RISK OF LOSS AND ARE NOT SUITABLE FOR ALL INVESTORS OR TRADERS. YOU MAY LOSE MORE THAN YOUR ENTIRE INITIAL INVESTMENT. SHORT SELLING INVOLVES THEORETICALLY UNLIMITED RISK OF LOSS. EVENT CONTRACTS AND PREDICTION MARKET CONTRACTS MAY EXPIRE WORTHLESS IN THEIR ENTIRETY.

By accessing this publication, you expressly acknowledge, represent, and warrant that: (a) you are solely and exclusively responsible for any and all investment, trading, or financial decisions you make, including decisions to trade or not trade any Covered Instrument; (b) all such decisions are made at your sole risk based entirely on your own independent judgment, research, and financial evaluation; (c) you have not relied, and covenant that you will not rely, on any Content as the primary or sole basis for any investment, trading, or financial decision; (d) you are financially sophisticated and able to evaluate the merits and risks of any investment or trading decision you contemplate; and (e) you are financially able to bear the complete and total risk of loss, including a loss exceeding your initial capital, associated with any investment or trading decision you make.

10. COMMODITY, DERIVATIVES, AND EVENT CONTRACT DISCLOSURES

This Section applies to any and all Content discussing, analyzing, or referencing commodity interests, futures, options on futures, swaps, event contracts, prediction market contracts, binary outcome contracts, or any other derivative instruments.

This material does not constitute an offer to sell, or a solicitation of an offer to buy, any commodity interest, futures contract, option, swap, event contract, binary outcome contract, prediction market contract, or other derivative instrument. Nothing in any Content shall be construed as trading advice or a recommendation to engage in any transaction, trading strategy, or market activity of any kind. All examples, scenarios, probability estimates, fair value models, and analytical outputs are purely illustrative and speculative, and do not represent actual guarantees of, or accurate predictions of, future performance or outcomes.

Commodity interests and event contracts involve a high degree of risk and are not suitable for all persons. You should carefully consider whether trading such instruments is appropriate for you in light of your individual financial condition, investment objectives, experience level, and risk tolerance. Availability of specific contracts and trading privileges may vary by jurisdiction.

HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED OR HYPOTHETICAL RESULTS DO NOT REPRESENT ACTUAL TRADING AND MAY NOT REFLECT THE IMPACT OF MATERIAL ECONOMIC AND MARKET FACTORS. SINCE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY, BID-ASK SPREADS, SLIPPAGE, AND TRANSACTION COSTS. HYPOTHETICAL TRADING PROGRAMS ARE ALSO SUBJECT TO THE INHERENT ADVANTAGE OF HINDSIGHT BIAS IN THEIR DESIGN. NO REPRESENTATION IS MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR INCUR LOSSES SIMILAR TO THOSE SHOWN OR IMPLIED IN ANY HYPOTHETICAL OR BACKTESTED ANALYSIS.

Actual and Historical Performance Claims. Any reference in any Content to actual, realized, or historical returns, gains, losses, win rates, hit rates, positions, or trade outcomes — whether expressed as a percentage, a dollar figure, a multiple, or in narrative form — describes a specific past result over a specific period under specific market conditions and is presented for illustrative and informational purposes only. Such references are not audited, are not verified or attested by any independent third party, are not calculated in accordance with the Global Investment Performance Standards or any other uniform performance standard, may be presented gross of fees, commissions, financing costs, taxes, and slippage, and may be selected rather than exhaustive. No reference to any past result constitutes a representation that any Subscriber could have achieved, or will achieve, comparable results. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. The Publisher does not represent that any composite, aggregate, or cumulative performance figure reflects the complete record of all positions taken.

The foregoing hypothetical performance disclaimer is required by CFTC Rule 4.41, 17 C.F.R. § 4.41, and is included in all Content presenting simulated, backtested, or hypothetical results.

11. ACCURACY, RELIABILITY, AND ABSENCE OF DUTY TO UPDATE

While the Publisher endeavors to ensure the accuracy of all Content, all Content is provided “AS IS” and “AS AVAILABLE,” without warranty of any kind, whether express, implied, or statutory. The Publisher expressly disclaims, to the fullest extent permitted by applicable law, all warranties including but not limited to warranties of accuracy, completeness, timeliness, reliability, currentness, merchantability, fitness for a particular purpose, non-infringement, and title.

Content may contain material errors, omissions, outdated information, and methodological imperfections. The Publisher has no obligation, whether legal, contractual, or ethical, to update, correct, supplement, retract, or revise any Content after initial publication. No information, opinion, analysis, or position expressed in any Content shall be deemed to be reaffirmed, confirmed, or ratified by the passage of time or by the Publisher’s failure to issue a correction or update. The absence of any subsequent correction or update shall not be construed as a reaffirmation of any prior analysis, opinion, or conclusion.

Third-Party Content, Links, and Data. Content may contain hyperlinks to, citations of, embedded material from, or data sourced from third-party websites, databases, filings repositories, market data providers, publications, and other resources. Such links and citations are provided solely for reference and verification convenience. The Publisher does not control, monitor, endorse, adopt, verify, or assume responsibility for any third-party content, and the inclusion of any link or citation does not constitute endorsement of the linked source or any statement contained therein. Third-party data may be delayed, inaccurate, incomplete, revised, or withdrawn. Your access to and use of any third-party resource is at your own risk and subject to that third party's terms.

12. INTELLECTUAL PROPERTY

12.1 Copyright

All Content is the original, proprietary work product of First Strike Research and is protected by the copyright laws of the United States (17 U.S.C. § 101 et seq.), applicable state law, and applicable international copyright treaties and conventions. © First Strike Research. All rights reserved. No Subscriber or third party may reproduce, copy, distribute, republish, transmit, display, broadcast, perform, create derivative works based upon, commercially exploit, sublicense, sell, or otherwise use any Content, in whole or in part, in any medium or format, whether now known or hereafter developed, without the prior express written authorization of the Publisher. Unauthorized reproduction, distribution, or commercial exploitation of any Content may subject the offending party to civil and criminal penalties under applicable copyright law.

Limited personal use is hereby granted: Subscribers may view, download, and print single individual copies of Content solely for their own personal, non-commercial, informational use, provided that all copyright notices, proprietary legends, and attribution information are preserved and not altered, obscured, or removed.

12.2 Fair Use Notice

Content may incorporate limited excerpts from third-party copyrighted works, used solely for purposes of criticism, comment, news reporting, teaching, scholarship, and research, as protected under the fair use doctrine codified in Section 107 of the U.S. Copyright Act, 17 U.S.C. § 107. All such use is transformative in nature and directed at matters of significant public concern and interest. The Publisher uses only the minimum quantity of third-party material necessary to fulfill the analytical, critical, or educational purpose for which it is employed.

12.3 Trademark Notice

All company names, trade names, trademarks, service marks, logos, and securities ticker symbols referenced in any Content are the exclusive property of their respective owners. Reference to any company, entity, security, or mark in any Content does not constitute or imply any endorsement, sponsorship, affiliation, partnership, or association with, or recommendation by, the Publisher, nor does it imply any endorsement of First Strike Research by such owners. All such references are made solely under the doctrine of nominative fair use for purposes of identification, criticism, commentary, and analytical discussion.

12.4 DMCA Notice and Takedown Procedures

First Strike Research complies with the Digital Millennium Copyright Act, 17 U.S.C. § 512. If you believe in good faith that any Content infringes your copyright, you may submit a written notification to our designated Copyright Agent that includes all elements required by 17 U.S.C. § 512(c)(3), including: (a) a physical or electronic signature of the copyright owner or person authorized to act on their behalf; (b) identification of the copyrighted work claimed to have been infringed; (c) identification of the allegedly infringing material and sufficient information to permit the Publisher to locate it; (d) your contact information; (e) a statement that you have a good faith belief that the use is not authorized by the copyright owner, its agent, or the law; and (f) a statement, under penalty of perjury, that the information in the notification is accurate and that you are authorized to act on behalf of the copyright owner. Counter-notifications may be submitted in accordance with 17 U.S.C. § 512(g). Designated Copyright Agent: outreach@firststrike.trading. The Publisher maintains a policy of terminating, in appropriate circumstances and at the Publisher’s sole discretion, access for users who are repeat copyright infringers.

13. LIMITATION OF LIABILITY

TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, FIRST STRIKE RESEARCH, ITS PRINCIPALS, OFFICERS, DIRECTORS, MEMBERS, PARTNERS, AFFILIATES, SUBSIDIARIES, EMPLOYEES, INDEPENDENT CONTRACTORS, CONSULTANTS, AGENTS, SUCCESSORS, AND ASSIGNS (COLLECTIVELY, THE “PUBLISHER PARTIES”) SHALL NOT BE LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, CONSEQUENTIAL, SPECIAL, EXEMPLARY, PUNITIVE, OR ENHANCED DAMAGES OF ANY KIND ARISING FROM OR RELATED TO: (A) YOUR ACCESS TO, USE OF, OR INABILITY TO ACCESS OR USE THIS PUBLICATION OR ANY CONTENT; (B) ANY INVESTMENT, TRADING, OR FINANCIAL DECISION MADE BY YOU OR ANY THIRD PARTY BASED ON, RELATED TO, OR INFLUENCED BY ANY CONTENT; (C) ANY ACTUAL OR ALLEGED LOSS OF PROFITS, REVENUE, DATA, BUSINESS OPPORTUNITY, GOODWILL, ANTICIPATED SAVINGS, OR OTHER INTANGIBLE LOSSES; (D) ANY ERRORS, OMISSIONS, INACCURACIES, OR METHODOLOGICAL DEFICIENCIES IN ANY CONTENT; (E) ANY UNAUTHORIZED ACCESS TO OR ALTERATION OF YOUR DATA OR TRANSMISSIONS; OR (F) ANY OTHER MATTER RELATING TO THIS PUBLICATION, REGARDLESS OF THE LEGAL THEORY ASSERTED.

IN NO EVENT SHALL THE AGGREGATE LIABILITY OF THE PUBLISHER PARTIES, UNDER ANY AND ALL THEORIES OF LIABILITY, FOR ALL CLAIMS ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY CONTENT EXCEED THE TOTAL SUBSCRIPTION FEES ACTUALLY PAID BY YOU TO FIRST STRIKE RESEARCH IN THE TWELVE (12) CALENDAR MONTHS IMMEDIATELY PRECEDING THE EVENT GIVING RISE TO THE CLAIM, OR ONE HUNDRED U.S. DOLLARS ($100.00), WHICHEVER IS GREATER.

The limitations on liability set forth in this Section shall apply regardless of the form or theory of action — whether in contract, tort (including negligence and gross negligence), strict liability, statutory claim, quasi-contract, or otherwise — and shall apply even if the Publisher Parties have been advised of the possibility of such damages and even if any limited remedy provided herein is found to have failed of its essential purpose. Some jurisdictions do not permit the exclusion or limitation of incidental or consequential damages; in such jurisdictions, the Publisher’s liability shall be limited to the maximum extent permitted by applicable law.

14. INDEMNIFICATION

You agree, at your own expense, to indemnify, defend, and hold harmless the Publisher Parties from and against any and all claims, demands, actions, causes of action, suits, proceedings, investigations, losses, damages, liabilities, penalties, fines, judgments, awards, costs, and expenses (including reasonable attorneys’ fees, expert witness fees, court costs, and all other litigation and dispute resolution costs) arising out of or relating to: (a) your access to or use of this publication or any Content; (b) any investment, trading, or financial decision you make or cause to be made; (c) your breach or alleged breach of any provision of this Agreement; (d) your violation of any applicable law, statute, regulation, rule, order, or third-party right; (e) any dispute between you and any third party arising out of or relating to any Content; or (f) any claim that your use of any Content caused damage to a third party. This indemnification obligation shall survive the termination or expiration of this Agreement and your cessation of use of this publication, indefinitely.

15. DISPUTE RESOLUTION; BINDING ARBITRATION; CLASS ACTION WAIVER; JURY TRIAL WAIVER

PLEASE READ THIS SECTION CAREFULLY. IT AFFECTS YOUR LEGAL RIGHTS, INCLUDING YOUR RIGHT TO FILE A LAWSUIT IN COURT AND YOUR RIGHT TO A JURY TRIAL. SECTION 15.7 DESCRIBES HOW YOU MAY OPT OUT OF ARBITRATION.

15.1 Informal Resolution Prerequisite. Before initiating any arbitration or other proceeding, the party asserting a claim must first send the other party a written Notice of Dispute describing the claim, the specific facts giving rise to it, and the relief sought. A Notice of Dispute to the Publisher must be sent to outreach@firststrike.trading. The parties shall attempt in good faith to resolve the dispute informally for a period of sixty (60) days following receipt of the Notice of Dispute. This informal resolution period is a condition precedent to commencing arbitration, and any applicable statute of limitations or contractual limitations period shall be tolled during it. A demand for arbitration filed before the expiration of this period may be dismissed or stayed, and neither party may recover fees or costs incurred before compliance with this Section.

15.2 Agreement to Arbitrate. Except as provided in Sections 15.6 and 15.7, any and all disputes, controversies, claims, or causes of action arising out of or relating to this Agreement, any Content, the Publisher’s marketing or advertising, your subscription, or your use of this publication — whether based in contract, tort, statute, fraud, misrepresentation, consumer protection law, or any other legal theory, and whether arising before, during, or after the termination of this Agreement — shall be resolved exclusively by final and binding individual arbitration administered by JAMS in accordance with its Comprehensive Arbitration Rules and Procedures then in effect, before a single neutral arbitrator. This Agreement evidences a transaction involving interstate commerce, and the Federal Arbitration Act, 9 U.S.C. § 1 et seq., governs the interpretation and enforcement of this Section. Arbitration shall take place in Chicago, Illinois, provided that the arbitrator may permit or require telephonic or videoconference proceedings, and that a Subscriber whose claim does not exceed $25,000 may elect to proceed on a documents-only basis. The arbitrator shall have authority to grant any remedy or relief available in a court of law, subject to the limitations set forth in this Agreement, and shall issue a reasoned written award.

15.3 Delegation. The arbitrator, and not any court or agency, shall have exclusive authority to resolve any dispute concerning the interpretation, applicability, enforceability, scope, or formation of this arbitration agreement, including any claim that all or any part of it is void or voidable. Notwithstanding the foregoing, the enforceability of the class action waiver in Section 15.4 shall be determined exclusively by a court of competent jurisdiction and not by the arbitrator.

15.4 Class Action and Class Arbitration Waiver. YOU AND THE PUBLISHER EACH IRREVOCABLY WAIVE ANY RIGHT TO ASSERT ANY CLAIM AS A REPRESENTATIVE OR CLASS ACTION, COLLECTIVE ACTION, CONSOLIDATED ACTION, PRIVATE ATTORNEY GENERAL ACTION, OR IN ANY OTHER REPRESENTATIVE CAPACITY, OR TO PARTICIPATE AS A CLASS MEMBER IN ANY SUCH PROCEEDING, IN ANY ARBITRAL OR JUDICIAL FORUM. The arbitrator may award relief only to the individual party seeking relief and only to the extent necessary to provide relief on that party’s individual claim. If this Section 15.4 is found to be unenforceable as to any claim or request for relief, then that claim or request for relief, and only that claim or request for relief, shall be severed from the arbitration and brought in a court of competent jurisdiction in Cook County, Illinois, and all remaining claims shall proceed in arbitration. The remainder of this Section 15 shall remain in full force and effect.

15.5 Coordinated Filings. If twenty-five (25) or more demands for arbitration raising substantially similar claims are filed against the Publisher by or with the assistance of the same counsel or coordinated group within a ninety (90) day period, the parties agree that such demands shall be administered in sequential batches of no more than twenty (20) demands each, with each batch resolved before the next is filed, and that the applicable limitations periods for all unfiled demands shall be tolled during batching. This Section is intended to reduce cost and delay and shall not be construed to waive any party’s rights.

15.6 Exceptions. Notwithstanding this Section, either party may: (a) bring an individual claim in small claims court if it qualifies; and (b) seek emergency injunctive or other equitable relief from a court of competent jurisdiction in Cook County, Illinois to prevent irreparable harm, including to enforce Section 12, pending resolution of an arbitration proceeding. Seeking such relief does not waive the right to arbitrate.

15.7 Right to Opt Out of Arbitration. You may opt out of this arbitration agreement by sending written notice to outreach@firststrike.trading within thirty (30) days after the date you first accept this Agreement or, for existing Subscribers, within thirty (30) days after the effective date of this amended Agreement. Your notice must state your name, the email address associated with your subscription, and an unambiguous statement that you elect to opt out of arbitration. Opting out affects only Sections 15.2 through 15.5; every other provision of this Agreement, including the jury trial waiver in Section 15.8 and the governing law and venue provisions of Section 16, continues to apply in full. Opting out will not affect your subscription, your access to Content, or your relationship with the Publisher in any way.

15.8 Jury Trial Waiver; Time Limitation on Claims. TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, YOU AND THE PUBLISHER EACH IRREVOCABLY WAIVE ALL RIGHTS TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE CONTENT. TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY CLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY CONTENT, OR YOUR USE OF THIS PUBLICATION MUST BE COMMENCED WITHIN ONE (1) YEAR AFTER THE CLAIM ACCRUES. ANY CLAIM NOT COMMENCED WITHIN THAT PERIOD IS PERMANENTLY BARRED. Each party shall bear its own attorneys’ fees and costs except where a statute or the arbitrator’s award provides otherwise. Filing fees shall be allocated in accordance with the applicable JAMS rules, including any consumer minimum standards.

16. GOVERNING LAW; JURISDICTION AND VENUE

This Agreement, and all disputes arising out of or relating hereto, shall be governed by and construed in all respects in accordance with the laws of the State of Illinois, without giving effect to any choice of law or conflict of law rules, provisions, or principles that would cause the application of the laws of any other jurisdiction. To the extent any matter is not subject to the binding arbitration provision of Section 15, each party irrevocably submits to the exclusive personal jurisdiction and venue of the state and federal courts sitting in Cook County, Illinois, and waives any objection to the laying of venue in such courts on grounds of inconvenience or otherwise.

17. TERMINATION

The Publisher may, in its sole and absolute discretion, suspend, restrict, or permanently terminate your access to this publication at any time, with or without cause, and with or without prior notice. Upon termination, your right to access and use Content ceases immediately and absolutely. All provisions of this Agreement that by their nature should survive termination shall so survive, including without limitation Sections 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, and 17.

18. SEVERABILITY

If any provision, clause, or portion of this Agreement is held by a court of competent jurisdiction or arbitrator of competent authority to be invalid, illegal, void, or unenforceable for any reason, such provision shall be modified to the minimum extent necessary to make it valid, legal, and enforceable, and, if such modification is not possible, severed from this Agreement entirely. The invalidity, illegality, or unenforceability of any provision shall not in any manner affect or impair the validity, legality, or enforceability of any other provision of this Agreement, which shall continue in full force and effect as if such invalid, illegal, or unenforceable provision had never been contained herein.

19. ENTIRE AGREEMENT; NO WAIVER; MODIFICATIONS

This Agreement constitutes the entire and exclusive agreement between you and First Strike Research with respect to the subject matter hereof and supersedes all prior or contemporaneous oral or written communications, understandings, proposals, representations, warranties, or agreements between you and the Publisher relating to such subject matter. No amendment, modification, or supplement to this Agreement shall be effective unless published by the Publisher, and continued access or subscription following any modification shall constitute your binding acceptance of the modified Agreement. No waiver by the Publisher of any right or provision of this Agreement shall be deemed a further or continuing waiver of such right or provision or a waiver of any other right or provision, and the failure of the Publisher to assert any right or provision under this Agreement shall not constitute a waiver of such right or provision.

20. ASSIGNMENT

You may not assign, delegate, transfer, or otherwise convey this Agreement or any of your rights or obligations hereunder, by operation of law or otherwise, without the prior express written consent of the Publisher, which may be withheld in the Publisher’s sole and absolute discretion. The Publisher may freely assign, delegate, or transfer this Agreement and all rights and obligations hereunder, in whole or in part, without restriction and without your consent, including in connection with any merger, acquisition, reorganization, change of control, or sale of all or substantially all of the Publisher’s assets. This Agreement shall be binding upon and inure to the benefit of the parties and their respective heirs, executors, administrators, legal representatives, successors, and permitted assigns.

21. CORRECTIONS, COMPLAINTS, AND COMMUNICATIONS FROM COVERED PERSONS

21.1 Pre-Publication Outreach. Where practicable and consistent with editorial judgment, the Publisher endeavors to afford entities and persons who are the principal subject of investigative Content an opportunity to comment prior to publication. The Publisher is under no legal or contractual obligation to do so, and the absence of pre-publication outreach in any instance shall not be construed as evidence of any deficiency in the Publisher’s research process, nor shall the making of such outreach be construed as an admission regarding the accuracy or completeness of any Content.

21.2 Correction Requests. Any person or entity that believes any Content contains a factual error may submit a written correction request to outreach@firststrike.trading. To permit meaningful review, a correction request should identify: (a) the specific Content at issue, by title and publication date; (b) the specific statement or statements alleged to be erroneous, quoted verbatim; (c) the specific respect in which each statement is alleged to be erroneous; (d) the factual basis for the assertion of error, together with any supporting documentation the requester wishes the Publisher to consider; and (e) the name, title, affiliation, and contact information of the requester and of any person on whose behalf the request is made.

21.3 Review Process. The Publisher will review timely and substantively complete correction requests in good faith and within a commercially reasonable period. Where the Publisher determines that Content contains a material factual error, the Publisher may, in its sole editorial discretion, issue a correction, clarification, update, retraction, or supplemental note, or take such other action as the Publisher deems appropriate. The Publisher’s determination regarding whether any statement constitutes a factual error, an opinion, an inference, or protected commentary is committed to the Publisher’s sole editorial discretion.

21.4 No Obligation; No Admission. Nothing in this Section creates any legal duty, obligation, or cause of action running to any requester or third party. The Publisher’s receipt, review, acknowledgment, or response to any correction request, and any resulting correction, clarification, update, or retraction, shall not constitute and shall not be construed as: (a) an admission of error, fault, falsity, negligence, actual malice, or liability of any kind; (b) a waiver of any defense, privilege, immunity, or protection available to the Publisher, including under the First Amendment, applicable anti-SLAPP statutes, the fair report privilege, the opinion privilege, or the neutral reportage doctrine; or (c) a representation regarding any other Content. Statements made and actions taken by the Publisher pursuant to this Section are made in furtherance of the Publisher’s exercise of free speech on matters of public concern.

21.5 Anti-SLAPP and Protected Activity. The Publisher’s research, analysis, and publication activities constitute acts in furtherance of the right of free speech and petition in connection with matters of public interest and public concern, and the Publisher expressly asserts and reserves all rights, remedies, defenses, immunities, and fee-shifting entitlements available under the Illinois Citizen Participation Act, 735 ILCS 110/1 et seq., and any other applicable anti-SLAPP statute of any jurisdiction.

Section 22 — Subscriptions, Billing, Renewal, and Cancellation

22.1 Platform Processing. Subscriptions to First Strike Research are offered, processed, billed, and administered through Substack, Inc. and its third-party payment processors. Your subscription is therefore also subject to Substack’s terms of service, payment terms, and privacy policy, and the Publisher does not collect, process, transmit, or store your payment card or bank account information. In the event of any irreconcilable conflict between this Section and Substack’s operative billing terms with respect to billing mechanics, cancellation mechanics, or payment processing, Substack’s terms control as to those mechanics.

22.2 Automatic Renewal. PAID SUBSCRIPTIONS RENEW AUTOMATICALLY. Unless you cancel before the end of the then-current billing period, your subscription will automatically renew for successive periods of the same length as the period you originally selected, and the payment method on file will be charged the then-current price for that period at the time of renewal. The applicable subscription price, billing period, and renewal terms are disclosed at the point of purchase and in your subscription management settings.

22.3 Cancellation. You may cancel your subscription at any time, effective at the end of the then-current billing period, through your Substack subscription management settings or by contacting outreach@firststrike.trading. Cancellation stops future renewal charges. Following cancellation, you retain access to paid Content through the end of the period for which you have already paid, after which your access to paid Content terminates.

22.4 Refunds. Except where a refund is required by applicable law, all subscription fees are non-refundable, and no refund, credit, or proration is provided for partial billing periods, for periods during which you did not access Content, for Content published before your subscription commenced, or for cancellation prior to the end of a paid period. The Publisher may, in its sole discretion and without establishing any course of dealing, issue a discretionary refund in any individual case.

22.5 Price Changes. The Publisher may change subscription prices prospectively. Any price change applicable to an existing subscription takes effect only at the commencement of the next billing period following notice provided to the email address associated with your subscription. Your continued subscription after the effective date of a price change constitutes acceptance of the new price. If you do not accept a price change, your sole remedy is to cancel before the change takes effect.

22.6 No Guaranteed Publication Volume, Frequency, or Subject Matter. THE PUBLISHER MAKES NO REPRESENTATION, WARRANTY, OR COMMITMENT REGARDING THE NUMBER, LENGTH, FREQUENCY, TIMING, FORMAT, SUBJECT MATTER, DEPTH, TICKER COVERAGE, OR CONTINUED AVAILABILITY OF ANY CONTENT. A subscription confers access to Content as and when published, in the Publisher’s sole editorial discretion, and does not constitute the purchase of any specified quantity, cadence, or category of Content, of any particular report, of coverage of any particular company, security, contract, or market, or of any research product, deliverable, model, alert, or service. The Publisher may add, modify, suspend, reduce, restructure, paywall, unpaywall, or discontinue any feature, tier, series, format, or category of Content at any time. Any editorial calendar, coverage list, roadmap, or statement of intent is aspirational and non-binding. The Publisher may cease publication entirely at any time, in which case the Publisher’s sole obligation shall be to cancel outstanding subscriptions prospectively.

22.7 Account Sharing and Credential Security. Your subscription is personal to you and non-transferable. You may not share, sell, lend, sublicense, or provide access to your subscription credentials or paid Content to any other person or entity, and you are responsible for maintaining the confidentiality of your credentials and for all activity occurring under your account. Systematic redistribution of paid Content, whether internally within an organization or externally, requires a separate written license from the Publisher.

Section 23 — Privacy and Personal Data

23.1 Information Collected. In connection with your subscription, the Publisher receives from Substack a limited set of Subscriber information, which may include your email address, your subscriber name or display name, your subscription tier and status, your subscription and cancellation dates, and aggregate engagement metrics such as open and click rates. Substack independently collects additional information, including payment information, IP address, device and browser data, and usage analytics, in accordance with Substack’s own privacy policy. The Publisher does not collect, receive, process, or store your payment card number, bank account number, or other financial account credentials.

23.2 Use of Information. The Publisher uses Subscriber information solely to deliver Content, administer subscriptions, respond to inquiries, communicate about the publication, comply with legal obligations, enforce this Agreement, and analyze aggregate readership. The Publisher does not sell Subscriber personal information, does not share it for cross-context behavioral advertising, and does not disclose it to third parties except: (a) to service providers acting on the Publisher’s behalf and bound by confidentiality obligations; (b) as required by subpoena, court order, or other legal process, subject to Section 8.4; (c) as necessary to establish, exercise, or defend legal claims; or (d) in connection with a merger, acquisition, reorganization, or sale of assets, in which case Subscribers will be notified.

23.3 Retention. The Publisher retains Subscriber information for as long as your subscription remains active and thereafter for such period as is reasonably necessary for legitimate business, recordkeeping, tax, and legal compliance purposes, after which it is deleted or de-identified.

23.4 Your Rights. Depending on your jurisdiction of residence, you may have rights to access, correct, delete, port, or restrict the processing of your personal information, to withdraw consent, to opt out of certain processing, and to be free from discrimination for exercising those rights. To exercise any such right, contact outreach@firststrike.trading; the Publisher will respond within the period required by applicable law. Because Substack maintains the primary Subscriber database and payment records, certain requests may need to be directed to, or coordinated with, Substack. You may unsubscribe from all email communications at any time using the unsubscribe link in any email.

23.5 Security; No Guarantee. The Publisher maintains commercially reasonable administrative and technical safeguards appropriate to the limited categories of information it holds. However, no method of transmission or storage is completely secure, and the Publisher does not guarantee the security of any information transmitted to or held by it or by any platform provider.

Section 24 — Comments, Notes, and User-Generated Content

24.1 Your Content. The Publisher may enable comments, notes, chat threads, or other interactive features. Any material you post through such features (”User Content”) remains your responsibility. You represent and warrant that you own or have all necessary rights to your User Content and that it violates no law or third-party right.

24.2 License. You grant the Publisher a perpetual, irrevocable, worldwide, royalty-free, sublicensable, transferable license to use, host, store, reproduce, modify, excerpt, publish, display, and create derivative works from your User Content in connection with the publication and its promotion, in any medium now known or hereafter developed.

24.3 Prohibited User Content. You may not post User Content that is unlawful, defamatory, harassing, threatening, obscene, or discriminatory; that infringes any intellectual property or privacy right; that discloses material nonpublic information, confidential business information, or information disclosed in breach of any duty; that constitutes investment advice, solicitation, or the offer of any security or commodity interest; that promotes any manipulative, deceptive, or coordinated trading scheme; that impersonates any person or entity; or that consists of spam, promotional material, or automated posting.

24.4 No Obligation to Monitor; Editorial Discretion. The Publisher has no obligation to monitor, review, screen, or moderate User Content, but reserves the absolute right to remove, edit, refuse, restrict, or delete any User Content and to suspend or terminate any account, at any time, for any reason or no reason, without notice or liability. The Publisher’s exercise or non-exercise of these rights shall not be construed as adoption, ratification, endorsement, or verification of any User Content.

24.5 No Adoption; Statutory Protections. User Content reflects the views of the posting user alone and not those of the Publisher. The Publisher does not adopt, endorse, verify, or vouch for any User Content and expressly disclaims all liability arising from it. The Publisher asserts all protections available to it as a provider or user of an interactive computer service under 47 U.S.C. § 230 and any comparable provision of applicable law.

Section 25 — Subscriber Covenants and Restrictions

As a condition of access to any Content, you covenant, represent, and agree that you shall not:

(a) use any Content as a component of, or in furtherance of, any manipulative, deceptive, fraudulent, or coordinated trading scheme, including any pump-and-dump, short-and-distort, ramping, spoofing, layering, wash trading, or coordinated campaign designed to influence the price of any security, commodity interest, event contract, or other instrument; (b) represent, suggest, imply, or advertise, in any medium, that any Content, analysis, or conclusion is endorsed by, affiliated with, sanctioned by, produced under the auspices of, or verified by any Governmental Entity, exchange, regulator, self-regulatory organization, or any company or person discussed in the Content; (c) represent that you are affiliated with, employed by, an agent of, a representative of, or authorized to speak for the Publisher, or contact any third party while holding yourself out as acting on the Publisher’s behalf; (d) republish, forward, distribute, aggregate, syndicate, or resell any paid Content, in whole or in substantial part, whether or not for compensation, except as permitted by the limited personal use license in Section 12.1; (e) use any Content in connection with the marketing, promotion, or offering of any security, fund, advisory service, managed account, trading signal service, or investment product; (f) present any Content, or any derivative or excerpt of it, to any client, investor, or third party in a manner suggesting that it constitutes your own research or work product; (g) use any Content in violation of any applicable securities, commodity, banking, sanctions, export control, or other law of any jurisdiction to which you are subject; or (h) engage in any conduct that would cause the Publisher to violate, or be alleged to have violated, any applicable law, regulation, or exchange rule.

Breach of this Section constitutes a material breach of this Agreement, entitles the Publisher to terminate your access immediately and without refund, and, given the irreparable nature of the harm, entitles the Publisher to seek injunctive relief without the necessity of posting bond, in addition to all other available remedies.

Section 26 — Eligibility, Territorial Restrictions, and Electronic Communications

26. ELIGIBILITY, TERRITORIAL RESTRICTIONS, AND ELECTRONIC COMMUNICATIONS

27. CONTACT INFORMATION

For all inquiries relating to this Agreement, including privacy rights requests, DMCA notices, arbitration opt-out notices, or compliance inquiries, please contact:

First Strike Research

Email: outreach@firststrike.trading

BY ACCESSING, SUBSCRIBING TO, OR USING FIRST STRIKE RESEARCH IN ANY MANNER, YOU ACKNOWLEDGE AND REPRESENT THAT YOU HAVE READ THIS AGREEMENT IN ITS ENTIRETY, THAT YOU FULLY UNDERSTAND ITS TERMS AND LEGAL CONSEQUENCES, AND THAT YOU AGREE TO BE LEGALLY BOUND BY EVERY PROVISION HEREIN. THIS AGREEMENT WAS LAST UPDATED ON 07/27/2026