Fractional Trades Disclosure from Section 27 of the Alpaca Custmer Agreement from Alpaca Securities, LLC

Alpaca allows for the purchase of fractional shares. I acknowledge and understand thatYou round all holdings of fractional shares to the ninth decimal place, the value of fractional shares to the nearest cent, and any dividends paid on fractional shares to the lower cent. I understand that I may receive dividends in an amount less than my pro rata ownership would otherwise entitle me to receive, and in certain instances no dividend at all, subject to Your rounding methodology. I further understand that You may 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.

To the extent that You 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 received for the corresponding whole shares. I understand that You fulfill my fractional order for national exchange-listed securities (“NMS Securities”) entirely out ofYour inventory and without purchasing or selling shares in the market (“InventoryFulfillment”); you 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. You will endeavor to price such orders between the best bid and offer at the time of the order.

I understand that fractional shares within My Account (i) are unrecognized, unmarketable, and illiquid outside the Alpaca 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, You may report holdings and transactions in My Account in terms of either U.S. Dollars, shares, or both.

I agree that my fractional shareholdings shall be treated as a “financial asset” underArticle 8 of the Uniform Commercial Code.

Grifin Inc. is a registered investment adviser with the U.S. Securities and Exchange Commission (SEC). Registration does not imply a certain level of skill or training. Past performance is not indicative of future results.