SOFTWARE LICENCE AGREEMENT Version 2.1 IMPORTANT — READ BEFORE USE. This is a legal agreement between you ("Licensee") and Apexstoa, a sole trader ("Licensor"), covering the software, data and documents supplied as one or more Licensed Products (together, the "Software"). By installing, copying or using any part of the Software you accept this Agreement. If you do not accept it, do not use the Software. WHICH PRODUCTS THIS LICENCE COVERS. The Licensed Products available under this Agreement, and the disclosures specific to each, are set out in the SCHEDULE at the end of this document. CARRY is licensed under its own agreement, not this one: Schedule A APEX — a systematic trading bot for ADAUSDT perpetual futures Schedule B CARRY — licensed under its own agreement; see Schedule B The Licensed Product or Products granted to a particular Licensee are those identified in the delivery confirmation for their order and in the scope of the licence key issued with it. Nothing in this Agreement grants a licence to a Licensed Product that was not paid for. Where the Licensee holds a licence to more than one Licensed Product, this Agreement applies separately to each, and the Schedule for each applies to that product alone. WHAT THIS IS. The Software is the output of a private quantitative research programme, supplied as research software together with the research record behind it. It is not a financial product, not an investment scheme, not a managed service, and not a promise that any strategy works. It is a tool, or a documented method with the tools to check it, supplied so that the Licensee can inspect it, reproduce its figures, and decide for themselves whether to use it. THE SOFTWARE IS USED TO TRADE LEVERAGED DERIVATIVES AND CAN LOSE MONEY, INCLUDING MORE THAN YOU DEPOSIT. LOSSES ARE A NORMAL AND EXPECTED OUTCOME OF USING IT. SECTIONS 7, 8, 9 AND 10 PLACE THE ENTIRE RISK OF TRADING ON YOU AND LIMIT THE LICENSOR'S LIABILITY. READ THEM BEFORE YOU USE THE SOFTWARE, AND READ THE SCHEDULE FOR EACH PRODUCT YOU HOLD. 1. DEFINITIONS 1.1 "Licensed Product" means a product described in the SCHEDULE to this Agreement. 1.2 "Software" means, in relation to each Licensed Product licensed to the Licensee, the software, configuration, documentation, test suite, tools, harnesses and research write-ups supplied with that Licensed Product as described in its Schedule, together with any Updates. Market data is not supplied, apart from a small test fixture; see 5.1. Where the Licensee holds one Licensed Product, references to the Software are references to that product only. 1.3 "Source" means the human-readable source code supplied with the Software. 1.4 "Updates" means corrections, revisions or new versions of the Software that the Licensor makes generally available to licensees of the same Licensed Product at no additional charge. 1.5 "Licence Key" means the key issued to the Licensee on delivery. It identifies the order and the Licensed Product or Products it was issued for. It is not a technical restriction and does not enforce anything; its scope is a statement of what was licensed, not a mechanism that prevents anything else. 2. GRANT OF LICENCE 2.1 Subject to this Agreement and to payment in full, the Licensor grants the Licensee a perpetual, worldwide, non-exclusive, non-transferable, non-sublicensable licence to: (a) install and run the Software for the Licensee's own account and own benefit; (b) read, study and modify the Source for that purpose; and (c) make backup and archival copies. 2.2 This is a licence, not a sale of the Software. The Licensor retains all ownership and intellectual property rights in the Software. 2.3 One licence covers one natural person or one legal entity. Where the Licensee is an entity, use is limited to that entity's own trading accounts. 2.4 The grant in 2.1 extends only to the Licensed Product or Products the Licensee has paid for. A licence to one Licensed Product confers no right of any kind in any other, and a bundle purchase confers a licence to each Licensed Product named in it and to no other. 3. RESTRICTIONS The Licensee shall not: 3.1 distribute, publish, resell, lease, lend, sublicense or otherwise make the Software or the Source available to any third party, in whole or in part, whether modified or not; 3.2 operate the Software as a service, or use it to manage assets belonging to any third party, or to generate signals supplied to any third party, without the Licensor's prior written agreement; 3.3 remove or alter any notice of ownership, authorship or licensing; or 3.4 use the Software in any manner prohibited by applicable law or by the rules of any exchange or venue the Licensee connects it to. WHY 3.1 IS IN THE LICENSEE'S OWN INTEREST 3.5 The restriction in 3.1 is not only a protection of the Licensor's property. The Software's edge is capacity-constrained, and wider distribution degrades it for every holder, including whoever distributed it. This applies with most force to a Licensed Product whose entries rest as passive limit orders at a price level derived from a published rule, as APEX does: it trades one instrument in one direction, and every participant running the same rule competes for the same limited liquidity, at the same level, at the same moment. Two measured consequences follow. A larger population lowers the proportion of signals filled at all. And those that do fill are increasingly the ones filled because price continued through the level — which is adverse selection, a cost the accompanying research measures and subtracts rather than assumes away. The effect is weaker, but not absent, for a Licensed Product that harvests a funding or basis spread rather than competing for a queue position, as CARRY does. There the return is a yield paid by the wider market, and additional participants on the same side of it compress that yield gradually rather than displacing one another at a price level. Neither effect is a matter of opinion about crowding. Both are measured quantities in the research supplied with the Software, and both move against the holder as the number of participants rises. A Licensee who redistributes the Software therefore reduces the value of their own copy, permanently and irreversibly, and gains nothing that this Agreement would have withheld from them. The Licensor states this plainly because a restriction the Licensee understands is worth more than one they merely accept. It does not limit, qualify or replace 3.1, and nothing in it is a representation that any particular level of return, fill rate or capacity will be available to the Licensee whether or not the Software is redistributed. 4. SOURCE CODE, AND WHAT IT IS NOT 4.1 The Source is supplied so that the Licensee can inspect, verify and adapt what they run. Its supply does not make the Software open-source software and grants no rights beyond Section 2. 4.2 Modifications made by the Licensee are the Licensee's responsibility. The Licensor has no obligation to support, and gives no assurance whatsoever about, modified Software. 5. MARKET DATA AND THIRD-PARTY MATERIAL 5.1 Historical market data is not supplied, with one exception: the test suite includes a fixture of 21,365 three-minute ADAUSDT bars (2026-07-01 to 2026-08-14) used only by two replay tests. The Software includes a tool that downloads the market data from the exchange's public archive and checks it against pinned digests, so that the Licensee may reproduce the published figures. That data is obtained by the Licensee from its publisher and is subject to the publisher's terms, not to this Agreement. Third-party academic material referred to in the documentation is not supplied and is not licensed under this Agreement. 5.2 The data originates with third parties. The Licensee is responsible for ensuring that their own use of it complies with the terms of the originating venue. 5.3 The Software requires third-party open-source libraries which are not supplied with it and which are governed by their own licences. 6. UPDATES AND AVAILABILITY 6.1 Updates issued during the Software's commercial availability are provided at no further charge. Nothing obliges the Licensor to produce any Update. 6.2 The Licensor may withdraw the Software from sale at any time. Withdrawal does not affect a licence already granted, and does not revoke access to what the Licensee has already received. 7. NO ADVICE, AND ASSUMPTION OF TRADING RISK 7.1 The Software is a tool. It is not investment advice, financial advice, a recommendation to trade, or a solicitation, and the Licensor is not the Licensee's broker, adviser, fiduciary or agent. 7.2 All trading decisions, configuration values, risk settings, venue selection and API credentials are the Licensee's own. The Licensee retains custody of all funds at all times; the Licensor never takes custody, never trades on the Licensee's behalf, and takes no share of profits. 7.3 ALL PERFORMANCE FIGURES SUPPLIED WITH OR ADVERTISED FOR THE SOFTWARE ARE DERIVED FROM HISTORICAL SIMULATION, NOT LIVE TRADING. No Licensed Product has a live-capital track record. Simulated results carry known biases and do not indicate future results. The specific documented figures the Licensee acknowledges having been shown are set out in the Schedule for each Licensed Product they hold. 7.4 The Licensee is responsible for determining whether use of the Software is lawful in their jurisdiction and for all tax and regulatory consequences of their trading. 7.5 TEST IT SMALL FIRST. The Licensee shall run the Software on a test or minimally funded account until satisfied that it behaves as they expect on their own venue, with their own credentials and their own settings, before committing capital they are unwilling to lose. The Software places real orders on a real account from the moment it is armed, and no amount of historical simulation establishes how a particular venue, fee tier or configuration will behave in the Licensee's hands. 7.6 RESEARCH SOFTWARE, SUPPLIED AS-IS. The Software is supplied as the output of a research programme and not as a finished commercial financial service. Parts of the method it implements remain expressly unverified, and the accompanying documentation identifies which parts and why. The Licensee acknowledges having had the opportunity to read that documentation, and the whole of the Source, before use. 7.7 ALL TRADING OUTCOMES ARE THE LICENSEE'S OWN. The Licensee alone decides whether to trade, on what venue, with what capital, at what risk setting, and for how long. The Licensee alone bears every resulting gain and every resulting loss. The Licensor is not responsible for, and accepts no liability for, any loss of capital, margin, or opportunity arising from use of the Software, whether the loss follows from market movement, from the strategy performing differently than in simulation, from exchange behaviour, from the Licensee's configuration, or from a defect in the Software itself. 7.8 NO RELIANCE. The Licensee confirms that they are not relying on any statement, figure, projection or opinion of the Licensor in deciding to trade, other than as expressly set out in this Agreement, and that they have formed their own view of the method on the evidence supplied. Nothing in this clause limits liability for fraud or fraudulent misrepresentation. 8. NO WARRANTY 8.1 THE SOFTWARE IS PROVIDED "AS IS" AND "AS AVAILABLE", WITHOUT WARRANTY OF ANY KIND, EXPRESS OR IMPLIED, INCLUDING WITHOUT LIMITATION ANY IMPLIED WARRANTY OF MERCHANTABILITY, SATISFACTORY QUALITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT, OR ARISING FROM COURSE OF DEALING OR USAGE OF TRADE. 8.2 The Licensor does not warrant that the Software will be uninterrupted or error-free, that it will be profitable, that it will operate correctly against any exchange, or that any exchange will behave as documented. 8.3 The Software depends on third-party exchanges, networks and data feeds outside the Licensor's control. Interruption, error, outage or change in any of them is not a defect in the Software. 9. LIMITATION OF LIABILITY 9.1 TO THE MAXIMUM EXTENT PERMITTED BY LAW, THE LICENSOR SHALL NOT BE LIABLE FOR ANY TRADING LOSSES, LOST PROFITS, LOST OPPORTUNITY, LOSS OF DATA, BUSINESS INTERRUPTION, OR ANY INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL OR PUNITIVE DAMAGES, ARISING OUT OF OR RELATED TO THE SOFTWARE, HOWEVER CAUSED AND ON ANY THEORY OF LIABILITY, EVEN IF ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. 9.2 TO THE MAXIMUM EXTENT PERMITTED BY LAW, THE LICENSOR'S TOTAL AGGREGATE LIABILITY ARISING OUT OF OR RELATED TO THIS AGREEMENT SHALL NOT EXCEED THE AMOUNT ACTUALLY PAID BY THE LICENSEE FOR THE SOFTWARE. 9.3 Nothing in this Agreement excludes or limits liability for fraud, fraudulent misrepresentation, death or personal injury caused by negligence, or any other liability that cannot lawfully be excluded or limited. 9.4 The allocation of risk in Sections 7, 8 and 9 is a fundamental basis of the bargain and is reflected in the price. The Licensee acknowledges that they would not have been granted the licence at this price without it. 10. PAYMENT AND REFUNDS 10.1 The licence fee is payable in full before delivery. Where the Licensee purchases a bundle of Licensed Products, the fee is a single fee for the bundle and is not apportioned between the products in it. 10.2 The Software and its complete Source and research record are delivered in full on purchase and cannot be returned. Subject to 10.3, 10.6 and 10.7, and except as set out in 10.4 and 10.8, all sales are final. 10.3 Where mandatory consumer law grants the Licensee a right of withdrawal from a contract for digital content, that right applies according to its terms, and nothing in this Agreement purports to remove it. 10.4 SUPPORT FIRST, AND A REMEDY WHERE THE FAULT IS THE LICENSOR'S. If the Software does not work as documented, the Licensee should contact apexstoa@proton.me. The Licensor will attempt to resolve the problem, which may include issuing an update. Where a defect in the Software cannot be resolved by any update or assistance the Licensor can provide, the Licensor may at its discretion refund the fee paid, in whole or in part. That discretion is exercised in good faith and is not a guarantee. 10.5 WHAT 10.4 DOES NOT COVER. A refund is not available where the Software performs as documented and the difficulty lies in the Licensee's own configuration, credentials, venue selection, hardware or operating environment; nor for trading losses, which Section 7 places entirely on the Licensee; nor because the Licensee changed their mind about the strategy, its figures or its risk. Assistance with setup is offered as a courtesy and its availability is not a term of this Agreement. 10.6 EXPRESS REQUEST FOR IMMEDIATE SUPPLY. Before payment, the Licensee is asked to request expressly that supply of the Software and the research record begin immediately, before any withdrawal period has expired, and to acknowledge that the right of withdrawal is lost once supply begins. That request and acknowledgement are recorded against the order and repeated to the Licensee in the order confirmation. Where the Licensee has not given them, the right of withdrawal in 10.3 is unaffected and supply does not begin until it has expired or the Licensee gives them. 10.7 CANCELLING BEFORE SUPPLY BEGINS. Until supply begins the Licensee may withdraw by any clear statement to the address in 12.6; a model form is published with the pre-sale agreement and its use is optional. The Licensor shall reimburse all payments received without undue delay and no later than 14 days after being informed, by the same means of payment. 10.8 REPRODUCTION GUARANTEE (APEX). If a figure in Part A.3 of the Schedule, or a published APEX claim that `python3 -m apex.cli verify` checks, does not reproduce on the Licensee's own machine when the supplied tools are run as documented against the data `tools/fetch_data.py` retrieves and verifies, the Licensor will refund the fee in full on request. The request should include that command's output. This remedy is not discretionary. 11. TERM AND TERMINATION 11.1 This Agreement takes effect on delivery and continues perpetually unless terminated. 11.2 The Licensor may terminate this Agreement on written notice if the Licensee materially breaches Section 3 and does not remedy the breach within 30 days of notice. 11.3 On termination the Licensee shall cease all use of the Software and destroy all copies. Sections 1, 4.2, 5, 7, 8, 9, 10 and 12 survive termination. 12. GENERAL 12.1 Governing law. This Agreement is governed by the laws of Armenia, and the courts of Yerevan, Armenia have exclusive jurisdiction, without regard to conflict-of-laws rules. Mandatory consumer-protection rights of the Licensee's country of residence are unaffected. 12.2 Entire agreement. This Agreement, together with the product listing in force at the time of purchase, is the entire agreement between the parties on this subject and supersedes all prior representations, except that nothing excludes liability for fraudulent misrepresentation. 12.3 Severability. If any provision is held unenforceable, it shall be modified to the minimum extent necessary to make it enforceable, or severed, and the remainder continues in force. 12.4 No waiver. A failure to enforce any provision is not a waiver of it. 12.5 Assignment. The Licensee may not assign or transfer this Agreement. The Licensor may assign it in connection with a transfer of the business. 12.6 Notices. Notices to the Licensor shall be given by email to apexstoa@proton.me, which is the Licensor's address for service under this Agreement, and are deemed received on the next business day after sending. The Licensor may change that address by notice on the product listing or by email to the Licensee. Notices to the Licensee are given to the email address supplied on purchase, which the Licensee is responsible for keeping current. Copyright (c) 2026 Apexstoa. All rights reserved. ================================================================================ SCHEDULE — THE LICENSED PRODUCTS ================================================================================ This Schedule forms part of the Agreement. Each part below applies only to a Licensee who holds a licence to the Licensed Product it describes. The figures in it are the documented figures referred to in clause 7.3; each is reproducible by the Licensee on their own machine with the command stated, from the data the supplied tools download and verify. SCHEDULE A — APEX A.1 What it is. A systematic trading bot for ADAUSDT perpetual futures. It is short-only, trades a fixed rule with no discretion, and runs on the Licensee's own exchange account under the Licensee's own API credentials. It places orders. A.2 What is supplied. The trading engine and its configuration; the documentation set and the generated manual; the test suite; the venue probes; the backtest harness; and the research write-ups. NOT supplied, and named here because this clause claimed otherwise until 2026-09-11: the ADA 1-minute price panel and the ADA funding record are NOT included. Binance's historical data is Binance's to license, so `tools/fetch_data.py` downloads it from their public archive and refuses to write anything whose digest does not match the one pinned in the engine. The build tools are likewise not included; they are the Licensor's own and produce nothing the Licensee needs. A.3 Documented figures, all from historical simulation: (a) maximum historical drawdown of approximately 71.9% at 0.5% risk with no limit on concurrent positions, and approximately 42.0% at the settings supplied (0.25% risk, at most 8 concurrent positions); (b) a longest losing run of 80 consecutive trades; (c) a win rate of approximately 21%, being a method designed to lose on most trades; (d) 6,576 simulated fills over approximately 6.3 years. Reproduce with: python3 -m apex.cli verify A.4 Product-specific acknowledgements. The Licensee acknowledges that APEX has no live trading track record; that each drawdown in A.3(a) is the worst peak-to-trough loss in the record at the setting stated beside it; that the Licensee installs and runs the software themselves on their own account and retains custody throughout; and that the central fill assumption of the method is identified as unverified in the supplied documentation. SCHEDULE B — CARRY B.1 Not licensed under this Agreement. CARRY is supplied under its own agreement, SOFTWARE LICENCE AGREEMENT — CARRY, Version 2.1 or later, which is delivered at the top of the CARRY package and published at https://apexstoa.com/carry-licence.txt. Where a Licensee holds both APEX and CARRY, this Agreement governs APEX and that agreement alone governs CARRY, including its documented figures and its reproduction guarantee.