This Customer Account Agreement sets forth the respective rights and obligations of the Clearing firm(“Velox”) and the customer(s) identified on the New Account Application (“I” or “me”) in connection with Velox Clearing.

​

1.I agree as follows with respect to the Account, which I have established with Velox for the purchase, sale or carrying of securities or contracts relating thereto and/or the borrowing of funds.

​

2.I am of legal age and no one except the signatories of the Account has any interest in the Account.

​

3.I agree that Velox are the rightful owner of all Securities and other property purchased, held, and sold by me through Velox. I have obtained and will provide Velox with all necessary authorizations from third parties to open my Account and effect transactions in Securities and other property under this agreement. I authorize Velox to purchase and sell Securities and other property for my Account in accordance with my oral, electronic, or written instructions. Velox shall not be liable for acting on any false or erroneous oral or written instructions if the instructions reasonably appeared to Velox to be genuine or accurate. Velox shall be under no duty or obligation whatsoever to verify, confirm, inquire into, or otherwise assure that any instructions or orders given to Velox by any authorized representative are my authorized acts. In the event of conflicting instructions, Velox reserves the right to take no action with respect to such instructions until the dispute is resolved to the satisfaction of Velox. I shall hold the Velox harmless from any losses arising from Velox’s reliance on and action taken based on instructions from any authorized representative. If Velox believes there is a dispute concerning the control or ownership of Securities and other property in my Account, Velox may, but is not obligated to, take one or more of following actions, without any liability, until such dispute is resolved to Velox’s satisfaction:

(a) All transactions shall be subject to the constitution, by-laws, rules, regulations, customs, usages, rulings and interpretations of the exchanges, markets and clearing organizations where executed and settled and to all rules and regulations of the Financial Industry Regulatory Authority, Inc.(“FINRA”), Chicago Board Options Exchange (“CBOE”), Securities and Exchange Commission (“SEC”), other markets and regulatory organizations, and all applicable federal or state statutes, rules and regulations (collectively, “Governing Regulations”). If any Governing Regulations change, those changes shall be binding upon Velox and me as if made a part of this agreement without any additional action on Velox’s or my part. If this agreement is incompatible with any current or future Governing Regulations, the affected provisions of this agreement shall be deemed modified or superseded, as the case may be, by the applicable provisions of such Governing Regulations, and all other provisions of this agreement and provisions so modified shall in all respects continue in full force and effect. Velox’s failure to comply with any such Governing Regulations shall not be a breach of this agreement or otherwise impose liability upon Velox nor relieve me of any obligations hereunder. If I am subject to any Governing Regulation, Velox shall have no duty to determine whether I am in compliance with any Governing Regulation. (b) When handling an order of 500 contracts or more on my behalf, Velox may solicit other parties to execute against my order and may thereafter execute my order using the International Securities Exchange’s, ISE Gemini Exchange’s, or ISE Mercury Exchange’s Solicited Order Mechanism. This functionality provides a single-price execution only, so that my entire order may receive a better price after being exposed to the Exchange’s participants but will not receive partial price improvement. For further details on the operation of this Mechanism, please refer to International Securities Exchange, ISE Gemini, and ISE Mercury Rules 716(e), all which are available at http://www.ise.com/options/regulatory-and-fees/rules-and-rule-changes.

​

6.USE OF CUSTOMER FREE-CREDIT BALANCES. All free-credit balance funds (i.e., cash balances in my Account) are payable to me upon demand (subject to any open commitments in my Account) and, although properly accounted for on Velox’s books and records, are not segregated and may be used in the operation of Velox ‘s business, pursuant to SEC Rule 15c3-2. In the event I do not wish to have a free-credit balance in my Account, I may request Velox to sweep such cash to a money market fund by contacting My Registered Representative.

​

7.I authorize Velox, from time to time, to contact any financial institution, credit agency and other references to verify my information, creditworthiness, and background, including financial information. Where Velox refuses to open an account for me, denies my credit or takes other adverse action based on my credit report, I may request in writing from Velox the name, address and telephone number of the credit agency which provided the information.

​

8.Reports of the execution of orders and statements of my account shall be conclusive if not objected to within five days and ten days, respectively, after transmittal to me by mail or otherwise.

​

9.At any time and from time to time Velox may, at Velox’s discretion, without notice to me, apply and/or transfer any securities, commodities, contracts relating thereto, or any other property or equity therein, interchangeably between any of my accounts, whether individual or joint, and from any of my accounts to any account guaranteed by me.

​

10.In consideration of Velox’s sending any mail to me in care of a Post Office Box Address or a third party, I hereby agree that “all correspondence of any nature whatsoever” sent to me in such address will have the same force and effect as if it had been delivered to me personally. I have listed my permanent address on the New Account Application.

​

11.To help the government fight the funding of terrorism and money laundering, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. In order to open an account, I will provide information that will allow Velox to identify me including, but not limited to, my name, address, date of birth, and my driver’s license or other identifying documents.

​

12.This agreement contains a pre-dispute arbitration clause. By signing an arbitration agreement, the parties agree as follows: a. All parties to this agreement are giving up the right to sue each other in court, including the right to a trial by jury, except as provided by the rules of the arbitration forum in which a claim is filed. b. Arbitration awards are generally final and binding; a party’s ability to have a court reverse or modify an arbitration award is very limited. c. The ability of the parties to obtain documents, witness statements and other discovery is generally more limited in arbitration than in court proceedings. d. The arbitrators do not have to explain the reason(s) for their award. e. The panel of arbitrators will typically include a minority of arbitrators who were or are affiliated with the securities industry. f. The rules of some arbitration forums may impose time limits for bringing a claim in arbitration. In some cases, a claim that is ineligible for arbitration may be brought in court. g. The rules of the arbitration forum in which the claim is filed, and any amendments thereto, shall be incorporated into this agreement. I agree that any and all controversies that may arise between or among me, Univest Securities, and/ or Velox, or any of their respective officers, directors, employees, agents, subsidiaries, or affiliates, including, but not limited to, those arising out of or relating to transactions contemplated hereby, the account established hereunder, any activity or claim related to the Account, or the construction, performance, or breach of this or any other agreement between or among us, whether entered into prior, on or subsequent to the date hereof, shall be determined by arbitration. Any arbitration under this agreement shall be conducted before the New York Stock Exchange LLC (“NYSE”) or NASD Dispute Resolution, Inc. b. (“NASD DR”), and in accordance with its rules then in force. I may elect in the first instance whether arbitration shall be conducted before the NYSE or NASD DR, but if I fail to make such election, by registered letter or telegram addressed to Velox at Velox’s main office, before the expiration of five days after receipt of a written request from Velox to make such election, then Velox may make such election. Judgment upon the award of arbitrators may be entered in any court, state or federal, having jurisdiction.

​

14.Investment Objective Definitions: Capital Preservation - a conservative investment strategy characterized by a desire to avoid risk of loss; Income- strategy focused on current income rather than capital appreciation; Growth - investing in stocks with strong earnings and/or revenue growth or potential; Speculation - taking larger risks, usually by frequent trading, with hope of higher than-average gain. All strategies involve various types and levels of risk, the most common of which are market, credit, inflation, business, and interest rate.

​

15.This agreement shall inure to the benefit of Velox and Velox’s successors and assigns, shall be binding on the undersigned, his heirs, executors, administrators and assigns and shall be governed by the laws of the State of New York, without reference to its choice of law doctrine. I may not assign my rights or delegate my obligations under this agreement, in whole or in part, without Velox’s prior written consent. I understand that if any term of this agreement is found to be invalid or unenforceable, all other provisions will remain in force. This agreement may be amended upon written notice from Velox. I agree that Velox’s failure to insist on strict compliance with this agreement is not considered a waiver of Velox’s rights under this agreement. At Velox’s discretion, Velox may terminate this agreement at any time on notice to me. I understand, however, that I will continue to be responsible for any obligation incurred by me prior to termination.

​

16.I understand Velox has the right to request a deposit or delivery of securities before executing a securities transaction. Velox has the right to refuse to execute securities transactions for me at any time and for any reason. I understand and agree that securities I purchase will be paid in full by the settlement date. I understand that Velox will have a general lien against my assets held by Velox for the discharge of my obligations to Velox. For any securities transactions not settled by the settlement date, Velox shall have the right, with or without demand or notice to me, to sell securities purchased by public or private sale or purchase those securities with or without advertisement. I grant Velox the right of set off. I agree to satisfy, upon demand, any indebtedness to Velox, including any interest, commission charges, and fees. I further agree to pay any loss, cost, and expense Velox may incur, including reasonable attorney's fees, (i) to collect any amount I owe Velox for failure to settle any securities transactions properly and for any other reason and (ii) to reimburse Velox if Velox become party to any action arising out of my securities transactions.

​

17. I understand that, because of circumstances beyond a broker-dealer’s control, its customers’ voting rights in securities they have recently purchased may be impaired or denied. For example, if the stock Velox’s customers have recently purchased has not yet been received from the seller(s), then the customers’ votes might be disregarded or discounted until Velox receive their shares.

​

18. Subject to Governing Regulations, I agree that Velox, may record any telephone conversation between Velox and myself. I agree that Velox may erase such recordings in accordance with Velox’s customary document retention policies.