HEDGEHOG

Services Agreement

Services Agreement

DEFINITIONS
When the following capitalized terms are used above or below in this Program Agreement, the Administration Agreement, or the Adviser Agreement, the following definitions apply:
  • Administration Agreement” means the Program Administration agreement between the Administrator and you, which is attached as Attachment A to this Program Agreement.
  • Administration Charge” means the portion of the Management Fee payable to the Administrator for the Administration Services.
  • Administration Services” means the services the Administrator provides you under the Administration Agreement.
  • Adviser Agreement” means the Investment Adviser Agreement between Hedgehog Advisers and you which is attached as Attachment B to this Program Agreement
  • Agreements” refers collectively to this Program Agreement and each and all of the Product Agreements that apply to the products you have chosen, including but not limited to the Investment Administration Agreement, the Brokerage and Custody Customer Agreement, and the Hedgehog Transaction Account Agreement.
  • API Keys” means any string of characters, or collection of such strings, provided by you to Hedgehog for the purpose of identifying electronic requests, made through the Application to the Custodian or Administrator, as requests originated by you.
  • Application” means the software and technology that Hedgehog provides to let you access the Portfolio Application and information about your Hedgehog Trading Account using an internet-connected device that is compatible with the Application.
  • Assets” means the securities that you buy and sell through the Application, the Custodian, and the Clearing Broker and that the Custodian holds in your Hedgehog Trading Account on your behalf.
  • Brochure” means brochure for the Program that an Advisor files with the SEC on Form ADV Part 2A.
  • Business Day” means a day when both: (i) the New York Stock Exchange or NASDAQ opens for trading during all or part of that day; and (ii) federally chartered banks in the United States are generally open for business during all or part of that day.
  • Calculated Stack” means the Stack Hedgehog administers for your Portfolio Account(s) based on certain Client Information you supply to Hedgehog.
  • Cash” means the money credited to your Portfolio Account. Cash includes money you send to the Custodian from your Funding Source to buy Assets and money you receive from sales of currencies, airdrops, dividends, or interest paid by the Exchange of Origin.
  • Clearing Agreement” means the Omnibus Clearing Agreement between the Custodian and the Clearing Broker.
  • Clearing Broker” means a broker, if any, that the Custodian engages to provide execution, clearance, or settlement services for Currency Transactions or to hold Assets in the Custodian’s name. If the Custodian engages more than one Clearing Broker, Clearing Broker means the broker that provides the applicable services referenced in the context in which the term is used.
  • Client” Information means all information about you, including information about your identity, email address, physical address, location, nationality, citizenship, tax residency, financial situation, investment objectives, Linked Account(s), Funding Source(s), and similar information that you supply the Administrator through the Application or otherwise through the Hedgehog Website or that you supply the Custodian through the Custodian Website.
  • Combined Monthly Balance” means your combined average Portfolio Account Value for each of your Portfolio Accounts at the end of each Business Day for the 30 calendar days that immediately precede your statement date.
  • Covered Custodial Services” means the following services provided by the Custodian pursuant to the Custodial Agreement: (i) the routing of Orders to the Clearing Broker; (ii) the execution, clearance, and settlement of Purchases and Sales by the Clearing Broker pursuant to the Clearing Agreement; (iii) omnibus custody of Assets held by the Clearing Broker in the Custodian’s name pursuant to the Clearing Agreement; and (iv) the carrying and maintenance of your Hedgehog Managed Account or Hedgehog Trading Account by the Custodian, which includes accounting, recordkeeping, and reporting for activity in your Hedgehog Managed Account or Hedgehog Trading Account. Covered Brokerage Services does not include preparation or delivery of paper statements or confirmations, if any, that you request.
  • Currency” means any of the tradable tokens, assets, or properties included by Hedgehog in any area of the Application.
  • Custodian” means any bank, broker, exchange, or trust for which you have provided API Keys to Hedgehog, or at which Hedgehog maintains accounts on your behalf, including but not limited to Gemini Trust Company, LLC, for the purpose of retrieving and recording transactions, issuing transaction requests, placing orders through the Application, or any other activity made possible through the Application.
  • Custodian Website” means the website operated by the Custodian, and any subdomains or subdirectories, which hosts the API Keys provided by the user or stored by Hedgehog.
  • Custody Agreement” means the Custody Customer Agreement between the Custodian and you, which is available at the Custodian Website.
  • “Direct Debit” means a transfer of funds using the Automated Clearing House (“ACH”), a network for, among other things, direct payment by electronic funds transfer; the Rapid Transfer Protocol (“RTP”), a network for, among other things, immediate payment by electronic funds transfer; or a blockchain network, a distributed network sharing a ledger of transactions for, among other things, the purpose of recording assets and liabilities, and facilitating direct payment through cryptographically signed requests; or any other vendor achieving substantially similar results.
  • FDIC” means the Federal Deposit Insurance Corporation. Deposits at FDIC insured institutions are insured up to at least $250,000 per depositor, per ownership category. Where applicable, FDIC insurance applies only to accounts held in the United States and its territories and possessions, at institutions that hold a federal charter. For details, please refer to the brochure published by the FDIC or visit the FDIC website at www.fdic.gov. Unless explicitly stated herein or by the relevant Hedgehog financial institution partner, no assets including any Cash received by Hedgehog or its partners is subject to FDIC insurance. 
  • Fee Date” means the Business Day each month when the applicable Management Fee for that calendar month will be withdrawn from your Funding Source. The Fee Date will initially be the the date one Trial Period after your first Hedgehog account was verified (“Verified Date”), followed by the first business day of each subsequent month. If the date one Trial Period after your Verified Date falls on a day that is not a Business Day in a given month, your Fee Date for that month will be the Business Day immediately prior to the date one Trial Period after your Verified Date. If your Fee Date would fall on a day in the prior month - due to weekends or holidays - your Fee Date will be the first Business Day in the calendar month.
  • Funding Source” means an account that you use to send money to and receive money from your Portfolio Accounts. It is a checking account, credit account, or blockchain address that will be a source of Funds Transfers and destination of Withdrawals in the Program. Your primary Funding Source is the primary transaction account from which payment will be debited to pay your Management Fee. At no point may you have more than one external account as the primary Funding Source.
  • Funds Transfer” means, with respect to your Hedgehog Managed Account or Hedgehog Trading Account, a transfer of money from your Funding Source to the Custodian and the crediting to your Portfolio Account by the Custodian of the money the Custodian receives.
  • Funds Transfer at Will” means, with respect to your Hedgehog Managed Account or Hedgehog Trading Account, a Funds Transfer that you initiate directly through the Application rather than by generating a transaction with your Linked Account(s).
  • Hedgehog” means any, or all, of Hedgehog Advisers, LLC, its parent company, and their subsidiaries.
  • Hedgehog Managed Account” means a non-retirement advisory account that the Adviser establishes and manages for you to hold your Assets and Cash and record your transactions. In the application, Hedgehog may refer to your Hedgehog Managed Account as “Hedgehog Wallet”, simply “Portfolio” or “Hedgehog” or “Wallet”.
  • Hedgehog Trading Account” means a non-retirement custodial account that the Custodian establishes and carries for you to hold your Assets and Cash and record your transactions. In the Application, Hedgehog may refer to your Hedgehog Trading Account as “Exchange Wallet”, simply “Trading” or the Custodian’s name  or “Wallet”.
  • Hedgehog Wallet” means a non-retirement custodial account that the Custodian establishes and carries for you to hold your Assets and Cash and record your transactions. In the Application, Hedgehog may refer to your Hedgehog Wallet as “Hedgehog Managed Account”, “Hedgehog Trading Account”, “Exchange Wallet”, “Hedgehog Wallet”, simply “Trading” or the Custodian’s name  or “Wallet”.
  • Hedgehog Website” means hedgehog.app, and any subdomains or subdirectories, which Hedgehog operates.
  • Indemnified Persons” means Hedgehog, the company board, administrators, ledger providers, and each of their respective affiliates, officers, directors, employees, representatives, successors, and assigns. 
  • Insurer” means the provider supplying insurance for Hedgehog and its affiliates for any purpose.
  • Ledger Provider” means the bank, transaction processor, or blockchain network, miners, foundation, and developers collectively that distribute and run the software which records and processes transactions of Cash on your behalf.
  • Linked Account(s)” means the account(s) you use and connect to Hedgehog.
  • Management Fee” means the fee fully described in Section 7.
  • Monthly Trading Balance” means the average daily balance of a Hedgehog Managed Account or Hedgehog Trading Account  for the applicable month.
  • Order” means an order that you place to buy or sell Assets on the Application through the Custodian and includes an order to buy or sell Assets for a Purchase or Sale in your Portfolio Account.
  • Portfolio Account” means a Hedgehog Trading Account if you have a Hedgehog Trading Account or a Hedgehog Managed Account if you have a Hedgehog Managed Account.
  • Portfolio Account Value” means the aggregate market value at any point of the assets in any one of your Portfolio Accounts.
  • Portfolio Management Application” means the computer software-based online application developed by Hedgehog to analyze certain Client Information provided by you and administers a Calculated Stack for you or recommends a Suggested Stack for you. The Portfolio Management Application is a feature and part of the functionality of the Application.
  • Privacy Policy” means collectively (i) the Privacy Policy of Hedgehog, the Administrator, the Custodian, and their affiliates, which is available from time to time on the Hedgehog Website and the Custodian Website, and (ii) the Privacy Policy available through the Application.
  • Program” means the subscription and any wrap (advisory) fee program provided for in this Program Agreement and the Product Agreements.
  • Program Agreement” means this Hedgehog Program Client Agreement between Hedgehog, the Administrator, the Custodian, and you.
  • Program Charge” means the fee for the overall account services; including but not limited to trading, portfolio administration, and others which are offered as part of the Management Fee; and excluding educational content, wallet management, and access to the Hedgehog financial system, which are offered regardless of the Management Fee.
  • Purchase” means a purchase of Assets into your Portfolio Account.
  • Rebalancing” means a combination of Purchases and/or Sales ordered by Hedgehog on your behalf and selected by you, in your sole discretion, to keep the proportions of Assets in your Portfolio Account within specified ranges of the corresponding proportions of Assets in your Selected Stack.
  • Reinvestment” means a combination of Purchases by Hedgehog on your behalf using Cash from sales of Assets, airdrops, dividends, or interest paid by the Exchange of Origin.
  • Restriction” means an Asset that you choose, subject to the terms and conditions of the Administration Agreement, not to buy or hold in your Portfolio Account.
  • Retention Period” means the amount of time you are required under the terms of the promotion through which you received such Reward Assets (as defined below) into your Hedgehog Managed Account or Hedgehog Trading Account to retain any Reward Assets unless you make a Funds Transfer of an amount greater than or equal to the current value of such Reward Assets.
  • Reward Assets” means Assets that are transferred to your our Hedgehog Managed Account or Hedgehog Trading Account by Hedgehog, the Administrator, or the Custodian, or the parent or any affiliate of the Custodian, as part of a promotional program. 
  • Sale” means a sale of Assets from your Portfolio Account.
  • SEC” means the U.S. Securities and Exchange Commission.
  • Selected Stack” means a Stack that you select (taking into account any Restrictions you impose subject to the terms and conditions of the Administration Agreement or the Adviser Agreement) to approximate in your Portfolio Account.
  • Stacks” means the example stacks that Hedgehog has developed for its clients to emulate or alter in Portfolio Accounts through the Program.
  • Suggested Stack” means the Stack the Adviser recommends for your Portfolio Account(s) based on certain Client Information you supply to Hedgehog.
  • Tax Form” means a statement that the Custodian and Adviser are required to provide you in a form specified by the Internal Revenue Service for tax reporting purposes. Examples include statements on Form 1099-DIV, Form 1099-B, and Form 1099-MISC.
  • Terms of Use” means any written terms or conditions that Hedgehog, the Custodian, or the parent company of Hedgehog requires you to abide by when using the Application, the Portfolio Management Application, and the Websites. The Terms of Use include but are not limited to the terms and conditions of the Program Agreement, the Administration Agreement, the Adviser Agreement, the Custody Agreement, the Hedgehog Transaction Account Agreement, and the Hedgehog Website Terms and Use as well as any written terms or conditions that Hedgehog, the Custodian, or the parent company of Hedgehog requires you to agree to before loading the Application or before accessing either of the Websites.
  • Trading Agreements” refers collectively to the following Agreements, to the extent they cover Hedgehog Accounts: this Program Agreement, the Administration Agreement, the Adviser Agreement, the Custody Agreement, and the Hedgehog Transaction Account Agreement.
  • Trading Expenses” mean any expenses that may be incurred by Hedgehog, the Administrator, the Clearing Broker, the Custodian, Ledger Provider, or any of their affiliates as a result of effecting a trade on your behalf.
  • Transaction Operator” means a bank, blockchain network, or other vendor that Hedgehog engages from time to time for you to use when you request a Direct Debit to transfer money from your Funding Source to the Custodian and to transfer money from the Custodian to your Funding Source.
  • Trial Period” means a number of days after the Verified Date for which you may use any of the Products provided by Hedgehog at no charge. The Trial Period length will be disclosed at the time you purchase any Product from Hedgehog.
  • Withdrawal” means a transfer to your Funding Source of Cash disbursed from your Portfolio Account pursuant to a Withdrawal Request.
  • Withdrawal Request” means a communication you send Hedgehog through the Hedgehog Website or mobile Application requesting that Hedgehog forward Orders for Sales and instruct the Custodian to disburse the proceeds of the Sales to fund a Withdrawal in the requested amount.
HEDGEHOG PROGRAM AGREEMENT
Effective: 01.01.2023
IMPORTANT NOTICES
If you want to participate in the Hedgehog Program (as defined below) or engage Hedgehog Advisers to provide investment advisory services, and you have carefully reviewed this Program Agreement, including THE PRE-DISPUTE ARBITRATION CLAUSE IN SECTION 11.3 AND THE PREAUTHORIZED RECURRING MONTHLY DEBIT IN SECTION A5.3.1 OF ATTACHMENT A, and the agreements attached to this Program Agreement that apply to the type(s) of Hedgehog account(s) and/or product(s) you have chosen (collectively, the “Product Agreements”), then click the button to indicate “I Agree.” 
BY REGISTERING AN ACCOUNT WITH HEDGEHOG (“Account”), OR BY ACCESSING OR USING ANY HEDGEHOG PROGRAM SERVICES, YOU AGREE TO BE LEGALLY BOUND TO THE TERMS AND CONDITIONS CONTAINED IN THIS USER AGREEMENT IN THEIR ENTIRETY, INCLUDING ALL TERMS INCORPORATED BY REFERENCE. BY USING HEDGEHOG AFTER INDICATING THAT YOU AGREE TO THIS PROGRAM AGREEMENT, YOU WILL BE LEGALLY BOUND BY THE TERMS AND CONDITIONS OF THIS PROGRAM AGREEMENT. 
You will also be subject to the following applicable agreement depending on the Hedgehog features you use as part of the Hedgehog Program as further described in Section 1.4 (below):
  • Hedgehog Trading Account. If you have chosen a Hedgehog Trading Account you are also bound by the terms and conditions of the Trading Administration Agreement with the Administrator (the “Administration Agreement,” attached to this Program Agreement as Attachment A) and the terms and conditions of the Agreement with your chosen Custodian, here incorporated by reference (“The Custody Agreements”);
  • Hedgehog Managed Account. If you have chosen a Hedgehog Managed Account you also are bound by the terms and conditions of the Investment Adviser Agreement with the Adviser (the “Adviser Agreement,” attached to this Program Agreement as Attachment B);  and the terms and conditions of the Agreement with your chosen Custodian, here incorporated by reference (“The Custody Agreements”).
FURTHER BY CLICKING THAT YOU AGREE TO THIS PROGRAM AGREEMENT, YOU ACKNOWLEDGE THAT YOU HAVE HAD A REASONABLE OPPORTUNITY TO REVIEW AND HAVE REVIEWED FULLY TO YOUR SATISFACTION:
  • all disclosures Hedgehog or any of its affiliates or agents has made available to you through the Websites or the Application, including disclosures about debits to be withdrawn from the account that is your Funding Source (as defined below) on the Fee Date (as defined below) of each month in the amounts specified in the disclosures; and
  • the Brochure (as defined below).
YOU MUST READ AND CONSIDER THE PROGRAM AGREEMENT AND THE APPLICABLE PRODUCT AGREEMENTS LISTED ABOVE CAREFULLY AND CONTACT HEDGEHOG TO ASK ANY QUESTIONS YOU MAY HAVE BEFORE ENTERING INTO ANY OF THEM. CLICKING THAT YOU AGREE HAS THE SAME LEGAL EFFECT AS SIGNING A PAPER VERSION OF THE PROGRAM AGREEMENT AND EACH OF THE PRODUCT AGREEMENTS.
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HEDGEHOG PROGRAM TERMS AND CONDITIONS
  1. ELIGIBILITY
    1. General Requirements. To register for an Account or access or use the Hedgehog Program services you must:
      • be an individual at least 18 years of age;
      • must be a resident of the United States;
      • have a social security number (“SSN”); and
      • have the legal capacity to enter into the applicable Product Agreement. 
    2. Restricted States. You may not register an Account or use the Hedgehog Program services if you are a resident of any state in which Hedgehog is not authorized to provide Hedgehog Program services (“Restricted States”). A current list of Restricted States, which is incorporated by reference, is available at type: embedded-entry-inline id: 4uXrIKYAKfLewEh6XFXPuP and is subject to change at any time. YOU HEREBY REPRESENT AND WARRANT THAT YOU ARE NOT A RESIDENT OF ANY RESTRICTED STATE AND THAT YOU WILL NOT REGISTER AN ACCOUNT OR USE HEDGEHOG PROGRAM SERVICES EVEN IF OUR METHODS TO PREVENT YOU FROM REGISTERING AN ACCOUNT OR USING HEDGEHOG PROGRAM SERVICES ARE NOT EFFECTIVE OR CAN BE BYPASSED. 
    3. Restricted Foreign Jurisdictions. You may not register an Account or access or use Hedgehog Program services if you are located in, under the control of, or a citizen or resident of any state, country, territory or other jurisdiction to which the United States has embargoed goods or services, or where your use of Hedgehog Program services would be illegal or otherwise violate any applicable law of such jurisdiction or of the United States (“Restricted Jurisdiction”). We may implement controls to restrict access to Hedgehog Program services from any Restricted Jurisdiction. YOU HEREBY REPRESENT AND WARRANT THAT YOU ARE NOT UNDER THE CONTROL OF, OR A CITIZEN OR RESIDENT OF ANY RESTRICTED JURISDICTION AND THAT YOU WILL NOT ACCESS OR USE ANY SERVICES WHILE LOCATED IN ANY RESTRICTED JURISDICTION, EVEN IF OUR METHODS TO PREVENT ACCESS TO AND USE OF HEDGEHOG PROGRAM SERVICES FROM THESE JURISDICTIONS ARE NOT EFFECTIVE OR CAN BE BYPASSED. 
    4. Restricted Persons. You hereby represent and warrant that you have not been identified as a Specially Designated National or placed on any sanctions list by the U.S. Treasury Department’s Office of Foreign Assets Control, the U.S. Commerce Department, or the U.S. Department of State; and you will not use our Services to conduct any illegal or illicit activity. 
  2. ACCOUNT REGISTRATION 
    1. Account Information. During the Account registration process you must provide us with information and documentation that we request for the purpose of establishing and verifying your identity (“Personal Information”). In addition, as a condition to accessing and using Hedgehog Program services, you must authorize Hedgehog to share your Personal Information with us. Personal Information may include your name, email address, residential address, phone number, date of birth, and taxpayer identification number. Personal Information may also include documentation, such as copies of your government-issued photo identification (for example, your passport, driver’s license, or military identification card), account statements, and other documents as we may require. Personal Information will be retained by us at our discretion and in accordance with applicable laws. You agree to provide us accurate, current and complete Personal Information.
    2. Verification.  You hereby authorize us, or a third-party service provider that we designate, to take any measures that we consider necessary to confirm the Personal Information you provide, verify and authenticate your Personal Information, and take any action we deem necessary based on the results. You acknowledge that this process may result in a delay in registering your Account, and that you will not be authorized to access or use Hedgehog Program services until your Account registration has been successfully completed.
  3. ACCOUNT AUTHORIZATIONS 
    1. Mandatory Information Sharing. You hereby authorize your Correspondent and Hedgehog to provide Hedgehog any of your personal information maintained in connection with your Hedgehog Account, and to continue sharing such information, and any revisions or additions thereto, with Hedgehog on an ongoing basis until your Account is either closed or terminated in accordance with this User Agreement. You hereby authorize Hedgehog to provide your Correspondent and Hedgehog any of your Personal Information, and to continue sharing such information, and any revisions or additions thereto, with them on an ongoing basis until your account(s) with your Correspondent or Hedgehog is closed pursuant to the terms and conditions governing such account(s). 
    2. Authorization to Hedgehog. You understand and acknowledge that your Account is self-directed, and you hereby appoint Hedgehog as your agent for the purpose of carrying out your instructions in accordance with this User Agreement. You hereby authorize Hedgehog to open and close your Account, place and cancel orders to purchase and sell cryptocurrency (“Orders”), collect and offset any fees or other amounts due to Hedgehog, and take such other steps as are reasonable to carry out your instructions. 
    3. Authorization to Hedgehog. You understand and acknowledge that when you submit an Order through the Platform to purchase cryptocurrency, you are authorizing and instructing Hedgehog to accept such instruction to transfer the funds required for any eligible transaction from your Hedgehog Account to either (i) an account held at Hedgehog in the name of Hedgehog; or (ii) an external bank account in the name of Hedgehog, (each such account, an “Entity Account”). You understand and acknowledge that your Account is provided by Hedgehog and is separate from your Hedgehog Account. You further understand and acknowledge that your Hedgehog Account is not under the control of Hedgehog, that any Entity Account is outside of Hedgehog’s possession and control, and that Hedgehog does not have the ability to monitor or recall the funds after such funds have been wired or transferred to an Entity Account. You further understand and acknowledge that, upon transfer from your Hedgehog Account, the funds may not be provided protection under the Federal Deposit Insurance Corporation (“FDIC”) or the Securities Investor Protector Corporation (“SIPC”).  YOU AGREE TO HOLD HEDGEHOG HARMLESS WITH RESPECT TO HEDGEHOG ACCEPTING AND FOLLOWING YOUR INSTRUCTIONS TO TRANSFER FUNDS FROM YOUR HEDGEHOG ACCOUNT TO AN ENTITY ACCOUNT. YOU HEREBY AUTHORIZE AND INSTRUCT HEDGEHOG TO ACCEPT ALL INSTRUCTIONS TO DEPOSIT FUNDS INTO YOUR HEDGEHOG ACCOUNT FROM AN ENTITY ACCOUNT AT THE SOLE INSTRUCTION OF HEDGEHOG. YOU UNDERSTAND THAT YOU MAY REVOKE THIS AUTHORIZATION AT ANY TIME BY TERMINATING YOUR HEDGEHOG ACCOUNT.  YOU UNDERSTAND AND ACKNOWLEDGE THAT CRYPTOCURRENCIES IN YOUR HEDGEHOG ACCOUNT ARE NOT HELD AT HEDGEHOG AND THAT HEDGEHOG IS NOT INVOLVED IN THE PURCHASE, SALE, EXECUTION, CUSTODY, OR TRADING OF CRYPTOCURRENCIES, AND ONLY TAKES INSTRUCTIONS REGARDING TRANSFERRING FUNDS AS DESCRIBED IN THIS AGREEMENT.
    4. Client Information. You acknowledge and agree that, subject to the terms and conditions of the Adviser Agreement, Hedgehog relies on the Client Information to provide the Management Services, including the administration by the Portfolio Management Application of the Selected Stack. You further acknowledge and agree that Hedgehog shares some or all of the Client Information with the Custodian, Administrator, and Ledger Provider, and that, subject to the terms and conditions of the Custody Agreement and the Transaction Account Agreement, the Custodian and Ledger Provider, respectively, rely on such Client Information to perform certain compliance functions, including verifying your identity for anti-money laundering and counter-terrorist financing purposes and confirming that United States firms like Hedgehog, the Custodian, and Ledger Provider are permitted to provide you with services under applicable United States economic sanctions against various countries, individuals and organization. You represent and warrant to Hedgehog, the Custodian, Administrator, and Ledger Provider that all Client Information you supply is true, accurate, complete, and current. Without limiting the generality of the preceding sentence, you represent and warrant that you are not insolvent. You agree to update any Client Information you provided Hedgehog, the Custodian, Administrator, or Ledger Provider that is no longer accurate promptly using the Hedgehog Website. You agree to indemnify and hold Hedgehog, the Custodian, Administrator, Ledger Provider, and the other Indemnified Persons harmless from any and all damages resulting from or relating to your failure to provide true, accurate, complete, and current Client Information or to update Client Information.
    5. Source of Funds. You represent, warrant, and covenant that none of the money you invest, will invest, or use to make a Funds Transfer in the Program comes from, will come from or will be used to promote the conduct of, any crime or other illegal activity. You represent that no individual or entity has an interest in any money you use for Funds Transfers or in any money or securities in any Portfolio Account of yours other than you or any other individual you have disclosed to Hedgehog as the joint owner of your Funding Source. You agree and acknowledge that there may be no more than one active external Funding Source (not including a Hedgehog Transaction Account, as applicable) linked to each Portfolio Account at any time.
  4. ADVISORY PROGRAM FEATURES AND STRUCTURE
    1. General. Hedgehog is an investment adviser registered with the U.S. Securities and Exchange Commission (“SEC”). You agree to check the Hedgehog platforms (both our mobile application and website) regularly for electronic communications from Hedgehog. In order to access the Service through your Account, you must enter into an Account Advisory agreement with Hedgehog and all other client onboarding documentation Hedgehog may provide you (“Hedgehog Agreements”). These Hedgehog Agreements, along with these Terms, collectively govern your relationship with Hedgehog with respect to the Services received through your Account. Before you enter into these Terms and the Hedgehog Agreements, you agree to read the disclosures regarding the Service described in any Hedgehog disclosures involving discretionary investment advisory services sponsored by Hedgehog available in Attachment B to this Program Agreement. You also agree to read the Hedgehog Agreements carefully before you agree to them, as they have the same legal effect as signing a paper version of these agreements. You understand that the Hedgehog Agreements may be modified, and agree to check the Hedgehog platforms for any such updates. By keeping and using your Account, you agree to all of the terms and conditions, as modified from time to time, of these Terms and the Hedgehog Agreements.
    2. Account Types. There are currently two kinds of account in the Program: Hedgehog Managed Accounts and Hedgehog Trading Accounts.
      1. Hedgehog Trading Accounts. A Hedgehog Trading Account is a taxable account that you can use to invest in, transact in and hold Assets accumulated by a Custodian. Generally, earnings and gains in your Hedgehog Trading Account are taxed in the year received. Withdrawals and their conditions are governed by your Agreement with the relevant Custodian. Hedgehog Trading Accounts may have special features, such as Reward Asset promotions, that Hedgehog has designed to provide additional ways to accumulate investments. An individual may not have more than one Hedgehog Trading Account. The Trading Agreements govern Hedgehog Trading Accounts and related services.
      2. Hedgehog Managed Accounts. A Hedgehog Managed Account is a taxable custodial account that you can use to purchase, transact in, and hold Assets accumulated by a Custodian. Generally, earnings and gains in your Hedgehog Managed Account are taxed in the year received. Withdrawals and their conditions are governed by your Agreement with the relevant Custodian. Hedgehog Managed Accounts may have special features, such as Reward Asset promotions, that Hedgehog has designed to provide additional ways to accumulate Assets. An individual may not have more than one Hedgehog Managed Account. The Trading Agreements govern Hedgehog Managed Accounts and related services. Hedgehog will require discretionary authority from clients in order to select securities and execute transactions without permission from the client prior to each transaction. Risk tolerance levels are documented in the Investment Policy Statement, which is given to each client. Hedgehog Managed Accounts participating in the wrap fee program will not have to pay for transaction or trading fees. Hedgehog will charge clients one fee and pay transaction fees using the advisory fee collected from the client. Certain other fees are not included in the wrap fee and are paid for separately by the client. These include, but are not limited to, margin costs, charges imposed directly by a mutual fund or exchange traded fund, deferred sales charges, odd-lot differentials, transfer taxes, wire transfer and electronic fund fees, and other fees and taxes on brokerage accounts and securities transactions.
    3. Rebalancing Services. Hedgehog provides “robo-advisory” portfolio management services via an online interface. This entails the use of algorithm-based portfolio management advice, rather than in-person investment advice. These automated investment solutions are customized to each client and based on individual characteristics, such as the client’s age, risk tolerance, income, and current assets, among others. Hedgehog evaluates the current investments of each client with respect to their risk tolerance levels and time horizon. Hedgehog’s algorithmic portfolio recommendations may not successfully achieve an investor’s goal for a variety of reasons, including unexpected market events or trends that the algorithm does not anticipate, as well as inaccurate, incomplete, or otherwise faulty data used by the algorithm and/or provided by the investor. While HA seeks to continually improve its algorithmic system, it does not guarantee it will result in positive returns on investment. In addition, when HA rebalances the portfolios, it is possible that the system could err and fail to execute a requested trade. Once Hedgehog gathers clients' interests, goals, and risk tolerance, the Firm’s investment analysis software uses this information to suggest multiple investment portfolios that a client may select. Account rebalances are also executed programmatically using Hedgehog’s proprietary software platform. Clients should note the following risks:
      1. HA’s software may still make incorrect assumptions about a client’s financial situation. There is always a possibility that the simulator may experience technical malfunctions that would cause its recommendations to be inaccurate.
      2. The software can only base its output on the input from the client. As such, the software’s output is only as accurate as the data the client inputs. iii. The output that the software generates may not assess all of the client’s particular situation. Special circumstances, qualitative characteristics, and other intangible components of a client’s personal background that are not captured by the software may cause the software’s assumptions to be incorrect. 
    4. Platform and Trading Services.  You can direct your own trading activity by using the Platform and Trading services. 
  5. DISCLAIMERS.
    1. Usage. You are solely responsible for your decisions whether to open and how to use a Hedgehog Managed Account or Hedgehog Trading Account, including which types and combination of Hedgehog Accounts, if any, to open and use, and decisions about whether to use other products and services Hedgehog may offer from time to time. Decisions under your sole responsibility include all decisions about (i) whether to use a Hedgehog Managed account, a Hedgehog Trading Account, or some combination of accounts to make any Funds Transfer, Withdrawal, Purchase or Sale and how you allocate investments and transactions among your Portfolio Accounts.
    2. No Tax or Legal Advice. Notwithstanding anything to the contrary in this Program Agreement, or the other Trading Agreements, Hedgehog does not provide tax or legal advice. If you have questions about whether and how much to invest in a taxable Hedgehog Managed Account or Hedgehog Trading Account, please consult with your qualified tax advisor, attorney, or tax attorney.
    3. Services in the Program. The Program gives you access to a combination of services designed to let you do the following subject to this Program Agreement’s terms and conditions:
      • access exclusive educational content regarding finance, investing and other topics related to trading;
      • learn about the Assets that Hedgehog has accumulated and about the currencies that comprise the Stacks;
      • provide Hedgehog and the Adviser with Client Information about yourself, your investment objectives, and financial circumstances;
      • receive a Suggested Stack from the Adviser that the Adviser will manage under its discretion;
      • select a pre-constructed Stack as the Selected Stack that Hedgehog Administers at your request;
      • design a Stack as the Selected Stack that Hedgehog administers at your request;
      • access information to help you decide the Assets to comprise the Stacks you want to be in your Selected Stack;
      • open a Hedgehog Managed Account with the Custodian to hold Assets in proportions that approximate your Selected Stack;
      • open a Hedgehog Trading Account with the Custodian to hold Assets in proportions that approximate your Selected Stack;
      • move money in amounts as little as the Custodian minimum from one of your existing Funding Sources to your Portfolio Account to invest through the Program;
      • have Hedgehog allocate the money you send to your Portfolio Account and manage the holdings in your Portfolio Account in Assets in amounts that approximate your Selected Portfolio;
      • use transactions in your Linked Account(s) as a way to set aside money to invest through the Program in your Hedgehog Trading Account; and 
      • earn Reward Assets for your Hedgehog Trading Account. You acknowledge that the services you receive through participating in the Program are sufficient consideration for you to enter into: (i) this Program Agreement; (ii) and the Trading Agreements.
    4. Service Providers in the Program and Their Roles. You acknowledge that there are three different affiliated entities that provide the services that comprise the Program —Hedgehog Advisers, LLC, referred to as “Hedgehog”; a connected exchange via API Keys, referred to as the “Custodian”, and a program administrator, referred to as the “Administrator”. In addition, Hedgehog, the Custodian, the Adviser, the Administrator, or their parent companies and subsidiaries may, subject to applicable laws and regulations, engage vendors or other contractors to help Hedgehog, the Custodian, and the Administrator fulfill their duties under the Agreements. You acknowledge and agree that Hedgehog, the Custodian, or the Administrator may engage their respective parent corporations or an affiliate to act as their agent and/or to perform certain services on their behalf for the Program, including without limitation to act as agent and with power of attorney in withdrawals from your Funding Source to pay for the Management Fee or, if applicable, other fees associated with the Program. Additionally, Hedgehog, the Custodian, the Adviser, the Administrator, or their parent companies and subsidiaries may engage external vendors or other contractors to provide ancillary enhancements or features for you to use when you participate in the Program, including the services provided by the Transaction Operator.
  6. PRODUCT AGREEMENTS
    1. General. This Program Agreement is between you and Hedgehog, the Custodian, and/or the Administrator and pertains to the Program generally. In addition to this Program Agreement, the Administration Agreement between you and the Administrator, the Adviser Agreement between you and the Adviser, and the Brokerage Agreement between you and the Custodian are described below in Attachment, A, Attachment B, Attachment C, Attachment D, and Attachment E. You acknowledge that Hedgehog, the Custodian, the Adviser, and the Administrator have separate agreements with you that allocate separate sets of rights and obligations between you and the applicable entity. You further acknowledge that none of Hedgehog, the Custodian, the Adviser, the Administrator, or their parents or subsidiaries is responsible for the obligations of any of the other respective entities. You agree that none of Hedgehog, the Custodian, the Adviser, the Administrator, or their parents or subsidiaries  indemnify each other in connection with any of the Agreements.
    2. Investment Administration Agreement (Attachment A). The Administration Agreement (Attachment A to this Program Agreement) is between the Administrator and you and pertains to the administration services that the Administrator provides as your administrator for your Portfolio Account(s). Under the Administration Agreement, and subject to its terms and conditions, the Administrator is generally responsible for providing tools for developing the Stacks, analyzing your Client Information, preparing Orders so that Cash from your Funds Transfers gets invested as you instruct, preparing Orders for Rebalancing and Reinvestments as you instruct, and placing orders with the Custodian when you so instruct or make a Withdrawal Request. By agreeing to this Program Agreement, you also agree to the Administration Agreement. The Administration Agreement is incorporated by reference into this Program Agreement and is one of the Trading Agreements.
    3. Investment Adviser Agreement (Attachment B)
      1. Adviser Responsibilities. The Adviser Agreement (Attachment B to this Program Agreement) is between Hedgehog and you and pertains to the investment management services that Hedgehog provides as your investment adviser for your Portfolio Account(s). Under the Adviser Agreement, and subject to its terms and conditions, the Adviser is generally responsible for providing tools for developing the Stacks, analyzing your Client Information, recommending your Suggested Stack, preparing Orders so that Cash from your Funds Transfers gets invested in a way that approximates your Selected Stack, preparing Orders for Rebalancing and Reinvestments, and placing orders with the Custodian when you change your Selected Stack or make a Withdrawal Request.
      2. Custodian Responsibilities. Under the Adviser Agreement, and subject to its terms and conditions, the Custodian is generally responsible for: maintaining and recording transactions in Cash and Assets in your Hedgehog Managed Account; sending Orders placed by Hedgehog to the Clearing Broker if applicable for execution, clearance, and settlement; and providing you with statements, confirmation emails if you request them, and other information about your Hedgehog Managed Account. By agreeing to this Program Agreement and participating in the Program, you also agree to the Adviser Agreement. The Adviser Agreement is incorporated by reference into this Program Agreement and is one of the Trading Agreements.
    4. Transaction Account Agreement (Attachment C). Hedgehog is not a bank or other chartered depository institution. Presently, Hedgehog works with Sutton Bank, an Ohio state-chartered depository institution ("Sutton Bank"), to accept and custody Funds Transfers, Purchases, and other similar services and to effect transfers to and from your Account. In order to use the Ledger of the Services, you agree to (i) Sutton Bank's privacy policy, available at https://www.suttonbank.com/_/kcms-doc/85/49033/WK-Privacy-Disclosure-1218.pdf, and (ii) those Sutton Bank terms and policies applicable to the functionalities of the Ledger functionality, including, as applicable, the Sutton Bank User Agreement in addition to other applicable Sutton Bank terms (collectively, "Sutton Bank Terms"). You represent and warrant to Hedgehog that you expressly accept and comply with all applicable Sutton Bank Terms in relation to the operation of the Ledger functionality and Services generally and you understand that Sutton Bank is providing their products and services (including but not limited to all services relating to Transactions) to you subject to the Sutton Bank Terms. Please review the Sutton Bank Terms for additional information. To the extent that there is any conflict between this Agreement and the Sutton Bank Terms, such Sutton Bank Terms will control with respect to the applicable Sutton Bank products and services. The Transaction Account Agreement (Attachment C) is between Hedgehog and you and pertains to certain transactions Hedgehog facilitates for you in connection with your Hedgehog Account. By agreeing to this Program Agreement, you also agree to the Transaction Account Agreement. The Transaction Account Agreement is incorporated by reference into this Program Agreement.
    5. Custodial Agreements (Attachments D). The Traditional Custodial Agreement (Attachment D) is between the Custodian and participants in Hedgehog Accounts (including all traditional individual accounts and accounts advised by the Administrator). Hedgehog, the Custodian, the Adviser, the Administrator, their parent companies and their affiliates are not parties to, and shall, notwithstanding anything to the contrary, have no obligation or liability under, the Traditional Custodial Agreement. As the custodial agreement may exist between you and any custodian that supports transactions over the internet, The Traditional Custodial Agreement is one of the Agreements for each Hedgehog Account.
    6. Ledger Provider Agreements (Attachments E). The Ledger Provider Agreement (Attachment E) is between the Ledger Provider and participants in Hedgehog Accounts (including all traditional individual accounts and accounts advised by the Administrator). Hedgehog, the Custodian, the Adviser, the Administrator, their parent companies and their affiliates are not parties to, and shall, notwithstanding anything to the contrary, have no obligation or liability under, the Ledger Provider Agreement. As the ledger provider agreement may exist between you and any Ledger Provider that supports transactions over the internet, The Ledger Provider Agreement is one of the Agreements for each Hedgehog Account.
  7. FEES
    1. Management Fee. If you open any Hedgehog account, which may or may not include a Hedgehog Managed Account and/or a Hedgehog Trading Account, you agree to pay Hedgehog promptly the Management Fee specified in Section 2.1.1. Management Fees are nonrefundable and will not be prorated upon termination. The Management Fee includes (A) the Administrative Charge for (i) all Administrative Services provided by the Administrator, (ii) all Advisory Services provided by the Adviser, (iii) all Covered Custodial Services provided by the Custodian in connection with your Portfolio Account(s), (iv) the services the Custodian, Adviser, and Administrator provide as custodian, adviser, and administrator of any Hedgehog Custodial Accounts in which you participate, and (B) the Program Charge for (i) Asset or Cash transfers are facilitated by Hedgehog . The amount of the Management Fee depends on whether you have a Hedgehog Trading Account and/or a Hedgehog Managed Account, and, in certain cases, the Combined Monthly Balance in your Portfolio Accounts. Hedgehog will not charge you any fee in connection with the Administration Services other than the Administration Charge, provided that Hedgehog or any of its agents may charge a fee if a Funds Transfer, including any Funds Transfer at Will or Round Up Funds Transfer, or the payment of any Management Fee fails due to insufficient funds in your Funding Source. The Custodian will not charge you any fee in connection with the Program other than the Custodial Fee unless you request services beyond the Covered Custodial Services. Hedgehog will not charge you any fee in connection with facilitating the money transmitting services other than the Program Charge, which is included in your Management Fee when charged by Hedgehog. Additional fees for specially requested services beyond the Administration Services, the Covered Custodial Services, and the money transmitting services are described in Section 2.2. Notwithstanding anything to the contrary in the Agreements, you agree that, if you request the preparation and delivery of paper documents that Hedgehog or the Custodian normally provides in electronic form or that Hedgehog and the Custodian are not required to provide in paper form, Hedgehog or the Custodian may charge you additional fees for the preparation and delivery of such paper documents. The Administrator of record for your Hedgehog Transaction Account may charge you a fee in connection with any transactions recorded in the ledger.
    2. Management Fee Amount. Subject to Hedgehog’s discretion to waive fees described in this Section, the Management Fee will amount to whichever of the following applies:
      • Free Tier - allows you to have a Hedgehog Trading Account with full access to any Custodian as enabled by the API Keys
      • $72 Tier - allows you to have a Hedgehog Trading Account or Hedgehog Managed Account with full access to any Custodian as enabled by the API Keys so long as the average monthly US dollar value of the Assets in the Hedgehog Managed Account do not exceed $7,200.00;
      • 1% Tier - allows you to have a Hedgehog Managed Account with full access to any Custodian as enabled by the API Keys, with any US dollar value of Assets in the Hedgehog Managed Account; and
      • Custom Price Tier - Hedgehog may offer a custom pricing model for a subscription tier that may offer unique or beta products, or a unique or beta combination of products, provided that subscribers to the Custom Price Tier will have their actual monthly Management Fee amount conspicuously disclosed prior to, and following, subscription. A portion of your Management Fee charged by Hedgehog will be allocated to the Administration Charge.  Users will have 10% of each Management Fee allocated to the Administration Charge on their monthly account statement. You can confirm your Administration Charge allocation on your monthly account statements available through the Website.  In either case, you will not be charged an additional amount for your Administration Charge, because it is included in the Management Fee you pay to Hedgehog.
    3. Administration Charge Portion of Management Fee Attribution by Portfolio Account. For the purposes of any reporting of your Portfolio Accounts’ performance we may provide from time to time, Hedgehog will attribute some or all of the Administration Charge, which is a portion of your Management Fee, to your Portfolio Accounts and any Administration Charge will be attributed to your Hedgehog Trading Account.  Additional portions of your Management Fee incurred in connection with choosing a Hedgehog Transaction Account and not otherwise described above will not be attributed to your Portfolio Accounts for the purposes of reporting performance of those accounts.
    4. Debit Authorization to Pay Management Fee. The normal way you will pay the Management Fee specified in Attachment C is by a single recurring monthly Direct Debit that will deduct money from your primary Funding Source. If Hedgehog is unable to collect your Management Fee via Direct Debit from your primary Funding Source, you authorize Hedgehog and/or its agents to collect your Management Fee by Direct Debit from a secondary Funding Source, if any. You authorize Hedgehog and/or its agents to initiate the recurring monthly debit from your primary and/or secondary Funding Source in Attachment C. If Hedgehog is unable to collect your Management Fee via Direct Debit from a secondary Funding Source, Hedgehog may collect fees relating to your Account(s) under Attachment C. Hedgehog reserves the right to cease offering you services under the Program Agreement if you revoke your electronic authorization.
    5. Other Fees for Specially Requested Services and Irregular Occurrences. Here are fees that Hedgehog or the Custodian may charge, in addition to the applicable Management Fee for specially requested services or irregular occurrences:
  8. Funds Transfers
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    * Funds Transfers and Withdrawals in the Program are regularly done by Direct Debit. Checks and wire transfers are not regularly accepted in the Program but may be accepted by Hedgehog or the Custodian on a case by case basis under Section of the Adviser Agreement.
    Asset Transfers
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    † Funds Transfers in the Program are regularly done by Direct Debit. Incoming Account Transfers are not regularly accepted in the Program, but “liquidate and transfer” Account Transfers may be accepted by Hedgehog or the Custodian on a case by case basis under Section A2.1 of the Adviser Agreement.
    ‡ In-Kind Withdrawal of Assets are only available for Hedgehog Managed Accounts.
    Account Maintenance
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    1. Liquidation of Portfolio Account Holdings to Pay Fees. Under Section 3c of the Adviser Agreement, Hedgehog may at any time in its sole discretion instruct the Custodian to initiate Sales in one or more of your Portfolio Accounts necessary and cause the proceeds to be used to pay any current or past fees due to Hedgehog, the Custodian or the Custodian and Administrator under this Program Agreement (including the Product Agreements) relating to your Hedgehog Managed Account, including at any time when Hedgehog has been unable for any reason to complete a Direct Debit of a Management Fee by debiting your primary or secondary Funding Source.
    2. Discretion to Waive or Customize Fees. Hedgehog reserves the right to waive or customize the Management Fee or any part of the Management Fee at any time, for any period, for any client at its sole discretion.
    3. Fees in Negligible Portfolio Situations.
      1. Incompatibility of Fee Structure with Infrequent Small Investments. You acknowledge that Hedgehog designed the Program with frequent investing in mind and that the fee structure might not be economical or appropriate for individuals looking to make few or infrequent small-dollar investments. You acknowledge that the Management Fee may exceed the aggregate costs of purchasing separately the individual services that comprise the Administration Services, Covered Custodial Services, and, if applicable, services the Custodian and Administrator provides as custodian and administrator of Hedgehog Accounts.
    4. Trading Expenses. Hedgehog will wrap third party fees (i.e., custodian fees, brokerage fees, transaction fees, etc.) for wrap fee portfolio management accounts. Hedgehog will charge clients one fee and pay all transaction fees using the fee collected from the client. Accounts participating in the wrap fee program are not charged higher advisory fees based on trading activity, but clients should be aware that Hedgehog has a conflict of interest, in that it has an incentive to limit trading activities for those accounts to limit transaction costs it would incur. Certain other fees are not included in the wrap fee and are paid for separately by the client. These include, but are not limited to, blockchain transfer fees paid by client, banking fees, money transfer fees, exchange fees margin costs, fees associated with “step out” transactions if the account uses different exchanges, custodians or broker-dealers, deferred sales charges, odd-lot differentials, transfer taxes, wire transfer and electronic fund fees, and other fees and taxes on brokerage and digital asset accounts and securities and digital asset transactions. In addition, the following fees payable to Hedgehog, Hedgehog’s affiliates, or other third parties charged to Accounts participating in the wrap fee program are not included in the Subscription Fee. You acknowledge that you have access to information about the fees charged and costs incurred by the Assets in the prospectuses delivered on Custodian’s behalf by its service provider by email or at the Custodian Website.
  9. WEBSITES AND APPLICATIONS
    1. Privacy and Data Security. By entering into one or more of the Agreements, you acknowledge receipt of the Privacy Policy available on the Hedgehog Website and the Privacy Policy available through the Application. The Privacy Policy describes the general policies of Hedgehog, the Custodian, and Administrator regarding use and sharing of information and the nonpublic personal information provided to or collected by Hedgehog, the Custodian, and/or Administrator in connection with the opening and carrying of a Portfolio Account and/or a Hedgehog Transaction Account. You agree that the rights and obligations of Hedgehog, the Custodian, Administrator, and you relating to your personal information are defined in the Privacy Policy, subject to the terms and conditions of the Agreements and applicable state and federal laws and regulations of the United States. Hedgehog, the Custodian, and Administrator have taken reasonable actions to safeguard your nonpublic personal information. However, none of Hedgehog, the Custodian, or Administrator warrants or guarantees secure access to the Websites, the Application, or Portfolio Management Application. If unauthorized individuals or organizations access or misappropriate your personal information, none of Hedgehog, the Custodian, or Administrator shall be liable for any damages resulting from such unauthorized access or misappropriation. You agree that, if you have claims against Hedgehog, the Custodian, or Administrator regarding the handling of your personal information, your only remedies will be those expressly provided by the applicable laws and regulations, in accordance with the Agreements. You authorize Hedgehog, the Custodian, and Administrator to use information about you that is publicly available or available directly or indirectly from credit reporting agencies in verifying your identity, performing background checks, investigating suspicious activity, or for any other purpose for so long as any account of yours in the Program is open or any amount is owed to Hedgehog, the Custodian, or Administrator. Hedgehog, the Custodian, and Administrator may use and share information about you, and you may “opt out” of certain types of information sharing, to the extent, if any, provided in the Privacy Policy. You authorize Hedgehog, the Custodian, and Administrator to obtain consumer credit and other reports from any consumer reporting agency or provider of publicly available background to gather information necessary in the sole discretion of Hedgehog, the Custodian, and Administrator. You acknowledge that, to the extent described in the Privacy Policy, Hedgehog, the Custodian, and Administrator use authentication and encryption to protect the Websites, the Application, and your information and that access will therefore require password submission.
    2. Device Compatibility. The Application is designed to work when accessed through the internet by a computer using certain web browsers or certain portable devices (such as phones or tablets that use Android or iOS operating systems), you acknowledge and agree that some web browsers or portable devices may not be compatible with the Application.
  10. ELECTRONIC DELIVERY CONSENT
    1. Hedgehog serves its clients through the Hedgehog Website and its functionalities, including the Application, which includes the Portfolio Management Application, and is accessible to computers with access to the internet and certain types of portable devices with which the Application is compatible and email communications sent through the internet. The Custodian serves its customers who are Hedgehog’s clients through the Custodian Website and email communications. When you agree to participate in the Program by entering into this Program Agreement and the Product Agreements, you consent to receive any and all advice, documents, information, or other communications from Hedgehog, the Custodian, Administrator, and Ledger Provider electronically through the Websites, the Application, the Portfolio Management Application, email, or otherwise over the internet. BY CLICKING THE BUTTON TO INDICATE “I AGREE” TO ENTER INTO THE AGREEMENTS, YOU GRANT YOUR INFORMED CONSENT TO RECEIVE ELECTRONICALLY ANY STATEMENTS, CONFIRMATIONS, PROSPECTUSES, PROXY AND VOTING MATERIALS, DISCLOSURES, TAX REPORTS, NOTICES, AND OTHER DOCUMENTS AND/OR INFORMATION RELATING TO THE PROGRAM, INCLUDING FOUND MONEY AND LOCAL FOUND MONEY NOTIFICATIONS, AMENDMENTS TO THE AGREEMENTS, ADDITIONAL AGREEMENTS OR OTHER COMMUNICATIONS TRANSMITTED TO YOU IN RELATION TO THE PROGRAM. Notwithstanding anything in the Agreements, you may request Tax Forms or other any communication that Hedgehog or the Custodian is required by applicable law or regulation to provide on request be provided to you in paper. Your informed consent shall apply to each Tax Form and other communication that Hedgehog or the Custodian is required by applicable law or regulation to provide on request to you in paper unless and until you revoke it. You may revoke or limit your informed consent to electronic delivery at any time by sending an email to support@hedgehog.app. Notwithstanding anything in the Agreements to the contrary, you agree that, if you revoke or limit your informed consent to electronic delivery, Hedgehog or the Custodian may charge you reasonable fees, separate from and in addition to the Management Fee, for paper delivery and related services. Although you consent to electronic delivery, Hedgehog, the Custodian, Administrator, and/or your applicable bank of record may send you paper communications or request that you send paper communications to any of them. You agree that:
      • You will provide and update Client Information electronically using the Application.
      • You may access statements, Tax Forms, and the current Agreements electronically through the Application or the Hedgehog Website.
      • You may access prospectuses through emails from the Custodian’s vendor.
      • You will receive proxy voting materials for the Assets with instructions on how to vote your Assets from the Custodian or a vendor acting on the Custodian's behalf.
      • The Custodian will provide you confirmations electronically through the Application.
      • Administrator will provide investment administration solely through the Application and the Portfolio Management Application.
      • Ledger Provider will provide transaction statements electronically through the Application.
      • The electronically stored copies of the Agreements are the enforceable, true, complete record of each of the Agreements, which can be admitted as evidence or otherwise used in arbitration, litigation, administrative or other legal or regulatory proceedings as if they were originally produced and then kept in paper form. You will not object to or challenge the enforceability or use of the electronically stored copies of the Agreements.
      • You will check the Hedgehog Website and Application regularly for communications from Hedgehog, the Custodian, Administrator, and/or Ledger Provider, including electronic notices that any of the Agreements have been amended in accordance with Section 11.10 below.
      • You will need a computer with a browser and access to the internet to access Tax Forms on the Websites.
  11. INVESTMENT RISKS
    1. You acknowledge that:
      • The Assets in your Portfolio Account(s) may increase or decrease in value.
      • Money invested in your Portfolio Account(s) is subject to market risk and the loss of up to the amount invested.
      • Past performance, including model back-tested performance of the Calculated Stack, the Suggested Stack, the Selected Stack, or other Stacks, does not guarantee future results.
      • Investment performance of any kind can never be guaranteed. Neither Hedgehog nor the Custodian represent or warrant the present or future level of risk or volatility in, or the future performance of, the Calculated Stack, the Suggested Stack, your Selected Stack, other Stacks, or your Portfolio Account(s).
      • Performance of the Calculated Stack, the Suggested Stack, your Selected Stack, other Stacks, or your Portfolio Account(s) may differ materially from investment gains and avoidance of investment losses projected, described, or otherwise referenced in forward-looking statements.
      • By participating in the Program, you may lose opportunities to make other investments and to realize gains from such other investments.
      • Data provided by Hedgehog or the Custodian may not be free from unknown or unintended error or inaccuracies.
      • Investments in Portfolio Accounts are not guaranteed by the Federal Funds Transfer Insurance Corporation, any bank, or any government.
      • Hedgehog will only be listing a limited number of types of digital assets on the platform. Therefore, clients may not have exposure through the platform to many other digital asset investments. Additionally, as described above, if regulators find that the digital assets on the platform are not freely tradable it could negatively impact their value and decrease the number of digital assets available for investment on the platform.
      • Hedgehog  will provide clients information from third-party sources related to the digital assets listed on the platform. HA relies on these representations and does not independently verify this information. As a result, HA can make no assurances as to the completeness or accuracy of any such information.
      • Although HA intends to provide accurate and timely information on the platform, the platform may not always be entirely accurate, complete, or current and may also include technical inaccuracies or typographical errors. In an effort to continue to provide as complete and accurate information as possible, information may be changed or updated from time to time without notice, including without limitation information regarding HA’s policies, products, and services. Accordingly, clients should verify all information before relying on it, and all decisions based on information contained on the platform are solely the client’s responsibility and HA shall have no liability for such decisions.
      • As the use of technologies, such as the internet, has become more common in conducting business, client accounts have become potentially more susceptible to operational, information security and related risks through breaches in cybersecurity. Generally, a cyber incident may result from either intentional attacks or unintentional events and include, but are not limited to, gaining unauthorized access to private keys or to digital systems, misappropriating assets or sensitive information, causing a client account to lose proprietary information, corrupting data, or causing operational disruption, including denial-of-service attacks on websites. Additionally, digital assets pose their own cybersecurity risks. Blockchain miners or validators maintain the record of ownership of digital assets, and if these entities suffer from cyberattacks or other security incidents, or for financial or other reasons cease to perform these functions, the functioning of the blockchains on which the ownership of digital assets is recorded and the valuation based may be jeopardized. The types of incidents that might affect blockchain security include hacking, which involves efforts to gain unauthorized access to information or systems or to cause intentional malfunctions or loss or corruption of data, software, hardware, or other computer equipment; the inadvertent transmission of computer viruses or other malware; or malfeasance or negligent acts of personnel, such as phishing attacks and other forms of social engineering. Any such interruption could result in impermissible transfers of digital assets and/or loss of digital assets and/or their value. A cybersecurity breach in HA’s platform or to the entities involved in the recording and transfer of digital assets in turn could in turn could cause a client account and/or the Firm to incur regulatory penalties, reputational damage, and additional compliance costs associated with corrective measures, and/or financial loss. Cybersecurity failures or breaches of a third-party service provider that provides services to a client account, such as the Custodian or an administrator, or issuers in whose digital assets a client account invests in, may also subject a client account and/or the Firm to these cybersecurity risks. The Firm has established policies and procedures reasonably designed to reduce the risks associated with cyber incidents, including the risk that federal securities laws are broken due to a cyber incident. However, there can be no assurance that these policies and procedures will prevent cyber incidents.
  12. TERM. The Agreements become effective the date you click “I Agree” to enter into them.
  13. SUSPENSION OF SERVICES. You agree that Hedgehog, the Custodian, Administrator, Ledger Provider, and any of their affiliates or contractors may suspend the provision of services to you or delay, limit, restrict, or refuse any transaction for you at any time for any length of time without prior notice to you if any of Hedgehog, the Custodian, Adviser, Administrator, or Ledger Provider believes in good faith that such suspension or delay is necessary or appropriate: 
    • to ensure compliance with, or avoid, violating any law or regulation applicable to Hedgehog, the Custodian, Administrator, Adviser, Ledger Provider, or a transaction relating to the Program; 
    • to comply with a request or guidance from a regulatory or law enforcement authority with jurisdiction over Hedgehog, the Custodian, Administrator, Adviser, Ledger Provider, or a transaction relating to the Program; 
    • to avoid a loss to you, Hedgehog, the Custodian, Administrator, Adviser, or Ledger Provider; 
    • to remediate or otherwise to address problems with technology; 
    • due to interruptions in the access to or operation of any technology that Hedgehog, the Custodian, Administrator, Adviser, or Ledger Provider directly or indirectly use in connection with the Program; or 
    • to prevent a breach or violation of any term, condition, or other provision of any of the Agreements. If Hedgehog, the Custodian, Administrator, and Ledger Provider suspend any or all Services under the Program, Hedgehog will, subject to any restrictions under applicable law, credit to your Portfolio Account or transfer to your Funding Source (including your Hedgehog Transaction Account, as applicable) the prorated Management Fee for the period during which all services for your Portfolio Accounts, and/or Hedgehog Transaction Account were suspended. Hedgehog may in its sole discretion, but shall not be required to, credit to your Portfolio Account or transfer to your Funding Source (including your Hedgehog Transaction Account, as applicable) the prorated Management Fee or a portion thereof for any period during which services were interrupted, delayed or partially suspended.
  14. TERMINATION OF PORTFOLIO ACCOUNTS
    1. You, Hedgehog, or the Custodian may close any or all of your Portfolio Accounts and terminate the Agreements at any time for any reason. You may close any or all of your Portfolio Accounts and terminate the Agreements by sending an email request via support@hedgehog.app or by mailing a signed written request, provided that:
      • if you terminate any of the Agreements with respect to any Portfolio Account, you will be deemed to simultaneously terminate all of the Agreements with respect to that Portfolio Account;
      • the Custodian will, before closing your Portfolio Account, settle any Purchases or Sales pending when Hedgehog initiates or receives a request to close your Portfolio Account;
      • Hedgehog will notify the Custodian and Administrator regarding any instructions to close a Hedgehog Account;
      • you, not Hedgehog or any of its affiliates or agents, shall be responsible for providing any instructions or other information required or requested by the Custodian and Administrator in connection with the closing of any Hedgehog Account;
      • the Custodian and Administrator may, in accordance with the Custodial Agreement, whichever applies, charge a fee to conduct a “rollover” of a custodial account held by another trustee or custodian; and
      • Hedgehog and/or the Custodian may, before closing your Portfolio Account, deduct any unpaid and pro-rated portion of the respective Management Fees owed for the day Hedgehog received your closure instruction and days prior and any other fees owed for specially requested services or irregular occurrences, including paper delivery of documents, transfer of Assets, or physical delivery of Assets. Notwithstanding the foregoing, if you explicitly request when you close your Hedgehog Managed Account that Assets be transferred to another Custodian, Hedgehog will instruct the Custodian to transfer, in accordance with your instructions, the Assets remaining after each of the following are paid for with the proceeds of a Sale: any Withdrawals pending when the termination notice was received or sent by Hedgehog Administrators; any portion of the Management Fees due; the fees charged for processing the in-kind transfer to another broker-dealer; and any other fees due. If you request to close any Hedgehog Account you participate in, the closing transactions will be processed in accordance with the Agreements.
  15. TERMINATION OF HEDGEHOG TRANSACTION ACCOUNTS
    1. If you should choose to close your Hedgehog Transaction Account, notify Hedgehog Customer Service in the Application, by email at support@hedgehog.app, or by calling (831) 218-2651. If your Hedgehog Transaction Account remains at a zero balance for more than three hundred sixty-five (365) consecutive days, we or Ledger Provider may close such account. If your Hedgehog Transaction Account has a negative balance for forty-five (45) consecutive days, and we are unable to bring your account to a zero balance under the Netting in the Transaction Account Agreement (Attachment C), we or Ledger Provider may close such account. For accounts closed with a negative balance, we and Ledger Provider reserve all rights under the Agreements and under law and equity necessary to obtain reimbursement for the losses incurred by us on your account. For additional information on Hedgehog Transaction Accounts, see the Transaction Account Agreement (Attachment C).
  16. PROMOTIONS
    1. General. Hedgehog may, from time to time, elect to launch promotions or other initiatives whereby Management Fees may be waived, in whole or in part, for certain categories of client (such as, by way of example, students, clients below a certain age and/or military veterans). Any such initiative (i) may be expanded, narrowed, suspended, cancelled or modified at any time by Hedgehog in its sole discretion, and (ii) will be subject to rules, guidelines and/or terms and conditions, if any, that Hedgehog determines in its sole discretion to apply in connection therewith (which rules, guidelines and/or terms may be included in website landing pages, on the Hedgehog Website generally and/or elsewhere). To the extent any such program or initiative is cancelled or terminated, Hedgehog will, after giving impacted clients notice, begin charging clients the then-current Management Fees prospectively pursuant to the pre-authorization in the Adviser Agreement. You agree and acknowledge that Hedgehog shall have sole discretion in determining whether or not any existing client or potential client meets the requirements to participate in and/or benefit from any such program or initiative, and Hedgehog shall not be liable to you or any other party in connection with any such decision and/or in connection with the administration of any such program or initiative generally.
    2. Reward Assets. To receive Reward Assets, your Hedgehog Managed Account or Hedgehog Trading Account must be open and in good standing at the time Hedgehog initiates the Purchase. If your Hedgehog Managed Account or Hedgehog Trading Account is not open and in good standing, you forfeit the right to the Reward Assets. You agree that you may not initiate a Sale of Reward Assets, a Withdrawal of the proceeds of a Sale of Reward Assets, or include the Reward Assets in a transfer of Assets to a custodian other than the Custodian until the earlier of:
      1. the day after you make a Funds Transfer into your Hedgehog Managed Account of an amount greater than or equal to the current value of the Reward Assets; or
      2. the day after you have kept your Hedgehog Managed Account open for the entire Retention Period.  If you never make a Funds Transfer of an amount greater than or equal to the current value of the Reward Assets and do not keep your Hedgehog Managed Account open for the Retention Period, you will not be able to use the Reward Assets for a Withdrawal or include the Reward Assets in any transfer of Assets to a custodian other than the Custodian. You acknowledge that the Reward Assets, like any other Assets, may decline in value or be used to pay some or all of the Management Fee or other charges in accordance with the Agreements. You acknowledge and agree that Hedgehog, any affiliate of Hedgehog, or the Custodian may receive compensation from one or more third parties in connection with an affiliate program promotion relating to a Hedgehog Trading Account, including compensation that is more than the value of the Reward Assets you receive into a Hedgehog Trading Account as Rewards in connection with the promotion. 
    3. Disclosures. This promotion is not valid with any other offers and is non-transferrable. Offer available to U.S. Residents only. Hedgehog reserves the right to amend or terminate any promotional program offered by Hedgehog at any time, to limit the amount of account bonuses you are eligible to receive, and to refuse or recover any promotion award if Hedgehog determines that it was obtained under wrongful or fraudulent circumstances, that inaccurate or incomplete information was provided, or that any terms of the Terms of Use have been violated.
  17. LIABILITY
    1. Limitation of Liability. Subject to applicable law, you agree that Hedgehog, the Custodian, Administrator, Insurer, and their officers, directors, and employees shall not be liable under any of the Agreements for their actions or omissions absent their willful misconduct, or intentional violation of applicable law. Neither Hedgehog nor the Custodian shall be liable for damages (including losses, lost opportunities, and lost profits) relating to differences between projected or potential performance and actual results. Without limiting any other indemnity provision of the Agreements, you shall indemnify and hold harmless Hedgehog, the Custodian, Administrator, Ledger Provider, and the Indemnified Persons from any loss, damage, or liability arising out of any transaction in which Hedgehog acts directly or indirectly as your Investment Administrator or the Custodian or Administrator acts directly or indirectly as your agent, absent any willful misconduct or intentional misconduct by Hedgehog, the Custodian, Administrator, or the applicable Indemnified Person.
    2. Limitation of Damages. Hedgehog, the Custodian, the Adviser, the Administrator, the Ledger Provider, and Indemnified Persons shall not be liable for any special, indirect, incidental or consequential damages. Any recovery by you shall be limited to the amount of all fees paid by you to the liable entity or the entity for which any indemnified liable person works, whether against Hedgehog, the Custodian, the Adviser, the Administrator, the Ledger Provider, and any of their respective officers, administrators, employees, or agents.
    3. Limitation of Actions. Any action against Hedgehog, the Custodian, Administrator, Ledger Provider, or Indemnified Persons or their respective officers, affiliates, or assigns must be brought within one year from termination of your account or the date you knew or had reason to know you had suffered any damages, whichever is earlier.
  18. REPRESENTATIONS AND WARRANTIES. 
    1. THE SERVICES ARE PROVIDED “AS IS,” WITHOUT WARRANTY OF ANY KIND. WITHOUT LIMITING THE FOREGOING, WE EXPLICITLY DISCLAIM ANY IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, QUIET ENJOYMENT AND NON-INFRINGEMENT, AND ANY WARRANTIES ARISING OUT OF COURSE OF DEALING OR USAGE OF TRADE. We make no warranty that the Services will meet your requirements or be available on an uninterrupted, secure, or error-free basis. We make no warranty regarding the quality, accuracy, timeliness, truthfulness, completeness or reliability of any information or content on the Services. You acknowledge that access to the Websites, the Application, or the Portfolio Management Application may be limited or unavailable from time to time, including due to systems maintenance or enhancements, usage demands, software or hardware malfunctions, or occurrences beyond the control of Hedgehog, the Custodian, the Insurer, and Administrator (including operator errors, market volumes and volatility, power failures, equipment failures, communications failures, natural disasters, terrorist acts, and warfare). You agree that none of Hedgehog, the Custodian, the Insurer, or Administrator warrants or guarantees that the Websites, the Application, or the Portfolio Management Application will be available all the time or at any particular time or that access will be continuous or uninterrupted. You agree that none of Hedgehog, the Custodian, the Insurer, or Administrator shall be liable for any damages (including losses, lost opportunities, lost profits, and the cost of substitute services) relating to the use of, inability to use, disruptions or interruptions in, the lack of access to, or the operation of, or otherwise arising in connection with, the Websites, any linked websites, the Application, or the Portfolio Management Application. Without limiting the generality of the preceding sentence, none of Hedgehog, the Custodian, the Insurer, or Administrator shall be liable for the transmission of harmful data or code that may impact equipment, files, or data of you or anyone else or for the incompatibility of any equipment you own or use with technology used by Hedgehog, the Custodian, the Insurer, or Administrator. You agree that none of Hedgehog, the Custodian, the Insurer, or Administrator make any warranty of any kind, express or implied, and expressly disclaim any warranties implied by law regarding the usability or functionality of the Hedgehog Website, the Custodian Website, the Application, or the Portfolio Management Application or any other hardware, software, or technology used in connection with the Program.
  19. WEBSITE CONTENT. Hedgehog, the Custodian, the Insurer, and Administrator may enhance, supplement, modify, or remove content on the Websites at any time for any reason without notice to you but shall have no duty to update such content. You acknowledge that there may be inaccuracies or typographical errors in content on the Websites or websites linked to either of the Websites from time to time and agree that Hedgehog, the Custodian, the Insurer, and Administrator specifically disclaim all liability for such inaccuracies or errors. You acknowledge and agree that the content and opinions on third-party websites linked to either of the Websites are not necessarily monitored, reviewed, investigated, verified, validated, or endorsed by Hedgehog, the Custodian, the Insurer, or Administrator. Hedgehog, the Custodian, the Insurer, and Administrator are not responsible for the accuracy or reliability of any information on the Websites. You agree it is your responsibility to evaluate the accuracy, reliability, timeliness, and completeness of content on the Websites. Hedgehog, the Custodian, the Insurer, and Administrator does not and will not provide tax or legal advice, including with respect to any of your Portfolio Accounts or Hedgehog Transaction Account. You agree that none of the content provided through the Application, including the Portfolio Management Application, the Hedgehog Website, or the Custodian Website is intended as, and shall not be deemed to be, tax or legal advice. You acknowledge that you should consult with a personal tax advisor before making tax-related investment decisions. You agree that none of Hedgehog, the Custodian, the Insurer, or Administrator shall have any obligation under any of the Agreements to take any action with respect to legal proceedings, including bankruptcy, that may arise regarding (i) securities held or formerly held in any of your Portfolio Accounts or regarding the issuer of such securities; or (ii) money managed or formerly managed through your Hedgehog Transaction Account.
  20. INDEPENDENT CONTRACTORS.  None of Hedgehog, the Custodian, the Insurer, or Administrator shall be liable for the acts or omissions of their vendors or other contractors, including the Transaction Operator, the Clearing Broker, Ledger Provider, or any third party participating in a Promotion relating to Rewards, or third party insurance provider relating to Hedgehog. Without limiting the foregoing, Hedgehog and Administrator do not warrant or guarantee that any or all money, credits, or other property that might be necessary to fund Rewards in a Promotion will be received in connection with the Program. Notwithstanding the terms and conditions of any Rewards promotion, you acknowledge and agree that you will have no right to receive any Rewards from Hedgehog’s or Administrator’s parent company or any of its affiliates, to the extent any third party fails to pay Hedgehog’s or Administrator’s parent company in connection with the applicable promotion.
  21. SECURITIES LAWS. Notwithstanding anything in this Section 10 or any other provision in any of the Agreements, nothing in any of the Agreements shall limit in any way or waive any of your rights under applicable securities laws.
  22. MISCELLANEOUS
    1. Governing Law. The Agreements shall be construed under Delaware law, which shall govern as if they were entered into in the state of Delaware.
    2. Entire Agreement. You acknowledge and agree that the Agreements, as they may be amended from time to time in accordance with their terms, constitute the entire and final understanding with respect to the Agreements’ subject matter. You acknowledge and agree that the Agreements supersede any previous agreements with Hedgehog, or the Custodian.
  23. DISPUTE RESOLUTION AND ARBITRATION
    1. Notwithstanding any provision to the contrary, this section shall be governed both substantively and procedurally by the Federal Arbitration Act (9 U.S.C. §§ 1, et seq. the “FAA”) to the exclusion of any and all state laws, regulations, judicial decisions, arbitration service rules including those of the American Arbitration Association (the “AAA”), and provisions below. This Program Agreement contains a pre-dispute arbitration clause, which applies to this Program Agreement, the Administration Agreement (Attachment A), the Adviser Agreement (Attachment B), and the Transaction Account Agreement (Attachment C) and governs each contract, all transactions thereunder, and/or any other interactions between the parties that relate to such contractual relationship. By signing this Program Agreement and you agree as follows:
      • All parties agree that the sole and exclusive forum and remedy for resolution of any claims shall be final and binding arbitration pursuant to this section.
      • All parties to this Program Agreement are giving up the right to sue each other in court.
      • Arbitration awards are generally final and binding; a party’s ability to have a court reverse or modify an arbitration award is very limited.
      • The ability of the parties to obtain documents, witness statements and other discovery is generally more limited in arbitration than in court proceedings.
      • The arbitrators may not have to explain the reason(s) for their award
      • The panel of arbitrators may include a minority of arbitrators who were or are affiliated with the securities industry.
      • The rules of some arbitration fora may impose time limits for bringing a claim in arbitration.
      • The rules of the arbitration forum in which the claim is filed, and any amendments thereto, shall be incorporated into this Program Agreement. Arbitration Clause: The parties agree that all disputes arising out of this Program Agreement, the Administration Agreement (Attachment A), the Adviser Agreement (Attachment B), and the Transaction Account Agreement (Attachment C), and any of the transactions contemplated hereby, or interactions between the parties related thereto, shall be brought in final and binding arbitration. All controversies that may arise between you and the Custodian concerning, arising out of, or related to any subject matter, issue, or circumstance whatsoever (including controversies concerning any account, order, or transaction, or the continuation, performance, interpretation, applicability, scope, enforceability, formation, procedural and substantive unconscionability, waiver and estoppel, and breach of this, the Administration Agreement, the Brokerage Agreement, or any other agreement between you and Hedgehog or the Custodian, whether entered into or arising before, on, or after the date this account is opened) shall be determined by binding arbitration through the governing regulatory body to the extent applicable. Notwithstanding the foregoing, while the arbitrator may award the administrative costs to the prevailing party, the arbitrator shall have no authority to award any attorneys’ fees or expert fees or other costs and expenses of the arbitration. Any disputes between you and the Custodian that cannot be arbitrated before the governing regulatory body shall be determined by binding arbitration through the AAA under its rules and procedures and, where appropriate, the then-current Supplementary Procedures for Consumer Related Disputes, as modified by this mandatory arbitration provision. All controversies that may arise between you and Hedgehog, the Insurer, and/or Administrator concerning any subject matter, issue, or circumstance whatsoever (including controversies concerning any account, order, or transaction, or the continuation, performance, interpretation, or breach of this, the Transaction Account Agreement, or any other agreement between you and Hedgehog, the Insurer, and/or Administrator, whether entered into or arising before, on, or after the date this account is opened) shall be determined by binding arbitration through the AAA under its rules and procedures and, where appropriate, the then-current Supplementary Procedures for Consumer Related Disputes, as modified by this mandatory arbitration provision. You acknowledge that judgment upon any arbitration award may be entered in any court of competent jurisdiction. Claims ruled non-arbitrable: If there is a final judicial determination that applicable law and/or regulatory rules, including the governing regulatory body rules, preclude enforcement of this arbitration provision as to a particular claim for relief or against a particular entity, then that claim (and only that claim) against that entity (and only that entity) must be severed from the arbitration provision and may be brought in court. Any other claims you have against any other entities that are not precluded from being arbitrated will remain subject to binding arbitration. For avoidance of doubt, this means that you agree to binding arbitration for all claims against all applicable entities to the maximum extent allowable by law, even though you may have to proceed in different forums for the same or similar claims against different entities. No class actions: No arbitration shall proceed on a class, representative, or collective basis (subject to the paragraph above and the severability provision below, including as private attorney general on behalf of others), even if the claim or claims that are the subject of the arbitration had previously been asserted (or could have been asserted) in a court as class representative, or collective actions in a court. Unless consented to in writing by all parties to the arbitration, no party to the arbitration may join, consolidate, or otherwise bring claims for or on behalf of two or more individuals or unrelated corporate entities in the same arbitration unless those persons are parties to a single transaction. Unless consented to in writing by all parties to the arbitration, an award in arbitration shall determine the rights and obligations of the named parties only, and only with respect to the claims in arbitration, and shall not (a) determine the rights, obligations, or interests of anyone other than a named party, or resolve any claim of anyone other than a named party; nor (b) make an award for the benefit of, or against, anyone other than a named party. No administrator or arbitrator shall have the power or authority to waive, modify, or fail to enforce this section, and any attempt to do so, whether by rule, policy, arbitration decision or otherwise, shall be invalid and unenforceable. Any challenge to the validity of this section shall be determined exclusively by a court and not by the administrator or any arbitrator.
  24. SEVERABILITY. If any provision of any of the Agreements is held unenforceable or invalid under any law, rule, or administrative or judicial order or decision, that holding shall not alter the enforceability or validity of the Agreements’ remaining provisions.
  25. NOTICES. Any notices or other communications provided by Hedgehog under this Agreement will be given: (i) via email; or (ii) by posting to the Services. For notices made by email, the date of receipt will be deemed the date on which such notice is transmitted.
  26. GEOGRAPHIC SCOPE OF PROGRAM. You acknowledge that the Program is intended for natural persons who are citizens or other lawful residents of the United States and who are located in the United States and that none of Hedgehog, the Custodian, the Insurer, or Administrator intend to offer the Program, any securities, or any other products or services outside the United States. You acknowledge that Hedgehog, the Custodian, the Insurer, and Administrator do not offer the Program to non-resident aliens subject to tax withholding. None of Hedgehog, the Custodian, the Insurer, or Administrator represent or warrant that any aspect of the Program, including information available from the Hedgehog Website or the Application and information provided through the Portfolio Management Application, complies with any law or regulation of any jurisdiction outside the United States. You represent and warrant that you are a lawful resident of and either located in the United States or serving in the United States military and that you have been lawfully issued by the government of the United States the social security number or tax identification number you provided when applying for any account through Hedgehog or any of its affiliates, agents or contractors using the account opening functionality on the Hedgehog Website or in the Application.
  27. NO CONFLICT. You represent and warrant that no term of any of the Agreements conflicts with or violates any duty you have under any law, regulation, or agreement.
  28. AMENDMENT. Hedgehog, the Custodian, the Insurer, or Administrator may amend this Program Agreement, including any of the Product Agreements, from time to time by adding, revising, or deleting any terms or conditions. Nothing in this Program Agreement shall be deemed waived or amended without the prior express written consent of Hedgehog, the Custodian, the Insurer, or Administrator executed by a duly authorized representative of Hedgehog, the Custodian, the Insurer, or Administrator. Hedgehog may amend the Administration Agreement in accordance with the terms and conditions of the Administration Agreement. The Custodian may amend the Brokerage Agreement in accordance with the terms and conditions of the Brokerage Agreement. Administrator may amend the Transaction Account Agreement in accordance with the terms and conditions of the Transaction Account Agreement. The Custodian and Administrator may amend the Custodial Agreement in accordance with the terms and conditions of that Agreement. the Insurer may amend its terms and conditions in accordance with such terms and conditions. Although Hedgehog, the Custodian, the Insurer, or Administrator may email you from time to time about changes to the Agreements, the regular way for Hedgehog, the Custodian, the Insurer, and Administrator to notify you of amendments is to post notice on the Websites and/or the Application and update the current version of the Agreements, which will be available on the Hedgehog Website and the Application, subject to Section 10.2 above, for you to access, download, review, print, and retain.
  29. ASSIGNMENT. You may not assign your rights or obligations under any of the Agreements without the prior express written consent of Hedgehog, the Custodian, the Insurer, and Administrator. Hedgehog may assign its rights or obligations under this Program Agreement and the Administration Agreement but only in accordance with the terms and conditions of the Administration Agreement. The Custodian may assign its rights or obligations under this Program Agreement and the Brokerage Agreement but only in accordance with the terms and conditions of the Brokerage Agreement. Administrator may assign its rights or obligations under this Program Agreement and the Transaction Account Agreement but only in accordance with the terms and conditions of the Transaction Account Agreement. The Custodian and Administrator may assign its rights or obligations under the Custodial Agreement in accordance with the terms and conditions of whichever of those agreements applies.
  30. COMPANY CONTACT INFORMATION legal@hedgehog.app.
ATTACHMENT A TO THE HEDGEHOG PROGRAM AGREEMENT
INVESTMENT ADMINISTRATION AGREEMENT
By entering into the Program Agreement, you agree to enter into this Administration Agreement with Hedgehog, which comes into effect when you enter into the Program Agreement. 
The terms and conditions of the Program Agreement, including ARBITRATION CLAUSE IN SECTION 23 OF THE PROGRAM AGREEMENT, are incorporated into this Administration Agreement between Hedgehog and you. 
All capitalized terms herein that are defined in the Program Agreement shall have the meanings assigned in the Program Agreement. If any term or condition of this Administration Agreement is deemed to conflict with a term or condition of the Program Agreement, this Administration Agreement shall control with respect to your rights and obligations and Hedgehog’s rights and obligations.
  1. INVESTMENT ADMINISTRATION
    1. Stacks. You will develop the Stacks and enhance or update the Stacks from time to time. You agree that Hedgehog may modify from time to time the number of Stacks that it deems appropriate, in its sole discretion, to administer on your behalf. You agree that Hedgehog may, in its sole discretion, modify from time to time the selection of the Assets that can comprise each of the Stacks and the available Carrying Brokers that manage such Assets. Nothing in this Section 1 shall be deemed as limiting your rights or Hedgehog’s obligations under jurisdictional securities laws and regulations. Hedgehog will use the Application to provide you with information about the composition and management of the Stacks. You agree that:
      • the Stacks are subject to the investment risks described in the Program Agreement;
      • any projected returns associated with any Stack may not materialize; and
      • any hypothetical back tested returns associated with any Stack are based on assumptions and do not reflect actual results of any Portfolio Account.
    2. Calculated Stack. Based on your Client Information and responses to an investor questionnaire, Hedgehog will use a proprietary algorithm that is part of the Portfolio Management Application to administer to you a Calculated Stack as you construct it. You acknowledge that Hedgehog administers the Calculated Stack in reliance on the Client Information you provide. You agree to provide Hedgehog with Client Information about you and that you are responsible for ensuring Client Information is true, accurate, complete, and current in accordance with applicable law. Hedgehog shall not be liable for any administration of a Calculated Stack based on untrue, inaccurate, incomplete, or out-of-date Client Information. You agree that you will access and review information identifying and describing the Calculated Stack using the Portfolio Management Application.
    3. Disclaimer. You acknowledge that, based on the Client Information you provide and the Investment Administration methodology used in developing the Portfolio Management Application, the Calculated Stack is the choice among the possible Stacks that Hedgehog administers you determined is best for you. However, you agree that there is no guarantee, representation, warranty, or covenant that the Calculated Stack will perform better over any time period than any other Stack or any other investment. You agree that:
      • the Calculated Stack is subject to the investment risks described in the Program Agreement;
      • any projected returns associated with your Calculated Stack may not materialize; and
      • any hypothetical back tested returns associated with your Calculated Stack are based on assumptions and do not reflect actual results of any Portfolio Account.
    4. Selected Stack. You may assemble any portfolio as your Selected Stack. You are not obligated to accept the Calculated Stack to be your Selected Stack. You may change your Selected Stack at any time, in the case of Hedgehog Trading Accounts by using the Application. You acknowledge and agree that you are solely responsible for your choice, among all possible Stacks, with your choice of Selected Stack. Hedgehog shall not have authority or discretion to select any Stack, including the Calculated Stack, for you. You further acknowledge and agree that it is your responsibility to review and carefully consider the information available on the Hedgehog Website or within the Application about any possible Stack and their constituent Assets before choosing your Selected Stack. While the Program is designed so that trading in your Portfolio Account over time causes the holdings to replicate your Selected Stack, you agree that there is no guarantee, representation, warranty, or covenant that the holdings in your Portfolio Account will match the allocations of your Selected Stack. You acknowledge that various factors (including the timing and frequency of Funds Transfers and Withdrawals, market volatility and disruptions, the timing and frequency of your choice of or changes to your Selected Stack, any exclusion of an Asset from your Selected Stack, access interruptions, and hardware or software failures) can impact the extent to which holdings in your Portfolio Account will replicate your Selected Stack at any particular point in time. You acknowledge and agree, without limiting any other provision of the Program Agreement or this Administration Agreement, that:
      • you will assume the risk that your Selected Stack may perform worse for you over any time period than the Calculated Stack or any other investment;
      • your Selected Stack may not be suitable with respect to your investment objectives, risk tolerance, age, financial condition, or other facts or circumstances that apply to you; and
      • Hedgehog shall not be liable for any losses or other damages resulting from your choice of a Selected Stack.
      You acknowledge and agree that:
      • the Program is designed for investments in Assets allocated so that the resulting holdings tend to replicate the Selected Stack over time;
      • Hedgehog designed the relative weighting strategies of the Assets in each of the Stacks to pursue specific investment objectives, including diversification; and
      • removing any Asset from the Selected Stack will change the weightings of Assets in the resulting altered portfolio in a way that deviates from the Calculated Stack and may adversely impact performance.
      Notwithstanding the foregoing, you may exclude from your Selected Stack any one of the Assets that otherwise comprise your Selected Stack if, after carefully reviewing and analyzing all pertinent information available on the Hedgehog Website or through the Application about your Selected Stack, you conclude that you do not want to own any one of the Assets in the Selected Stack. You may request to exclude from or re-include in your Selected Stack an Asset at any time through the Application. If you exclude an Asset from your Selected Stack, the remaining Assets in your Selected Stack will be allocated relative to each other in the same proportions that they are allocated relative to each other in the Calculated Stack on which your Selected Stack is based. You acknowledge that excluding an Asset from your Selected Stack may adversely impact its performance. By excluding an Asset, you acknowledge and agree, without limiting any other provision of the Program Agreement or this Administration Agreement, that:
      • you will assume the risk that your Selected Stack may perform worse for you over any time period than the Calculated Stack, any of the other Stacks on which your Selected Stack is based, or any other investment;
      • your Selected Stack may not be suitable with respect to your investment objectives, risk tolerance, age, financial condition, or other facts or circumstances that apply to you; and
      • Hedgehog shall not be liable for any losses or other damages resulting from your exclusion of any Asset from your Selected Stack.
    5. Ongoing Administration to Help Your Holdings Track Selected Stack. You authorize Hedgehog to conduct Rebalancings from time to time in your Portfolio Account. A proprietary algorithm in the Application will calculate the Purchases and Sales for each Rebalancing based on automated analysis of your Portfolio Account holdings relative to your Selected Stack. Hedgehog will design the Orders for Rebalancing to cause the holdings in your Portfolio Account to replicate your Selected Stack more closely after settlement of the Purchases and Sales that comprise the Rebalancing than before settlement of such Purchases and Sales. You agree that Hedgehog may modify at any time the manner in which, or the frequency with which, Hedgehog calculates, generates, and places with the Carrying Broker the Orders for Rebalancing. You acknowledge that changes, particularly volatile changes, in the market price of the Assets in your Selected Stack relative to each other may prevent Rebalancings from successfully making your Portfolio Account holdings more closely approximate your Selected Stack. You authorize Hedgehog to conduct Reallocations on your behalf after each receipt in your Portfolio Account of Cash you own through the Program. Hedgehog will generally design the Orders for Reinvestments to approximate your Selected Stack. Notwithstanding anything to the contrary in any of the Agreements or elsewhere, you agree that Hedgehog shall be under no duty to conduct, and makes no guarantee that it will conduct, any Rebalancing or Reinvestment at any particular time or a Purchase or Sale for Rebalancing of any Assets in any particular amount.
    6. Standard of Care. Subject to the terms and conditions of the Program Agreement and this Administration Agreement (including, without limitation, Section 10 of the Program Agreement) and without limiting any rights you may have under applicable jurisdictional securities laws, Hedgehog shall exercise the level of care in providing the Administration Services that is customary and reasonable in the industry for Administrators providing investment tools solely through internet-accessed computer applications.
    7. Scope and Delivery of Our Investment Administration.  You acknowledge and agree that Hedgehog will not provide investment advice and will not provide you Administration Services separate from the Program. You agree that Hedgehog will deliver the Administration Services solely electronically in accordance with Section 6 of the Program Agreement. You acknowledge that Hedgehog will not provide you investment advice in person, over the phone, or in information available on the Application and Hedgehog Website or communications through the Portfolio Management Application. You acknowledge that you will not be entitled or able to transact in or hold securities in your Portfolio Account other than the Assets you select to comprise the Stacks for the Program.
  2. YOUR INSTRUCTIONS
    1. Funds Transfers and Related Purchases. You agree that you will invest in the Program by using the Application to initiate Funds Transfers at Will, by using your Linked Account(s) to generate Funds Transfers. You agree and acknowledge that nothing in any of the Agreements gives you any right to fund any Funds Transfer or transfer of money for investment in the Program in any manner other than Direct Debit transfer from your Funding Source to the Carrying Broker in accordance with the Agreements or a transfer of Rewards, as applicable, to the Carrying Broker as permitted in the Program by Hedgehog from time to time. Hedgehog reserves the right to accept investments funded from other sources or through other means on a case by case basis and subject to the fees in the Program Agreement with Hedgehog’s prior express written approval.
    2. Funds Transfers at Will. You may, subject to the Program Agreement, invest in the Program by initiating a Funds Transfer at Will in any amount, greater than the Ledger Provider’s minimum, through the Application at any time. When Hedgehog notifies you of Reward Assets, as applicable, you may initiate a Funds Transfer at Will to invest the Reward Assets in the Program. You agree that, by initiating a Funds Transfer at Will in the Application, you authorize the Transaction Operator to request that the financial institution that maintains your Funding Source transfer the amount of the Funds Transfer at Will from your Funding Source to the Carrying Broker for investment in accordance with this Administration Agreement. You agree that, by initiating a Funds Transfer at Will, you authorize Hedgehog to place Orders with the Carrying Broker on your behalf for Purchases of the Assets that comprise your Selected Stack in amounts calculated by the Portfolio Management Application such that the resulting holdings in your Portfolio Account after settlement of such Purchases will approximate your Selected Stack. Hedgehog will undertake reasonable good faith efforts and generally expects to generate and place the Orders for such Purchases on the Business Day after the Carrying Broker credits each applicable Funds Transfer at Will to your Portfolio Account, but you acknowledge and agree that such Orders may be placed any time within five Business Days after the day the Carrying Broker credits the applicable Funds Transfer at Will to your Portfolio Account.
    3. Rule-based Funds Transfers. You acknowledge and agree that you must use the Application to connect your Hedgehog Trading Account to your Linked Account(s) in order to use the Rules feature of your Hedgehog Trading Account and make Rules-Based Funds Transfers. If you use the Rules feature, you shall be required to connect your Hedgehog Trading Account to your Linked Account(s) by entering into the Application true, accurate, current, and complete information about your Linked Account(s). You acknowledge that the information you enter into the Application about your Funding Source is Client Information subject to the representations, warranties, and indemnification provisions of the Program Agreement. Each time, subject to the Program Agreement, the sum of Pending Rules-Based Funds Transfers associated with your Linked Account(s) equals or exceeds the Ledger Provider minimum, you will cause the Application to initiate a Rules-Based Funds Transfer. You agree that, by using your Linked Account(s) in a way that causes the sum of Pending Funds Transfers to equal or exceed the Ledger Provider minimum, you authorize the Transaction Operator to request that the Ledger Provider that maintains your Funding Source transfer the amount of the sum of Pending Funds Transfers from your Funding Source to the Carrying Broker for investment in the Program. You further agree that, by using your Linked Account(s) in a way that causes the sum of Pending Funds Transfers to equal or exceed the Ledger Provider Minimum, you authorize Hedgehog to place Orders with the Carrying Broker on your behalf for Purchases of the Assets that comprise your Selected Stack in amounts calculated by the Portfolio Management Application such that the resulting holdings in your Hedgehog Trading Account after settlement of such Purchases will approximate your Selected Stack. Hedgehog will undertake reasonable good faith efforts and generally expects to generate and place the Orders for such Purchases on the Business Day after the Carrying Broker credits each applicable Rules-Based Funds Transfer to your Hedgehog Trading Account, but you acknowledge and agree that such Orders may be placed any time within five (5) Business Days after the day the Carrying Broker credits the applicable Rules-Based Funds Transfer to your Hedgehog Trading Account.
    4. Authorizations and Withdrawals and Related Sales. You may, subject to the Program Agreement, withdraw money from your investments in the Program by initiating a Withdrawal request through the Application at any time. You acknowledge and agree that, notwithstanding anything in the Agreements to the contrary, you will not be able to request Withdrawals, or to request Sales relating to fund Withdrawals, unless and until you connect your Funding Source to your Portfolio Account using the Application in accordance with Section A2.4 below of this Administration Agreement. You agree that, by requesting a Withdrawal, you authorize Hedgehog to place an order with the Carrying Broker on your behalf for Sales of Assets in your Portfolio Account in amounts calculated by the Portfolio Management Application such that the resulting holdings in your Portfolio Account after settlement of such Sales will approximate your Selected Stack. Hedgehog will undertake good faith efforts to generate and place the Orders for such Sales on the Business Day after you request a Withdrawal, but you acknowledge and agree that such Orders may be placed any time within five Business Days after you request a Withdrawal. Hedgehog will send any Withdrawal request you initiate through the Application to the Transaction Operator. You agree that, by requesting a Withdrawal, you authorize the Transaction Operator to request that the Carrying Broker transfer the proceeds of the applicable Sales in the amount you request (or less if the money remaining in your Portfolio Account after deducted any Subscription Fee or other fee due is less) to your Funding Source. You acknowledge and agree that the Carrying Broker will not initiate a transfer of money for a Withdrawal until the Business Day after the last applicable Sale to settle for such Withdrawal has settled and that it may take up to five Business Days after the Carrying Broker initiates a transfer of money for the proceeds of a Withdrawal to arrive in your Funding Source.
    5. Reward Assets Distributions. Subject to the Program Agreement, you agree that your choice of a Selected Stack, as modified by you in accordance with this Administration Agreement from time to time, shall authorize Hedgehog to distribute Rewards Assets to your Account. Hedgehog is also authorized to use such Reward Assets in accordance with the Selected Stack rules and there can place Orders with the Carrying Broker on your behalf for Purchases of Reward Assets that Hedgehog agrees in writing to give you in connection with the Program, if any, in amounts that are:
      1. consistent with the value of Reward Assets Hedgehog agrees to pay under the terms of the applicable gift of Reward Assets in the Program; and
      2. calculated by the Portfolio Management Application such that the resulting holdings in your Hedgehog Trading Account after settlement of such Purchases will approximate your Selected Stack.
    6. Funding Source Connection. You acknowledge and agree that you must use the Application to connect your Portfolio Account to your Funding Source in order to participate in the Program. You shall be required to connect your Portfolio Account to your Funding Source by entering into the Application true, accurate, current, and complete information about your Funding Source, including the Ledger Provider’s private address, a signed transaction using the Ledger Provider’s address, or Carrying Broker’s selected platform (e.g., using API Keys) for your Funding Source. You acknowledge that the information you enter into the Application about your Funding Source is Client Information subject to the representations, warranties, and indemnification provisions of the Program Agreement. You acknowledge that your Portfolio Account will not be connected to your Funding Source unless and until you receive a confirmation through the Application indicating that you have successfully connected your Portfolio Account and Funding Source. You agree that, unless and until you successfully connect your Portfolio Account and Funding Source, you will have no right under the Agreements to make related Withdrawals or related Sales. You further agree that, if your Funding Source is closed or restricted after you connect it to your Portfolio Account, you will have no right under the Agreements to make Funds Transfers or Withdrawals unless and until: (i) your Funding Source is reopened or unrestricted; or (ii) you successfully connect a different Funding Source to your Portfolio Account.
    7. Limited Trading Authority to Modify and Track Stacks. Generally, you will direct and are responsible for the direction of your investments through the Program by: (i) carefully reviewing the information about investing and the Stacks available on the Hedgehog Website and through the Application; (ii) carefully considering the administration that Hedgehog generates for you through the Portfolio Management Application of the Calculated Stack; (iii) choosing your Selected Stack; and (iv) deciding whether to exclude an Asset from your Selected Stack. Moreover, it is your responsibility to conduct and monitor the inflows and outflows to and from your Portfolio Account by using the Application to initiate Funds Transfers at Will, Rules-Based Funds Transfers, and Withdrawals. However, Hedgehog shall have discretion over assets in your Portfolio Account to the limited extent that Hedgehog shall have the authority under the Program:
      • to determine and modify from time to time which Assets comprise each of the Stacks, including your Calculated Stack and Selected Stack;
      • to determine when, how often, and in what amounts to conduct Rebalancings in your Portfolio Account;
      • to determine the timing of Purchases in relation to Funds Transfers; and
      • to determine the timing of Sales and Withdrawals in relation to requests for Withdrawals.
    8. Brokerage and Custody. Although Hedgehog may transmit your requests for Withdrawals to the Transaction Operator and/or the Carrying Broker, Hedgehog shall have no authority to initiate any Withdrawal or otherwise to transfer any securities or money out of your Portfolio Account other than for fee deduction pursuant to Section A5.3 of this Administration Agreement.
    9. Authorization. By entering into the Agreements and participating in the Program, you authorize and instruct Hedgehog to use the Carrying Broker to maintain your Portfolio Account and to handle Orders. You acknowledge and agree that Hedgehog may combine Orders for Purchases or Sales in your Portfolio Account with Orders for purchases or sales of Assets in other accounts in the Program and/or with purchases or sales of Assets by Hedgehog into larger Orders for aggregate transactions for each applicable Asset in the Stack. You agree that the Carrying Broker will route Orders to the Clearing Broker for execution, clearance, and settlement.
  3. FEES
    1. Subscription Fee. You agree to pay the Subscription Fee in accordance with the Agreements. You acknowledge that the Subscription Fee may change from time to time and will be available on the Hedgehog Website and in any applicable Brochure or other documentation provided to you in Accordance with the Program Agreement.
    2. Other Fees. You agree to pay the fees, if any, other than the Subscription Fee that you owe pursuant to Section 2 of the Program Agreement. You acknowledge that such fees may change from time to time and will be available on the Hedgehog Website and in any applicable Brochure.
    3. Authorization for Direct Deposit for Fee Deduction. PRE-AUTHORIZATION OF MONTHLY ELECTRONIC FUNDS TRANSFER FROM YOUR FUNDING SOURCE: By clicking “I agree” to enter into this Program Agreement, you authorize Hedgehog and any of its agents, for the entire period, if any, in which your Portfolio Account(s) are subject to Attachment C, to process a recurring Direct Debit from your Funding Source in the amount specified in the Program Agreement. Any Direct Debit you pre-authorize in the preceding sentence will result in an electronic funds transfer from your Funding Source to Hedgehog to pay, if applicable, the Subscription Fee. Hedgehog or any of its agents may charge a fee if your Direct Debit fails due to insufficient funds in your Funding Source. You further authorize Hedgehog to instruct the Carrying Broker to sell, as necessary, Assets in your Portfolio Account and to transfer money out of one or more of your Portfolio Accounts to pay Hedgehog or the Carrying Broker amounts, if any, of the Subscription Fee and, if any, other fees due under the Agreements. The Asset sales you authorize in the preceding sentence include without limitation sales to pay: (i) any Subscription Fee if your Funding Source is closed or disconnected from your Portfolio Account or its transactions restricted; (ii) any Subscription Fees if the pre-authorized recurring monthly Direct Debit you authorized above is rejected in any month due to non-sufficient funds; (iii) any fees other than the Subscription Fee that may apply to any of your Portfolio Accounts under the Program Agreement.
    4. No Performance Fee. Hedgehog and you agree that you will not be charged a performance fee.
    5. Your Responsibility to Vote Assets. You acknowledge and agree that you have the right to vote the Assets in your Portfolio Account and that Hedgehog shall not have any obligation to vote and shall not vote such Assets.
  4. PRIVACY
    1. General. You acknowledge receipt of the Privacy Policy, which Hedgehog may amend from time to time by posting new versions on the Hedgehog Website. You consent to Hedgehog recording your telephone calls and your electronic communications with representatives and associated persons of Hedgehog without further notice. You expressly authorize Hedgehog representatives or associated persons to contact you for purposes of evaluating and offering the Administration Services, the Program, and other products and services by calling, writing, or emailing at the telephone number(s), mailing address, and/or email address(es) you provide in connection with any your Portfolio Account(s), including any additional or updated telephone numbers, mailing addresses, or email addresses. The authorization in the preceding sentence will remain in effect unless and until you specifically revoke it by notifying the Hedgehog representatives or associated persons with whom you are in contact.
    2. Assignment. Hedgehog shall not assign its rights or obligations under this Administration Agreement or the Program Agreement without your consent, provided however that you will be deemed to have consented to an assignment if you do not object to such assignment within 60 calendar days of being notified through the Hedgehog Website or the Application or by email of any intent of Hedgehog to assign such rights or obligations.
    3. Dispute Resolution. YOU ACKNOWLEDGE AND AGREE THAT ALL THE AGREEMENTS, INCLUDING THIS ADMINISTRATION AGREEMENT, ARE GOVERNED BY THE DISPUTE RESOLUTION AND ARBITRATION CLAUSE IN SECTION 21 OF THE PROGRAM AGREEMENT.
ATTACHMENT B TO THE HEDGEHOG PROGRAM AGREEMENT
INVESTMENT ADVISER AGREEMENT
By entering into the Program Agreement, you agree to enter into this Adviser Agreement with Hedgehog Advisers, which comes into effect when you enter into the Program Agreement.
The terms and conditions of the Program Agreement, including ARBITRATION CLAUSE IN SECTION 23 OF THE PROGRAM AGREEMENT, are incorporated into this Adviser Agreement between Hedgehog Advisers and you. 
All capitalized terms herein that are defined in the Program Agreement shall have the meanings assigned in the Program Agreement. If any term or condition of this Adviser Agreement is deemed to conflict with a term or condition of the Program Agreement, this Adviser Agreement shall control with respect to your rights and obligations and Hedgehog’s rights and obligations.
  1. ELIGIBILITY
    1. General Requirements. To register for an Account or access or use the Hedgehog Program services you must:
      • the Stacks are subject to the investment risks described in the Program Agreement;
      • any projected returns associated with any Stack may not materialize; and
      • any hypothetical back tested returns associated with any Stack are based on assumptions and do not reflect actual results of any Stack Account.
    2. Suggested Stack. Based on your Client Information and responses to an investor questionnaire, Hedgehog Advisers will use a proprietary algorithm that is part of the Portfolio Management Application to administer to you a Suggested Stack among the Stacks offered. You acknowledge that Hedgehog identifies the Suggested Stack in reliance on the Client Information you provide. You agree to provide Hedgehog Advisers with Client Information about you and that you are responsible for ensuring Client Information is true, accurate, complete, and current in accordance with applicable law. Hedgehog shall not be liable for any administration of a Suggested Stack based on untrue, inaccurate, incomplete, or out-of-date Client Information. You agree that you will access and review information identifying and describing the Suggested Stack using the Portfolio Management Application.
    3. Disclaimer. You acknowledge that, based on the Client Information you provide and the Investment Advice methodology used in developing the Portfolio Management Application, the Suggested Stack is the choice among the possible Stacks that Hedgehog recommends as best for you. However, you agree that there is no guarantee, representation, warranty, or covenant that the Suggested Stack will perform better over any time period than any other Stack or any other investment. You agree that:
      • the Suggested Stack is subject to the investment risks described in the Program Agreement;
      • any projected returns associated with your Suggested Stack may not materialize; and
      • any hypothetical back tested returns associated with your Suggested Stack are based on assumptions and do not reflect actual results of any Portfolio Account.
    4. Selected Stack. You may choose any one of the Stacks as your Selected Stack or you may construct your own. You are not obligated to accept the Suggested Stack to be your Selected Stack. You may change your Selected Stack at any time, in the case of Hedgehog Managed Accounts by using the Application. You acknowledge and agree that you are solely responsible for your choice, among all possible Stacks, with your choice of Selected Stack. Hedgehog Advisers shall not have authority or discretion to select any Stack, including the Suggested Stack, for you. You further acknowledge and agree that it is your responsibility to review and carefully consider the information available on the Hedgehog Website or within the Application about any possible Stack and their constituent Assets before choosing your Selected Stack. While the Program is designed so that trading in your Portfolio Account over time causes the holdings to replicate your Selected Stack, you agree that there is no guarantee, representation, warranty, or covenant that the holdings in your Portfolio Account will match the allocations of your Selected Stack. You acknowledge that various factors (including the timing and frequency of Funds Transfers and Withdrawals, market volatility and disruptions, the timing and frequency of your choice of or changes to your Selected Stack, any exclusion of an Asset from your Selected Stack, access interruptions, and hardware or software failures) can impact the extent to which holdings in your Portfolio Account will replicate your Selected Stack at any particular point in time. You acknowledge and agree, without limiting any other provision of the Program Agreement or this Adviser Agreement, that:
      • you will assume the risk that your Selected Stack may perform worse for you over any time period than the Suggested Stack or any other investment;
      • your Selected Stack may not be suitable with respect to your investment objectives, risk tolerance, age, financial condition, or other facts or circumstances that apply to you; and
      • Hedgehog shall not be liable for any losses or other damages resulting from your choice of a Selected Stack.
      You acknowledge and agree that:
      • the Program is designed for investments in Assets allocated so that the resulting holdings tend to replicate the Selected Stack over time;
      • with respect to a Stack that you edit or construct, allocations over time will approximate the percentages you have set for the Selected Stack as you purchase additional assets;
      • Hedgehog designed the relative weighting strategies of the Assets in each of the Stacks to pursue specific investment objectives, including diversification; and
      • removing any Asset from the Selected Stack will change the weightings of Assets in the resulting altered portfolio in a way that deviates from the Suggested Stack and may adversely impact performance.
      Notwithstanding the foregoing, you may exclude from your Selected Stack any one of the Assets that otherwise comprise your Selected Stack if, after carefully reviewing and analyzing all pertinent information available on the Hedgehog Website or through the Application about your Selected Stack, you conclude that you do not want to own any one of the Assets in the Selected Stack. You may request to exclude from, add to, or re-include in your Selected Stack an Asset at any time through the Application. If you exclude or add an Asset from or to your Selected Stack, the remaining Assets in your Selected Stack will be allocated relative to each other in the same proportions that they are allocated relative to each other in the Suggested Stack on which your Selected Stack is based. You acknowledge that excluding an Asset from your Selected Stack may adversely impact its performance. By excluding an Asset, you acknowledge and agree, without limiting any other provision of the Program Agreement or this Adviser Agreement, that:
      • you will assume the risk that your Selected Stack may perform worse for you over any time period than the Suggested Stack, any of the other Stacks on which your Selected Stack is based, or any other investment;
      • your Selected Stack may not be suitable with respect to your investment objectives, risk tolerance, age, financial condition, or other facts or circumstances that apply to you; and
      • Hedgehog shall not be liable for any losses or other damages resulting from your exclusion or addition of any Asset from or to your Selected Stack.
    5. Ongoing Advice to Help Your Holdings Track Selected Stack. You authorize Hedgehog Advisers to conduct Rebalancings from time to time in your Portfolio Account. A proprietary algorithm in the Application will calculate the Purchases and Sales for each Rebalancing based on automated analysis of your Portfolio Account holdings relative to your Selected Stack. Hedgehog Advisers will design the Orders for Rebalancing to cause the holdings in your Portfolio Account to replicate your Selected Stack more closely after settlement of the Purchases and Sales that comprise the Rebalancing than before settlement of such Purchases and Sales. You agree that Hedgehog Advisers may modify at any time the manner in which, or the frequency with which, Hedgehog calculates, generates, and places with the Carrying Broker the Orders for Rebalancing. You acknowledge that changes, particularly volatile changes, in the market price of the Assets in your Selected Stack relative to each other may prevent Rebalancings from successfully making your Portfolio Account holdings more closely approximate your Selected Stack. You authorize Hedgehog Advisers to conduct Reallocations on your behalf after each receipt in your Portfolio Account of Cash you own through the Program. Hedgehog will generally design the Orders for Reinvestments to approximate your Selected Stack. Notwithstanding anything to the contrary in any of the Agreements or elsewhere, you agree that Hedgehog shall be under no duty to conduct, and makes no guarantee that it will conduct, any Rebalancing or Reinvestment at any particular time or a Purchase or Sale for Rebalancing of any Assets in any particular amount.
    6. Standard of Care. Subject to the terms and conditions of the Program Agreement and this Adviser Agreement (including, without limitation, Section 10 of the Program Agreement) and without limiting any rights you may have under applicable jurisdictional securities laws, Hedgehog Adviser shall exercise the level of care in providing the Advisory Services that is customary and reasonable in the industry for Advisers providing investment tools solely through internet-accessed computer applications, it being understood and agreed that you remain responsible for any investment decisions you make that deviate from the Suggested Stack. Hedgehog Advisers owes its investment advisory clients fiduciary duties that require, among other things, Hedgehog Advisers to act in the best interests of its clients. Services provided to you by Hedgehog that are not investment advisory services such as educational content and access to alternative Ledger Providers and Custodians or Hedgehog Managed Accounts, do not create an investment advisory relationship between you and Hedgehog, in which case Hedgehog has no corresponding fiduciary duty with respect to such services.
    7. Scope and Delivery of Our Investment Administration.  You acknowledge and agree that Hedgehog Advisers will not provide investment advice other than the investment advice described in this section 1g and will not provide you Advisory Services separate from the Program. You agree that Hedgehog will deliver the Advisory Services solely electronically in accordance with Section 6 of the Program Agreement. You acknowledge that Hedgehog Advisers will not provide you investment advice in person, over the phone, or in information available on the Application and Hedgehog Website or communications through the Portfolio Management Application. You acknowledge that you will not be entitled or able to transact in or hold securities in your Portfolio Account other than the Assets you select to comprise the Stacks for the Program. You expressly acknowledge and agree that Hedgehog Advisers will not provide investment advice on any specific orders you direct in a Stack that does not match the Suggested Stack or its holdings.
  2. YOUR INSTRUCTIONS
    1. Funds Transfers and Related Purchases. You agree that you will invest in the Program by using the Application to initiate Funds Transfers at Will, by using your Linked Account(s) to generate Funds Transfers. You agree and acknowledge that nothing in any of the Agreements gives you any right to fund any Funds Transfer or transfer of money for investment in the Program in any manner other than Direct Debit transfer from your Funding Source to the Custodian in accordance with the Agreements or a transfer of Rewards, as applicable, to the Custodian as permitted in the Program by Hedgehog from time to time. Hedgehog Advisers reserves the right to accept investments funded from other sources or through other means on a case by case basis and subject to the fees in the Program Agreement with Hedgehog’s prior express written approval.
    2. Funds Transfers at Will. You may, subject to the Program Agreement, invest in the Program by initiating a Funds Transfer at Will in any amount, greater than the Ledger Provider’s minimum, through the Application at any time. When Hedgehog Advisers notifies you of Reward Assets, as applicable, you may initiate a Funds Transfer at Will to invest the Reward Assets in the Program. You agree that, by initiating a Funds Transfer at Will in the Application, you authorize the Transaction Operator to request that the financial institution that maintains your Funding Source transfer the amount of the Funds Transfer at Will from your Funding Source to the Carrying Broker for investment in accordance with this Adviser Agreement. You agree that, by initiating a Funds Transfer at Will, you authorize Hedgehog to place Orders with the Carrying Broker on your behalf for Purchases of the Assets that comprise your Selected Stack in amounts calculated by the Portfolio Management Application such that the resulting holdings in your Portfolio Account after settlement of such Purchases will approximate your Selected Stack. Hedgehog Advisers will undertake reasonable good faith efforts and generally expects to generate and place the Orders for such Purchases on the Business Day after the Carrying Broker credits each applicable Funds Transfer at Will to your Portfolio Account, but you acknowledge and agree that such Orders may be placed any time within five Business Days after the day the Carrying Broker credits the applicable Funds Transfer at Will to your Portfolio Account.
    3. Rule-based Funds Transfers. You acknowledge and agree that you must use the Application to connect your Hedgehog Managed Account to your Linked Account(s) in order to use the Rules feature of your Hedgehog Managed Account and make Rules-Based Funds Transfers. If you use the Rules feature, you shall be required to connect your Hedgehog Managed Account to your Linked Account(s) by entering into the Application true, accurate, current, and complete information about your Linked Account(s). You acknowledge that the information you enter into the Application about your Funding Source is Client Information subject to the representations, warranties, and indemnification provisions of the Program Agreement. Each time, subject to the Program Agreement, the sum of Pending Rules-Based Funds Transfers associated with your Linked Account(s) equals or exceeds the Ledger Provider minimum, you will cause the Application to initiate a Rules-Based Funds Transfer. You agree that, by using your Linked Account(s) in a way that causes the sum of Pending Funds Transfers to equal or exceed the Ledger Provider minimum, you authorize the Transaction Operator to request that the Ledger Provider that maintains your Funding Source transfer the amount of the sum of Pending Funds Transfers from your Funding Source to the Carrying Broker for investment in the Program. You further agree that, by using your Linked Account(s) in a way that causes the sum of Pending Funds Transfers to equal or exceed the Ledger Provider Minimum, you authorize Hedgehog to place Orders with the Carrying Broker on your behalf for Purchases of the Assets that comprise your Selected Stack in amounts calculated by the Portfolio Management Application such that the resulting holdings in your Hedgehog Managed Account after settlement of such Purchases will approximate your Selected Stack. Hedgehog will undertake reasonable good faith efforts and generally expects to generate and place the Orders for such Purchases on the Business Day after the Carrying Broker credits each applicable Rules-Based Funds Transfer to your Hedgehog Managed Account, but you acknowledge and agree that such Orders may be placed any time within five (5) Business Days after the day the Carrying Broker credits the applicable Rules-Based Funds Transfer to your Hedgehog Managed Account.
    4. Authorizations and Withdrawals and Related Sales. You may, subject to the Program Agreement, withdraw money from your investments in the Program by initiating a Withdrawal request through the Application at any time. You acknowledge and agree that, notwithstanding anything in the Agreements to the contrary, you will not be able to request Withdrawals, or to request Sales relating to fund Withdrawals, unless and until you connect your Funding Source to your Portfolio Account using the Application in accordance with Section A2.4 below of this Adviser Agreement. You agree that, by requesting a Withdrawal, you authorize Hedgehog Advisers to place an order with the Carrying Broker on your behalf for Sales of Assets in your Portfolio Account in amounts calculated by the Portfolio Management Application such that the resulting holdings in your Portfolio Account after settlement of such Sales will approximate your Selected Stack. Hedgehog Advisers will undertake good faith efforts to generate and place the Orders for such Sales on the Business Day after you request a Withdrawal, but you acknowledge and agree that such Orders may be placed any time within five Business Days after you request a Withdrawal. Hedgehog Advisers will send any Withdrawal request you initiate through the Application to the Transaction Operator. You agree that, by requesting a Withdrawal, you authorize the Transaction Operator to request that the Carrying Broker transfer the proceeds of the applicable Sales in the amount you request (or less if the money remaining in your Portfolio Account after deducted any Subscription Fee or other fee due is less) to your Funding Source. You acknowledge and agree that the Carrying Broker will not initiate a transfer of money for a Withdrawal until the Business Day after the last applicable Sale to settle for such Withdrawal has settled and that it may take up to five Business Days after the Carrying Broker initiates a transfer of money for the proceeds of a Withdrawal to arrive in your Funding Source.
    5. Reward Assets Distributions. Subject to the Program Agreement, you agree that your choice of a Selected Stack, as modified by you in accordance with this Adviser Agreement from time to time, shall authorize Hedgehog to distribute Rewards Assets to your Account. Hedgehog is also authorized to use such Reward Assets in accordance with the Selected Stack rules and there can place Orders with the Carrying Broker on your behalf for Purchases of Reward Assets that Hedgehog agrees in writing to give you in connection with the Program, if any, in amounts that are:
      1. consistent with the value of Reward Assets Hedgehog agrees to pay under the terms of the applicable gift of Reward Assets in the Program; and 
      2. calculated by the Portfolio Management Application such that the resulting holdings in your Hedgehog Managed Account after settlement of such Purchases will approximate your Selected Stack.
    6. Funding Source Connection. You acknowledge and agree that you must use the Application to connect your Portfolio Account to your Funding Source in order to participate in the Program. You shall be required to connect your Portfolio Account to your Funding Source by entering into the Application true, accurate, current, and complete information about your Funding Source, including the Ledger Provider’s private address, a signed transaction using the Ledger Provider’s address, or Carrying Broker’s selected platform (e.g., using API Keys) for your Funding Source. You acknowledge that the information you enter into the Application about your Funding Source is Client Information subject to the representations, warranties, and indemnification provisions of the Program Agreement. You acknowledge that your Portfolio Account will not be connected to your Funding Source unless and until you receive a confirmation through the Application indicating that you have successfully connected your Portfolio Account and Funding Source. You agree that, unless and until you successfully connect your Portfolio Account and Funding Source, you will have no right under the Agreements to make related Withdrawals or related Sales. You further agree that, if your Funding Source is closed or restricted after you connect it to your Portfolio Account, you will have no right under the Agreements to make Funds Transfers or Withdrawals unless and until: (i) your Funding Source is reopened or unrestricted; or (ii) you successfully connect a different Funding Source to your Portfolio Account.
    7. Limited Trading Authority to Modify and Track Stacks. Generally, you will direct and are responsible for the direction of your investments through the Program by: (i) carefully reviewing the information about investing and the Stacks available on the Hedgehog Website and through the Application; (ii) carefully considering the recommendations that Hedgehog Advisers generates for you through the Portfolio Management Application of the Suggested Stack; (iii) choosing your Selected Stack; and (iv) deciding whether to exclude or add an Asset from or to your Selected Stack. Moreover, it is your responsibility to conduct and monitor the inflows and outflows to and from your Portfolio Account by using the Application to initiate Funds Transfers at Will, Rules-Based Funds Transfers, and Withdrawals. However, Hedgehog Advisers shall have discretion over assets in your Portfolio Account to the limited extent that Hedgehog Advisers shall have the authority under the Program:
      • to determine and modify from time to time which Assets comprise each of the Stacks, including your Suggested Stack and Selected Stack;
      • to determine when, how often, and in what amounts to conduct Rebalancings in your Portfolio Account;
      • to determine the timing of Purchases in relation to Funds Transfers; and
      • to determine the timing of Sales and Withdrawals in relation to requests for Withdrawals.
      With respect to a Selected Stack that does not match the Suggested Stack, you agree and understand that Hedgehog Advisers merely accepts and routes client-directed orders to the Carrying Broker and Hedgehog Advisers does not offer any endorsement or warrants in connection with these client-directed investment decisions. Hedgehog Advisers will make available generalized investment advice and education on key investing concepts for clients enrolled in such a Portfolio Account, will monitor your Portfolio Account, and will administer the account according to rules that the client selects.
    8. Brokerage and Custody. Although Hedgehog may transmit your requests for Withdrawals to the Transaction Operator and/or the Carrying Broker, Hedgehog shall have no authority to initiate any Withdrawal or otherwise to transfer any securities or money out of your Portfolio Account other than for fee deduction pursuant Section 3c to this Adviser Agreement.
    9. Authorization. By entering into this Adviser Agreement and participating in the Program, you authorize and instruct Hedgehog Advisers to use Carrying Broker to maintain your Portfolio Account and to handle Orders. You acknowledge and agree that Hedgehog Advisers may combine Orders for purchases or sales of Assets in your Selected Stack with purchase or sales of Assets in your other Stacks into larger Orders for aggregate transactions for each applicable Asset in your Portfolio Account. You agree that the Carrying Broker will route Orders to the Clearing Broker for execution, clearance, and settlement.
  3. FEES
    1. Subscription Fee. You agree to pay the Subscription Fee in accordance with the Agreements. You acknowledge that the Subscription Fee may change from time to time and will be available on the Hedgehog Website and in any applicable Brochure or other documentation provided to you in Accordance with the Program Agreement.
    2. Other Fees. You agree to pay the fees, if any, other than the Subscription Fee that you owe pursuant to Section 2 of the Program Agreement. You acknowledge that such fees may change from time to time and will be available on the Hedgehog Website and in any applicable Brochure.
    3. Authorization for Direct Deposit for Fee Deduction. PRE-AUTHORIZATION OF MONTHLY ELECTRONIC FUNDS TRANSFER FROM YOUR FUNDING SOURCE: By clicking “I agree” to enter into this Program Agreement, you authorize Hedgehog and any of its agents, for the entire period, if any, in which your Portfolio Account(s) are subject to Attachment C, to process a recurring Direct Debit from your Funding Source in the amount specified in the Program Agreement. Any Direct Debit you pre-authorize in the preceding sentence will result in an electronic funds transfer from your Funding Source to Hedgehog to pay, if applicable, the Subscription Fee. Hedgehog or any of its agents may charge a fee if your Direct Debit fails due to insufficient funds in your Funding Source. You further authorize Hedgehog to instruct the Carrying Broker to sell, as necessary, Assets in your Portfolio Account and to transfer money out of one or more of your Portfolio Accounts to pay Hedgehog or the Carrying Broker amounts, if any, of the Subscription Fee and, if any, other fees due under the Agreements. The Asset sales you authorize in the preceding sentence include without limitation sales to pay: (i) any Subscription Fee if your Funding Source is closed or disconnected from your Portfolio Account or its transactions restricted; (ii) any Subscription Fees if the pre-authorized recurring monthly Direct Debit you authorized above is rejected in any month due to non-sufficient funds; (iii) any fees other than the Subscription Fee that may apply to any of your Portfolio Accounts under the Program Agreement. A8. Assignment
      Acorns will not assign this Investment Advisory Agreement Supplement without your consent; provided, however, that (i) any transaction that does not involve an actual change in management or control of Acorns will not be deemed an assignment; and (ii) you will be deemed to have consented to any assignment if you do not object to such assignment within sixty (60) calendar days of being notified      through the Acorns Website or the Application or by email of any intent of Acorns Advisers to assign this Investment Advisory Agreement Supplement.
    4. Receipt of Brochure and Adviser Materials You acknowledge receipt of the Brochure, Form ADV Parts 2A and 2B, the Form CRS, which are also available on the Hedgehog Website and the SEC’s Investment Adviser Public Disclosure Page on www.adviserinfo.sec.gov
    5. No Performance Fee. Hedgehog and you agree that you will not be charged a performance fee.
    6. Your Responsibility to Vote Assets. You acknowledge and agree that you have the right to vote the Assets in your Portfolio Account and that Hedgehog shall not have any obligation to vote and shall not vote such Assets.
  4. PRIVACY
    1. General. You acknowledge receipt of the Privacy Policy, which Hedgehog may amend from time to time by posting new versions on the Hedgehog Website. You consent to Hedgehog recording your telephone calls and your electronic communications with representatives and associated persons of Hedgehog without further notice. You expressly authorize Hedgehog representatives or associated persons to contact you for purposes of evaluating and offering the Administration Services, the Program, and other products and services by calling, writing, or emailing at the telephone number(s), mailing address, and/or email address(es) you provide in connection with any your Portfolio Account(s), including any additional or updated telephone numbers, mailing addresses, or email addresses. The authorization in the preceding sentence will remain in effect unless and until you specifically revoke it by notifying the Hedgehog representatives or associated persons with whom you are in contact.
    2. Assignment. Hedgehog shall not assign its rights or obligations under this Adviser Agreement or the Program Agreement without your consent, provided however that you will be deemed to have consented to an assignment if you do not object to such assignment within 60 calendar days of being notified through the Hedgehog Website or the Application or by email of any intent of Hedgehog to assign such rights or obligations.
    3. Dispute Resolution. YOU ACKNOWLEDGE AND AGREE THAT ALL THE AGREEMENTS, INCLUDING THIS ADVISER AGREEMENT, ARE GOVERNED BY THE DISPUTE RESOLUTION AND ARBITRATION CLAUSE IN SECTION 21 OF THE PROGRAM AGREEMENT.
ATTACHMENT C TO HEDGEHOG PROGRAM AGREEMENT
HEDGEHOG TRANSACTION ACCOUNT AGREEMENT
By entering into the Program Agreement and choosing to participate in a Hedgehog Transaction Account, you agree to enter into this Transaction Account Agreement, which comes into effect when you enter into the Program Agreement and choose to participate in a Hedgehog Transaction Account.
The terms and conditions of the Program Agreement, including THE PRE-DISPUTE ARBITRATION CLAUSE IN SECTION 21 OF THE PROGRAM AGREEMENT, are incorporated into this Transaction Account Agreement between the Administrator, Ledger Provider and you. All capitalized terms herein that are defined in the Program Agreement shall have the meanings assigned in the Program Agreement. If any term or condition of this Transaction Account Agreement is deemed to conflict with a term or condition of the Program Agreement, this Transaction Account Agreement shall control with respect to your rights and obligations and the Administrator’s rights and obligations.
These Transaction Account Agreement terms, along with any other documents referenced herein as applicable to your transaction account (“Transaction Account”), are a contract between you, Hedgehog and the Member FDIC correspondent bank offering fully disclosed accounts exclusively for the benefit of the customer, or else the distributed ledger technology network facilitating transfers on the clients behalf  (the “Bank” or “Ledger Provider”), that establishes rules that control your Transaction Account. Banking services associated with the Transaction Account are provided by the Bank and its third-party service providers such as the. The Bank is a FDIC-insured member institution. Hedgehog is not a bank and your Transaction Account is established and maintained by the Bank in coordination with Hedgehog through Hedgehog’s offerings.  
Contact Transaction Account by calling +1.831.218.2651, by email at finops@hedgehog.app, or visit the Website or App.
For general information about prepaid accounts, visit cfpb.gov/prepaid. If you have a complaint about a prepaid account, call the Consumer Financial Protection Bureau at 1-855-411-2372 or visit cfpb.gov/complaint.
  1. IMPORTANT DISCLOSURES FOR HEDGEHOG TRANSACTION ACCOUNTS Hedgehog Transaction Accounts are accounts established with Ledger Provider (each a, “Transaction Account”). Each Hedgehog Transaction Account includes a public and/or private key, which may be a combination of routing number and account number, which is issued by Ledger Provider. No minimum balance is required to maintain your Hedgehog Transaction Account unless otherwise required by Ledger Provider.
    Application for and use of Hedgehog Transaction Accounts is subject to the approval of Ledger Provider, and subject to certain disclosures, terms, and conditions of Ledger Provider. Specifically, in order to apply for a Hedgehog Transaction Account, you must agree to each of the following disclosures and agreements with Ledger Provider, each of which will be made available by Ledger Provider:
    • E-Sign Consent [insert URL];
    • Terms and Conditions with Ledger Provider [insert URL];
    • Electronic Funds Transfers Disclosure [insert URL];
    • Funds Availability Disclosure [insert URL]; and
    • Privacy Policy of Ledger Provider [insert URL].
    The Ledger Provider Agreements are separate from this Program Agreement, and you must separately agree to each of them at the time you apply for a Hedgehog Transaction Account. You may also be required to provide additional Client Information to Administrator and Ledger Provider for the purpose of verifying or re-verifying your identity at the time you apply for a Hedgehog Transaction Account.
  2. HEDGEHOG TRANSACTION ACCOUNTS
    1. General. Hedgehog Transaction Accounts are transaction accounts that include a Ledger Provider address. You may make deposits to your Hedgehog Transaction Account via electronic funds transfer from external sources or other Hedgehog or Ledger Provider accounts (both pre-authorized and manual), remote deposit capture of paper checks, direct debit from your payroll provider, and certain peer-to-peer payment services. You may make withdrawals from your Hedgehog Transaction Account via Direct Debit, cash withdrawals from ATMs, check payment, and certain peer-to-peer payment services or otherwise as made possible by Ledger Provider and its affiliates.
    2. Information Provided by You. In order to participate in the Transaction Account, you must (a) accept and agree to this Agreement and our Privacy Policy, (b) register on the Website or App; (c) be a U.S. citizen (or a legal resident with a U.S. tax ID number) of at least in the jurisdiction where they reside; and (d) provide all requested information, such as your name, date of birth, address, email address, social security number, username and password, and such other information as we may request from time to time, (collectively, “User Information”). You represent and warrant that all information, including User Information, you provide us from time to time is truthful, accurate, current, and complete. You agree to promptly notify us of changes to any User Information.
    3. IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A TRANSACTION ACCOUNT. TO HELP THE GOVERNMENT FIGHT THE FUNDING OF TERRORISM AND MONEY LAUNDERING ACTIVITIES, FEDERAL LAW REQUIRES ALL FINANCIAL INSTITUTIONS TO OBTAIN, VERIFY, AND RECORD INFORMATION THAT IDENTIFIES EACH PERSON WHO OPENS A TRANSACTION ACCOUNT. WHAT THIS MEANS FOR YOU: WHEN YOU OPEN A TRANSACTIONACCOUNT, WE OR THE ADMINISTRATOR WILL ASK FOR YOUR NAME, ADDRESS, DATE OF BIRTH, AND OTHER INFORMATION THAT WILL ALLOW US TO IDENTIFY YOU. WE MAY ALSO ASK TO SEE A COPY OF YOUR DRIVER’S LICENSE OR OTHER IDENTIFICATION DOCUMENTS.
    4. User Information Security. Always protect your User Information and Account number. Do not send your Transaction Account number in an email or text message. Make sure your User Information and Account number are secured with encryption when you use your Transaction Account to perform transactions over the Internet or wireless networks.
    5. Lost or Stolen User Information. Contact Customer Service immediately if you believe: (a) your User Information has been lost or stolen, (b) someone has gained unauthorized access to your User Information, or (c) someone has transferred or may transfer funds from your Transaction Account without your permission. Contacting us by telephone at +1.831.218.2651 is the best way to minimize your possible losses.
    6. Authorized Users. You are responsible for all authorized transactions initiated and fees incurred by use of your Transaction Account. If you permit another person to have access to your Transaction Account, we will treat this as if you have authorized such person to use the Account, and you will be liable for all transactions and fees incurred by such person, even if they exceed the authorization granted. Transactions will be considered unauthorized only after you notify us that the person is no longer authorized to use the Account. You are wholly responsible for the use of your Transaction Account according to the terms and conditions of this Agreement.
    7. No Cash Access. You may not use your Transaction Account to obtain cash. Account funds cannot be accessed at an ATM.
  3. FUNDS TRANSFERS AND PURCHASES
    1. Adding and Withdrawing Funds from Your Transaction Account. Subject to the limitations set forth in this Transaction Program Agreement, you may add to your Transaction Account as described below and you may withdraw funds from your Transaction Account as described in the section below titled "Bank Account Transfer." You may not add funds to your Transaction Account by sending personal checks, cashier’s checks, or money orders to the Bank. The Bank will return all checks and money orders unless your Transaction Account has a negative balance, in which case the Bank may, in its sole discretion, apply the proceeds of the check or money order towards the negative balance of your Transaction Account. Certain fees may apply for adding funds to your Transaction Account. Please refer to the fee schedule.
    2. Ledger Provider Transfer. You may authorize us to electronically debit or credit your designated deposit account at your designated U.S. depository financial institution (your “Bank Account”) via the Automated Clearing House network (“ACH”), or via a signed message using your  designated private key (“Private Key”) and a distributed ledger technology protocol (“DLT”) for a specified amount on a one-time or recurring basis and add or subtract such amount to or from your Transaction Account. You may provide such authorization and your Bank Account information or Private Key signature via the Website and the App. Amounts debited from your Bank Account or Private Key will be added to your Transaction Account and available for transactions generally within 2-3 business days of when we receive your authorization and all required consents and information. Amounts credited to your Bank Account or Private Key from your Transaction Account will generally be available 2-3 business days after we receive your authorization and all required consents and information.
    3. Transaction Limits. The maximum value of your Transaction Account at any time may be $100,000,000.00. The maximum amount that can be added to your Transaction Account is $5,000.00 USD per business day. In order to protect your Transaction Account, we may temporarily impose limits on the dollar amount, number, and type of transactions performed using your Transaction Account. To the extent permitted by applicable law, we reserve the right to: (a) change the transaction limits; (b) limit, block, or place a hold on certain types of transfers or transactions; and (c) limit, suspend, or block transfers from particular persons, entities, or Accounts.
    4. Pre-authorized Transfers. Except as otherwise provided in this Agreement, you may use your Transaction Account to make regular, pre-authorized payments to a payee designated by you. If a pre-authorized payment will vary in amount from the previous payment under the same authorization or from the pre-authorized amount, the payee should tell you at least ten days before such payment when the payment will be made and how much it will be. You may choose instead to get this notice from the service provider only when the payment would differ by more than a certain amount from the previous payment or when the amount would fall outside certain limits that you set by notifying the payee. If you have authorized us in advance to make regular payments with your Transaction Account, you can stop these payments by contacting Customer Service at least three business days or more before the applicable payment is scheduled to be made. If we do not receive your request at least three business days before the scheduled payment date, we may attempt, in our sole discretion, to stop the payment. However, we assume no responsibility for our failure or refusal to do so, even if we accept your stop payment request. If you call us, we may also require you to put your request in writing and provide it to us within 14 days after you call. If we do not receive the written request within 14 days, we may honor subsequent debits to your Transaction Account. For individual payments, please specify the exact amount (dollars and cents) of the payment you want to stop, the scheduled date of the payment, and the identity of the payee. Unless you tell us that all future payments to a specific recipient are to be stopped, we may treat your stop-payment order as a request concerning the one payment only. If you order us to stop one of these payments at least three business days before the payment is scheduled and we do not do so, we will be liable for your losses or damages related thereto.
    5. No Transactions in Foreign Currencies. You may not use your Transaction Account internationally or to conduct transactions in foreign currencies.
    6. Errors or Questions About Your Account Transactions. Contact Customer Service at the number or address provided below as soon as you can if you think an error has occurred involving your Transaction Account. We must hear from you no later than 60 days after the earlier of the date you first electronically accessed your Transaction Account (including the error), if the error could be viewed in your electronic transaction history, or the date we sent the first written transaction history on which the error appeared. When you notify us about an error involving your Transaction Account, you will need to tell us: (a) your name and Account number; (b) why you believe there is an error and the dollar amount involved; and (c) approximately when the error took place. If you tell us orally, we will mail you a form to complete and return. You must return the form or your own letter outlining the details of the error to Customer Service at the address provided below within ten business days of your oral notification. We will determine whether an error occurred within 10 business days after we hear from you and will correct any error promptly. If we need more time, however, we may take up to 45 days to investigate the complaint or question. If we decide to do this, and your account is registered with us, we will credit your Transaction Account within ten business days for the amount you think is in error, so that you will have the use of the funds credited to your Transaction Account during the time it takes us to complete our investigation. If we ask you to put your complaint in writing and we do not receive it within 10 business days, we may not credit your Transaction Account. Keep reading to learn more about how to register your Transaction Account. For errors involving new Accounts (an Account is considered “new” up until 30 days after such Account is opened), we may take up to 90 days to investigate a complaint or question. For new Accounts, we may take up to 20 business days to credit your Transaction Account for the amount you think is an error. We will tell you the results within 3 business days after completing our investigation. If we decide that there was no error, we will send you a written explanation. You may ask for copies of the documents that we used in our investigation. If you need more information about our error resolution process, contact Customer Service.
    7. Your Liability for Unauthorized Transactions. Tell us AT ONCE if you believe your User Information needed to access your Transaction Account has been lost or stolen or you believe a transaction has been made without your permission using information from your Transaction Account. Contact Customer Service immediately at the number or address provided below to keep possible losses to a minimum. Contacting us by telephone at +1.831.218.2651 is the best way to minimize possible losses. You could lose all the money in your Transaction Account. If you tell us within two business days after you learn of any unauthorized transactions, you will lose no more than $50 if someone accessed your Transaction Account without your permission. If you DO NOT tell us within two business days after you learn of an unauthorized transaction, and we can prove we could have stopped someone from accessing your Transaction Account without your permission if you had told us, you could lose as much as $500. Also, if your Transaction Account transaction history or other information shows transfers that you did not make or authorize, tell us at once. If you do not tell us within 60 days after the information is made available to you, you may not get back any money you lost after the 60 days if we can prove that we could have stopped someone from taking the money if you had told us in time. If a good reason (such as a long trip, a hospital stay, or other extenuating circumstances) kept you from telling us, we will extend the times specified above to a reasonable period. You agree to cooperate reasonably with us in our attempts to recover funds from, and to assist in the prosecution of, any unauthorized users of your Transaction Account.
    8. Unclaimed Property. If your Transaction Account becomes inactive (e.g., if you do not use the funds in your Transaction Account or access your Transaction Account for a certain period of time), applicable law may require us to report the funds in your Transaction Account as unclaimed property. If this occurs, we may try to locate you at the address shown in our records. If we are unable to locate you, we may be required to deliver any funds in your Transaction Account to the applicable state as unclaimed property. The specified period of time to report and send funds in an inactive Account to a state varies by state, but usually ranges between two and five years.
  4. AUTOMATED FUNDS TRANSFERS.
    1. General. Automated Funds Transfers is an optional feature available to Transaction Account holders who have provided scheduled Direct Debit authorization. You will be able to select a percentage of your Direct Debit to be allocated to your Hedgehog Trading Account and/or Managed Accounts. By using this feature, you authorize Hedgehog to use Ledger Provider to move the funds you select from your Hedgehog Transaction Account to your Portfolio Account.
    2. Eligibility. Purchases made through your Transaction Account are eligible for Automated Funds Transfers and Purchases. Automated Funds Transfers and Purchases, if turned on in your Settings, will debit the amount you designated from your Hedgehog Transaction Account contemporaneously with the relevant event attached to the rule. Automated Funds Transfers and Purchases may be controlled in your Settings within the Application.
    3. Statements. Regular statements detailing your account activity will be provided to you by the Administrator and may be imported through the Application. You agree that you are responsible for reviewing all statements for your Hedgehog Transaction Account. All statements shall be considered accurate as reported by Ledger Provider.
    4. Closing Hedgehog Transaction Accounts. If you should choose to close your Hedgehog Transaction Account, delete any private keys or API Keys associated with your Hedgehog Transaction Account. If your Hedgehog Transaction Account remains at a zero balance for more than three hundred sixty-five (365) consecutive days, Administrator or Ledger Provider may close such account. If your Hedgehog Transaction Account has a negative balance for forty-five (45) days, Administrator or Ledger Provider may close such Transaction Account.
    5. Authorization to Hedgehog for Netting Rights for Negative Hedgehog Trading or Hedgehog Transaction Accounts. If your Transaction Account has a negative balance for thirty (30) or more days, you hereby agree that Hedgehog may sell Assets in your Portfolio Account and use the proceeds of such sale to satisfy your outstanding balance. We, as directed by the Adviser and the Administrator, will only sell such Assets as necessary to bring your Transaction Account to a zero balance. If there are insufficient funds in your Portfolio Account to bring your Transaction Account to a zero balance, both accounts will be closed and all of the Assets available to Hedgehog will be liquidated and the proceeds from such sale will be applied to bring your Transaction Account in good standing. If your Portfolio Account has a negative balance for thirty (30) or more days, you hereby agree that Hedgehog may transfer funds from your Transaction Account, should it have a positive balance, to your Portfolio Account to bring such account to a zero balance. If there are insufficient funds in your Transaction Account to bring your Portfolio Account to a zero balance, Hedgehog reserves the right to close both accounts.
    6. Termination. Participation in this feature is optional and may be terminated at any time. You may make changes to your allocation until your direct deposit has settled, which may occur instantly, depending on the Ledger Provider. For the avoidance of doubt, you are solely responsible for monitoring your contributions and preventing unauthorized or erroneous transfers.
  5. SUBSCRIPTION FEE FOR HEDGEHOG TRANSACTION ACCOUNTS
    1. Additional Services Covered by Subscription Fee. Notwithstanding anything to the contrary in the Agreements, the services covered by the Subscription Fee shall include any fees due to be paid or expenses due to be reimbursed to Administrator in connection with Transaction Accounts. You agree to pay the Subscription Fee in accordance with the Agreements. You acknowledge that the Subscription Fee may change from time to time and will be available on the Website. Unless otherwise provided, the Administrator will not charge you any fees in connection with a Hedgehog Transaction Account or any related banking services. Ledger Provider may charge you an additional fee in connection with transactions through a Hedgehog Transaction Account.
    2. Debit Authorization to Pay Subscription Fee. You further agree you will pay the Subscription Fee by recurring monthly Direct Debit and electronic funds transfer that will deduct money from your primary Funding Source. You authorize Hedgehog and/or its agents to initiate the recurring monthly debit from your primary Funding Source in Section A5.3.1 of the Administration Agreement. If you choose a Hedgehog Transaction Account, you agree your Hedgehog Transaction Account may be the primary Funding Source from which your Subscription Fee will be deducted. If your Hedgehog Transaction Account is your primary Funding Source and Hedgehog is unable to collection your Subscription Fee via Direct Debit from your Hedgehog Transaction Account, you authorize Hedgehog and/or its agents to collection your Subscription Fee in accordance with Section 2.1.3 of the Program Agreement. If you have chosen a Hedgehog Transaction Account but have not funded that account, Hedgehog will deduct your Subscription Fee, including the relevant fee for your Hedgehog Transaction Account, from your other Funding Source.
  6. ROLES, RIGHTS AND DUTIES
    1. Your Representations. By agreeing to the Program Agreement, you acknowledge you will be bound, and represent and warrant to the Administrator that you will abide by the terms and conditions of the Ledger Provider Agreements. If there is any conflict or discrepancy between the Ledger Provider Agreements and any of the other Agreements, the Ledger Provider Agreements shall govern with respect to Transaction Accounts subject to the following sentence, which shall govern to the extent it conflicts with the Ledger Provider Agreements.
    2. Administrator Disclaimer. You acknowledge and agree that, notwithstanding anything to the contrary, Administrator, its parent company, and any of their affiliates, officers, directors, and employees shall have no duty to perform or liability for any failure to perform any obligation of Ledger Provider in the Program, under any of the Agreements, or under the Ledger Provider Agreements except to the limited extent that Ledger Provider has expressly and duly delegated its duties and liabilities to Administrator pursuant to an applicable agreement between the Ledger Provider and Administrator. Nothing in the Program Agreement or this Transaction Account Agreement shall be construed as limiting in any way any of your rights with respect to the obligations of the Ledger Provider under the Ledger Provider Agreements.
  7. ASSIGNMENT Administrator shall not assign its rights or obligations under this Transaction Account Agreement or the Program Agreement, with the exception of assignments to its affiliates, without your consent, provided however that you will be deemed to have consented to an assignment if you do not object to such assignment within 60 calendar days of being notified through the Hedgehog Website or the Application or by email of any intent of Administrator to assign such rights or obligations.
  8. ELECTRONIC COMMUNICATIONS
    1. Consent To Use Electronic Signatures And Communications. To the extent permitted by applicable law, you consent to use electronic signatures and to electronically receive all records, notices, statements, communications, and other items for all services provided to you under this Transaction Account Agreement and in connection with your relationship with us (collectively, “Communications”) that we may otherwise be required to send or provide you in paper form (e.g., by mail). By accepting and agreeing to this Transaction Account Agreement electronically, you represent that: (1) you have read and understand this consent to use electronic signatures and to receive Communications electronically; (2) you satisfy the minimum hardware and software requirements specified below; and (3) your consent will remain in effect until you withdraw your consent as specified below.
    2. Your Right to Withdraw Your Consent. Your consent to receive Communications electronically will remain in effect until you withdraw it. You may withdraw your consent to receive further Communications electronically at any time by contacting us at support@hedgehog.app. If you withdraw your consent to receive Communications electronically, we reserve the right to close your Transaction Account and return your remaining Account balance as set forth in this Agreement (in which case you will no longer be able to use your Transaction Account or participate in the Program, except as expressly provided in this Agreement) or charge you a fee for paper copies of Communications. Any withdrawal of your consent to receive Communications electronically will be effective only after we have a reasonable period of time to process your withdrawal. Please note that your withdrawal of consent to receive Communications electronically will not apply to Communications electronically provided by us to you before the withdrawal of your consent becomes effective.
    3. You Must Keep Your Contact Information Current With Us. In order to ensure that we are able to provide Communications to you electronically, you must notify us of any change in your email address and your mobile device number or other text message address by updating your profile on the Website or App.
    4. Copies of Communications. You should print and save and/or electronically store a copy of all Communications that we send to you electronically.
    5. Hardware and Software Requirements. In order to access and retain Communications provided to you electronically, you must have: (1) a valid email address; (2) a computer or other mobile device (such as tablet or smartphone) that operates on a platform like Windows or a Mac environment; (3) a connection to the Internet; (4) a Current Version of Internet Explorer 8 (or higher), Mozilla Firefox 7.0, Safari 5, or Chrome 15; (5) a Current Version of a program that accurately reads and displays PDF files, such as Adobe Acrobat Reader version 7 or higher; (6) a computer or device and an operating system capable of supporting all of the above; and (7) a printer to print out and save Communications in paper form or electronic storage to retain Communications in an electronic form. “Current Version” means a version of the software that is currently being supported by its publisher.
    6. Changes. We reserve the right, in our sole discretion, to communicate with you in paper form. In addition, we reserve the right, in our sole discretion, to discontinue the provision of electronic Communications or to terminate or change the terms and conditions on which we provide electronic Communications. Except as otherwise required by applicable law, we will notify you of any such termination or change by updating this Agreement on the Website or delivering notice of such termination or change electronically.
  9. DISPUTE RESOLUTION YOU ACKNOWLEDGE AND AGREE THAT ALL THE AGREEMENTS, INCLUDING THIS ADMINISTRATION AGREEMENT, ARE GOVERNED BY THE DISPUTE RESOLUTION AND ARBITRATION CLAUSE IN SECTION 21 OF THE PROGRAM AGREEMENT.
  10. CANCELLATION AND SUSPENSION. To the extent permitted by applicable law, we may cancel or suspend your Transaction Account or this Transaction Account Agreement immediately, for any reason, and without notice to you. You may cancel your Account or this Agreement at any time by notifying Customer Service at the number or address provided above. Cancellation or suspension of this Agreement will not affect any of our rights or your obligations arising under this Agreement prior to such cancellation or suspension. In the event that your Account is cancelled, closed, or terminated for any reason, you may request the unused balance to be returned to you via a check to the mailing address we have in our records. The Administrator reserves the right to refuse to return the unused balance if it is less than $1.00.
ATTACHMENT D TO THE HEDGEHOG PROGRAM AGREEMENT
TRADITIONAL CUSTODIAN AGREEMENT
By entering into the Program Agreement, you agree to enter into this Custody Agreement with the Custodian, which comes into effect when you enter into the Program Agreement.
The terms and conditions of the Program Agreement, including THE PRE-DISPUTE ARBITRATION CLAUSE IN SECTION 21 OF THE PROGRAM AGREEMENT, are incorporated into this Custody Agreement between the Custodian and you. 
All capitalized terms herein that are defined in the Program Agreement shall have the meanings assigned in the Program Agreement. If any term or condition of this Custody Agreement is deemed to conflict with a term or condition of the Program Agreement, this Custody Agreement shall control with respect to your rights and obligations and the Custodian’s rights and obligations.
For purposes of this Agreement, Custodian shall be considered a third-party beneficiary of this Agreement and is entitled to the rights and benefits hereunder and may enforce the provisions hereof as if it were a party hereto.
  1. AGENCY, CUSTODY, AND TRADING.
    1. Agency Appointment. You appoint the Custodian as your agent to carry your Portfolio Account and carry out your instructions, including instructions for Purchases and Sales. You assume all investment risk with respect to your Portfolio Account. All transactions in your Portfolio Account will be executed only on your direct order or order by proxy of the Application, pursuant to the Administration Agreement or the Adviser Agreement, except as provided by this Custody Agreement or otherwise agreed to by you. You authorize the Custodian, as your agent, to establish relationships with the Clearing Broker, and to appoint and use other sub-agents. You authorize the Custodian and its sub-agents to take reasonable steps in connection with the carrying of your Portfolio Account and its rights and obligations under this Custody Agreement, including: opening, closing, and carrying the Portfolio Account in your name; making and retaining customer, account, and transaction records; holding Assets in registered or book entry form; and placing, transmitting, and withdrawing orders for transactions, including the Orders authorized by you in the Administration Agreement and placed by Hedgehog on your behalf; effecting Purchases, Sales and other transactions, including transactions in Asset or bank accounts maintained in the Custodian’s name for the benefit of the Custodian’s customers and reconciling such transactions with transactions in your Portfolio Account; holding Assets and money attributable to your Portfolio Account in Ledger Provider accounts maintained in the Custodian’s name for the benefit of the Custodian’s customers and thus commingling such Assets and Cash with that of other customers in the Program. You agree that the Custodian may, in its sole discretion and without prior notice to you, refuse or restrict orders placed by you or by proxy through the Application. You authorize the Custodian to accept from Hedgehog and route to the Clearing Broker for execution aggregate Orders assembled by you and scheduled through Hedgehog that combine Purchases and Sales of Assets in your Portfolio Account with purchases and sales of the same currencies for accounts of other customers in the Program or Hedgehog.
      You agree that the Clearing Broker will execute, clear, and settle transactions in your Portfolio Account and that the Custodian does not act as the Clearing Broker’s Agent. You agree that, unless the Custodian receives a written notice from you to the contrary, the Clearing Broker may accept from the Custodian any instructions relating to your Portfolio Account, without inquiry or investigation, including Orders placed by you or by proxy through the Application for Purchases or Sales. You acknowledge and agree that the Custodian will not route Orders to markets for execution other than through the Clearing Broker or obtain clearance and settlement services for your transactions related to your Portfolio Account other than from the Clearing Broker.
    2. Association with Broker-Dealer. You certify that you are not employed by or registered with a broker-dealer or other employer whose consent is required to open and maintain your Portfolio Account unless you have provided the consent to us. If you are employed by such an entity, please email the Custodian to provide consent and pertinent information. You agree that the Custodian will provide to your employer duplicate electronic statements and/or trade confirmations for your Portfolio Account, according to the requirements of your firm, as provided by industry regulations, if you are employed by or registered with a broker-dealer or other firm with outside account oversight requirements for access or other persons.
    3. Portfolio Account Activity Limitations.
      1. Limitations on Transaction Types. You acknowledge that many types of typical brokerage products, services, and transactions are not available in your Portfolio Account. The types of products, services, and transactions that will, subject to the terms and conditions of the Agreements, generally not be available in your Portfolio Account and that you shall have no right to request of or obtain from the Custodian include without limitation: (i) transactions in individual stocks, corporate bonds, municipal or other government securities, mutual fund shares, private fund interests, limited partnership interests, or any securities other than the Assets included in your Selected Stack in amounts resulting from Orders placed by you or by proxy through Hedgehog in efforts to replicate your Selected Stack; (ii) margin lending or trading; (iii) short sales; (iv) stock loans or other securities lending; (v) repos, reverse repos, hypothecation, or rehypothecation; (vi) transactions in fiat currency, digital assets, or foreign exchange; (vii) forwards, swaps, security-based swaps, security futures, warrants, options, structured products, or other derivatives; and (viii) third-party transfers of money or securities, other than transfers in relation to Rewards, as applicable, between your Portfolio Account and individuals other than you or between your Portfolio Account and any entities.
      2. No Investment Advice or Administration by Custodian. You acknowledge that Hedgehog provides and is solely responsible for all investment Administration Services given in connection with the Program, including the identification of your Calculated Stack or Suggested Stack and scheduling of transactions. You agree that, notwithstanding anything to the contrary in any of the Agreements, the Custodian does not provide advice and is not responsible for any services in connection with the Program and does not administer securities or transactions in connection with the Program.
      3. No Advertising or Marketing by Custodian. The Custodian acknowledges that it is responsible for content on the Custodian Website. You acknowledge that Hedgehog produces and is solely responsible for, and that the Custodian does not produce and shall not be responsible for, all materials marketing or promoting the Program, including content on the Hedgehog Website.
      4. No Voting of Assets. The Custodian, unless otherwise agreed with you in writing, agrees that it shall have no right under the Program to vote, and shall not vote, any Assets in your Portfolio Account. You agree that voting the Assets in your Portfolio Account is your responsibility.
    4. Statements and Confirmations. You agree that you are responsible for reviewing all statements and confirmations for your Portfolio Account. Statements and confirmations shall be considered accurate unless you notify the Custodian in writing no later than ten Business Days after receipt of the applicable statement or confirmation that the information is inaccurate. Inquiries concerning the balance and positions in your Portfolio Account should be directed to the Custodian.
    5. In-Kind Withdrawals. You acknowledge and agree that the Custodian will charge an additional fee, separate from the Subscription Fee or any other fee charged in connection with your Portfolio Account, for any in-kind withdrawals of Assets from your Portfolio Account, including any in-kind withdrawals that are part of an account transfer of assets from your Portfolio Account. You further agree that, if you request an in-kind withdrawal of Assets from your Portfolio Account, the Custodian will deliver the nearest transactable number of Assets to the amount of Assets you request that is less than or equal to such amount. The Custodian will liquidate any fractional Assets that you request to withdraw in-kind and transfer the net liquidation proceeds less any fees due in the account transfer of assets to your Funding Source.
    6. Indebtedness. The Assets and/or other property the Custodian holds for you shall be subject to a lien, a continuing and perfected security interest, and a right of set-off for the discharge of any and all indebtedness or any other obligation you may have to the Custodian and are to be held by the Custodian as security for the payment of any liability or indebtedness in your Portfolio Account to the Custodian, Hedgehog, or any of their affiliates. In connection with enforcing the Custodian’s lien, perfected security interest or right of set-off, the Custodian may, at any time and without giving you prior notice, use, transfer, or liquidate any or all of your Assets and/or other property in your Portfolio Account to satisfy a debt or any other obligation you may have to the Custodian, Hedgehog, or any of their affiliates. As part of the Custodian’s right of enforcement under this Custody Agreement, the Custodian shall have the sole discretion to determine which Assets are to be liquidated without regard to any tax or other consequences you may face as a result of such liquidation. If you breach any of the Agreements, the Custodian maintains all of the rights and remedies provided in this Custody Agreement. You agree to indemnify and hold Hedgehog, the Custodian, and the Indemnified Persons harmless from and against any losses or expenses incurred in connection with the Custodian’s remedies under this Custody Agreement, including reasonable costs of collection. The Custodian shall, without limiting its other rights under this Section, have the right to offset amounts you owe the Custodian, Hedgehog, or any of their affiliates against any amounts the Custodian, Hedgehog, or any of their affiliates owes you. You will remain liable for the deficiency. You will pay the reasonable costs and expenses of any debit balance and any unpaid deficiency in your Portfolio Account, including attorney fees incurred by the Custodian, Hedgehog, or any of their affiliates.
    7. Authority of Hedgehog. You authorize the Custodian to execute any Orders or Transactions that you place by proxy through Hedgehog and to act and rely on other instructions that Hedgehog transmits or provides on your behalf.
  2. FEES
    1. Purchases, Sales, and Custody. The Custodian agrees that you shall not be obligated to pay any fee for the Covered Custody Services other than the Administration Charge. You acknowledge that Hedgehog may share a portion of the Administration Charge with the Custodian pursuant to an agreement between Hedgehog and the Custodian. You acknowledge that the Custodian may use its portion of the Administration Charge to compensate the Clearing Broker for execution, clearance, and settlement services for Purchase and Sales in your Portfolio Account. You agree that the Custodian may share a portion of any Transaction Fees or other charges with Hedgehog.
    2. Additional Fees for Irregular Services. The Custodian will generally charge any fees specified in Section 2 of the Program Agreement for in-kind withdrawals, preparation and delivery of paper confirmations or statements, rejected payments, and, if approved by the Custodian and Hedgehog in their joint discretion in accordance with the Administration Agreement, wire transfers. The Custodian reserves the right to waive or reduce, in its sole discretion, any fees for irregular services described in this Section B8.2. You agree that the Custodian may charge reasonable and customary fees for services that are not Covered Custody Services, that are not expressly referenced in Section 2 of the Program Agreement, and that the Custodian agrees in its sole discretion to perform on a case-by-case basis.
    3. Fee Deduction. You authorize the Custodian to deduct the Administration Charge you owe under the Agreements from your Portfolio Account in accordance with instructions from Hedgehog. You authorize the Custodian to pay all or part of such Administration Charge to Hedgehog and/or to share all or part of such Administration Charge with Hedgehog in accordance with the applicable agreement between Hedgehog and the Custodian. You authorize the Custodian to deduct any additional fees you owe the Custodian or Hedgehog under any provision of any of the Agreements. You authorize the Custodian to initiate Sales to liquidate Assets in amounts sufficient to pay any fees you owe under any provision of any of the Agreements.
  3. CUSTOMER SUPPORT You acknowledge that you may obtain information, ask questions, and receive support regarding your Portfolio Account and its transactions and holdings by contacting the Custodian as advertised on the Custodian Website.
  4. IDENTITY VERIFICATION Important Information About Procedures for Opening a New Account: To help the government fight the funding of terrorism and money laundering activities, jurisdictional law may require all financial institutions, including institutions like the Custodian to obtain, verify, and record information that identifies each person who opens an account.
  5. PRIVACY You acknowledge that you have received a copy of the Privacy Policy. You consent to the Custodian recording your telephone calls and your electronic communications with the Custodian’s representatives and associated persons without further notice.
  6. ELECTRONIC FUNDS TRANSFERS
    1. Your Liability for Unauthorized Transfers. You acknowledge that you could lose the entire value of your Portfolio Account through any unauthorized change of your Funding Source and/or unauthorized electronic funds transfer, including an unauthorized Withdrawal. You faithfully represent that you have full knowledge of the risks associated with ownership, management, and transacting of cryptocurrency, and the possibility of unauthorized access and control over your private keys through the Ledger Provider or your API Keys provided by Custodian and stored through Hedgehog. In the event of an Unauthorized Transfer, you agree that you indemnify and hold harmless Hedgehog, the Custodian, the Administrator, the Adviser, the Insurer, and any of their affiliates for any and all damages, except as otherwise agreed to in writing between you and the relevant parties. Any amounts lost as a result of an Unauthorized Transfer may be irrecoverable, irredeemable, and irreconcilable from Hedgehog, the Custodian, the Administrator, the Insurer, and their affiliates absent their willful misconduct, or violation of applicable law.
    2. Phone Number and Address for Unauthorized Transfer Notification. If you believe that an unauthorized transfer has occurred in your account, please contact the Custodian immediately as advertised on the Custodian website, and invalidate any API Keys stored with Hedgehog.
    3. Business Day Definition.  "Business Day" has the meaning assigned in the Definitions section of the Program Agreement.
    4. Types of Transfers; Limitations. The types of electronic funds transfer generally available in your Portfolio Account are Deposits (including Deposits at Will, Rules-Based Deposits, and Deposits of Rewards, and/or Local Rewards, as applicable) and Withdrawals. Deposits to and withdrawals from an account are generally limited as advertised on the Custodian Website. You acknowledge and agree that the Custodian shall have the right under the Program Agreement to delay, limit, restrict, or refuse, among other things, any deposits or withdrawals in a pattern of deposits and withdrawals if the Custodian believes in good faith that the pattern gives the Custodian reason to suspect suspicious activity.
    5. Electronic Funds Transfer Fees. Electronic funds transfers described in this Agreement above as generally available in your Portfolio Account are subject to the rules and representations of the Custodian and the Ledger Provider.
    6. Electronic Funds Transfer Documentation. Pursuant to this Custody Agreement and subject to 6 of the Program Agreement, transaction statements, which will show all activity in your Portfolio Account, including any electronic funds transfers, will be made available to you at the Custodian Website.
    7. Error Resolution.  In case of errors or questions about your electronic transfers, if you think your statement or receipt is wrong or if you need more information about a transfer listed on the statement or receipt, contact the Custodian as advertised on the Custodian Website as soon as you can. If necessary, revoke permissions to the API Keys stored through Hedgehog. The Custodian will determine whether an error occurred and will correct any error as agreed to on the Custodian Website.
  7. ABANDONED ACCOUNTS. The Custodian shall have the right to report, escheat, and deliver to your address of record for your Portfolio Account in accordance with applicable law.
  8. DUTY.
    1. The Custodian acts in a custodial capacity in relation to the Program and your Portfolio Account and does not enter into a fiduciary relationship with you. A custodial relationship is not held to the same legal standard as an investment advisory relationship. The Custodian shall (i) deal with you fairly; (ii) process, record, and report transactions in your Portfolio Account with diligence and competence; and (iii) safeguard your nonpublic personal information associated with your Portfolio Account.
    2. Roles, Rights and Duties. By agreeing to the Program Agreement, you acknowledge you will be bound, and represent and warrant to the Administrator and the Adviser that you will abide by the terms and conditions of the Custodian Agreements. If there is any conflict or discrepancy between the Custodian Agreements and any of the other Agreements, the Custodian Agreements shall govern with respect to Portfolio Accounts subject to the following, which shall govern to the extent it conflicts with the Custodian Agreements. You acknowledge and agree that, notwithstanding anything to the contrary, Administrator and Adviser, its respective parent companies, and any of their affiliates, officers, directors, and employees shall have no duty to perform or liability for any failure to perform any obligation of Custodian in the Program, under any of the Agreements, or under the Custodian Agreements except to the limited extent that Custodian has expressly and duly delegated its duties and liabilities to Administrator or Adviser pursuant to an applicable agreement between the Custodian and Administrator or Adviser. Nothing in the Program Agreement or this Agreement shall be construed as limiting in any way any of your rights with respect to the obligations of the Custodian under the Custodian Agreements.
  9. ASSIGNMENT The Custodian may assign its rights and obligations under this Custody Agreement to any subsidiary or affiliate without notice to you or to any other entity with written notice to you. Any rights that the Custodian or the Clearing Broker has under this Custody Agreement may be assigned to the other, including the right to collect any debit balance or other obligations owing in your Portfolio Account.
  10. DISPUTE RESOLUTION YOU ACKNOWLEDGE AND AGREE THAT ALL THE AGREEMENTS, INCLUDING THIS Custody Agreement, ARE GOVERNED BY THE DISPUTE RESOLUTION AND ARBITRATION CLAUSE IN SECTION 21 OF THE PROGRAM AGREEMENT.
    1. You agree to waive any and all rights to make a claim against Custodian under the terms of this Agreement, or any agreement between Custodian and Hedgehog, the Administrator, the Insurer, and their affiliates. Nothing in this Agreement shall create a duty between you and the Custodian. Furthermore, Custodian is not liable to you for (i) any losses or claims arising out of actions related to Hedgehog, the Administrator, the Insurer, and their affiliates and any of their third parties’ use of the Custodian platform, including but not limited to, failure to follow security protocols, Custodian controls, or a breach thereof, improper instructions, failure to secure user credentials from third parties, user access breaches, fraudulent access, mismanagement of access to or distribution of user credentials to your Custodian account or any sub-account thereof, or anything else in your control, (ii) any losses or claims arising out of any action or non-action by Custodian that Custodian reasonably determines is required by applicable laws and regulations, (iii)any losses or claims arising out of delays or interruptions in service and (iv) for any lost profits or any special, incidental, indirect, intangible, or consequential damages, whether based in contract, tort, negligence, strict liability, or otherwise, arising out of or in connection with authorized or unauthorized use of Custodian’s site or services provided by Custodian, even if an authorized representative of Custodian has been advised of or knew or should have known of the possibility of such damages. Hedgehog, the Administrator, the Insurer, and their affiliates acknowledge and agrees that Custodian is not responsible, and cannot be held liable for any unauthorized access or other loss resulting from the disclosure or other transmission, whether intentional or inadvertent, of login credentials to third parties, or any other unauthorized access to or use of any Hedgehog, Administrator, Insurer, and their affiliates' or your account.
    2. You agree to resolve any controversy, claim, or dispute arising in connection with the services provided under this Agreement, or breach thereof, through binding individual arbitration, which means that you waive any right to have the dispute decided by a judge or jury, and you waive any right to participate in collective action whether that be a class action, class arbitration, or representative action.
ATTACHMENT E TO THE HEDGEHOG PROGRAM AGREEMENT
LEDGER PROVIDER AGREEMENT
By entering into the Program Agreement, you agree to enter into this Ledger Provider Agreement with the Ledger Provider, which comes into effect when you enter into the Program Agreement.
The terms and conditions of the Program Agreement, including THE PRE-DISPUTE ARBITRATION CLAUSE IN SECTION 21 OF THE PROGRAM AGREEMENT, are incorporated into this Ledger Provider Agreement between the Ledger Provider and you. 
All capitalized terms herein that are defined in the Program Agreement shall have the meanings assigned in the Program Agreement. If any term or condition of this Ledger Provider Agreement is deemed to conflict with a term or condition of the Program Agreement, this Ledger Provider Agreement shall control with respect to your rights and obligations and the Ledger Provider’s rights and obligations.
  1. AGENCY, CUSTODY, TRADING, AND TRANSACTING.
    1. Agency Appointment. You appoint the Ledger Provider as your agent to carry your Portfolio Account and carry out your instructions, including instructions for Purchases, Sales, and Transactions. You assume all investment risk with respect to your Portfolio Account. All transactions in your Portfolio Account will be executed only on your direct order or order by proxy of the Application, pursuant to the Administration Agreement or the Adviser Agreement, except as provided by this Ledger Provider Agreement or otherwise agreed to by you. You authorize the Ledger Provider, as your agent, to establish relationships with the Transaction Operator, and to appoint and use other sub-agents. You authorize the Ledger Provider and its sub-agents to take reasonable steps in connection with the carrying of your Portfolio Account and its rights and obligations under this Ledger Provider Agreement, including: opening, closing, and carrying the Portfolio Account in your name; making and retaining customer, account, and transaction records; holding Assets in registered or book entry form; and placing, transmitting, and withdrawing orders for transactions, including the Orders authorized by you in the Administration Agreement or the Adviser Agreement and placed by Hedgehog on your behalf; effecting Purchases, Sales and other transactions, including transactions in Asset or bank accounts maintained in the Ledger Provider’s name for the benefit of the Ledger Provider’s customers and reconciling such transactions with transactions in your Portfolio Account; holding Assets and money attributable to your Portfolio Account in Ledger Provider accounts maintained in the Ledger Provider’s name for the benefit of the Ledger Provider’s customers and thus commingling such Assets and Cash with that of other customers in the Program. You agree that the Ledger Provider may, in its sole discretion and without prior notice to you, refuse or restrict orders or transactions placed by you or by proxy through the Application. You authorize the Ledger Provider to accept from Hedgehog and route to the Transaction Operator for execution aggregate Orders or Transactions assembled by you and scheduled through Hedgehog that combine Purchases and Sales of Assets or Transactions in your Portfolio Account with purchases and sales of the same currencies or transactions for accounts of other customers in the Program or Hedgehog.
      You agree that the Transaction Operator will execute, clear, and settle transactions in your Portfolio Account and that the Ledger Provider does not act as the Transaction Operator’s Agent. You agree that, unless the Ledger Provider receives a timely notice from you to the contrary, as required by the Ledger Provider’s terms or messaging protocol, the Transaction Operator may accept from the Ledger Provider any instructions relating to your Portfolio Account, without inquiry or investigation, including Orders or Transactions placed by you or by proxy through the Application for Purchases, Sales, or other transactions. You acknowledge and agree that the Ledger Provider will not route Orders to markets for execution or transactions other than through the Transaction Operator or obtain clearance and settlement services for your transactions related to your Portfolio Account other than from the Transaction Operator.
    2. Portfolio Account Activity Limitations.
      1. Limitations on Transaction Types. You acknowledge that many types of typical assets, products, services, and transactions are not available in your Portfolio Account. The types of products, services, and transactions that will, subject to the terms and conditions of the Agreements, generally not be available in your Portfolio Account and that you shall have no right to request of or obtain from the Ledger Provider include without limitation: (i) transactions in individual stocks, corporate bonds, municipal or other government securities, mutual fund shares, private fund interests, limited partnership interests, or any securities other than the Assets included in your Selected Stack in amounts resulting from Orders or Transactions placed by you or by proxy through Hedgehog in efforts to replicate your Selected Stack; (ii) margin lending or trading; (iii) short sales; (iv) stock loans or other securities lending; (v) repos, reverse repos, hypothecation, or rehypothecation; (vi) transactions in fiat currency, digital assets, or foreign exchange; (vii) forwards, swaps, security-based swaps, security futures, warrants, options, structured products, or other derivatives; and (viii) third-party transfers of money or securities, other than transfers in relation to Rewards, as applicable, between your Portfolio Account and individuals other than you or between your Portfolio Account and any entities.
      2. No Investment Advice or Administration by Ledger Provider. You acknowledge that Hedgehog provides and is solely responsible for all investment Administration Services given in connection with the Program, including the identification of your Calculated Stack or Suggested Stack and scheduling of transactions. You agree that, notwithstanding anything to the contrary in any of the Agreements, the Ledger Provider does not provide advice and is not responsible for any services in connection with the Program and does not administer securities or transactions in connection with the Program.
      3. No Advertising or Marketing by Ledger Provider. The Ledger Provider acknowledges that it is responsible for content on the Ledger Provider Website. You acknowledge that Hedgehog produces and is solely responsible for, and that the Ledger Provider does not produce and shall not be responsible for, all materials marketing or promoting the Program, including content on the Hedgehog Website.
      4. No Voting of Assets. The Ledger Provider, unless otherwise agreed with you in writing or via the appropriate messaging protocol, agrees that it shall have no right under the Program to vote, and shall not vote, any Assets in your Portfolio Account. You agree that voting the Assets in your Portfolio Account is your responsibility.
    3. Statements and Confirmations. You agree that you are responsible for reviewing all statements and confirmations for your Portfolio Account. Statements and confirmations shall be considered accurate unless you notify the Ledger Provider in writing no later than ten Business Days after receipt of the applicable statement or confirmation, or via another required messaging protocol indicated by the Ledger Provider’s publicly available documentation, that the information is inaccurate. Inquiries concerning the balance and positions in your Portfolio Account should be directed to the Ledger Provider.
    4. In-Kind Withdrawals. You acknowledge and agree that the Ledger Provider will charge an additional fee, separate from the Subscription Fee or any other fee charged in connection with your Portfolio Account, for any in-kind withdrawals of Assets from your Portfolio Account, including any in-kind withdrawals that are part of an account transfer of assets from your Portfolio Account. You further agree that, if you request an in-kind withdrawal of Assets from your Portfolio Account, the Ledger Provider will deliver the nearest transactable number of Assets to the amount of Assets you request that is less than or equal to such amount. The Ledger Provider may or may not liquidate any fractional Assets that you request to withdraw in-kind and transfer the net liquidation proceeds less any fees due in the account transfer of assets to your Funding Source.
    5. Indebtedness. The Assets and/or other property the Ledger Provider holds for you shall be subject to a lien, a continuing and perfected security interest, and a right of set-off for the discharge of any and all indebtedness or any other obligation you may have to the Ledger Provider and are to be held by the Ledger Provider as security for the payment of any liability or indebtedness in your Portfolio Account to the Ledger Provider, Hedgehog, or any of their affiliates. In connection with enforcing the Ledger Provider’s lien, perfected security interest or right of set-off, the Ledger Provider may, at any time and without giving you prior notice, use, transfer, or liquidate any or all of your Assets and/or other property in your Portfolio Account to satisfy a debt or any other obligation you may have to the Ledger Provider, Transaction Operator, Hedgehog, or any of their affiliates. As part of the Ledger Provider’s right of enforcement under this Ledger Provider Agreement, the Ledger Provider shall have the sole discretion to determine which Assets are to be liquidated without regard to any tax or other consequences you may face as a result of such liquidation. If you breach any of the Agreements, the Ledger Provider maintains all of the rights and remedies provided in this Ledger Provider Agreement. You agree to indemnify and hold Hedgehog, the Ledger Provider, and the Indemnified Persons harmless from and against any losses or expenses incurred in connection with the Ledger Provider’s remedies under this Ledger Provider Agreement, including reasonable costs of collection. The Ledger Provider shall, without limiting its other rights under this Section, have the right to offset amounts you owe the Ledger Provider, Hedgehog, or any of their affiliates against any amounts the Ledger Provider, Hedgehog, or any of their affiliates owes you. You will remain liable for the deficiency. You will pay the reasonable costs and expenses of any debit balance and any unpaid deficiency in your Portfolio Account, including attorney fees incurred by the Ledger Provider, Hedgehog, or any of their affiliates.
    6. Authority of Hedgehog. You authorize the Ledger Provider to execute any Orders or Transactions that you place by proxy through Hedgehog and to act and rely on other instructions that Hedgehog transmits or provides on your behalf.
  2. FEES
    1. Purchases, Sales, and Transactions. The Ledger Provider agrees that you shall not be obligated to pay any fee for the Covered Ledger Provider Services other than the Administration Charge. You acknowledge that Hedgehog may share a portion of the Administration Charge with the Ledger Provider pursuant to an agreement between Hedgehog and the Ledger Provider. You acknowledge that the Ledger Provider may use its portion of the Administration Charge to compensate the Transaction Operator for execution, clearance, and settlement services for Purchases, Sales, and Transactions in your Portfolio Account. You agree that the Ledger Provider may share a portion of any Transaction Fees or other charges with Hedgehog.
    2. Additional Fees for Irregular Services. The Ledger Provider will generally charge any fees specified in Section 2 of the Program Agreement for in-kind withdrawals, preparation and delivery of paper confirmations or statements, rejected payments, and, if approved by the Ledger Provider and Hedgehog in their joint discretion in accordance with the Administration Agreement, wire transfers. The Ledger Provider reserves the right to waive or reduce, in its sole discretion, any fees for irregular services described in this Section B8.2. You agree that the Ledger Provider may charge reasonable and customary fees for services that are not Covered Ledger Provider Services, that are not expressly referenced in Section 2 of the Program Agreement, and that the Ledger Provider agrees in its sole discretion to perform on a case-by-case basis.
    3. Fee Deduction. You authorize the Ledger Provider to deduct the Administration Charge you owe under the Agreements from your Portfolio Account in accordance with instructions from Hedgehog. You authorize the Ledger Provider to pay all or part of such Administration Charge to Hedgehog and/or to share all or part of such Administration Charge with Hedgehog in accordance with the applicable agreement between Hedgehog and the Ledger Provider. You authorize the Ledger Provider to deduct any additional fees you owe the Ledger Provider or Hedgehog under any provision of any of the Agreements. You authorize the Ledger Provider to initiate Sales to liquidate Assets in amounts sufficient to pay any fees you owe under any provision of any of the Agreements.
  3. CUSTOMER SUPPORT You acknowledge that you may obtain information, ask questions, and receive support regarding your Portfolio Account and its transactions and holdings by contacting the Ledger Provider as advertised on the Ledger Provider Website.
  4. IDENTITY VERIFICATION Important Information About Procedures for Opening a New Account: To help the government fight the funding of terrorism and money laundering activities, jurisdictional law may require all financial institutions, including institutions like the Ledger Provider to obtain, verify, and record information that identifies each person who opens an account.
  5. PRIVACY You acknowledge that you have received a copy of the Privacy Policy. You consent to the Ledger Provider recording your telephone calls and your electronic communications with the Ledger Provider’s representatives and associated persons without further notice.
  6. ELECTRONIC FUNDS TRANSFERS
    1. Your Liability for Unauthorized Transfers. You acknowledge that you could lose the entire value of your Portfolio Account through any unauthorized change of your Funding Source and/or unauthorized electronic funds transfer, including an unauthorized Withdrawal. You faithfully represent that you have full knowledge of the risks associated with ownership, management, and transacting of cryptocurrency, and the possibility of unauthorized access and control over your private keys through the Ledger Provider or your API Keys provided by Custodian and stored through Hedgehog. In the event of an Unauthorized Transfer, you agree that you indemnify and hold harmless Hedgehog, the Ledger Provider, the Administrator, the Adviser, the Insurer, and any of their affiliates for any and all damages, except as otherwise agreed to in writing between you and the relevant parties. Any amounts lost as a result of an Unauthorized Transfer may be irrecoverable, irredeemable, and irreconcilable from Hedgehog, the Ledger Provider, the Administrator, the Insurer, and their affiliates absent their willful misconduct, or violation of applicable law.
    2. Phone Number and Address for Unauthorized Transfer Notification. If you believe that an unauthorized transfer has occurred in your account, please contact the Ledger Provider immediately as advertised on the Ledger Provider website, and invalidate any API Keys stored with Hedgehog.
    3. Business Day Definition.  "Business Day" has the meaning assigned in the Definitions section of the Program Agreement.
    4. Types of Transfers; Limitations. The types of electronic funds transfer generally available in your Portfolio Account are Deposits (including Deposits at Will, Rules-Based Deposits, and Deposits of Rewards, and/or Local Rewards, as applicable) and Withdrawals. Deposits to and withdrawals from an account are generally limited as advertised on the Ledger Provider Website. You acknowledge and agree that the Ledger Provider shall have the right under the Program Agreement to delay, limit, restrict, or refuse, among other things, any deposits or withdrawals in a pattern of deposits and withdrawals if the Ledger Provider believes in good faith that the pattern gives the Ledger Provider reason to suspect suspicious activity.
    5. Electronic Funds Transfer Fees. Electronic funds transfers described in this Agreement above as generally available in your Portfolio Account are subject to the rules and representations of the Custodian and the Ledger Provider.
    6. Electronic Funds Transfer Documentation. Pursuant to this Ledger Provider Agreement and subject to 6 of the Program Agreement, transaction statements, which will show all activity in your Portfolio Account, including any electronic funds transfers, will be made available to you at the Ledger Provider Website or associated Wallet software.
    7. Error Resolution.  In case of errors or questions about your electronic transfers, if you think your statement or receipt is wrong or if you need more information about a transfer listed on the statement or receipt, contact the Ledger Provider as advertised on the Ledger Provider Website as soon as you can. If necessary, revoke permissions to the API Keys stored through Hedgehog. The Ledger Provider will determine whether an error occurred and will correct any error as agreed to on the Ledger Provider Website.
  7. ABANDONED ACCOUNTS. The Ledger Provider shall have the right to report, escheat, and deliver to your address of record for your Portfolio Account in accordance with applicable law.
  8. DUTY.
    1. The Ledger Provider acts in a clerical capacity in relation to the Program and your Portfolio Account and does not enter into a fiduciary relationship with you. A clerical relationship is not held to the same legal standard as an investment advisory relationship. The Ledger Provider shall (i) deal with you fairly; (ii) process, record, and report transactions in your Portfolio Account with diligence and competence; and (iii) safeguard your nonpublic personal information associated with your Portfolio Account.
    2. Roles, Rights and Duties. By agreeing to the Program Agreement, you acknowledge you will be bound, and represent and warrant to the Administrator and the Adviser that you will abide by the terms and conditions of the Ledger Provider Agreements. If there is any conflict or discrepancy between the Ledger Provider Agreements and any of the other Agreements, the Ledger Provider Agreements shall govern with respect to Portfolio Accounts subject to the following, which shall govern to the extent it conflicts with the Ledger Provider Agreements. You acknowledge and agree that, notwithstanding anything to the contrary, Administrator, its parent company, and any of their affiliates, officers, directors, and employees shall have no duty to perform or liability for any failure to perform any obligation of Ledger Provider in the Program, under any of the Agreements, or under the Ledger Provider Agreements except to the limited extent that Ledger Provider has expressly and duly delegated its duties and liabilities to Administrator pursuant to an applicable agreement between the Ledger Provider and Administrator. Nothing in the Program Agreement or this Agreement shall be construed as limiting in any way any of your rights with respect to the obligations of the Ledger Provider under the Ledger Provider Agreements.
  9. ASSIGNMENT The Ledger Provider may assign its rights and obligations under this Ledger Provider Agreement to any subsidiary or affiliate without notice to you or to any other entity with written notice to you. Any rights that the Ledger Provider or the Transaction Operator has under this Ledger Provider Agreement may be assigned to the other, including the right to collect any debit balance or other obligations owing in your Portfolio Account.
  10. DISPUTE RESOLUTION YOU ACKNOWLEDGE AND AGREE THAT ALL THE AGREEMENTS, INCLUDING THIS Custody Agreement, ARE GOVERNED BY THE DISPUTE RESOLUTION AND ARBITRATION CLAUSE IN SECTION 21 OF THE PROGRAM AGREEMENT.
Terms of Use 
Overview
THESE TERMS OF USE ( “TERMS OF USE”) DEFINE THE RELATIONSHIP BETWEEN HEDGEHOG TECHNOLOGIES INC (“HEDGEHOG” OR THE “COMPANY” OR “WE” OR “US” OR “OUR”) AND YOU, THE PERSON ACCESSING THE COMPANY WEBSITE LOCATED AT CRYPTOHEDGEHOG.IO AND ANY OF ITS SUBDOMAINS (THE “SITE”), AND/OR DOWNLOADING OUR MOBILE APPLICATION (THE “APPLICATION”) AND/OR REGISTERING FOR OUR SERVICES (THE “SERVICES”), AS A GROUP OR INDIVIDUAL (“YOU” OR “YOUR”). YOU MAY USE THE SERVICES (DEFINED BELOW) ONLY IF YOU CAN FORM A BINDING CONTRACT WITH US AND ARE NOT A PERSON BARRED FROM RECEIVING SERVICES UNDER THE LAWS OF THE UNITED STATES OR OTHER APPLICABLE JURISDICTION. IF YOU ARE ACCEPTING THESE TERMS OF USE ON BEHALF OF A COMPANY, ORGANIZATION, GOVERNMENT, OR OTHER LEGAL ENTITY, YOU REPRESENT AND WARRANT THAT YOU ARE AUTHORIZED TO DO SO. IF YOU CANNOT CONFIRM THE FOREGOING, THEN YOU MUST NOT ACCEPT THESE TERMS OF USE AND MAY NOT USE THE SITE, THE APPLICATION OR SERVICES. YOU MAY USE THE SERVICES ONLY IN COMPLIANCE WITH THESE TERMS OF USE AND ALL APPLICABLE LAWS AND REGULATIONS.
We may amend these Terms of Use at any time by posting the revised Terms of Use on the Site and Application. We may terminate these Terms of Use at any time by suspending or terminating access to the Site, Application and/or Services and/or notifying you. You can see when these Terms of Use were last revised by referring to the “EFFECTIVE DATE” legend below. Your continued use of the Site, Application or Services after we have posted revised Terms of Use signifies your acceptance of such revised Terms of Use. No amendment or modification of these Terms of Use will be binding unless in writing and signed by our duly authorized representative or posted to the Site and Application by our duly authorized representative.
Effective Date
THESE TERMS WERE LAST REVISED THURSDAY, MAY 21, 2020 (THE “REVISION DATE”). ANY USAGE OF THE SITE AFTER THE REVISION DATE WILL CONSTITUTE THE ACCEPTANCE OF THE REVISED TERMS OF USE.
THE EFFECTIVE DATE OF THIS AGREEMENT WILL BE THE MOST RECENT DATE OF ACCESS OF THE SITE, THE APPLICATION, OR USAGE OF THE SERVICES.
Binding Arbitration
Any controversy between Releasees, Indemnitees and any other participant and me regarding the enforcement, construction, application, performance or participation under this Agreement, and any claims arising out of or relating to this Agreement or its breach, shall be submitted to binding arbitration upon the written request of either party after the service of that request on the other party without resort to the courts.  This is a self-executing Agreement.  This event involves interstate commerce as participants, horses, and materials involved come from out of state.  This arbitration agreement is made pursuant to and shall be governed both procedurally and substantively by and interpreted under the Federal Arbitration Act (9 U.S.C. § 1, et seq. the “F.A.A.”) to the exclusion of any inconsistent state law, regulation, judicial decision or arbitration service rule.  As to all other substantive issues the Arbitrator shall follow and enforce California law to the extent not inconsistent with the F.A.A.  The award of the arbitrator shall be final and binding and may be entered as a judgment in any court of competent jurisdiction.  The arbitrator shall have the exclusive authority to resolve any dispute relating to the interpretation, applicability, scope, enforceability, formation, execution, persons bound by, estoppel and waiver and all other issues based on, arising out of or related to this agreement to arbitrate, including without limitation, any claim that all or part of this agreement to arbitrate is unconscionable, unenforceable, void or voidable.  This arbitration agreement applies on an individual participant basis and there shall be no mass or class arbitrations under this arbitration agreement. To the extent not inconsistent with the F.A.A., the arbitration shall be heard and determined through and under the rules of JAMS Dispute Resolution, located in the County of Orange, State of California, except there shall be a limit on all written discovery requests of any kind or nature of 20 and no more than two depositions, unless the arbitrator decides that the requesting party has shown that the failure to allow specified additional written discovery or depositions would constitute a lack of due process.
This arbitration agreement results in a waiver of any right to a court or jury trial. Before creating an account with the Company and accepting this Agreement, I have been given a reasonable opportunity to seek the advice of independent legal counsel concerning this arbitration agreement in particular, as well as this entire Agreement.
Binding Class Action Waiver
YOU AND THE COMPANY AGREE THAT EACH MAY BRING CLAIMS AGAINST THE OTHER ONLY IN YOUR OR ITS INDIVIDUAL CAPACITY AND NOT AS A PLAINTIFF OR CLASS MEMBER IN ANY PURPORTED CLASS OR REPRESENTATIVE ACTION.
Unless both you and the Company agree, no arbitrator or judge may consolidate more than one person’s claims or otherwise preside over any form of a representative or class proceeding. The arbitrator may award injunctive relief only in favor of the individual party seeking relief and only to the extent necessary to provide relief warranted by that party’s individual claim. If a court decides that applicable law precludes enforcement of any of this paragraph’s limitations as to a particular claim for relief, then that claim (and only that claim) must be severed from the arbitration and may be brought in court.
Services
By using the Site and/or Application, you can use our interactive platform to obtain various services (collectively, the "Services"). Our Services allow you to open an account, record information for future use, and, under your express direction, forward information to other services provided to and connected by you. We are always working on new ways to improve our Services.
We reserve the right to modify or change our Site, the Application or any of the Services, temporarily or permanently, with or without notice to you, and we are not obligated to support or update the Site, the Application or any Services. You acknowledge and agree that we shall not be liable to you or any third party in the event that we exercise our right to modify, change or discontinue the Site, the Application or any Services.
IF YOU DECIDE TO OPEN AN ACCOUNT IN THE PROGRAM, YOU MUST ENTER INTO A HEDGEHOG PROGRAM CLIENT AGREEMENT. YOU ACKNOWLEDGE AND AGREE THAT, IF YOU OPEN AN ACCOUNT IN THE PROGRAM AND ANY TERM IN THESE TERMS OF USE CONFLICTS WITH THE AGREEMENTS, THE AGREEMENTS SHALL CONTROL OVER THESE TERMS OF USE.
Wait List
Prior to the launch of the Program, we have provided an opportunity for visitors to the Site to enter their email to join a wait list of visitors who wish to receive further information as the Program opens to public use (the “Wait List”). If you join our Wait List, you acknowledge and agree that joining the Wait List does not and will not make you our client (or a customer of any of our affiliates), obligate us to provide you any services, or create any other legal or regulatory duty on our part, other than the duty to exercise reasonable care to protect your email in accordance with our Privacy Policy.
Agreement with Respect to Terms of Use
These Terms of Use constitute a legally binding agreement between the Company and you. You are responsible for regularly reviewing these Terms of Use. You can review the most current version of the Terms of Use at any time on the cryptohedgehog.io website. Additional terms, including without limitation those set forth in the Agreements, may govern your use of certain Web pages within the Site or sections within the Application. In the event that any provision, term or guideline contained on a particular Web page in the Site or section of the Application conflicts with these Terms of Use, the terms of such Web page or section shall control over these Terms of Use. You acknowledge that you have read these Terms of Use, and accept, understand and will be bound by such terms and conditions. You further acknowledge that these Terms and Conditions, together with the Privacy Policy and terms governing any individual Web page or Application feature, represent the complete and exclusive statement of the agreement between us and supersede any proposal or prior agreement oral or written, and any other communications between us relating to your access or use of the Site, the Application and/or Services.
Registration
Certain features or services offered on or through the Site and Application may require you to open an account and set up a profile, providing certain personally-identifiable information, including but not limited to your name, your social security number or other tax identification number, your address, your email address, and certain information about your financial situation and risk preferences (collectively, your "Client Information"). We reserve the right to restrict certain areas of information on the Site and Application to such registered users. You agree that you will maintain and promptly update your Client Information to keep it true, accurate, current and complete.
If you provide any information that is untrue, inaccurate, not current or incomplete, or we have reasonable grounds to suspect such, we reserve the right to terminate your account and refuse any and all current or future use of the Site and/or Application by you. We are committed to your privacy, and our privacy policy (the "Privacy Policy"), the terms of which are incorporated herein by reference to the document accessible at www.cryphohedgehog.io/privacy.html, explains the policies put in place and used by us to protect your Client Information and your privacy as you visit and use the Site and/or Application and use our Services. You are solely responsible for maintaining the confidentiality of your member name and password. You agree to notify us immediately of any unauthorized use of your member name, password, or account.
The Company will not be responsible for any losses arising out of the unauthorized use of your account and you agree to indemnify and hold harmless the Company and its managing members, officers, equity holders, employees, partners, parents, subsidiaries, agents, affiliates, and licensors (collectively, "Affiliates"), as applicable, for any improper, unauthorized or illegal uses of your account and as otherwise set forth in these Terms of Use.
Subscriptions
We may offer you the ability to purchase subscriptions. Terms specific to a subscription will be disclosed to you at or prior to the time at which you purchase the subscription, and by purchasing the subscription you are agreeing to those terms.
If a subscription commences with a free trial or a promotional period, you will have the right to cancel the subscription prior to the end of the trial or period. If we do not provide you with an online cancellation mechanism, then you may exercise this cancellation right by contacting us. We will email you prior to the end of the free trial or promotional period to remind you that the trial or period is coming to an end, and to give you an opportunity to cancel before the commencement of the paid period. If you do not cancel, we will bill you at the end of the free trial or promotional period, and your subsequent cancellation rights will be in accordance with the terms specific to the subscription.
Your cancellation rights, and the mechanism via which you may notify us of your decision to cancel, will be disclosed to you at or prior to the time at which you purchase a subscription.
Promotions and Referrals
We may, at our sole discretion, make available promotions with different features to any users or prospective users of our Site, Application or Services. These promotions, unless made to you, shall have no bearing whatsoever on your relationship with us. From time to time, we may offer you with incentives to refer new users to our Site, Application or Services. These incentives may come in the form of reward tokens, and we may set or change the incentive types, amounts, terms, restrictions, and qualification requirements for any incentives at our sole discretion. We reserve the right to withhold or deduct reward tokens or other benefits obtained through a promotion the event that we determine or believe that the receipt of the reward or benefit was in error, fraudulent, illegal, or in violation of these Terms of Use or an applicable referral agreement or program agreement.
Use and Restrictions: Intellectual Property, Service and Trade Marks
The entire content of information on this Site or Application, all text, videos, graphics, user interfaces, visual interfaces, photographs, trademarks, logos, sounds, artwork, algorithms, functionalities, features and computer code, including but not limited to design, structure, “look and feel” and arrangement of the content available on the Site or Application (collectively, “Content”) is owned and controlled by us and/or used under license or permission from the copyright owner, and is protected by trade dress, copyright, patent and trademark laws, and various other intellectual property rights and unfair competition laws, and international intellectual property laws.
Unless explicitly stated herein, nothing in these Terms shall be construed as conferring any license to intellectual property rights, whether by estoppel, implication, or otherwise.
You agree not to reproduce, distribute, display or create derivative works of any part of the Content or any information presented to You through the Content, in whole or in part.  This prohibition includes unauthorized copying or distribution of any of the Content, framing content from the Content, or creating any unauthorized derivative work.  The information contained in the Content may not, except under written license, be copied, reproduced, transmitted, displayed, performed, distributed, rented, sublicensed, altered, stored for subsequent use or otherwise used in whole or in part in any manner without the Company’s prior written consent, except to the extent that such use is authorized under U.S. or other intellectual property laws.  The Company’s logos, images, service marks and trademarks used on the Website are owned property of the Company and may not be used without prior written consent of authorized officers of the Company.
The Company uses third party trademarks within the Content to identify the owners of those marks.  Use of any third party trademark is meant only to identify the trademark owner and its goods and services, and is not intended to imply any association or sponsorship between the trademark owner and the Content.  All third party trademarks and logos are the property of their respective owners.
Use and Restrictions: Content and Materials
The Content, the Site and the Application are owned by the Company and its Affiliates, and/or their licensors and suppliers (which may include lessors, lessees, owners, sellers, buyers, agents, brokers, multiple listing services, builders, service providers, content providers, vendors and others) (collectively, “Licensors and Suppliers”). Except as expressly provided in these Terms of Use, no part of the Site, the Application or the Content may be copied, reproduced, republished, posted, publicly displayed, translated, or distributed in any way. Subject to the limited rights to use the Site, the Application and Services pursuant to these Terms of Use, we retain all right, title and interest in and to the Site, the Application and Services, including all related intellectual property contained therein. Certain features of the Services allow you to upload, post, publish, share, store, or manage data or visual content (“Materials”). By posting or publishing Materials, you represent and warrant to us that you have all necessary rights to distribute such Materials to us, either because you are the author and have the right to distribute the same, or because you have the appropriate distribution rights, licenses, consents, and/or permissions to use, in writing, from the copyright or other owner of such Materials. You hereby grant to us and our authorized personnel a worldwide, royalty-free, fully-paid, exclusive, transferable, sublicensable (as necessary to perform the Services) license to copy, publicly perform, publicly display, publish, distribute, create derivative works of, and use Materials as we deem appropriate to perform the Services and in accordance with these Terms of Use. You acknowledge and agree that we will own all right, title, and interest in and to any Materials, content, or other works of authorship created by us or on our behalf and used in connection with the Services. All Materials are the sole responsibility of the person who originated such Materials whether publicly posted or privately transmitted. Any use or reliance on any Content or Materials of other users posted via the Services or obtained by you through the Services is at your own risk. We do not endorse, support, represent or guarantee the completeness, truthfulness, accuracy, or reliability of any Content or Materials posted via the Services or endorse any opinions expressed via the Services. You understand that by using the Services, you may be exposed to Materials that might be offensive, harmful, inaccurate or otherwise inappropriate.
From time to time, You may submit ideas to the Company, either by email or in the course of a customer service interaction, for improving the Site, Application, or Services. The Company has no obligation to treat this material as confidential information as stated in the Privacy Policy.  To the extent that You wish to have Your idea remain confidential, to retain rights in Your idea, or wish to be compensated for submission of Your idea, please do not submit it to the Company.
Use and Restrictions: Intellectual Property Claims
We respect the intellectual property of others and ask that users of our Site, Application and Services do the same. In connection with our Site, Application and Services, we have adopted and implemented a policy respecting copyright law that provides for the removal of any infringing Materials and for the termination, in appropriate circumstances, of users of our Site, Application and Services who are repeat infringers of intellectual property rights, including copyrights. If you believe that one of our users is, through the use of our Site, Application and Services, unlawfully infringing the copyright(s) in a work, and wish to have the allegedly infringing Material removed, the following information in the form of a written notification (pursuant to 17 U.S.C. § 512(c)) must be provided to our designated copyright agent:
(a) A physical or electronic signature of a person authorized to act on behalf of the owner of an exclusive right that is allegedly infringed; (b) Identification of the copyrighted work claimed to have been infringed, or if multiple copyrighted works at a single on-line site are covered by a single notification, a representative list of such works at that site; (c) Identification of the material that is claimed to be infringing or to be the subject of infringing activity and that is to be removed or access to which is to be disabled, and information reasonably sufficient to permit xxx to locate the material; (d) Information reasonably sufficient to permit xxx to contact You, such as an address, telephone number and e-mail address; (f) A statement that You have a good faith belief that the use of the material in the manner complained of is not authorized by the copyright owner, its agent or the law; and (g) A statement that the information in the notice is accurate, and under penalty of perjury, that You are authorized to act on behalf of the owner of an exclusive right that is allegedly infringed.
Please note that, pursuant to 17 U.S.C. § 512(f), any misrepresentation of material fact (falsities) in a written notification automatically subjects the complaining party to liability for any damages, costs and attorney’s fees incurred by us in connection with the written notification and allegation of copyright infringement.    
The Designated Agent for this Website is:
Ridder, Costa & Johnstone LLP 440 N. Barranca Ave., #7550 Covina, CA 91723
If You believe that Your other intellectual property or publicity rights have been infringed in any way by this Site, please provide a detailed description of the alleged infringement for further investigation via e-mail to legal@cryptohedgehog.io.  The Company’s actions in receiving, investigating, or responding to Your e-mail shall not constitute the Company’s agreement or verification of Your claim(s) nor any admission of liability therefor.  The Company makes no commitment, covenant, promise, warranty, representation, or guarantee that it will receive, review, investigate, or respond to Your claim within any particular time.
Use and Restrictions: Links to Other Sites
The Site, Application and Services contain links to other independent third-party web sites, and we provide links to third-party websites as part of the Services (in all cases “Linked Sites”). These Linked Sites are provided solely as a convenience to you and based upon your Client Information or the Content you elect to view. Such Linked Sites are not under our control, and we are not responsible for and do not endorse the content of such Linked Sites, including any products, information or materials contained on such Linked Sites. You will need to make your own independent judgment regarding your interaction with these Linked Sites. Some of the content served by us will be from merchant sites, and sales through these sites may generate a commission payable to us. We accept no responsibility for reviewing changes or updates to, or the quality, content, policies, nature or reliability of third party web sites, including, without limitation, Linked Sites and websites linking to the Site or Application. You should review applicable terms and policies, including privacy and data gathering practices, of third party web sites, and should make whatever investigation you feel necessary or appropriate before proceeding with any transaction with any third party.
Use and Restrictions: Permitted Uses
Subject to the provisions in these Terms of Use, you may use the Site and Application for non-commercial purposes to: (i) learn about the Program; (ii) learn about the Program, transaction forwarding methods, and algorithms, the asset classes that have been assembled, and the assets that comprise those asset classes; (iii) enter into the Agreements; (iv) open an account to participate in the Program; (v) forward transaction details in accordance with the Hedgehog Program Client Agreement with us; (vi) assemble a portfolio; (vii) modify your selected portfolio and your selection among the assets to the extent provided in your Hedgehog Program Client Agreement with us; (viii) initiate requests to sell assets and withdraw money held on other services; (ix) access statements and confirmations regarding transactions in connection and the value of your accounts with other services; (x) access and print or download copies of the current version of these Terms of Use, the Agreements, and other documentation relating to the Program; and (xi) make such other use of the Site and Application as we may expressly permit from time to time in furtherance of the objectives and growth of the Program. Subject to these Terms of Use, we hereby grant you a personal, nontransferable, nonexclusive, non-sublicensable license to use the user interface of the Site, the Application and their respective Content and Services in accordance with these Terms of Use, and for no other purpose. All rights, title and interest in and to the user interface and Content, including any software, on or through the Site and Application shall belong to us or our Licensors and Suppliers, including all modifications thereof and enhancements thereto. The Content and user interface made available from, on or through the Site or Application may not be copied, modified, republished, assigned, sold or distributed to you, nor may derivative works be prepared therefrom. The license granted to you pursuant to these Terms of Use is solely for your personal use (but not for resale or redistribution) as a user of the Site or Application and may not be used for any other purposes. You shall not reverse engineer, de-compile, or otherwise translate, in any way, the Content and user interface made available from, on or through the Site or Application. You have no right or claim of right to the Content or any unique ideas found on the Site or Application. No ownership rights are granted to you hereunder and no title is transferred hereby.
Use and Restrictions: Prohibited Uses
You may not use the Site, Application or Services for illegal or unlawful or malicious activities, or for activities that we deem improper for any reason whatsoever in our sole judgment, including, without limitation, the laundering of proceeds of any unlawful activity, the financing of terrorism, the commission of fraud or market manipulation, the harassing or making disparaging comments to any user of the Site or Application. We reserve the right to take preventative or corrective actions to protect ourselves and our users. Your use of the Site, the Application and Services is conditioned in part on your compliance with the rules of conduct provided herein, and your failure to comply may result in termination of your access to and use of the Site, the Application and Services and liability for damages caused by your noncompliance. In addition to the foregoing, while using the Site, the Application and Services, you may not, except as may be expressly set forth above under “Permitted Uses” (a) impersonate any person or entity, falsely state or otherwise misrepresent your affiliation with any person or entity, or use or provide any fraudulent, misleading or inaccurate information; (b) defame, abuse, harass, stalk, intimidate, bully, threaten or otherwise violate the rights of others, including without limitation others’ privacy rights or rights of publicity; (c) access or use (or attempt to access or use) another user’s account without permission, or solicit another user’s login information; (d) transmit any software or materials that contain any viruses, worms, trojan horses, defects, or other items of a destructive nature; (e) modify, adapt, sublicense, translate, sell, reverse engineer, decompile or disassemble any portion of the Site, Application or Services; (f) “frame” or “mirror” any portion of the Site, Application or Services; (g) use any robot, spider, site search/retrieval application or other manual or automatic device or process to retrieve, index, “data mine” or in any way reproduce or circumvent the navigational structure or presentation of the Site, Application or Services; (h) harvest or collect information about or from other users of the Site, Application or Services; (i) use the Site, Application or Services for any illegal activity; (j) probe, scan or test the vulnerability of the Site or Application, nor breach the security or authentication measures on the Site or Application or take any action that imposes an unreasonable or disproportionately large load on the infrastructure of the Site or Application, such as a denial of service attack; (k) send or otherwise post unauthorized commercial communications (such as spam); (l) engage in unlawful multi-level marketing, such as a pyramid scheme; (m) post content that is hateful, threatening or pornographic, incites violence, or contains nudity or graphic or gratuitous violence; (n) access or use any portion of the Content if you are a direct or indirect competitor of the Company, or provide, disclose or transmit any portion of the Content to any direct or indirect competitor of the Company; (o) use or distribute any Content, including Content that has been verified or confirmed by you or anyone else, to directly or indirectly create or contribute to the development of any database or product; or (p) facilitate or encourage any violations of this Section.
Warranties, Disclaimers and Limitations of Liability
Your Warranties: You represent and warrant to the Company that (a) all information, including, without limitation, Client Information, that you provide to us is accurate and truthful, (b) you have the authority to share Client Information with us and to grant us the right to use Client Information as provided in these Terms of Use and Privacy Policy, (c) you have the right to grant us the licenses specified in the Section titled “Content and Materials” above, if applicable, (d) your acceptance and use of the Site and/or Application pursuant to these Terms of Use does not violate any applicable law or other contract or obligation to which you are a party or are otherwise bound, and (e) the Materials do not infringe the intellectual property rights, including any copyrights, trademarks, trade secrets, right of privacy, or right of publicity, of any person.
Disclaimer of Warranties:
ALTHOUGH THE COMPANY MAKES EFFORTS TO PROVIDE AN ACCURATE SITE AND APPLICATION, THE SITE AND APPLICATION AND ALL RESPECTIVE PARTS THEREOF ARE PROVIDED “AS IS”, “WITH ALL FAULTS”, AND “AS AVAILABLE”. THE COMPANY AND ITS AFFILIATES AND THEIR RESPECTIVE MANAGING MEMBERS, OFFICERS, DIRECTORS, EMPLOYEES AND THIRD PARTY SUPPLIERS (COLLECTIVELY, THE “COMPANY PARTIES”) DISCLAIM ANY AND ALL REPRESENTATIONS, WARRANTIES OR GUARANTEES OF ANY KIND, WHETHER EXPRESS, IMPLIED OR STATUTORY, INCLUDING WITHOUT LIMITATION (1) AS TO TITLE, MERCHANTABILITY, FITNESS FOR ORDINARY PURPOSES AND FITNESS FOR A PARTICULAR PURPOSE AND NON-INFRINGEMENT, (2) THE QUALITY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE SITE, THE APPLICATION AND THEIR RESPECTIVE CONTENT, (3) THOSE ARISING THROUGH COURSE OF DEALING, COURSE OF PERFORMANCE OR USAGE OF TRADE, (4) THE SITE AND APPLICATION AND THEIR RESPECTIVE CONTENT CONFORMING TO ANY FUNCTION, DEMONSTRATION OR PROMISE BY ANY COMPANY PARTY AND (5) THAT ACCESS TO OR USE OF THE SITE, THE APPLICATION OR THEIR RESPECTIVE CONTENT WILL BE UNINTERRUPTED, ERROR-FREE OR COMPLETELY SECURE. ANY RELIANCE UPON THE SITE, THE APPLICATION AND THEIR RESPECTIVE CONTENT IS AT YOUR OWN RISK AND
THE COMPANY MAKES NO WARRANTIES. THE COMPANY RESERVES THE RIGHT TO RESTRICT OR TERMINATE YOUR ACCESS TO THE SITE, THE APPLICATION AND THEIR RESPECTIVE CONTENT OR ANY FEATURE OR PART THEREOF AT ANY TIME. IF YOU DOWNLOAD THE APPLICATION OR ANY CONTENT FROM THIS SITE, YOU DO SO AT YOUR OWN DISCRETION AND RISK. YOU WILL BE SOLELY RESPONSIBLE FOR ANY DAMAGE TO YOUR COMPUTER SYSTEM OR MOBILE DEVICE OR LOSS OF DATA THAT RESULTS FROM THE DOWNLOAD OF ANY SUCH CONTENT.
Your reliance upon the information available on the Site or Application or located through utilization of the Services and your interactions with third users identified through the Services is SOLELY AT YOUR OWN RISK. Your interactions with other users or advertisers, including payment and delivery of goods or services, and any other terms, conditions, warranties or representations associated with such dealings, are solely between you and the other person or entity, and you agree that we will not be responsible for any loss or damage incurred as the result of any such dealings or with respect to any other person’s or entity’s use or disclosure of your personally identifiable information. If there is a dispute between you and any third party, we are under no obligation to become involved, and you agree that you will manage any such dispute or disagreement directly, and that you will not make any claims against us with respect to products or services purchased through your use of the Services.
The Services may be subject to limitations, delays, and other problems inherent in the use of the Internet, mobile devices and electronic communications. We are not responsible for any delays, delivery failures or other damages resulting from such problems. We do not guarantee the Site, the Application or Services will be operable at all times. We reserve the right to do any of the following, at any time, without notice: (1) to modify, suspend or terminate operation of or access to the Site, Application and Services, or any portion of the Site or Application; (2) to modify or change the Site, Application or Services, or any portion of the Site, Application or Services, and any applicable policies or terms (except as described in the Privacy Policy); and (3) to interrupt the operation of the Site, Application and/or provision of Services, or any portion of the Site, Application or Services, as necessary to perform routine or non-routine maintenance, error correction, or other changes.
THESE DISCLAIMERS ARE INDEPENDENT OF ANY OTHER TERM IN THESE TERMS OF USE.
Limitation of Remedies
IN NO EVENT SHALL THE COMPANY BE LIABLE FOR ANY DIRECT, INDIRECT, PUNITIVE, INCIDENTAL, SPECIAL, CONSEQUENTIAL DAMAGES OR ANY DAMAGES WHATSOEVER INCLUDING, WITHOUT LIMITATION, DAMAGES FOR LOSS OF USE, DATA OR PROFITS, ARISING OUT OF OR IN ANY WAY CONNECTED WITH THE USE OR PERFORMANCE OF THE SITE, APPLICATION OR THEIR RESPECTIVE CONTENT, WITH THE DELAY OR INABILITY TO ACCESS OR USE THE SITE, THE APPLICATION OR RELATED SERVICES, THE PROVISION OF OR FAILURE TO PROVIDE SERVICES, OR FOR ANY CONTENT, SOFTWARE, PRODUCTS AND SERVICES MADE AVAILABLE OR OBTAINED THROUGH THE SITE, THE APPLICATION OR THEIR RESPECTIVE CONTENT, OR OTHERWISE ARISING OUT OF THE USE OR ACCESS OF THE SITE, USE OF THE APPLICATION OR USE OF THE SERVICES, WHETHER BASED ON CONTRACT, TORT, NEGLIGENCE, STRICT LIABILITY OR OTHERWISE, EVEN IF THE COMPANY HAS BEEN ADVISED OF THE POSSIBILITY OF DAMAGES.
ANY SERVICES OR CONTENT MADE AVAILABLE OR OBTAINED THROUGH THE USE OF THE SITE OR THE APPLICATION, AND ALL OTHER USE OF THE SITE OR APPLICATION, IS DONE AT YOUR OWN DISCRETION AND RISK AND YOU WILL BE SOLELY RESPONSIBLE FOR ANY DAMAGE TO YOUR COMPUTER SYSTEM OR LOSS OF DATA THAT RESULTS THEREFROM.
IF YOU ARE DISSATISFIED WITH ANY PORTION OF THE SITE, THE APPLICATION OR THEIR RESPECTIVE CONTENT, OR WITH ANY OF THESE TERMS OF USE, YOUR SOLE AND EXCLUSIVE REMEDY IS TO DISCONTINUE USING THE SITE AND UNINSTALL THE APPLICATION.
Indemnification: Content and Materials
You will indemnify and hold the Company and its Affiliates harmless with respect to any suits or claims arising out of (i) your breach of these Terms of Use, including, but not limited to, any infringement by you of the copyright or intellectual property rights of any third party; (ii) your fraudulent or malicious use of the Site, the Application and/or Services or your misuse or abuse of the Site, Application and/or Services; (iii) your violation of applicable laws, rules or regulations in connection with your use of the Site, Application or Services, or (iv) our use of Materials generated or uploaded by you in accordance with these Terms of Use.
YOU AGREE TO INDEMNIFY AND HOLD THE COMPANY, ITS THIRD-PARTY VENDORS, CORPORATE AFFILIATES, DIRECTORS, OFFICERS, EMPLOYEES AND AGENTS HARMLESS FROM ANY AND ALL CLAIMS AND DEMANDS, INCLUDING, BUT NOT LIMITED TO REASONABLE ATTORNEYS’ FEES, MADE BY ANY THIRD-PARTY DUE TO OR ARISING OUT OF ANY CONTENT SUBMITTED, POSTED, OR OTHERWISE PROVIDED BY YOU TO THE COMPANY AND/OR ITS THIRD PARTY ADVERTISERS AND ANY BREACH BY YOU OR YOUR AFFILIATES, EMPLOYEES, AGENTS AND REPRESENTATIVES OF ANY PROVISIONS OF THESE TERMS OF USE.
Binding Arbitration and Applicable Law (Continued from Section titled “Binding Arbitration” above)
Arbitration shall be conducted by and submitted to a single arbitrator (“Arbitrator”) selected from and administered by the Orange, California office of JAMS (“JAMS”), in accordance with its then-existing Comprehensive Arbitration Rules & Procedures. The Arbitrator shall be authorized to award compensatory damages, but shall NOT be authorized to award non-economic damages such as for emotional distress, or pain and suffering or punitive or indirect, incidental or consequential damages. Each party shall bear its own attorneys’ fees, cost and disbursements arising out of the arbitration, and shall pay an equal share of the fees and costs of the Arbitrator and JAMS; however, the Arbitrator may award to the prevailing party reimbursement of its reasonable attorneys’ fees and costs (including, for example, expert witness fees and travel expenses), and/or the fees and costs of the Arbitrator.
Within fifteen (15) calendar days after conclusion of the arbitration, the Arbitrator shall issue a written award and a written statement of decision describing the material factual findings and conclusions on which the award is based, including the calculation of any damages awarded. Each party shall fully perform and satisfy the arbitration award within fifteen (15) days of the service of the award. Judgment on the award may be entered by any court of competent jurisdiction. By agreeing to this binding arbitration provision, you understand that you are waiving certain rights and protections which may otherwise be available if a claim or dispute were determined by litigation in court, including, without limitation, the right to seek or obtain certain types of damages precluded by this arbitration provision, the right to a jury trial, certain rights of appeal, the right bring a claim as a class member in any purported class or representative proceeding, and the right to invoke formal rules of procedure and evidence.
YOU AGREE THAT, IF YOU DECIDE TO OPEN AN ACCOUNT IN THE PROGRAM, YOUR RELATIONSHIP WITH US (AND WITH HEDGEHOG TECHNOLOGIES, INC) WILL BE GOVERNED BY THE PRE-DISPUTE ARBITRATION CLAUSE IN THE AGREEMENTS. THE PRE-DISPUTE ARBITRATION CLAUSE IN THE AGREEMENTS PROVIDES FOR DISPUTE RESOLUTION SERVICES PROVIDED BY THE FINANCIAL INDUSTRY REGULATORY AUTHORITY. YOU FURTHER AGREE THAT, IF YOU DECIDE TO OPEN AN ACCOUNT IN THE PROGRAM, THE PRE-DISPUTE ARBITRATION CLAUSE IN THE AGREEMENTS SUPERSEDES THE ARBITRATION PROVISIONS OF THESE TERMS OF USE.
These Terms of Use are governed by the laws of Delaware without regard to conflicts of laws principles. Access or use of the Site and/or Application is unauthorized in any jurisdiction that does not give effect to all provisions of these terms and conditions, including without limitation this paragraph.
You agree that no joint venture, partnership, employment, or agency relationship exists between you and the Company as a result of these Terms of Use or accessing or using the Site, the Application or their respective contents. The Company’s performance under these Terms of Use is subject to existing laws and legal process, and nothing contained in these Terms of Use is in derogation of the Company’s right to comply with governmental, court and law enforcement requests or requirements relating to your access or use of the Site and/or Application or information provided to or gathered by the Company with respect to such use.
Notification
Except as otherwise specified in these Terms of Use, all notices, permissions and approvals hereunder shall be in writing and shall be deemed to have been given upon: (i) personal delivery, (ii) the second business day after mailing, (iii) the second business day after sending by confirmed facsimile, or (iv) the first business day after sending by email. Notices to you will be sent to the email address you provide to us, which addresses may be updated from time to time upon written notice to the other party.
Any notices to be given to the Company under these Terms shall be made in writing to legal@cryptohedgehog.io or to the following address:
HEDGEHOG TECHNOLOGIES, INC Attn: Legal Department 2261 Market Street #4557 San Francisco, CA 94114
You agree that the Company can send You electronic notices to the e-mail address that You provided to the Company in creating Your Account or by displaying the notice on this Website. You agree that all notices, agreements, disclosures, and other communications that we provide to You electronically satisfy any legal requirement that such communications be in writing.  You further agree that the Company may deliver notice to you by written communication delivered by first class U.S. mail or courier service to your address on record in Your Account.
Interpretation
If any part of these Terms of Use is determined to be invalid or unenforceable pursuant to applicable law including, but not limited to, the warranty disclaimers and liability limitations contained herein, then the invalid or unenforceable provision will be deemed superseded by a valid, enforceable provision that most closely matches the intent of the original provision and the remainder of the Terms of Use shall continue in effect. A printed version of these Terms of Use and of any notice given in electronic form shall be admissible in judicial or administrative proceedings based upon or relating to the Terms of Use to the same extent and subject to the same conditions as other business documents and records originally generated and maintained in printed form.
The Services, Content, other technology we may make available, and derivatives thereof may be subject to laws and regulations of the United States and other jurisdictions. No forbearance or delay by either party in enforcing its rights shall prejudice or restrict the rights of that party, and no waiver of any such rights or of any breach of any contractual terms shall be deemed to be a waiver of any other right or of any later breach. You may not assign any of your rights or obligations hereunder, whether by operation of law or otherwise.
We may assign our rights and privileges under these Terms of Use (including your user registration), without your consent in connection with a merger, acquisition, corporate reorganization, or sale of all or substantially all of our assets, or to an affiliate, or in connection with a change in control. Subject to the foregoing, these Terms of Use shall bind and inure to the benefit of the parties, their respective successors and permitted assigns.
The term of these Terms of Use will continue for as long as we allow you access to and use of the Site, the Application and/or Services. Sections titled "Content and Materials," "Warranties, Disclaimers and Limitations of Liability," "Applicable Law and Jurisdiction," "Interpretation," and "Indemnification," and this Section shall survive any termination or expiration of these Terms of Use.
HEDGEHOG PRIVACY NOTICE
Effective June 1, 2020
FACTS
WHAT DOES HEDGEHOG DO WITH YOUR PERSONAL INFORMATION?
Why?
Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
What?
The types of personal information we collect and share depend on the product or service you have with us. This information can include:
Account balances
Trading history
Account transactions and blockchain address information
When you are no longer our customer, we continue to share your information as described in this notice.
How?
All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Hedgehog chooses to share; and whether you can limit this sharing.
Reasons we can share your personal information
Does Hedgehog share?
Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), or respond to court orders and legal investigations
Yes
No
For our marketing purposes — to offer our products and services to you
Yes
No
For joint marketing with other financial companies
No
We don’t share
For our affiliates’ everyday business purposes — information about your transactions and experiences
Yes
No
For our affiliates’ everyday business purposes — information about your creditworthiness
No
We don’t share
For our affiliates to market to you
No
We don’t share
For nonaffiliates to market to you
No
We don’t share
Questions?
Call +1 (831) 218-2651 or go to https://hedgehog.app/faq
Who we are
Who is providing this Privacy Policy?
This privacy notice is provided by Hedgehog Technologies, Incorporated.
What we do
How does Hedgehog protect my personal information?
To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.
How does Hedgehog collect my personal information?
We collect your personal information, for example, when you:
Pay your bills;
Provide account information or give us your contact information;
We also collect your personal information from other companies.
Why can’t I limit all sharing?
Federal law gives you the right to limit only:
sharing for affiliates’ everyday business purposes
affiliates from using your information to market to you
sharing for nonaffiliates to market to you
State laws and individual companies may give you additional rights to limit sharing. See below for more information on your rights under state law.
Definitions
Affiliates
Companies related by common ownership or control. They can be financial and nonfinancial companies.
Our affiliates include companies with a Hedgehog name.
Nonaffiliates
Companies not related by common ownership or control. They can be financial and nonfinancial companies.
Nonaffiliates we share with can include direct marketing companies.
Joint Marketing
A formal agreement between nonaffiliated financial companies that together market financial products or services to you.
Our joint marketing partners include financial service companies.
Other important information
California: If your Hedgehog account has a California mailing address, we will not share personal information we collect about you except to the extent permitted under California law.
Vermont: If your Hedgehog  account has a Vermont mailing address, we will not share personal information we collect about you with non-affiliates unless the law allows or you provide authorization.
Hedgehog Master Privacy Policy
This Privacy Policy sets forth how personal information is collected and used, that is provided on Internet Web site located at hedgehog.app (the “Site”) and our application (collectively, “Hedgehog Technology”). Unless otherwise indicated, this Privacy Policy only applies to personal information collected through Hedgehog Technology by Hedgehog Technologies, Inc or any of their respective affiliates (together, for purposes hereof, “Hedgehog”). By using the Hedgehog Technology, you agree to be bound by this Privacy Policy and our Terms of Use, as they may be amended from time to time in the future (see "Change to this Privacy Policy" below).
Hedgehog is committed to maintaining the confidentiality, integrity and security of any personal information about our users. This Privacy Policy explains how we protect personal information provided through the Hedgehog Technology and how we use that information in connection with our service offered through the Hedgehog Technology (the "Service"). "Personal information" for purposes of this Privacy Policy means information that identifies you, such as your name, address, phone number, fax number or email address.
Hedgehog stresses its privacy and security standards to guard against identity theft and provide security for your personal information. We regularly re-evaluate our privacy and security policies and adapt them as necessary to deal with new challenges.
Personal Information Collected
We collect the following personal information from you:
  • contact information such as name, email address, jurisdiction;
  • billing information such as credit card number, and billing address;
  • financial information such as blockchain addresses and exchange api keys;
  • unique identifiers such as username, account id, password;
  • preferences information such as product wish lists, order history, and marketing preferences; and
  • demographic information such as age, education, gender, interests, and zip code.
When you visit the Site or download and use our Services, we may automatically collect certain information sent to us by your computer, mobile device, or any other device. This information may include the type of device you use, operating system, the device identifier (or "UDID"), your IP address, location, mobile network information, and standard web log information, such as your browser type traffic to and from our site, the pages you accessed on our website, and other available information. We may also collect information about your use and interaction with the Site, our mobile application, or our Services. For example, we may evaluate your computer, mobile phone, or other access device to identify any malicious software or activity that may affect the availability of the Services. When you use the Services, we may also store information based on your usage history. This includes, but is not limited to, details of your purchases, content you viewed, event information, click stream information, and cookies that may uniquely identify your browser or your account.
Information Use and Sharing
Hedgehog uses and discloses your personal information only as follows:
  • to analyze site usage and improve the Service;
  • to deliver to you any administrative notices, money alerts, and communications relevant to your use of the Service;
  • to fulfill your requests for certain products and services;
  • for market research, project planning, troubleshooting problems, and detecting and protecting against error, fraud, or other criminal activity;
  • to third-party contractors that provide services to Hedgehog and are bound by these same privacy restrictions;
  • to enforce Hedgehog’s Terms of Use; and as otherwise set forth in this Privacy Policy.
In the event that you access the Service as brought to you by one of our co-brand partners, through a co-branded URL, your email address used for registration on the Service may be provided to that co-brand partner.
In addition, we may, from time to time, offer promotions with various businesses, websites, mobile applications or third parties, which may include opportunities for you to earn deposits within your accounts connected to Hedgehog. Each such promotion will be subject to and governed by our Terms of Use, this Privacy Policy, and any applicable rules or terms and conditions we may post online, post in our mobile application, include within e-mail or other communications, or otherwise make available to you. To the extent you elect to participate in any such promotion or otherwise make any purchase subject to a promotion, we may share personal information such as name, e-mail address, purchase dates, and other related information with the applicable third party for the limited purpose of allowing the parties the make the promotion available and track participation within such promotion.
We may use information you provide to connect you with people you may already know. For example, through our mobile application we may identify contacts within your address book as potential new users of Hedgehog. We may match the contact information you provide to the information provided by other users to improve the Service, including making it easier to find contacts you may refer to Hedgehog that are not already customers.
We may also disclose your personal information as required by law, such as to comply with a subpoena, or similar legal process and when we believe in good faith that disclosure is necessary to protect our rights, protect your safety or the safety of others, investigate fraud, or respond to a government request.
If Hedgehog Technologies Incorporated is involved in a merger, acquisition, or sale of all or a portion of its assets, you will be notified via email and/or a prominent notice on our Site of any change in ownership or uses of your personal information, as well as any choices you may have regarding your personal information.
Third Party Services
Hedgehog uses api keys provided by you to gather your data from associated financial institutions. By using the Service, you grant Hedgehog and the associated financial institution the right, power, and authority to act on your behalf to access and transmit your personal and financial information from your relevant financial institution. You agree to your personal and financial information being transferred, stored, and processed by the financial institution in accordance with the financial institution’s end user privacy policy.
User Access and Choice
If the personal information on file for you changes, or if you no longer desire our service, you may correct or update it by making the change on our customer information page or by emailing Hedgehog Support.
We will retain and use your information as necessary to comply with our legal and/or regulatory obligations, resolve disputes, and enforce our agreements.
If you wish to subscribe to our newsletter(s), we will use your name and email address to send the newsletter to you. Out of respect for your privacy, you may choose to stop receiving our newsletter or marketing emails by following the unsubscribe instructions included in these emails, accessing the email preferences in your account settings page or you can contact us at support@hedgehog.app.
Cookies / Tracking Technologies
A cookie is a small text file that is stored on a user’s computer for record-keeping purposes. We use cookies on the Site. We do not link the information we store in cookies to any personally identifiable information you submit while on the Site.
We use both session ID cookies and persistent cookies. A session ID cookie expires when you close your browser. A persistent cookie remains on your hard drive for an extended period of time. You can remove persistent cookies by following directions provided in your Internet browser’s “help” directory.
If you reject cookies, you may still use the Site, but your ability to use some areas of the Site, such as contests or surveys, may be limited.
The use of cookies by our partners, affiliates, tracking utility company, and/or service providers is not covered by our Privacy Policy. We do not have access or control over these cookies. Our partners, affiliates, tracking utility company, and/or service providers use session ID cookies to make it easier for you to navigate the Site.
We employ (and/or our third-party advertising partner employs) a software technology called clear gifs (sometimes known as web beacons or web bugs), that help us better manage content on the Site by informing us what content is effective. Clear gifs are tiny graphics with a unique identifier, similar in function to cookies, and are used to track the online movements of web users. In contrast to cookies, which are stored on a user’s computer hard drive, clear gifs are embedded invisibly on web pages and are about the size of the period at the end of this sentence. We do not tie the information gathered by clear gifs to our customers’ personally identifiable information.
Notice Concerning Do Not Track
Do Not Track (“DNT”) is a privacy preference that users can set in certain web browsers. At this time, we do not recognize or respond to DNT signals. 
Security
The security of your personal information is important to us. When you enter sensitive information, such as a credit card number or financial information, on our forms, we encrypt the transmission of that information using secure socket layer technology (SSL).
We follow generally accepted standards to protect the personal information submitted to us, both during transmission and once we receive it. No method of transmission over the Internet, or method of electronic storage, is 100% secure, however. Therefore, we cannot guarantee its absolute security. If you have any questions about security on the Site, please contact us.
California Collection Notice
If you are a California resident, California law requires us to provide you with some additional information regarding how we collect, use, and share your “personal information” (as defined in the California Consumer Privacy Act (“CCPA”)), other than the personal information we collect in connection with providing financial products and services.
Depending on how you interact with our website and services, we may collect the following categories of personal information about you, in addition to the information we collect in connection with providing financial products and services:
  • Identifiers, such as your name and contact information, IP address, and mobile device identifiers
  • Internet usage information, such as browsing history, access history, and use and interaction with our website.
This information is used and disclosed for the purposes and to the categories of third parties described in the main privacy policy, above. 
Your California Privacy Rights
If you are a California resident, you may have certain rights.  California law may permit you to request that we:
  • Provide you the categories of personal information we have collected or disclosed about you in the last twelve months; the categories of sources of such information; the business or commercial purpose for collecting or selling your personal information; and the categories of third parties with whom we shared personal information. 
  • Provide access to and/or a copy of certain information we hold about you.
  • Delete certain information we have about you.
You may have the right to receive information about the financial incentives that we offer to you for your personal information (if any). You also have the right to not be discriminated against (as provided for in applicable law) for exercising certain of your rights. Certain information may be exempt from such requests under applicable law. For example, we need certain types of information so that we can provide the Services to you and for compliance with applicable law. If you ask us to delete certain information, you may no longer be able to access or use the Services.
California consumers may request, once per year, that we disclose the identity of any third parties with whom we have shared personal information for the third parties’ direct marketing purposes within the previous calendar year, along with the type of personal information disclosed. 
To exercise your rights, please send us an email at support@hedgehog.app. You will need to provide additional information to verify your identity before we fulfill your request. You can also designate an authorized agent to make a request on your behalf. To do so, you must provide us with written authorization or a power of attorney, signed by you, for the agent to act on your behalf. You will still need to verify your identity directly with us.
Additional Information for California Residents
The CCPA sets forth certain obligations for businesses that “sell” personal information.  Based on the definition of “sell” under the CCPA and under current regulatory guidance, we do not believe we engage in such activity and have not engaged in such activity in the past twelve months. We do not sell information that directly identifies you such as your name and email address.  We share certain information as set forth in the Information Use and Sharing section, above, and allow third parties to collect certain information about your activity, for example through cookies, as explained in Cookies / Tracking Technologies section, above.  You can control these cookies through browser settings and other controls.  We do not believe these activities are a sale of  personal information.
Changes to this Privacy Policy
We may update this privacy policy to reflect changes to our information practices. If we make any material changes we will notify you by email or by means of a notice on this Site prior to the change becoming effective. We encourage you to periodically review this page for the latest information on our privacy practices.
Contact Us
If you have any questions about our Privacy Policy, please contact Hedgehog Support at:
HEDGEHOG TECHNOLOGIES, INC Attn: Legal Department 2261 Market Street #4557 San Francisco, CA 94114
Item 1 - Cover Page
Hedgehog Advisers, LLC 
2261 Market Street #4557 San Francisco, CA 94114 
Form ADV Part 2A Firm Brochure
CRD #314879 May 11, 2023
This brochure provides you with information about the qualifications and business practices of Hedgehog Advisers, LLC (“HA”). If you have any questions regarding the contents of this brochure, please contact us at (949) 354-4184 or by email at: info@hedgehogadvisers.com. The Firm’s website is https://hedgehogadvisers.com.
The information in this brochure has not been approved or verified by the United States Securities and Exchange Commission (“SEC”) or by any state securities authority.
HA is an SEC-registered investment adviser. However, registration as an investment adviser does not imply a certain level of skill or training. Additional information about HA is available on the Investment Adviser Public Disclosure website at www.adviserinfo.sec.gov. You can search this site by a unique identifying number known as a CRD number. The Firm’s CRD number is #314879
Item 2 - Material Changes
In this Item, Hedgehog Advisers, LLC is required to discuss any material changes that have been made to this brochure since its last annual amendment on February 1, 2023. The Firm will no longer offer a Wrap Fee Program. Therefore, the Firm is retiring its Wrap Fee Brochure and will be using this ADV Part 2A Brochure moving forward with potential and current clients. This means that in addition to the advisory fee described in Item 5 transaction and custody fees will be passed on to the client. Please see Item 5 for more information. Item 8 was also updated to reflect risks related to the deposit and withdrawal of digital assets. 
Prior recent amendments to the Wrap Brochure were made for the following changes and are reflected in this Brochure: The subscription fee options available to a Client were updated and are reflected in Item 5. Additionally, the investment strategies section were updated and are reflected in Item 8. A description was added regarding the Firm’s parent company, Hedgehog Technologies, Inc in Item 10.Further detail was added on the frequency and nature of periodic reviews and is reflected in Item 12. 
Table of Contents   
Item 1 Cover Page
Item 2 Material Changes
Item 3 Table of Contents
Item 4 Advisory Business
1. Firm Description 2. Types of Advisory Services 3. Wrap Fee Programs 4. Assets under Management
Item 5 Fees and Compensation
5. Advisory Fees 6. Billing 7. Other Fees & Expenses 8. Refund Policy 9. Other Compensation
Item 6 Performance-Based Fees
Item 7 Types of Clients
Item 8 Methods of Analysis, Investment Strategies and Risk of Loss
10. Investment Strategy
Item 9 Disciplinary Information
Item 10 Other Financial Industry Activities and Affiliations
11. Financial Industry Activities 12. Other Material Relationships
Item 11 Code of Ethics, Participation or Interest in Client Transactions and Personal Trading
Item 12 Brokerage Practices
13. Selection and Recommendation 14. Research and Other Soft Dollar Benefits 15. Brokerage for Client Referrals 16. Directed Brokerage 17. Order Aggregation
Item 13 Review of Accounts
18. Periodic Reviews 19. Intermittent Review Factors 20. Client Reports
Item 14 Client Referrals and Other Compensation
Item 15 Custody
Item 16 Investment Discretion
Item 17 Voting Client Securities
Item 18 Financial Information
21. Balance Sheet Requirement 22. Discretionary Authority 23. Bankruptcy Petition
Item 4 - Advisory Business
1. Firm Description
Hedgehog Advisers, LLC (“HA” or the “Firm”) was organized as a Limited Liability Company formed on April 29, 2021. The principal owner of HA is Hedgehog Technologies, Inc. 
2. Types of Advisory Services
HA provides “robo-advisory” portfolio management services via an online interface. This entails the use of algorithm-based portfolio management advice, rather than in-person investment advice. These automated investment solutions are customized to each client and based on individual characteristics, such as the client’s age, risk tolerance, income, and current assets, among others.
HA evaluates the current investments of each client with respect to their risk tolerance levels and time horizon. HA will require discretionary authority from clients in order to select securities or digital assets and execute transactions without permission from the client prior to each transaction.
Risk tolerance levels are documented in the Investment Policy Statement, which is given to each client.
Services Limited to Specific Types of Investments:
HA generally limits its investment advice to equities, ETFs, Commodities, and cryptocurrency. HA may use other securities as well to help diversify a portfolio when applicable.
Client Tailored Services and Client Imposed Restrictions:
HA will tailor a program for each individual client based on information provided by the client to HA. HA may use model allocations together with a specific set of recommendations for each client based on their investment needs and targets. Clients are permitted to impose reasonable restrictions on the management of their account.
HA prompts clients to revisit the information and restrictions provided on at least an annual basis and reaches out to confirm there have been no changes to the information provided or any changes to a Client’s account preferences.
Account Maintenance and Trade Execution
HA’s proprietary algorithm also uses system-generated checks to monitor for inconsistencies and red flags in trading. HA reserves the right to delay execution of trades in the event that unusual activity is detected in order to determine the validity of the trade or allocation request. If such situation arises, HA will attempt to provide notice to the Client of the reason for the delay. HA will not delay or attempt to delay any trades based on any opinion or estimation regarding the profitability, market price predictions or projected outcome of the trade. If the Client is seeking advisory services on individual trading decisions, they should not use HA’s offerings. 
As the value of a Client’s investments fluctuates, the assets in their chosen portfolios may diverge from originally assigned preferences. HA will automatically rebalance the model “portfolios” or “Strategies” in accordance with each Strategy’s predetermined schedule, as described below and on the platform. A programmatic rebalance may result in the addition of one or more digital assets, the removal of one or more assets, or a change to the relative holdings of each asset within a Strategy. Clients may not opt-out of a programmed Strategy rebalance. HA will undertake to notify clients of any additions or deletions of digital assets from a Strategy; however, the Firm has the discretionary authority to make such decisions without consent from the Client. An addition or deletion of a digital asset will occur for a number of reasons including but not limited to the Firm’s reassessment of the digital asset based on changes in market conditions, regulatory risk, liquidity risk, digital asset leverage risk, tactical opportunities, among others. Clients may withdraw their allocation from any Strategy or digital asset if they do not wish to hold the rebalanced Strategy and reallocate to other digital assets. In this situation the Client’s portfolio holdings could diverge significantly from the model Strategy over time. HA manages Client accounts and the portfolios using proprietary software owned and operated by HA. Rebalances are executed programmatically using HA’s software. 
HA is not an exchange and unlike an exchange, HA Clients do not place individual buy and sell orders, nor do they specify a time window for the trades to be executed. HA does not guarantee a market for all requested trades but maintains a general approach of best efforts to execute all actions requested. 
Clients can log into their account portal (or “dashboard”) to monitor their investments in real time. The account portal also provides access to details relating to each model Strategy. 
HA will communicate to Clients via email and through the notification center available on the dashboard.
HA does not provide advisory services outside the Strategy-based program described in this Form ADV.
3. Wrap Fee Programs 
HA does not currently offer a wrap fee program. Clients are charged certain administrative fees outlined below in addition to the Subscription Fee, as also described below. 
4. Assets under Management  
As of April 30, 2023, HA has $13,323 of assets under management.
Item 5 - Fees and Compensation
5. Advisory Fees
HA charges a Subscription Fee for its advisory accounts as follows. Clients have an option to choose one of the following Subscription Fee options:
Subscription Fee Options
Upfront Fee
Minimum Annual Fee
Annualized Asset Based Fee
Option 1
$0
$72
1.00%
Option 2
$60
$0
0.75%
 Option 1: HA will assess an annualized asset-based fee of 1.00% with a minimum annual fee of $72. Therefore, generally any account that is less than $7,200 will pay a higher annual fee percentage than 1.00%.  Subscription fees may be collected via Google or Apple in-app purchases. Fees are paid monthly in arrears. HA uses an average of the daily balance in the client’s account throughout the billing period, after taking into account deposits and withdrawals, for purposes of determining the market value of the assets upon which the advisory fee is based. The Subscription Fee will generally be invoiced and billed directly to the client, payable by bank transfer, on a monthly basis.
Option 2: HA will assess an upfront fee of $60. The account will be assessed an annual asset-based fee of 0.75%, less the $60 credit already paid. Therefore, generally any account that is less than $8,000 will pay a higher annual percentage than 0.75%. Subscription fees may be collected via Google or Apple in-app purchases. The asset-based Fees are paid monthly in arrears, while the $60 upfront fee is paid in advance. HA uses an average of the daily balance in the client’s account throughout the billing period, after taking into account deposits and withdrawals, for purposes of determining the market value of the assets upon which the asset-based fee is based. The asset-based fee will generally be invoiced and billed directly to the client, payable by bank transfer, on a monthly basis. It is important to note that the upfront fee is not rebated if a Client terminates their account after paying the upfront fee. 
HA may at any time in its sole discretion initiate sales in one or more assets in client portfolios to pay any current or past fees due to Hedgehog, the executing broker or custodian or other third-party engaged by the client under the advisory program, including at any time when HA has been unable for any reason to complete a direct debit of a subscription fee by debiting the client’s primary or secondary funding source.
Clients may terminate the Investment Advisory Contract immediately upon written notice or via the online interface.
The Subscription Fees are not negotiable. HA may waive or charge a lower fee at any time, for any period, for any client at its sole discretion. For example, HA may, from time to time, elect to launch promotions or other initiatives whereby Subscription Fees may be waived, in whole or in part, for certain categories of client (such as, by way of example, students, clients below a certain age and/or military veterans).
6. Billing
Subscription fees may be collected via Google or Apple in-app purchases. The asset-based Fees are paid monthly in arrears, while the $60 upfront fee is paid in advance. HA uses an average of the daily balance in the client’s account throughout the billing period, after taking into account deposits and withdrawals, for purposes of determining the market value of the assets upon which the asset-based fee is based. The asset-based fee will generally be invoiced and billed directly to the client, payable by bank transfer, on a monthly basis. It is important to note that the upfront fee is not rebated if a Client terminates their account after paying the upfront fee. 
The upfront fee is billed upfront by bank transfer. It is important to note that the upfront fee is not rebated if a Client terminates their account after paying the upfront fee
7. Other Fees & Expenses
In addition to the fees above, Clients will bear expenses associated with trading and custody. Clients should also be aware that transactions occurring on a blockchain typically require transaction fees from the exchange, custodian, and/or blockchain itself. Some examples of on-blockchain transactions would include funding or withdrawing from a HA account in cryptocurrency, purchases of digital assets, and sales of digital assets. Such expenses will be paid directly from the Client’s account to the recipient, as applicable. For more information on HA’s brokerage and exchange-related practices, please refer to Item 12 of this Brochure. 
8. Refund Policy
HA has no formal refund policy because advisory fees are assessed in arrears.
9. Other Compensation
HA does not accept compensation for the sale of securities or other investment products, including asset-based sales charges or service fees from the sale of mutual funds.
Item - 6 Performance-Based Fees
HA does not charge performance-based fees.
Item - 7 Types of Clients
HA generally provides investment advice to retail investors. A retail investor, also known as an individual investor, is a non-professional investor. HA is also offered to high net worth individuals as well as Corporations or Business Entities.
HA does not require a minimum investment to open an account for investment management services. Your Risk Tolerance is determined by the Risk Questionnaire you complete when creating your HA account. 
Item 8 - Methods of Analysis, Investment Strategies and Risk of Loss
10. Investment Strategy
HA offers investment exposure to digital assets through the use of Stacks composed of assets that align with a stated investment theme or strategy. The thematic baskets focus on use cases (e.g. Currencies, Computing platforms), market capitalization (e.g. Large Cap, Small Cap), fundamental usage data (e.g. Mining Fees, Hashrate), or other characteristics. The individual assets that are featured in each Stack may be evaluated on the following: availability of asset custody, liquidity profile, risk/return profile, status of the asset as a security, and/or a restricted security, and other considerations based on the unique circumstances of each asset. HA regularly evaluates all available assets and creates a curated approved asset list.
The below list constitutes the current basket offerings of HA, referred to as “Stacks,” as of the date of this Brochure. Other Stacks may be created and edited at the client's direction, and HA may add or remove Stacks in response to investor appetite and or other considerations, including custodial coverage. If a client does not use HA’s recommendation and selects their own Stack, this may negatively impact the client’s ability to achieve their goals. The subscription fee is still applied to your account if all or a portion of your account is selected by the client. A client that wants to self-direct their investments will likely incur lower fees in an account outside of HA. HA provides additional information on each Stack on the platform; investors should review that information before investing.
Total Crypto - The Total Crypto Stack spans the entire investable universe of the HA platform. It provides the broadest exposure to every sector on the HA platform, including currencies, non-fungible tokens, and decentralized finance. Given the broad-based exposure, the Total Crypto stack is market capitalization-weighted and will rebalance every quarter with the objective that each asset represents a proportional fraction of your portfolio based on the total market value invested in the asset and the total market value invested in all assets within the Stack.
Decentralized Finance - This Stack, also called the “DeFi Stack,” invests in digital assets that provide traditional financial products—such as exchanges, loans, derivatives, and savings accounts—outside of traditional financial institutions and with no middlemen. It consists of many of the industry’s most exciting projects, many of which are young and still evolving, making the DeFi Stack more speculative than other Baskets.
Layer One - Many will be familiar with blue chip stocks in the traditional sense. These companies — like IBM, Nike, and Apple — have a large market capitalization and a well-established history. The cryptocurrencies included in the Layer One stack are somewhat similar. They are the largest, most established assets on the HA platform. Investing in the Layer One Stack offers broad exposure, spanning ten of HA’s available digital assets.
Yield Farming – The Yield Farming Stack consists of digital assets that can be pledged to earn rewards through lending and staking programs. Invest in the Yield Farming Stack to gain exposure to the underlying cryptocurrencies that power this sector of DeFi (without being involved with lending or staking).
Satoshi - A single-asset Stack giving investors direct access to the industry’s original, largest, and most notable cryptocurrency.
Ethereum Network - Among cryptocurrencies, Ethereum is second only to Bitcoin in terms of market capitalization and recognition. Ethereum not only acts as a cryptocurrency for holding and transferring value but is also an open platform for developers to build decentralized applications. These decentralized applications range from gaming products to banking services without the need for personal data or third-party intermediaries. This Stack gives investors access to the cryptocurrency used in the world’s largest shared computing network.
Methods of Analysis
Charting analysis strategy involves using and comparing various charts to predict long and short-term performance or market trends. The risk involved in using this method is that only past performance data is considered without using other methods to crosscheck data. Using charting analysis without other methods of analysis would be making the assumption that past performance will be indicative of future performance. This may not be the case.
Fundamental analysis concentrates on factors that determine a company’s value and expected future earnings. This strategy would normally encourage equity purchases in stocks that are undervalued or priced below their perceived value. The risk assumed is that the market will fail to reach expectations of perceived value.
Technical analysis attempts to predict a future stock price or direction based on market trends. The assumption is that the market follows discernible patterns and if these patterns can be identified then a prediction can be made. The risk is that markets do not always follow patterns and relying solely on this method may not take into account new patterns that emerge over time.
Quantitative Model Risk: Investment strategies using quantitative models may perform differently than expected as a result of, among other things, the factors used in the models, the weight placed on each factor, changes from the factors’ historical trends, and technical issues in the construction and implementation of the models.
Modern portfolio theory assumes that investors are risk averse, meaning that given two portfolios that offer the same expected return, investors will prefer the less risky one. Thus, an investor will take on increased risk only if compensated by higher expected returns. Conversely, an investor who wants higher expected returns must accept more risk. The exact trade-off will be the same for all investors, but different investors will evaluate the trade-off differently based on individual risk aversion characteristics. The implication is that a rational investor will not invest in a portfolio if a second portfolio exists with a more favorable risk-expected return profile – i.e., if for that level of risk an alternative portfolio exists which has better expected returns.
Investment Strategies
Long term investing is designed to capture market rates of both return and risk. Due to its nature, the long-term investment strategy can expose clients to various types of risk that will typically surface at various intervals during the time the client owns the investments. These risks include but are not limited to inflation (purchasing power) risk, interest rate risk, economic risk, market risk, and political/regulatory risk.
Risks of Specific Investments Utilized
Availability of digital assets – HA will only be listing a limited number of types of digital assets on the platform. Therefore, clients may not have exposure through the platform to many other digital asset investments. Additionally, as described above, if regulators find that the digital assets on the platform are not freely tradable it could negatively impact their value and decrease the number of digital assets available for investment on the platform. 
Key personnel – HA depends, in part, on its ability to attract and retain key personnel. HA’s future also depends on the continued contributions of the executive officers and other key personnel, each of whom would be difficult to replace. The loss of the services of any of HA’s key principals or other personnel, and the process to replace them would involve significant time and expense and may significantly delay or prevent the achievement of HA’s business objectives. 
Lack of established track record – HA is a newly formed entity that has no operating history upon which a prospective client may base its investment decision. There can be no assurance that HA will be able to successfully implement its business plan. The success of HA should be considered in light of the problems, expenses, difficulties, complications, and delays frequently encountered in connection with the inception of a business, operation in a competitive industry, and the continued development of advertising and a corresponding client base. For these and other unforeseeable reasons, there can be no assurance that HA will achieve or sustain profitable operations. The performance of prior investment entities and business ventures associated with HA’s key personnel and principals is not necessarily indicative of HA’s future performance. 
Third Party Information – HA will provide clients information from third-party sources related to the digital assets listed on the platform. HA relies on these representations and does not independently verify this information. As a result, HA can make no assurances as to the completeness or accuracy of any such information. 
Platform information – Although HA intends to provide accurate and timely information on the platform, the platform may not always be entirely accurate, complete, or current and may also include technical inaccuracies or typographical errors. In an effort to continue to provide as complete and accurate information as possible, information may be changed or updated from time to time without notice, including without limitation information regarding HA’s policies, products, and services. Accordingly, clients should verify all information before relying on it, and all decisions based on information contained on the platform are solely the client’s responsibility and HA shall have no liability for such decisions. 
Service Providers & Vendors – As an emerging asset class, there may be few digital asset related service providers. Options for service providers may be limited, or newly created, limiting the diligence that can be performed.
Competition – There is increasing competition in the digital asset market. Participation by financial intermediaries has increased, substantial amounts of funds have been dedicated to making investments in the private sector, and the competition for investment opportunities is high. Some of HA’s potential competitors may have greater financial and personnel resources than HA. There is no guarantee that HA will successfully implement its proposed strategy and develop a viable business on (or off) the platform. If HA or the platform is not able to develop a viable business, then that could present a risk to the client’s investments held on the platform. 
Service Providers – The institutions with which HA (directly or indirectly) does business, such as banks and other financial institutions, may encounter financial difficulties that impair the operational capabilities or the capital position of HA. HA relies heavily on various service providers to perform many of the functions required to fulfill its investment objective, including the Custodian. Should any of these service providers experience financial, regulatory, or other difficulties that affect their operations, HA’s operational capabilities and financial position would be adversely affected. This is particularly acute in light of the changing regulatory landscape for digital assets, which could affect the regulatory standing of service providers, and may cause them to change their business models or cease providing services HA depends on altogether. In particular, if the Custodian is no longer able to successfully provide services to HA, and an appropriate alternate Custodian is not immediately available, this could have a negative impact on HA and the platform, as described below. 
Portfolio Allocation and Rebalancing – HA’s algorithmic portfolio recommendations may not successfully achieve an investor’s goal for a variety of reasons, including unexpected market events or trends that the algorithm does not anticipate, as well as inaccurate, incomplete, or otherwise faulty data used by the algorithm and/or provided by the investor. While HA seeks to continually improve its algorithmic system, it does not guarantee it will result in positive returns on investment. In addition, when HA rebalances the portfolios monthly, it is possible that the system could error and fail to execute a requested trade. 
Software & Technology Risk – Once HA gathers clients' interests, goals, and risk tolerance, the Firm’s investment analysis software uses this information to suggest multiple investment portfolios that a client may select. Account rebalances are also executed programmatically using the HA’s proprietary software platform. Clients should note the following risks: i. HA’s software may still make incorrect assumptions about a client’s financial situation. There is always a possibility that the simulator may experience technical malfunctions that would cause its recommendations to be inaccurate. ii. The software can only base its output on the input from the client. As such, the software’s output is only as accurate as the data the client inputs. iii. The output that the software generates may not assess all of the client’s particular situation. Special circumstances, qualitative characteristics, and other intangible components of a client’s personal background that are not captured by the software may cause the software’s assumptions to be incorrect. 
Market Risk – The value of the investments held in clients’ accounts is subject to changes in economic conditions, growth rates, profits, and the market’s perception of these investments. The price of any instrument can decline for a variety of reasons outside of HA’s control, including, but not limited to, changes in the macroeconomic environment, unpredictable market sentiment, forecasted or unforeseen economic developments, regulatory changes, and domestic or foreign political, demographic, or social events. 
Effect of General Economic Conditions – General economic conditions may affect the Firm’s investment activities. Changing economic, political, and regulatory or market conditions, general levels of economic activity, the price of digital assets, and participation by other investors in the financial markets may affect the value and number of investments made by the Firm or considered for prospective investment. Different parts of the market and different types of investments can react differently to these developments. Every investment has some level of market volatility risk. Economic slowdowns or downturns could lead to financial losses in the Firm’s investments. In addition, many of the Firm’s investments may be similarly subject to the same economic conditions, which could adversely impact the Firm’s investment returns. 
Cybersecurity Risk – As the use of technologies, such as the internet, has become more common in conducting business, client accounts have become potentially more susceptible to operational, information security and related risks through breaches in cybersecurity. Generally, a cyber incident may result from either intentional attacks or unintentional events and include, but are not limited to, gaining unauthorized access to private keys or to digital systems, misappropriating assets or sensitive information, causing a client account to lose proprietary information, corrupting data, or causing operational disruption, including denial-of-service attacks on websites. Additionally, digital assets pose their own cybersecurity risks. Blockchain miners or validators maintain the record of ownership of digital assets, and if these entities suffer from cyberattacks or other security incidents, or for financial or other reasons cease to perform these functions, the functioning of the blockchains on which the ownership of digital assets is recorded and the valuation based may be jeopardized. The types of incidents that might affect blockchain security include hacking, which involves efforts to gain unauthorized access to information or systems or to cause intentional malfunctions or loss or corruption of data, software, hardware, or other computer equipment; the inadvertent transmission of computer viruses or other malware; or malfeasance or negligent acts of personnel, such as phishing attacks and other forms of social engineering. Any such interruption could result in impermissible transfers of digital assets and/or loss of digital assets and/or their value. A cybersecurity breach in HA’s platform or to the entities involved in the recording and transfer of digital assets in turn could in turn could cause a client account and/or the Firm to incur regulatory penalties, reputational damage, and additional compliance costs associated with corrective measures, and/or financial loss. Cybersecurity failures or breaches of a third-party service provider that provides services to a client account, such as the Custodian or an administrator, or issuers in whose digital assets a client account invests in, may also subject a client account and/or the Firm to these cybersecurity risks. The Firm has established policies and procedures reasonably designed to reduce the risks associated with cyber incidents, including the risk that federal securities laws are broken due to a cyber incident. However, there can be no assurance that these policies and procedures will prevent cyber incidents. 
Geopolitical Risk – The impact of geopolitical events on the supply and demand for digital assets is uncertain. Digital assets are relatively new and are subject to supply and demand forces based in part upon the desirability of an alternative, decentralized means of buying and selling goods and services. It is unclear how such supply and demand will be impacted by geopolitical events, including regulatory changes. Nevertheless, political, or economic crises may motivate large-scale acquisitions or sales of digital assets globally and/or locally. Large-scale sales of digital assets are likely to result in a reduction in the value of digital assets contained on the platform and may adversely affect a client’s investment in digital assets also held in their account. Risks Associated with Digital Currencies, Digital Assets and Digital Asset Networks HA invests in digital assets; currently, digital assets are either unregulated or in the early stages of regulation by U.S. federal and state governments and self-regulatory organizations. As digital assets have grown in popularity, certain U.S. agencies, such as the SEC, the Financial Crimes Enforcement Network, and the Commodity Futures Trading Commission (“CFTC”), have begun to examine digital assets and the operations of digital assets in depth. The SEC views a significant portion of digital assets as securities and has been involved in multiple enforcement actions, settlements, and federal court cases regarding the regulatory status of digital assets, their issuers, and intermediaries involved in the industry. The CFTC has declared that certain other digital assets are commodities and regulates those assets and in particular derivatives related to them. To the extent that any type of digital asset is determined to be a security, commodity, future, or other regulated asset where HA has not anticipated that treatment, or to the extent that a U.S. or foreign government or quasi-governmental agency exerts additional regulatory authority over the digital assets, HA’s portfolios may be adversely affected. The effect of any future regulatory change on the Funds is impossible to predict, but such change could be substantial and adverse. Some of the risks as they pertain to digital assets that clients should consider include but are not limited to: Concentration Risk. Concentrating investments in the digital assets sector increases the risk of loss, because developments that adversely affect the sector as a whole may cause most if not all of HA’s investments to decline in value. Digital Currencies and Digital Assets. Digital assets represent a speculative investment and involve a high degree of risk. Supply is determined by a computer code, not by a central bank, and prices can be extremely volatile. Digital currency and digital asset exchanges have been closed due to fraud, failure, security breaches, and legal noncompliance. Client assets held on an exchange that shuts down may be lost. Several factors may affect the price of digital currencies and digital assets, including, but not limited to supply and demand, investors’ expectations with respect to the rate of inflation, interest rates, currency exchange rates or future regulatory measures (if any) that restrict the trading of digital currencies/ digital assets or the use of digital currencies/ digital assets as a form of payment. There is no assurance that digital currencies and/or digital assets will maintain their long-term value in terms of purchasing power in the future, or that acceptance of digital currency/digital assets payments by mainstream retail merchants and commercial businesses will grow. The prior performance of a digital asset is not necessarily indicative of future results. Many digital assets have experienced high levels of performance and rapid increases in price, followed by significant downturns in performance and similarly rapid decreases in price. Digital currencies and digital assets are created, issued, transmitted, and stored according to protocols run by computers in the digital currency and digital assets network. It is possible these protocols have undiscovered flaws which could result in the loss of some or all client assets. There may also be network scale attacks against these protocols that result in the loss of some or all client assets. Some assets may be created, issued, or transmitted using experimental cryptography that could have underlying flaws. Advancements in quantum computing could break the cryptographic rules of protocols that may be negatively affected by technological advances that undermine the cryptographic consensus mechanism underpinning blockchain and distributed ledger protocols. HA makes no guarantees about the reliability of the cryptography used to create, issue, or transmit assets. Certain digital assets may rely on or are built on a public or third-party blockchain, and the success of such blockchain may have a direct impact on the success of digital assets listed on the platform and recommended by HA. These digital assets are partly dependent on the effectiveness and success of such blockchains, as well as the success of other blockchain and decentralized data storage systems that are being used by the issuer of the digital assets. There is no guarantee that any of these systems or their sponsors will continue to exist or be successful. This could lead to disruptions of the operations of the issuer of the digital assets listed on the platform and could negatively affect any digital assets held by a client from such issuer. The digital asset market presents significant risks that could negatively impact HA’s ability to purchase and sell digital assets on a client’s behalf. For example, the digital asset market frequently involves shallow trade volume, extreme hoarding, low liquidity, and high bankruptcy risk. Blocks of digital assets are often hoarded by a few owners and/or are kept out of circulation. Ownership concentration is high, which increases liquidity risk because large blocks of digital assets are difficult to sell in a timely and efficient manner. 
No FDIC or SIPC Protection – Digital currencies are not subject to Federal Deposit Insurance Corporation (“FDIC”) or Securities Investor Protection Corporation (“SIPC”) protections. Since HA and its Custodian are not members of the FDIC or SIPC, client assets are not subject to the protections enjoyed by depositors with FDIC or SIPC member institutions. While private insurance may be available at times, client assets are not insured by HA. 
Legality of Digital Currencies – Owning, holding, selling, or using digital assets may be illegal now or in the future in one or more countries, including the United States. Countries may take regulatory actions in the future that severely restricts the right to acquire, own, hold, sell, or use digital currencies. Such an action may restrict HA’s ability to hold or trade digital currencies and could result in termination and liquidation of client accounts at a time that is disadvantageous to clients. 
Qualified Custodians – Entities that provide custody for digital assets are subject to evolving guidelines from regulatory authorities. Although, as described below, HA takes the view that as a state-regulated trust company, the Custodian is a “qualified custodian” for purposes of Rule 206(4)-2 under the Advisers Act (the “Custody Rule”), there is a risk that the SEC or a state regulator would disagree. 
Digital Currency and Digital Asset Exchanges – The digital currency and digital asset exchanges on which digital currency and digital assets trade are relatively new and may not be registered as brokers, exchanges, or alternative trading systems. They may therefore be out of compliance with federal or state law. In addition, these exchanges may be more exposed to theft, fraud and failure than established, registered exchanges for other products. In general, digital currency and digital assets exchanges are currently start-up businesses with no institutional backing, limited operating history and no publicly available financial information. Exchanges generally require cash to be deposited in advance in order to purchase digital currency and digital assets, and no assurance can be given that those deposit funds can be recovered. Additionally, upon sale of digital currency and digital assets, cash proceeds may not be received from the exchange for several business days. The participation in exchanges requires participants to take on credit risk by transferring digital currency and digital assets from a participant’s account to a third-party's account. HA takes on the credit risk of an exchange every time it makes a transaction. There are currently no U.S. exchanges registered with the SEC where digital assets that are securities can be legally listed and/or traded. While HA anticipates that such exchanges will exist in the United States in the future, HA cannot and does not guarantee that such exchanges will ever legally operate in the United States. In addition, even if other types of crypto assets are able to successfully be listed on a registered exchange in the United States, there is no guarantee that such exchange will allow the digital assets traded within the portfolios to be listed on such a registered exchange. Thus, exchanges used by HA may not be registered with the SEC and/or in compliance with applicable securities laws, rules and regulations, and any regulatory action relating to the unregistered status or non-compliance of the exchanges used by HA could adversely affect HA’s business. Digital currency and digital asset exchanges may impose daily, weekly, monthly, or customer-specific transaction or distribution limits or suspend withdrawals entirely, rendering the exchange of digital currency and digital assets for fiat currency difficult or impossible. Additionally, digital currency and digital assets prices and valuations on digital currency and digital asset exchanges have been volatile and subject to influence by many factors including the levels of liquidity on exchanges and operational interruptions and disruptions. The prices and valuation of digital currency and digital assets remain subject to any volatility experienced by digital currency and digital asset exchanges, and any such volatility can adversely affect HA’s investments. Digital currency and digital asset exchanges are appealing targets for cybercrime, hackers, and malware. Even the largest exchanges have ceased operations due to theft, fraud, security breach, liquidity issues, or government investigation. In addition, banks may refuse to process wire transfers to or from exchanges. Over the past several years, many exchanges have, indeed, closed due to fraud, theft, government or regulatory involvement, failure or security breaches, or banking issues. 16 Any financial, security or operational difficulties experienced by such exchanges may result in HA’s inability to recover money or digital assets being held by the exchange, or to pay clients upon withdrawal. The daily trade volume of digital assets on any given exchange may only be a small fraction of total digital assets. The lack of a regulated market for digital assets and related assets means that market participants do not have as many mechanisms to hedge or create the liquidity in the digital asset market that is typical of traditional capital markets. The digital asset market also currently lacks many institutional participants, which could help to stabilize the market. For these reasons, among others, HA may be unable to purchase or sell a digital asset as desired for an extended period of time. Trade Errors - HA may possibly place trades incorrectly. If a trade error occurs, the Firm will notify the client promptly regarding the error and its resolution. The client will bear any financial gain or loss associated with trade errors in their accounts. In-Kind Deposits and Withdrawals – In addition to US Dollars and other fiat currencies, HA accepts In-Kind Deposits of Digital Assets in order to fund client accounts. These In-Kind deposits may be subject to tax consequences, wash trading rules, and realization of gains and losses. They are also subject to all other risks normally associated with the transfer of digital currencies and other digital assets. Please pay special attention when withdrawing or depositing digital assets. If assets are sent to an incorrect or invalid wallet address you may not be able to recover those assets. 
Stolen or Incorrectly Transferred Digital Currencies and Digital Assets May be Irretrievable – Once a transaction has been verified and recorded in a block that is added to the blockchain, an incorrect transfer or theft of digital currencies or digital assets generally will not be reversible, and HA may not be able to seek compensation for any such transfer or theft. It is possible that, through computer or human error, or through theft or criminal action, clients’ digital currencies and/or digital assets could be transferred in incorrect amounts or to unauthorized third parties. To the extent that HA is unable to seek a corrective transaction with such third party or is incapable of identifying the third party that has received the Funds’ digital currencies and/or digital assets through error or theft, HA will be unable to revert or otherwise recover incorrectly transferred digital currencies and/or digital assets. To the extent that HA is unable to seek redress for such error or theft, such loss could adversely affect clients’ investments. 
Amendments to a Digital Assets Network’s Protocols and Software Could Adversely Affect the Funds’ Investment and Trading Activities – Digital currency and digital asset networks (collectively, “Networks”) are typically based on protocols that govern peer-to-peer interactions between computers connected to a digital currency’s or digital asset’s Network. Generally, the code that sets forth a digital currency’s or digital asset’s protocol is informally managed by a development team known as the core developers. A digital currency’s or digital asset’s core developers, miners, and/or users (each such core group in respect of a particular digital currency or digital asset, the “Community”) can propose amendments to a Network’s source code through one or more software upgrades that alter such digital currency’s or digital asset protocols, the software that govern its Network and the properties of the digital currency or digital asset itself, including, but not limited to, the irreversibility of transactions and limitations on the mining/creation of new digital currency or digital asset units. To the extent that a majority of a Community installs such software upgrade(s), such digital currency’s or digital asset’s Network could be subject to new protocols and software that may adversely affect the HA’s investment and trading activities. If less than a majority of a Community installs such software upgrade(s), such digital currency’s or digital asset’s Network could “fork.” 17 Many digital currencies and Digital Assets are open-source projects and, although there may be an influential group of leaders in a specific Community, there may be no official developers or group of developers that formally control the applicable Network. For many digital currencies and Digital Assets, any individual can download the applicable Network software and make any desired modifications, which are proposed to the relevant digital currency’s or Digital Asset’s Community through software downloads and upgrades. However, the Community must usually consent to those software modifications by downloading the altered software or upgrade that implements the changes; otherwise, the changes do not become a part of that Network. A developer or group of developers could potentially propose a modification to a Network that is not accepted by the applicable Community, but that is nonetheless accepted by a substantial portion of such Community. In such a case, a “fork” in the blockchain could develop and two separate Networks could result, one running the pre-modification software program and the other running the modified version (i.e., a second such Network in respect of the same digital asset). Such a fork in the blockchain typically would be addressed by Community-led efforts to merge the forked blockchains. This kind of split in a Network could materially and adversely affect the value of HA’s investments and, in the worst-case scenario, harm the sustainability of the applicable digital currency’s or Digital Asset’s economy. Risk to Digital Currency and Digital Assets Networks from Malicious Actors. If a malicious actor or botnet (a volunteer or hacked collection of computers controlled by networked software coordinating the actions of the computers) obtains a majority of the processing power dedicated to mining on certain digital currency and digital assets networks, it may be able to alter the blockchain on which the digital currency and/or digital assets transaction relies on by constructing alternate blocks if it is able to solve for such blocks faster than the remainder of the miners on the digital currency and/or digital assets network can add valid blocks. In such alternate blocks, the malicious actor or botnet could control, exclude, or modify the ordering of transactions, though it could not generate new digital currency and digital assets or transactions using such control. Using alternate blocks, the malicious actor could double spend its own digital currency and/or digital assets and prevent the confirmation of other users’ transactions for so long as it maintains control. To the extent that such malicious actor or botnet does not yield its majority control of the processing power on various digital currency and digital assets networks, or the digital currency and digital assets community does not reject the fraudulent blocks as malicious, reversing any changes made to the blockchain may not be possible. Such changes could adversely affect HA’s investments or the ability of HA to complete transactions.
Forks and Airdrops – A “fork” as described above or an airdrop (i.e., a free, unsolicited distribution of an asset to a recipient’s digital asset wallet) may affect the value of the original digital asset held by HA’s Custodian. HA’s custodian has sole discretion in electing to claim any new digital assets produced form forks or airdrops. The Custodian may (i) not accommodate the new digital asset; (ii) only accommodate the new digital asset after a significant period; or (iii) have a contractual right to claim the new digital asset for its own account. Additionally, HA may not have any systems in place to monitor or participate in forks or airdrops. As a result of the foregoing, clients may not benefit from digital assets provided through airdrops, and digital assets subject to forks may be rendered useless or of no or little value. 18 Digital Currency and Digital Assets Miners May Cease to Solve Blocks. If the award of new digital currency and digital assets, as applicable, for solving blocks declines and transaction fees are not sufficiently high, miners may not have an adequate incentive to continue mining and may cease their mining operations. Miners ceasing operations would reduce the collective processing power on such digital currency and digital assets network, as applicable, which would adversely affect the confirmation process for transactions (i.e., decreasing the speed at which blocks are added to the blockchain until the next scheduled adjustment in difficulty for block solutions) and make such network more vulnerable to a malicious actor or botnet obtaining control in excess of fifty percent (50%) of the processing power on such network. Any reduction in confidence in the confirmation process or processing power of such network may adversely impact an investment in the Funds. 
Broker-Dealer Registration – HA believes that it is not acting as a broker-dealer required to register under federal or state law. If HA were deemed to be a broker-dealer, it would be subject to significant additional regulation. This could lead to significant changes with respect to the platform, how digital assets are listed on the platform, how digital assets listed on the platform are purchased and sold and other issues, and would greatly increase HA’s costs in creating and facilitating transactions in the digital assets listed on the platform. It could lead to the suspension and/or termination of the platform. In addition, a regulator could take action against HA if it views the digital assets listed on the platform and the platform itself as a violation of existing law. Any of these outcomes would negatively affect the value of the digital assets listed on the platform and/or could cause HA to suspend and/or cease operations. 
State Regulations – Regulation of digital assets in the United States varies by state, and the regulations of certain states may limit the ability of HA to operate within those states. Certain states require persons to obtain a license to conduct a digital asset business. Accordingly, HA does not intend to operate in states that require such licensing. If an individual is a resident of a state that requires such licensing, that individual will not be permitted to be a client of HA. If HA were deemed to be conducting an unlicensed digital asset business, it would be subject to significant additional regulation and/or regulatory consequences. This could lead to significant changes with respect to HA and the platform and could greatly increase the operating costs of HA and the platform. Different state regulations could affect the transferability of digital assets. To the extent that state regulations differ, certain digital assets may only be tradable in specific states. This could decrease the demand for and market for digital assets. 
Tax – The tax characterization of digital assets is uncertain. The purchase of digital assets may result in adverse tax consequences to a client, including withholding taxes, income taxes, and tax reporting requirements. Clients are encouraged to review IRS Notice 2014-21 (the “Notice”) that sets forth published guidance from the U.S. Internal Revenue Service released in 2014 concerning the consequences of transacting in digital asset. If a digital asset is characterized as a “virtual currency” for income purposes, then, under the Notice, the general rules applicable to property transactions would apply. Intellectual Property Rights Claims May Adversely Affect the Operation of the Digital Currency and Digital Assets Network. Third parties may assert intellectual property claims relating to the operation of digital currencies and digital assets and their source code relating to the holding and transfer of such assets. Regardless of the merit of any intellectual property or other legal action, any threatened action that reduces confidence in the digital currency and digital asset’s long-term viability or the ability of end-users to hold and transfer digital currency and digital assets may adversely affect HA’s investments. Additionally, a meritorious intellectual property claim could prevent HA and other end-users from accessing the digital currency and digital assets network or holding or transferring their digital currency and digital assets, which could force HA to terminate and liquidate its digital asset holdings. The foregoing list of risks does not purport to be a complete enumeration or explanation of the risks involved in an investment with the Firm. Prospective clients should read the entire Brochure as well as other materials that may be provided by the Firm and consult with their own independent, legal, tax, and accounting advisers prior to engaging the Firm’s services.
Past performance is not indicative of future results. Investing in securities involves a risk of loss that you, as a client, should be prepared to bear.
1. Voting Client Securities (Proxy Voting)
HA will not ask for, nor accept voting authority for client securities. Clients will receive proxies directly from the issuer of the security or the custodian. Clients should direct all proxy questions to the issuer of the security.
Item 9 - Disciplinary Information
There are no legal or disciplinary events that are material to a Client’s or prospective Client’s evaluation of HA’s advisory business or the integrity of HA’s management.
Item 10 - Other Financial Industry Activities and Affiliations
11. Financial Industry Activities
HA is not a registered broker-dealer and does not have an application pending to register as a broker-dealer. Furthermore, none of HA’s management or supervised persons are registered as representatives of or have an application pending to register as representatives of, a broker-dealer.
HA is not a registered futures commission merchant, commodity pool operator, or commodity trading advisor, and does not have an application pending to register as such. Furthermore, none of HA’s management or supervised persons are registered as, or have applications pending to register as, an associated person of any such entity.
12. Other Material Relationships
Neither HA nor any of its management persons have a relationship or arrangement that is material to the Firm’s advisory business other than as described below.
Colton Austin Dillion is part owner and CTO of Hedgehog Technologies, Inc, an internet software company. Hedgehog Technologies Inc. is the owner of HA, LLC. Hedgehog Technologies, Inc. does not provide advisory services. Hedgehog Technologies, Inc. provides the technology and algorithms to HA. Hedgehog Technologies, Inc. also operates a cryptocurrency wallet and account aggregator called Hedgehog which allows customers to retrieve and monitor balances and transactions from third party providers. Hedgehog allows users to facilitate self-directed cryptocurrency trades across multiple cryptocurrency accounts and exchanges. Hedgehog customers cannot deposit or withdraw funds through Hedgehog and Hedgehog does not take custody of customer funds. HA and Hedgehog Technologies, Inc. are affiliated companies, and may share clients. Therefore, due to the nature of each entity’s business, conflicts of interest may arise between the two. Notwithstanding any potential conflicts of interest, HA will always seek to act in the best interests of its clients and to put client interests before the interests of itself and Hedgehog Technologies, Inc.
Mr. Dillion also sits on the board of directors for Bamboo, Pty Ltd, an Australian company offering similar managed portfolio technology featuring a mix of cryptocurrency and precious metals. HA and Bamboo are not affiliated companies and do not share clients as they are in separate jurisdictions. Notwithstanding any potential conflicts of interest, HA will always seek to act in the best interests of its clients and to put client interests before the interests of itself and Bamboo, Pty Ltd.
Clients have the option to purchase investment products that HA recommends through other intermediaries, brokers, or agents that are not affiliated with HA.
Item 11 - Code of Ethics, Participation or Interest in Client Transactions and Personal Trading
The Firm has adopted a Code of Ethics (the “Code”) pursuant to Rule 204A-1 under the Advisers Act. The Firm believes that high ethical standards are essential if the Firm is to earn and maintain the confidence of the Firm’s investment partners. 
The Code is designed to: (i) establish guidelines for professional conduct and personal trading procedures; (ii) prevent improper personal trading by the Firm employees; (iii) prevent improper use of material, non-public information about digital asset recommendations made by the Firm or digital asset holdings of Clients; (iv) identify conflicts of interest; and (v) provide a means to resolve any actual or potential conflict in favor of firm Clients, and other areas as described fully in the Code.
Compliance with the Code is a condition of employment. Every employee must acknowledge the terms of the Code of Ethics annually, or as amended. 
Any employee found to have engaged in improper or unlawful activity faces appropriate administrative and legal action. It is the responsibility of each employee to ensure that they and those they manage are conducting business professionally and are complying with the procedures and policies governing the Firm’s collective responsibility. Any employee becoming aware of others engaged in wrongdoing or improper conduct must immediately report such activity to a Managing Partner and/or the Firm’s CCO. Failure to do so may result in additional action being taken against that individual.
The Firm endeavors to ensure that the investment management and overall business of the Firm complies with applicable U.S. federal and state securities laws and regulations.
Certain employees may invest in the same digital assets recommended by HA to its Clients. Our financial professionals may have personal accounts at our firm that are managed like Clients’ and may also, with limited exception, have personal accounts held and managed outside of our firm. This could give rise to conflicts of interest if trading by Clients is expected to change the value of a digital asset to be purchased or sold by an employee. It could also incentivize employees to favor their personal accounts over Clients.’  HA, as a fiduciary, endeavors to always make decisions in the best interest of its Clients if a conflict of interest arises between the Investment Manager’s transactions on behalf of its Clients and those of the Investment Manager’s personnel and related persons. In order to monitor any conflicts of interest, HA employees are required to pre-clear certain contemplated transactions in their personal accounts which may present the appearance of impropriety, including investing in digital assets traded through the HA platform, and must disclose on an initial and annual basis the holdings of all personal accounts, as well as all transactions on a quarterly basis.  
Resolution of Conflicts of Interest. In the case of all conflicts of interest, the Firm’s determination as to which factors are relevant, and the resolution of such conflicts, will be made using the Firm’s best judgment, but in its sole discretion. The Firm seeks to address these potential conflicts through the use of:
  • A robust Code of Ethics (which is described above).
  • Annual requirement that Employees complete a questionnaire detailing their other activities and potential conflicts.
  • Requirement that Employees pre-clear outside business activities (other than outside activities related to charities, non-profit organizations/clubs, civic/trade organizations).
  • Disclosure of potential conflicts of interests and risks in this Form ADV.
Material Non-Public Information and Insider Trading. The Firm has adopted Insider Trading Policies and Procedures designed to mitigate the risks of the Firm and its employees misusing and misappropriating any material non-public information that they may become aware of, either on behalf of the Firm’s Clients or for their own benefit. The policy applies to every employee of the Firm and extends to activities both within and outside of their duties to the Firm, including for an employee’s personal account.
The Firm may from time to time acquire confidential, material non-public information (“MNPI”) about issuers, corporations, or other entities and their digital assets. The Firm will not use MNPI obtained during making investment decisions for its Clients. Additionally, the Firm may not be free to divulge or to act upon such information with respect to its activities and, on occasion, may be restricted from buying or selling certain digital assets on behalf of Clients because of these circumstances. These restrictions may adversely impact the investment performance of Client accounts. The Firm has implemented procedures, including those described below relating to information barriers that prohibit the misuse of such information by the Firm, its employees, and on behalf of its Clients. Although the procedures do not provide absolute assurance as to the correct handling of MNPI, these procedures have been reasonably designed to aid the Firm’s personnel in avoiding insider trading, and to aid the Firm in preventing, detecting, and imposing sanctions against, insider trading.
Item 12 - Brokerage Practices
13. Selection and Recommendation
HA will select and recommend any brokers, exchanges, or custodians based on a number of factors, including, but not limited to, ease of administration, quality of execution, commission rates, and pre-existing agreements. Currently, HA has elected to use Gemini as its preferred custodian and exchange based on its ease of use and availability of digital assets are suitable for HA’s investment strategy. HA may consider additional exchanges as Client needs arise. 
HA will attempt to obtain the best execution of orders, considering all circumstances, but will not necessarily attempt to obtain the lowest possible commission for transactions to the account. This is in part because Gemini is one of only a few custodians that is reasonably treated as a “qualified custodian” for purposes of the Custody Rule. 
14. Research and Other Soft Dollar Benefits
HA does not receive research or other products or services other than execution from a broker-dealer or a third party in connection with Client digital asset transactions.
15. Brokerage for Client Referrals
HA does not currently work with broker dealers. However, if the Firm ever needed the services of a broker dealer, HA does not consider whether it receives Client referrals from a broker-dealer or third party when it selects or recommends broker dealers to Clients.
16. Directed Brokerage
Clients are required to maintain accounts and execute transactions through an exchange of HA’s choosing. HA does not permit a Client to direct brokerage.
17. Order Aggregation
HA may aggregate sale and purchase orders of digital assets for Clients through an omnibus account HA keeps with Gemini. This means that while, as discussed below, Client assets are typically in segregated accounts held by HA for the benefit of Clients, in the period immediately before and after a trade, assets may be held in a pooled account held by HA for this purpose. At all times, HA tracks which assets belong to specific Clients. An omnibus account allows for managed trades of more than one person; transactions within the account are carried out in the name of HA. As a result, Clients’ transactions are combined and executed in the name of HA, rather than designated separately.
This practice is reasonably likely to result in administrative convenience or an overall economic benefit to HA. Clients also benefit relatively with better purchase or sale execution prices, lower commission expenses or beneficial timing of transactions, or a combination of these and other factors.
HA’s policies and procedures mandate aggregating multiple orders. Aggregate orders will be allocated to Client accounts in a systematic manner with no account receiving preference over any other account.
Item - 13 Review of Accounts
18. Periodic Reviews
Robo-advisory portfolio management accounts receive automated account revisions. Account rebalances will generally occur at least monthly unless the Client chooses a different rebalance timeframe. Reviews of recommended Stack compositions are conducted by the Investment Committee at least quarterly. Clients are encouraged to update HA of any change in their objectives, risk tolerance, or other pertinent information. Clients are responsible for the accuracy of their personal and financial information provided to HA. Client’s failure to keep their information updated can materially affect the value of the advice and recommendations they receive through HA. Clients can review and update their information via the online interface at any time. HA will notify Clients at least annually to update their pertinent information
On an annual basis, HA reaches out to Clients to confirm whether the Clients have had any changes to their financial situation or investment objectives, and to confirm whether Clients would like to make changes to any reasonable restrictions on their accounts. The update of information may result in a new recommendation. At any time, Clients can also update this information on HA’s software platform as well. Any changes to a Client’s information may result in changes to his or her portfolio allocations. Clients are responsible for accepting or rejecting those changes.
19. Intermittent Review Factors
The CCO or designee will review accounts on an ad hoc basis if an extraordinary event causes extreme price changes of a model or an account’s holdings. The intent of this review is to investigate any account discrepancies and not a review of the investments for advisory purposes for Clients. 
20. Client Reports
Clients may see reports on the value of their investments and portfolio performance in real-time by logging into their accounts on HA’s software platform. In addition, on a monthly basis, HA provides Clients a description of all activity in a Client’s account, including all transactions made on behalf of the account, all contributions and withdrawals made by the client, all fees and expenses charged to the account, and the value of the account as of the beginning and end of each quarter. 
Item 14 - Client Referrals and Other Compensation
HA does not receive an economic benefit (such as sales awards or other prizes) from any third party for providing investment advice or other advisory services to its Clients.
Pursuant to Rule 206(4)-1 of the Investment Advisers Act of 1940, as amended, HA may compensate in the future third-parties for endorsements or testimonials, as defined by the rule. Such compensation arrangements include a referral program whereby current Clients of HA receive a referral fee deposited in their HA account for each referred prospect who creates and funds a new HA account. More details of the referral program are available on HA’s website.
Prospective customers should be aware that a conflict of interest exists when individuals receive compensation in return for endorsements, testimonials, and/or referrals. For example, individuals may have an incentive to provide a favorable or more favorable description of their experience with or opinion of HA when being compensated for providing comments or referrals. Regardless of any endorsement, testimonial, or referral, all prospective customers should not rely solely on that third-party and are urged to make their own review of HA’s services to determine if they are appropriate for their personal investment goals and circumstances.
Additional Compensation – HA is anticipating in having an arrangement with Hopscotch Labs as their primary trading partner. HA will share in the compensation earned by Hopscotch for execution services provided that best execution obligations are met. This compensation structure creates a conflict of interest in that HA will be incentivized to recommend Hopscotch to its Clients. HA mitigates this conflict of interest through disclosure and by ensuring Client trades through Hopscotch comply with best execution principles.
Item 15 - Custody
According to Rule 206(4)-2 of the Investment Advisers Act of 1940, HA has custody of Client assets because the Firm deducts fees directly from Clients’ assets. Otherwise, HA holds all Client funds and assets at HA’s designated qualified custodian, Gemini. As noted above, HA believes that Custodian meets the definition of a “bank” for purposes of the Custody Rule, and therefore is a qualified custodian for purposes of HA’s requirements as a registered adviser. HA holds an account with the Custodian for the benefit of each Client. As noted above, directly before and after a trade, Client assets may be held in an omnibus account for purposes of aggregating trades.
The Custodian sends monthly account statements directly to Clients. Clients are urged to carefully review these statements and compare them to the reports HA provides on its software platform. 
Item 16 - Investment Discretion
HA maintains discretionary authority to manage portfolios on behalf of its Clients. Clients may place reasonable restrictions on HA’s discretionary authority, as described above. To grant HA discretionary authority, Clients must sign an Investment Advisory Agreement that gives HA permission to place trades to and from Client accounts through HA’s omnibus account. 
As noted above, Clients provide HA information in order for HA to suggest allocations among the portfolios. Clients must accept or reject those allocations and make any desired changes.
Item 17 - Voting Client Securities
HA generally does not invest in instruments that are considered equity securities and will not accept authority to vote proxies for Client securities. Some digital asset features, including participation in governance activities, may be considered similar to participating in shareholder votes. Though some digital asset holders may vote on topics that directly or indirectly affect return on investment through on-chain governance, our Custodian’s infrastructure does not support this capability and makes no promise of doing so in the future. As such, HA Clients are currently unable to participate in such activities through the website.
Item 18 - Financial Information
21. Balance Sheet Requirement
HA does not require or solicit prepayment of more than $1,200 in advisory fees per Client, six months or more in advance. Therefore, HA is not required to include a financial statement.
22. Discretionary Authority
HA has discretionary authority to manage Client assets within the portfolios. 
HA does not have any financial impairment that will preclude it from meeting contractual commitments to Clients.
23. Bankruptcy Petition
HA has not been the subject of a bankruptcy petition at any time during the past ten (10) years.
Item 1 Cover Page
FORM ADV PART 2B
for
Colton Dillion CRD#6251902
of
HEDGEHOG ADVISERS, LLC
2261 MARKET STREET #4557 SAN FRANCISCO, CA 94114 (949) 354-4184 https://hedgehogadvisers.com
June 24, 2022
This brochure supplement provides information about Colton Dillion CRD# 6251902 that supplements the Hedgehog Advisers, LLC’s (“Hedgehog Advisers” or the “Firm”) brochure. You should have received a copy of that brochure. Please contact ColtonDillion if you did not receive Hedgehog Advisers’ brochure or if you have any questions about the contents of this supplement. Additional information about Hedgehog Advisers is available on their website at https://hedgehogadvisers.com. Additional information about Colton Dillion is available on the SEC’s website at www.adviserinfo.sec.gov.

Table of Contents:
Page 3: Colton Dillion

Colton Dillion
Item 1: Cover Page.
See Cover Page of this Brochure Supplement
Item 2. Educational Background and Business Experience
Colton Dillion is the CCO of Hedgehog Advisers. Mr. Dillion’s further business experience is as follows:
June 2014 – May 2016 / Global Director-Acorns, an investment firm that specializes in micro-investing and roboinvesting. There he constructed the portfolio back-testing and performance-reporting processes and procedures while overseeing marketing compliance and international expansion.
May 2016–August 2019 / Partner–Infinite Sum, Ltd, a small business consultancy specializing in digital media, product design, crowdfunding, and venture capital fundraising. Colton was responsible for engineering, design, and copywriting on dozens of projects, including 19 successful crowdfunding and regulation A+ campaigns.
August 2019–Present / CTO–Hedgehog Technologies, Inc–The parent corporation of Hedgehog Advisers, Colton provides executive leadership and engineering implementation for all Hedgehog properties.
Mr. Dillion was born in Newport Beach, CA. He has a Bachelor’s degree in Theatre and a Master of Science in Engineering Design and Innovation from Northwestern University, including courses in financial engineering.
Item 3. Disciplinary Information
There are no legal or disciplinary events material to a client’s or prospective client’s evaluation of Mr. Dillion.
Item 4. Other Business Activities
Currently, Mr. Dillion is also a part owner and Chief Technology Officer (“CTO”) of Hedgehog Technologies, Inc. Hedgehog Technologies, Inc. does not provide advisory services. Hedgehog Technologies, Inc.provides the technology and algorithms to Hedgehog Advisers. Hedgehog Advisers and Hedgehog Technologies, Inc.are affiliated companies, but do not share clients. Therefore, there is no relationship between the advisory business and Mr. Dillion’s other financial industry activities that would create a material conflict of interest with clients.
Mr. Dillion also sits on the board of directors for Bamboo, Pty Ltd, an Australian company offering similar managed portfolio technology featuring a mix of cryptocurrency and precious metals. Hedgehog Advisers and Bamboo are not affiliated companies and do not share clients as they are in separate jurisdictions. Therefore, there is no relationship between the advisory business and Mr. Dillion’s other financial industry activities that would create a material conflict of interest with clients.
Mr. Dillion is not registered, nor has an application to register, as a broker-dealer, registered representative of a broker-dealer, futures commission merchant (“FCM”), commodity pool operator (“CPO”), commodity trading advisor (“CTA”), or an associated person an FCM, CPO, or CTA. Mr. Dillion also does not receive commissions, bonuses, or other compensation based on the sale of securities or other investment products, including as a broker-dealer or registered representative, and including distribution or service (“trail”) fees from the sale of mutual funds.
Item 5. Additional Compensation
Mr. Dillion does not receive any economic benefit for providing advisory services to anyone who is not a client.
Item 6. Supervision
Mr. Dillion is the co-head of the Firm’s Investment Committee, which is also responsible for reviewing digital assets and baskets prior to and after launch. Mr. Dillion does not provide advice directly to individual clients. Each Client’s account is periodically reviewed no less than annually for adherence to the Client’s objectives, restrictions, and basket allocation selection. Mr. Dillion is supervised by Colin Popell, and he is also bound by the Firm’s policies, procedures, and code of ethics. Mr. Popell’s telephone number is (949)354-4184.
Hedgehog Advisers, LLC Form ADV Part 3 Client Relationship Summary: April 12, 2023
Item 1: Introduction Hedgehog Advisers, LLC is an investment adviser registered with the Securities and Exchange Commission offering advisory accounts and services. Brokerage and investment advisory services and fees differ, and it is important that you understand the differences. This document gives you a summary of the types of services and fees we offer. Please visit www.investor.gov/CRS for free, simple tools to research firms and financial professionals, as well as educational materials about broker-dealers, investment advisers, and investing.
Item 2: Relationships and Services What investment services and advice can you provide me? Our firm offers investment advisory services to retail clients which primarily involves management of model investment portfolios in digital assets, such as crypto currencies or similar assets, through our interactive website via a wrap fee program. Your account is reviewed for a rebalance at least quarterly. HA will send you a reminder to update your pertinent information at least annually. You are encouraged to update us of any change in your objectives, risk tolerance, or other pertinent information. Our firm manages client accounts on a discretionary basis without any material limitations on our authority. We do limit the types of investments that we recommend to digital assets, such as cryptocurrencies or similar assets and we do not offer proprietary products. Our firm does not have a minimum account size. Please also see our Form ADV Part 2A Appendix 1 (“Wrap Brochure”), specifically Items 4 & 7.
Questions to ask us: Given my financial situation, should I choose an investment advisory service? Why or why not? How will you choose investments to recommend to me? What is your relevant experience, including your licenses, education, and other qualifications? What do these qualifications mean? Responses to the conversational starters are also available on Hedgehog.
Item 3: Fees, Costs, Conflicts, and Standard of Conduct What fees will I pay? We charge an asset-based fee for all assets. An upfront fee may also be charged depending on the subscription fee option chosen. Additionally, the amount of assets in your account affects our advisory fee; the more assets you have in your advisory account, the more you will pay us and thus we have an incentive to increase those assets in order to increase our fee. Robo-advisory portfolio management fees are to be invoiced and billed directly to the client, payable by bank transfer. Asset-based advisory fees are paid on a monthly basis in arrears based upon the average of the daily balance in your account throughout the billing period. You pay our fees even if you do not have any transactions and the advisory fee paid to us generally does not vary based on the type of investments selected. Please also see Items 4, 5, 6, 7 & 8 of our Wrap Brochure for more information.
Some investments impose additional fees beyond our fee (e.g., transactional fees and product level fees) that reduce the value of your investment over time. The same goes for any additional fees you pay to a custodian. You will pay fees and costs whether you make or lose money on your investments. Fees and costs will reduce any amount of money you make on your investments over time. Please make sure you understand what fees and costs you are paying. Please also see Item 4 our Wrap Brochure for additional details.
Hedgehog Advisers, LLC Form ADV Part 3 Client Relationship Summary: April 12, 2023
Questions to ask us: Help me understand how these fees and costs might affect my investments. If I give you $10,000 to invest, how much will go to fees and costs, and how much will be investedfor me? How might your conflicts of interest affect me, and how will you address them? What are your legal obligations to me when acting as my investment adviser? How else does your firm make money and what conflicts of interest do you have? When we act as your investment adviser, we have to act in your best interest and not put our interest ahead of yours. At the same time, the way we make money creates some conflicts with your interests. You should understand and ask us about these conflicts because they can affect the investment advice we provide you. Here is an example to help you understand what this means:
Manager of Wrap Fee Program. Because we manage your portfolio in a wrap fee program, we have an incentive to limit trading in your account and to favor asset types that do not have a transactionfee in order to minimize trading expenses that we would have to normally pay out of our management fee. Please also see Item 4 of our Wrap Brochure for additional details. How do your financial professionals make money? Primarily, we and our financial professionals receive cash (salary) and equity compensation related to the provision of the advisory services we provide to you. This compensation may vary based on different factors, such as those listed above in this Item.
Item 4: Disciplinary History Do you or your financial professionals have legal or disciplinary history? No, we do not have legal and disciplinary events. Visit https://www.investor.gov/ for a free, simple search tool to research us and our financial professionals. Questions to ask us: As a financial professional, do you have any disciplinary history? For what type of conduct?
Item 5: Additional Information For additional information on our advisory services, see our Wrap Brochure available at https://adviserinfo.sec.gov/firm/summary/314879. If you have any questions, need additional information, or want another copy of this Client Relationship Summary, then please contact us at 949-354-4184 or info@hedgehogadvisers.com. Questions to ask us: Who is my primary contact person? Is he or she a representative of an investment adviser or a broker-dealer? Who can I talk to if I have concerns about how this person is treating me?