Data License Agreement

This Data License Agreement ("License") governs your rights and obligations with respect to the financial data ("Data") made available through the Valuein Service. This License is supplementary to and incorporated by reference into the Valuein Terms of Service. In the event of a conflict between this License and the Terms of Service, the more restrictive provision applies.

The Data consists of over 105 million standardized financial facts derived from public SEC EDGAR filings, covering approximately 18,000 active and formerly-listed U.S. public entities from 1994 to the present, plus the smart-money dataset (insider transactions and institutional ownership disclosures) which is available on the Institutional and Enterprise tiers only. The Data includes standardized income statements, balance sheets, and cash flow statements; calculated financial ratios; point-in-time entity metadata and security identifiers; index membership records; filing metadata; taxonomy guides and concept standardization mappings; quarterly derivations from year-to-date reported figures; and derived reference datasets linking entities, securities, and indexes.

The Data is delivered as Parquet files hosted on Cloudflare R2, accessible via the Valuein Python SDK, the Valuein MCP Server, and the Bulk Data API. This License applies to all Data access methods.

Subject to your compliance with this License, the Terms of Service, and all applicable laws, Valuein grants you a limited, non-exclusive, non-transferable, non-sublicensable, revocable license to access, query, download, and use the Data solely in accordance with the permitted uses for your active subscription tier as described in this License.

This license is personal to the account holder. It may not be shared with, assigned to, or exercised by any individual or entity other than the account holder, except as expressly permitted under the Institutional and Enterprise tier terms below.

This license is subscription-dependent. Your right to access the Data exists only for the duration of your active, paid subscription (or active free-tier account). Upon cancellation, non-payment, or termination of your account, the license terminates automatically. The license does not convey any ownership interest in the Data, in any Valuein intellectual property, or in any database rights associated with the Data.

Valuein reserves all rights not expressly granted in this License.

Sample (Free) Tier: The Sample tier is intended for evaluation and non-commercial use only. Permitted uses include: personal evaluation of the Valuein Service and Data quality; non-commercial academic research and education; individual prototyping and proof-of-concept development; and demonstration purposes for prospective internal stakeholders.

Sample tier Data may not be used for: any commercial purpose; production trading systems or live investment strategies; client deliverables or work product provided to third parties; or published research or reports distributed outside your organization.

S&P500 (Free) Tier: Permitted uses include all Sample tier uses, plus: commercial financial research and analysis limited to S&P500 companies for your individual use; production trading systems and investment strategies operated by you as an individual using S&P500 data; internal reports and dashboards accessed exclusively within your organization; and published research, articles, and reports that incorporate S&P500 Data with appropriate Valuein attribution.

S&P500 tier access is licensed for use by a single named individual. If multiple members of an organization require concurrent Data access, a Pro, Institutional, or Enterprise tier subscription is required.

Pro Tier: Permitted uses include all S&P500 tier uses, plus: access to the fundamentals dataset (10-K, 10-Q, 8-K, 20-F, 40-F filings and amendments) across the full active and delisted US + Canadian public-company universe (approximately 18,000 entities) with 30 years of point-in-time history (1995 to present); commercial financial research and analysis for your individual use across the full universe; production trading systems and investment strategies operated by you as an individual; fund research and investment analysis for a single fund or portfolio you manage; and individual consultant deliverables to a single client at a time.

Pro tier access is licensed for use by a single named individual. If multiple members of an organization require concurrent Data access, an Institutional or Enterprise tier subscription is required.

Institutional Tier: Permitted uses include all Pro tier uses, plus: access to the smart-money dataset (insider transactions on Forms 3 / 4 / 5 / 144 and institutional ownership on Forms 13F, 13D, and 13G); access to complete financial history from 1990 to present (vs the Pro tier's 30-year rolling window); priority data freshness (4-hour processing); valuation tools (DCF and reverse-DCF); team-wide access within a single legal entity (up to 10 concurrent active API Keys); integration into internal platforms and tools used by your organization's employees; client-facing reports, presentations, and deliverables that incorporate Data with Valuein attribution; and white-label dashboards and applications served to your clients, provided that Valuein is clearly credited as the underlying data provider in a reasonably visible location.

Enterprise Tier: Permitted uses, including any redistribution rights, resale licensing, attribution waivers, expanded API key counts, and other special terms, are exclusively defined in your individual written Enterprise tier agreement executed with Valuein. In the absence of an Enterprise tier agreement, the Institutional tier restrictions apply.

The following uses of the Data are prohibited for all tiers unless your Enterprise tier agreement explicitly and specifically permits them in writing:

Resale and Redistribution: You may not resell, sublicense, rent, lease, transfer, or otherwise make the Data available to any third party in raw, normalized, or substantially unmodified form. This prohibition includes but is not limited to: operating a data API, data feed, or file download service that delivers the Data to end users; including the Data in a dataset sold or licensed to third parties; and providing Data access as a feature of a software product or service offered to third parties.

Competing Financial Data Products: You may not use the Data as a primary input to build, operate, or improve a financial data aggregation, normalization, standardization, or distribution product or service that competes with Valuein. This includes building a product that replicates the functionality of the Valuein API, SDK, or MCP Server.

Benchmark and Index Creation: You may not use the Data as a primary or substantial input for the creation, maintenance, or operation of a financial index, benchmark, or investable product (such as an ETF, index fund, or structured product) without a separate written license from Valuein.

Machine Learning and AI Training: You may not use the Data — in whole or in part, directly or in any processed, aggregated, or derived form — to train, fine-tune, pre-train, validate, evaluate, distill, or otherwise improve any machine learning model, large language model (LLM), artificial intelligence system, neural network, or automated decision-making system without a separate, specific written license from Valuein. This prohibition applies regardless of whether the model or system is used internally, commercially, or provided to third parties, and regardless of whether the Data is the sole or partial input.

Systematic Replication: You may not bulk-download, systematically cache, or store the complete Valuein dataset or a substantial portion thereof — defined as data for more than 500 tickers across more than 10 years of history — with the intent to create an independent, self-sufficient copy of the Data that would eliminate or substantially reduce your need to maintain an active Valuein subscription.

Regulatory Filing Use Without Independent Verification: You may not use the Data as the sole source for any filing, report, or submission to a regulatory body (including but not limited to the SEC, FINRA, CFTC, or any non-U.S. financial regulator) without independently verifying the relevant data points against original SEC EDGAR source filings.

Misrepresentation and Attribution Removal: You may not represent the Data as your own original data, remove or obscure Valuein attribution embedded in metadata or documentation, or claim that derived analyses are based on data sources other than Valuein when Valuein is a material source.

Redistribution rights are not included in any standard subscription tier (Sample, S&P500, Pro, or Institutional). If you need to distribute the Data or Data-derived products to third parties — whether through an API, a data feed, a downloaded file, a SaaS product, an embedded dashboard, an AI agent, or any other mechanism — you must negotiate and execute a separate Enterprise tier Redistribution License Agreement with Valuein before any distribution occurs.

A Enterprise Redistribution License will specify: the scope of permitted redistribution (e.g., specific use cases, geographies, user segments, or named customers); the permitted distribution format and channels; maximum downstream end-user count or revenue threshold; attribution requirements or waivers; downstream end-user terms that your end users must accept; sublicensing restrictions; audit rights and reporting obligations; pricing, minimum commitments, and revenue share terms if applicable; and term and renewal conditions.

Operating any redistribution activity without an executed Redistribution License Agreement constitutes a material breach of this License, entitles Valuein to seek immediate injunctive relief and monetary damages, and may expose you to claims under applicable copyright, database rights, trade secret, and unfair competition law.

To inquire about redistribution licensing, contact [email protected] with a description of your intended use case, estimated distribution volume, and proposed distribution channels.

When you publish, distribute, display, or otherwise make available to third parties any analysis, visualization, report, research paper, application, or other work that materially incorporates or is derived from the Data, you must include a clear and reasonably prominent attribution to Valuein as the data source.

Acceptable attribution formats include any of the following: - "Financial data provided by Valuein (valuein.biz)" - "Data source: Valuein — SEC EDGAR Financial Data" - "Source: valuein.biz"

Placement requirements by medium: - Written reports and research papers: Attribution in the data sources section, footnote, or endnote on the first page referencing the Data. - Web applications and dashboards: Attribution in a visible footer, sidebar, or dedicated "About the data" section — not buried in a terms page that end users would not ordinarily see. - Academic publications: Full citation in the references section, including the URL valuein.biz and the date of data access. - Social media and short-form content: "Data: valuein.biz" or "Source: @valuein" in the post body. - Presentations and slides: Attribution on each slide that presents Data-derived content, or in a consolidated data sources slide.

Attribution is not required for: internal-only use where the work is not distributed outside your organization; or Enterprise tier subscribers whose executed agreement explicitly waives attribution requirements.

Public Domain Notice: Individual financial filings sourced from the U.S. Securities and Exchange Commission's EDGAR system (edgar.sec.gov) are public domain documents produced by U.S. public companies under mandatory disclosure obligations. Valuein does not claim copyright over the raw text of individual SEC filings, and this License does not restrict your independent access to EDGAR data obtained directly from the SEC.

Derivative Works (U.S. Copyright): The Valuein Data constitutes a substantial, original derivative work and compilation built on top of EDGAR filings. The following elements are the proprietary intellectual property of Valuein protected by U.S. copyright law (17 U.S.C. Sections 101–103): - Extraction and parsing of financial facts from raw XBRL-tagged and HTML-formatted filings - Standardization and normalization of reporting concepts across companies, reporting periods, filing formats, and taxonomy versions - The point-in-time accuracy methodology, including the design and population of accepted_at timestamps - Amendment and restatement tracking that preserves both original and restated values - Quarterly derivation methodology for converting year-to-date figures to single-quarter values - Entity resolution linking multiple filing entities to economic parent companies - Security identifier mapping linking legal entities to CUSIP, ISIN, and exchange ticker symbols - The references dataset and all other derived cross-reference tables - All calculated financial ratios, derived metrics, and normalized values - The taxonomy guide mapping raw XBRL tags to Valuein's normalized concept identifiers - The selection, arrangement, and coordination of all of the above elements into a unified database

EU Sui Generis Database Rights (Directive 96/9/EC): To the extent applicable in the European Union and the United Kingdom, Valuein asserts sui generis database rights over the Data as a database in which there has been a qualitatively and quantitatively substantial investment in obtaining, verifying, and presenting the contents. You may not extract and/or re-utilize all or a substantial part of the Data without Valuein's prior written authorization, and repeated or systematic extraction of insubstantial parts that conflicts with normal exploitation of the database or unreasonably prejudices Valuein's legitimate interests is also prohibited.

Trade Secrets: The specific methods, algorithms, and processes by which Valuein extracts, normalizes, validates, and derives the Data constitute trade secrets of Valuein under the Defend Trade Secrets Act (18 U.S.C. Section 1836) and applicable state trade secret law.

The proprietary derivative work, database rights, and trade secrets described above are licensed to you under this License, not transferred or assigned. Unauthorized reproduction, distribution, extraction, or use outside the scope of this License constitutes infringement of Valuein's intellectual property rights and may give rise to claims under federal and state intellectual property law, unfair competition law, and this License.

You acknowledge that the Data, including its schema, structure, normalization methodology, and derived metrics, constitutes Confidential Information of Valuein. You agree to:

- Protect the Data using at least the same degree of care that you use to protect your own confidential information of like kind, but in no event less than reasonable care. - Not disclose, publish, or otherwise make the Data available to any third party except as expressly permitted by this License and your subscription tier. - Limit access to the Data within your organization to those employees, contractors, or agents who have a need to access the Data for purposes permitted under this License and who are bound by confidentiality obligations at least as protective as those in this section. - Promptly notify Valuein at [email protected] if you become aware of any unauthorized disclosure, access, or use of the Data.

The confidentiality obligations in this section do not apply to information that: (a) is or becomes publicly available through no fault of yours; (b) was rightfully in your possession before receipt from Valuein, as demonstrated by your records; (c) is rightfully received from a third party without confidentiality restrictions; or (d) is independently developed by you without reference to the Data, as demonstrated by your records.

The confidentiality obligations in this section survive termination of this License for a period of three (3) years.

Valuein employs a point-in-time (PIT) accuracy methodology designed to allow users to reconstruct the historical information set available at any given date, eliminating look-ahead bias in backtests and historical analyses.

Knowledge Timestamps: Every financial fact in the dataset is assigned a accepted_at timestamp representing the date and time when Valuein first made that fact queryable in the production dataset. The accepted_at timestamp reflects processing and ingestion latency, not the filing date. For time-series queries, you must filter by accepted_at to ensure PIT accuracy.

Amendment and Restatement Handling: When a company files an amendment (10-K/A, 10-Q/A) or when Valuein identifies and corrects a processing error, the original fact record is not overwritten. Both the original and the revised values are preserved in the dataset with distinct accepted_at timestamps, allowing you to accurately represent what was known at each point in time.

Survivorship Bias Mitigation: The Pro, Institutional, and Enterprise tier datasets include data for companies that are currently delisted, bankrupt, merged, or otherwise no longer actively traded. Excluding these companies from historical analysis would introduce survivorship bias. The Sample and S&P500 tier datasets may have more limited coverage of non-surviving entities. The principal differentiators between the Pro and Institutional tiers are access to the smart-money dataset (insider transactions and institutional ownership) and the depth of historical coverage (Pro is a 30-year rolling window; Institutional is the complete archive from 1990 to present).

Accuracy Disclaimer: Notwithstanding the above methodological commitments, VALUEIN DOES NOT REPRESENT OR WARRANT THAT THE DATA IS FREE FROM ERRORS, OMISSIONS, OR INACCURACIES. The Data is derived from SEC filings, which may themselves contain errors, restatements, typographical errors, or XBRL tagging mistakes. Valuein's extraction, normalization, and derivation processes may introduce additional errors. YOU ACKNOWLEDGE THAT ANY DATA POINT MATERIAL TO AN INVESTMENT, TRADING, REGULATORY, TAX, OR BUSINESS DECISION MUST BE INDEPENDENTLY VERIFIED AGAINST THE ORIGINAL SOURCE FILING ON SEC EDGAR (edgar.sec.gov). VALUEIN ACCEPTS NO LIABILITY FOR DECISIONS MADE IN RELIANCE ON UNVERIFIED DATA.

Historical Reprocessing: Valuein may periodically reprocess historical Data to improve quality, expand coverage, or correct systematic errors. Reprocessing may result in changes to historical values with updated accepted_at timestamps. Valuein will communicate material reprocessing events through the status page and, for Institutional tier subscribers, by email.

Your API Key is a confidential credential that provides programmatic access to the Data in accordance with your subscription tier. The security of your API Key is your sole responsibility.

You must not: share your API Key with any individual or entity not authorized under your subscription tier; embed your API Key in client-side JavaScript, mobile application binaries, public GitHub repositories, public documentation, or any other location accessible to unauthorized parties; log your API Key in application logs that may be accessible to third parties; or publish your API Key in blog posts, tutorials, video recordings, or social media.

You must: store your API Key using secure secret management practices (e.g., environment variables, a secrets manager, or encrypted configuration); rotate your API Key immediately if you believe it has been exposed or compromised; and notify Valuein at [email protected] promptly if you suspect unauthorized use of your API Key.

You are responsible and liable for all Data access, API requests, and usage incurred using your API Key, including any unauthorized access resulting from your failure to secure the Key. Valuein may revoke and reissue any API Key that it reasonably believes has been compromised, without prior notice.

If your subscription tier permits you to share Data or Data-derived content with third parties (e.g., client reports under the Institutional tier, or redistribution under an Enterprise tier), you are responsible for ensuring that your downstream recipients comply with the applicable restrictions in this License.

Specifically, you must: (a) contractually bind your downstream recipients to restrictions on use that are at least as protective as those in this License, including prohibitions on redistribution, competing product development, and AI/ML training; (b) ensure that downstream recipients comply with applicable attribution requirements; (c) maintain records of downstream recipients to whom you provide Data or Data-derived content; and (d) promptly notify Valuein if you become aware of any downstream recipient's violation of the restrictions.

You are liable to Valuein for any breach of this License by your downstream recipients to the extent such breach would not have occurred but for your provision of the Data. Valuein reserves the right to require that you terminate access for any downstream recipient who violates the License restrictions.

Valuein reserves the right, upon reasonable advance written notice of at least 10 business days, to audit your use of the Data to verify compliance with this License. Audits may be conducted by Valuein personnel or by an independent third-party auditor engaged by Valuein and bound by a confidentiality agreement. You agree to cooperate with any such audit in good faith and to provide reasonable access to relevant records, systems, and personnel during normal business hours.

Audits shall be limited to once per twelve-month period unless Valuein has reasonable grounds to suspect a material breach, in which case additional audits may be conducted.

If an audit reveals a material breach of this License — including but not limited to unauthorized redistribution, systematic replication, AI training use, or breach of downstream compliance obligations — you agree to: (a) immediately cease the non-compliant activity; (b) reimburse Valuein's reasonable audit costs; and (c) pay the applicable Enterprise tier licensing fees retroactively for the period of non-compliant use, calculated from the date the breach began or, if that date cannot be determined, from the start of the audit period, without prejudice to any other remedies available to Valuein under this License or applicable law.

Injunctive Relief: You acknowledge that any breach of the prohibited uses, redistribution, AI/ML training, confidentiality, or competitive restrictions in this License may cause Valuein irreparable harm for which monetary damages would be an inadequate remedy. Accordingly, you agree that Valuein shall be entitled to seek immediate injunctive or other equitable relief from any court of competent jurisdiction, without the requirement of posting bond or other security and without the need to prove actual damages, in addition to all other remedies available at law or in equity.

Liquidated Damages for Unauthorized Redistribution: You acknowledge that the actual damages from unauthorized redistribution of the Data are difficult to calculate at the time of breach. Accordingly, if you redistribute the Data in violation of this License (including but not limited to operating an unauthorized data API, data feed, or file distribution service), you agree to pay Valuein liquidated damages in the amount of $50,000.00 (fifty thousand United States dollars) per violation, in addition to any injunctive relief or other remedies. For the purpose of this section, each distinct distribution channel (e.g., each separate API endpoint, each separate file download service, each separate dataset offering) and each calendar month of continued unauthorized distribution constitutes a separate violation. This liquidated damages amount represents a genuine pre-estimate of the harm to Valuein from unauthorized redistribution and is not a penalty.

Liquidated Damages for Unauthorized AI/ML Training: If you use the Data for machine learning or AI training in violation of this License, you agree to pay Valuein liquidated damages in the amount of $100,000.00 (one hundred thousand United States dollars) per violation, in addition to any injunctive relief or other remedies. Each distinct model trained, fine-tuned, or validated using the Data constitutes a separate violation.

These remedies are cumulative and in addition to, not in lieu of, any other rights or remedies available to Valuein under this License, the Terms of Service, or applicable law.

This License terminates automatically and without notice when your Valuein subscription ends for any reason, including voluntary cancellation, non-payment, account deletion, or termination by Valuein for Terms violations.

Upon termination: your API Key is revoked; your right to query or download new Data from the Service ceases immediately; and your right to access the Data through any Valuein interface (API, SDK, MCP Server, web dashboard) ends.

Data Export: Prior to cancellation of your subscription, you may download any Data to which your tier provides access through the standard API and SDK download methods. Valuein is not obligated to provide Data in any format other than the standard Parquet format available through the Service.

Post-Termination Retained Data Rights: You may retain and continue to use copies of Data that you lawfully downloaded and incorporated into analyses, reports, models, or applications created during your active subscription period, subject to all of the following conditions: (a) you may not use retained Data to build or operate a service that competes with Valuein; (b) you may not distribute retained Data to third parties in violation of the redistribution prohibitions; (c) the prohibition on AI/ML training use continues to apply to retained Data in perpetuity; (d) attribution requirements continue to apply to published works that use retained Data; (e) the confidentiality obligations continue to apply for three years after termination; and (f) Valuein's audit rights with respect to retained Data survive for two years after termination.

For clarity: after subscription termination, you may continue to display a dashboard chart derived from Data downloaded during your subscription; you may not refresh or update that chart with Data newly obtained from the Service after termination.

Valuein reserves the right to update this License. Material changes will be communicated to active subscribers by email with at least 30 days' advance notice. Continued use of the Service after the effective date of changes constitutes acceptance of the revised License.

This Data License Agreement is governed by the laws of the State of Wyoming, United States, without regard to its conflict of law principles. Any disputes arising under this License shall be resolved in accordance with the Dispute Resolution and Arbitration provisions of the Terms of Service, which are incorporated herein by reference.

For inquiries about this License, redistribution licensing, or to report suspected license violations, contact [email protected].