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 more than one hundred million standardized financial facts derived from public SEC EDGAR filings, covering more than 19,000 active and formerly-listed U.S. public entities from 1993 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 also includes historical stock price and volume records ("Market Data"). Market Data is DIFFERENT IN KIND from the rest of the Data and is governed by the Market Data section below: it is licensed to Valuein by third-party market data vendors rather than derived from SEC EDGAR filings, it is not public-domain material, and the rights you receive in it are narrower than the rights you receive in the EDGAR-derived Data. Where this License grants a right in "the Data" without qualification, that grant does not extend to Market Data except where the Market Data section expressly says so.

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.

Benchmark (Free) Tier: Permitted uses include all Sample tier uses, plus: commercial financial research and analysis limited to the Benchmark universe (companies that are or have been constituents of the S&P 500 index) for your individual use; production trading systems and investment strategies operated by you as an individual using Benchmark Data; internal reports and dashboards accessed exclusively within your organization; and published research, articles, and reports that incorporate Benchmark Data with appropriate Valuein attribution.

Benchmark tier access is licensed for use by a single named individual. Neither the Sample nor the Benchmark tier includes the daily Market Data bar series; both receive only the derived price measures described in the Market Data section. 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 Benchmark 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 (more than 19,000 entities) with 15 years of point-in-time history (2011 to present); access to the daily Market Data bar series (stock_price_daily) under the Market Data section; 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 1993 to present (vs the Pro tier's 15-year rolling window); priority data freshness as described in the Service Level Agreement; valuation tools (DCF and reverse-DCF); integration into internal platforms and tools used by your organization's employees, provided that every individual who accesses the Data through them holds a licensed seat (see Per-Seat Licensing in the Terms of Service); 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. Each of the client-facing and white-label rights in this paragraph extends to the EDGAR-derived Data only; Market Data is excluded from all of them (see the Market Data section).

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 subscription tier expressly permits them (see the Institutional tier's limited commercial redistribution license in the Permitted Uses by Tier and Redistribution License sections) or 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, distill, or otherwise improve (a) any general-purpose language, foundation, or embedding model, or (b) any model, dataset, or system that is itself distributed, sold, licensed, or otherwise made available to third parties, or whose outputs substitute for a Valuein subscription. This prohibition applies whether the Data is the sole or a partial input.

Permitted Quantitative Research and Modelling: For the avoidance of doubt, and notwithstanding the paragraph above, you MAY use the Data on your own account to research, build, train, validate, evaluate, backtest, and operate quantitative models, factor models, screens, signals, risk models, and trading or investment strategies, including models that use machine-learning techniques, and you may use the outputs of those models — including to manage money, whether your own or your clients'. This is a core licensed use of the Data, not an exception to be negotiated. What is not permitted is turning the Data, or a model that encodes it, into a product that redistributes the Data or replaces the need for a subscription to it.

Permitted AI Inference Through the Workspace: For clarity, this prohibition does not restrict your use of the Valuein Workspace AI Features as provided — for example, allowing the AI chat assistant or a research agent to read Data at query time in order to answer your question, draft a thesis, or produce a report for you. Using Data as transient inference context for the Workspace's own AI Features is permitted; using Data to train, fine-tune, or otherwise build or improve a model — whether yours or a third party's — is not.

Systematic Replication: Bulk download and local storage of the Data are EXPECTED and PERMITTED uses within your subscription — the Data is distributed as Parquet files precisely so that it can be queried locally at scale, and universe-wide research necessarily involves the whole universe across the full history your tier includes. What is prohibited is retaining and continuing to use a copy of the Data after your subscription ends (see the License Termination and Post-Termination Rights section), or creating a copy for the purpose of supplying the Data to anyone other than yourself or your organization.

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.

Your work is yours. Valuein claims no ownership interest in the research, analysis, models, or outputs you create using the Data. This section states that affirmatively, because it is the question most quantitative and institutional users need answered before they commit to building on a data licence.

Definition. "Derived Work" means any output you create from the Data that does not permit a recipient to reconstruct a substantial part of the Data. Derived Work includes, without limitation: research results, conclusions, and written analysis; model specifications, features, parameters, and trained model weights; signals, scores, factor values, and rankings you compute; backtest results and performance statistics; risk reports, attribution analyses, and portfolio analytics; audit records, validation logs, and compliance documentation evidencing how a conclusion was reached and on what basis; charts and visualisations of your own derived metrics; and investment and trading decisions and their outcomes.

What you own. As between you and Valuein, you own all right, title, and interest in your Derived Work, including any intellectual property rights in it. Valuein acquires no licence to your Derived Work by reason of your having created it from the Data, and nothing in this License requires you to disclose, deposit, register, or share it. Content you choose to store or publish inside the Valuein Workspace is additionally governed by the User Content section of the Terms of Service, which grants Valuein only the limited licence needed to host it and, where you choose to publish, to display it — and which likewise transfers no ownership.

Retention is perpetual and survives termination. You may retain, use, publish, and commercially exploit your Derived Work indefinitely, including after this License terminates for any reason. With respect to Derived Work created during an active subscription, the rights in this paragraph are perpetual and irrevocable and survive termination. Termination ends your right to access, query, or refresh the Data. It does not reach back into work you have already done.

Local caching and local computation are expressly permitted. Downloading the Data and holding it locally — as Parquet files, Apache Arrow buffers, a DuckDB database, an in-memory dataframe, or any other working format — in order to run your own point-in-time backtests, quantitative research, and AI-assisted analysis is a licensed use during an active subscription, not a tolerated exception. The Data is distributed as Parquet precisely so that it can be queried locally at scale; see the Systematic Replication paragraph of the Prohibited Uses section. What ends at termination is your right to keep using that raw local copy — not your right to keep the Derived Work you produced from it.

What remains ours. The boundary is reconstruction, not effort. An output is not Derived Work, and remains subject to every restriction in this License, to the extent that it: (a) reproduces, embeds, or permits the reconstruction of a substantial part of the Data, whether as a bulk copy, a serialised cache, an embedded table, an interface that re-serves Data values, or a model or index whose purpose or practical effect is to return Data values on demand; (b) reproduces or substantially reconstructs the underlying Market Data price series, which is governed by the narrower Market Data section and whose restrictions apply to your Derived Work as well; or (c) is a model, dataset, or system that is distributed, sold, or licensed to third parties and was trained on the Data, which the Machine Learning and AI Training paragraph of the Prohibited Uses section prohibits.

The test. Ask whether a recipient of the output could use it to recover the Data. A backtest equity curve, a factor exposure, a valuation conclusion, an audit trail, or a set of model weights cannot be run backwards into 111 million financial facts — those are yours, without qualification. A file of facts, a CIK-keyed table of values, or a service that answers "what was this company's revenue in Q3 2019?" is the Data wearing a different file extension, and remains ours.

Publishing Derived Work in which Valuein is a material source remains subject to the Attribution Requirements section.

The Sample, Benchmark (Free), and Pro tiers include no redistribution rights of any kind.

The Institutional tier includes a limited commercial redistribution license as described in the Permitted Uses by Tier section above: you may incorporate Data and Data-derived content into client-facing reports, presentations, and deliverables, and into white-label dashboards and applications served to your clients, in each case with Valuein attribution as described in the Attribution Requirements section and subject to the Downstream Compliance section. The Institutional tier's redistribution license does not permit redistribution of the Data in raw, normalized, or substantially unmodified form.

MARKET DATA IS EXCLUDED FROM THE INSTITUTIONAL REDISTRIBUTION LICENSE IN ALL FORMS. Market Data is licensed to Valuein by third-party vendors on terms that do not permit Valuein to sublicense it for redistribution, and no tier short of a separately negotiated Enterprise agreement conveys any right to redistribute, republish, or display Market Data to any third party, including to your own clients and including within white-label dashboards or client-facing deliverables. You may use Market Data internally, and you may publish conclusions and analyses derived from it that do not reproduce the underlying price series.

Any redistribution beyond the Institutional tier's scope — including operating a data API, data feed, or file download service that delivers the Data to end users; reselling or licensing the Data as part of a dataset; or any distribution of raw or substantially unmodified Data through a SaaS product, embedded dashboard, AI agent, or other mechanism — requires a separately negotiated and executed Enterprise tier Redistribution License Agreement with Valuein before any distribution occurs.

An 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 legal@valuein.biz with a description of your intended use case, estimated distribution volume, and proposed distribution channels.

Scope. "Market Data" means the historical stock price, volume, and related trading records made available through the Service (including the stock_price and stock_price_daily datasets and any field derived from them).

Availability by tier. The daily bar series (stock_price_daily) is provided on the Pro, Institutional, and Enterprise tiers only. The Sample and Benchmark tiers receive no daily bars; they receive measures derived from Market Data — valuation multiples, momentum and 52-week statistics, and the coarse stock_price table of period-end and month-end observations carrying a total-return index — which are Data for the purposes of this License but remain subject to this section to the extent they could be used to reconstruct the underlying series.

Source. Market Data is NOT derived from SEC EDGAR filings and is NOT public-domain material. It is licensed to Valuein by third-party market data vendors. Valuein does not claim copyright or database rights in the underlying Market Data itself; the Derivative Works and EU sui generis rights asserted elsewhere in this License apply to the EDGAR-derived Data and to Valuein's own compilation, normalization, and arrangement, not to the raw price series.

Your rights. Within your subscription you may use Market Data for internal research, quantitative modelling, backtesting, and the operation of investment strategies on your own account and for your clients, on the same footing as the rest of the Data. This expressly includes building and running your own models and algorithms on historical price series.

Your restrictions. You may NOT redistribute, republish, resell, sublicense, or display Market Data to any third party in any form, including to your own clients, including within reports, dashboards, applications, or client-facing deliverables, and including where your tier otherwise carries redistribution rights. You may publish conclusions, analyses, charts of your own derived metrics, and research commentary that do not reproduce or substantially reconstruct the underlying price series. Redistribution of Market Data requires a separately negotiated Enterprise agreement AND, where the applicable vendor terms require it, that vendor's own consent — which Valuein cannot grant on the vendor's behalf. You may not use Market Data, or any series derived from it, to build, supply, or substitute for a market data feed, price-history service, or price dataset offered to others.

No warranty; not for execution or valuation of record. Market Data is provided "AS IS" and is indicative. It is not a real-time feed, it is not an official exchange feed, it is not consolidated tape data, and it must not be used as a pricing source for trade execution, order routing, client account statements, NAV calculation, portfolio valuations of record, collateral or margin determination, or any regulatory filing or valuation that requires an official or evaluated price. Prices may be adjusted, restated, delayed, incomplete, or absent for any security or period, and coverage may change without notice when an upstream vendor changes theirs.

Exchange requirements. Certain exchanges and market data providers impose registration, reporting, subscriber-agreement, display, or fee obligations on recipients and redistributors of their data. You are responsible for determining whether any such obligation applies to your intended use and for satisfying it. Nothing in this License grants you any right in or licence from any exchange.

Change or withdrawal. Because Market Data is provided under upstream vendor agreements outside Valuein's control, Valuein may modify, restrict, or discontinue Market Data (in whole or in part, for some or all tiers) if an upstream agreement requires it. Valuein will give as much notice as those agreements permit. The EDGAR-derived Data is not affected by this provision.

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 exchange ticker symbols, listing venues, and open FIGI identifiers, including the validity windows that make that mapping point-in-time - 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.

Third-Party Securities Identifiers: Valuein claims no ownership of, and asserts no rights in, any third-party securities identifier standard. Valuein's security reference data uses the Financial Instrument Global Identifier (FIGI), an open standard governed by the Object Management Group and published under an open-source licence that permits use, issuance, and redistribution without fee. Valuein does not compile, enrich, or distribute CUSIP or ISIN reference data and does not operate a CUSIP or ISIN cross-reference service. The CUSIP values that appear in the institutional_holding dataset are reproduced verbatim as filed, as they appear in the Form 13F-HR disclosures from which that dataset is derived and in which the SEC requires the filer to report them; they are present as filed content, not as an identifier product. CUSIP is a registered trademark of the American Bankers Association and CUSIP data is licensed by CUSIP Global Services; ISIN is administered by the Association of National Numbering Agencies and its member numbering agencies. If your intended use requires licensed CUSIP or ISIN data, or a cross-reference between those identifiers and any other, you are responsible for obtaining that licence from the relevant administrator. This License neither grants nor purports to grant it.

Index Membership Records and Third-Party Marks: Index membership records in the Data are Valuein's own derivation from public sources — curated public constituent lists, publicly disclosed fund holdings, and SEC filings — and are not any index provider's official or licensed constituent list. Index names appear in the Data only to identify factually which companies a record covers; no index provider sponsors, endorses, or licenses the Data, and this License grants you no right to use any index provider's marks. The trademark acknowledgements in the Terms of Service apply.

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 legal@valuein.biz 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.

Acceptance Timestamps: Every financial fact in the dataset carries an accepted_at timestamp equal to the date and time at which the SEC's EDGAR system accepted the filing that reported it. It is the SEC's acceptance timestamp, not the date Valuein processed the filing, and it is never altered after the fact is recorded. For time-series queries, you must filter by accepted_at to ensure PIT accuracy: a filter at a given moment reconstructs what had been publicly disclosed by that moment.

Amendment and Restatement Handling: When a company files an amendment (10-K/A, 10-Q/A), or a later filing reports a different value for the same concept and period, the earlier record is not overwritten. Each value is preserved with the acceptance timestamp of the filing that reported it, and the dataset also carries, side by side, the value as originally filed and the latest-known value, so you can represent exactly 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 Benchmark tiers cover every current and former constituent of their index universe, so they are survivorship-free within that universe; because the Sample tier is limited to a five-year window, a company that left the index before that window contributes reference records only. 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 15-year rolling window; Institutional is the complete archive from 1993 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 errors in its own extraction or derivation. Reprocessing is applied by re-deriving the affected values in a new dataset snapshot; it may change derived values, is not a restatement by the issuer, and does not alter any acceptance timestamp. 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 legal@valuein.biz 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.

You may access the Data only through the documented Valuein interfaces (the API, Python SDK, MCP Server, and Workspace) and only within the rate limits, download caps, quotas, and access controls applicable to your subscription tier.

You must not: (a) deploy crawlers, scrapers, headless browsers, bots, or other automated means to extract or harvest the Data other than through the documented interfaces and within your tier's limits; (b) circumvent, disable, evade, or otherwise attempt to defeat any rate limit, download cap, quota, authentication, token-gating, or other technical access control; (c) create, register, or use multiple accounts, API Keys, or tokens — or coordinate access across users, processes, IP addresses, or machines — in order to exceed the limits of a single subscription tier or to obtain Data your tier does not include; (d) share a single subscription, seat, API Key, or token among multiple individuals or applications beyond the seat count you have licensed; or (e) reverse engineer, decompile, disassemble, or otherwise attempt to derive the source code, infrastructure, data-standardization logic, scoring methodology, or other non-public know-how of the Service, except to the limited extent this restriction is prohibited by applicable law.

The technical access controls applied to the Service (including rate limits, download caps, and token-gating) are a material part of the consideration for access to the Data. Circumventing or attempting to circumvent them is a material breach of this License and may additionally violate applicable computer-fraud, copyright, database-rights, and unfair-competition law, entitling Valuein to suspend access without notice and to seek injunctive relief and the liquidated damages set out below.

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.

Your Derived Work is governed by the Ownership of Your Derived Work section above, not by this section. Your research results, model outputs, backtest statistics, audit records, and other outputs that do not permit reconstruction of the Data remain yours, and your right to retain and use them is perpetual and survives termination. The conditions in the preceding paragraph apply to retained copies of the Data itself.

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 legal@valuein.biz.