Disclaimer Regarding Risks of Short Selling Hard to Borrow Stocks

1) You agree that any ''short'' sale shall be designated as such to us at the time you place such an order and you hereby authorize us to mark such order ''short.'' 

2) You acknowledge that a short sale is the sale of a security you do not own and that to facilitate a short sale Apex must borrow stock to cover the delivery to the purchaser(s). 

3) If the stock is recalled by the lender(s) of the securities, Apex, the clearing firm will attempt to re-borrow the securities, but Apex may be forced to cover your short position on the open market at the then-current market price. You will be liable for any debit balance remaining after a short position has been closed out. 

4) If any securities that you borrow are deemed “hard to borrow", an additional fee will be charged. 

5) If you happen to be short a stock on the date that a dividend is credited to shareholders—also known as the record date—you're responsible for paying that dividend to the person from whom you borrowed those shares (payment in lieu of dividends).