LBTC Product Terms

Updated and effective: August 12, 2026

1. Introduction and Relationship to the Global Terms

1.1 These LBTC Product Terms (the “LBTC Terms”) govern the acquisition, holding, transfer, minting, and redemption of the digital asset known as LBTC. LBTC is issued by LF Operations Inc., a Panama corporation (the “Issuer,” which is the “Company” under the Global Terms of Service (the “Global Terms”)). These LBTC Terms are product-specific terms of the Company that supplement the Global Terms with respect to LBTC. (For the avoidance of doubt, these LBTC Terms are not Third-Party Product Terms under Section 1.3 of the Global Terms, because LBTC is offered by the Company itself.)

1.2 The Global Terms and the Global Risk Disclosures (the “Risk Disclosures”) are incorporated into these LBTC Terms by reference. Capitalized terms used but not defined herein have the meanings given in the Global Terms. In the event of any conflict between these LBTC Terms and the Global Terms with respect to LBTC, these LBTC Terms control.

1.3 By minting, redeeming, acquiring, holding, transferring, or otherwise using LBTC, you agree to be bound by these LBTC Terms, whether or not you are a customer of the Issuer and regardless of how you acquired LBTC. If you do not agree, do not acquire or hold LBTC, and dispose of any LBTC you hold.

1.4 NOTICE: THESE LBTC TERMS INCORPORATE THE MANDATORY BINDING INDIVIDUAL ARBITRATION PROVISION AND CLASS ACTION WAIVER SET OUT IN SECTION 15 OF THE GLOBAL TERMS, WHICH APPLIES TO ALL DISPUTES RELATING TO LBTC.

1.5 Effectiveness; Transition. These LBTC Terms supersede and replace all prior terms applicable to LBTC as of the effective date stated above, following notice given in accordance with the amendment provisions of the previously applicable terms. Holders as of the effective date were provided advance notice of these LBTC Terms and of the changes to the LBTC yield mechanism described in Section 8, together with the opportunity to redeem prior to effectiveness. Continued holding, use, or transfer of LBTC after the effective date, and any Mint or Redemption effected after the effective date, constitutes acceptance of these LBTC Terms.

2. Definitions

“Backing Assets” means the BTC and other assets held from time to time by or for the benefit of the Issuer — including through one or more Designated Affiliates or third-party custodians, and including interests in, or claims against, Designated Affiliates referable to such assets (such as participation interests) — referable to LBTC in circulation, together with the proceeds of their deployment.

“Deposited BTC” means BTC transferred to a deposit address provided by or on behalf of the Issuer in connection with a Mint request.

“Designated Affiliate” means any affiliate of the Issuer designated by the Issuer from time to time to hold Backing Assets, perform any obligation, or exercise any right under these LBTC Terms, including LF (BVI) Ltd., a British Virgin Islands business company.

“Holder” means any individual or entity that holds LBTC, however acquired, including through secondary markets. Holders are bound by these LBTC Terms. A Holder has no claim against the Issuer except to the extent it validly effects a Mint or Redemption as a Direct User in accordance with these LBTC Terms.

“LBTC” means the digital asset of that name issued by the Issuer on supported blockchain networks.

“Mint” means the creation of LBTC by the Issuer against the deposit of BTC by a Direct User in accordance with Section 5.

“Redemption” means the redemption of LBTC for BTC by a Direct User in accordance with Section 6.

“Direct User” means an Eligible User (as defined in the Global Terms) that effects a Mint or Redemption directly with the Issuer through the User Interface, having on each occasion (a) affirmatively accepted these LBTC Terms, (b) certified its eligibility (including that it is not a Restricted Person and is not using any VPN, proxy, or other means to circumvent geographic or jurisdictional controls, per Section 6.1(h) of the Global Terms), and (c) passed the screening described in Section 4.2. Direct User status exists transaction-by-transaction and confers no ongoing account or customer relationship.

“Yield Strategies” means the deployment of Backing Assets in yield-generating strategies, which may include staking, lending, and options-based strategies (including covered-call programs), executed through Designated Affiliates and/or third-party institutional managers and trading counterparties.

3. Nature of LBTC

3.1 LBTC is a digital asset. LBTC is not: a share, equity interest, debenture, or other security of the Issuer or any affiliate; a claim on, or interest in, the Issuer or any affiliate except as expressly provided in these LBTC Terms for Direct Users effecting a Redemption; a bank deposit or e-money; or legal tender. LBTC is not insured or guaranteed by any government, deposit-insurance scheme, investor-compensation scheme, or other body.

3.2 LBTC does not itself represent or convey any right, claim, or entitlement against the Issuer, does not embody any debt of the Issuer, and does not securitize any asset, right, or claim. An eligible Direct User may effect a Redemption in accordance with Section 6, and the Issuer’s redemption obligation arises solely upon valid initiation of a Redemption in accordance with these LBTC Terms. Holding LBTC alone conveys no claim against the Issuer; a Holder obtains rights against the Issuer only by validly effecting a Redemption as a Direct User.

3.3 Transferring LBTC to another address automatically transfers to the recipient the rights and obligations of a Holder under these LBTC Terms.

3.4 The market price of LBTC is determined by third-party markets and may deviate from the value of the Backing Assets. The Issuer does not guarantee, support, or maintain any price peg, and is under no obligation to repurchase LBTC on secondary markets.

3.5 Copies, Wrapped Versions, and Forks. Third parties may create tokens that copy LBTC, or wrapped, bridged, or derivative representations of LBTC, on any blockchain network. The Issuer recognizes and supports only LBTC as issued by the Issuer on the networks it designates as supported from time to time. The Issuer has no obligation in respect of, and no liability for, any copy, wrapped, bridged, or derivative representation of LBTC created by any third party, and no such representation is issued, endorsed, or supported by the Issuer unless the Issuer expressly states otherwise. In the event of a fork, split, or equivalent event affecting any supported blockchain network, the Issuer may determine in its sole discretion which network or branch it will treat as supported, and may suspend Minting, Redemption, and other LBTC-related functions, in whole or in part and with immediate effect, until it determines that normal operation can resume. Section 6.4 applies to any such suspension.

3.6 Supported Networks. The Issuer determines, in its sole discretion, the blockchain networks on which LBTC is supported, and may add or discontinue support for any network upon notice pursuant to Section 11. The Issuer does not control any blockchain network and has no ability or obligation to prevent, mitigate, or remedy attacks on, or congestion, disruption, or failure of, any network. The Issuer has no liability for any loss, delay, or unavailability of LBTC or of Minting or Redemption resulting from the operation, disruption, or failure of any blockchain network or cross-network infrastructure.

3.7 LBTC has not been and will not be registered under the United States Securities Act of 1933, as amended, or under the securities laws of any state of the United States, and is not offered or sold, and may not be offered or sold, in the United States or to, or for the account or benefit of, US persons (as such terms are used in Regulation S under that Act).

4. Eligibility; Restricted Persons

4.1 The eligibility requirements, Sanctioned Jurisdictions, Restricted Jurisdictions (including the United States and the United Kingdom), Sanctioned Persons, and Prohibited Users provisions of Sections 6 and 7 of the Global Terms apply to LBTC and are incorporated herein.

4.2 Minting and Redemption are available only to Direct Users and are not offered to, and may not be used by, Restricted Persons, including US and UK persons and persons in Sanctioned Jurisdictions. The Issuer implements measures designed to prevent Restricted Persons from acquiring or using LBTC services, including geographic and IP-based access controls, blockchain address screening (including sanctions and illicit-finance screening), transaction monitoring, and the per-transaction certifications described in these LBTC Terms. Use of any VPN, proxy, or other technique to misrepresent location or circumvent these controls is strictly prohibited (Global Terms Section 6.1(h)) and voids any rights you would otherwise have as a Direct User, without relieving you of your obligations hereunder.

4.3 Each time you mint, redeem, acquire, hold, or transfer LBTC, you represent and warrant that you are not a Restricted Person, are not acting for the benefit of a Restricted Person, and satisfy the eligibility requirements incorporated in Section 4.1, and that you act at your own exclusive initiative and not pursuant to any offer, solicitation, marketing, or inducement made by or on behalf of the Issuer in your jurisdiction.

5. Minting

5.1 Direct Users may deposit BTC through the procedures specified in the User Interface to Mint LBTC. Each Mint requires affirmative acceptance of these LBTC Terms and the certifications described in Section 4. The Issuer may specify minimum amounts, cut-off times, network requirements, and fees. The amount of LBTC issued in a Mint is determined by reference to the then-current value per LBTC described in Section 8.1, less applicable fees and network costs, as calculated by the Issuer at the time the Mint is processed. The Issuer’s calculation is conclusive absent manifest error.

5.2 The Issuer may decline, delay, or impose conditions on any Mint in its sole discretion, including for compliance, operational, or risk reasons, and may discontinue Minting generally at any time.

5.3 Technical execution of Minting may be performed by affiliates or service providers of the Issuer (including protocol infrastructure operated under the Global Terms); the Issuer remains the issuer of LBTC and the counterparty to Direct Users in respect of Minting. Deposit addresses may be provided or controlled by the Issuer or a Designated Affiliate; in all cases the Issuer remains the counterparty to Direct Users in respect of Minting and the obligor under Section 5.5.

5.4 Transfer of Title. Title to Deposited BTC transfers absolutely and unconditionally upon receipt at the deposit address provided for the applicable Mint request, vesting in the Issuer or, where the Issuer so designates, in a Designated Affiliate, and such BTC thereupon becomes the sole and exclusive property of the Issuer or such Designated Affiliate. In exchange, the Direct User acquires the contractual entitlement described in Section 5.5. At no time does the Issuer or any Designated Affiliate hold, custody, or safekeep Digital Assets for or on behalf of any User or Holder. Deposited BTC may be commingled with other assets, and may be held, deployed, pledged, transferred, or otherwise dealt with by the Issuer and its Designated Affiliates for their own account, without any duty to account to you except as expressly set out in these LBTC Terms. Your relationship with the Issuer in respect of LBTC is solely that of contractual counterparty; no trust, bailment, safekeeping, deposit-taking, agency, fiduciary, or custodial relationship is created, and LBTC is not a warehouse receipt or document of title. Your rights in respect of LBTC are solely the contractual rights expressly stated in these LBTC Terms.

5.5 Mint or Refund. Upon transfer of title under Section 5.4, the Issuer shall either (a) complete the Mint and deliver the corresponding LBTC to the Direct User, or (b) if the Issuer declines the Mint pursuant to Section 5.2, return an amount of BTC equal to the Deposited BTC (less applicable network costs) to the originating address or such other address as the Direct User may validly designate. The Direct User’s sole entitlement in respect of Deposited BTC is the contractual entitlement described in this Section 5.5; no property interest in any specific BTC is retained. Mints and Deposited BTC are subject to the compliance determinations described in Section 10.3.

5.6 Unsolicited Transfers. The Issuer has no obligation in respect of any Digital Assets sent to any address other than through a Mint request validly initiated in accordance with these LBTC Terms and the procedures of the User Interface — including transfers to expired, reused, or previously issued deposit addresses outside an active Mint request. The Issuer may, in its discretion and subject to applicable law, return, retain, block, or report such assets, and accepts no custody, trust, or other obligation in respect of them.

6. Redemption

6.1 A Direct User may redeem LBTC for BTC in an amount reflecting the then-current value of such LBTC able to be redeemed, less applicable fees and network costs. LBTC uses an exchange-rate (value-accruing, non-rebasing) model: the number of LBTC held by an address does not change by reason of yield, and the value per LBTC adjusts as described in Section 8.1.

6.2 Redemptions are subject to: (a) the redeeming party effecting the Redemption as a Direct User, including the acceptance and certifications described in Section 4; (b) completion of any screening required by applicable law or the Issuer’s compliance program (including address screening); (c) minimum amounts, cut-off times, and processing periods specified by the Issuer; (d) Sections 6.4 and 6.5 below; and (e) Section 10.3.

6.3 The Issuer — or a Designated Affiliate — will settle each validly effected Redemption in accordance with this Section 6. Settlement by a Designated Affiliate discharges the Issuer’s corresponding obligation. This Section 6.3 states the Issuer’s binding obligation to Direct Users, subject only to the conditions in Sections 6.2, 6.4, 6.5, and 10.3.

6.4 The Issuer may suspend or delay Redemptions in whole or in part where reasonably necessary due to: market disruption; unavailability or illiquidity of Backing Assets resulting from the ordinary settlement cycles of Yield Strategies; force majeure; compliance with applicable law, sanctions, or orders of authorities; or security incidents. The Issuer will use commercially reasonable efforts to resume Redemptions promptly and to provide notice of any general suspension. A Redemption validly initiated prior to the effectiveness of a suspension shall not be cancelled by reason of the suspension, but shall be queued and processed in accordance with this Section 6 once the suspension is lifted, at the amount able to be redeemed at the time of processing.

6.5 The Issuer may set off against Redemption proceeds any amounts owed by the redeeming party and may withhold or deduct any amounts required by applicable law, with no obligation to gross up.

6.6 Erroneous and Fraudulent Transactions. The Issuer may decline, cancel, or correct any Mint or Redemption that it reasonably determines resulted from a technical malfunction, oracle or pricing failure, smart-contract exploit, fraud, or manifest error by any party, and may take reasonable corrective actions (including protocol-level adjustments where technically available), acting in accordance with its documented operational and security procedures as in effect from time to time. The Issuer has no liability for corrective actions taken in good faith under this Section.

6.7 Provenance; Discharge. Nothing in these LBTC Terms obligates the Issuer to track, verify, or determine the provenance or ownership history of any LBTC, or the existence of any lien, security interest, or other encumbrance claimed by any person over any LBTC, and the Issuer may treat the address effecting a Redemption as entitled to the LBTC it presents, however acquired and regardless of prior transfers. Settlement of a Redemption in accordance with this Section 6 discharges the Issuer’s obligation regardless of any third-party claim to the LBTC redeemed.

7. Backing Assets and Yield Strategies

7.1 The Issuer’s policy, subject to amendment at the Issuer’s sole discretion, is to maintain Backing Assets in an aggregate amount at least equal to the aggregate amounts of LBTC able to be redeemed in circulation, measured in BTC terms. This Section 7.1 describes the design and policy of the LBTC system and is subject to the risks described in the Risk Disclosures and Section 9; the Issuer’s obligation to any Direct User is the Redemption obligation in Section 6.

7.2 Backing Assets may be held by the Issuer, by one or more Designated Affiliates, or with third-party custodians and trading counterparties, in omnibus or segregated arrangements, within or outside the jurisdiction of the Issuer. Backing Assets are not held on trust for Holders or Direct Users, are not segregated for the benefit of any particular person (except as the Issuer may separately agree in writing with one or more verified institutional counterparties), and may be subject to the claims of custodians, counterparties, and other creditors.

7.3 The Issuer deploys Backing Assets in Yield Strategies. Yield Strategies involve counterparty, market, liquidity, operational, and settlement risks, including the risk of loss of Backing Assets deployed. Assets posted as collateral to trading counterparties may be subject to those counterparties’ security interests and may be unavailable during settlement cycles.

7.4 The Issuer may publish information regarding LBTC in circulation and Backing Assets, the Yield Strategies, and the deployment of Backing Assets (including on any transparency page) from time to time. Any such information is provided for informational purposes only, speaks only as of its stated time, and is provided without representation or warranty as to its accuracy or completeness; it is not audited unless expressly stated, creates no representation or warranty as to any other time, and is subject to no duty to update. You may not rely on such information as a guarantee of the sufficiency of Backing Assets.

8. Yield

8.1 The amount of LBTC able to be redeemed is adjusted periodically to reflect the net performance of the Issuer’s asset deployment, including the Yield Strategies, after fees and costs. Yield is variable, is not guaranteed, may be zero, and the amount of LBTC able to be redeemed may decrease as well as increase — losses in the Yield Strategies reduce amounts of LBTC able to be redeemed. Option premiums and other strategy income fluctuate with market conditions and implied volatility. No holder of LBTC has any interest in, or claim to, any particular assets, strategies, or profits of the Issuer or its affiliates; performance is reflected solely through adjustments to the amount of LBTC able to be redeemed, after giving effect to fees, costs, and any allocations to or from the reserve described in Section 8.2; such adjustments are not a distribution of the profits or losses of any pool or undertaking, and no Holder or Direct User has any right to require any adjustment, or any particular amount or timing of adjustment.

8.2 The Issuer may, in its sole discretion, retain a portion of strategy income in a reserve and may apply such reserve to offset negative performance periods before reductions in the amount of LBTC able to be redeemed take effect. The maintenance, size, and application of any reserve are entirely discretionary; the reserve is not a guarantee, creates no obligation, and may be discontinued at any time.

8.3 Past or indicative yield figures are not a reliable indicator of future yield. The Issuer makes no representation, warranty, or promise as to any level of yield.

8.4 The Issuer may charge fees and costs in connection with Minting, Redemption, and the Yield Strategies. Yield reflects performance net of applicable fees and costs. Fees and costs may change in accordance with Section 11.

9. Risk Acknowledgment

9.1 The Risk Disclosures apply to LBTC and are incorporated herein, including, without limitation, the disclosures regarding market and financial risks; pricing dislocation and liquidity; transfer restrictions; security and technical risks; and compliance and freeze risks. The regulatory treatment of LBTC and of blockchain-based assets generally is uncertain and unsettled in many jurisdictions. Changes in law or regulation, or actions by regulatory authorities in any jurisdiction, may adversely affect the availability, use, transfer, redemption, or value of LBTC, or may require changes to how LBTC or the Protocol operates. LBTC is not a bank deposit and is not covered by any deposit-insurance, investor-compensation, or similar protection scheme in any jurisdiction.

9.2 In addition, you acknowledge the following LBTC-specific risks: (a) strategy risk — losses in Yield Strategies reduce the value of the Backing Assets and reduce the amount of LBTC able to be redeemed (Section 8.1); you bear the economic risk of the Yield Strategies’ performance; (b) counterparty and custody risk — Backing Assets are held with and deployed through affiliates, custodians, and trading counterparties whose insolvency, default, or breach may result in loss; (c) suspension risk — Redemptions may be suspended or delayed as described in Section 6.4; (d) no direct claim for Holders — Holders’ economic exposure depends on secondary-market liquidity and pricing, which the Issuer does not support or guarantee; (e) encumbrance risk — LBTC transfers on-chain do not extinguish legal claims that may exist off-chain: depending on the actions of prior holders (for example, LBTC pledged as loan collateral and later transferred), LBTC you receive may be subject to a lien, security interest, or other third-party claim, which the claimant may seek to enforce against you; the Issuer does not track, verify, or give effect to any such claim and has no responsibility for competing claims to LBTC; (f) affiliate activities — the Issuer’s affiliates, and persons associated with the Issuer or its affiliates, may hold, acquire, dispose of, or otherwise transact in LBTC for their own account and for any purpose, including commercial transactions, providing liquidity, or supporting adoption; no such person is obligated to engage in any such activity, any such activity may be discontinued at any time without notice, and no such activity constitutes price support, market-making, or a representation as to the value of LBTC.

9.3 BY MINTING, ACQUIRING, HOLDING, TRANSFERRING, OR REDEEMING LBTC, YOU ACKNOWLEDGE THAT YOU HAVE READ, UNDERSTOOD, AND ACCEPTED THE RISK DISCLOSURES AND THE RISKS DESCRIBED IN THIS SECTION 9, AND THAT YOU CAN BEAR THE FULL LOSS OF THE VALUE OF YOUR LBTC.

10. Compliance; Restricted Actions

10.1 Sections 6.6 (Cooperation with Authorities), 7 (Compliance-Related Restrictions), and 8.4 (KYC, AML, and Data Collection) of the Global Terms apply to LBTC and are incorporated herein. Without limiting the foregoing, the Issuer may decline to process, block, or freeze any Mint or Redemption, and may take Restricted Actions with respect to LBTC associated with addresses it determines, in its sole discretion, to be associated with a Prohibited User, unlawful activity, or a Compliance Event.

10.2 The Issuer may decline to process any Mint or Redemption, and may bar any address or person from effecting Mints or Redemptions, at any time, including where eligibility or screening cannot be confirmed. No such action relieves you of obligations under these LBTC Terms with respect to LBTC you continue to hold. Where the Issuer determines that a User or Holder has materially violated these LBTC Terms — including by engaging in fraud, providing false certifications, dealing with blocked or sanctioned addresses, or circumventing the controls described in Section 4.2 — such person may forfeit rights otherwise available under these LBTC Terms, including the ability to effect Redemptions, and the Issuer may surrender associated assets where required by a valid order of a court or governmental authority. No such action relieves any person of obligations under these LBTC Terms.

10.3 Compliance Determinations. The Issuer may, in its sole and absolute discretion, decline, delay, block, freeze, segregate, or report any Mint, Redemption, Deposited BTC, LBTC, or associated amounts where it determines that doing so is required by, or advisable in light of, applicable law, sanctions, court or governmental order, or the Issuer’s compliance, risk-management, or screening policies and procedures — including, without limitation, based on the source, transaction history, or on-chain characteristics of any Digital Assets or associated addresses. Any such determination is conclusive as between the Issuer and the affected User or Holder. Where applicable law, sanctions, or any such determination prohibits or restricts the Issuer from completing a Mint or Redemption or returning any Digital Assets, the Issuer’s corresponding obligations (including under Sections 5.5 and 6.3) are suspended for so long as, and to the extent that, such prohibition or restriction applies. The Issuer shall have no liability whatsoever to any User, Holder, or other person for any action or inaction under this Section, or for any delay, loss, or unavailability of Digital Assets resulting therefrom.

11. Modifications

11.1 The Issuer may amend these LBTC Terms in accordance with the mechanism in Section 3 of the Global Terms, applied to these LBTC Terms mutatis mutandis. Amendments are effective upon posting with an updated effective date, and your continued holding or use of LBTC after notice constitutes acceptance.

11.2 A “material change” means a significant change to these LBTC Terms other than a change that (i) is beneficial to Holders or Direct Users, (ii) is required to comply with applicable law, regulation, or the direction of a regulator, (iii) relates to a new product, feature, or service, or (iv) clarifies an existing term without altering its substance. Material changes include, without limitation, changes to the identity of the Issuer or of any Designated Affiliate holding Backing Assets, the nature of the Yield Strategies, or Redemption mechanics. Where an amendment is a material change, the Issuer will provide advance notice through its designated channels and may require affirmative re-acceptance as a condition of continued access to Minting and Redemption, consistent with Section 3.2 of the Global Terms.

11.3 Upgrades and Migration. (a) Upgrades. The Issuer may upgrade, modify, or replace the LBTC smart contracts and related protocol infrastructure at any time where reasonably necessary or appropriate for security, functionality, or compliance. Upgrades that do not require action by Holders may be implemented without notice. (b) Token Migration. Where an upgrade or migration requires Holders to exchange or transition their LBTC to a successor token or contract, the Issuer will provide notice, and Holders agree to take reasonable steps to effect the transition. LBTC that is not transitioned within the period stated in the notice (which shall be no less than 90 days, except where the Issuer determines a shorter period is necessary for security or compliance reasons) may cease to be supported for Redemption until transitioned, and the Issuer shall have no liability for losses arising from a failure to transition.

12. No Advice; No Offer

12.1 Nothing in these LBTC Terms, the User Interface, or any communication by the Issuer or its affiliates constitutes legal, financial, investment, or tax advice, or an offer to sell or a solicitation of an offer to buy any security or financial instrument. Sections 5.2, 5.3, and 5.5 of the Global Terms apply to LBTC and the Issuer and are incorporated herein. In place of Section 5.4 of the Global Terms, the following applies to LBTC: the treatment of Deposited BTC and Backing Assets is exclusively as described in Sections 5, 7, and 8 of these LBTC Terms. LBTC is not intended to constitute, and the Issuer does not offer it as, a security, a fund interest, or an interest in a collective investment scheme; the characterization of LBTC is addressed in Section 3.

12.2 You are solely responsible for your tax obligations arising from minting, holding, transferring, or redeeming LBTC (Global Terms Section 9.4).

12.3 No Reliance. You acknowledge and agree that in acquiring, holding, minting, redeeming, or transferring LBTC you have relied solely on your own independent judgment and professional advice, and not on any statement, yield figure, projection, social media post, marketing material, documentation, or other communication of the Issuer, its affiliates, or their representatives, none of which forms part of these LBTC Terms or gives rise to any liability, representation, or warranty.

12.4 No Authorized Distributors. Except as expressly agreed in writing by the Issuer: (a) no person is authorized to offer, solicit, market, place, or distribute LBTC on the Issuer’s behalf in any jurisdiction; and (b) any listing, custody, integration, earn, yield, or similar product or service involving LBTC made available by any third party (including any exchange, custodian, or wallet provider) is provided by that third party acting in its own name, on its own initiative, and for its own account, and creates no obligation of the Issuer.

13. Liability; Indemnification; Disputes

13.1 Sections 13 (Limitation of Liability) and 14 (Indemnification) of the Global Terms apply to these LBTC Terms and to the Issuer, the Designated Affiliates, and the other Lombard Finance Parties, mutatis mutandis, with respect to LBTC, and the indemnification so incorporated additionally covers any claim, loss, or liability arising from any breach or inaccuracy of any representation, warranty, or certification made by you under these LBTC Terms, including the per-transaction certifications described in Section 4.

13.2 Section 15 of the Global Terms (Dispute Resolution: Cayman Islands governing law; mandatory binding individual arbitration; class action waiver; limitation on time to file) applies to all Disputes relating to LBTC or these LBTC Terms.

13.3 Third-Party Beneficiaries. Each Designated Affiliate and each of the Lombard Finance Parties is an express third-party beneficiary of Sections 3, 5.4, 5.5, 10.3, 12, and 13 of these LBTC Terms and of the incorporated provisions of the Global Terms, and may enforce them (including the arbitration agreement and class action waiver) as if a party hereto. No other person has third-party rights under these LBTC Terms.

14. Miscellaneous

14.1 Assignment. You may not assign these LBTC Terms. The Issuer may assign or novate these LBTC Terms, and any of its rights and obligations hereunder, to any affiliate or to a successor of all or substantially all of its relevant business, without your consent, upon notice published pursuant to Section 11.

14.2 Entire agreement; precedence. These LBTC Terms, together with the Global Terms, the Risk Disclosures, and the Privacy Policy, constitute the entire agreement regarding LBTC.

14.3 Severability; waiver; force majeure; no agency; language; notices; e-acceptance. Sections 17.2, 17.3, 17.5, 17.6, 17.7, 17.8, and 17.9 of the Global Terms apply mutatis mutandis. Provisions that by their nature should survive (including Sections 3, 9, 12, 13, and 14) survive disposal of LBTC and any bar on effecting Mints or Redemptions.

14.4 Contact. Questions regarding these LBTC Terms or LBTC may be directed to the Issuer through the contact channels specified in the Global Terms.