Frec Advisers LLC offer this 2026 Salesforce Employee Direct Index Fee Reimbursement Program ("Fee Reimbursement Program") for employees of Salesforce. The program will reimburse direct index AUM fees on up to $100,000 invested in any of our direct index strategies, along with other benefits explained in the chart below. The fees will be reimbursed each month from the highest AUM fee to the lowest AUM fee until it totals the amount of $20,000, $50,000, $75,000, or $100,000 of assets under management in a direct index strategy in a qualified Frec brokerage account are reimbursed based on the tier reached by Frec customers who are employed by Salesforce, Inc. (doing business as and referred to as "Salesforce").

This discount is only available for Salesforce employees. To participate, you must be a current Salesforce employee and qualify for the tiers below, create an account using Salesforce's exclusive Frec sign up page or provide Frec with verification of your employment with Salesforce. Once you're approved for a Frec account, fund the account, and meet one of the tier requirements below, we will manage up to $20,000, $50,000, $75,000, or $100,000 of assets under management invested into a direct index strategy for free reimbursing the AUM fees from highest to lowest and the additional benefits based on the tier met.

For example, if you deposit $100,000 and invest $50,000 into the S&P 500 index that charges 0.09% AUM fee and $50,000 into the Russell 1000 index that charges 0.22%, then we will reimburse the AUM fees from highest to lowest until a total of $75,000 assets under management fees are reimbursed. We would do this by reimbursing the 0.22% in AUM fees from your $50,000 investment into the Russell 1000 and 0.09% in AUM fees from $25,000 invested into the S&P 500. We will conduct this review on a daily basis where your total assets under management are totaled and your AUM fees are reimbursed from highest to lowest for up to a total of $75,000 assets invested within direct index strategies in a Frec brokerage account.

You understand that Frec charges direct index AUM fees on a monthly basis and the fee is calculated by multiplying the fee rate by the net market value of your assets invested in the direct index based on the close of trading on the New York Stock Exchange ("NYSE") or as of the close the immediately preceding trading day for any day NYSE is closed, divided by 365 (or 366 in any leap year).

When the fee reimbursement starts

Frec will begin reimbursing direct index AUM fees for all new customers who are Salesforce employees, used the Salesforce's sign up page on the day they opened a Frec account, and meet the tiered requirements above. For all individuals who already have investments on Frec and are Salesforce employees, the fee will be reimbursed no later than one (1) business day for all Salesforce employee accounts after Frec receives an approved and funded account of a Salesforce employee that brings the number of Salesforce employee accounts to meet the tier threshold requirements stated above. Frec's verification may also require confirmation by Salesforce that the customers who indicate their employment at Salesforce are actively employed by Salesforce. Frec reserves the right to revoke future benefits earned or downgrade the tier if it's determined there is not a sufficient number of accounts that meet the qualifications. Frec also reserves the right to end this promotion at any time.

Only one Frec account per Salesforce employee

This Fee Reimbursement Program only applies to one Frec brokerage account per Salesforce employee. If you have multiple accounts with Frec, such as an individual and entity account, you'll only be permitted a fee reimbursement on direct index strategies in one of those accounts. An account is determined by a separate email login and a separate account number that starts with "3FR" or "3FV." The AUM fee reimbursement will apply regardless of how many direct index strategies you have within a single Frec account, but will not apply to more than one Frec brokerage account where the individual is the accountholder and also a trustee, beneficial owner, or entity officer. If you have multiple Frec accounts, we will apply the fee reimbursement to the account that invested into a direct index strategy first.

Only one fee reimbursement program per Frec customer

Frec customers can only qualify for one fee reimbursement program for one brokerage account. If an individual has multiple Frec brokerage accounts, such as a trust and individual account, and their individual account is participating in a Frec fee reimbursement program, their trust account does not qualify to participate in any other fee reimbursement program. Additionally, only one fee reimbursement program can be used per customer and cannot be combined or doubled to have additional fees reimbursed beyond the $20,000, $50,000, $75,000 or $100,000 based on the qualifying tier. If you are already enrolled in a fee reimbursement program, we will apply the reimbursement to the larger AUM value of the two programs.

You acknowledge Frec may, in its sole discretion and without prior notice to you, impose certain limitations or restrictions in connection with the Fee Reimbursement Program or any other promotion offered by Frec or its affiliates, such as maximum number or value of reimbursements you can earn in a designated period of time, as determined by Frec.

By participating in this Fee Reimbursement Program, you understand we may email your email associated with your employment in order to verify your employment. By participating you also understand that participation in the Fee Reimbursement Program serves as a limited waiver of your privacy rights in that the employees of your same company may be made aware that you have an open and funded Frec account. We will not that you have an open and funded Frec account. We will not reveal any other information about you or your account(s) at our firm. All existing terms of our Privacy Policy and our privacy obligations to you will apply.

We reserve the right, in our sole discretion, to determine that a new or existing fee reduction is valid, and/or to change the terms of the Fee Reimbursement Program with or without notice to you.

Reimbursement Periods cannot be paused or extended. If your employment with the qualified company ends, if you fail to successfully verify or reconfirm your employment with the company when asked to do so, or if you close your Frec account at any time, you will forfeit the reminder of your fee reimbursement and benefits.

This program is not transferable, saleable, or valid in conjunction with certain other offers, and is available to U.S. residents who are 18 years or older only. Participation in the program does not constitute a solicitation of a security or a recommendation to buy, sell, or hold any given security or engage in any investment strategy. This is not an offer or solicitation in any jurisdiction where we are not authorized to do business. The offer is only available for personal use, and may not be used for commercial purposes.

By participating in this Fee Reimbursement Program, you accept these terms and conditions. You also represent that:

1. You are not being compensated other than as described here;
2. You're currently employed at the company qualifying for the tier;
3. You are not a government entity, or an agent of such entity acting on its behalf;
4. You will comply with the requirements of the Fee Reimbursement Program described here, and any securities laws that may apply;
5. We may conduct due diligence on you to confirm any of the above information; and
6. You will promptly notify us if any of the items above change.

General Disclosures

Investing involves risk, including the risk of loss. Frec's Diversify and Long Short strategies utilize short positions and margin, which increases your investment risk. Brokerage services are provided by Frec Securities LLC, member FINRA/SIPC. Advisory services are provided by Frec Advisers LLC, an SEC-registered investment adviser. Both are wholly owned subsidiaries of Frec Markets, Inc. Please see Frec Advisers' Form ADV Part 2A for additional information, including details on the direct indexing strategies.