RYSTIC END USER LICENSE AGREEMENT

Last updated: August 2, 2026

This End User License Agreement (this "Agreement") is between Rystic, Inc.,
a Delaware corporation ("Rystic"), and the person or entity named as the
licensee in the License File (the "Customer"). By installing or running the
Software, Customer agrees to this Agreement. If Customer does not agree, do
not run the Software.

1. DEFINITIONS

  "Software" means the Rystic simulator ("twin") binaries and the files
  distributed with them in a Rystic release archive (documentation,
  scenario files, and scripts), including any updates Rystic provides.

  "License File" means a cryptographically signed license file (e.g.
  rystic-license.json) issued by Rystic that names the Customer, the
  licensed products, any build binding (watermark), and an expiration
  date.

  "Free Edition" means a build of the Software that Rystic distributes
  without a License File, identified as edition "free" in its version
  output, which serves a single fixed simulated world and omits the
  control plane of the licensed Software. Where this Agreement refers to
  a License File, the Free Edition is licensed under Section 13 instead.

2. LICENSE GRANT

  Subject to this Agreement and a valid, unexpired License File, Rystic
  grants Customer a limited, non-exclusive, non-transferable,
  non-sublicensable license to install and run the Software on machines
  under Customer's control, for Customer's internal business purposes,
  for the products and term stated in the License File.

3. LICENSE FILES; TERM; GRACE

  a. The Software verifies the License File locally at startup. The
     license term runs through the expiration date in the License File.
  b. The Software may, as a courtesy, continue to start for a short grace
     period after expiration. The grace period is not an extension of the
     license term, and Rystic may change or remove it in future releases.
  c. License Files are issued to Customer alone. Customer must not
     publish, share, or transfer a License File, and must use reasonable
     care to protect it from disclosure.
  d. Renewal is effected by Rystic issuing a new License File; continued
     use after renewal is governed by this Agreement unless the parties
     agree otherwise in writing.

4. RESTRICTIONS

  Customer must not, and must not permit any third party to:

  a. distribute, sell, rent, lease, sublicense, or otherwise make the
     Software or any License File available to any third party, including
     as a hosted or managed service;
  b. copy the Software except as reasonably necessary for installation,
     backup, and use permitted by this Agreement;
  c. reverse engineer, decompile, or disassemble the Software, or attempt
     to derive its source code, except to the extent this restriction is
     prohibited by applicable law;
  d. modify the Software, or circumvent, disable, or interfere with its
     license verification or build watermark;
  e. use the Software to develop a product or service that competes with
     the Software; or
  f. remove or alter any proprietary notices in or on the Software.

5. OWNERSHIP

  The Software is licensed, not sold. Rystic and its licensors retain all
  right, title, and interest in and to the Software, including all
  intellectual property rights. No rights are granted except as expressly
  stated in this Agreement.

6. OFFLINE OPERATION; NO TELEMETRY

  License verification is performed entirely on Customer's machine. The
  Software does not transmit license, usage, or other data to Rystic over
  the network. The one exception is the Free Edition, which reports
  usage as described in Section 13; licensed builds of the Software send
  nothing.

7. THIRD-PARTY PLATFORMS; SIMULATION ONLY

  The Software locally simulates the published APIs of third-party
  platforms (for example, Kalshi). Rystic is not affiliated with,
  sponsored by, or endorsed by any such platform, and all third-party
  names and trademarks belong to their respective owners. The Software is
  a testing and development tool: it is not a trading venue, exchange,
  broker, or advisor; markets, prices, fills, and balances it produces
  are synthetic; and behavior observed against the Software may differ
  from the behavior of any real platform. Nothing produced by the
  Software is investment, financial, or trading advice.

8. FEEDBACK

  If Customer provides suggestions or other feedback about the Software,
  Rystic may use it without restriction or obligation.

9. DISCLAIMER OF WARRANTIES

  THE SOFTWARE IS PROVIDED "AS IS" AND "AS AVAILABLE," WITHOUT WARRANTY
  OF ANY KIND. RYSTIC DISCLAIMS ALL WARRANTIES, EXPRESS OR IMPLIED,
  INCLUDING WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR
  PURPOSE, NON-INFRINGEMENT, ACCURACY, AND UNINTERRUPTED OR ERROR-FREE
  OPERATION, AND ANY WARRANTY THAT THE SOFTWARE'S SIMULATION MATCHES THE
  BEHAVIOR OF ANY REAL PLATFORM OR MARKET.

10. LIMITATION OF LIABILITY

  TO THE MAXIMUM EXTENT PERMITTED BY LAW: (A) RYSTIC WILL NOT BE LIABLE
  FOR ANY INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL, OR EXEMPLARY
  DAMAGES, OR ANY LOSS OF PROFITS, REVENUE, DATA, OR GOODWILL; (B) RYSTIC
  WILL NOT BE LIABLE FOR ANY TRADING OR INVESTMENT LOSSES, INCLUDING
  LOSSES ARISING FROM STRATEGIES DEVELOPED OR TESTED AGAINST THE
  SOFTWARE; AND (C) RYSTIC'S TOTAL LIABILITY ARISING OUT OF OR RELATING
  TO THIS AGREEMENT WILL NOT EXCEED THE AMOUNTS PAID BY CUSTOMER TO
  RYSTIC FOR THE SOFTWARE IN THE TWELVE (12) MONTHS BEFORE THE EVENT
  GIVING RISE TO LIABILITY. THESE LIMITS APPLY EVEN IF A REMEDY FAILS OF
  ITS ESSENTIAL PURPOSE.

11. TERMINATION

  This Agreement is effective until terminated. It terminates
  automatically if Customer materially breaches it, and the license grant
  ends when Customer's License File expires without renewal. On
  termination, Customer must stop using the Software and destroy all
  copies in its possession. Sections 5 and 8 through 13 survive
  termination.

12. COMPLIANCE WITH LAWS

  Customer is responsible for its use of the Software, including
  compliance with applicable laws and regulations, and with export
  control and sanctions laws of the United States and other applicable
  jurisdictions.

13. FREE EDITION

  a. Grant. Rystic grants any person who downloads the Free Edition a
     limited, non-exclusive, non-transferable, revocable license to
     install and run it on machines under their control for evaluation
     and internal development and testing. No License File is required
     and no term applies; Rystic may withdraw the Free Edition at any
     time. Sections 4 (Restrictions), 5, 7, 8, 9, 10, 12 and 14 apply to
     the Free Edition as written; Sections 2, 3 and 11 apply only to the
     extent they do not depend on a License File.
  b. Usage reporting. The Free Edition reports usage to Rystic over the
     network when it starts, once per hour while it runs, and when it
     exits. Each report contains only: the product name, version and
     edition; the operating system and processor architecture; a random
     installation identifier the Free Edition writes to a file beside its
     executable on first run; the event (start, heartbeat or stop); the
     seconds since start; and a count of requests per API route and per
     administrative endpoint, the latter under a fixed name the Free
     Edition assigns, never the requested path. No request or response
     content, hostname, username, network address or other data is sent.
     Rystic does not store the network address the report arrives from.
     The reporting cannot be disabled in the Free Edition; a licensed
     build (Section 6) is the version that sends nothing. If the report
     cannot be delivered the Free Edition continues to run normally.
  c. Scope. The Free Edition serves the modeled API against a single world
     fixed in the build, together with the fault-injection endpoints
     (network shaping and forced connection drops) and the reset that
     returns the twin to that same fixed world. It does not include the
     administrative endpoints that read or set the twin's state directly,
     the activity stream, the state user interface, the scenario library,
     the clock and random-seed controls, or the replay player; those are
     in the licensed Software. Rystic may change what the Free Edition
     includes in a later build.
  d. No support. The Free Edition is provided without support, updates
     or service commitments of any kind, and Rystic may replace the
     downloadable Free Edition with a newer build without notice.

14. GENERAL

  This Agreement is governed by the laws of the State of Delaware,
  excluding its conflict-of-laws rules. This Agreement, together with the
  License File and any signed order or agreement between the parties
  referencing it, is the entire agreement regarding the Software; if a
  signed agreement between the parties conflicts with this Agreement,
  the signed agreement controls. Customer may not assign this Agreement
  without Rystic's prior written consent, except to a successor in a
  merger or sale of substantially all assets. If any provision is held
  unenforceable, the remainder stays in effect. Rystic's failure to
  enforce a provision is not a waiver.

Questions about this Agreement or licensing: https://www.rystic.ai
