End User License Agreement

RYSTIC END USER LICENSE AGREEMENT

Last updated: September 26, 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 or, for the Metered Edition, the holder of the
Metered Account (in either case, 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.

  "Metered Edition" means a build of the Software that Rystic distributes
  for use under a Metered Account, identified as edition "metered" in its
  version output, which serves only under a Lease. Where this Agreement
  refers to a License File, the Metered Edition is licensed under Section
  13 instead.

  "Metered Account" means an account with Rystic governed by the Terms of
  Service, on the self-serve plan or on a paid plan the Terms of Service
  offer, together with the organization that account belongs to. An
  Enterprise customer under a signed agreement does not hold a Metered
  Account.

  "Launcher" means the "rystic run" command of Rystic's command-line
  tool, which starts the Metered Edition and supplies it Customer's
  Token. The Metered Edition may also be started directly, for example
  in a container, with the Token in its environment.

  "Lease" means a time-limited authorization, cryptographically signed by
  Rystic, that Rystic's lease server issues in exchange for a Token and
  that states the products and features the Metered Edition may serve.

  "Token" means a secret access credential that Rystic issues to a Metered
  Account, either to one member of it or to the organization itself, for
  running the Metered Edition.

  "Terms of Service" means Rystic's terms of service, at
  https://www.rystic.ai/terms, that govern the Metered Account.

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, except as a signed agreement with
     Rystic specifically permits;
  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, with one exception, limited to its own edition: the
  Metered Edition communicates with Rystic's lease server as described in
  Section 13(b). 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, 8 through 12, and 14 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. METERED EDITION

  a. Grant. Subject to this Agreement and the Terms of Service, and while
     Customer's Metered Account remains open, Rystic grants Customer a
     limited, non-exclusive, non-transferable, non-sublicensable,
     revocable license to install and run the Metered Edition on machines
     under Customer's control, for Customer's internal development and
     testing, for the products and features the Lease in force permits.
     The Metered Edition may be run only under a Lease obtained with a
     Token issued to Customer's Metered Account. No License File is
     required. Sections 4 (Restrictions), 5, 7, 8, 9, 10, 12 and 14 apply
     to the Metered Edition as written; Sections 2, 3 and 11 apply only
     to the extent they do not depend on a License File; and for the
     Metered Edition the Terms of Service take the place of the License
     File in Section 14.
  b. Communication with Rystic. The Metered Edition serves only under a
     Lease, which it obtains and renews itself from Rystic's lease
     server. It contacts the lease server when it starts, about every
     thirty seconds while it runs, and when it stops. Each communication
     carries Customer's Token as its credential and contains only:
       (i) at start: the product name and version; a random identifier
           for the running process; the time the Metered Edition
           started; and a random identifier for that start;
       (ii) while running: the session identifier the lease server
           assigned; a sequence number, which is the latest completed
           thirty-second interval since start; and a list of the
           thirty-second intervals since its last acknowledged report in
           which the Metered Edition was in use, meaning that it served
           an API request, held an open connection with a subscriber,
           sent a webhook, or played a recording; and
       (iii) at stop: the items in (ii); the reason the Metered Edition
           stopped; and whether more such reports follow.
     The lease server returns a Lease stating the products and features
     the Metered Edition may serve and how long it may serve without
     renewal, and may include a notice about Customer's Metered Account.
     The Metered Edition decides on Customer's machine whether an
     interval was in use and sends only the result. No request or
     response content, requested path, hostname, username, network
     address, operating system, installation identifier, data the
     Metered Edition holds or serves, simulated users, or scenario or
     network-profile contents is sent. Rystic stores a one-way hash of
     the Token, not the Token itself, and uses these communications to
     authorize the Metered Edition and to measure Customer's usage under
     the Terms of Service. The communication cannot be disabled in the
     Metered Edition; a licensed build (Section 6) is the version that
     sends nothing.
  c. Tokens. Tokens are issued to one Metered Account and are secrets.
     Customer must keep its Tokens out of public repositories, logs and
     other shared places, must not share a Token with anyone outside its
     Metered Account, and must not use a Token issued to another account.
     Customer is responsible for all use of the Metered Edition under its
     Tokens, whether or not it authorized that use, and must revoke any
     Token it believes has been exposed. Customer may revoke a Token at
     any time, and Rystic may revoke a Token as the Terms of Service
     permit.
  d. What stops the Metered Edition. The Metered Edition does not start,
     or stops serving and exits, when:
       (i) the lease server refuses the Token or the request, including
           because the Token is invalid or has been revoked, Customer's
           organization has been deleted, the product is not in
           Customer's plan, Customer's Metered Account on the self-serve
           plan has reached that plan's monthly usage limit, a spend cap
           set for the Metered Account has been reached, or Rystic no
           longer supports the version of the Metered Edition that is
           running; a refusal while the Metered Edition runs stops it,
           normally within about one minute;
       (ii) the Lease in force expires without renewal, two hours after
           the Metered Edition last obtained or renewed it, because the
           Metered Edition has been unable to reach the lease server for
           that long;
       (iii) at start, the Metered Edition cannot reach the lease server
           for ten minutes, or another period Customer configures, and
           (iv) does not apply;
       (iv) the Metered Edition started without reaching the lease
           server, and has still not reached it when the offline
           allowance of Customer's plan (currently ten minutes) ends. The
           Metered Edition may start this way only from a Lease that the
           lease server issued to the same Token on the same machine
           within the previous twenty-four hours, and only once for each
           start at which it did reach the lease server; or
       (v) Customer starts the Metered Edition with a setting that
           requires a feature the Lease in force does not include.
     Each stop states its reason. A stop under this Section 13(d) is not
     a breach of this Agreement by Rystic and ends only that run; it does
     not by itself close Customer's Metered Account or end this
     Agreement.
  e. Lapsed payment. A lapse in payment on a paid plan does not by itself
     stop the Metered Edition or terminate this Agreement. As the Terms
     of Service provide, after the payment retry period the Metered
     Account runs on the self-serve plan's products, features and limits,
     the Lease carries a notice saying so, and the Metered Edition stops
     under Section 13(d)(i) if Customer's usage in the current billing
     period, including usage before the lapse, has reached the self-serve
     plan's monthly limit. The Metered Account's own plan returns when
     payment is made, as the Terms of Service describe.
  f. Additional restrictions. In addition to Section 4, Customer must
     not, and must not permit any third party to:
       (i) disable, block, alter, or interfere with the communications
           described in Section 13(b), or imitate Rystic's lease server;
       (ii) report, or cause the Metered Edition or any other program to
           report, less use of the Metered Edition than actually
           occurred, including by altering the Metered Edition, the
           Launcher, a Lease, the local record of a Lease, or the system
           clock;
       (iii) forge or alter a Lease, or supply the Metered Edition with a
           Lease other than one the lease server issued for its Token;
           or
       (iv) resell, rent, or otherwise provide access to the Metered
           Edition to anyone outside Customer's Metered Account,
           including inside a product, hosted service, or training or
           evaluation environment Customer offers, unless a signed
           agreement with Rystic specifically permits it.
  g. Plans; end of license. Customer's plan and the Terms of Service set
     the fees, usage limits, spend caps and any support commitment for
     the Metered Edition. The self-serve plan is provided without support
     commitment, and Rystic may change or withdraw it at any time as the
     Terms of Service provide. The license in this Section ends when
     Customer's Metered Account is closed or the Terms of Service end,
     and Customer must then stop using the Metered Edition as Section 11
     describes.

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