Common use of Option Levels Clause in Contracts

Option Levels. Level 1 Covered calls, including: Covered calls sold against stocks held long in your brokerage account Buy-writes (simultaneously buying a stock and writing a covered call) Covered call roll-ups/roll-downs • Level 2 All Level 1 strategies, plus: Married puts Xxxx calls Xxxx puts Long straddles Long strangles Covered puts (short stock and short put position) • Level 3 All Levels 1 and 2 strategies, plus: Equity debit spreads Equity credit spreads Equity calendar/diagonal spreads Index debit spreads Index credit spreads Index calendar/diagonal spreads • Level 4 All Level 1, 2, and 3 strategies, plus: Naked equity puts • Level 5 All Level 1, 2, 3, and 4 strategies, plus: Naked equity calls • Level 6 All Level 1, 2, 3, 4 and 5 strategies, plus: Naked index calls

Option Levels. Level 1 Covered calls, including: Covered calls sold against stocks held long in your brokerage account Buy-writes (simultaneously buying a stock and writing a covered call) Covered call roll-ups/roll-downs • Level 2 All Level 1 strategies, plus: Married puts Xxxx Long calls Xxxx Long puts Long straddles Long strangles Covered puts (short stock and short put position) • Level 3 All Levels 1 and 2 strategies, plus: Equity debit spreads Equity credit spreads Equity calendar/diagonal spreads Index debit spreads Index credit spreads Index calendar/diagonal spreads • Level 4 All Level 1, 2, and 3 strategies, plus: Naked equity puts • Level 5 All Level 1, 2, 3, and 4 strategies, plus: Naked equity calls • Level 6 All Level 1, 2, 3, 4 and 5 strategies, plus: Naked index calls

Option Levels. Level 1 Covered calls, including: Covered calls sold against stocks held long in your brokerage account Buy-writes (simultaneously buying a stock and writing a covered call) Covered call roll-ups/roll-downs Cash Secured Puts • Level 2 All Level 1 strategies, plus: Married puts Xxxx calls Xxxx puts Long straddles Long strangles Covered puts (short stock and short put position) • Level 3 All Levels 1 and 2 strategies, plus: Equity debit spreads Equity credit spreads Equity calendar/diagonal spreads Index debit spreads Index credit spreads Index calendar/diagonal spreads • Level 4 All Level 1, 2, and 3 strategies, plus: Naked equity puts • Level 5 All Level 1, 2, 3, and 4 strategies, plus: Naked equity calls • Level 6 All Level 1, 2, 3, 4 and 5 strategies, plus: Naked index calls

Option Levels. ▪ Level 1 Covered calls, including: Covered calls sold against stocks held long in your brokerage account Buy-writes (simultaneously buying a stock and writing a covered call) Covered call roll-ups/roll-downs • Level 2 All Level 1 strategies, plus: Married puts Xxxx Long calls Xxxx Long puts Long straddles Long strangles Covered puts (short stock and short put position) • Level 3 All Levels 1 and 2 strategies, plus: Equity debit spreads Equity credit spreads Equity calendar/diagonal spreads Index debit spreads Index credit spreads Index calendar/diagonal spreads • Level 4 All Level 1, 2, and 3 strategies, plus: Naked equity puts • Level 5 All Level 1Xxxxx 0 Xxx Xxxxx 0, 2, 3, and 4 strategies, plus: Naked equity calls • Level 6 All Level 1Xxxxx 0 Xxx Xxxxx 0, 20, 30, 4 0 and 5 strategies, plus: Naked index callscalls Naked index puts

Option Levels. ▪ Level 1 Covered calls, including: Covered calls sold against stocks held long in your brokerage account Buy-writes (simultaneously buying a stock and writing a covered call) Covered call roll-ups/roll-downs • Level 2 All Level 1 strategies, plus: Married puts Xxxx calls Xxxx puts Long straddles Long strangles Covered puts (short stock and short put position) • Level 3 All Levels 1 and 2 strategies, plus: Equity debit spreads Equity credit spreads Equity calendar/diagonal spreads Index debit spreads Index credit spreads Index calendar/diagonal spreads • Level 4 All Level 1, 2, and 3 strategies, plus: Naked equity puts • Level 5 All Level 1, 2, 3, and 4 strategies, plus: Naked equity calls • Level 6 All Level 1, 2, 3, 4 and 5 strategies, plus: Naked index callscalls Naked index puts