OPTIONS AGREEMENT

With respect to any transaction affected by SCOTTRADE, INC. (Scottrade) on my behalf for the purchase and/or sale of any options contract (puts, calls, etc.) listed on any Exchange or traded in any market, I agree and represent hereby as follows:

1. I have received and examined a copy of the options disclosure brochure referred to in this Agreement. I understand and am prepared to take the risk involved in purchasing and writing covered options. Scottrade is under no obligation to convey any information to me relating to the underlying securities or indexes, covered by any option or to any securities or indexes, related thereto, and no information so conveyed shall be construed as creating an implied agreement or course of dealing requiring Scottrade to convey any further information to me.

2. It shall be my sole responsibility to exercise, in a proper and timely manner, any right, privilege or obligation of any put, call, or other option which Scottrade may purchase, handle, endorse or carry for my account. I agree not to exceed the position limits or the exercise limits set by any federal agency, options exchange or Scottrade for my account, acting alone or in concert with others.

3. I agree to immediately deliver any funds or securities required as the result of the exercise or assignment of options contracts in my account. Scottrade is authorized to take any and all steps necessary to protect Scottrade from loss or damage arising out of any option transaction in it sole discretion and without notification to me. These steps may include buying, selling, or selling short any put, call, underlying security or other security in my account necessary to protect Scottrade from loss or damage. This discretion applies regardless of any past action taken or not taken by Scottrade.

4. This Agreement shall apply to all put, call or other options which Scottrade may have previously purchased, sold, executed, handled, endorsed or carried for my account and shall also apply to all put, call or other options which Scottrade may hereafter purchase, sell, handle, endorse or carry for my account and shall enure to Scottrade’s benefit as now or hereafter constituted.

5. I understand that Scottrade will use a random method for allocation of exercise assignment notices for option contracts. This allocation method randomly selects from among all customer short option positions, including positions established on the day of assignment. All short option positions are liable for assignment at any time. A more detailed description of Scottrade’s random allocation procedure is available upon request. I agree to be bound by such allocation method and also agree that, if an exercise notice is assigned to my account, the underlying security (or sufficient cash, in the case of  stock index options) will be delivered to Scottrade within the stated period of time in the case of a call, and sufficient cash to effect settlement of the assignment will be delivered to Scottrade in the case of a put.

6. If an account has an option position on the last trading day prior to expiration that is $0.01 or more in-the-money, the option is subject to automatic exercise. Scottrade reserves the right to require cash or securities in my account before exercising an option automatically or on my instruction. Scottrade also reserves the right to take action at it sole or absolute discretion any time before or after settlement date to protect its financial exposure, including closing any option position prior to its expiration or closing any position resulting from an exercise or assignment after option expiration. This discretion applies regardless of any historical patterns of action taken or not taken by Scottrade.

7. All transactions under this Agreement shall be subject to the constitution, rules, regulations, customs and practices of the exchange or market, and the clearing corporation, where such transactions are executed and/or cleared. All transactions are also subject to the rules and regulations of the Securities Exchange Commission, the Board of Governors of the Federal Reserve System, the Commodity Futures Trading Commission, and all other applicable federal and state agencies and self-regulatory organizations. Notwithstanding the foregoing, this Agreement is governed by Missouri law.

8. Whenever any statute shall be enacted or regulation made under any statute by any exchange, market or clearing corporation that shall be applicable to and affect in any manner or be inconsistent with any of the provisions of this Agreement, the provisions of this Agreement so affected shall be deemed modified or superseded by such statute or regulation.

9. Communications may be sent to me at my address of record, and all communications sent, whether by first class postage paid mail, overnight courier or otherwise, shall be deemed given to me personally, whether actually received or not. Communications sent to me by first class postage paid mail, shall be deemed received three business days thereafter. Communications sent to me by overnight courier or similar method shall be deemed received one business day thereafter.

10. BY SIGNING THIS AGREEMENT I ACKNOWLEDGE THAT I HAVE RECEIVED, READ AND AGREE TO ABIDE BY THE TERMS OF THE ACCOMPANYING BROKERAGE ACCOUNT AGREEMENT THAT CONTAINS A PRE-DISPUTE ARBITRATION CLAUSE AT PARAGRAPH 29 AND FOLLOWING:

By signing this Agreement, the parties agree as follows:

(A) All parties to this Agreement are giving up the right to sue each other in court, including the right to a trial by jury, except as provided by the rules of the arbitration forum in which a claim is filed.

(B) Arbitration awards are generally final and binding; a party's ability to have a court reverse or modify an arbitration award is very limited.

(C) The ability of the parties to obtain documents, witness statements and other discovery is generally more limited in arbitration than in court proceedings.

(D) The arbitrators do not have to explain the reason(s) for their award.

(E) The panel of arbitrators will typically include a minority of arbitrators who were or are affiliated with the securities industry.

(F) The rules of some arbitration forums may impose time limits for bringing a claim in arbitration. In some cases, a claim that is ineligible for arbitration may be brought in court.

(G) The rules of the arbitration forum in which the claim is filed, and any amendments thereto, shall be incorporated into this agreement.

You agree to arbitrate any controversy between you and us (including any of our officers, directors, employees, or agents) arising out of or relating in any way to our relationship, your Account, any Account that you may cause to be opened by us in the future, or any service provided by us, including but not limited to: (a) transactions of any kind made on your behalf, through or with us; or (b) the performance, construction, breach of this Agreement or any other agreement between you and us. If you are not a resident of the United States at the time a controversy subject to arbitration arises, you agree that any arbitration hearing shall be held in St. Louis, Missouri; you consent to the personal jurisdiction of all courts located in the State of Missouri for purposes of enforcing this arbitration agreement and any arbitration award; and you agree that any arbitration proceeding shall be conducted in the English language. If any party unsuccessfully resists confirmation or enforcement of an arbitration award rendered under this agreement, then all costs, attorneys' fees, and expenses incurred by the other party or parties in confirming or enforcing the award shall be fully assessed against and paid by the party resisting confirmation or enforcement of the award.

No person shall bring a putative or certified class action to arbitration, nor seek to enforce any pre-dispute arbitration agreement against any person who has initiated in court a putative class action; or who is a member of a putative class until: (a) the class certification is denied; or (b) the class is decertified; or (c) the customer is excluded from the class by the court. Such forbearance to enforce an agreement to arbitrate shall not constitute a waiver of any rights under this Agreement except to the extent stated herein.

11. I have examined the entire Agreement and confirm to Scottrade the accuracy of all information contained thereon, especially those items concerning my income, net worth and investment objectives. If there is any change in my investment objectives or financial condition or other circumstances arise which may affect the suitability of my engaging in options transactions, I will promptly advise Scottrade in writing.

12. If I have executed a Brokerage Account Application and Agreement, and that agreement and the terms and conditions therein, are incorporated in this Agreement by reference.

13. I hereby acknowledge possession and retention of a copy of this Agreement.

Characteristics and Risks of Standardized Options