Refer A Friend

Give $50, Get $25 Referral Program

Refer a friend: when they join through your link and make a qualifying deposit of $10 or more, your friend gets $50 in Trade Credits under the New Member Deposit Program, and you get five $5 Referral Credits.

How It Works:

Terms and Conditions

● Must be 21+ to participate

● Limit of one referral bonus per Referred Member

● Not available in all jurisdictions; void where prohibited

1. Description of Promotion

Welcome to the “Give $50, Get $25” Referral Program (the “Promotion”), where an eligible Member (the “Referring Member”) who refers a new Member (the “Referred Member”) who qualifies under Novig’s New Member Deposit Program will receive five $5 Referral Credits (the “Referral Credits”), and the Referred Member will receive $50 in Trade Credits under Novig’s New Member Deposit Program. The Promotion is sponsored by Ludlow Exchange, LLC, d/b/a Novig (“Novig” or the “Exchange”), a Commodity Futures Trading Commission-designated contract market, located at 169 Madison Avenue #2199, New York, NY 10016. The terms “you” or “your” mean the person who participates in this Promotion, whether as a Referring Member or a Referred Member. Participation in this Promotion is expressly conditioned upon acceptance of and compliance with these Terms and Conditions, the Ludlow Rulebook (the “Rulebook”), and the Ludlow Member Agreement (the “Member Agreement”). The Referral Program terms Novig has filed with the Commodity Futures Trading Commission are referred to as the “Referral Program Incentive Filing.” Capitalized terms used but not defined in these Terms and Conditions have the meanings given to them in the Rulebook and the Member Agreement. ANY DISPUTE RELATING TO THIS PROMOTION WILL BE RESOLVED IN ACCORDANCE WITH SECTION 11 BELOW, AND PARTICIPANTS WAIVE THE ABILITY TO BRING CLAIMS IN A CLASS ACTION FORMAT.

2. Promotion Period

The Promotion will begin at 8:00 AM Eastern Time (“ET”) on October 22, 2026 (the “Implementation Date”) and will continue for one year from the Implementation Date, unless extended, suspended, or terminated earlier by the Chief Regulatory Officer as described in Section 10 (the “Promotion Period”). A referral does not qualify if the Referred Member’s qualifying deposit is made before the Implementation Date. Notice of the Promotion’s effective period, and of any extension, suspension, or termination, will be posted on the Novig website.

3. Eligibility

Referring Member

Referred Member

A Member qualifies as a Referred Member by signing up for their Novig Account through a Referring Member’s unique referral link and meeting the eligibility requirements of Novig’s New Member Deposit Program, as set forth in the New Member Deposit Program incentive filing (the “New Member Deposit Program Incentive Filing”). Each person may be a Referred Member only once.

Exclusions

The following are not eligible to participate in this Promotion in any capacity, as a Referring Member or a Referred Member, even if the requirements above are satisfied: (i) Affiliates of the Exchange (as defined in the Rulebook); (ii) Members who have executed a market maker agreement or entity onboarding agreement with the Exchange; and (iii) Introducing Brokers, Futures Commission Merchants, and customers thereof when transacting via the IB or FCM. All Promotion participants remain subject to the Rulebook.

4. Action Required

If you are the Referring Member, you must share your unique referral link with a friend during the Promotion Period. If you are the Referred Member, you must sign up through that referral link, create and verify a Novig Account, link your payment method of choice, and make a qualifying deposit of $10.00 or more. The New Member Deposit Program incentive will be added to the Referred Member’s Novig Account once the Referred Member qualifies under the New Member Deposit Program. Referral Credits will be added to the Referring Member’s Novig Account at that time if the Referring Member meets the eligibility requirements in Section 3, or otherwise as described in Section 7 (Pending Referral Credits).

5. Registration Procedures

To qualify for the Promotion, eligible individuals must register a Novig Account and verify their identity in order to trade on the Novig platform (a “Novig Account”). Creating a Novig Account is free. By submitting your information and creating a Novig Account, you agree to the Member Agreement and the Rulebook, and consent to the Novig Privacy Policy. If you do not agree to these terms, you cannot create a Novig Account or participate in this Promotion.

6. Limitations on Participation

In addition to the eligibility requirements in Section 3, the Chief Regulatory Officer may at any time revoke your eligibility and disqualify Trades or activity inconsistent with the purpose of this Promotion or the Rulebook, including where you are found, following review by the Compliance Department, to have: (a) tampered with the registration or referral process or the operation of the Promotion; (b) acted in violation of these Terms and Conditions; or (c) acted in a manner inconsistent with these Terms and Conditions or the Rulebook. This Promotion is void where prohibited by law. Referral Credits issued under this Promotion may not be combined with any other Incentive Program or promotion offered by Novig. A Referred Member’s receipt of the New Member Deposit Program incentive as part of this Promotion is not an additional or separate promotion for purposes of this limitation.

7. Trade Credits and Redemption

Referring Member’s Referral Credit

A Referring Member receives five (5) Referral Credits of $5.00 each for each qualifying referral. Referral Credits are non-transferable and non-withdrawable, and have value usable solely for trading on the Exchange. When applied to a Trade, a Referral Credit functions as buying power that collateralizes your position in the same manner as deposited funds. Referral Credits may be used on any Contract listed for trading on the Exchange, provided that the Trade is executed at a price no less than $0.01 and no greater than $0.60 per Contract. Proceeds from a Trade made using a Referral Credit settle to your account as funds. Those proceeds become withdrawable once you have executed Trades,, after that Referral Credit was issued, with an aggregate value equal to the value of that Referral Credit. After that, those proceeds are withdrawable under Novig’s standard withdrawal procedures. Referral Credits expire seven (7) calendar days after issuance, and any Referral Credit not used within that period is forfeited. If the value of a Referral Credit exceeds the amount applied to a Trade, the unused remainder of that Referral Credit is forfeited and does not carry over to any subsequent Trade. Referral Credits may not be deployed through programmatic or automated trading.

Pending Referral Credits

If you have not met the Trade, risk, and deposit requirements in Section 3 when your Referred Member qualifies, your Referral Credits will be held pending and will not appear as buying power in your account. If you meet those requirements within thirty (30) calendar days after the date your Referred Member qualifies, and you continue at that time to meet the requirements to share a referral link, your Referral Credits will be issued and their seven (7) day expiration period will begin on the date of issuance. If you do not meet those requirements within that 30-day period, the Referral Credits for that referral are permanently forfeited and will not be issued, even if you meet the requirements later. No partial or retroactive credit will be issued for a forfeited referral. Your Referred Member’s New Member Deposit Program incentive is not affected by whether you qualify.

Example. Your friend joins through your link and completes a $10 qualifying deposit on March 1. Your friend receives $50 in Trade Credits under the New Member Deposit Program once they qualify, whatever happens with your Referral Credits.

Referred Member’s Trade Credit

The Referred Member receives $50 in Trade Credits under, and subject to the terms of, Novig’s New Member Deposit Program, including that program’s own expiration period, eligible price range, and withdrawal procedures. Please refer to the New Member Deposit Program Incentive Filing for those details.

8. Anti-Abuse, Adjustment, and Clawback

Self-referral is prohibited. A referral will be disqualified where the Referring Member and the Referred Member share a common beneficial owner, identity, or household, or where duplicate-identity controls maintained by Novig or its service providers are triggered.

Novig may adjust, cancel, or claw back any Referral Credit, or the value of any Referral Credit used, where:

(i) the referral is disqualified under the preceding paragraph;

(ii) the Referred Member’s qualifying deposit fails to clear, is reversed, or is returned for any reason;

(iii) the Referred Member is found to have provided false or fraudulent information on their Membership application;

(iv) Novig’s Compliance Department determines that the Referral Credit was obtained or used through fraud, misrepresentation, collusion, multi-accounting, identity duplication, or other bonus abuse, or otherwise inconsistent with these Terms and Conditions or the Rulebook;

(v) the Referral Credit was issued or used in error, regardless of fault, including through technical malfunction, system error, administrative mistake, or incorrect referral attribution;

(vi) the underlying Trade is voided, reversed, or cancelled; or

(vii) Novig is required by Applicable Law or by directive of a competent regulatory authority to revoke a Referral Credit that has been issued to you but not yet applied to a Trade.

In the circumstances described in clauses (ii) and (iii), the referral will be disqualified. Depending on the circumstances, the Referring Member may also be disqualified from the Promotion, as determined by the Compliance Department on a case-by-case basis. Any correction under clause (v) will be computed from and supported by Novig’s records of Promotion activity. Novig will notify you of any clawback or correction.

9. Complaints and Cancellation

Should you wish to cancel your participation in this Promotion at any time, please contact [email protected]. Any unused or pending Referral Credits will be forfeited on cancellation. Proceeds that have already settled to your account are not affected, subject to the withdrawal requirement in Section 7. A Referred Member’s New Member Deposit Program incentive is governed by the New Member Deposit Program Incentive Filing. Complaints about this Promotion may also be sent to [email protected].

10. Monitoring, Modification, and Termination

Novig conducts ongoing surveillance of activity under this Promotion pursuant to Chapter 9 of the Rulebook. The Chief Regulatory Officer retains sole discretion to amend, modify, suspend, or terminate this Promotion at any time, subject to applicable CFTC filing requirements. This includes where Novig is prevented from continuing the Promotion by a Force Majeure event, or where a Force Majeure event corrupts or interferes with the administration, integrity, operation, or security of the Promotion. A “Force Majeure” event means any event beyond Novig’s control, including, but not limited to, fire, flood, epidemic, earthquake, explosion, labor dispute or strike, act of God or public enemy, communications or equipment failure, utility or service interruptions, riot or civil disturbance, terrorist threat or activity, war (declared or undeclared), interference with the Promotion by any party, or any federal, state or local government law, order, or regulation, order of any court or jurisdiction, or other cause not reasonably within Novig’s control. Notice of any modification, suspension, or termination will be posted on the Novig website. A suspension or termination may take effect immediately. No modification, suspension, or termination will reduce or revoke a Referral Credit that has already been issued to you, except as provided in Section 8.

11. Dispute Resolution

Any dispute relating to this Promotion is a “Dispute” governed by the informal dispute resolution, mandatory arbitration, and class action waiver provisions of the Member Agreement (Sections 22–25) and Chapters 10–11 of the Rulebook, including the opt-out rights and carve-outs set forth therein.

12. Additional Terms

Administration: Administration of this Promotion is at the sole discretion of Novig. Questions relating to eligibility will be determined by the Compliance Department under Section 3. Any other questions concerning this Promotion will be resolved at the sole discretion of Novig and its decisions will be final and binding with respect thereto.

Indemnification and Limitation of Liability: Your indemnification obligations under Section 18 of the Member Agreement, and the limitation of liability set forth in Rule 12.3 of the Rulebook, apply in full to your participation in this Promotion.

Relationship to the Referral Program Incentive Filing and Rulebook: These Terms and Conditions describe the Promotion in plain language and are subject to the Referral Program Incentive Filing and the Rulebook.