You are responsible for knowing the rights and terms for all securities bought, sold and maintained at Scottrade, including but not limited to: stock splits, reorganizations, mergers, name and symbol changes, dividends, option symbols and deliverables, and any available insurance coverage, including the limitations on such coverage. While not obligated to do so, Scottrade may notify you of upcoming expiration or redemption dates, or take action on your behalf without your specific instructions, except as required by law and the rules of regulatory authorities. Certain securities may grant you valuable rights that may expire unless you take specific action. These securities include bonds, convertible securities, warrants, stock rights and securities subject to exchange offers or tenders. You are responsible for knowing all expiration and redemption dates, and the circumstances under which rights associated with your securities may be called, canceled or modified. If any such security is about to expire worthless or be redeemed for less than its fair market value and instructions have not been received from you, we may, at our discretion, sell the security and credit your Account with the proceeds.
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; however, Scottrade reserves the right at its sole discretion to close any option position prior to expiration date or any position resulting from the exercising/assignment after option expiration. You will be charged a brokerage commission for any such transaction. Scottrade is not obligated to take any of these actions and we are not liable for losses should we not do so. Securities traded in the over-the-counter bulletin board and pink sheets and other thinly-traded securities may present particular trading risks, as they may be more volatile and are generally less liquid than securities traded on exchanges. Scottrade reserves the right to place restrictions on the trading of such securities or any other securities for any reason, without prior notice.