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Terms of Use

Effective Date: February 28, 2026


1. Acceptance of Terms

By accessing or using the Second Watch Capital website (the "Site"), you agree to be bound by these Terms of Use. If you do not agree to these terms, please exit the Site immediately. Second Watch Capital reserves the right to modify these terms at any time; continued use of the Site following any modification constitutes acceptance of the revised terms.

2. Description of Service

Second Watch Capital operates this website to provide information about the firm and to facilitate communication with qualified, accredited investors. Certain areas of the Site, including the investor presentation portal, are accessible only to verified users who have been granted access by Second Watch Capital.

3. Accredited Investor Requirement

Access to password-protected areas of this Site is restricted exclusively to accredited investors as defined in Rule 501 of Regulation D promulgated under the Securities Act of 1933, as amended.

By accessing any restricted area of this Site, you represent and warrant that:

4. Regulation D Exemption

Nothing on this Site shall constitute or be interpreted as a general solicitation or general advertisement in connection with any offering. Access is provided solely to individuals who have been pre-qualified and specifically invited by Second Watch Capital.

5. No Offer or Solicitation

Investment decisions should be made only after carefully reviewing the fund's Private Placement Memorandum (PPM), Subscription Agreement, and Limited Partnership Agreement in their entirety, and only after consulting with your own independent legal, tax, and financial advisors. Past performance is not indicative of future results.

6. Confidentiality

All information, materials, analyses, and presentations accessed through the Second Watch Capital investor portal are confidential and proprietary. By accessing the portal, you agree:

This confidentiality obligation shall survive any termination of your access to the Site.

7. Short Position Disclosure

Second Watch Capital and its affiliates hold, or intend to hold, short positions in certain companies discussed or referenced on this Site. Second Watch Capital will benefit financially from declines in the stock prices of those companies. This creates an inherent conflict of interest. All views, analyses, and research presented on this Site should be considered in light of this conflict.

You should conduct your own independent due diligence and consult with a qualified financial advisor before making any investment decision based on information presented on this Site.

8. Intellectual Property

All content on this Site — including text, graphics, logos, images, data, analyses, and software — is the proprietary property of Second Watch Capital or its content suppliers and is protected by applicable intellectual property laws. You may not reproduce, distribute, modify, or create derivative works from any content without express written permission from Second Watch Capital.

9. Limitation of Liability

The materials on this Site are provided "as is" and without warranties of any kind, either express or implied, including but not limited to implied warranties of merchantability, fitness for a particular purpose, or non-infringement.

10. Governing Law

These Terms of Use and any dispute arising out of or related to your use of this Site shall be governed by and construed in accordance with the laws of the State of Wyoming, without regard to its conflict of law principles. You consent to the exclusive jurisdiction of the state and federal courts located in Wyoming for any such dispute.

11. Contact

If you have questions about these Terms of Use, please contact Second Watch Capital. Our contact information is available upon request to verified inquirers. You may also use the inquiry form on our main website to initiate contact.