Netflix, Inc. (Backpack)

Issuer Terms name a BVI business company or issuing affiliate; not Trek Labs exchange operator, Trek Forge beneficiary, or underlying company. No independently verified affiliate-per-series allocation.

Issuer Terms 3.7 requires allocation of received distributions into additional underlying approved assets, net of fees/withholdings unless otherwise agreed; token overview says token dividends reinvested and corporate actions via proportional/rebasing balance adjustment. Not a claim that every stock pays dividends, that every holder is a direct beneficiary, or that traditional cash USD payouts apply to tokens.

Issuer Terms p1 and clauses 1.7,1.18: trust created solely by June 6 Instrument; Trek Forge/nominee is sole recognized beneficiary while exchange supports tokens unless a Direct Redemption Contingency occurs and register is updated. Token withdrawal alone does not confer beneficiary/redemption rights. Marketing real ownership refers also to a different traditional UCC Article 8 account model.

Ordinary wallet token holding is not direct underlying shareholder ownership. Issuer Terms 1.18 restrict beneficiary recognition to Trek Forge until contingency/register update, with KYC/KYT/evidentiary requirements. Clause 3.9 allows recognized Tokenholder voting instructions subject to limits, so do NOT simplify to no voting under every circumstance. Brokerage securities rights are separate.