Operon Research, LLC
These Terms constitute a binding agreement between Operon Research and the individual or entity ("Subscriber," "you," or "your") that subscribes to Operon Research's published research products (the "Research"). By creating an account, completing a paid subscription, or accessing any of the Operon Research subscription content, you agree to be bound by these Terms.
These Terms incorporate by reference the Operon Research Disclosures, Privacy Policy, and Cookie Policy, available at:
THESE TERMS EXEMPT OPERON RESEARCH AND OTHERS FROM LIABILITY OR LIMIT THEIR LIABILITY AND CONTAIN OTHER IMPORTANT PROVISIONS THAT YOU SHOULD READ. OPERON RESEARCH DOES NOT ASSUME ANY RESPONSIBILITY OR OBLIGATION FOR THE ACCURACY, COMPLETENESS, OR TIMELINESS OF ANY INFORMATION MADE AVAILABLE.
THE RESEARCH IS INTENDED FOR INFORMATIONAL AND EDUCATIONAL PURPOSES ONLY AND NO OUTCOMES ARE GUARANTEED. INFORMATION IS INTENDED TO SHOW HISTORICAL TRENDS AND ANY COMMENTARY IS INTENDED TO EXPRESS PERSONAL OBSERVATIONS OF THE WRITER ONLY AND IS NOT INTENDED TO BE LEGAL, TAX, FINANCIAL, INVESTMENT OR OTHER ADVICE. THE INFORMATION PROVIDED IS NOT INTENDED TO BE, AND SHOULD NOT BE SUBSTITUTED FOR, THE RECOMMENDATION OF A REGISTERED INVESTMENT ADVISOR AND DOES NOT CONSTITUTE PERSONALIZED INVESTMENT ADVICE, AN OFFER TO SELL, OR A SOLICITATION OF AN OFFER TO BUY, ANY SECURITY. OPERON RESEARCH DOES NOT ESTABLISH A FIDUCIARY OR ADVISORY RELATIONSHIP WITH ANY SUBSCRIBER BY VIRTUE OF THE SUBSCRIBER'S ACCESS TO THE RESEARCH. IT IS RECOMMENDED THAT SUBSCRIBERS CONSULT MORE THAN ONE RESOURCE WHEN MAKING DECISIONS OR COMING TO ANY CONCLUSIONS.
You acknowledge that you are responsible for your own investment decisions and that you will not rely solely on the Research in making any investment decision. You should consult your own qualified investment, legal, tax, and accounting advisors before acting on any information in the Research.
These representations supplement, and do not replace, the Operon Research Disclosures (the "Disclosures"). In the event of any direct conflict between these Terms and the Disclosures with respect to the nature of the Research, the language in the Disclosures controls.
To subscribe to Operon Research, you must be at least 18 years of age and capable of forming a binding contract under applicable law. Subscriptions are intended for individual or institutional users in the United States. If you are consenting to these Terms on behalf of a legal entity, you represent and warrant that you have the authority to consent to these Terms on behalf of the entity. Operon Research does not knowingly solicit subscribers in jurisdictions where the offering of paid investment-research subscriptions is prohibited.
Operon Research makes no representation that the Research is appropriate or available for use outside the United States, and non-U.S. subscribers do so at their own risk and are responsible for compliance with applicable local laws and regulations.
By signing up for a subscription, you represent that you are not located in a country, and are not a citizen of a country, that is subject to a U.S. Government embargo or that has been designated by the U.S. Government as a terrorist supporting country and that you are not listed on any U.S. Government list of prohibited or restricted parties.
Possible evidence of use of the Research for illegal purposes will be provided to law enforcement authorities. Use of the Research is done at your discretion and at your own risk. Operon Research is not responsible for any harm or loss that may result or arise out of use of the Research or information provided therewith.
Operon Research offers tiered subscription access to its Research. As of the date of these Terms, the tiers and their respective access rights are as follows:
Read-only access to the published research library. This subscription level is billed monthly via Stripe or a comparable payment platform.
Read-only access to the published research library, plus access to company-level financial models within the library and to industry webinars. This subscription is billed monthly via Stripe or a comparable payment platform.
All of the access included in Operon Access, plus participation in group sessions and 1:1 research discussions with Jack Meehan, Operon Research's founder. This subscription is billed quarterly or annually via Stripe or a comparable payment platform as elected at signup by the Subscriber.
Each subscription tier is sold under the same terms to all Subscribers within the tier. Subscriptions are not customized to any individual Subscriber's investment objectives, financial situation, or specific needs.
The standard subscription tiers (View, Access, and individual Elite) are licensed to a single named individual. Institutional access, including multi-seat licenses, firm-wide licenses, and customized terms for corporate Subscribers, is available only under a separately negotiated enterprise subscription agreement.
Subscription fees and billing frequency for each tier are disclosed at the point of purchase on the Operon Research website. All amounts are quoted and payable in U.S. Dollars. By subscribing, you authorize Operon Research and its third-party payment processor to charge your designated payment method for the subscription fees and any applicable taxes. To subscribe, users will be asked to supply information with respect to their method of payment including credit card number, the expiration date of the credit card, billing address or any other information needed to complete the transaction. Payments will be subject to the third party processing service's account agreement, terms of use and privacy policy.
Payments will be processed on the applicable subscription anniversary date, determined by the date of inception. You agree to provide updated payment information at least 10 days prior to any changes to the card details, including expiration or cancellation. If your payment method expires and you do not update it, you authorize Operon Research and/or the third party payment processor to continue billing you, and you will remain responsible for any uncollected amounts. Operon Research reserves the right to suspend access to and use of the Research or terminate your subscription if you fail to pay any amount owed on or before its due date.
SUBSCRIPTIONS AUTO-RENEW AT THE END OF EACH BILLING PERIOD (MONTHLY FOR VIEW AND ACCESS INDIVIDUAL SUBSCRIPTIONS; ANNUALLY FOR INSTITUTIONAL AND MULTI-USER SUBSCRIPTIONS) AT THE THEN-CURRENT RATE. UNLESS YOU TERMINATE PRIOR TO THE BEGINNING OF THE NEXT BILLING PERIOD YOU WILL BE CHARGED FOR THAT BILLING PERIOD. YOU MAY CANCEL AT ANY TIME THROUGH YOUR ACCOUNT SETTINGS OR BY CONTACTING OPERON RESEARCH AT [email protected]. IF YOU SIGNED UP USING A DIFFERENT METHOD, YOU MAY USE THAT METHOD FOR CANCELLATION. CANCELLATION TAKES EFFECT AT THE END OF THE THEN-CURRENT BILLING PERIOD. IF YOU DO NOT TERMINATE YOU WILL CONTINUE TO BE CHARGED EACH BILLING PERIOD.
Operon Research may change subscription pricing from time to time. Any change to recurring subscription pricing will be communicated to existing Subscribers in advance of the next renewal, with at least the notice period required by applicable law, but in no event less than 30 days notice.
All subscription fees are non-refundable except where required by applicable law or as expressly outlined in Section 1.15. Operon Research does not offer refunds for partial billing periods, unused portions of a subscription, or upon cancellation. If you cancel your subscription, you will retain access to the Research through the end of the billing period for which you have paid, after which access will terminate.
To subscribe to Operon Research, you must create an account and provide accurate, current, and complete information. You are responsible for maintaining the confidentiality of your account credentials and for all activity that occurs under your account.
You must notify Operon Research immediately of any unauthorized use of your account or any other breach of account security. Operon Research is not liable for any loss or damage arising from your failure to safeguard your credentials.
You may not provide false e-mail addresses, impersonate any person or entity, or otherwise provide misleading information in connection with your Subscription.
Each individual subscription (View, Access, or Elite) is licensed to one named individual Subscriber. You may not share your account credentials with, or grant access to the Research to, any other person, including colleagues, family members, or assistants, without prior written consent from Operon Research.
Operon Research uses reasonable technical and operational measures to detect concurrent or anomalous logins indicative of credential sharing. These measures include the collection of usage analytics associated with your account, such as including, but not limited to, page views, content accessed, file downloads, session activity, and device or browser information. Operon Research uses this data to enforce single-user license terms, detect unauthorized credential sharing or redistribution of the Research, improve the Research platform, and understand subscriber engagement. Usage analytics data is associated with the Subscriber's account and is subject to the Privacy Policy referenced in Section 1.13.
Conduct that Operon Research reasonably determines to constitute credential sharing, redistribution, or other misuse may result in suspension or termination of your subscription, in Operon Research's sole discretion, with or without notice and without refund of any prepaid subscription fees.
Subject to your compliance with these Terms and timely payment of subscription fees, Operon Research grants you a limited, personal, non-transferable, non-exclusive, revocable license to access and use the Research solely for your own personal, internal use during the term of your subscription. This license does not constitute a transfer of ownership of the Research, in whole or in part.
All rights not expressly granted to you in these Terms are reserved by Operon Research.
All Research published by Operon Research, including reports, articles, financial models, scenarios, charts, data compilations, methodologies, and any other content made available to Subscribers, is the intellectual property of Operon Research, LLC and is protected under U.S. copyright law, trademark law, and other applicable intellectual property laws. The Operon Research name and logo are trademarks of Operon Research, LLC.
You agree that you will not, and will not permit any third party to:
These restrictions apply to all forms of the Research, including PDFs, web-based content, financial models, charts, recordings of webinars or sessions, and any other format in which the Research is delivered.
Each Subscriber retains the right to make incidental personal copies of the Research (e.g., printing for personal reference, saving to a personal device for offline reading) consistent with the personal-use license. Use of brief excerpts in academic or journalistic contexts may be permitted under fair use or fair dealing principles, subject to appropriate attribution; Operon Research does not waive any rights with respect to such use.
The Research may contain links to other websites/applications that are provided only as a convenience and as an additional avenue of access to the information contained therein. Operon Research has not necessarily reviewed all of the information on the other websites/applications and is not responsible for the content of any other websites/applications, or information, material, products or services that may be offered through any of these other websites/applications. Inclusion of links to other websites/applications should not be viewed as an affiliation with the owner of the linked site nor as an endorsement of the content on the linked site and different terms and conditions apply to the use of any linked websites/applications. Operon Research is not responsible for any losses, damages, or other liabilities incurred as the result of the use of any other websites/applications.
Operon Research may use artificial intelligence tools as part of its research workflow, including for tasks such as document summarization, data extraction from public filings, draft preparation, and editorial review. All Research published by Operon Research is reviewed and approved by a human analyst before publication. Operon Research does not publish unreviewed AI-generated content as Research, and does not represent any AI tool as the source of the conclusions, opinions, or judgments expressed in the Research.
The use of AI tools does not change the nature of the Research as described in the Disclosures or the Operon Research methodology described in published materials.
In addition to the redistribution restrictions in Section 1.10, you agree that you will not:
Operon Research's collection, use, and protection of personal information is governed by the Operon Research Privacy Policy available at operonresearch.com/privacy. By subscribing to Operon Research, you acknowledge that you have read and understood the Privacy Policy.
Operon Research may modify these Terms from time to time. The current version of these Terms will be available at operonresearch.com/terms. If Operon Research makes any material change to these Terms, it will provide notice to Subscribers either by email to the address associated with the Subscriber's account or by a prominent notice on the Operon Research website.
Material changes will become effective no fewer than 30 days after notice is provided, except where a shorter notice period is required by law or, in Operon Research's discretion where the change benefits the Subscriber. Continued use of the Research after a material change to these Terms takes effect constitutes acceptance of the modified Terms. If you do not agree to a material change, you may cancel your subscription as described in Section 1.5.
Non-material changes (e.g., typographical corrections, restructuring of sections, updates to internal references) may be made without prior notice and take effect upon posting.
You may cancel your subscription at any time as described in Section 1.5. Cancellation takes effect at the end of the then-current billing period.
Operon Research may suspend or terminate your subscription, with or without notice, if Operon Research reasonably determines that you have violated these Terms (including without limitation Sections 1.8, 1.10, and 1.12), if your payment method fails, or if Operon Research is required to do so by law or court order.
Operon Research may also discontinue any subscription tier or the Operon Research service generally upon reasonable notice to affected Subscribers. If Operon Research discontinues a subscription tier without cause, Subscribers in that tier will receive a pro-rated refund of any prepaid fees for the remaining unused portion of the subscription period.
Upon termination of your subscription for any reason, your right to access the Research immediately ceases. The provisions of these Terms that by their nature should survive termination — including Sections 1.1 and 1.12 (No Investment Advice), 1.9 (License Grant Termination), 1.10 (Intellectual Property), 1.16 (Research Disclaimers), 1.17 (Limitation of Liability), 1.18 (Indemnification), 1.19 (Governing Law), 1.20 (Severability and Notices), and any other surviving rights and obligations — will continue in effect.
THE RESEARCH AND ALL OPERON RESEARCH SERVICES ARE PROVIDED "AS IS" AND "AS AVAILABLE," WITHOUT ANY WARRANTY OF ANY KIND, EXPRESS OR IMPLIED. TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, OPERON RESEARCH DISCLAIMS ALL WARRANTIES, INCLUDING WITHOUT LIMITATION IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AND NON-INFRINGEMENT. USE OF THE RESEARCH IS AT YOUR SOLE RISK. OPERON RESEARCH DOES NOT WARRANT THAT ACCESS TO THE RESEARCH OR THE WEB PORTAL TO ACCESS THE RESEARCH WILL BE UNINTERRUPTED OR ERROR-FREE; SECURE; OR VIRUS-FREE. YOU ARE SOLELY RESPONSIBLE FOR ANY DAMAGE TO YOUR COMPUTER SYSTEM OR LOSS OF DATA THAT RESULTS FROM THE DOWNLOAD OR UPLOAD OF ANY MATERIALS. NO INFORMATION, WHETHER ORAL OR WRITTEN, OBTAINED FROM OPERON RESEARCH SHALL CREATE ANY WARRANTY OF ANY KIND. ANY WARRANTY THAT CANNOT BE EXCLUDED UNDER APPLICABLE LAW IS LIMITED IN DURATION TO 30 DAYS FROM THE EVENT GIVING RISE TO THE WARRANTY, IF PERMITTED UNDER APPLICABLE LAW.
Without limiting the foregoing, Operon Research does not warrant that the Research will be accurate, complete, current, uninterrupted, or error-free, or that any defects will be corrected. Information in the Research is drawn from sources that Operon Research believes to be reliable, but Operon Research does not independently verify all source information and cannot guarantee its accuracy or completeness.
Forward-looking statements in the Research are based on assumptions that may prove incorrect, and actual results may differ materially.
TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, OPERON RESEARCH, LLC, ITS PRINCIPALS, MEMBERS, OWNERS, OFFICERS, DIRECTORS, EMPLOYEES, AGENTS, PARENTS, SUBSIDIARIES, AND AFFILIATES SHALL NOT BE LIABLE FOR ANY INDIRECT, INCIDENTAL, CONSEQUENTIAL, SPECIAL, EXEMPLARY, OR PUNITIVE DAMAGES, INCLUDING WITHOUT LIMITATION DAMAGES FOR LOST PROFITS, TRADING LOSSES, INVESTMENT LOSSES, LOSS OF DATA, BUSINESS INTERRUPTION, OR LOSS OF GOODWILL, ARISING OUT OF OR RELATING TO THE RESEARCH, THESE TERMS, OR THE OPERON RESEARCH SERVICES, WHETHER BASED ON CONTRACT, TORT (INCLUDING NEGLIGENCE), STATUTE, OR OTHER LEGAL THEORY, AND WHETHER OR NOT OPERON RESEARCH HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.
IN NO EVENT WILL OPERON RESEARCH'S TOTAL CUMULATIVE LIABILITY TO ANY SUBSCRIBER ARISING OUT OF OR RELATING TO THE RESEARCH, THESE TERMS, OR THE OPERON RESEARCH SERVICES EXCEED THE AGGREGATE AMOUNT OF SUBSCRIPTION FEES PAID BY THAT SUBSCRIBER TO OPERON RESEARCH IN THE TWELVE (12) MONTHS PRECEDING THE EVENT GIVING RISE TO LIABILITY.
YOU AGREE THAT ANY CAUSE OF ACTION ARISING HEREUNDER MUST COMMENCE WITHIN SIX (6) MONTHS AFTER THE CAUSE OF ACTION ACCRUES OR THE CAUSE OF ACTION IS PERMANENTLY BARRED.
IF THESE LIMITATIONS, AS WRITTEN, ARE NOT PERMITTED BY APPLICABLE LAW, THEY SHALL APPLY TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW. THE LIMITATION ON LIABILITY WILL NOT APPLY TO WILLFUL MISCONDUCT, FRAUD OR GROSS NEGLIGENCE ONLY TO THE EXTENT SUCH LIMITATION IS NOT ENFORCEABLE UNDER APPLICABLE LAW.
You agree to indemnify, defend, and hold harmless Operon Research, LLC, its principals, members, owners, directors, officers, employees, agents, parents, subsidiaries and affiliates ("Indemnified Parties") from and against any and all claims, damages, losses, fines, liabilities, costs, and expenses (including reasonable attorneys' fees) arising out of or relating to:
You shall not admit fault of an Indemnified Party nor settle any claim against an Indemnified Party without Operon Research's prior express written consent.
These Terms and any dispute arising out of or relating to these Terms or the Research are governed by the laws of the State of New Jersey, without regard to its conflict-of-law principles. The United Nations Convention on Contracts for the International Sale of Goods does not apply.
Any dispute arising out of or relating to these Terms or the Research will be resolved exclusively in the state courts located in Morris County New Jersey or the federal district court for the District of New Jersey, and the parties consent to the personal jurisdiction of such courts and waive any objection to venue. Each party waives the right to a trial by jury and the right to participate in any class action, collective action, or representative action arising out of or relating to these Terms or the Research.
It is agreed that prior to bringing a claim in court, the party planning to initiate such action will first send to the other party a written Notice of Dispute ("Notice"). Any Notice must include (i) the claimant's name, address, and email address; (ii) a description of the nature and basis of the claim or dispute; and (iii) a description of the nature and basis of the specific relief sought. After receipt of a completed Notice, the parties shall engage in a good faith effort to resolve the dispute for a period of 60 days (which can be extended by agreement). It is agreed that, after receipt of the completed Notice, the recipient may request an individualized telephone or video settlement conference and both parties will personally attend (with counsel, if represented). The parties shall work in good faith to schedule the conference at the earliest mutually-convenient time and to seek to reach a resolution. If a resolution is not met the parties may proceed to litigation.
These Terms, together with the documents incorporated by reference (Disclosures, Privacy Policy, Cookie Policy), constitute the entire agreement between you and Operon Research with respect to the Research and supersede all prior or contemporaneous agreements and understandings, written or oral.
If any provision of these Terms is found by a court of competent jurisdiction to be unlawful, void or unenforceable, the remaining provisions shall remain in full force. In the event any provision is found by a court of competent jurisdiction to exceed the limits permitted by any applicable law or to be invalid as written, it may be reformed to the extent necessary to make it reasonable and enforceable.
No waiver of any provision of these Terms will be effective unless in writing and signed by an authorized officer of Operon Research. The failure of Operon Research to enforce any provision of these Terms will not constitute a waiver of that provision or any other provision.
You may not assign or transfer these Terms or your subscription, by operation of law or otherwise, without the prior written consent of Operon Research. Operon Research may assign or transfer these Terms in connection with a merger, acquisition, sale of assets, or by operation of law, without your consent.
Any notice from Operon Research to you may be delivered by email to the address associated with your account or by posting to the Operon Research website. Any notice from you to Operon Research must be sent to [email protected].
Operon Research will not be liable for any failure or delay in performance arising from causes beyond its reasonable control, including without limitation acts of God, natural disasters, pandemic, war, terrorism, civil unrest, government action, labor disputes, internet or telecommunications failures, or third-party service failures.
Questions about these Terms may be directed to: [email protected]