Is pixorial.com Safe?

I am a little concerned with their Terms of Use. Under section 11, it states "you hereby grant to Pixorial and its affiliates a non-exclusive, transferable, sub-licensable, royalty-free, perpetual, worldwide license to use, publish, copy, modify, adapt, create derivative works from, publicly perform and display, transmit and distribute your User Content (in whole or in part) and/or to incorporate such User Content in other works in any form, media, or technology now known or later developed. Our license to use your User Content will end when you delete such User Content or your account is terminated, unless your User Content has been shared with others and they have not deleted it. You also grant each user of the Services the right to access, copy, modify, adapt, create derivative works from, publicly perform and display, transmit, distribute, view and store your User Content in connection with the Services. You represent and warrant to Pixorial that you have the right to grant the licenses stated above. " I am basically interpreting the above as 'if we host it, we can do whatever the hell we want with your content' I could be taking this wrong, but I'm fairly sure I don't want to pay someone to strip my own copyright from my videos...