Terms of Fold Rewards Program

Last Updated: November 21, 2019

Fold, Inc. ("Fold" or "we") offers the Fold Rewards Program (the "Program") to allow members to earn Bitcoin (also referred to as "kickbacks", "sats" or "sats back") on purchases completed through the websites, mobile applications, and other related properties (collectively, the "Fold Properties") subject to these Terms of Fold Reward Program ("Agreement"). This Agreement constitutes a legally binding agreement between each individual who enrolls in the Program or otherwise uses any one of the Fold Properties ("Member" or "you").

Fold reserves the right to change or modify this Agreement at any time and in our sole discretion. If Fold makes changes to this Agreement, we will provide notice of such changes, by providing notice through the Fold Properties, by e-mail and/or by updating this Agreement (as indicated by the "Last Updated" date found at the top of this Agreement) on the Fold website found at https://foldapp.com/terms-of-rewards-program. You agree to receive notifications through these means and your continued use of the Program will indicate your acceptance of the revised Agreement. If you do not agree to any amended Agreement, you must stop using the Program.

By enrolling in the Program or using any Fold Property, you acknowledge that you have read and understood this Agreement and agree to be bound by all of its terms.

IF YOU DO NOT AGREE TO THIS AGREEMENT, IMMEDIATELY STOP USING THE PROGRAM AND DO NOT USE ANY SERVICE OR PURCHASE OR RECEIVE ANY PRODUCT, GOOD, OR SERVICE OFFERED THROUGH THE PROGRAM.

PLEASE REVIEW THE FOLLOWING SECTIONS OF THIS AGREEMENT CAREFULLY: (A) LIMITATION OF LIABILITY, (B) INDEMNIFICATION, AND (C) ARBITRATION CLAUSE AND CLASS ACTION WAIVER DESCRIBED IN SECTION 19 BELOW TO RESOLVE ANY DISPUTES WITH FOLD (EXCEPT FOR MATTERS THAT MAY BE TAKEN TO SMALL-CLAIMS COURT).

1. Fold Rewards Program

For each Qualifying Purchase (as defined in Section 5.1) from Fold involving the retailers, brands, merchants, and other eligible vendors in the Program ("Partner Vendors") Fold will grant you certain rewards in the form of Bitcoin, in accordance with this Agreement. Participation in the Program and the opportunity to receive rewards or Bitcoin are offered at the sole discretion of Fold and subject to your compliance with this Agreement. Fold reserves the right to change, upgrade, or discontinue the Program and any Fold Property or any feature of the Program or the Fold Properties, at any time, with or without notice. All rights not expressly granted under this Agreement are reserved by Fold or its licensors.

2. Becoming a Member

To become a Member, you must be at least 18 years old and provide an email address and password in order for Fold to create your Program account ("Account"). Each individual person is limited to one Account. Any and all information collected from you shall be subject to our Privacy Policy, a copy of which is located at: https://www.Fold.com/privacy-policy and which is hereby incorporated by reference (the "Privacy Policy").

3. Program License

Subject to this Agreement, we hereby grant you a non-exclusive, non-transferable license (without the right to sublicense) to access and use the Fold Properties for your personal use to access the Program. You agree that you obtain no rights other than the rights and licenses expressly granted in this Agreement.

4. Program Restrictions

You agree that you will not, and will not permit others to: (i) damage, interfere with or unreasonably overload the Fold Properties; (ii) introduce into the Fold Properties any code intended to disrupt the Program; (iii) alter or delete any information, data, text, links, images, software, chat, communications and other content available through the Fold Properties (collectively, "Content"); (iv) access the Program or the Fold Properties by expert system, electronic agent, "bot" or other automated means; (v) use scripts or disguised redirects to derive financial benefit from Fold; (vi) modify, reverse engineer, reverse assemble, decompile, copy or otherwise derive the source code of any Fold Property for any reason; (vii) rent, sell or sublicense any of the Fold Properties; (viii) provide any unauthorized third party with access to the Program; (ix) access confidential Content through the Fold Properties; (x) interfere with the operation of the Program, including, but not limited to, distribution of unsolicited advertising or mail messages and propagation of computer worms and viruses; (xi) post any material in any form whatsoever on the Fold Properties or within the Program that is defamatory, obscene or otherwise unlawful or violates any third party’s right of privacy or publicity; (xii) infringe any third party’s patent, copyright, service mark, trademark or other intellectual property right of any kind or misappropriate the trade secrets of any third party in connection with your use of the Program or the Fold Properties; (xiii) engage in any activity that does not comply applicable law and regulations or otherwise engage in any illegal, manipulative or misleading activity through the use of the Program.

5. Receiving Bitcoin Rewards

5.1 Qualifying Purchase: In order to qualify for Bitcoin rewards, you must be signed in to one of the Fold Properties, and complete your purchase transaction (a "Qualifying Purchase").

5.2 Bitcoin Calculations: Each Qualifying Purchase shall occur on an applicable purchase date and Fold shall calculate your eligible reward amount using the Bitcoin value on the applicable purchase date, and based on a certain percentage of the amount of your Qualifying Purchase. Fold calculates the value of Bitcoin using the exchange rates provided by certain data feeds, as determined by Fold. All calculations and determinations, including the determination of Bitcoin value on any given purchase date and whether any particular transaction meets the requirements for a Qualifying Purchase, shall be performed by Fold at its sole discretion. Fold hereby disclaims any and all liability in connection with (i) incorrect information obtained from third-parties regarding the value of Bitcoin on any given date, or (ii) any disputes over the value of Bitcoin on any given date.

5.3 Receiving Bitcoin: You hereby acknowledge and agree that any Bitcoin granted to you by Fold as a reward under the Program are given without consideration or payment of any kind from you. Fold may make reasonable adjustments to any reward amounts, including adjustments to the balance in your Account, at any time without advance notice if in its reasonable judgment Fold finds such adjustments are necessary.

5.4 Limitations: Your Account may not have access to more than one thousand dollars ($1,000) of value (the "Account Limit") on any day under the Program. You will not receive any Bitcoin or other rewards for a Qualifying Purchase if such rewards would cause either (i) your Account balance to exceed the Account Limit, based on our calculation of the value of Bitcoin on that day, or (ii) the total of all your redemptions (as described in Section 8 below) executed that day plus your Account balance to exceed the Account Limit. Additionally, you may not transfer any rewards in your Account to other Members, or cause rewards for a Qualifying Purchase to be credited to another Member. Your Account, including any Bitcoin contained in it, may not be assigned or granted to, or inherited by, any other person or party.

6. Reward Exclusions

Rewards may not be purchased. Rewards are granted by Fold based on the net purchase amount of a Qualifying Purchase, which excludes taxes, fees, discounts or credits, returns or cancellations, and extended warranties. Fold uses reasonable efforts to maintain a list of exclusions. The list of exclusions is subject to change without notice, and Fold hereby disclaims any and all liability in connection with any incorrect information or failure to include information on the list of exclusions.

7. Bonuses & Other Rewards

Fold may elect to offer bonuses or rewards for referring new Members to the Program or for other specific actions. The terms and conditions accompanying such offers will govern how they are earned and paid if the terms and conditions differ from this Agreement.

8. Redeeming Rewards

8.1 Requirements: As a condition of redemption of accrued Bitcoin, you must establish and maintain an Active Account (defined below) with the information necessary to process your redemption: a valid email address at which you are able to receive email, your first and last name, a password to protect your Account, and any other information Fold reasonably requests. If you elect to close your Account before you have redeemed all accrued Bitcoin, Fold will make commercially reasonable efforts to give you an opportunity to redeem such unredeemed rewards, but you hereby acknowledge and agree that by electing to close your Account you abandon any claim and forfeit all rights to the remaining rewards in your Account at that time, including accrued Bitcoin. Fold shall not be liable to you for the value of any Bitcoin or other rewards in your Account at the time you elect to close your account. Also as a condition of redemption, you must not be a resident of a country subject to economic or trade sanctions by the U.S. State Department or U.S. Treasury Department’s Office of Foreign Assets Control ("OFAC") or be listed as a "Specially Designated National," a "Specially Designated Global Terrorist," a "Blocked Person," or similar designation under the OFAC sanctions regime. You further agree to provide additional information we may reasonably request to verify your identity as a condition for redeeming rewards.

8.2 Redemption: Rewards in your Account may only be redeemed for purchases on one of the Fold Properties. You must follow the procedures presented in the applicable Fold Property, and comply with any additional terms or conditions of the relevant Fold Property, in order to redeem rewards. Rewards may only be redeemed by the Member who accrued them, and gift cards purchased by redeeming rewards may not be issued or sent to third-parties.

8.3 Account Adjustments: In our sole discretion, we may deduct Bitcoin from your Account in order to make adjustments for returns and cancellations with respect to Qualifying Purchases. Any such adjustments, however, will be made in accordance with this Agreement, any applicable Fold policies and terms, and any and all applicable laws, rules, and regulations. It is your responsibility to check your Account regularly to ensure that Bitcoin has been properly credited and redeemed and that your Account balance is accurate. If you believe that Bitcoin has not been correctly credited to your Account, you must contact Fold Member Services within ninety (90) days of the transaction. Should you disagree with any adjustments made to your Account or payments made to you, your sole remedy is to withdraw from the Program.

8.4 Taxes: You may be taxed on your receipt of Bitcoin depending on the tax laws of federal, state, and local jurisdictions. You will be solely responsible for any and all tax liability arising out of the consideration received in connection with the Program.

9. Updating & Maintaining Your Account

9.1 Updating Your Account: You agree to keep your Account information current, complete, and accurate by periodically updating the information through the Fold Properties. You must be logged into Fold and enter your password to change your Account information. You may check your Account status and recent rewards history at any time via the Fold Properties. You will maintain the confidentiality of your Account information, including username and password by which you access the Program. Any use of your username or password will be deemed to be your use, and Fold is entitled to act on instructions received under your password and is not responsible for any changes made to your Account or redemption of rewards made by someone else who uses your password. If there is a breach of security through your Account, you will immediately change your password and notify us of such breach. You agree that, unless you have first notified us immediately of any such breach, we should assume that any instruction transmitted using your username and password is yours and has been authorized by you, and we will have no obligation to inquire into the propriety of such instruction. If you log into your Account through a Third-Party Platform (as defined in Section 12), certain information about you will be transferred to your Account (e.g., name, e-mail, "Likes", etc.), and the fact that you have logged onto your Account and some of that transferred information may be available to other users of the Third-Party Platform. We will restrict access to any such transferred information about you to the extent required by the policies of any such Third-Party Platform, but all transferred information will otherwise be subject to the terms of this Agreement. If there is a breach of security of any such Third-Party Platform, you will immediately change your password and notify us of such breach. You agree that, unless you have first notified us immediately of any such breach, we should assume that any instruction transmitted after logging into your Account through such Third-Party Platform is yours and has been authorized by you, and we will have no obligation to inquire into the propriety of such instruction.

9.2 Maintaining Your Active Account: An Active Account means you must have engaged in one of the following activities within the past twelve (12) months: (i) updated your Account information, (ii) have shopped or started a shopping session via the Fold Properties, (iii) have accrued rewards, or (iv) have logged into your Account. If your Account is inactive for more than twelve (12) consecutive months, Fold will close your Account permanently and cease to maintain your Account records and Program access.. You hereby acknowledge and agree that by failing to maintain an Active Account you abandon any claim and forfeit all rights to the rewards in your Account at that time, including accrued Bitcoin. Fold shall not be liable to you for the value of any Bitcoin or other rewards in your Account at the time your Account is closed for inactivity in accordance with this Section.

9.3 Fraudulent Activity: We reserve the right to investigate any purchase transactions, referral activity, or interaction with any Fold Property that we believe, in our sole discretion, is abusing or has abused the Program. We reserve the right to rescind any Bitcoin rewards accrued by, bar further rewards to, and/or terminate the Program membership of, any Member that we believe, in our sole discretion, is abusing or has abused the Program, including, without limitation, by engaging in a pattern of returning products after the corresponding Bitcoin has been credited or making fraudulent referrals by creating multiple Accounts. Any failure to comply with this Agreement, any fraud or abuse relating to the accrual or receipt of Bitcoin or other rewards and bonuses, or any misrepresentation of any information furnished to Fold by you or anyone acting on your behalf may result in the termination of your membership in the Program and forfeiture of your accrued Bitcoin rewards. If Fold has any reason to suspect fraudulent activity is associated with your Account, Fold reserves the right to delay or withhold redemption of Bitcoin. Any suspected or actual cases of fraud activity will be escalated and reviewed in accordance with our fraud policy.

10. Receiving Communications

By signing up to be a Member, you agree to receive communications that are account and membership related (e.g., that we’ve added Bitcoin to your Account) as well as periodic shopping-related emails that highlight special deals that are available to Fold Members. We may communicate with you regarding the Program by electronic communications or direct mail using information you provided during the registration process. Your consent to receive electronic communications includes any notices or other information that we may be required by law to provide you in writing or otherwise. You agree to keep us apprised of your current email address should the same change subsequent to the date you become a Member. We may also send you push notifications if you install the mobile application. You may opt out of receiving certain communications in accordance with our Privacy Policy.

11. Fold Applications

Fold may make available software applications ("Fold Applications") to assist Members in earning rewards without visiting www.FoldApp.com, and any Fold mobile application. For purposes of this Agreement, references to Fold Properties shall include Fold Applications. Fold Applications and their underlying information and technology may not be exported or re-exported into any country to which the U.S. has embargoed goods or to anyone on the U.S. Treasury Department’s list of Specially Designated Nationals or the U.S. Commerce Department’s Table of Deny Orders. You represent and warrant that you are not located in, under the control of, or a national or resident of any such country or on any such list, and that you will otherwise comply with all applicable export control laws. If you are a U.S. government end user, we are licensing the Fold Application to you as a "Commercial Item" as that term is defined in the U.S. Code of Federal Regulations (see 48 C.F.R. § 2.101), and the rights we grant you to the Fold Applications are the same as the rights we grant to all others under this Agreement.

12. Third-Party Platforms

When you access or use the Fold Properties, we may make available services from one or more third parties ("Third-Party Platforms"). The Fold Properties may support Third Party Platforms, including without limitation Facebook and/or Google, to make it easier for you to sign in or create your Fold Account. Any use of Third Party Platforms to create and access your Fold Account are subject to the terms and conditions and privacy policies of such third parties ("Third Party Terms").

13. Community Standards

By participating in the Program, you are becoming a Member of a community that depends on the goodwill and responsible behavior of each of our Members. Members are required to refrain from transmission or communication of images or text constituting ethnic slurs, obscenities, sexually explicit material, inflammatory or derogatory comments, or anything else that may be construed as harassing or offensive, which is targeted at the Program, the Fold Properties, our employees, contractors or agents, or other Members. This includes communications by means of social media or other Internet posts which violate the above community standards or promote or encourage gaming or fraudulent behavior. Members who violate this provision, as determined by us in our sole discretion, may have their access to the Program suspended or terminated without prior notice. For the avoidance of doubt, any Member whose access is so terminated forfeits all rights to any accrued rewards in his or her Account.

14. Ownership

All right, title, and interest in the Program, the Fold Properties, and the Content belong to Fold or its licensors. Additionally, Fold shall maintain all right, title, and interest in "Fold," the Fold logo, and any other marks, service marks, trademarks, or logos of Fold ("Fold Marks") that are registered in the U.S. and other countries. The Fold Marks may not be used in connection with any product or service that is not Fold in any manner that is likely to cause confusion among customers, or in any manner that disparages or discredits Fold. You shall not by any means bid on any keywords with any search engine containing "Fold" or anything substantially similar to "Fold" or any other Fold Mark including, without limitation Fold.com. You shall not mention or use Fold in any ad text, extensions or banner ads without the express written consent of Fold. All other trademarks not owned by Fold that are used in the Program are the property of their respective owners, who may or may not be affiliated with, connected to, or sponsored by Fold.

15. Indemnification

You agree, at your sole expense, to defend, indemnify and hold us, our parent company and its subsidiaries, our merchants, payment processors, payment card networks, financial institutions, our service providers and consultants, and our and their respective directors, employees and agents, harmless from and against any and all actual or threatened suits, actions, proceedings (at law or in equity), claims, damages, payments, deficiencies, fines, judgments, settlements, liabilities, losses, costs and expenses (including, but not limited to, reasonable attorney fees, costs, penalties, interest and disbursements) caused by, arising out of, resulting from, attributable to or in any way incidental to: (i) your use of the Program or Fold Properties; or (ii) your violation of this Agreement or the rights of any third-party.

If you are a California resident, you waive California Civil Code Section 1542, which says: "A general release does not extend to claims which the creditor does not know or suspect to exist in his favor at the time of executing the release, which if known by him must have materially affected his settlement with the debtor." If you are a resident of another jurisdiction, you waive any comparable statute or doctrine.

16. Warranty Disclaimer

THE PROGRAM, CONTENT, AND THE FOLD PROPERTIES ARE PROVIDED "AS IS" AND WITHOUT WARRANTY OF ANY KIND, EXPRESS OR IMPLIED, INCLUDING, WITHOUT LIMITATION, WARRANTIES OF TITLE, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE OR NON-INFRINGEMENT. WE MAKE NO WARRANTY AS TO THE QUALITY, ACCURACY, CURRENTNESS, COMPLETENESS, RELIABILITY OR VALIDITY OF THE PROGRAM, CONTENT, OR THE Fold PROPERTIES, INCLUDING, WITHOUT LIMITATION, ANY PRODUCT SEARCH RESULTS, PRODUCT DESCRIPTIONS, PRODUCT AVAILABILITY, PRICING INFORMATION ADVICE, OPINION, STATEMENT, RECOMMENDATIONS, OR OTHER INFORMATION DISPLAYED, UPLOADED, OR DISTRIBUTED IN CONNECTION WITH THE PROGRAM. FOLD DOES NOT WARRANT THAT THE FUNCTIONALITY OF THE FOLD PROPERTIES WILL BE UNINTERRUPTED OR ERROR-FREE, THAT DEFECTS WILL BE CORRECTED, OR THAT THEY WILL BE FREE OF VIRUSES OR OTHER HARMFUL COMPONENTS. FURTHER, FOLD DOES NOT WARRANT, GUARANTEE OR MAKE ANY REPRESENTATIONS REGARDING THE QUALITY OF, OR ACCURACY OF ADVERTISEMENTS FOR, ANY PRODUCTS OR SERVICES OFFERED OR PROVIDED BY ITS Partner Vendors IN CONJUNCTION WITH THE PROGRAM.

17. Limitation on Liability

TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, IN NO EVENT SHALL FOLD BE LIABLE FOR ANY SPECIAL, INCIDENTAL, CONSEQUENTIAL, EXEMPLARY, PUNITIVE OR OTHER INDIRECT DAMAGES OR FOR ANY LOSS PROFITS, LOSS DATA OR LOSS OF USE DAMAGES, EVEN IF IT HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, FOLD’S MAXIMUM AGGREGATE LIABILITY ARISING OUT OF THIS AGREEMENT WILL NOT EXCEED FIFTY U.S. DOLLARS ($50).

18. Termination or Suspension

This Agreement is effective when accepted by you and will remain in effect until you or we terminate your membership in the Program. We may terminate this Agreement and your use of or access to the Program at any time, for any reason or no reason. Any violation of this Agreement or the rules and conditions of the Program may result in cancellation of your membership to the Program, your Account and/or forfeiture of pending or prior Bitcoin awards. We may, in our sole discretion, at any time and without prior notice, discontinue, cancel, suspend, change or limit access to all or any part of the Program or any functionality, feature or other component of any Fold Property. You agree that Fold will not be liable to you or to any third party for any modification, suspension, or termination of the Program or your access to any of the Fold Properties. If you are dissatisfied with any aspect of the Program at any time, your sole and exclusive remedy is to cease participating in the Program. Upon any termination of the Program, your right to use and access the Program, and the Fold Properties, and to receive Bitcoin, will terminate. Termination will not prejudice either your or our remedies at law or in equity.

19. Governing Law & Arbitration

The validity, construction, and interpretation of this Agreement, and the rights and duties of the parties hereto, will be governed by and construed in accordance with the laws of the State of California in the United States, excluding its conflicts of laws principles. However, as explained below, the agreement to arbitrate in the following paragraph is governed by United States federal law.

You agree that any dispute, claim or controversy arising out of or in connection with Fold’s business or this Agreement or relating in any way to the Program or the Fold Properties shall be determined by binding arbitration. You further agree that the U.S. Federal Arbitration Act and federal arbitration law shall govern the interpretation and enforcement of this Agreement to arbitrate, and any such arbitration hearing shall be heard in San Mateo, California.

Arbitration uses a neutral arbitrator instead of a judge or jury, and is more informal than a lawsuit in state or federal court. Discovery in arbitration is more limited than is generally available in the courts and the arbitrator’s decision is also subject to very limited appellate review by the courts.

You also agree to waive the right to a trial by jury or to participate in a class action. These waivers are mutual as between you and Fold, and Fold waives its right to a trial by jury or to participate in a class action against you. This means that neither you nor Fold can seek to assert class or representative claims against each other either in court or in arbitration and no relief can be awarded on a class or representative basis. The arbitrator also may not consolidate or join another person’s claim with your claim or issue an order that would achieve the same result. You and Fold further agree that if the provisions of this paragraph are found to be unenforceable, then the entire provision compelling arbitration shall be null and void.

You also agree that all issues are for the arbitrator to decide. This includes all issues related to the scope, application, interpretation and enforceability of this Agreement and this arbitration provision. The arbitrator shall also decide whether any claim is subject to arbitration.

The arbitration will be governed by the Commercial Arbitration Rules (the "AAA Rules") of the American Arbitration Association ("AAA"), as modified by this Agreement, and will be administered by the AAA. The AAA Rules are available online at www.adr.com. The arbitrator is bound by the terms of this Agreement. If your claim in arbitration is for less than $10,000, Fold will reimburse you for filing fees at the conclusion of the proceeding unless your claim is found to be frivolous by the arbitrator.

In lieu of arbitration, you may also elect to have your claims decided in small-claims court, so long as the small-claims court does not permit class, representative, or consolidated actions, or the award of relief in favor of any person or entity that is not a named party to the small-claims action.

20. Assignment

Fold may assign this Agreement and its rights or delegate its obligations under without your consent. You may not assign your rights and obligations under this Agreement, in whole or in part, without our prior written consent, and any such assignment without such consent will be null and void.

21. Severability

If any provision of these Terms shall be deemed unlawful, void or for any reason unenforceable, then that provision shall be deemed severable from these Terms and shall not affect the validity and enforceability of any remaining provisions.

22. Waiver

Enforcement of this Agreement is solely in our discretion and our failure to enforce a provision in some instances does not constitute a waiver of our right to enforce such provision in other instances.

23. Entire Agreement

This Agreement represents the entire agreement of the parties with respect to the subject matter hereof, and supersedes all prior or contemporaneous agreements or representations, written or oral (including without limitation, earlier versions of this Agreement that may have been accepted by you). We reserve the right to modify this Agreement at any time. Your non-termination and continued participation in the Program or use of any Fold Property after modification of this Agreement will constitute affirmative acceptance by you of such modification and your consent to abide by any terms thereof.