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VeWorld Digital Wallet Terms of Service

Last Updated: February 16, 2023

These VeWorld Digital Wallet Terms of Service ("Terms" or "Terms of Service") are entered into by and between you ("you" or "your"), on the one part, and VeChain Foundation San Marino S.r.l. ("VeChain," "we," "our" or "us"), on the other part, and these Terms of Service and govern your use of our non-custodial digital wallet made available to you through an applicable browser extension and compatible with the VeChainThor Blockchain and any other blockchain VeChain may authorize for such digital wallet ("VeWorld").

READ THESE TERMS OF SERVICE CAREFULLY, AS THEY CONTAIN TERMS AND CONDITIONS THAT IMPACT YOUR RIGHTS, OBLIGATIONS AND REMEDIES IN CONNECTION WITH YOUR USE OF VEWORLD INCLUDING A CLASS ACTION WAIVER UNDER PARAGRAPH 8 BELOW AND AN AGREEMENT TO ARBITRATE FOR ANY DISPUTE RESOLUTION UNDER PARAGRAPH 9 BELOW.

BY ACCESSING OR USING VEWORLD, OR BY CLICKING TO ACCEPT OR AGREE TO THESE TERMS OF SERVICE WHEN THE OPTION IS MADE AVAILABLE TO YOU, YOU REPRESENT AND WARRANT THAT YOU ARE OF LEGAL AGE TO FORM A BINDING CONTRACT WITH US AND HAVE THE AUTHORITY TO DO SO EITHER ON YOUR OWN BEHALF OR ON BEHALF OF A COMPANY OR OTHER LEGAL ENTITY, THAT YOU ARE NOT A "DISQUALIFIED PERSON" AS DEFINED IN SUBPARAGRAPH 2(e) BELOW, AND THAT YOU HAVE READ AND UNDERSTAND, AND ACCEPT AND AGREE TO COMPLY WITH AND BE LEGALLY BOUND BY, THESE TERMS IN FULL. IF YOU DO NOT AGREE TO THE TERMS, OR IF YOU OTHERWISE DO NOT MEET THE FOREGOING REQUIREMENTS IN ANY WAY, YOU MAY NOT USE VEWORLD.

THESE TERMS ONLY APPLY TO THE VEWORLD PRODUCT OFFERED BY VECHAIN, AND ARE INTENDED TO APPLY ALONG WITH ANY OTHER VECHAIN TERMS THAT MAY BE APPLICABLE TO YOU WHEN YOU USE OTHER VECHAIN PRODUCTS WITH VEWORLD.

AS FURTHER PROVIDED IN SUBPARAGRAPH 5(e) BELOW, VEWORLD IS A NON-CUSTODIAL DIGITAL WALLET AND NO DIGITAL ASSETS (AS DEFINED BELOW) ARE EVER HELD OR CONTROLLED BY VECHAIN WHEN YOU USE VEWORLD.

1. CHANGES TO THESE TERMS

We reserve the right, in our sole discretion, to make changes or modifications to these Terms of Service to reflect changes in applicable laws and regulatory requirements relating to the use of digital wallets and related services or to implement technical adjustments and improvements or to respond to market requirements. All changes are effective immediately when we post them unless we expressly specify otherwise. In any event, no changes will apply retroactively as to any claims existing prior to the "last updated" date. It is also your responsibility to regularly check these Terms to stay informed of updates, as they are binding. We will indicate that the Terms of Service have been updated by updating the "last updated" date at the top of these Terms. Your continued use of VeWorld following the posting of revised Terms means that you accept and agree to the changes.

2. RIGHTS TO VEWORLD

(a) VeWorld Digital Wallet and Mnemonic Phrase. You must download and set up VeWorld digital wallet browser extension fully to use VeWorld. When setting up your VeWorld, a mnemonic phrase will be generated. You acknowledge and agree that you are solely responsible for maintaining the confidentiality and security of your mnemonic phrase and we strongly advise you to take precautions to securely save such mnemonic phrase to avoid loss of access to and/or control over your VeWorld digital wallet or any cryptocurrencies or other fungible or non-fungible tokens associated with your VeWorld digital wallet (each a "Digital Asset" and collectively "Digital Assets"). Do not share your mnemonic phrase with any third party. NOTWITHSTANDING ANYTHING TO THE CONTRARY IN THESE TERMS, WE SHALL HAVE NO LIABILITY WHATSOEVER IN CONNECTION WITH ACTIVITIES THAT OCCUR ON VEWORLD DIGITAL WALLET WITH OR WITHOUT YOUR AUTHORIZATION;

(b) License Grant. Subject to the terms and conditions set forth in these Terms of Service, VeChain grants you a non-exclusive, non-transferrable, non-assignable, non-sublicensable, royalty-free and fully paid, worldwide free right and license to reproduce (solely to install and execute) VeWorld on your computers or other compatible devices, in executable object code format only for your personal or internal business use ("Limited License"). You are permitted to download VeWorld multiple times without charge in order to install VeWorld on multiple computers for such use, provided that you agree to these Terms each time you download VeWorld;

(c) License and Use Restrictions. As an express condition of your use of VeWorld, you represent and warrant to us that you shall not use VeWorld for any unlawful purpose or purpose prohibited by these Terms or the laws or regulations in the jurisdiction in which you live or reside or where you may engage in any activity with VeWorld. WITHOUT LIMITING THE FOREGOING, you agree not to use VeWorld for any of the following purposes:

(i). Violate any law, regulation, or governmental policy in any applicable jurisdiction, including without limitation pay for, support, or otherwise engage in any illegal activities such as prohibited trade, illegal gambling, fraud, money laundering, or terrorist activities;

(ii) Share, lease, rent, use, or otherwise provide access to your VeWorld digital wallet to or on behalf of any third party;

(iii) Use VeWorld in connection with the performance of any service for any third party;

(iv) Infringe upon, misappropriate, or violate intellectual property rights or any other rights of any person or entity (including without limitation VeChain);

(v) Behave in a harmful, fraudulent, deceptive, threatening, harassing, defamatory, obscene, or otherwise objectionable manner;

(vi) Violate the security of any computer network, or crack any password or security encryption code;

(vii) Impersonate or attempt to impersonate another individual or entity, including without limitation any VeChain employee or agent, or another VeWorld user;

(viii) Infringe, in any way, on the rights of others or engage in behavior or activity that is threatening, harmful, discriminatory, or fraudulent;

(ix) Access, copy or store any VeWorld source code or a significant portion of our content;

(x) Decompile, reverse engineer, or otherwise attempt to obtain source code or underlying ideas or information of or relating to VeWorld we provide;

(xi) Attempt to gain unauthorized access to, interfere with, damage, or disrupt any parts of VeWorld or any server, computer, or database connected to VeWorld;

(xii) Circumvent, remove, alter, deactivate, degrade, or thwart any technological measure or content protections of VeWorld;

(xiii) Attack our VeChain's information technology systems (or those providing information technology systems of VeChain's behalf) via a denial-of-service attack or distributed denial-of-service attack or otherwise;

(xiv) Use any device, software, bot, or routine that interferes with the proper working of VeWorld;

(xv) Damage, overburden, disable, or impair the VeChain's ability to provide VeWorld to users; or

(xvi) Introduce any viruses, trojan horses, worms, logic bombs, or other material that is malicious or technologically harmful.

If you become aware of or suspect any unauthorized use of VeWorld, please contact us at veworld@vechain.org.

We have absolute discretion to take any necessary actions any time and for any reason without notice in the event you breach these Terms. Any violation of any of the above representations and warranties, including without limitation, use of VeWorld in breach of these Terms, may subject you to civil liability, criminal prosecution, and termination of your rights to use VeWorld and access to your Digital Assets associated with your VeWorld digital wallet;

(d) Aggregate Data. When you use VeWorld, we may collect information related to your use of VeWorld that is used by us in an aggregate and anonymized manner ("Aggregate Data"), for the exclusive purpose of improving the security, compatibility or interoperability of the VeWorld software. To better understand what information we collect and process and how we use any information collected through VeWorld, please refer to our privacy policy found at https://veworld.net/privacy-policy ("Privacy Policy"); and

(e) Disqualified Persons. You are not authorized to use VeWorld if there are applicable legal restrictions in your country of residence that would make the use of VeWorld illegal. It is your sole responsibility to ensure that your use of VeWorld is not prohibited, restricted, curtailed, hindered, impaired or otherwise adversely affected in any way by any applicable law in your country of residence or domicile. In addition, you are not authorized to use VeWorld if you are any of the following:

(i) A citizen, domiciled in, resident of, or physically present / located in Iran, North Korea, Cuba, Syria, China, Afghanistan, Central African Republic (the), Congo (the Democratic Republic of the), Libya, Mali, Russia, Somalia, Sudan, and Yemen (each an "Excluded Jurisdiction");

(ii) An entity: (1) which is incorporated in, or operates out of, an Excluded Jurisdiction, or (2) which is under the control of one or more individuals who is/are citizens of, domiciled in, residents of, or physically present / located in, an Excluded Jurisdiction;

(iii) An individual or entity: (1) included in the consolidated list published by the United Nations Security Council of individuals or entities subject to measures imposed by the United Nations Security Council accessible at https://www.un.org/securitycouncil/content/un-sc-consolidated-list; or (2) included in the United Nations Lists (UN Lists) or within the ambit of regulations relating to or implementing United Nations Security Council Resolutions listed by MAS and accessible by https://www.mas.gov.sg/regulation/anti-money-laundering/targeted-financial-sanctions/lists-of-designated-individuals-and-entities; or (3) included in any other applicable governmental sanctions list in any relevant jurisdiction; or

(iv) An individual or corporate body who is otherwise prohibited or ineligible in any way, whether in full or in part, under any law applicable to such individual or corporate body from participating in any part of VeWorld.

If you are not authorized to use VeWorld under this subparagraph 2(e), you are deemed a "Disqualified Person" under these Terms.

3. THIRD-PARTY RESOURCES

VeWorld may contain links to other sites and resources provided by third parties, including decentralized applications and block explorers ("Third-Party Resource(s)"). These links are provided for your convenience only. We have no control over the contents of those sites or resources, and accept no responsibility for them or for any loss or damage that may arise from your use of them. If you decide to access any of the Third-Party Resources linked to VeWorld, you do so entirely at your own risk and subject to the terms and conditions of use for such Third-Party Resource.

4. OWNERSHIP

(a) Ownership. You acknowledge and agree that we (or, as applicable, our licensors) own all right, title, and interest in and to VeWorld and all elements of VeWorld, including without limitation all graphics, design, systems, methods, processes, architectures, structures, functions. information, computer code, software, services, "look and feel", organization, compilation of the content, code, data (including Aggregate Data), and all other elements of VeWorld (collectively, the "VeChain Materials"). The VeChain Materials are protected by copyright, trade dress, trademark, patent laws, international conventions, other relevant intellectual property and proprietary rights, and applicable laws. Your use of VeWorld or these Terms do not grant you ownership or any other rights with respect to the VeChain Materials or VeWorld, whether expressly, by implication, estoppel, reliance or otherwise, all of which are specifically excluded and disclaimed, subject only to the terms of the Limited License granted in these Terms; and

(b) Feedback. If you transmit any communication or material to us by mail, email, telephone, or otherwise through VeWorld, suggesting or recommending changes to VeWorld, including without limitation new features or functionality relating thereto, or any comments, questions, suggestions, or the like ("Feedback"), we are free to use such Feedback irrespective of any other obligation or limitation between you and us governing such Feedback. All Feedback is and will be treated as non-confidential, except as provided by applicable law. You hereby assign to us on your behalf, all right, title, and interest in, and we are free to use, without any attribution or compensation to you or any third party, any ideas, know-how, concepts, techniques, or other intellectual property rights contained in the Feedback, for any purpose whatsoever, although we are not required to use any Feedback. To the extent any personal data is included in connection with Feedback you provide, such personal data will be processed in accordance with our Privacy Policy.

5. DISCLAIMERS

(a) DISCLAIMER OF WARRANTIES. YOUR ACCESS TO AND USE OF VEWORLD IS AT YOUR OWN RISK. VEWORLD AND THE LIMITED LICENSE ARE PROVIDED "AS IS" AND WITHOUT ANY REPRESENTATION OR WARRANTY OR CONDITION OF ANY KIND. TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW, VECHAIN AND ITS OFFICERS, EMPLOYEES, DIRECTORS, SHAREHOLDERS, PARENTS, SUBSIDIARIES, AFFILIATES, AGENTS, AND LICENSORS ("VECHAIN PARTIES") DISCLAIM ALL WARRANTIES, CONDITIONS, AND REPRESENTATIONS OF ANY KIND, WHETHER EXPRESS, IMPLIED, STATUTORY, OR OTHERWISE, INCLUDING WITHOUT LIMITATION (i) THOSE RELATED TO MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, SATISFACTORY QUALITY, AND NON-INFRINGEMENT, (ii) THOSE ARISING OUT OF COURSE OF DEALING OR USAGE OF TRADE, (iii) THAT THE ACCESS TO OR USE OF VEWORLD WILL BE SECURE, TIMELY, UNINTERRUPTED OR ERROR-FREE OR WILL BE COMPATIBLE OR OPERATE IN COMBINATION WITH ANY OTHER HARDWARE, SOFTWARE, SYSTEM OR DATA, (iv) THAT VEWORLD WILL BE FREE OF HARMFUL COMPONENTS, AND (v) THAT ANY ASSOCIATED DIGITAL ASSETS WILL BE COMPLETELY SECURE OR NOT OTHERWISE LOST OR ALTERED;

(b) OTHER DISCLAIMERS. WE SHALL NOT BE RESPONSIBLE OR LIABLE TO YOU FOR ANY LOSSES YOU INCUR AS THE RESULT OF ANY USES OF VEWORLD, INCLUDING, WITHOUT LIMITATION, FOR ANY OF THE FOLLOWING REASONS: (A) USER ERROR, SUCH AS FORGOTTEN PASSWORDS OR INCORRECTLY CONSTRUED SMART CONTRACTS OR OTHER TRANSACTIONS; (B) SERVER FAILURE OR DATA LOSS; (C) CORRUPTED FILES ASSOCIATED WITH YOUR VEWORLD DIGITAL WALLET; OR (D) UNAUTHORIZED ACCESS OR ACTIVITIES BY THIRD PARTIES, INCLUDING WITHOUT LIMITATION THE USE OF VIRUSES, PHISHING, BRUTE FORCING, OR OTHER MEANS OF ATTACK AGAINST VEWORLD OR THE APPLICABLE BLOCKCHAIN;

(c) DIGITAL ASSET AND BLOCKCHAIN SECURITY DISCLAIMER. VECHAIN IS NOT RESPONSIBLE OR LIABLE FOR ANY SUSTAINED LOSSES OR INJURY CAUSED BY ANY EXPLOITATION, VULNERABILITY OR OTHER FORM OF FAILURE OR MALFUNCTIONING OF SOFTWARE (E.G., DECENTRALIZED APPLICATIONS, SMART CONTRACTS, ETC.), APPLICABLE BLOCKCHAINS OR ANY FEATURES BUILT INTO DIGITAL ASSETS, INCLUDING WITHOUT LIMITATION ANY ISSUES WITH THE BLOCKCHAIN SUPPORTING NON-FUNGIBLE TOKENS, FORKS, TECHNICAL NODE ISSUES OR ANY OTHER ISSUES THAT MAY RESULT IN LOSSES OR INJURY;

(d) DIGITAL ASSET OWNERSHIP DISCLAIMER. DIGITAL ASSETS EXIST ONLY BY VIRTUE OF THE OWNERSHIP RECORD MAINTAINED ON THE APPLICABLE BLOCKCHAIN. VECHAIN CANNOT AFFECT OR OTHERWISE CONTROL THE TRANSFER OF TITLE OR RIGHT IN ANY DIGITAL ASSETS OR UNDERLYING OR ASSOCIATED CONTENT OR ITEMS; and

(e) NO CUSTODY. VEWORLD IS A NON-CUSTODIAL DIGITAL WALLET FOR DIGITAL ASSETS, WHICH MEANS THAT VECHAIN IS NOT INVOLVED IN THE PURCHASE, SALE, EXECUTION, CUSTODY, OR TRADING OF DIGITAL ASSETS THROUGH YOUR USE OF VEWORLD, AND THEREFORE NEVER HOLDS CUSTODY OF ANY DIGITAL ASSETS WHEN YOU USE VEWORLD. YOU ACKNOWLEDGE AND AGREE THAT YOU ARE SOLELY RESPONSIBLE FOR (i) THE CONTROL OF YOUR DIGITAL ASSETS AND YOUR VEWORLD MNEMONIC PHRASE, AND (ii) ALL ACTIVITY AND ANY RISK OF LOSS RELATED TO ANY TRANSACTION AND DIGITAL ASSET ASSOCIATED WITH YOUR VEWORLD DIGITAL WALLET.

6. INDEMNIFICATION

(a) TO THE MAXIMUM EXTENT NOT PROHIBITED BY APPLICABLE LAW, YOU AGREE TO DEFEND, INDEMNIFY AND HOLD HARMLESS, THE VECHAIN PARTIES FROM AND AGAINST ANY AND ALL CLAIMS, COSTS, PROCEEDINGS, DEMANDS, LOSSES, DAMAGES, AND EXPENSES (INCLUDING WITHOUT LIMITATION ATTORNEY'S FEES REASONABLY INCURRED AND LEGAL COSTS AND EXPENSES REASONABLY INCURRED) OF ANY KIND OR NATURE RELATING TO THIRD PARTY CLAIMS ARISING OUT OF (i) YOUR USE OF VEWORLD; (ii) YOUR VIOLATION OF THE RIGHTS OF OR OBLIGATIONS TO A THIRD PARTY; (iii) ANY FEEDBACK YOU PROVIDE TO US CONCERNING VEWORLD; (iv) DIGITAL ASSETS ASSOCIATED WITH YOUR VEWORLD DIGITAL WALLET; (v) YOUR VIOLATION OF THESE TERMS OR ANY TERMS; OR (vi) YOUR VIOLATION OF ANY APPLICABLE LAW, RULE OR REGULATION; and

(b) NO INDEMNITEE OR ANY OTHER PERSON OR ENTITY SHALL BE ENTITLED TO ANY FORM OF EQUITABLE OR IMPLIED INDEMNIFICATION AT ANY TIME.

7. LIMITATION OF LIABILITY

NOTWITHSTANDING ANY CONTRARY PROVISION OF THESE TERMS OR FAILURE OF THE ESSENTIAL PURPOSE OF ANY REMEDY, AND TO THE FULLEST EXTENT NOT PROHIBITED BY APPLICABLE LAW, YOU AGREE AS FOLLOWS:

(a) IN NO EVENT WILL THE VECHAIN PARTIES BE LIABLE FOR (i) ANY INCIDENTAL, INDIRECT, SPECIAL, PUNITIVE, CONSEQUENTIAL OR SIMILAR DAMAGES OR LIABILITIES WHATSOEVER, OR (ii) ANY DAMAGES FOR LOSS OF ANY DIGITAL ASSETS, DATA, INFORMATION, REVENUE, PROFITS OR OTHER BUSINESSES OR FINANCIAL BENEFITS, IN ANY CASE WHETHER UNDER CONTRACT, TORT, NEGLIGENCE, STATUTE, STRICT LIABILITY OR OTHER THEORY EVEN IF WE HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, ARISING OUT OF OR CONNECTED WITH ACCESS OR USE OF VEWORLD, INCLUDING, WITHOUT LIMITATION, THE FOLLOWING: (1) ANY UNAUTHORIZED USE OR ANY LOSS OF YOUR VEWORLD DIGITAL WALLET ADDRESS AND/OR MNEMONIC PHRASE FOR ANY REASON; (2) PARTICIPATION IN OR THE OUTCOME OF A TRANSACTION MADE USING VEWORLD; (3) ANY OF YOUR DIGITAL ASSETS; (4) ANY BUGS, VIRUSES, TROJAN HORSES, OR THE LIKE THAT ARE FOUND IN VEWORLD (REGARDLESS OF THE SOURCE OF ORIGINATION); (5) ANY INJURY OR DAMAGE TO COMPUTER EQUIPMENT; OR (6) THEFT, TAMPERING, OR DESTRUCTION OF, OR UNAUTHORIZED ACCESS TO, DIGITAL ASSETS, OR DATA OR CONTENT OF ANY KIND;

(b) IN NO EVENT SHALL OUR LIABILITY TO YOU OR ANY OTHER PERSON OR ENTITY FOR ALL DAMAGES OR LIABILITIES EXCEED IN THE AGGREGATE THE AMOUNT OF ONE HUNDRED U.S. DOLLARS (USD $100.00) OR ITS EQUIVALENT IN THE LOCAL CURRENCY OF THE APPLICABLE JURISDICTION; and

(c) NOTHING IN THESE TERMS SHALL EXCLUDE OR LIMIT THE LIABILITY OF EITHER PARTY FOR DEATH OR PERSONAL INJURY CAUSED BY ITS NEGLIGENCE. SOME JURISDICTIONS FURTHER DO NOT ALLOW THE EXCLUSION OR LIMITATION OF LIABILITY FOR CONSEQUENTIAL OR INCIDENTAL DAMAGES OR OTHER DAMAGES, SO THE ABOVE LIMITATIONS MAY NOT APPLY TO YOU.

NOTWITHSTANDING ANYTHING TO THE CONTRARY, THE FOREGOING LIMITATIONS OF LIABILITY UNDER THIS PARAGRAPH 7 SHALL NOT APPLY IF AND TO THE EXTENT OF WILLFUL MISCONDUCT OR GROSS NEGLIGENCE.

8. CLASS ACTION WAIVER

EXCEPT WHERE PROHIBITED UNDER APPLICABLE LAW, ALL CLAIMS AND DISPUTES WITHIN THE SCOPE OF THE ARBITRATION AGREEMENT IN PARAGRAPH 9 BELOW MUST BE ARBITRATED ON AN INDIVIDUAL BASIS AND NOT ON A COLLECTIVE CLASS BASIS. ONLY INDIVIDUAL RELIEF IS AVAILABLE.

9. DISPUTE RESOLUTION

(a) Arbitration. All disputes arising out of or in connection with these Terms or the subject matter hereof ("Dispute(s)") shall be finally settled under the Rules of Arbitration ("Rules") of the International Chamber of Commerce ("ICC") by one arbitrator appointed in accordance with the ICC Rules. The arbitrator must be fluent in the English language and the arbitration shall at all times be held in the English language. If the Rules permit, the arbitrator shall render a reasoned award in writing. Any arbitration arising pursuant to these Terms shall be held in Milan, Italy, and discovery shall only be admissible to the extent permitted under or not prohibited under the ICC Rules. Upon final judgment by the arbitrator of a Dispute, any award rendered shall be binding and may be entered as a judgment in any court with appropriate jurisdiction, and the parties consent to jurisdiction therein for the purpose of such enforcement. This agreement to arbitrate shall be referred to as the "Arbitration Agreement" herein;

(b) Opt-Out Right. You have the right to opt out of the provisions of this Arbitration Agreement by sending written notice of your decision to opt out within thirty (30) days after first becoming subject to this Arbitration Agreement in accordance with the notice requirements in paragraph 10 below. If you opt out of this Arbitration Agreement, all other provisions of these Terms will continue to apply to# you;

(c) Arbitration Agreement Severability. Except as provided in this paragraph 9, if any part or parts of this Arbitration Agreement are found under the law to be invalid or unenforceable, then such specific part or parts shall be of no force and effect and shall be severed and the remainder of the Arbitration Agreement shall continue in full force and effect; and

(d) Attorney's Fees. The prevailing party in any Dispute shall be entitled to, and the non-prevailing party shall pay, the prevailing party's third-party attorneys' fees and other third-party costs reasonably incurred by the prevailing party in connection with the resolution of the Dispute and in connection with the enforcement of the judgment or arbitration award in favor of the prevailing party. The non-prevailing party shall pay those fees and costs to the prevailing party upon the demand notice of the prevailing party.

10. NOTICES

Notices from one party to any other party must be in the English language and must be reasonably detailed. Notices shall be effective on the date on which the notice is delivered to the notified party's authorized email address. Until you receive notice of a different email address from us, VeChain's authorized email address for all purposes of these Terms shall be the following: veworld@vechain.org. A copy of each notice to VeChain shall be simultaneously sent to the attention of veworld@vechain.org at the following email address: veworld@vechain.org. VeChain may provide notices to you by contacting you via a current email address you have provided to VeChain, as well as by posting the applicable notice prominently on the VeChain website (www.veworld.net).

11. GOVERNING LAW AND JURISDICTION

These Terms and all matters in connection or relating to subject matter hereof (including the interpretation of these Terms) shall be governed by and construed under the laws of Italy, without giving effect to any conflict of laws rules or provisions. Subject to paragraphs 8 (Class Action Waiver) and 9 above (Dispute Resolution) of these Terms, each party shall and does consent and submit to the exclusive personal jurisdiction of the courts in Milan, Italy for any such action.

12. ASSIGNMENT AND DELEGATION

We may assign our rights and delegate our obligations under these Terms, in whole or in part, including in connection with a merger, acquisition, sale of assets or equity, or by operation of law. You hereby grant your prior consent in advance to such assignment and or delegation of obligations. You shall not assign any of your rights or delegate any of your obligations under these Terms without our prior written consent. Any purported assignment or delegation in violation of this paragraph 12 is null and void. No assignment or delegation relieves either party of any of its obligations under these Terms for any period prior to such assignment or delegation.

13. FORCE MAJEURE

VeChain shall not be liable for a failure or delay in performing any of its obligations under these Terms to the extent that such failure or delay is due to causes beyond its reasonable control, including, but not limited to, the following: (i) acts of God; (ii) flood, fire, earthquake, hurricanes or other natural disasters or catastrophes; (iii) epidemics, pandemics or other viral outbreaks; (iv) war, invasion, hostilities (whether war is declared or not), terrorist threats or acts, riot or other civil unrest; (v) government order, law, or actions; and (vi) telecommunication breakdowns, power outages or shortages.

14. MISCELLANEOUS

(a) No Waiver of Rights. The failure by us to enforce any right or provision of these Terms shall not prevent any party from enforcing such right or provision in the future. No waiver by a party of any of the provisions of these Terms is effective unless explicitly set forth in writing and signed by such party. No failure to exercise, or delay in exercising, any right, remedy, power or privilege arising from these Terms operates, or may be construed, as a waiver thereof. No single or partial exercise of any right, remedy, power or privilege hereunder precludes any other or further exercise thereof or the exercise of any other right, remedy, power, or privilege;

(b) Export Laws. You agree that you will not export or re-export, directly or indirectly, VeWorld, and/or other information or materials provided by VeChain hereunder, to any Excluded Jurisdiction or Disqualified Person;

(c) Severability. If any provision of these Terms is found to be unlawful or unenforceable, then that provision shall be deemed severable from these Terms and shall not affect the enforceability of any other provisions;

(d) Entire Agreement. These Terms constitute the sole and entire agreement of the parties with respect to the subject matter contained herein, and supersedes all prior and contemporaneous understandings and agreements, both written and oral, with respect to such subject matter; and

(e) Interpretation. The headings of the sections and subsections contained in these Terms are included for reference purposes only, solely for the convenience of the parties, and shall not in any way be deemed to affect the meaning, interpretation or applicability of these Terms or provision hereof. When the context requires, the plural shall include the singular and the singular the plural; and any gender shall include any other gender. All references to "including" or "includes" or any variation thereof shall be deemed to include the terms "without limitation". The words "hereunder," "hereof," "hereto" and words of similar import shall be deemed references to these Terms as a whole. To the extent not prohibited by applicable law, these Terms shall not be construed against the party who drafted these Terms.