1. The BitPrime Supporter Initiative (TBSI) does not constitute an investment of any kind. BitPrime Limited (BitPrime) offers services in kind to participants that choose to support BitPrime in various ways.

1.1.  TBSI is not an equity offer, security, or financial product of any sort.

1.1.1.There is no prospect of future returns on any contribution made to TBSI.

1.2. Persons who provide money or services to TBSI are henceforth referred to as “contributors”.

1.3. The deadline to contribute to TSBI is 23:59 Sunday, 29th May 2022, or until all tiers are fully subscribed, whichever comes first.

1.3.1. BitPrime reserves the right to extend the deadline at its discretion.

1.4. TBSI will only be run once in this format. There will be no future opportunities to join TBSI once all tiers are fully subscribed, or the deadline is reached.

1.5. TBSI consists of a range of tiers as stated on the main initiative webpage.

1.5.1. The existing tiers are presently: Chain Gang, Hodlers, Maximalists, Bag Holders, Evangelists, We are Satoshi, Lambo Club and Whales.

1.5.2. BitPrime reserves the right to close and add tiers at its discretion prior to the deadline.

1.5.3. Contributors will be allocated to each tier based on their level of contribution or services in kind.

1.5.4. Each tier has a maximum capacity, as prescribed by BitPrime. Once this capacity is reached, the tier will be referred to as being “fully subscribed”. No further contributions will be accepted to a tier after the tier is fully subscribed. In the event that a tier is over-subscribed prior to BitPrime closing it, BitPrime reserves the right to accept the oversubscription or to move the contributor to the next tier down.

1.5.5. Each tier has a range of rewards offered. BitPrime undertakes to deliver those rewards within the stated time frame where practicable but reserves the right to delay the delivery of reward(s) in unforeseen circumstances. Each contributor may only claim rewards once. This will be from the highest reward tier they have fulfilled the requirements of. Monetary contributions are only considered valid and rewards may be provided once BitPrime has confirmed receipt of the funds in their cryptocurrency wallet or bank account.

2. BitPrime is required under the AML/CFT Act. 2009 to have an understanding of the source of funds it receives.

2.1. All contributors must be verified under BitPrime’s standard AML/CFT compliance framework prior to making any monetary contribution.

2.2. Contributors sending cryptocurrency must also be verified in accordance with BitPrime’s standard AML/CFT compliance framework.

2.3. In the event of an individual contributor sending BitPrime cryptocurrency or fiat currency with a value in excess of assigned account limits, BitPrime reserves the right to conduct additional due diligence. Contributions may be returned if they don’t comply with BitPrime’s standard AML/CFT compliance framework.

3. BitPrime will create a membership offering called the PrimePass.

3.1 Those who have a membership for the PrimePass are henceforth referred to as “members”.

3.2. Contributors to TBSI at certain tiers will be provided with free PrimePass membership; which will last for either six months, twelve months, or the customer’s lifetime, as determined by the contribution tier.

3.2.1. BitPrime reserves the right to alter these terms and conditions and how PrimePass functions at any time. If members will be affected by any changes to PrimePass, they will be given six months of notice before any changes to their personal membership are made.

3.3. PrimePass members will be entitled to ‘fees-free trading’ for the duration of the membership.

3.3.1. Fees-free trading: BitPrime will not charge a margin for the orders. BitPrime will still pass on any costs associated with making the order. These may include, but are not limited to, foreign exchange costs. BitPrime will not make any profit on these orders.

3.4. There is no automatic renewal of PrimePass.

4. BitPrime will create a decentralised autonomous organisation (DAO).

4.1. The minimum number of contributors for the DAO to be formed is 250 persons

4.2. All contributors will be able to join the DAO and members of the DAO are henceforth referred to as “participants”.

4.3. The DAO will be created in consultation with participants.

4.4. Participants will be issued non-transferable governance tokens (GT) proportional to their level of contribution.

4.4.1. Participants that contributed services in kind and did not make a monetary contribution will have the proportionality of their GT allocation determined at BitPrime’s discretion. Non-monetary contributors will be allocated not more than twenty per cent of the total governance tokens issued.

4.4.2. Governance tokens do not represent any type of security or other financial product.

4.4.3. Governance tokens are non-transferable under any circumstances. Governance tokens cannot be bought, sold, or gifted. A participant can relinquish their governance tokens at any time by sending the tokens to a burn address.

5. BitPrime’s shareholders will amend the company constitution to compel the board to enact resolutions from the DAO, provided that they:

5.1. Don’t force the board to violate the Companies Act 1993; and

5.2. Are lawful in respect to all other legislation, regulations, and lawful directions by regulators in New Zealand and all other jurisdictions that BitPrime operates in or may operate in the future.

6. BitPrime will maintain open and transparent communications with the DAO and DAO participants with the following caveats:

6.1. Commercially sensitive information will only be shared where BitPrime and the DAO can ensure confidentiality under all circumstances; and

6.2. The DAO will not have any access to BitPrime’s internal systems or those of contractors, nor any data belonging to or relating to BitPrime’s individual customers and staff in accordance with Privacy Act 2020 and any other relevant legislation.

7. DAO participants must conduct themselves in accordance with any directives brought into existence by a DAO resolution, so far as they pertain to the operation of the DAO, and to BitPrime.

7.1. Those directives may include but are not limited to, interpersonal conduct within DAO channels of communication and in the public arena.

7.2. A participant may be excluded from DAO communication channels in certain circumstances if subsequent directives are violated.

7.3. A DAO participant may not be forced to relinquish governance tokens or the associated voting rights.

Last edited 15.5.22.

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