토큰 판매 일반 조항

APPROVED

by the order of Currency Com Bel

Limited Liability Company

as of December 19, 2018 No. 12/1-ОД

GENERAL CONDITIONS FOR DIGITAL TOKENS (TOKENS) ALIENATION

2018

1. Key terms and their definitions
2. Along with the terms used in the Decree of the President of the Republic of Belarus of December 21, 2017 No. 8 “On the development of the digital economy” and other acts of legislation of the Republic of Belarus, as well as acts of the Supervisory Board of the High Technology Park, the following key terms and their definitions are used in the Conditions of Alienation:

2. General Provisions of the Conditions of Alienation

2.1. The Conditions of Alienation are the agreement between the Company and the Acquirer concluded in accordance with clause 21 of the Regulations on the High Technologies Park approved by the Decree of the President of the Republic of Belarus dated September 22, 2005, No. 12, and other legislation of the Republic of Belarus.

2.2. The Conditions of Alienation shall stipulate the terms under which the Company alienates tokens to the Acquirers, and the latter acquire them from the Company.

2.3. The Conditions of Alienation shall be concluded for an indefinite period of time and shall be deemed to be valid until the Parties have fully fulfilled their obligations under the Conditions of Alienation.

2.4. For the purposes of interpretation and application of Conditions of Alienation and other constituent parts of the Agreement their text in the Russian language shall prevail.

3.Disclosure of risk information

3.1 By accepting and (or) complying with the Conditions of Alienation, the Acquirer acknowledges that it has read the following risk information disclosed by the Company and that it accepts these risks:

3.1.1 tokens are not legal tender and are not required to be accepted as a means of payment;

3.1.2 the Republic of Belarus, its administrative and territorial units, the Supervisory Board of the High Technologies Park and the administration of the High Technologies Park are not liable to token owners for their technical and legal properties, both as declared during their creation and placement and necessary for token owners to achieve the goals they set when acquiring tokens;

3.1.3 tokens are not provided by the state;

3.1.4 acquisition of tokens may lead to complete loss of Funds and other objects of civil rights (investments) transferred in exchange for tokens (including as a result of token cost volatility; technical failures (errors); illegal actions, including theft);

3.1.5 the technology of the register of transaction blocks (blockchain), other distributed information system and similar technologies are innovative and constantly updated, which implies the need for periodic updates (periodic improvement) of the Information System and the risk of technical failures (errors) in its operation;

3.1.6 certain tokens alienated by the Company may be of value only when using the Information System and (or) the Company’s services;

3.1.7 as the attitude of different states (their regulators) to token transactions (operations) and approaches to their legal regulation differ from jurisdiction to jurisdiction, there is a risk that the Agreement or its particular conditions may be invalid and (or) unenforceable in certain states.

4. Procedure for token alienation

4.1.Tokens may be alienated by the Company in the following ways:

4.1.1 in trading in tokens (tokens trading) in the Company’s trading system (hereinafter referred to as “trading in tokens”) based on the competition of orders for acquisition and alienation of tokens submitted by various token traders and the Company to the Company’s trading system;

4.1.2 out of trading in tokens (direct alienation by the Company to the Acquirer).

4.2.The Company may alienate both tokens ownedby the Company and tokens owned by other persons. If the Company alienates tokens belonging to other persons by power of attorney (i.e. by order and on behalf of another person), the Conditions of Alienation do not apply and the relations arising in this case are governed by a separate agreement.

4.3.The subject matter of the Agreement and its type (i.e. the sale and purchase agreement, the exchange agreement, etc.) shall be determined by the Orders (and in the event of token alienation in trading in tokens – also by the Company Orders opposite to the Orders) and may provide, among other things, for the Acquirer’s receipt of the title of property to the tokens alienated by the Company for Funds in exchange for tokens of other type, etc. (the subject matter of the Agreement may be provided in the confirmation specified in sub-clause 6.2.1.3 of clause 6 of the Conditions of Alienation, or in the electronic message specified in sub-clause 6.3.2 of clause 6 of the Conditions of Alienation). The subject matter of the Agreement may provide for the alienation of tokens in the order of their placement (in which case the Acquirer acts as the first owner of the respective tokens).

4.4.The terms of the Agreement are set out in the following constituent parts:

4.4.1 when alienating tokens in trading in tokens – in the Terms and Conditions of Use of the Cryptoplatform (Trading Platform) and the Website (hereinafter referred to as “Terms and Conditions”), the agreement for participation in trading in tokens, the Conditions of Alienation, as well as in the Order satisfied by the trading system of the Company (or in the confirmation specified in sub-clause 6.2.1.3 of clause 6 of the Conditions of Alienation);

4.4.2 when alienating tokens out of trading in tokens – in the Terms and Conditions, the Conditions of Alienation, as well as the Order sent by the Acquirer and accepted by the Company (or in the electronic message specified in sub-clause 6.3.2 of clause 6 of the Conditions of Alienation);

4.4.3 when alienating the Company’s own tokens created by the Company or on its behalf by another person (including in the order of their placement) – along with the constituent parts provided for in sub-clauses 4.4.1 and 4.4.2 of this paragraph – also in the relevant White Paper Declaration approved by the head of the Company.

4.5.In case of contradictions between the constituent parts of the Agreement, in its interpretation, these contradictions shall be resolved in favor of:

4.5.1 the Order or confirmation satisfied by the trading system of the Company, specified in sub-clause 6.2.1.3 of clause 6 of the Conditions of Alienation (when alienating tokens in trading in tokens) or the Order sent by the Acquirer and accepted by the Company, or the electronic message specified in sub-clause 6.3.2 of clause 6 Conditions of Alienation (when alienating tokens out of trading in tokens) – in relation to other constituent parts of the Agreement (except for the case stipulated in sub-clause 4.5.3 of this clause);

4.5.2 the Conditions of Alienation – with respect to other constituent parts of the Agreement, except for the constituent parts of the Agreement specified in sub-clause 4.5.1 of this clause (except for the case provided for in sub-clause 4.5.3 of this clause);

4.5.3 the relevant White Paper Declaration approved by the Company’s head (when alienating the Company’s own tokens created by the Company or on its behalf by another person (including in the order of their placement)) – in relation to other constituent parts of the respective Agreement.

4.6. Although the Terms and Conditions, the agreement for participation in trading in tokens and the Conditions of Alienation are considered to be constituent parts of the Agreement, they are also separate agreements binding upon the parties, whether or not the Agreement is generally considered concluded.

4.7. The Company may alienate tokens of certain types only under the Agreement of a certain type (for example, under the Agreement, which is the exchange agreement).

4.8. The transfer by the Acquirer to the Company of Funds and tokens for the acquisition of tokens of one type may be associated with the acquisition by the Acquirer of other types of tokens required for the acquisition of the first type of tokens (in this case, prior to the transfer of the said Funds and tokens, the Acquirer shall be provided with the form of the corresponding Order for the acquisition of tokens of another type). In this case, the Account of the Acquirer will reflect and take into account the mentioned tokens of another type.

4.9. The Agreement is not a standard form contract or a contract of adhesion.

4.10 The Company is entitled to gift tokens or carry out their alienation within advertising actions and other promotional events (including tokens alienated in the order of their placement) in the cases and on the conditions determined by the Company at its sole and absolute discretion. The conditions of the relevant contracts (including gift agreements) shall be accorded by the parties ad partem. The conditions of the Agreement shall not be applied to such contracts (including gift agreements), unless otherwise stipulated in the agreement of the parties. The title of property to tokens alienated under this sub-clause shall pass to the Acquirer from the moment of conclusion of the relevant contract, unless otherwise stipulated in the agreement of the parties.

5. Procedure for determining the price of tokens alienated by the Company and the terms of disclosure of information about them

5.1. The procedure for determining the price of tokens depends on the type of tokens to be alienated (the nature of the rights to the objects of civil rights, the existence of which is certified by tokens, if they certify it) and the method of tokens alienation (in trading in tokens or out of trading in tokens). The token purchase price (the price of buying) differs from the token sale price (the price of sale). If tokens are alienated in accordance with sub-clause 8.5 of clause 8 of the Conditions of Alienation, the prices for them may differ from the prices for tokens of the same types alienated in the absence of circumstances stipulated in this sub-clause.

5.2. The procedure for determining the price of the Company’s own tokens created by the Company or on its behalf by another person and placed by the Company shall be determined by the corresponding White Paper Declaration approved by the head of the Company. However, the price determined in accordance with this declaration may change depending on the actual demand and supply for these tokens, if they are alienated in trading in tokens.

5.3. The price of tokens created by other persons (not on the instructions of the Company) shall be determined by the respective White Paper Declarations, agreements between these persons and the Company, as well as the actual supply and demand for these tokens.

5.4. The price of tokens, which are cryptocurrency, shall be generally determined by the Company on the basis of information obtained from the operators of trading platforms (cryptoplatforms) (liquidity providers, price feed providers) and taking into account the actual supply and demand for such tokens in the Company’s trading system.

5.5. Specific prices of tokens alienated by the Company shall be posted on the Company’s website on the Internet. Having concluded the Agreement, the Acquirer acknowledges that he is familiar with these prices.

5.6. Information on the Company’s own tokens, created by the Company or on its behalf by another person and placed by the Company, is disclosed by the Company by means of acquaintance of the Acquirer with the content of the corresponding White Paper Declaration, approved by the head of the Company, which is a constituent part of the Agreement.

5.7. The Company may disclose information on tokens created by other persons (not on behalf of the Company) by familiarizing the Acquirer with the content of the relevant White Paper Declarations.

5.8. Information on tokens that are exclusively cryptocurrency (do not certify that their owners have rights to the objects of civil rights) shall be clarified (obtained) by the Acquirers themselves.

6. Conclusion of the Agreement

6.1. The Agreement shall be deemed concluded if the Parties have reached an agreement on all the conditions provided for in all the constituent parts of the Agreement.

6.2. The agreement on all the conditions provided for in all the constituent parts of the Agreement shall be deemed to have been reached if, together, all the following circumstances occur

6.2.1. when alienating tokens in trading tokens:

6.2.1.1. the Acquirer has agreed to the Terms and Conditions, as well as the Conditions of Alienation in electronic form when the Acquirer creates an account (with the receipt by the Company in electronic form confirmation of the fact of expression of this consent with the fixation of the time of its receipt);

6.2.1.2. the Acquirer has agreed to the agreement for participation in trading in tokens in electronic form if the Acquirer is granted the status of a token trader (admission to the trading in tokens), which may take place when the Acquirer creates an account (with the Company receiving an electronic confirmation of the fact of expression of this consent with the fixation of the time of its receipt);

6.2.1.3. the Company’s trading system in whole or in part (the possibility of partial satisfaction (execution) takes place as a general rule unless otherwise provided for in the respective Order and the Company Order) has satisfied (executed) the counter (offsetting) Order and the Company Order with the overlapping (crossing) price conditions (with the receipt by the Acquirer in electronic form of confirmation of the fact of satisfaction stating the terms and conditions on which the satisfaction was made, also with fixing the time of satisfaction). Satisfaction with the corresponding Order and the Company Order shall be considered acceptance of the offer (the one placed in the trading system of the Company earlier shall be considered an offer, and the one later - an acceptance);

6.2.2. when alienating tokens out of trading in tokens:

6.2.2.1. the Acquirer has agreed to the Terms and Conditions, as well as the Conditions of Alienation in electronic form when the Acquirer creates the Account (with the receipt by the Company in electronic form confirmation of the fact of expression of this consent with the fixation of the time of its receipt);

6.2.2.2. the Company has accepted the corresponding Order (with receipt by the Acquirer in electronic form of confirmation of the fact that the Company has made this acceptance);

6.2.3. when alienating tokens created by the Company (including in the order of their placement) – in addition to the circumstances provided in sub-clauses 6.2.1 and 6.2.2 of this clause – the Acquirer has agreed in electronic form with the corresponding White Paper Declaration, approved by the head of the Company (with receipt by the Company in electronic form of confirmation of the fact of expression of this consent with fixation of the time of its receipt).

6.3. Provided that all the circumstances stipulated in sub-clause 6.2 of this clause are present, the Agreement shall be deemed concluded at the moment of:

6.3.1 satisfaction of the counter (offsetting) Order and the Company Order with the overlapping (crossing) price conditions of the Company’s trading system (when alienating tokens in trading in tokens);

6.3.2 receipt by the Acquirer of confirmation of the fact that the Company has made acceptance provided for in sub-clause 6.2.2 of this clause (when alienating tokens out of trading in tokens). This confirmation shall be sent to the Acquirer immediately after the acceptance has been made in the form of an electronic message containing all the conditions of the relevant transaction, formulated on the basis of the Order text (in this case the texts of other constituent parts of the Agreement are not duplicated in this message).

6.4. The Parties recognize the city of Minsk (Republic of Belarus) as the place of conclusion of the Agreement.

6.5. The title of property to tokens being the object of the Agreement shall pass to the Acquirer from the moment of conclusion of the Agreement.

Submission and consideration of the Order

7.1. The Order shall be sent (submitted) via the Information System in the form provided for (displayed) in the Information System. In addition to the information required for the Parties to reach an agreement on the subject matter of the Agreement, other information (conditions) may be provided for in this form.

7.2. The Order is considered to be submitted (received by the Company) at the moment of its registration in the Information System.

7.3. When alienating tokens out of trading in tokens, the Company shall ensure that the time of sending (submitting) the Order is recorded within the accuracy to seconds and that the electronic message providing for this time is immediately sent to the Acquirer after receiving the respective Order from the Acquirer.

7.4. By submitting the Order, the Acquirer confirms (assures the Company) that, in accordance with the legislation of the country whose citizenship he (it) holds (the right of the country where it is established, registered or has its residence or domicile):

7.4.1. he (it) has the right to make and execute a transaction (operation) with tokens, which it initiates by sending the Order;

7.4.2. the Company has the right to make and execute a transaction (operation) with tokens, which he (it) initiates by sending the Order;

7.4.3. the conclusion and performance of the Agreement is lawful.

7.5. By submitting the Order, the Acquirer confirms (assures the Company) that he (it):

7.5.1. has a sufficient level of knowledge and skills to be a party to a token transaction (operation), which it initiates by submitting the Order;

7.5.2. is fully aware of the legal consequences of the above mentioned transaction (operation) settlement;

7.5.3. is not a person with whom the Company is not entitled to establish relations in accordance with the acts of the Supervisory Board of the High Technologies Park;

7.5.4. has the status of a qualified investor in the meaning defined by the acts of the Supervisory Board of the High Technologies Park (if the Acquirer is a citizen of the Republic of Belarus and acquires the placed tokens for the Funds);

7.5.5. agrees to be bound by the acts of the Supervisory Board of the High Technologies Park regulating the issues of alienation and acquisition of tokens.

7.6. The Company shall review the Order to ensure that it meets the content requirements set forth in the Order Form and that the Company is able to execute it, taking into account the amount of the Acquirer’s Funds and tokens held by the Company.

7.7. The Order is accepted by the Company’s trading system (when alienating tokens in trading in tokens) or accepted by the Company (when alienating tokens out of trading in tokens) only if the following circumstances are present in the aggregate:

7.7.1. the Order complies with the requirements to its content stipulated in the Order form (including the nature and size (amount) of money and (or) other objects of civil rights, which constitute the Acquirer’s consideration under the Agreement (e.g., the objects the which (the title of property to which) will be (have been) transferred to the Company by the Acquirer for the performance of the obligations of the latter under the Agreement);

7.7.2. the Company has the ability to execute it. This ability is not available (may not be available), including if the Company has requested from the Acquirer certain documents (their copies, images) and (or) information (materials) in order to execute the Order in accordance with the requirements in the field of prevention of money laundering, financing of terrorist activities and proliferation of weapons of mass destruction, and the Acquirer has not provided them, or if the Order is otherwise hindered from execution by these requirements, as a result of lack of liquidity (illiquidity) as well as by technical and other requirements;

7.7.3. the amount of the Acquirer’s Funds and tokens held by the Company is sufficient for the execution of the Order (unless otherwise provided in the Order form or otherwise determined by the Company);

7.7.4. The Order submitted by the Acquirer to the trading system of the Company can be accepted only during the time when the tokens trading in respect of the relevant is conducted in the said trading system (this time shall be determined and changed by the Company at its sole and absolute discretion and posted on its Internet site), unless otherwise expressly permitted by the Company.

8. Performance of the Agreement

8.1.The nature and size (amount) of money and (or) other objects of civil rights, which (the title of property to which) will be (has been) transferred (including by means of automatic performance of the Agreement by the trading system of the Company)to the Company by the Acquirer to perform the duties of the latter under the Agreement, are clearly defined in the Order;

8.2. Performance of the Agreement when alienating tokens in the course of trading in tokens (in the part of actions of the Partiesconstituting the subject matter of the Agreement) is carried out by the trading system of the Company automatically in accordance with the acts of the Supervisory Board of the High Technologies Park. As a rule, this performance is carried out immediately after conclusion of the Agreement. In case of impossibility to carry out this performance (due to technical and other reasons), the Acquirer shall be returned to the performed by it under the Agreement.

8.3. The Company shall perform the Agreement when tokens are alienating out of trading in tokens (with regard to the actions of the Partiesconstituting the subject matter of the Agreement) immediately after acceptance of the Order and at the price that was notified to the Acquirer at the moment of submitting by it the respective Order (except for cases when, in agreement with the Acquirer, the Company has to acquire the Order object (in full or in part) from another person in order to perform the Agreement – in this situation the Agreement term is determined in the form of the Order). In this case, the Company shall perform Agreement. In case of impossibility to carry out this performance (due to technical and other reasons), the Acquirer shall be returned to the performed by it under the Agreement.

8.4. The Acquireractually receives tokens acquired from the Company:

8.4.1. when alienating tokens in trading in tokens – as a result of the Company’s transfer of the tokens accounted for by the Company for the Acquirer to the address (identifier) of the Acquirer’s virtual wallet at its request within three business days from the date of receipt of the relevant request by the Company;

8.4.2. when alienating tokens out of trading in tokens – depending on the terms and conditions of the Order – either as a result of direct transfer of the acquired tokens to the address (identifier) of the Acquirer’s virtual wallet when executing the corresponding Order, or (if these tokens remained with the Company and were accounted for by the Acquirer) as a result of transfer by the Company of the tokens accounted for by it for the Acquirer to the address (identifier) of the Acquirer’s virtual wallet at its request within three business days from the date of receipt of the corresponding request by the Company.

8.5. In the event that the Funds, tokens of the Acquirer, which are in the possession of the Company, are not sufficient for the full payment of tokens of the Company, which are the object of the Agreement, if the Acquirer so wishes, the Company shall have the right (at its own and absolute discretion) to conclude the Agreement with the Acquirer, accepting from the Acquirer advance payment for these tokens of the Company out of the Acquirer’s Funds, tokens actually held by the Company (until the full payment of tokens being the object of the Agreement, the Acquirer shall not have the right to make a demand specified in sub-clause 8.4 of this clause, or to dispose of them in any way other than to alienate them to the Company under the agreement of the same type as the Agreement, unless otherwise expressly permitted by the Company). In this situation, the Order form and (or) the Terms and Conditions provide for the right of the Acquirer of the Company to conclude an agreement with the Acquirer by means of an irrevocable offer (this agreement shall be of the same type as the Agreement concluded between them) for the acquisition of the abovementioned tokens by the Company with offsetting of similar counterclaims arising out of this agreement and the Agreement (the circumstances in which the Company is entitled to use this right are provided in the form of the Order and (or) Terms and Conditions). The advance payment provided for in this sub-clause may be made by means of reserving (blocking) the relevant amount of Funds or tokens of the Acquirer by the Company within the Acquirer’s Account.

8.6. The Acquirer shall pay to the Company remuneration for the settlement and (or) execution of transactions (operations) with tokens in accordance with the Terms and Conditions (including by deduction (withholding) by the Company of the amount(size) of this remuneration from the amount (quantity) of Funds, tokens of the Client held by the Company).

8.7. It may not be possible for the Company to perform the Agreement due to the need to take measures to prevent money laundering, financing of terrorist activities and proliferation of weapons of mass destruction.

9. Information technology service conditions

9.1. To the extent not provided for in the Conditions of Alienation, the conditions of the Company’s information technology service of the Acquirer are determined by the Terms and Conditions.

9.2. The Company takes measures to eliminate technical failures (errors) identified in the Information System as soon as possible. In connection with revealing of such technical failures (errors) the Company has the right to demand from the Acquirer obligatory fulfillment of certain actions with the notification of the Acquirer about them by e-mail or otherwise.

9.3. In case of revealing by the Acquirer of technical failures (errors) in the Information system, it is obliged to inform immediately the Company about them (by sending of the corresponding message to the e-mail address [email protected] or in other way providing operative reception by the Company of the information on the specified technical failures (errors)).

9.4. The Acquirer shall not be entitled to use technical failures (errors) in the Information System to obtain any benefit for itself or other persons or to cause any damage (harm) to other persons.

9.5. The Company on its website on the Internet or otherwise notifies the Acquirer of existing (revealed) technical failures (errors) in the Information System, which affect the rights and legitimate interests of the Acquirer and (or) affect the conclusion and (or) performance of the Agreement, and the approximate period of their elimination.

9.6. The Company shall inform the Acquirer on its website on the Internet or otherwise of the fact and approximate time frame for the technical and preventive works in respect of the Information System and (or) the works on modernization (updating) of the Information System.

10. Liability of the Parties

10.1. The Company shall be liable to the Acquirer only for intentional non-fulfillment (improper fulfillment) of the Agreement. In this case, the Company is obliged to reimburse the Acquirer for the losses incurred by it in full, unless otherwise provided by the legislation of the Republic of Belarus.

10.2. In the event of the Acquirer’s non-fulfillment (improper fulfillment) of the Agreement, the Acquirer is obliged to reimburse the Company for the losses incurred by the Company in full (including reimbursement of the amounts of liability measures applied to the Company in respect of the Company in a foreign country in connection with the conclusion and (or) performance of the Agreement under the terms of the Acquirer’s provision of false assurances provided for in sub-clauses 7.4 and 7.5 of clause 7 of the Conditions of Alienation). The Company has the right to withhold the amount (size) of losses caused to it from the amount (quantity) of the Client’s Funds, tokens held by the Company in full or in part.

10.3. The basis for indemnification from responsibility for non-fulfillment (improper fulfillment) of the Agreement for the Acquirer is the presence of force majeure circumstances (under which the Parties understand emergency and unavoidable circumstances under these conditions, i.e. natural disasters), and for the Company– the absence of its fault.

11. Applicable law and dispute settlement procedure

11.1. The legislation of the Republic of Belarus shall apply to the relations between the Parties arising out of the Conditions of Alienation or the Agreement. In this case, the material, not collision, norms of law shall be applied.

11.2. If a dispute arises between the Parties from the Conditions of Alienation or the Agreement prior to its submission for consideration to the dispute settlement body provided for in the Conditions of Alienation, it shall be mandatory to follow the claim procedure for dispute settlement provided for in the Conditions of Alienation.

11.3. Claims shall be sent:

11.3.1. by the Acquirer – from the e-mail address of the Acquirer specified by it at the time of creation of the Account to the e-mail address [email protected] or other e-mail address notified by the Company (specify “Claim. For the Legal Team” in the title of the letter) with the scanned image of the paper claim signed by the Acquirer or its representative attached to the letter (if the claim is signed by the representative, the attachment of a scanned image of the document confirming the representative’s authorities is mandatory);

11.3.2. by the Company- to the e-mail address of the Acquirer, specified by it at the time of creation of the Account.

11.4. The Parties also have the right to send their signed paper claims (by registered mail with delivery receipt or by the correspondence delivery services, such as EMS, DHL or UPS) to each other’s addresses of residence (location) (with certified copies of documents confirming the representative’s authorities, if the claim is signed by the representative).

11.5. Claims shall contain:

11.5.1. surname, given name (first name), patronymic (name) of the claimant and a person (persons), to whom the claim is submitted (the claimee), their place of residence (place of temporary residence) or location;

11.5.2. date of filing the claim;

11.5.3. circumstances on the basis of which the claim is filed;

11.5.4. specific well-reasoned demands of the Party with reference to the provisions of the Conditions of Alienation or the Agreement, as well as the norms of the legislation of the Republic of Belarus;

11.5.5. the amount of the claim and its calculation, if the claim is subject to monetary evaluation.

11.6. The claim cannot be subject to consideration if:

11.6.1. it is not sent in accordance with sub-clauses 11.3 or 11.4 of this clause;

11.6.2. its content does not correspond to sub-clause 11.5 of this clause.

11.7. The response to the claim shall be sent within 30 days from the date of its receipt in the manner specified in sub-clause 11.3 or sub-clause 11.4 of this clause.

11.8. If the dispute arisen has not been settled in the claim procedure, it shall be submitted for consideration:

11.8.1. if the Acquirer is a citizen or a legal entity of the Republic of Belarus, – to the court at the location of the Company, determined in accordance with the legislation of the Republic of Belarus;

11.8.2. if the Acquirer is a foreign citizen, stateless person, foreign or international legal entity or foreign organization, which is not a legal entity, – to the International Arbitration Court of the Belarusian Chamber of Commerce and Industry (BelCCI) (the Republic of Belarus, the city of Minsk). Arbitration clause:

“All disputes, disagreements or claims that may arise from or in connection with the Conditions of Alienation or the Agreement,including those related to their conclusion, change, termination, performance, invalidity or interpretation, shall be considered in the International Arbitration Court of the Belarusian Chamber of Commerce and Industry (BelCCI) (the Republic of Belarus, the city of Minsk) in accordance with its regulations.”.

11.9. The Parties shall have the right to settle a dispute arising out of the Agreement by using mediation in accordance with the legislation of the Republic of Belarus.

12. Amendment and termination of the Agreement

12.1. Each Party shall have the right to terminate the Agreement at any time at its sole and absolute discretion by means of a unilateral extrajudicial refusal to perform it, expressed by sending the other Party a notice of such refusal in the manner specified in sub-clause 11.3 or sub-clause 11.4 of clause 11 of the Conditions of Alienation. The Agreement shall be deemed to be terminated on the date of receipt by the Recipient Party of the relevant notice (in the notice the Company may introduce another term). The Company has also a right to the send the mentioned notice by way of putting its text on its website in the Internet with drawing Acquirer’s attention to this notice (in this situation the Agreement is deemed to be terminated at the moment of placing such a notice on such a website, in case if this text does not contain another term).

12.2. The Company is not entitled to unilaterally and extrajudicially refuse to fulfill the obligations on own tokens of the Company created by it or on its behalf by another person and placed by the Company, as well as terminate unilaterally and extrajudicially the effect of the relevant White Paper Declaration approved by the head of the Company, in the presence of these tokens in circulation.

12.3. In the event of termination of the Agreement, the Funds, tokens of the Acquirer held by the Company shall be transferred by the Company to the Acquirer at its request after deduction of the amounts of remuneration due to the Company, the expenses incurred by the Company in connection with such transfer and the amounts of losses incurred by the Company in connection with such transfer and the amounts of damage caused by the Acquirer, provided that the transfer is not hindered by the taking measures in the field of prevention of money laundering, financing of terrorist activities and proliferation of weapons of mass destruction.

12.4. The Company has the right to unilaterally and extrajudicially amend the Agreement at any time at its sole and absolute discretion, except for the White Paper Declaration approved by the head of the Company, which will be amended in cases provided for in the acts of the Supervisory Board of the High Technologies Park. In these cases, the Company will amend this declaration unilaterally and extrajudicially. The Agreement shall be amended unilaterally and extrajudicially by posting the amended text of the Agreement on the Company’s website on the Internet with posting of the notice thereof in the Acquirer’s Account (or by using another way of attention riveting of highlighting the Acquirer’s attention to the fact of Agreement changing) and (or) by sending such notice in the manner specified in sub-clause 11.3 or sub-clause 11.4 of clause 11 of the Conditions of Alienation. The Agreement shall be deemed to have been amended three days after the moment the said notice appears in the Acquirer’s Account or after the moment of receipt by it of such notice (in case it is sent by other means), unless the Company includes another term.