Terms of Use
Last Revised: September 29, 2022
1. Introduction
Celsius Network LLC and its Affiliates (collectively, “we,” “our,” “us”, or “Celsius” ) provide thefollowing Terms of Use that, as they may be modified from time to time by Celsius in its sole discretion(the “Terms”) apply to our users (“you”or “User(s)”) and govern each User’s access to, and use of,Celsius’ products and services as well as our mobile and web-based application(s), our website(s), any
software, programs, documentation, tools, hardware, internet-based services, components, and any
updates (including software maintenance, service information, help content, bug fixes or maintenancereleases) provided to you by Celsius, directly or indirectly, through our mobile application, our website, or
any other online services we provide (each a “Service,” and collectively the “Services”).
PLEASE CAREFULLY REVIEW THESE TERMS BEFORE USING, OR CONTINUING TO USE, ANY OF
CELSIUS’ SERVICES. THE TERMS INCLUDE IMPORTANT INFORMATION ABOUT YOURRELATIONSHIP WITH CELSIUS, INCLUDING MANDATORY ARBITRATION OF DISPUTES BETWEENYOU AND CELSIUS INSTEAD OF CLASS ACTIONS OR JURY TRIALS THE SERVICES AREPROVIDED SOLELY FOR USE BY YOU, AND YOUR USE OF THE SERVICES IS EXPRESSLYCONDITIONED ON YOUR CONSENT TO, AND COMPLIANCE WITH, THE TERMS. BY ACCESSING
OR USING OUR SERVICES, YOU AGREE TO BE BOUND BY THE TERMS. IF YOU DO NOT AGREE
TO ANY OF THE PROVISIONS OF THESE TERMS YOU SHOULD IMMEDIATELY STOP USING THE
SERVICES. IN ADDITION, OUR PRIVACY POLICY IS INCORPORATED INTO THE TERMS IN ITSENTIRETY. WE ENCOURAGE YOU TO READ THE TERMS CAREFULLY AND USE THEM TO MAKE
INFORMED DECISIONS.
IMPORTANT NOTICE REGARDING THE TREATMENT OF DIGITAL ASSETS
THE TREATMENT OF DIGITAL ASSETS IN YOUR CELSIUS ACCOUNT MAY HAVE CHANGED
DEPENDING ON THE JURISDICTION IN WHICH YOU RESIDE AND WHETHER CELSIUS’ CUSTODYSERVICE (SEE SECTION 4(B) BELOW) IS AVAILABLE TO YOU. PLEASE READ THE FOLLOWINGTERMS CAREFULLY SO THAT YOU UNDERSTAND THESE CHANGES AND CAN MAKE INFORMEDFINANCIAL DECISIONS.
BEGINNING APRIL 15, 2022 (THE “MODIFICATION DATE”), THE FOLLOWING TERMS SHALLAPPLY:
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TERMS APPLICABLE TO ALL USERS RESIDING IN THE UNITED STATESIF YOU RESIDE IN THE UNITED STATES AND HAVE ACCESS TO CELSIUS’ CUSTODYSERVICE VIA YOUR CELSIUS ACCOUNT, ANY ELIGIBLE DIGITAL ASSET
TRANSFERRED TO YOUR CELSIUS ACCOUNT ON OR AFTER THE MODIFICATIONDATE WILL BE INITIALLY TRANSFERRED TO A CUSTODY WALLET AS PART OF THE
CUSTODY SERVICE.
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DIGITAL ASSETS HELD IN A CUSTODY WALLET WILL NOT EARN REWARDSTHROUGH CELSIUS’ EARN SERVICE (SEE SECTION 4(D) BELOW).
●ANY ELIGIBLE DIGITAL ASSET THAT YOU LOANED TO CELSIUS THROUGH THE
EARN SERVICE PRIOR TO THE MODIFICATION DATE WILL CONTINUE TO EARNREWARDS PURSUANT TO THE TERMS HEREIN, UNTIL SUCH TIME AS ANY SUCHELIGIBLE DIGITAL ASSET IS THEREAFTER USED IN A SERVICE OTHER THAN THE
EARN SERVICE (E.G., THE SWAP SERVICE, CELPAY SERVICE, BORROW SERVICE,
OR VOLUNTARILY MOVED TO THE CUSTODY SERVICE) OR OTHERWISE
WITHDRAWN FROM YOUR CELSIUS ACCOUNT (EACH AN “EARN SERVICETERMINATION EVENT”).
TERMS APPLICABLE TO NON-ACCREDITED U.S. USERS●

IF YOU RESIDE IN THE UNITED STATES AND ARE NOT REGISTERED WITH CELSIUS
AS ACCREDITED INVESTORS (A “NON-ACCREDITED U.S. USER”) ANY ELIGIBLE
DIGITAL ASSET THAT IS SUBJECT TO AN EARN SERVICE TERMINATION EVENT WILLNOT HAVE ACCESS TO THE EARN SERVICE THEREAFTER; SUCH ELIGIBLE DIGITALASSET, HOWEVER, MAY BE USED IN CELSIUS’ OTHER SERVICES SUBJECT TO THETERMS HEREIN.
●
IF YOU ARE A NON-ACCREDITED U.S. USER, ANY DIGITAL ASSET TRANSFERREDTO CELSIUS ON OR AFTER THE MODIFICATION DATE WILL NOT EARN REWARDSAND NOT HAVE ACCESS TO THE EARN SERVICE.
TERMS APPLICABLE TO ACCREDITED U.S. USERS
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IF YOU RESIDE IN THE UNITED STATES AND ARE REGISTERED WITH CELSIUS AS
AN ACCREDITED INVESTOR (AN “ACCREDITED U.S. USER”), YOU SHALL HAVEACCESS TO THE EARN SERVICE SUBJECT TO THE TERMS HEREIN.
IF YOU ARE AN ACCREDITED U.S. USER AND AND HAVE ACCESS TO THE CUSTODYSERVICE VIA YOUR CELSIUS ACCOUNT, ANY ELIGIBLE DIGITAL ASSET
TRANSFERRED TO CELSIUS ON OR AFTER THE MODIFICATION DATE WILL
INITIALLY BE TRANSFERRED TO A CUSTODY WALLET, BUT MAY THEREAFTER BYUSED IN THE EARN SERVICE AT YOUR DISCRETION.
IF YOU ARE AN ACCREDITED U.S. USER AND DO NOT HAVE ACCESS TO THE
CUSTODY SERVICE VIA YOUR CELSIUS ACCOUNT, ANY ELIGIBLE DIGITAL ASSET
TRANSFERRED TO CELSIUS ON OR AFTER THE MODIFICATION DATE WILL BE
INITIALLY TRANSFERRED TO THE EARN SERVICE AND CONSTITUTE A LOAN TOCELSIUS.
PROVIDED THAT YOU CONTINUE TO MAINTAIN YOUR STATUS WITH CELSIUS AS AN
ACCREDITED U.S. USER, YOUR ABILITY TO USE THE EARN SERVICE SHALL
2CONTINUE WITH RESPECT TO ALL ELIGIBLE DIGITAL ASSETS IN YOUR CELSIUS
ACCOUNT.
TERMS APPLICABLE TO USERS RESIDING OUTSIDE THE UNITED STATESIF YOU RESIDE OUTSIDE THE UNITED STATES, YOU SHALL HAVE ACCESS TO THE
EARN SERVICE SUBJECT TO THE TERMS HEREIN.
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ANY ELIGIBLE DIGITAL ASSET THAT YOU LOANED TO CELSIUS THROUGH THE
EARN SERVICE PRIOR TO THE MODIFICATION DATE, WILL CONTINUE TO EARNREWARDS.
●ANY ELIGIBLE DIGITAL ASSET TRANSFERRED TO CELSIUS WILL BE INITIALLY
TRANSFERRED TO THE EARN SERVICE AND CONSTITUTE A LOAN FROM YOU TOCELSIUS.
Please take further notice that Celsius may modify the Terms at any time and in its sole discretion by●

posting the revised Terms on the Celsius website. You shall be bound by such modifications effective
immediately upon posting. It is your responsibility to review these Terms prior to each use of the Services.
Celsius reserves the right to implement, change, modify, or increase any fee, rates or other related cost inconnection with your Celsius Account or the use of any of the Services at any time. In the event a fee
applies to you, we will notify you of the pricing of the fee prior to your providing authorization to complete
the subject transaction or transfer. By accepting the Terms you hereby agree to pay all fees associatedwith or incurred by your use of the Celsius Account or any of the Services.
The Services provided in connection with specific Eligible Digital Assets listed on Appendix A are provided
by the Affiliate Celsius EU UAB, a limited liability company incorporated in Lithuania.

2. Definitions
Capitalized terms shall have the meanings assigned to them in these Terms, unless the context requires
otherwise.
“Account” or “Celsius Account” means a User’s designated user account on the Celsius website ormobile application, allowing a User to access and use the Services, view the User’s balance of Eligible
Digital Assets held in custody on the User’s behalf or loaned by the User to Celsius, and any rewards
gained on loaned Eligible Digital Assets, and manage the User’s personal information and profile.YOUR
CELSIUS ACCOUNT IS NOT A BANK ACCOUNT, DEPOSIT ACCOUNT, SAVINGS ACCOUNTS,CHECKING ACCOUNT, OR ANY OTHER TYPE OF ASSET ACCOUNT AND SHOULD NOT BECHARACTERIZED AS A BANKING PRODUCT OR SERVICE. THE USE OF TERMS SUCH AS“ACCOUNT,” “ACCOUNT BALANCE,” “WITHDRAW” AND SIMILAR LANGUAGE IN CONNECTION
WITH THE EARN SERVICE AND THE BORROW SERVICE (SEE FURTHER SECTIONS 4(D) AND 4(E)
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BELOW, RESPECTIVELY) DOES NOT IMPLY OR ESTABLISH, AND SHALL NOT BE TAKEN TO
SUGGEST, ANY FORM OF CUSTODY RELATIONSHIP, AND SUCH LANGUAGE IS USED HEREIN AS
TERMS OF CONVENIENCE ONLY IN REFERRING TO USERS’ BORROWING OR LENDING OF
DIGITAL ASSETS TO OR FROM CELSIUS AS PART OF THE EARN SERVICE AND BORROWSERVICE, AND CELSIUS’ OBLIGATION TO TRANSFER DIGITAL ASSETS TO USERS UPON THE
TERMINATION OF SUCH LOANS OR REPAYMENT OF SUCH BORROWING IN CONNECTION WITH
THESE SERVICES.
“Affiliate” means an entity that owns or controls, is owned or controlled by, or is or under common control
or ownership with a party, where control is defined as the direct or indirect power to direct or cause thedirection of the management and policies of such party, whether through ownership of voting securities, bycontract, or otherwise.
“AML” stands for Anti-Money Laundering, which means a set of procedures, laws, and regulations thatare intended to stop the practice of generating income through illegal actions.
“Blockchain” means a system in which records of transactions made in Digital Assets are maintained
across several computers that are linked in a peer-to-peer network.
“CEL Token” means Celsius’ native token.
“Custody Wallet” means a Virtual Wallet where all Eligible Digital Assets held therein are custodial
assets maintained either by us or by a third party institution or other entity selected by Celsius (a “Third
Party Custodian”).
“Digital Asset” means a digital representation of value in which encryption techniques are used toregulate the generation of digital units and verify the transfer of assets, operating independently from acentral bank.
“Eligible Digital Assets” means the types of Digital Assets we may choose to designate for inclusion
under one or more of the Services from time to time, which are subject to change and/or limitation in oursole discretion, based on business, regulatory and/or other considerations.
“Fiat,” when used in reference to money or currency, means the coin and paper money of a country thatis designated as legal tender, circulates, and is customarily used and accepted as a medium of exchange
in the country of issuance.
“KYC” stands for Know Your Customer (or Client), which means the process of a business verifying theidentity of its customers or clients and assessing potential risks of illegal intentions for the business
relationship.
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“Pegging” is the practice of fixing the exchange rate of one currency to the value of another currency orasset.
“Stablecoin” means a Digital Asset that is Pegged to a Fiat currency.
“Virtual Wallet” or “Virtual Wallet Address” means an on-Blockchain virtual address in which Digital
Assets can be held and transferred.

3. Eligibility and Proof of Identity
In order to use the Services you must first register for a Celsius Account.
In order to be eligible to access and use the Services, you must (i) be eighteen (18) years of age or older,(ii) have the legal ability to enter into and be bound by these Terms, (iii) comply with these Terms, and (iv)register for and maintain an active and valid Celsius Account. Celsius is not obligated to accept any
application from any applicant and has sole and absolute discretion to accept or reject applications tocreate Celsius Accounts.
The Services are not available where prohibited by law or by Celsius policy, as updated from time to time;currently, such places include, but are not necessarily limited to, the countries of Iran, North Korea,
Sudan, South Sudan, Syria, Cuba, or any other country against which the United States, the United
Kingdom or the European Union imposes financial sanctions or embargoes.
Be advised that in some jurisdictions, due to regulatory considerations, Celsius may not provide part or allof the Services, which may include support for some Eligible Digital Assets or the CEL Token.
Due to changing regulatory requirements and interpretations in the Digital Assets markets, Celsius may
use its sole and absolute discretion to, among other things, reject specific applications to open Celsius
Accounts, prohibit use of part or all of the Services and/or close, freeze or suspend Celsius Accounts,
where Celsius, in its sole and absolute discretion, has determined that regulatory or policy reasons
prevent Celsius from being able to offer its Services.
Celsius is subject to AML, KYC, and U.S. sanction requirements under the Bank Secrecy Act (“BSA”),
Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct
Terrorism Act (“USA PATRIOT Act”), and the Office of Foreign Assets Control (“OFAC”).
Under applicable AML and OFAC rules, Celsius is obligated to maintain certain information about you,including User records and transaction history, for five years (seven years for Users residing in the state of
New York), or a longer period as may be required under applicable laws. Under certain circumstances,

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Celsius is required to report to the competent authorities of any unusual transactions, or of any suspicion it
may have that any User might be involved in any financial crime or illicit activity.
Celsius is required to comply with applicable AML and KYC requirements before and after you register fora Celsius Account. When you register for a Celsius Account, we will ask for documentation andinformation, including but not limited to copies of your government-issued identification document (e.g.
Passport, driver’s license). For corporate Celsius Accounts, we may require identification information
related to the directors, officers, authorized representatives, or equity owners of the business. We may
also gather and use information about you from third parties, to help us confirm your identity, perform our
AML/KYC checks and/or determine your access to the Services You represent and warrant at all times
that any and all information provided by you to us is true, accurate, and not misleading in any respect. If
any such information changes, it is your obligation to provide the new information to us as soon aspracticable following such change.

4. Services
A. Celsius AccountYour Celsius Account allows you to view your balances in connection with the Services provided to you by
Celsius and access the Services and conduct certain transactions online. You are solely responsible forthe activities under your Celsius Account and for securing your Celsius Account IDs, passwords, hints, or
any other codes that you use to access your Celsius Account and the Services. Celsius is not responsible
for any loss or compromise of your access information and/or your personal information, or for any loss
that you may sustain due to compromise of your access information and/or personal information.
CELSIUS MAY RESTRICT SERVICES IN CERTAIN JURISDICTIONS DUE TO APPLICABLE LAWS,REGULATIONS, AND BUSINESS CONSIDERATIONS, AT ITS SOLE DISCRETION. ANY SERVICESAVAILABLE TO YOU WILL BE THOSE ACCESSIBLE VIA YOUR CELSIUS ACCOUNT. IF YOURESIDE IN THE UNITED STATES, THE SERVICES AVAILABLE TO YOU MAY DEPEND ON YOURSTATUS AS AN ACCREDITED INVESTOR. CELSIUS MAY REQUEST FROM YOU PROOF OF
ACCREDITED INVESTOR STATUS PERIODICALLY OR AT ANY TIME, IN CELSIUS’ SOLEDISCRETION. THE FAILURE OF A USER TO TIMELY RESPOND TO SUCH A REQUEST MAY
RESULT IN THE TEMPORARY OR PERMANENT LOSS OF THAT USER’S ABILITY TO USE ASERVICE. CELSIUS IS NOT LIABLE TO ANY LOSS OR DAMAGE RESULTING FROM SUCHTEMPORARY OR PERMANENT LOSS OF USE TO ANY SERVICE.
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We will not be liable for following any instruction we receive through your Celsius Account, even if it was
not authorized by you, or if it was entered by mistake or is otherwise inaccurate. To verify the authenticity
of any instruction we receive through your Celsius Account, at our sole discretion we may require yoursignature or identification in any form we deem necessary, and we may accept digital images andelectronic signatures for documents that need to be signed. You agree to reimburse us (and we may
charge you or deduct from the balance of your Celsius Account) for all claims, costs, losses, anddamages, including reasonable attorneys’ fees, that result from our following instructions we receive
through your Celsius Account to take any action related to your Celsius Account.
Your Celsius Account is not a bank account, deposit account, savings accounts, checking account, or any
other type of asset account and should not be characterized as a banking product or service. All Eligible
Digital Asset balances on your Celsius Account represent Digital Assets that are either (1) held in your
Custody Wallet by Celsius or a Third Party Custodian, (2) loaned by you to Celsius, or (3) posted to
Celsius as collateral and, therefore, owned, held and/or controlled by Celsius (under the applicable
Service, as further detailed herein), and subject to Celsius’ obligation to deliver such Digital Assets back to
you upon the termination of the applicable Service.
Celsius may freeze, suspend or terminate your Celsius Account at any time in its sole discretion, in
addition to taking any action and seeking any remedy it may be entitled to in law or in equity, including if
Celsius suspects your involvement in any fraudulent activity of any kind or other misuse of the Services,
provision by you of inaccurate or misleading information, or your involvement in any money laundering orother financial crime related to you or your Celsius Account.
B. Custody
Our custody (“Custody”) Service allows you to store Eligible Digital Assets in a Custody Wallet
accessible through your Celsius Account. PLEASE NOTE THAT WHEN YOU USE OUR CUSTODYSERVICE TO STORE ELIGIBLE DIGITAL ASSETS YOU WILL NOT RECEIVE A FINANCING FEE,REWARDS OR FINANCIAL COMPENSATION OF ANY KIND ON ELIGIBLE DIGITAL ASSETS SO
STORED.
When you use the Custody Service, you understand and agree that Celsius may act as the custodian or
we may use a Third Party Custodian to provide the Custody Service. Celsius will inform, update, and/or
obtain your consent in advance, as applicable, in the event that a Third Party Custodian is used to provide
the Custody Service to you. Celsius will use reasonable skill in the selection, appointment, and periodic
review of Third Party Custodians. By using the Custody Service, you understand and agree to appoint
Celsius or a Third Party Custodian selected by Celsius as your agent to store and secure Eligible Digital
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Assets in a Custody Wallet, and perform other duties customarily performed by a custodian. You
understand that the Custody Service may be performed by a custodian in a jurisdiction other than where
you are domiciled. By using the Custody Service, you authorize Celsius to transfer your Eligible Digital
Assets to a Third Party Custodian or Custodians as may be selected by Celsius, and to instruct and cause
any such Third Party Custodian to transfer your Eligible Digital Assets to another Third Party Custodian or
Custodians as may be selected by Celsius, or to Celsius, in each case without the need for any further
notice to or consent from you, and consistent with providing the Custody Services as set forth herein.
Title to any of your Eligible Digital Assets in a Custody Wallet shall at all times remain with you and nottransfer to Celsius. Celsius will not transfer, sell, loan or otherwise rehypothecate Eligible Digital Assets
held in a Custody Wallet unless specifically instructed by you, except as required by valid court order,
competent regulatory agency, government agency or applicable law. As title owner of assets, you bear allrisk of loss. Celsius shall have no liability for any Digital Asset price fluctuations or any or all loss of Digital
Assets. Notwithstanding the foregoing, Celsius may suspend your access to Services, including theCustody Service and your access to a Custody Wallet, in the event of market disruptions or periods ofvolatility. Celsius or a Third Party Custodian controls the private keys to the Blockchain addresses of all
Custody Wallets. Celsius will use reasonable care and commercially reasonable efforts in connection with
the Custody Service to store and secure Eligible Digital Assets in a Custody Wallet. You understand thatyour use of the Custody Service, whether provided by Celsius or a Third Party Custodian, does not createa fiduciary relationship between you and Celsius or any Third Party Custodian. Neither Celsius nor any
Third Party Custodian has any fiduciary duty to you. Celsius has no duty to inquire into, supervise, or
determine the suitability of any transaction you initiate involving Eligible Digital Assets in a Custody Wallet.
Eligible Digital Assets in a Custody Wallet may be comingled with the Eligible Digital Assets of other
Users, and Celsius is under no obligation to return the actual Eligible Digital Assets initially transferred by
you to a Custody Wallet, but will return Eligible Digital Assets of the identical type reflected in your Celsius
Account at the time you request such a return. Celsius may provide information regarding the Eligible
Digital Assets in a Custody Wallet to comply with any applicable law, regulation, rule, or request by law
enforcement or government agencies.
Eligible Digital Assets held in a Custody Wallet are subject to the other provisions of these Terms, unlesswhere expressly stated otherwise. Celsius retains the right to set-off any Eligible Digital Assets in a
Custody Wallet against any obligations you may have to us. You understand and acknowledge that thelegal treatment of Digital Assets remains unsettled and may vary depending on the jurisdiction in which
you reside. In the event that you, Celsius or any Third Party Custodian becomes subject to an insolvency
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proceeding, it is unclear how your Digital Assets would be treated and what rights you would have to such
Digital Assets. Celsius does not make any representation as to the likely treatment of Digital Assets inyour Celsius Account, including those in a Custody Wallet, in the event that you, Celsius or any Third
Party Custodian becomes subject to an insolvency proceeding whether in the U.S. or in any otherjurisdiction. You explicitly understand and acknowledge that the treatment of Digital Assets in the event ofsuch an insolvency proceeding is unsettled, not guaranteed, and may result in a number of outcomes thatare impossible to predict reliably, including but not limited to you being treated as an unsecured creditor
and/or the total loss of any and all Digital Assets reflected in your Celsius Account, including those in a
Custody Wallet.
Upon your instruction to Celsius to use one of the other Services detailed in this Section (such as, but notlimited to, Swap, CelPay, and Borrow), or otherwise offered by Celsius, where such Services are available
to you through your Account, the Eligible Digital Assets being used in such other Service may involve
transferring your assets out of a Custody Wallet. Eligible Digital Assets that are transferred out of, or notheld in, a Custody Wallet are not subject to the custody functions set forth in this Section.
Until further notice, the Custody Service will only be available in certain jurisdictions.
C. Swap
i. Introduction to Swap Service
Our Swap Service, if available to you, allows you to exchange one type of Eligible Digital Asset for anothertype of Eligible Digital Asset in your Celsius Account, provided that the exchange is of a Digital Asset pair
supported by Celsius (“Supported Pair”). Celsius may choose to add, remove, change, or impose any
additional limits on Supported Pairs from time to time, in its sole discretion and without providing priornotice.
By using Celsius’ Swap Service, you will allow Celsius to exchange the type and amount of the Digital
Asset in your Celsius Account that you choose to swap (the “Swapped Assets”) into the type of Digital
Asset you choose to receive (the “New Assets”). The amount of New Assets to be received in exchange
for the Swapped Assets is determined by the amount of Swapped Assets multiplied by the applicableconversion rate of the relevant Digital Asset pair (the “Exchange Rate”).
ii. Exchange Rates
Celsius will use reasonable efforts to source the best rate for a Supported Pair across multiple venues.
However, we cannot guarantee that the Exchange Rates offered on our platform would always be optimal,
and you understand and acknowledge that Celsius is not under any obligation to provide the best rate fora Supported Pair. You further acknowledge that it is your responsibility to check if a better rate is available
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on another platform. In line with Celsius’ commitment to transparency, the Exchange Rates quoted may
include an offset from the prevailing market rate (also known as “spread”) to mitigate both Celsius’
exposure to price volatility between the time the Exchange Rate is confirmed and the time the transaction
is executed. The spread may be set by Celsius and/or third party vendors working with Celsius tocomplete the Swap transaction.
Exchange Rates available on our platform are moment-in-time specific, and due to the volatility in crypto
markets, change constantly and rapidly. An Exchange Rate is only final when you approve the transaction
and it has been accepted and confirmed.
iii. Swap Transactions are Final
All Swap transactions are final and irreversible once approved by you.
You should therefore carefully review the terms of each transaction before you approve it. Celsius will not
be liable for any errors in your order. If you believe a transaction was not executed in accordance withyour instructions, please contact support@celsius.network.
We may reject or cancel a Swap transaction where we deem it reasonably necessary, e.g., where there
was an error in the Exchange Rate or in the execution of the transaction, or where the quoted Exchange
Rate is no longer available.
iv. Execution
Each Swap transaction is entered into between you and Celsius (as buyer or seller, as applicable), andCelsius does not act as your broker, agent, or intermediary.
By entering into any Swap transaction, you hereby appoint Celsius or a Third Party Custodian to act as
the custodian of the Swapped Assets for the purpose of exchanging those assets, and for the durationnecessary to complete the exchange.
During periods of high volume, illiquidity, or volatility in the marketplace for any Digital Asset, the actual
market rate at which trade is executed may be different from the prevailing rate indicated at the time ofyour order or trade. You acknowledge and agree that Celsius is not liable for any such price fluctuations.
In the event of periods of high volume, illiquidity, or volatility in the marketplace for any Digital Asset orother market disruption of any kind or Force Majeure event (see further Section 34 below, “Force
Majeure”), Celsius may suspend access to the Swap Service and/or prevent you from completing any
actions via the Swap Service. Following any such event, you understand that prevailing market rates
when trading resumes may differ significantly from the rates available prior to such event.
v. Representations and Warranties
By using the Swap Service, you represent and warrant to Celsius that:10

the information provided by you to Celsius, including, but not limited to, regarding yourplace of residency, is accurate and up-to-date;2.
you are using Celsius’ Swap Service solely for your own personal purposes, and not onbehalf of any other person or for business purposes;
3.
you are aware of, and can withstand, the risks involved in holding, using and trading
digital assets, and you have read and understood our Risk Disclosure;4.
you will NOT use borrowed funds for the purpose of using our Swap Service, andparticularly you shall NOT use funds borrowed from Celsius for such purpose;5.
you will be solely responsible for all tax reporting and payment obligations which may
apply to you as a result of using the Swap Service;
6.
your use of the Swap Service shall be at all times in full compliance with all laws andregulations applicable to you, and you shall not use it for any illegal purposes, including,but not limited to, activities involving financial crime, money laundering or terrorism
financing, or the proceeds thereof.
Any breach of these representations and warranties by you shall constitute a breach of these Terms, and1.

may result in, among other legal action, the termination of your Celsius Account.
D. Earn Rewards
Our Earn Service allows you to earn a financing fee from Celsius, referred to as “Rewards,” in the form of
Digital Assets (either in-kind, i.e., in the same Digital Asset you transfer, or in CEL Tokens, wherepermitted) in exchange for entering into open-ended loans of your Eligible Digital Assets to Celsius under
the terms hereof. If our Earn Service is available to you, upon your election, you will lend your
Eligible Digital Assets to Celsius and grant Celsius all rights and title to such Digital Assets, for
Celsius to use in its sole discretion while using the Earn Service.
The balance of Eligible Digital Assets loaned by you to Celsius, and any Rewards gained thereon (seefurther Section 12 below, “How Rewards are Calculated and Earned”) are visible via your Celsius Account.
Once such Eligible Digital Assets are received by Celsius into your Earn balance, they shall be Celsius’
property, in every sense and for all purposes, and you will immediately start accruing Rewards on such
Digital Assets in accordance with the terms hereof (unless explicitly provided for the purpose of being
utilized for any other Service), and the corresponding amount (and kind) of Eligible Digital Assets shall bereflected in your Celsius Account balance. We reserve the right to reject entry into any loan transaction,
and/or the right to repay any loan of Digital Asset already made, each at your expense.
You may terminate any loan to Celsius at any time, and request that Celsius return the borrowed Eligible
Digital Assets and deliver any Rewards accrued from the Earn Service, by transferring such Eligible
Digital Assets and Rewards to your external Virtual Wallet (in accordance with Section 11 below,“Withdrawals”) or to the Custody Service, if available.
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The Earn Service is not an investment program nor a speculative tool. Rather, you are earning Rewards
as a financing fee on the loan of Eligible Digital Assets you have transferred to Celsius in connection with
the Earn Service, and in accordance with the rates published by Celsius from time to time, pursuant tothese Terms.
AS FURTHER EXPLAINED IN SECTION 1 ABOVE, BEGINNING APRIL 15, 2022, THE EARNSERVICE WILL NOT BE AVAILABLE FOR ANY DIGITAL ASSET TRANSFERRED TO CELSIUS OR
USED IN A SERVICE OTHER THAN THE EARN SERVICE AFTER THAT DATE BY A
NON-ACCREDITED U.S. USER. ANY ELIGIBLE DIGITAL ASSET LOANED TO CELSIUS THROUGH
THE EARN SERVICE PRIOR TO APRIL 15, 2022, INCLUDING SUCH ELIGIBLE DIGITAL ASSETS OF
NON-ACCREDITED U.S. USERS, WILL CONTINUE TO EARN REWARDS THROUGH THE EARNSERVICE PURSUANT TO THE TERMS HEREIN, UNTIL SUCH TIME AS SUCH ELIGIBLE DIGITALASSET IS THEREAFTER USED IN A SERVICE OTHER THAN THE EARN SERVICE (E.G., THE SWAPSERVICE, CELPAY SERVICE, BORROW SERVICE, OR VOLUNTARILY MOVED TO THE CUSTODYSERVICE) OR OTHERWISE WITHDRAWN FROM THE APPLICABLE USER’S CELSIUS ACCOUNT.
THE EARN SERVICE WILL REMAIN FULLY AVAILABLE TO ACCREDITED U.S. USERS OR USERSRESIDING OUTSIDE THE UNITED STATES.
E. Borrow
You may apply to borrow certain Fiat currencies or Stablecoins from an Affiliate of Celsius, as will beagreed between you and Celsius or its Affiliates in writing, against Eligible Digital Assets in your Celsius
Account (each, a “Loan”). If approved, such application shall be subject to a separate agreement to beentered into between you and the Celsius Affiliate (the“Loan Agreement”), and Celsius or its Affiliates
shall hold the Digital Assets provided as collateral under the Loan Agreement for the benefit of the Lendersubject to the terms hereof, including without limitation Sections 9, 10 and 13.
In no circumstances shall it be permissible for you to use the proceeds of such Loans to purchaseadditional Digital Assets through any third party fiat “on-ramp” service providers that may be integrated inor connected with the Celsius platform from time to time, and you represent and warrant that you will not
do so. Celsius further does not recommend or encourage any use of borrowed funds for purchasing
Digital Assets or making any financial investment. You represent that any use by you of the proceeds ofLoans shall be in full compliance with all applicable laws and regulations, these Terms, and the applicable
Loan Agreement, and you shall be solely responsible and liable for any breach of any of the foregoing.
Any Eligible Digital Assets you provide as collateral under a Loan Agreement shall not be eligible foranother Service provided by Celsius at the same time, including the Earn Service, as set out above, and12

by entering into any Loan Agreement you explicitly authorize Celsius to deduct the amount of Eligible
Digital Assets corresponding to the collateral amount from the applicable Service in your Celsius Account.
Celsius may in its sole discretion offer other forms of commercial arrangement under the Borrow Service,
such as a sale and repurchase arrangement, based on its regulatory, business, or other considerations.
F. CelPay
CelPay is Celsius’ proprietary Digital Asset tool for Celsius Users, which allows you to transfer ownershipor assign your rights with Celsius, as applicable, in connection with selected Eligible Digital Assets toother registered Celsius Users (see further Section 15 below, “CelPay”).
By entering into any CelPay transaction you explicitly authorize Celsius or its Affiliates to deduct suchamounts of Eligible Digital Asset as you instruct us to transfer to another user from your Celsius Account,and to be added to the balance of the Celsius Account of such other User. Conversely, by accepting any
CelPay transaction from another User you agree that the amounts of Eligible Digital Asset sent to you
shall be added to the balance of your Celsius Account.

5. Celsius Account Types
A. Individual Celsius AccountThis Celsius Account is owned by only one natural person who is and will continue to be the only person
authorized to take any action in the Celsius Account. By opening an Individual Celsius Account, yourepresent and warrant that you are and shall at all times continue to be the sole beneficial owner of the
Celsius Account and user of all Services facilitated or generated therefrom.
B. Corporate Celsius AccountThis Celsius Account is owned by a corporation, unincorporated association, a company, a partnership,
fiduciary, sole proprietorship, or other legally recognized group (interchangeably defined as an “Entity”)
holding a Celsius Account in any capacity other than an individual capacity. An Entity can apply to open a
Celsius Account through any natural person(s) who is duly authorized by the Entity to do so (an“Authorized Representative”).
Such Authorized Representative represents and agrees, on behalf of the Entity, as well as on his or her
own behalf, that he or she:1.

2.

is fully authorized to execute all documents or otherwise complete our requirements in his
or her stated capacity;
has provided us all documents or other information necessary to demonstrate that
authority; and13

will provide other documents and complete other requirements as we may request fromtime to time.
We may refuse to recognize any such authorization if, in our reasonable judgment, it appears to be3.

incomplete or improperly executed.
By opening a Corporate Celsius Account, the Authorized Representative represents and warrants onbehalf of the Entity that the Entity is and shall at all times continue to be the sole beneficial owner of the
Celsius Account and user of all Services facilitated or generated therefrom and that the ultimate beneficial
owners of all assets and assets belonging to the Entity are as represented during the establishment of the
Corporate Celsius Account. The Entity registered as holder of a Corporate Celsius Account, the ultimate
beneficial owner(s) of such Entity and any Authorized Representative(s) shall each be responsible for
updating Celsius immediately of any change in the details of the Entity, ultimate beneficial owner(s) and/or
Authorized Representative(s), including any appointment or termination of the same, change of control in
the Entity or change in the registration details of the Entity, and such persons shall be jointly and severally
liable to Celsius for any breach of these Terms in connection with the Corporate Celsius Account.
C. Maximum Number of Accounts
Each User is authorized to have a maximum of one Individual Celsius Account and one Corporate
Account (such as in the case of a sole proprietorship) at any given time. Requests for additional accounts
must be sent via email to app@celsius.network. Celsius may deny a request for an additional account in
its sole discretion and for any reason. Celsius may merge, freeze, suspend, or terminate any Account(s) in
its sole discretion and for any reason, including to the extent Celsius reasonably believes any such
Account(s) to be in breach of this policy.

6. Authorized Users
For both Individual and Corporate Celsius Accounts, we may follow any instructions regarding yourCelsius Accounts provided that we reasonably believe such instructions are authorized by the Celsius
Account holder, and we will not be held liable for following any instructions provided by a person
designated or identified as an authorized User or Authorized Representative.

7. Account BalanceYour Celsius Account balance visible through the platform shall indicate, the balance of Eligible Digital
Assets attributed to each Service, to the extent applicable and available. You can transfer additional
14

Eligible Digital Assets to Celsius by transferring the same to the Virtual Wallet Address(es) provided inyour Celsius Account (or as otherwise notified by us to you). Any Eligible Digital Asset received will betreated by us as being transferred to your Celsius Account beginning on the date and at the time stamped
on the Blockchain confirmation.
If Celsius chooses to designate “wrapped” Digital Assets (i.e., Digital Assets Pegged to the value of thecorresponding Digital Asset on its “native” Blockchain) for inclusion under one or more of the Services,
any such Eligible Digital Assets that you transfer to Celsius may be repaid to you in, and reflected in yourCelsius Account balance as, the corresponding native Eligible Digital Asset. In the event Celsius incurs
any loss or damage as a result of the Digital Assets that you transfer to Celsius being wrapped, such as,
but not limited to, from the wrapped Digital Asset becoming De-Pegged from the value of the native Digital
Asset, Celsius may recover such losses or damages from the Eligible Digital Assets in your Celsius
Account pursuant to Section 9 of these Terms. Nothing herein shall oblige Celsius to accept “wrapped”
Digital Assets, and it is your sole responsibility to make sure such “wrapped” Digital Assets are Supported
Digital Assets prior to transferring them to your Celsius Account.
It is your sole responsibility to make sure that Digital Assets you wish to transfer to Celsius are
Eligible Digital Assets, and that your transfer of Eligible Digital Assets on the Blockchain is
directed over the correct Blockchain and to the correct Virtual Wallet Address as provided to you
by Celsius (which may differ from time to time and between different Digital Assets).
If you do not carefully follow these instructions, your Digital Assets may be irrevocably lost, andCelsius may not be able to assist you in retrieving them. Celsius will not be liable to you for any
such loss and shall not be under any obligation to retrieve such Digital Assets.

8. Ownership of Digital Assets
You hereby represent and warrant to us that any Eligible Digital Asset transferred by you for the purposeof utilizing Celsius’ Services is owned by you or that you are fully permitted to carry out transactions using
such Eligible Digital Assets without restriction or limitation, and that your use of the Services is solely foryour own account and benefit, and not on behalf of any other person or entity. You further represent andwarrant that all such Eligible Digital Assets are free from any claims, indebtedness, liens, or third party
interests.

9. Setoff and Security Interest Rights
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You grant us a security interest in any and all Eligible Digital Assets using the Earn Service for debts,
amounts owed, or liabilities incurred to us or any of our Affiliates by you or any of your Authorized
Representatives, if any (“Obligations”). Obligations may include both secured and unsecured debts, andObligations you owe individually or together with someone else, including Obligations under othertransactions or agreements between you and us or any of our Affiliates.
We also may take or set off from any Digital Asset in your Celsius Account, including any of your Digital
Assets using the Custody Service (i.e., in a Custody Wallet), or deduct from any obligations Celsius may
have to you, any direct, indirect, and acquired Obligations that you owe us or our Affiliates. These rights
are in addition to other rights we may have to take, transfer, or charge from any assets or balance in yourCelsius Account for Obligations you owe us or our Affiliates pursuant to these Terms.
Your acceptance of these Terms serves as your consent to Celsius’ asserting its security interest or
exercising its right of setoff should any laws governing your Celsius Account require your consent. If thelaw restricts our ability to take, transfer, or setoff from any obligations to you, or if your Celsius Accountbalance is protected from attachment, levy, or legal process, you waive those conditions and limits to thefull extent that you may do so by contract, and you authorize us to take any actions to offset yourObligations in your Celsius Account being used in the Earn Service.
We hereby agree that, to the extent permitted by applicable law, in the event that Celsius breaches its
obligation under these Terms, you may set off assets or amounts we owe you with respect to your Celsius
Account, against your Obligations. If the law restricts your ability to take, transfer, or setoff our obligations
to you, or if they are protected from attachment, levy, or legal process, we waive those conditions andlimits to the full extent that we may do so by contract, and we authorize you to apply our obligations to you
to your Obligations.

10. Risk Disclosure
Before using any of Celsius’ Services, you should ensure that you fully understand and can afford toundertake the risks involved. You should carefully read and make sure you understand our Risk
Disclosure page, which lists some, but not all of the risks involved in holding, trading and using crypto
assets generally, and using Celsius’ services specifically. The risks listed below and in our Risk Disclosure
page are intended to provide you with a general outline of the risks involved, but cannot capture all suchrisks.

16

These Terms and your use of any of our Services do not create a fiduciary relationship between us andyou; your Celsius Account is not a checking or savings account, and it is not covered by insurance against
losses. Celsius has no duty to inquire into, supervise, or determine the suitability of any transaction you
initiate involving Eligible Digital Assets in your Celsius Account. We may lend, sell, pledge, hypothecate,assign, invest, use, commingle or otherwise dispose of assets and Eligible Digital Assets that are not held
in a Custody Wallet (if available to you) to counterparties or hold the Eligible Digital Assets withcounterparties, and we will use our best commercial and operational efforts to prevent losses. Bytransferring Digital Assets to Celsius, or lending Eligible Digital Assets to Celsius while using the Earn
Service, or otherwise using the Services, you will not be entitled to any profits or income Celsius may
generate from any subsequent use of any Digital Assets (or otherwise), nor will you be exposed to any
losses which Celsius may suffer as a result thereof. You agree and acknowledge that you are exposed tothe possibility that Celsius may become unable to repay its obligations to you in part or in full, in whichcase any Digital Assets in your Celsius Account that are not using the Custody Service may be at risk ofpartial or total loss.
ELIGIBLE DIGITAL ASSETS ARE NOT LEGAL TENDER. CELSIUS IS NOT A BANK OR
DEPOSITORY INSTITUTION, AND YOUR CELSIUS ACCOUNT IS NOT A DEPOSIT ACCOUNT.
ELIGIBLE DIGITAL ASSETS REPRESENTED IN YOUR CELSIUS ACCOUNT ARE NOT HELD BY
CELSIUS AS A FIDUCIARY, ARE NOT INSURED BY ANY PRIVATE OR GOVERNMENTAL
INSURANCE PLAN (INCLUDING THE FEDERAL DEPOSIT INSURANCE CORPORATION (FDIC) OR
THE SECURITIES INVESTOR PROTECTION CORPORATION (SIPC)), AND ARE NOT COVERED BYANY COMPENSATION SCHEME. YOUR CELSIUS ACCOUNT DOES NOT CONSTITUTE ANINVESTMENT CONTRACT OR A SECURITY, IS NOT TRANSFERABLE AND MAY NOT BE TRADED,EXCHANGED OR SOLD TO ANY THIRD PARTY UNDER ANY CIRCUMSTANCES.
Celsius does not provide any legal, tax or financial advice and you are strongly advised to obtain
independent legal, tax or financial advice prior to making any financial decision, including buying, trading,holding, or using Digital Assets. There are significant risks associated with Digital Assets, and you aresolely responsible to make sure you understand such risks and assess whether such risks are appropriate
for you. Celsius does not make any offers, recommendations, or invitations for you to deal in Digital
Assets or use any Services, and does not take into account your personal circumstances, financial
situation, needs or goals. Before making any financial decision, you should carefully assess your financial
situation and capacity, and only use funds that you can afford to lose. Before entering into any transaction
or using any of the Services you should ensure that you understand and have made an independent17

assessment of the suitability and appropriateness of a transaction into which you are entering and thenature and extent of your exposure to risk of loss in light of your own objectives, financial and operational
resources, and other relevant circumstances. Past performance is no guarantee of future results.
Legislative and regulatory changes or actions at the state, federal, or international level may adversely
affect the use, transfer, exchange, and value of Digital Assets. Transactions in Digital Assets may beirreversible, and, accordingly, losses due to fraudulent or accidental transactions may not be recoverable.
The value of Digital Assets may be derived from the continued willingness of market participants to
exchange Digital Assets for Fiat currencies or other Digital Assets. If such willingness is abolished for any
reason, this may result in the potential for a permanent and total loss of value of a particular Digital Asset.
The volatility and unpredictability of the price of Digital Assets may result in significant loss over a shortperiod of time. The nature of Digital Assets may lead to an increased risk of fraud or cyber-attack,including rollback attacks or Blockchain reorganizations. The nature of Digital Assets means that any
technological difficulties experienced by Celsius or third parties may limit, delay or prevent the access or
use of Digital Assets and/or cause losses of Digital Assets. Although Celsius takes precautionary
measures to protect against cyber threats, circumstances may arise where losses or damages are
incurred.
In light of these risks, which are only some of the risks involved in using the Services and holding or
trading in Digital Assets, and do not constitute an exhaustive list of such risks, you should carefully
consider whether holding or trading Digital Assets in general and/or using our Services is suitable for you
in light of your financial condition.

11. Withdrawals
Subject to these Terms, for any of your Eligible Digital Assets that you elect to utilize in the Earn Service (ifavailable to you), you have a call option on all loans made to Celsius to demand immediate, complete orpartial repayment of any loan at any time through (i) transfer to a Custody Wallet, if available to you, or (ii)a complete or partial withdrawal of Eligible Digital Assets at any time. Such repayment will terminate inwhole or in part your loan to Celsius and you shall no longer accrue Rewards on the amount of loans as of
the time of your exercise of the call option. Celsius initiates the withdrawal process immediately following
a withdrawal request when possible; however, we may require up to three (3) days after you submit yourwithdrawal request to process the withdrawal.

18

For every withdrawal request, you will be required to provide the details of the Virtual Wallet to which you
wish to receive your repayment of Digital Assets. For the avoidance of doubt, any repayment shall be
in-kind (i.e., in the same type of Eligible Digital Assets loaned by you, but not the actual same Digital
Assets originally transferred by you). In the event that the details you provide are inaccurate, incomplete,or misleading, your Digital Assets may be permanently lost. We will not be liable for any loss that resultsfrom inaccurate, incomplete, or misleading details that you may provide for such transfer. If the transfer
address you specify is one to which we are unable to process transfers, we will have no liability for any
resulting failure or delay in processing your requested withdrawal.
Celsius and our third-party partners may experience cyber-attacks, extreme market conditions, or otheroperational or technical difficulties which could result in the immediate halt of transactions either
temporarily or permanently. Provided that Celsius has taken reasonable commercial and operational
measures to prevent such events in technical systems controlled by Celsius, Celsius is not and will not be
responsible or liable for any loss or damage of any sort incurred by you as a result of such cyber-attacks,
operational or technical difficulties or suspensions of transactions. Withdrawal limits based on amounts
and/or frequency may apply from time to time, based on legal, regulatory, AML and/or security
considerations. Our policies and procedures may require additional security and/or compliance checks
that require additional time to complete. Any individual request to exceed withdrawal limits set by Celsius
must be sent via email to app@celsius.network.
Every transmission request shall be deemed pending until accepted by us. We may refuse to accept such
request, or delay the processing of an approved request for any reasonable reason, including but notlimited to inaccurate or misleading information provided by you, or any doubt or suspicion of fraud,
misrepresentation, a sanctioned transaction, money laundering, terrorism financing or other financial
crime related to your Celsius Account.

12. How Rewards Are Calculated and Earned
All Eligible Digital Assets that you elect to utilize in the Earn Service (if available to you) and thus areloaned to Celsius (1) are not being used as collateral for Loans, (2) have not had all rights in connection
with them assigned to another Celsius user using CelPay, and (3) were not requested for externaltransmission or withdrawal (Eligible Digital Assets meeting each of these three criteria, “Loaned Digital
Assets”) entitle you to Rewards while credited to your Celsius Account.

19

We periodically update our rates and the rate changes are made in our sole discretion. Rewards will bepayable in arrears and added to the principal loaned by you to Celsius, as part of the Earn Service, andreflected in your Celsius Account balance weekly.
We calculate the Rewards on Loaned Digital Assets based on market demand for each Eligible Digital
Asset. Reward rates are not determined based on Celsius’ income or profit, generated directly or
indirectly as a result of the use by Celsius of a particular Digital Asset, a type of Digital Assets, orotherwise.
Rewards are payable based on a daily periodic rate applicable to the Loaned Digital Assets. The daily
periodic rate is calculated by dividing the then-applicable annual reward rate by three hundred sixty-four(364) days; then it is further divided down to the hour, minute, and second of that day. Loaned Digital
Assets, including those received as Rewards from previous weeks, will begin gaining Rewards according
to the hour, minute, and second on the timestamp verifying the completion of the applicable transaction
and shall cease and/or decrease the amount paid as Rewards at the moment when the User has enteredan external transmission, withdrawal or transfer of rights (via CelPay) request, or posted any Loaned
Digital Assets as collateral for a Loan. Therefore, any Loaned Digital Asset that you elect to utilize in the
Earn Service (if available to you) mid-week will receive Rewards with no distinction, based on the rates
calculated for the relative time within the allocation period.
We will reflect the Rewards earned for the previous week on or around the first business day of each
week, through our platform. Your Celsius Account must be active on the date the Rewards are payable foryou to receive the applicable Rewards. All Rewards will be added to your Celsius Account balance in-kind(in the same Eligible Digital Asset that is reflected in your Celsius Account) or, subject to your in-app
choice and regulatory and business considerations, in CEL. Once Rewards are added to your Celsius
Account balance, they shall be treated as an integral part of your Eligible Digital Assets, you shall bedeemed to have elected to utilize in the Earn Service (if available to you), including with respect to such
Rewards, which shall thus be loaned to Celsius, for all purposes. To make such in-kind Reward payments
as accurate as possible, Celsius rounds non-integer, rational numbers to the sub-cent, which is thesmallest possible decimal available for the applicable Eligible Digital Asset.
For users who are citizens or legal residents of the United States, Celsius requires your Taxpayer ID (TIN)
or Social Security Number (SSN) to be updated in your Celsius Account in order to gain Rewards. Celsius
is not obligated to reflect credits in your Celsius Account retroactively with Rewards that would have been
gained if you had otherwise updated your profile with your TIN or SSN.
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If Celsius has determined, in its sole and absolute discretion, that for any regulatory or legal reason weare limited in the Rewards rate we may offer you on your Eligible Digital Assets loaned to Celsius (or if weare completely restricted from paying any Rewards to you whatsoever), the Rewards to which you shall beentitled will be limited accordingly. Based on our reasonable interpretation of legal requirements, without
prior notice, we may limit the Rewards to which you will be entitled.
If, at any time, for legal or other reasons, a Celsius Account is suspended or frozen by Celsius, Loaned
Digital Assets connected to such Celsius Account shall not be eligible to earn Rewards.

13. Consent to Celsius’ Use of Digital Assets
In consideration for the Rewards payable to you on the Eligible Digital Assets using the Earn Service, forus entering into any Loan Agreement, and the use of our Services, you grant Celsius, subject toapplicable law and for the duration of the period during which you elect to utilize the Eligible Digital Assets
in the Earn Service (if available to you) and thus loan such Eligible Digital Assets to us through yourCelsius Account, or as collateral under the Borrow Service (if available to you), all right and title to such
Eligible Digital Assets, including ownership rights, and the right, without further notice to you, to hold such
Digital Assets in Celsius’ own Virtual Wallet or elsewhere, and to pledge, re-pledge, hypothecate,rehypothecate, sell, lend, or otherwise transfer or use any amount of such Digital Assets, separately or
together with other property, with all attendant rights of ownership, and for any period of time, and without
retaining in Celsius’ possession and/or control a like amount of Digital Assets or any other monies orassets, and to use or invest such Digital Assets in Celsius’ full discretion. You acknowledge that withrespect to Digital Assets used by Celsius pursuant to this paragraph:
1.
2.
3.

You will not be able to exercise rights of ownership;
Celsius may receive compensation in connection with lending or otherwise using Digital
Assets in its business to which you have no claim or entitlement; andIn the event that Celsius becomes bankrupt, enters liquidation or is otherwise unable torepay its obligations, any Eligible Digital Assets used in the Earn Service or as collateral
under the Borrow Service may not be recoverable, and you may not have any legal
remedies or rights in connection with Celsius’ obligations to you other than your rights asa creditor of Celsius under any applicable laws.

14. Hard Forks and Airdrops
Any Blockchain may undergo software updates from time to time, which will result in a permanent
divergence in the Blockchain (a “Hard Fork”). The result is that such Blockchain will split into two
21

separate and distinct Blockchains, and any Digital Asset on that original Blockchain may entitle its holders
to a new type of Digital Asset (the “Forked Asset”). You agree and understand that the support of any
Forked Asset in your Celsius Account is solely at the discretion of Celsius. If we do not make a publicannouncement confirming our support of a Forked Asset ahead of an anticipated Hard Fork, we will notsupport the Forked Asset and such Forked Asset will be an unsupported Digital Asset (“Unsupported
Assets”), in which case all Celsius Accounts will be denominated in the legacy Digital Asset and all
Rewards will accrue and be payable in the legacy Digital Asset. You agree that Celsius assumes noresponsibility whatsoever with respect to those Unsupported Assets and you will not be able to recover
the Unsupported Assets from Celsius. Celsius assumes absolutely no responsibility whatsoever withrespect to Unsupported Assets.
In the event that a Hard Fork achieves the required consensus, it is possible that we will only support theForked Asset and will discontinue our support of the legacy Digital Asset. In the event of a Hard Fork that
entitles you to a Forked Asset, you are advised to withdraw the applicable Digital Assets from your Celsius
Account prior to the relevant date for the Hard Fork. Celsius is not obligated in any way to monitor or
maintain balances of Forked Asset issued to holders of the applicable Digital Assets upon a Hard Fork, or
to credit you for the value of such Forked Asset. In the event you wish to receive Forked Asset issued
upon a Hard Fork, you are advised to withdraw the applicable Digital Asset from your Celsius Accountprior to the relevant date for the Hard Fork. All determinations regarding Hard Forks shall be made by
Celsius in its sole and absolute discretion and in accordance with applicable law.
In the event that a Digital Asset network attempts to or does distribute Digital Assets to Blockchain
addresses pertaining to an Eligible Digital Asset via airdrop or bootstrapping (collectively, an “Airdrop”),
the support of any such new Digital Assets in your Celsius Account is solely at the discretion of Celsius. If
we do not make a public announcement confirming our support of such new Digital Assets, we will notsupport such new Digital Assets and such new Digital Assets will be treated as Unsupported Assets. To
the extent you wish to receive the new Digital Assets to be delivered via Airdrop, you are advised towithdraw the applicable Digital Assets from your Celsius Account prior to the relevant date for the Airdrop.
You further agree and understand that Digital Assets delivered via Airdrop do not create or represent any
relationship between us and the sender and/or the related Digital Asset network and do not subject us toany obligations whatsoever as they relate to the sender and/or the related Digital Asset network.
All determinations regarding the Forked Assets and/or Digital Assets delivered via Airdrop will be made by
Celsius in its sole and absolute discretion and in accordance with applicable law.
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15. CelPay
CelPay is Celsius’ proprietary Digital Asset tool for Celsius Users, which allows you to transfer ownershipor assign your rights with Celsius, as applicable, in connection with selected Eligible Digital Assets toother registered Celsius Users.
By using our CelPay feature, you understand and acknowledge that:you are transferring your ownership to, or assigning your rights in, the Eligible Digital
Assets you select when using CelPay, and that such transfers of ownership or assignmentof rights may not be recorded on any Blockchain, but rather on Celsius’ ledger;
2.
by making any CelPay transaction, you are authorizing Celsius to deduct thecorresponding amount of Eligible Digital Assets from your Celsius Account balance, andto transfer or credit such amount to the balance of the receiving User’s Celsius Account;3.
Celsius is not responsible, and will not interfere in any way in, any dispute between you
and the User involved in the CelPay transaction;
4.
if you initiate a CelPay transaction to an unintended or incorrect User, you may irrevocably
lose your rights in connection with the said Eligible Digital Assets, and it is your sole
responsibility to make sure you provide the correct details when initiating a CelPaytransaction;5.
the completion of a CelPay transaction may not be immediate, and it may take some time
before such transaction is processed and the relevant Celsius Account balances are
updated;6.
use of the CelPay feature is subject to limitations on amounts transacted, as determined
in Celsius’ sole discretion from time to time;7.
all transactions made through CelPay are final and irreversible;
8.
by making any CelPay transaction you represent to Celsius that you are familiar with theperson to whom the transaction is made, and that such transaction is not made for any
illicit or illegal purpose. You acknowledge that Celsius would hold you responsible for any
damages it may incur by any unlawful use of the CelPay feature; and9.
Celsius shall not be a party to, and shall not be obligated to take an active part in the
resolution of, any dispute between a transferor or transferee when using CelPay.
Celsius does not accept any liability for CelPay transactions or attempted transactions that would violate
1.

any law or regulation, including without limitation, KYC requirements, embargoed or restricted persons or
locations, prohibitions against money laundering and/or anti-bribery laws, and structured transactions or
tax evasion, the responsibility for which shall lie solely with the participating User(s). Celsius may refuse toperform, block, or otherwise void any CelPay transaction that Celsius reasonably believes could violate
any law or regulation.

16. Taxes
23Within Celsius’ platform, you will be able to see a record of the transactions related to your use of theServices which you may wish to use for the purposes of making any required tax filings or payments. It isyour responsibility to determine what, if any, taxes apply to your use of the Services, and to collect, report,
and remit the correct tax to the appropriate tax authority. We may deduct or make any tax withholdings orfilings that we are required by law to make, but we are not responsible for determining whether and which
taxes apply to your transaction, or for collecting, reporting, or remitting any taxes arising from any
transaction or in connection with your Celsius Account. You are responsible for complying with applicablelaw. You agree that Celsius is not responsible for determining whether or which laws may apply to yourtransactions, including tax law. You are solely responsible for reporting and paying any taxes arising fromyour use of the Services.

17. Service Activity Statements
We will make all logs and records of activities concerning your use of the Services available to you
through our platform only. We do not generate periodic statements showing the activity conducted throughyour use of the Services. You must examine these logs and records and notify us of any unauthorized useof your Celsius Account or credentials, or any error or irregularity with respect to the records of your use of
the Services, within fourteen (14) calendar days after the error occurs. If notice is not received within the
fourteen (14) calendar-day period, you will not be able to raise any further claim in this respect.

18. Conversion Rates
Any conversion between a Digital Asset and another Digital Asset or Fiat currency shall be made by us inaccordance with the rates and prices applicable at the actual time of conversion. Applicable rates areindexed to those used by industry-leading platforms, as we may choose to use from time to time, in oursole discretion. We currently use rates provided by CMC Markets, Coinpaprika, and our own rates as
determined by our liquidity providers. We may change these rate sources at any time and without giving
notice or updating these Terms, and you shall not have any claims regarding our choice of rate sources orrates used by Celsius or made available by any third party.

19. Closing a Celsius AccountA. Celsius’ Right to Celsius Account Closure
We have the right to suspend, freeze or close your Celsius Account at any time for any reason without
advance notice, including by blocking your access to the Celsius Account or the Services. If your Celsius
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Account has a balance when we close it, we will repay and return the remaining Digital Assets to you,including accrued Rewards earned (if applicable) until the close date, less any applicable Obligations,withholding tax and other applicable deductions, unless prohibited by applicable law. In the event of
irregular activity, we may hold assets until we close your Celsius Account. Any Digital Assets that Celsius
returns to you will be sent to the designated withdrawal addresses in your user profile on the Celsius
platform for each respective Digital Asset you hold. Celsius Accounts are not transferable or assignable inwhole or in part. Celsius may be required by law to turn over any Digital Assets related to abandoned or
unclaimed Celsius Accounts to the state of your last known residence (“Escheatment”). Escheatment
periods vary by jurisdiction, and you are responsible to determine the applicability of such laws in yourplace of residence. Celsius reserves the right to recover any administrative charges, payments, or fees
which it may incur in connection with such unclaimed or abandoned Celsius Accounts, as permitted byapplicable law.
B. Your Right to Close Your Celsius AccountIf you want to terminate your Celsius Account with Celsius, you may do so by notifying Celsius at
support@celsius.network. Once your Celsius Account is closed, you agree: (a) to continue to be bound bythese Terms, as required by Section 35 below (Survival) (b) to immediately stop using the Services, (c)that we reserve the right (but have no obligation) to delete all of your information and Celsius Accountdata stored on our servers, and (d) that we shall not be liable to you or any third party for termination ofaccess to the Services or for deletion of your information or Celsius Account data. You acknowledge thatany legal obligations you may have under any other agreement with Celsius or its Affiliates (including any
Loan Agreement or agreement governing lending or investing in Celsius or its Affiliates) will not beaffected in any way by the termination of these Terms and any such other agreement between you andCelsius will continue to be in effect in accordance with its terms.

20. Liability for Unauthorized Transfers from Your Celsius AccountIf you believe that your Celsius Account has been used by an unauthorized party, or if your Service
Activity Statements reflect activity or transactions that you did not conduct or authorize, you must notify us
IMMEDIATELY via email to security@celsius.network. YOU ARE SOLELY RESPONSIBLE FOR
MAINTAINING THE SECURITY AND CONFIDENTIALITY OF YOUR LOGIN DATA, AND YOU ACCEPTALL RISKS OF UNAUTHORIZED ACCESS AND USE OF YOUR CELSIUS ACCOUNT.

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21. Eligible Digital Assets
We may, from time to time and in our sole discretion, add and/or remove certain Digital Assets from ourlist of Eligible Digital Assets. If a Digital Asset is removed, it will no longer be available to be used inconnection with our Services. We will seek in good faith to notify our Users of our intention to add and/or
remove Digital Assets in connection with any of our Services as soon as commercially reasonable.
However, under certain circumstances (e.g., for regulatory reasons) such changes may be required to bemade immediately and without prior notice. In the event any Digital Asset ceases to be an Eligible Digital
Asset, you will no longer be entitled to receive any Rewards in connection with our Earn Service (ifavailable to you), or otherwise make any other use of it via our Services. We may choose to disallow theuse of any Eligible Digital Asset for certain Services, or treat any Digital Asset as an Eligible Digital Assetfor certain Users or groups of Users for certain Services, in our sole discretion. We may, from time to time,
provide certain Services in connection with certain Eligible Digital Assets by different entities within the
Celsius group, and any change in and/or assignment by the contracting entity shall not be considered anamendment of these Terms.

22. Disclosure of Celsius Account Information
We may disclose information to third parties about you, your Celsius Account, or the transactions you
make:
1.
2.

3.

4.
5.

6.

where it is necessary for the provision of our Services under these Terms;
in order to verify the existence and condition of your Celsius Account for a third party,
such as a referral partner;
for the purpose of conducting our AML and KYC checks and compliance with applicablelaws;
If you give us written authorization;
In order to comply with any request or order by any government agency or competentcourt; orAs described in our Privacy Policy (https://celsius.network/static/privacy-policy.pdf)

23. Conflict/Disputes Involving Your Celsius AccountWe are not liable to you for errors that may result in a financial loss to you. We may take any action that is
authorized or permitted by these Terms or applicable laws without liability to you, even if such action
causes you to incur fees, expenses or damages. If third parties make claims on your Celsius Account, or if
we receive conflicting instructions from you, or if we become involved in or concerned about a dispute26

between you and any third party, we reserve the right to react in ways that we believe in good faith to beappropriate, including by closing, suspending or freezing your Celsius Account, delivering the Digital
Assets available therein to you or to any third party, or interpleading assets to court, all as we reasonably
deem appropriate under the circumstances. You are liable for all expenses and fees we incur for suchconflicts or disputes, including internal costs and attorneys’ fees, and we may charge or deduct them
directly from your Celsius Account balance.
We are not responsible for delays or losses incurred as a result of an error in the initiation of any
transaction and have no obligation to assist in the remediation of such transactions. By initiating any
transfer or using Celsius’ Services in any way, you attest that you are transacting in an Eligible Digital
Asset which conforms to the particular Virtual Wallet into which assets are directed. For example, if you
select an Ethereum Virtual Wallet Address to receive assets, you shall be solely responsible to assure thatyou are initiating a transfer of Ethereum alone, and not any other currency such as Bitcoin or EthereumClassic. Celsius incurs no obligation whatsoever with regard to non- Eligible Digital Assets sent to Celsius,
or for Eligible Digital Assets sent to an incompatible Virtual Wallet Address. Erroneously transmitted
assets will be lost. We recommend users send a small amount of Digital Asset as a test prior to initiating atransfer of a significant amount of Digital Assets.
We reserve the right to limit access to your Celsius Account, which can include temporarily or
permanently removing your Celsius Account access via the internet, and/or restricting yourCelsius Account, and/or closing your Celsius Account without prior notice to you (unless priornotice is required by law), and we shall have no liability for such actions. In addition, Celsius
reserves the right to withhold or delay the transmission of assets to you if you fail to comply withthese Terms. Our total aggregate liability to you for any claim is limited to the face value of theapplicable item or transaction, or the actual value of any assets not properly credited or debited byus.

24. Legal Process Affecting Celsius AccountIf any legal action, such as an attachment, garnishment, levy, seizure, third party claim or enforcement
action by any competent authority in any jurisdiction (“Legal Process”) is brought against or inconnection with your Celsius Account, we may refuse to permit (or may limit) withdrawals or transfers fromyour Celsius Account until the Legal Process is satisfied or dismissed. Regardless of the terms of such
Legal Process, we have first claim to any and all assets in your Celsius Account. We will not contest any
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Legal Process on your behalf, and we may take actions to comply with Legal Process without liability toyou, provided that we reasonably believe any such action is appropriate under the circumstances. If we
incur any expenses in connection with any Legal Process, including without limitation reasonable
attorneys’ fees, we may charge such expenses and fees to any of your Celsius Accounts without priornotice to you, or we may bill you directly for such expenses and fees. Any garnishment or levy against
your Celsius Account is subject to our right of setoff and security interest.

25. Indemnification and Limitation of Liability; Legal Fees and Costs
for Lawsuits
You agree to indemnify and hold harmless Celsius and its Affiliates, and their respective employees,
managers, officers, directors, partners and shareholders from any losses, damages, suits and expenses,
of whatever kind, including reasonable legal fees, that we incur in connection with or arising out of youraccess to or use of the Services, or our activities in connection with such Services, and for your breach ofthese Terms or violation of any law, regulation, order or other legal mandate, or the rights of a third party,
or any act or omission by you or any person acting on your behalf while using your Celsius Account,regardless of whether the specific use was expressly authorized by you. You agree to comply with allapplicable laws, regulations, or rules, and to not use your Celsius Account or the Services for any
transaction or activity that is illegal or violates applicable laws, regulations or rules. Please note, youragreement to comply includes any and all applicable laws and regulations of the United States, as well asof your place of residency, citizenship, business, locality and any law applicable to you.
We are not liable to you for claims, costs, losses or damages caused by an event that is beyond ourreasonable control (e.g. the acts or omissions of third parties, natural disaster, emergency conditions,
government action, equipment or communications malfunction). We are not liable for special, incidental,
exemplary, punitive or consequential losses or damages of any kind. Except for any setoff permitted byapplicable law and Section 9 of these Terms, any obligations of ours may be satisfied solely from theassets of Celsius. Without limiting the generality of the foregoing, in no event shall you have any recourse,
whether by setoff or otherwise, with respect to our obligations, to or against any assets of any person orentity other than Celsius, including, without limitation, any member, shareholder, Affiliate, investor,
employee, officer, director, agent or advisor of Celsius. For the avoidance of doubt, the foregoing shall not
limit any setoff permitted by applicable law and Section 9 of these Terms.

2826. Disclaimer of Warranty
THE CELSIUS SERVICES ARE PROVIDED ON AN “AS IS” AND “AS AVAILABLE” BASIS WITHOUT
ANY WARRANTY UNDER THESE TERMS AND TO THE EXTENT ALLOWED BY APPLICABLE LAW
ALL EXPRESS OR IMPLIED CONDITIONS, REPRESENTATIONS, AND WARRANTIES INCLUDING,WITHOUT LIMITATION, ANY IMPLIED WARRANTIES OR CONDITIONS OF MERCHANTABILITY,
FITNESS FOR A PARTICULAR PURPOSE, SATISFACTORY QUALITY, OR ARISING FROM A
COURSE OF DEALING, USAGE, OR TRADE PRACTICE, OR WARRANTY OF NON-INFRINGEMENT
ARE DISCLAIMED. IN NO EVENT SHALL CELSIUS, ITS AFFILIATES AND SERVICE PROVIDERS,
OR ANY OF THEIR RESPECTIVE OFFICERS, DIRECTORS, AGENTS, JOINT VENTURERS,EMPLOYEES OR REPRESENTATIVES, BE LIABLE (A) FOR ANY AMOUNT GREATER THAN THE
VALUE OF THE BALANCE OF YOUR CELSIUS ACCOUNT(S) OR (B) FOR ANY LOST PROFITS,
DIMINUTION IN VALUE OR BUSINESS OPPORTUNITY, ANY LOSS, DAMAGE, CORRUPTION OR
BREACH OF DATA OR ANY OTHER INTANGIBLE PROPERTY OR ANY SPECIAL, INCIDENTAL,
INDIRECT, INTANGIBLE, OR CONSEQUENTIAL DAMAGES, WHETHER BASED IN CONTRACT,TORT, NEGLIGENCE, STRICT LIABILITY, OR OTHERWISE, ARISING OUT OF OR IN CONNECTION
WITH AUTHORIZED OR UNAUTHORIZED USE OF THE CELSIUS SERVICES OR THE CELSIUS
ACCOUNT, OR THESE TERMS, EVEN IF AN AUTHORIZED REPRESENTATIVE OF CELSIUS HAS
BEEN ADVISED OF OR KNEW OR SHOULD HAVE KNOWN OF THE POSSIBILITY OF SUCHDAMAGES.
CELSIUS MAKES NO REPRESENTATIONS ABOUT THE ACCURACY, ORDER, TIMELINESS ORCOMPLETENESS OF HISTORICAL OR CURRENT ELIGIBLE DIGITAL ASSETS PRICE DATAAVAILABLE THROUGH THE CELSIUS SERVICES. CELSIUS WILL MAKE REASONABLE EFFORTS
TO ENSURE THAT REQUESTS FOR TRANSACTIONS ARE PROCESSED IN A TIMELY MANNER
BUT CELSIUS MAKES NO REPRESENTATIONS OR WARRANTIES REGARDING THE AMOUNT OF
TIME NEEDED TO COMPLETE PROCESSING (WHICH IS DEPENDENT UPON MANY FACTORS,INCLUDING THOSE OUTSIDE OF OUR CONTROL), AND CELSIUS SHALL NOT BE LIABLE FOR
ANY LOSSES OR DAMAGES WHICH YOU MAY INCUR AS A RESULT OF ANY DELAY IN THE
PROVISION OF THE SERVICES.

27. Disputes, Binding Individual Arbitration, and Class Actions andClass Arbitrations Waiver29

A. Disputes. The terms of this Section shall apply to all Disputes between you and Celsius. For the
purposes of this Section, “Dispute” shall mean any dispute, claim, or action between you andCelsius arising under or relating to your Celsius Account, the Celsius platform, these Terms, or
any other transaction involving you and Celsius, whether in contract, warranty, misrepresentation,
fraud, tort, intentional tort, statute, regulation, ordinance, or any other legal or equitable basis, andshall be interpreted to be given the broadest meaning allowable under law.
B. Binding Arbitration: You and Celsius further agree: (i) to arbitrate all Disputes between the parties
pursuant to the provisions in these Terms; (ii) these Terms memorialize a transaction in interstate
commerce; (iii) the Federal Arbitration Act (9 U.S.C. § 1, et seq.) governs the interpretation andenforcement of this Section; and (iv) this Section shall survive termination of these Terms. ARBITRATIONMEANS THAT YOU WAIVE YOUR RIGHT TO A JUDGE OR JURY IN A COURT PROCEEDING AND
YOUR GROUNDS FOR APPEALS ARE LIMITED. The arbitrator may award you the same damages andrelief as a court sitting in proper jurisdiction could, and may award declaratory or injunctive relief. In
addition, in some instances, the costs of arbitration could exceed the costs of litigation and the right todiscovery may be more limited in arbitration than in court. The decision of the arbitrator shall be final andenforceable by any court with jurisdiction over the parties.
C. Small Claims Court. Notwithstanding the foregoing, you may bring an individual action in the small
claims court of your state or municipality if the action is within that court’s jurisdiction and is pending onlyin that court.
D. Dispute Notice. In the event of a Dispute, you or Celsius must first send to the other party a notice of
the Dispute that shall include a written statement that sets forth the name, address and contact
information of the party giving it, the facts giving rise to the Dispute, and the relief requested (the “Dispute
Notice”). The Dispute Notice to Celsius must be addressed to: Celsius Network LLC, 50 Harrison St,
Suite 209F, Hoboken NJ 07030, with a copy to legal@celsius.network, or to the most recent email ormailing address we have on file or otherwise in our records for you (the “Celsius Notice Addresses”).
Any Dispute Notice to you shall be delivered by one of the communication channels you have provided
Celsius, which may include email or other electronic transmission, and you agree that such a delivery of a
Dispute Notice to you shall be sufficient. Should you require to obtain a Dispute Notice by any othercommunication channel, you must inform Celsius of such a requirement in writing. Following submission
and receipt of the Dispute Notice, you and Celsius each agree to act in good faith to seek to resolve the30

Dispute before commencing arbitration. If Celsius and you do not reach an agreement to resolve the
Dispute within sixty (60) days after the Dispute Notice is received, you or Celsius may commence anarbitration proceeding pursuant to this Section.
E. WAIVER OF CLASS ACTIONS AND CLASS ARBITRATIONS. YOU AND CELSIUS AGREE THATEACH PARTY MAY BRING DISPUTES AGAINST THE OTHER PARTY ONLY IN AN INDIVIDUALCAPACITY, AND NOT AS A PLAINTIFF OR CLASS MEMBER IN ANY PURPORTED CLASS OR
REPRESENTATIVE PROCEEDING, INCLUDING WITHOUT LIMITATION FEDERAL OR STATE CLASSACTIONS, OR CLASS ARBITRATIONS. ACCORDINGLY, UNDER THE ARBITRATION PROCEDURESOUTLINED IN THIS SECTION, AN ARBITRATOR SHALL NOT COMBINE OR CONSOLIDATE MORE
THAN ONE PARTY’S CLAIMS WITHOUT THE WRITTEN CONSENT OF ALL AFFECTED PARTIES TO
AN ARBITRATION PROCEEDING. WITHOUT LIMITING THE GENERALITY OF THE FOREGOING,YOU AND CELSIUS AGREE THAT NO DISPUTE SHALL PROCEED BY WAY OF CLASSARBITRATION WITHOUT THE WRITTEN CONSENT OF ALL AFFECTED PARTIES.
F. Arbitration Procedure. If a party elects to commence arbitration, the arbitration shall be governed by
the rules of the American Arbitration Association (“AAA”) that are in effect at the time the arbitration is
initiated (the “AAA Rules”), available at https://www.adr.org/Rules or by calling 1-800-778-7879, andunder the rules set forth in these Terms, except that AAA may not administer any multiple claimant orclass arbitration, as the parties agree that the arbitration shall be limited to the resolution only of individual
claims. If there is a conflict between the AAA Rules and the rules set forth in these Terms, the rules set
forth in these Terms shall govern. You may, in arbitration, seek any and all remedies otherwise available toyou pursuant to federal, state, or local laws. All Disputes shall be resolved by a single neutral arbitrator,and both parties shall have a reasonable opportunity to participate in the selection of the arbitrator as
provided in the AAA Rules. The arbitrator is bound by these Terms. The arbitrator, and not any federal,state or local court or agency, shall have exclusive authority to resolve all disputes arising out of or relating
to the interpretation, applicability, enforceability or formation of these Terms, including, but not limited to,
any claim that all or any part of these Terms is void or voidable. The arbitrator shall be empowered to
grant whatever relief would be available in a court under law or in equity. The arbitrator’s award shall bebinding on the parties and may be entered as a judgment in any court of competent jurisdiction. You may
choose to engage in arbitration hearings by telephone or by video conference. Hearings in any arbitrationcommenced by you that are not conducted by telephone or video conference shall take place in New
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York, New York, unless there is a location in the continental United States more convenient to you, inwhich case the arbitration shall take place either in New York, New York, or such other location in thecontinental United States, at your option.
G. Initiation of Arbitration Proceeding. If either you or Celsius decide to arbitrate a Dispute, we
agree to the following procedure:

Write a Demand for Arbitration. The demand must include a description of the Dispute andthe amount of damages sought to be recovered. You can find a copy of a Demand for
Arbitration at https://www.adr.org/Forms?practice=all (“Demand for Arbitration”).
2.
Send one copy of the Demand for Arbitration, plus the appropriate filing fee, toAmerican Arbitration Association
Case Filing Services
1101 Laurel Oak Road, Suite 100
Voorhees, NJ 08043
OR
File online using AAA WebFile at https://www.adr.org
OR
File at any of the AAA’s offices.
3.
Send one copy of the Demand for Arbitration to the other party at the same address as
the Dispute Notice, or as otherwise agreed to by the parties.
Hearing Format. In all hearing formats, the arbitrator shall issue a written decision that explains the1.

essential findings and conclusions on which an award, if any, is based. During the arbitration, the amountof any settlement offer made by Celsius or you shall not be disclosed to the arbitrator.
1.

2.

3.

The discovery or exchange of non-privileged information relevant to the Dispute may beallowed during the arbitration as determined by the Arbitrator in accordance with AAA
Rules.
Arbitration Fees. With respect to any Dispute where the amount claimed is $20,000 U.S.
or less (or the equivalent amount in a different currency, whether fiat or otherwise),
Celsius shall pay, or (if applicable) reimburse you for, all fees paid or payable to AAA,
including filing, administration, and arbitrator fees (“Arbitration Fees”) for any arbitrationcommenced between Celsius and you (and whether initiated by Celsius or by you)pursuant to provisions of these Terms. You are responsible for all costs that you incur inconnection with the arbitration other than Arbitration Fees, including without limitation,
fees for attorneys or expert witnesses. You must reimburse Celsius any Arbitration Fees if(i) Celsius is the prevailing party in the arbitration or (ii) you withdraw the arbitration.
Opt-out . You may elect to opt-out (exclude yourself) from the final, binding individual
arbitration procedure and waiver of class and representative proceedings specified inthese Terms by sending a written letter to the Celsius Notice Address within thirty (30)days of your initial assent to these Terms (including your first use of your Celsius Account
32

4.

5.

6.

or the Celsius platform) that specifies: (i) your name; (ii) your mailing address; and (iii)
your request to be excluded from the final, binding individual arbitration procedure andwaiver of class and representative proceedings specified in this Section. In the event thatyou opt-out consistent with the procedure set forth above, all other terms shall continue toapply.
Amendments to this Section . Notwithstanding any provision in these Terms to thecontrary, you and Celsius agree that if Celsius makes any future amendments to thedispute resolution procedure and class action waiver provisions (other than a change to
Celsius’ address) in these Terms, Celsius will notify you and you will have thirty (30) days
from the date of notice to affirmatively opt-out of any such amendments by sending awritten letter to the Celsius Notice Address within thirty (30) days of Celsius’ notificationthat specifies: (i) your name; (ii) your mailing address; and (iii) your request to opt-out ofsuch amendments. If you affirmatively opt-out of any future amendments, you areagreeing that you will arbitrate any Dispute between us in accordance with the languageof this Section as stated in these current Terms, without any of the proposed amendments
governing. If you do not affirmatively opt-out of any future amendments, you will bedeemed to have consented to any such future amendments.
Severability . If any provision in this Section is found to be unenforceable, that provision
shall be severed with the remainder of these Terms remaining in full force and effect. The
foregoing shall not apply to the prohibition against class or representative actions; if theprohibition against class or representative actions is found to be unenforceable, this entire
Section shall be null and void. The terms of this Section shall otherwise survive any
termination of these Terms.
Exclusive Venue for Proceedings in Connection with Arbitration . Celsius and you agree
that any proceeding to compel arbitration, confirm an award, or to seek interim or otherrelief in aid of arbitration, may be filed only in the competent state or federal courts locatedin New York County, New York.

28. Our Ownership of the Services and Celsius’ Intellectual Property(IP)
You agree and acknowledge that we own all right, title and interest to and in the Services, theassociated software, technology tools and content, the Celsius Network website, any logos,
identifying marks, images, illustrations, designs, icons, photographs, videos, text and otherwritten and multimedia materials, the content displayed on the website or platform, and othermaterials produced by and related to Celsius (collectively, the “Celsius IP”). You acknowledge andagree that no proprietary rights are being transferred to you in such materials or information, andthat you have no intention of using such materials or information inappropriately or to in any way
harm Celsius or any of its affiliates, directors, officers or employees. You shall not prepare any
derivative work based on the Celsius IP, nor shall you translate, reverse engineer, decompile ordisassemble the Celsius IP.

29. Communications
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We may record and monitor our telephone conversations with you and your electronic
communications with us (chat, email, and other forms of electronic exchange). Unless the law
requires otherwise, you consent in advance to such recording and monitoring and we do not needto remind you of these activities. You must promptly notify us of any change in your contact
information, including residential post and email address. Failure to notify us in a timely fashion
may result in delay or non-receipt of notices or correspondence.

30. Waiver
We may delay the exercise of any rights we have under these Terms, and any such delay shall not
result in a waiver, relinquishment or modification of any of our rights. If we delay in any exercise of
our rights, or if notwithstanding the foregoing Celsius somehow is deemed to have waived any of
our rights, you are still obligated to pay us Obligations you may owe us, remove any violation ofthese Terms and/or otherwise follow our instructions (as applicable). Any delay or waiver of ourrights applies only to the specific instance in which we decide to delay or waive the provision anddoes not affect our other or subsequent rights in any way.

31. Changes in Terms
Please be aware that the terms and conditions governing the Services can change over time. We
reserve the right to discontinue or make changes to any of the Services. We may change theseTerms, and we may add to or delete from these Terms, and the updated version will supersede all
prior versions. We will provide notice of changes, additions, and deletions, as required by law. If
we have provided advance notice and you do not agree with a change, you may close your Celsius
Account(s) and demand repayment of outstanding loans before the effective date of the change,
which shall be your sole remedy. The continued maintenance of your Celsius Account following
the effective date of any change will constitute your acceptance of such change and subject yourCelsius Account to the modified Terms.

32. Assignment
These Terms, or any of the rights and/or obligations provided hereunder, may not be assigned orotherwise transferred by you to any other person or Entity, whether by operation of law or34otherwise, without Celsius’ express written consent, and any attempted assignment in violation ofthis prohibition shall be void ab initio and of no effect. Celsius may assign or transfer these Terms
and/or any or all of its rights and/or obligations hereunder at any time to any Affiliate of Celsius,with or without providing you with prior notice of the same. Celsius may assign or transfer theseTerms and/or any or all of its rights and/or obligations hereunder at any time to any third party byproviding prior notice. Any permitted assignment or transfer of or under these Terms shall bebinding upon, and inure to the benefit of the successors, executors, heirs, representatives,
administrators and permitted assigns of the parties hereto.

33. Governing Law and Venue
The relationship between you and Celsius is governed exclusively by the laws of the state of New
York, without regard to its conflict of law provisions (other than Sections 5-1401 and 5-1402 of the
New York General Obligations Law). Any dispute arising out of, or related to, your Celsius Accountor relationship with Celsius must be brought exclusively in the competent courts located in New
York, NY and the US District Court located in the Borough of Manhattan; however, Celsius may
bring equitable relief or collections actions in any applicable jurisdiction.

34. Force Majeure
We will not be liable for delays in processing or other non-performance caused by such events as
fires, telecommunications, utility, or power failures, equipment failures, labor strife, riots, war,
nonperformance of our vendors or suppliers, acts of God, pandemic or epidemic events, or othercauses over which we have no reasonable control.

35. Survival
The provisions of Sections 16 (Taxes), 25 (Indemnification), 26 (Disclaimer of Warranty), 27(Disputes, Binding Individual Arbitration, and Class Actions and Class Arbitrations Waiver), 28(Our Ownership of the Services and Celsius IP), 30 (Waiver) and 33 (Governing Law and Venue)
shall survive the termination of these Terms.

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****

36

Appendix A
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