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US Krak Salary Bonus Incentive Program Terms

US KRAK SALARY MATCH INCENTIVE PROGRAM TERMS ("INCENTIVE TERMS")

Our provision of the Krak Salary Match Incentive Program is a promotional incentive that sits alongside the services provided under the US Terms of Service and the Direct Deposit Terms, which continue to govern your Krak Account and direct deposit services.

1 Krak Salary Match Incentive Program

1.1 Krak Salary Match Incentive Program overview. We may provide you with the opportunity to participate in a promotional incentive under which you can receive percentage-based rewards (“Salary Rewards”) on eligible and qualifying salary payments that are paid into your Krak Account through the Krak direct deposit service (the "Salary Match Incentive Program"). The Salary Match Incentive Program is subject to the US Terms of Service, including the terms applicable to direct deposit services (the “Direct Deposit Services Terms”), these Incentive Terms and your fulfilment of all applicable eligibility criteria described in the Krak app or on our Site.

1.2 Automatic participation. You do not need to make a separate application to participate in the Salary Match Incentive Program. Once you have enrolled in the Krak direct deposit service and your payroll account has been connected through the Krak direct deposit service, we will automatically review eligible incoming payments to determine whether they qualify for rewards under the Salary Match Incentive Program ("Salary Rewards").

1.3 Connection with existing services. The Salary Match Incentive Program is linked to your Krak Account and the direct deposit services governed by the US Terms of Service and the Direct Deposit Services Terms. The Salary Match Incentive Program does not change your rights or obligations under those agreements, which continues to govern your Krak Account and the receipt of direct deposits. Salary Rewards are promotional payments funded by Kraken and do not constitute interest on funds held in your Krak Account or any return on Digital Assets.

1.4 Contracting Kraken entity. For the purposes of these Incentive Terms, the Salary Match Incentive Program is provided by Payward Interactive, Inc. d/b/a Kraken, unless otherwise specified in the US Terms of Service or the Direct Deposit Services Terms.

1.5 Nature of the Salary Match Incentive Program. The Salary Match Incentive Program is a discretionary promotional rewards programme. Salary Rewards are paid by us and not by your employer, payroll provider or any other third party, and do not constitute wages, interest, yield or a return on any Digital Assets. It is your responsibility to determine and pay any taxes that may arise from receiving Salary Rewards.

2 Eligibility and Participation

2.1 Geographic restrictions. The Salary Match Incentive Program is only available to eligible individual clients who are resident and located in eligible states of the United States, as described in the Krak app or on our Site. We may vary the list of eligible states from time to time to comply with applicable legal or regulatory obligations and/or our internal policies and requirements.

2.2 Account eligibility. To participate in the Salary Match Incentive Program, you must:

  • have an active Krak Account that is eligible to receive direct deposits through the Krak direct deposit service;

  • have successfully completed the identity verification steps that we require for participation in the Salary Match Incentive Program;

  • satisfy the Qualifying Salary Payment criteria set out in these Incentive Terms; and

  • not have your Account suspended, restricted or under investigation at the relevant time.

We may periodically review your eligibility, and we may restore or remove your eligibility for the Salary Match Incentive Program at our discretion.

2.3 Qualifying payments (currency and payment rail). The Salary Match Incentive Program only applies to salary payments that are:

  • denominated in USD; and

  • received into your Account by ACH direct deposit through the Krak direct deposit service, in each case from your employer or a payroll provider acting on your employer's behalf.

2.4 Ineligible transactions. The following transactions are not eligible for the Salary Match Incentive Program and will not be treated as Qualifying Salary Payments (as defined below):

  • internal transfers between Kraken Accounts (including Kraken <> Krak transfers);

  • peer-to-peer transfers between Kraken clients;

  • self-funded deposits or other transfers where you are, or we reasonably suspect you are, both the payer and the recipient (including where funds are cycled between accounts you control);

  • payments that are not received by ACH direct deposit through the Krak direct deposit service;

  • any transaction that we reasonably consider to be suspicious, fraudulent, abusive or made in breach of these Incentive Terms;

  • any transaction relating to an Account that is, at the time, under fraud, sanctions, law enforcement or similar compliance investigation; and

  • any other transaction type that we specify from time to time in the Krak app or on our Site as being excluded from the Salary Match Incentive Program.

3 Qualifying Salary Payments

3.1 Salary Source. For the purposes of the Salary Match Incentive Program, we will associate your Account with one or more salary-paying counterparties (each a "Salary Source") based on incoming ACH deposits that match payroll account information retrieved through the Krak direct deposit service. We may at any time determine that:

  • only one Salary Source will be linked to your Account; and

  • where there is more than one potential Salary Source, we may select or replace the Salary Source, for example where a new payment source appears more likely to be your primary employer or has a higher qualifying payment amount, as further described in the Krak app or on our Site.

3.2 Mandatory criteria. An incoming payment will only be capable of being treated as a "Qualifying Salary Payment" if, at the time it is received:

  • it meets the geographic, account and transaction eligibility criteria in sections 2.1–2.4;

  • it is received by ACH direct deposit from the recognised Salary Source and consistent with the payroll account information retrieved through the Krak direct deposit service.

3.3 Maintaining eligibility. To continue to qualify for Salary Rewards in respect of a Salary Source, you must:

  • continue to receive payments from that Salary Source in accordance with section 3.2;

  • continue to meet any minimum monthly threshold and other conditions described in the Krak app or on our Site;

  • not become, and your Account must not become, high risk or subject to the exclusions in section 2.4; and

  • not engage in circular, artificial or other transactions designed to abuse the Salary Match Incentive Program (for example, arranging or routing payments in a manner intended to artificially generate or inflate Salary Rewards).

If you fail to meet these conditions, we may suspend or remove the Salary Source from the Salary Match Incentive Program, and you may cease to qualify for Salary Rewards until the conditions are met again.

4 Salary Rewards

4.1 How Salary Rewards work. If, in a calendar month, you receive one or more Qualifying Salary Payments from a Salary Source in USD (a "Qualifying Month"), you may earn a Salary Reward for that Qualifying Month under the Salary Match Incentive Program. In general terms:

  • To identify qualifying payments for the Qualifying Month, we rely on payroll account information retrieved through the Krak direct deposit service and ACH deposit matching against the recognised Salary Source.;

  • we apply the applicable percentage rate (the "Salary Reward Rate") to that amount; and

  • we credit the resulting Salary Reward to your Account after the end of the Qualifying Month.

4.2 Salary Reward Rates, tiers and limits. The Salary Reward Rate that applies to you, together with any applicable minimum thresholds, maximum monthly caps, annual limits, limits on the number of qualifying payments per month and any other quantitative conditions, are described in the Krak app and on our Site.

4.3 Reward currency. Unless we specify otherwise in the Krak app or on our Site, you may choose to receive your Salary Rewards:

  • in USD; or

  • in BTC,in each case as described in the Krak app.

If you do not make a selection, we will apply the default reward currency described in the Krak app. You may change your reward currency selection for future Salary Rewards at any time, but any change will not affect Salary Rewards already calculated for a previous Qualifying Month.

Where Salary Rewards are paid in BTC, we will convert the USD value of your Salary Reward into BTC using a rate reasonably determined by us at the time of crediting.

4.4 Crediting of Salary Rewards. Salary Rewards for a Qualifying Month will ordinarily be calculated and credited to your Krak Account on or around the first Business Day of the following calendar month in the reward currency you have selected. If, due to operational, technical or other reasons outside our reasonable control, we are unable to calculate or credit Salary Rewards on that date, we will do so as soon as reasonably practicable thereafter.

4.5 Adjustments and reversals. We may adjust or reverse Salary Rewards that have been credited to your Account where:

  • a Qualifying Salary Payment is reversed, returned, refunded or charged back;

  • we later determine that a transaction did not in fact satisfy the requirements to be treated as a Qualifying Salary Payment;

  • we reasonably determine that a Salary Reward was credited in error; or

  • we reasonably suspect fraud, abuse or breach of these Incentive Terms.

Where an adjustment or reversal is required, we may recover the relevant Salary Reward from your Account to the extent permitted by the US Terms of Service, the Direct Deposit Services Terms and applicable law. If you do not have sufficient balances to enable us to make the adjustment, the unrecovered amount will remain owing by you to us.

5 Changes, Suspension and Termination of the Salary Match Incentive Program

5.1 Abuse of Salary Rewards. If we reasonably suspect any fraud, misuse or abuse relating to the Salary Match Incentive Program, or if you breach these Incentive Terms, we may suspend or disqualify you from earning Salary Rewards, withhold any pending Salary Rewards or adjust or reverse previously credited Salary Rewards in accordance with section 4.5.

5.2 Changes to the Salary Match Incentive Program. We may make changes to the commercial features of the Salary Match Incentive Program (including the Salary Reward Rates, tiers, thresholds, caps, currencies, eligibility criteria, supported payment methods and qualifying criteria), as well as suspend or withdraw the Salary Match Incentive Program, at any time. You can check the Krak app or our Site at any time for the latest Salary Match Incentive Program terms and features available to you.

5.3 Termination of participation. Your participation in the Salary Match Incentive Program will automatically end if your Krak Account is closed or if you are no longer eligible to receive direct deposits through the Krak direct deposit service. Termination of the Salary Match Incentive Program does not affect your rights or obligations under the US Terms of Service or the Direct Deposit Services Terms.