Lamp Reward Tokens notice

Effective as of: May 1, 2024

Most recent update: May 1, 2024

There are no previous versions of the Lamp Reward Tokens Notice.

Please read this Lamp Reward Tokens Notice (the Notice) carefully.

This Notice is not a legal agreement between you (you or your) and Lamp Account UAB and its affiliates (collectively, Lamp, we, or us). The Notice applies to all the products and services offered by Lamp including on our website (the Website) and mobile and web applications (the App) and/or technology platform (collectively, the Services) to users.

Lamp’s relationship with users is governed by the User Agreement and the Merchant Agreement. The latest versions of these agreements can be found on our Website, www.lampaccount.com. Please read these agreements carefully.

Your use of Lamp is also governed by our Privacy Policy, which can also be found on the Website.

Lamp operates a user-owner model, where Lamp’s users can earn ownership-like benefits. We refer to our users as members. It is Lamp’s intention to distribute 10% of profits to members.

There is no separate membership fee to pay.

Evidence of membership, gained through use of Lamp, will be in the form of Lamp Reward Tokens (the Lamp Reward Tokens). Lamp Reward Tokens will be gifted by Lamp to you from time to time as you use some of Lamp’s Services.

The allocation of Lamp Reward Tokens to you is a gift from Lamp and is made entirely at our discretion. There is no legal agreement in respect of the Lamp Reward Tokens, expressed or implied.

The allocation of Lamp Reward Tokens, including whom the Lamp Reward Tokens are given to, the amount and timing of the gift, and the basis of the allocation are entirely at the discretion of Lamp and may be changed by us at any time.

The details of the Lamp Reward Tokens allocation may be made available in our App and on our Website. These details may be changed at any time by Lamp without any notice to you.

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The allocation of Lamp Reward Tokens may be subject to a vesting period. This vesting period may be made available in our App and on our Website.

Lamp Reward Tokens will be allocated to you by us through an increase in the number of Lamp Reward Tokens that you hold in your Lamp Account, in the App. It is intended that the number of Lamp Reward Tokens that you are allocated will increase as you use some of the Services. Some Services, for example, making or receiving payments via Lamp, may result in allocation of Lamp Reward Tokens. Other Services, for example, payment by card, may not result in allocation of Lamp Reward Tokens.

We may also award you additional Lamp Reward Tokens for referring others to join Lamp. You can find your referral code in your profile in the App. The amount of the gift of additional Lamp Reward Tokens to you may vary from time to time and details of the gift allocation to you will be made available to you in the App.

We may also award you additional Lamp Reward Tokens through bonus draws. These bonus draws are entirely at the discretion of Lamp. Details of the draws may be made available to you by us from time to time, at our discretion.

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We may also withdraw Lamp Reward Tokens from you, if you violate any of your agreements with us or take actions that are harmful to the Lamp community (the Harmful Actions). This includes any attempt to cause injury to another Lamp member, fraudulent or untruthful statements, racist or bigoted language or other actions that bring the Lamp community into disrepute. The Harmful Actions are set out in the App and may be changed by us from time to time, at our discretion, without advance notice to you.

Possession of Lamp Reward Tokens does not convey legal rights or obligations of ownership in Lamp to you. For the avoidance of doubt, you do not have the right to any shareholder rights in respect of Lamp, including the right to vote or to receive dividends. You also do not have any obligation towards Lamp of any kind.  

For the avoidance of doubt, Lamp Reward Tokens are gifts and are not securities.

Possession of Lamp Reward Tokens do not allow you to make any claim against Lamp and by holding the Lamp Reward Tokens you explicitly disclaim any right to make a claim against Lamp in respect of the Lamp Reward Tokens.

You are responsible for any taxation that may arise in relation to Lamp Reward Tokens or distribution of profits from us to you in your tax jurisdiction. Lamp explicitly disclaims any liability in relation to taxation in respect of Lamp Reward Tokens.

Gifts in relation to the future profit of Lamp will be made to members who hold Lamp Reward Tokens on a pro-rata basis, in relation to their holding of Lamp Reward Tokens and the future profitability of Lamp. At the moment Lamp is a start-up company and does not generate any profit. In the future, it is intended that 10% of profits will be allocated to holders of Lamp Reward Tokens. There is no promise that Lamp will reach a stage of profitability.

Calculation of profits will be made in accordance with Business Accounting Standards set by the Lithuanian Authority of Audit, Accounting, Property Valuation and Insolvency Management (AVNT). It is also Lamp’s intention in the future to report profits in accordance with International Financial Reporting Standards. While there is no obligation on Lamp to report to holders of Lamp Reward Tokens, it is our intention to do so on a regular basis, as determined by our accounting advisors, to the best of our ability.

The intention to gift 10% of profits to holders of Lamp Reward Tokens is included in Lamp’s corporate Statutes, our articles of association that govern the operation of the company. These Statues have been approved by the board of directors of Lamp Account UAB.