These terms and conditions (the “Terms”) govern participation in “The Distributed Vote” campaign (the “Campaign”), organized by SSV Network Operations LTD., a company incorporated under the laws of the British Virgin Islands and wholly owned by the SSV Foundation (jointly, the “Company”, also referred to as “we”, “our” or “us”).

The Campaign rewards holders of cSSV who delegate the voting power of their cSSV directly to the DAO Pool, the auto-delegation pool of the SSV Network DAO established under DIP-51. Rewards are paid in SSV each time total Eligible Delegation first reaches one of five Checkpoints. You delegate voting power only: your cSSV stays in your Wallet and is not locked, deposited or transferred (Section 4.5).

These Terms are Specific Terms under, and form part of, the SSV Network Terms of Service (the “General Terms”, available at ssv.network/legal/terms-of-service). Participation in the Campaign forms part of the Services under the General Terms. If these Terms and the General Terms conflict, these Terms prevail for the Campaign. Capitalized terms used but not defined in these Terms have the meanings given in the General Terms.

DIP-51, and any other DAO Proposal that approves or funds the Campaign, also forms part of these Terms. The Company operates within the governance framework of the SSV Network DAO, and the funding and distribution of Rewards and the end of the Campaign are subject to the DAO’s decisions under the applicable DAO Proposal. If these Terms and a DAO Proposal conflict, these Terms prevail on the rules of the Campaign, and the DAO Proposal prevails on the funding and distribution of Rewards and on the DAO’s authority.

BY DELEGATING, OR KEEPING A DELEGATION, TO THE DAO POOL WHILE THE CAMPAIGN IS RUNNING, OR BY RECEIVING A REWARD, YOU (THE “PARTICIPANT” OR “YOU”) ACKNOWLEDGE THAT YOU HAVE READ, UNDERSTOOD AND AGREED TO THESE TERMS AND THE TERMS REFERRED TO IN THEM. If you do not agree, do not participate. If you act for an entity, you represent and warrant that you are authorized to accept these Terms on its behalf, and you accept them both for that entity and for yourself.

THESE TERMS CONTAIN IMPORTANT INFORMATION. PLEASE READ THEM CAREFULLY.

1. Definitions

Capitalized terms have the meanings below. Campaign, Company, General Terms, Participant and Terms have the meanings given in the Introduction.

• “30-Day Requirement” has the meaning given in Section 7.2.

• •      “Campaign Page” means the Campaign page at ssv.network/cssv/distributed-vote, which also hosts the Campaign FAQs.

• “Campaign Start” means November 12, 2026, at 2:00 PM UTC.

• “Checkpoint” means each of the five Eligible Delegation thresholds set out in Section 2.2.

• “cSSV” means the receipt token for staked SSV issued by the SSV Staking smart contracts on the Ethereum mainnet.

• “DAO” means the SSV Network DAO (also known as the ssv.network DAO), the decentralized autonomous organization that governs the Network.

• “DAO Pool” means the DAO’s auto-delegation Safe wallet established under DIP-51, at address 0x9a62c932F5a8Eb807F655E3D948EdaE174D39D3B (ENS name auto-delegation.ssvnetwork.eth).

• “DAO Proposal” means a proposal approved by the DAO.

• “DAOx” means the DAO delegation portal at daox.ssv.network, which forms part of the Third Party Services and which the Company does not own, operate or control.

• “DIP-51” means the DAO Proposal titled “[DIP-51] DAO Delegation Revision #1 | Introducing Auto-Delegation, Community Score, and Delegation Portal”, published at forum.ssv.network, as amended from time to time.

• “Direct Delegation” means the delegation of the voting power of cSSV held in a Wallet, made by that Wallet to the DAO Pool and recorded on-chain, as described in Section 4.

• “Eligible Delegation” means the Direct Delegation of an Eligible Wallet and, where used for the Checkpoints, the total Direct Delegation of all Eligible Wallets.

• “Eligible Wallet” means a Wallet that meets the requirements of Section 3 and is not an Excluded Wallet.

• “End Date” has the meaning given in Section 2.1.

• “Excluded Person” has the meaning given in Section 3.5.

• “Excluded Wallet” means a Wallet that is listed in the Exclusion Registry, exceeds the limit in Section 3.4, is owned or controlled by an Excluded Person, or is disqualified under Section 10.

• “Exclusion Registry” means the DAO-approved registry of DAO, DAO committee, SSV Foundation, operations and Immunefi addresses, that the Company keeps for the Campaign

• “Frozen Allocation” means, for a Wallet and a Tranche, the amount of that Wallet’s Eligible Delegation captured in the Tranche Snapshot.

• “Observation” has the meaning given in Section 5.2.

• “Reward” means a reward in SSV calculated under Section 6.

• “Reward-Qualified Amount” means, for a Wallet and a Tranche, the part of its Frozen Allocation that meets the 30-Day Requirement by the Verification Deadline.

• “SSV” means the SSV token on the Ethereum mainnet.

• “Tranche” means each of the five reward rounds, one for each Checkpoint, numbered 1 to 5 as set out in Section 2.2.

• “Tranche Completion” means the first Observation that showsEligible Delegation at or above a Checkpoint, at which the Tranche Snapshot for that Tranche is recorded.

• “Tranche Snapshot” has the meaning given in Section 5.1.

• “Verification Deadline” means the end of a Tranche’s Verification Period.

• “Verification Period” means the 35 days starting at a Tranche Completion.

• “Wallet” means an address on the Ethereum mainnet, including a smart contract wallet such as a Safe.

2. Campaign Period and Checkpoints

2.1 The Campaign starts at the Campaign Start. It ends at the earlier of (a) the Tranche Completion of Tranche 5 and (b) February 10, 2027 at 2:00 PM UTC (the “End Date”), except that Tranches already completed continue through their Verification Period and payout. The Campaign may end earlier under Section 12.1.

2.2 Each Tranche completes when an Observation first shows Eligible Delegation at or above its Checkpoint:

2.3 Progress toward a Checkpoint is measured on Eligible Delegation at each Observation. Eligible Delegation counts as first recorded in that Observation; the 30-Day Requirement applies only to Rewards (Section 7).

2.4 Eligible Delegation in place at the Campaign Start counts toward the Checkpoints from the Observation and ranks first recorded in that Observation. Days of Direct Delegation before the Campaign Start count toward the 30-Day Requirement.

2.5 Any progress figure or eligibility information shown on the Campaign Page, DAOx or elsewhere is for information only. Tranche Snapshots and Rewards are determined under Sections 5 and 10.

3. Eligibility

3.1 To participate, you must meet the eligibility criteria in the General Terms. No person may participate who is located, resident, incorporated or headquartered in a Prohibited Territory, who is subject to any Sanctions List, or who is directly or indirectly owned or controlled by, employed by, affiliated or associated with, or acting on behalf of any person subject to any Sanctions List (each as defined in the General Terms). For the Campaign, Prohibited Territory includes, in any event, the Crimea, Donetsk, Luhansk, Kherson and Zaporizhzhia regions of Ukraine.

3.2 The Company may screen any Wallet with blockchain analytics tools, before or after a Tranche Snapshot. It may exclude the Wallet or withhold its Rewards if the Wallet is flagged as high-risk, linked to illicit activity or linked to a sanctioned person.

3.3 A Wallet is eligible only while its Direct Delegation is at least 50 cSSV and not more than 25,000 cSSV, both limits included. Holding cSSV without delegating it does not qualify. Only cSSV counts: SSV held in or delegated from the same Wallet is ignored for all purposes, including these limits.

3.4 A Wallet whose Direct Delegation exceeds 25,000 cSSV is an Excluded Wallet for as long as it does. None of its cSSV counts toward the Checkpoints, including its first 25,000 cSSV, and it is not captured in any Tranche Snapshot taken while it exceeds the limit. A Wallet that exceeds the limit after it is captured in a TrancheSnapshot, for example during the  Verification Period still earns its  Reward for that Tranche, but only on its Frozen Allocation. If its Direct Delegation returns to 25,000 cSSV or less, it becomes eligible again from the first Observation that shows this, and its Eligible Delegation ranks, and its 30-day period under Section 7.2 starts, from that Observation .

3.5 The following are Excluded Wallets: (a) addresses in the Exclusion Registry, which covers DAO, DAO committee, SSV Foundation, operations and Immunefi addresses; and (b) Wallets owned or controlled by an Excluded Person. “Excluded Person” means (i) an employee, officer or other team member of the SSV Foundation or of SSV Labs, (ii) a member of a DAO committee, and (iii) anyone in a position to benefit unlawfully from non-public information about the Campaign, or to interfere with or manipulate its course.

3.6 You must not split cSSV across Wallets under common control to stay within the limit in Section 3.4 or to get around the Reward tiers in Section 6.1. Doing so breaches these Terms and the General Terms’ prohibition on using multiple wallets to circumvent restrictions, and may lead to disqualification under Section 10.

4. How to Participate

4.1 To participate, delegate the voting power of the cSSV in your Wallet directly to the DAO Pool, for example with the “Delegate to the DAO” function on DAOx. There is no sign-up and no account: an Eligible Wallet is included automatically.

4.2 Only Direct Delegation counts. The following do not: (a) delegation of SSV; (b) cSSV voting power that reaches the DAO Pool through another wallet or delegate; (c) cSSV held for you by an exchange, custodian, lending market, liquidity pool or other protocol, unless it stays in and is delegated from your own Wallet; and (d) voting power that a Wallet receives from the DAO Pool or from other delegators.

4.3 If a Wallet splits its voting power between the DAO Pool and other delegates, only the share delegated to the DAO Pool counts, and the limits in Sections 3.3 and 3.4 apply to that share.

4.4 For cSSV that arrives in a Wallet that already delegates to the DAO Pool, the time of delegation is the time the cSSV arrives.

4.5 You delegate voting power only. Delegation does not lock, deposit or transfer your cSSV, and the Company never takes custody of it. You can change or remove your delegation at any time; Section 8 explains how that affects Rewards.

4.6 Under DIP-51, the DAO Pool’s voting power is allocated automatically to delegates in the cohorts and proportions set by DIP-51, subject to its voting power cap (currently 500,000), above which delegated voting power is voided. You do not choose the delegates or how they vote. Neither the Company nor DAOx controls their votes, and the DAO may change these rules.

4.7 You pay all network (gas) fees for delegating and changing your delegation. Rewards are airdropped, so you pay no network fee to receive them.

5. Tranche Snapshots and Completion

5.1 At each Tranche Completion, the Company records a snapshot (a “Tranche Snapshot”) of the Eligible Wallets included in that Tranche and the Frozen Allocation of each. It includes amounts that have not yet met the 30-Day Requirement, which can meet it during the Verification Period. A Tranche Snapshot is not expanded for Wallets or amounts that arrive later.

5.2 The Company observes Eligible Delegation once a day, at the time shown on the Campaign Page (each, an “Observation”). Eligible Delegation is included in a Tranche Snapshot in the order in which it was first recorded in an Observation (first come, first served), and not by when it meets the 30-Day Requirement. Total Frozen Allocations for a Tranche cannot exceed its Checkpoint. If amounts first recorded in the same Observation do not all fit under the Checkpoint, the remaining room is shared among them pro rata to their amounts, and the rest can be captured in later Tranches.

5.3 If a Frozen Allocation fails the 30-Day Requirement, in whole or in part, the Reward for it is reduced accordingly. Its place in the Tranche is not reopened to anyone else.

5.4 Each Tranche completes once. Later reductions, exits or failures to meet the 30-Day Requirement do not undo a Tranche Completion. If Eligible Delegation falls below a Checkpoint already reached and later reaches it again, no new Tranche Snapshot is taken and no further Reward is paid for that Checkpoint.

5.5 Reductions and exits lower Eligible Delegation. The next Tranche completes when Eligible Delegation, once any shortfall is made up, reaches the next Checkpoint, without waiting for any amount to meet the 30-Day Requirement.

5.6 The Company records Tranche Snapshots and runs verification on the basis of on-chain data as recorded in the Observations, directly or through a service provider it appoints, and applies the same method to every Wallet.

6. Rewards

6.1 For each Tranche, a Wallet captured in the Tranche Snapshot earns a Reward in SSV equal to (a) 1% of the first 10,000 cSSV of its Reward-Qualified Amount, plus (b) 0.5% of the next 5,000 cSSV. A Reward-Qualified Amount above 15,000 cSSV earns nothing more, so the maximum Reward is 125 SSV per Wallet per Tranche.

6.2 Rewards are calculated on the number of cSSV and paid in SSV at those rates; for example, 1% of 500 cSSV is 5 SSV. No price, exchange rate or cSSV-to-SSV conversion applies.

6.3 A Wallet’s Reward-Qualified Amount for a Tranche can never exceed its Frozen Allocation for that Tranche.

6.4 Examples, per Tranche:

A Wallet with a Reward-Qualified Amount of 10,000 cSSV in all five Tranches earns 500 SSV. A 10,000 cSSV position first captured in Tranche 3 can earn up to 300 SSV across Tranches 3 to 5.

6.5 Rewards are funded by the DAO under the applicable DAO Proposal. Total Rewards across all five Tranches cannot exceed 11,460 SSV.

7. 30-Day Requirement and Verification

7.1 The 30-Day Requirement applies to Rewards only. It does not affect progress toward the Checkpoints.

7.2 An amount in a Frozen Allocation earns a Reward for a Tranche only if it has been in Direct Delegation for 30 continuous days by that Tranche’s Verification Deadline (the “30-Day Requirement”). The 30 days are counted within the unbroken period of Direct Delegation that includes the Tranche Snapshot (or, for cSSV delegated again after a reduction, the new period under Section 8.3, and for a Wallet that returns within the limit, the new period under Section 3.4), so days before the Tranche Snapshot, and before the Campaign Start, count. A fresh 30 days is not required for each Tranche.

7.3 Adding cSSV does not reset the history of cSSV already delegated. Each added amount has its own 30-day period, starting when it is delegated.

7.4 Only the amount maintained throughout its 30-day period counts, up to the Frozen Allocation.

7.5 Once an amount has met the 30-Day Requirement for a Tranche, a later reduction does not cancel that Tranche’s Reward.

7.6 The Verification Period and the 30-Day Requirement run at the same time, not one after the other: an amount can complete its 30 days during the 35-day Verification Period.

8. Reductions, Continued and Late Participation

8.1 A reduction is any decrease in a Wallet’s Direct Delegation, including undelegating, moving or splitting delegation away from the DAO Pool, the expiry of a delegation, unstaking cSSV and transferring cSSV out of the Wallet. An amount reduced before it meets the 30-Day Requirement breaks its continuous Direct Delegation and can earn the Reward of any Tranche for which it had not yet met that requirement only if it qualifies again under Section 8.3.

8.2 A reduction is applied first to the most recently delegated cSSV in the Wallet (last in, first out).

8.3 cSSV delegated again after a reduction starts a new 30-day period. It can earn on the Wallet’s existing Frozen Allocation for a Tranche only if it completes 30 days by that Tranche’s Verification Deadline. For example, if a Tranche completes on day 0, cSSV removed on day 2 and delegated again on day 4 completes 30 days on day 34 and qualifies. If it is delegated again on day 6, it completes on day 36, after the day-35 deadline, and does not qualify.

8.4 A Wallet is included in later Tranche Snapshots for as long as it remains an Eligible Wallet. Amounts added after a Tranche Snapshot are considered only for later Tranches.

8.5 New Wallets count toward the remaining Checkpoints as soon as they become Eligible Wallets. A Wallet that becomes an Eligible Wallet after a Tranche Snapshot is not added to that Tranche, even while its Verification Period and payout are pending. No Rewards are paid for Tranches completed before a Wallet’s Eligible Delegation was captured.

9. Payout

9.1 Rewards for a Tranche are paid in SSV after its Verification Period. Distribution is scheduled for 35 days after the Tranche Completion. That date is indicative and may be later where the DAO’s execution of the distribution requires it.

9.2 Rewards are distributed by the DAO to each Wallet  captured in the relevant Tranche Snapshot by direct airdrop. No claim is needed.

9.3 Payment depends on the DAO approving and executing the distribution under the applicable DAO Proposal, on any Wallet screening under Section 3.2, and on your compliance with these Terms. The Company calculates Rewards and submits them for distribution; it is not liable for any Reward that the DAO does not approve or distribute.

9.4 Rewards are sent only to the Wallet that earned them. You are responsible for being able to receive and access SSV at that Wallet. A distribution to that Wallet is final.

9.5 Rewards are paid only in SSV, with no cash or other alternative, and cannot be transferred or assigned before payment.

10. Disqualification and Determinations

10.1 The Company may disqualify a Wallet or person, and withhold or cancel Rewards, if it reasonably determines that the Wallet or person (a) does not meet the requirements of Section 3, (b) has engaged in fraud, manipulation, a Prohibited Activity or a breach of Section 3.6, (c) has exploited a bug or error in the Campaign, DAOx or any smart contract, or (d) has otherwise breached these Terms or the General Terms.

10.2 In addition, the Company, or the SSV Foundation acting alone, may in its sole discretion and without giving reasons disqualify any Wallet, person or category of Wallets or persons, or withhold or cancel any Reward, at any time, including after a Tranche Snapshot and before payout. It may do so, for example, where it considers that the participation or the Reward could expose the Company, the DAO or the Network to legal, regulatory, reputational or security risk, or would run against the purpose of the Campaign. A disqualification or a withheld or cancelled Reward does not reopen a place in a Tranche Snapshot to anyone else, and the Company is not liable for any such decision.

10.3 The Company determines Eligible Delegation, Tranche Snapshots, Frozen Allocations, the 30-Day Requirement and Rewards on the basis of on-chain data as recorded in the Observations. Its determinations are final and binding, except for manifest error. The Company may correct any error, including after a Tranche Completion or payout, and may ask you to return any Reward paid by mistake.

10.4 If you believe a Tranche Snapshot or Reward is wrong, contact us within 30 days of the relevant payout, giving your Wallet address and your reasons.

11. Risks, No Advice and Taxes

11.1 Governance. Your delegated voting power is used by delegates selected under DIP-51, who may vote in ways you disagree with. The DAO may change DIP-51, including its cohorts, scoring and voting power cap. How delegated voting power counts in any vote depends on the DAO’s voting rules, which the Company does not control.

11.2 Technology. Delegation, voting, DAOx, the DAO Pool and the related smart contracts and indexers may fail, contain bugs, be attacked or show incorrect data. Any of these may affect whether your delegation is counted.

11.3 Market. The value of SSV and cSSV is volatile. A Reward may be worth less when you receive it, or nothing.

11.4 No guarantee. The Checkpoints may never be reached, and a Tranche that does not complete pays nothing. Participation does not guarantee any Reward.

11.5 Nature of the Campaign. The Campaign is one of the Incentive Programs referred to in the General Terms. It is not a lottery, game of chance, gambling activity, investment scheme or financial product. Rewards are a fixed, rules-based incentive for delegating voting power; they are not a return on any investment or a share of the profits or revenue of the Company, the DAO or the Network.

11.6 No offer. The Company is not a registered or licensed trading platform, clearinghouse, exchange platform, bank, depository institution, investment firm or financial service provider. The Campaign is not an offer of securities or of any Digital Asset, or a solicitation to invest in or buy them, in any jurisdiction, and is not a prospectus or offer document of any kind.

11.7 No investment advice. The Company does not provide investment advice and is not a registered investment advisor, broker-dealer or tax advisor. Nothing in the Campaign suggests the value of any asset, which assets to buy or sell, or whether to stake, delegate or use any feature of the Network.

11.8 Your responsibility. You are responsible for your own due diligence, for deciding whether participating is lawful in your jurisdiction, and for obtaining independent legal, tax and technical advice. Participation through a third party does not guarantee eligibility or correct attribution of your delegation.

11.9 Taxes. You are solely responsible for any taxes arising from your participation and from any Reward.

12. General Provisions

12.1 Changes, suspension and termination. The Company may amend these Terms, change the Campaign, or suspend or terminate it at any time, with or without notice, including where required by Applicable Law or a DAO decision, or in case of a security incident, a malfunction of DAOx or the delegation contracts, or manipulation. Material changes will be announced on the SSV Network website or official channels and take effect on publication. A change does not affect a Tranche completed before it takes effect, except where required by Applicable Law or a DAO decision, or to correct an error.

12.2 Early end. The End Date may change, as decided by the DAO under the applicable DAO Proposal or by the Company under Section 12.1.

12.3 Third Party Services. DAOx, Safe, the delegation contracts, the Snapshot voting platform and your wallet provider are Third Party Services. The Company, the DAO and their affiliates, contributors and developers do not endorse, control or take responsibility for them or their providers, and their own terms apply to your use of them.

12.4 No liability. THE COMPANY SHALL NOT BE LIABLE FOR ANY LOSS, DAMAGES, MISSED REWARDS OR OTHER ADVERSE OUTCOMES RESULTING FROM THE USE OF ANY THIRD PARTY SERVICES, INCLUDING DAOx, MULTI-SIGNATURE WALLETS AND DELEGATION CONTRACTS, FROM ANY VOTE CAST WITH DELEGATED VOTING POWER, OR FROM ANY ERROR IN CALCULATION OR PROCESSING. THE DAO SHALL NOT BE LIABLE FOR ANY ERROR IN CALCULATION OR PROCESSING, OR FOR ANY CLAIMS OR REWARDS. TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, THE COMPANY SHALL NOT BE LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, CONSEQUENTIAL OR PUNITIVE DAMAGES ARISING FROM PARTICIPATION IN THE CAMPAIGN, AND THE LIMITATION OF LIABILITY IN THE GENERAL TERMS APPLIES.

12.5 Indemnity. You agree to indemnify and hold harmless the Company, the DAO and their affiliates, contributors and developers from any claims or liabilities arising out of your use of Third Party Services in connection with the Campaign or your breach of these Terms.

12.6 Data protection.

(a) The Company is the controller of the personal data processed for the Campaign: your Wallet addresses, the related public on-chain data (balances, delegations and transactions), and any information you send us, for example when you contact us or if we need to verify eligibility.

(b) We use this data to run the Campaign, verify eligibility and Rewards, prevent fraud and comply with Applicable Law, including sanctions and tax rules. The legal bases are the performance of these Terms, compliance with legal obligations, and our legitimate interest in preventing fraud and abuse.

(c) On-chain data is public and permanent, and we cannot change or erase it.

(d) We keep personal data for the duration of the Campaign and afterward only as long as Applicable Law requires. Where data is transferred outside the European Economic Area, we rely on an adequacy decision or on appropriate safeguards such as Standard Contractual Clauses.

(e) Subject to Applicable Law, you may request access to, correction, erasure, restriction or portability of your personal data, object to its processing, and complain to your data protection supervisory authority. Send requests to hello@ssv.network.

(f) DAOx and other Third Party Services process data under their own policies. Our Privacy Policy also applies.

12.7 Governing law. These Terms are governed by the laws of the British Virgin Islands, without regard to conflict-of-law principles.

12.8 Entire agreement. These Terms, together with the General Terms and the applicable DAO Proposal, are the entire agreement between you and the Company about the Campaign. They supersede all prior communications and prevail over any FAQ, blog post or announcement about the Campaign.

12.9 Contact. For questions about these Terms, contact us at hello@ssv.network. Campaign progress, eligibility information and FAQs are on the Campaign Page.

PLEASE REFER TO THE GENERAL TERMS AT SSV.NETWORK/LEGAL/TERMS-OF-SERVICE FOR MORE INFORMATION ON THE SITE, APP AND PROTOCOL AND APPLICABLE RISKS.