Version 1. Dated May 4, 2022.

These terms of use (the ”Terms”) apply when using or interacting with the infrastructure and solution for registering, managing, and reading PUFs (collectively the “Services”) that are made available by Pufin ID A/S, company reg. no. 40 91 13 32 (“Pufin ID”) to any customer (“Customer”) under a service agreement entered into by Pufin ID and the Customer (the “Service Agreement”), unless otherwise expressly agreed in the Service Agreement. In case of any discrepancy between these Terms and any terms and conditions put forward by the Customer in any order or otherwise, these Terms shall prevail.

Pufin ID may modify or amend the Terms with 1 month’s prior written notice to reflect changes in Services.

1. Pufin ID Technology
   • Pufin ID’s technology from time to time, including but not limited to the Pufin ID mobile app, certain software, and artificial intelligence components, IT infrastructure and APIs (the “Pufin ID Technology”) allows for the creation of a digital twin to any physical item. Creation, activating, managing, and using this digital twin requires access to and use of the Pufin ID Technology.
2. Use of Pufin ID Technology
   • Any use of Pufin ID’s Technology and Services by the Customer is subject to the Customer’s strict compliance with the terms and conditions set out in these Terms and the Service Agreement.
   • The Customer is not permitted to:
     • (i) make Pufin ID’s Technology available to any third party or perform Services or part hereof for any third party,
     • (ii) transfer the right to use Pufin ID’s Technology and/or Services to any third party,
     • use the Pufin ID Technology and Services other than as contemplated by the Service Agreement,
     • (iv) sub-license, copy or decompile any part of the Pufin ID Technology,
     • (v) violate Pufin ID’s Intellectual Property Rights related to Pufin ID Technology, or
     • (vi) use Pufin ID Technology or Services to violate personal rights, Intellectual Property Rights, or use it in any immoral or illegal way.
   • Pufin ID may collect logs and data regarding the performance, use and users of Pufin ID Technology and Services, as described in Pufin ID Privacy Policy available on https://pufin.id.
   • By using Pufin ID Technology and Services, the Customer accepts the Pufin ID Privacy Policy.
   • By using Pufin ID Technology and Services, the Customer accepts to adhere to these Terms.
   • Pufin ID retains the right to make changes to the Services at any point in time, however, if such changes are made, Pufin ID will use reasonable commercial efforts to ensure that Service accessibility, availability, and functionality remains unchanged in all material respects. If this is not possible, Pufin ID will inform the Customer about the upcoming change of Services and provide the Customer with reasonable time to prepare for this change of Services.
   • The Customer’s rights and obligations are based exclusively on the terms and conditions of the Service Agreement and these Terms and in no event shall the Customer be entitled to claim any rights based on other information provided by Pufin ID, including but not limited to information provided orally, information on the internet, in brochures etc. each of which shall be without relevance for the assessment of the Services.
3. Prices
   • Prices are set out in the Service Agreement.
   • Pufin ID may, at Pufin ID’s sole discretion, adjust the prices annually (every 31 December) with effect for Services to be delivered during the next 12-months period, to reflect changes to the European Union Consumer Price Index (annual average index).
4. Payment
   • Pufin ID’s payment terms are 30 days from the date of invoice, unless otherwise agreed in writing.
   • If the Customer does not pay within the last valid day of the payment period and such payment failure is not fully remedied within 5 business days after having received a payment reminder from Pufin ID, then Pufin ID has the right to either terminate the Service Agreement and immediately stop all Services or claim default interest from the respective day, when payment was due in accordance with the provisions of the Danish Interest Act.
5. Annulment and amendment of the order
   • The Customer does not have the right to amend or annul the order after signing the Service Agreement.
   • If the Customer cancels the Service Agreement other than in case of a material breach hereof by Pufin ID, then the Customer is required to indemnify Pufin ID for Pufin ID’s loss of profit with respect to the remaining term of the Service Agreement.
6. Service interruptions
   • Pufin ID shall use reasonable commercial efforts to continuously rectify any non-conformities and for providing ongoing maintenance and improvements of Pufin ID’s Technology and the Services.
   • Pufin ID is entitled to interrupt the use of and access to the Pufin ID Technology and Services if this is due to service or system maintenance, restructuring, adjustment, or upgrade of the Services. For any planned interruption, Pufin ID will notify Customer ten (10) business days prior to the planned interruption, and will schedule this planned interruption to ensure minimum impact on service availability.
   • Pufin ID may immediately interrupt the use of and any access to Pufin ID’s Services, in; (1) urgent circumstances, where Pufin ID acts to avoid abuse, security risks, and to adhere to legal requirements, and (2) to rectify a non-conformity whether caused by Pufin ID or any third-party solution. If Pufin ID choose to interrupt the use of and access to Pufin ID’s Services, Pufin ID will, as soon as possible, notify Customer of the interruption and provide Customer with a reason for the interruption.
   • If a third-party solution provider is the primary cause of a service interruption, Pufin ID’s commitment with respect to the service levels set out in clause 9.1 below, will begin when such third-party solution provider has resolved its service interruption.
7. Duty of notice of non-conformity
   • The Customer is to notify Pufin ID immediately and via the agreed non-conformity communication process outlined in the Service Agreement, if the Customer finds any lack of conformity in the Service, incl. the correct non-conformity severity classification, ref. 9.1.
   • The Customer cannot at a later point claim a lack of conformity towards Pufin ID if the Customer fails to notify Pufin ID immediately and in any event not later than 5 business days after discovering the lack of conformity.
8. Remedy of non-conformity
   • In the case of non-conformity of Services notified by the Customer or observed by Pufin ID, Pufin ID shall initiate the remedy of such non-conformity in accordance with below service levels:

• Pufin ID does not have an obligation to remedy if the lack of conformity of the Services is because the Services has not been used in accordance with Pufin ID’s instructions. Furthermore, Pufin ID does not have an obligation to remedy if the lack of conformity of the Services is due to modifications or technical interferences made without the written consent of Pufin ID.

9. Security
   • Pufin ID regularly review and implement reasonable and appropriate security measures designed to protect the Pufin ID Technology, the undisturbed supply of Services and to protect the Customer’s data against unauthorized or unlawful access, processing, destruction, accidental loss, alteration and unauthorized disclosure or access.
10. Limitation of liability
    • Pufin ID’s liability under any Service Agreement, including but not limited to liability for a lack of conformity, cannot exceed the total amount paid by the Customer to Pufin ID under the relevant Service Agreement during the past 12 months.
    • In no event shall Pufin ID be liable for any indirect losses, including – but not limited to – consequential damage, operating losses, loss of data or the cost to re-establish data, loss of contracts, business, anticipated savings, goodwill, revenue and loss of profit.
11. Exemption of liability – Force majeure
    • The following circumstances result in exemption of liability if they occur after the conclusion of the Service Agreement and prevent the Service Agreement from being fulfilled:
    • Work conflicts, strikes, lock-outs and any other circumstances beyond the control of any of the parties, including but not limited to any cyber security events (hacking and attacks with ransomware or other malware), material failures or breakdowns of computer network, hardware or software, fire, epidemics, war, unforeseen military services of such scale, sabotages, seizures, exchange rate restrictions, riots and rebellions, lack of transport services, general shortage of goods, restrictions regarding driving means and shortcomings of deliveries by sub-contractors, or delays of such deliveries as a result of any of the above-mentioned circumstances
    • The party wishing to claim any of the above-mentioned circumstances must, as soon as possible, notify the other party about the situation and when it is expected to be over.
    • Both parties have the right to rescind the Service Agreement by written notice to the other, if the fulfilment of the Service Agreement due to any of the circumstances mentioned in 11.2 persists for more than 3 months.
12. Confidentiality
    • Any non-public information, including but not limited to prices and any technical documents which Pufin ID has made or may make available to the Customer (“Confidential Information”) shall, unless otherwise set out in the order, remain the property of Pufin ID and shall be treated as confidential by the Customer and its representatives and must not, without the prior written consent of Pufin ID, be copied, reproduced or transferred to a third party or be used for other purposes than those intended when the Confidential Information was made available. Confidential Information shall be returned to Pufin ID upon request.
    • Pufin ID may use Customer’s name and logo to generically announce the Service Agreement for the purpose of: (i) announcing the Service Agreement on its website and (ii) at non-public sales presentations. For any other use of Customer’s name or logo, Pufin ID must obtain written consent from Customer.
13. Resolution of disputes
    • These Terms shall be governed by Danish law. The ordinary courts of Denmark shall have exclusive jurisdiction to settle any dispute arising out of or in connection with the Terms and any order, and the parties irrevocably submit to the City Court of Copenhagen as the court of first instance.