Dev Fund Policy.

Last Updated: June 2022

Purpose. This policy applies to the utilization of the Dev’ Fund (“Fund”) for the purpose of any actions taken for WACEO Initiative (“WACEO”) with regard to the technical development needs of the project. This Policy describes the main rules that apply to all tech development carried out by third-party technical services Providers (collectively, “Providers”). The rules established in this Policy shall be legally binding on all individuals and organizations to which this Policy applies and act as a legal supplement to all contracts signed on behalf of WACEO and Providers that provide tech development services. This Policy sets the main rules regarding:

• The governance of the tech project.

• The progression of the tech project.

• Best practices of billing.

Scope. This policy is part of the WACEO Governance Framework and is applicable to the project, its Contributors and Providers.

Utilization of Funds. The funds assigned to the Dev Fund shall be utilized solely for all the technical development activities undertaken by WACEO through WACEO AISBL, as its legal representative, including (without limitation), writing and deploying smart contracts, safeguarding the funds, and any other technical development that may be reasonably required for the operations and maintenance of the project.

Governance of the tech project. Every technical development activity for the Project shall be commissioned and supervised by WACEO AISBL. All Providers must abide by the rules of this Policy and the WACEO Governance Framework. For the purpose of transparency of governance, WACEO AISBL may supervise tasks related to the ongoing tech project and may give specific instructions regarding proper execution. All Providers must comply with the instructions given by WACEO AISBL. The technical service provider shall be carefully vetted, and onboarded by WACEO AISBL, as the Association member, and shall have a service level agreement signed.

Progression of the tech project. All Providers shall be contracted through WACEO AISBL as the legal representative of WACEO DAO. For the purposes of transparency of governance, all Providers shall apply an initial timetable and roadmap of execution to WACEO AISBL.

Management of Funds. The funds shall be under the supervision of WACEO AISBL as the legal representative of WACEO.

Custodian’s Responsibilities. The Custodian must abide by the rules of this Policy and the Private Keys and Password Management Policy. The Custodian is expected to use their reasonable and critical thinking for taking the appropriate security measures to protect the Fund. The Custodian shall not use the fund for any purpose other than that specified in this Policy.

Governing Law. This Policy is subject to the Law of Belgium. In the case of infringement of any of the above clauses, the ordinary courts of Brussels will have exclusive jurisdiction to rule on any litigation which may come up in the implementation and/or the interpretation of the present Policy.

Final Provisions. This Policy is incorporated into the relevant Agreement signed by the Custodian and imposes legal obligations. All changes to this Policy shall be recorded in writing and become a part of this agreement. The changes shall be made transparent and available to the community members.