Token Swap 2020

Amendment & Termination of Terms of Token Sale and Start Compensation Period

Token Swap 2020

Amendment & Termination of Terms of Token Sale and Start Compensation Period

Dear Tokenholder,
 
We are pleased to share with you today the information regarding the next steps in the token swap process.
 
Amendment of Terms of Token Sale
As announced already on 12 June 2020, after the regular token swap period is over, we amend and terminate the Terms of Token Sale of 5 September 2017.
 
Based on its unilateral amendment right in Section I, 4. of Modum’s Terms of Token Sale of 2017, Modum herewith amends the terms and conditions by adding the following new provision at the end of Section I: "5. modum.io AG may unilaterally terminate all rights attached to the MOD Token at any time and at its sole discretion. In case of such unilateral termination by modum.io AG, the MOD token becomes functionless and worthless. Therefore, modum.io AG pays a compensation to holders of MOD tokens at the moment of termination in a form determined according to its sole discretion and only upon such holder of MOD tokens actively contacting modum.io AG within ten (10) years from the exercise of such unilateral termination by modum.io AG."
  
Termination of Terms of Token Sale
Based on the amended Terms of Token Sale, Modum herewith terminates unilaterally all contractual rights attached to the still outstanding MOD tokens.
 
Tokenholders whose rights have been terminated unilaterally can actively contact Modum 10 years following the announcement of the termination in order to get a compensation for their MOD token at the same rate as the monetary compensation offered during the Token Swap period.
 
The Amendment and Termination of the Terms of Token Sale are publicly available here and further announced through various communication channels, including by publication in the Swiss Official Gazette of Commerce SOGC.

Next steps for tokenholders who have not participated in the token swap
Modum provides a mobile app for tokenholders to onboard and claim their compensation. Compensation payments will be made in USDT (Tether) on a quarterly basis. We compensate USDT 0.24 per MOD token. In order to file their compensation claims, tokenholders will have to download the mobile app, and go through the onboarding process including a KYC. The mobile app will be available for iOS and Android in the second half of October 2020. You will be informed of the launch of the app as soon as it is available.
 
The compensation can be claimed by holders of MOD tokens who have not swapped some or all of their MOD tokens according to the MOD Token Swap Terms of Modum dated 12 June 2020 and whose contractual rights have been terminated unilaterally.
 
Next steps for tokenholders who chose to swap for cash compensation
We’ll start paying out the monetary consideration (USD 0.24 /MOD token) in the coming week in batches. We will not answer any questions regarding the status of the payouts until end October and will contact tokenholders directly if the bank transfer fails for whatever reason. Thank you for understanding.
 
Next steps for tokenholders who chose to swap for participation certificate and guaranteed cash consideration
For those of you who have chosen the participation certificates with the guaranteed cash consideration, the next step is to enter your bank details in the dedicated web application we put online in the coming week. You will be informed of the launch of the web app separately.
 
Devigus – an authorized clearing house partner of SIX SIS AG (SIX Group) – has been mandated by Modum to keep the participation certificate register and will reach out directly to all who opted to swap for participation certificates with guaranteed cash consideration, confirming their number of allocated participation certificates and the corresponding guaranteed cash consideration amount. We plan to transfer the payments of the guaranteed cash consideration in the second half of November. Please make sure to enter your bank details until mid of November in order to support us keeping the deadline for everybody. We will not answer any questions regarding the status of the payouts until end of November. Thank you for understanding.
 
You can find more information regarding the procedure in the FAQ below.
 
Stay safe and best regards
Modum Team

Related Links

FAQ Part 1 - Compensation

The purpose of the KYC is to ensure that you are identified as the rightful owner of the MOD tokens and to meet the legal requirements.

The transfer is much easier and the correctness of the address is easily verfiable. Also, USDT is a standard ERC20 token and can be sent to any Ethereum address. It so solves the issue that not everyone has an IBAN for his bank account. 

If you have any have issues with the onboarding process or with the token app itself, please reach out to us via our token app service desk. Please sign up for the dedicated service desk (Jira), and then describe the issue you are facing. Make sure to include steps to reproduce the issue and add a description explaining the issue in more detail.

As an iOS user you can download the Token App via Testflight. First, download Testflight in the App Store. Then click on the Token App download link on your iPhone to download it and you are good to go. If you already have Testflight on your device, you can directly click on the Token App download link.

If you need support, please open a service desk request.

Android users can download the Token App directly through the Google Play Store.

Payouts are made to your personal ERC20 USDT address, which you will have to enter during the onboarding.

Payouts are made on a quarterly basis and are made in USDT.

Please send you request to the dedicated service desk, including: 
- your full name
- the amount of tokens you've sent
- your ERC20 USDT payback address

FAQ Part 2 - Participation Certificates

We launch a dedicated web application for you to do so in second half of October. You can login using the same credentials you used in the Modum Token Swap App. 
Please make sure to enter your bank details until mid November 2020 in order to support us keeping the deadline for everybody.

No, you can enter any bank account format which follows the BIC/SWIFT standards.

The Participation Certificates are not traded on a securities exchange. A private transfer of Participation Certificates and the registration of such transfer in Modum’s register of participation certificates requires: 

a) compliance with Swiss law, and
b) express approval of Modum according to Modum’s Articles of Association. 
  
Please request the "Form of Sale and Purchase Agreement" through the service desk.
 

Devigus is holding your Participations in a safekeeping account.

We plan to transfer the payments of the guaranteed cash consideration in the second half of November 2020. We will not answer any questions regarding the status of the payouts until end of November. Thank you for understanding.

You may request to transfer the Participation Certificates to a depository account of your bank. To do so, please submit the following: 

a)    to your bank: a respective transfer request, and
b)    to us: the completed and signed form "Transfer of registered Participation Certificates from the safekeeping account" (you can request the form at the service desk)

Depending on how your bank is connected to the SIX central securities depository, different transfer procedures may apply and different fees might be charged for a transfer. All costs related to such a transfer are at your expense. 

FAQ Part 3 - Swap to Cash

We’ll start paying out the monetary consideration (USD 0.24 / MOD token) starting on 20 October 2020  in batches. We will not answer any questions regarding the status of the payouts until end of October 2020. We will contact tokenholders directly if the bank transfer fails for whatever reason.

Please send you request to the dedicated service desk, including: 
- your full name
- the amount of tokens you've sent
- Your IBAN

No, this is not possible. They payments are already being processed.