TERMS & CONDITIONS

Effective Date: May 15, 2026

Jurisdiction: Hong Kong SAR

PLEASE READ THESE TERMS & CONDITIONS CAREFULLY.

BY ACCESSING OR PARTICIPATING IN THE SILK. CLUB, YOU AGREE TO BE BOUND BY THESE TERMS AND ALL TERMS INCORPORATED HEREIN BY REFERENCE. IF YOU DO NOT AGREE TO THESE TERMS, DO NOT ACCESS OR PARTICIPATE IN THE SILK. CLUB.

THESE TERMS & CONDITIONS INCLUDE A BINDING ARBITRATION AGREEMENT (ARTICLE 10) THAT GOVERNS ANY DISPUTES BETWEEN YOU AND THE COMPANY. THIS AGREEMENT WILL:

• ELIMINATE YOUR RIGHT TO A TRIAL BY JURY TO THE EXTENT ALLOWABLE UNDER APPLICABLE LAW; AND

• PREVENT YOU FROM BRINGING, JOINING, OR PARTICIPATING IN CLASS OR CONSOLIDATED PROCEEDINGS IN ARBITRATION OR LITIGATION.

You agree that the Company may provide updates, notices, disclosures, and amendments to these Terms, and other information relating to the Silk. Club by electronic means, including posting such materials within the Silk. App or online at https://thesilktea.com/.

ARTICLE 1: THE SILK. CLUB ECOSYSTEM

1.1 Definition and Scope: The Silk. Club (the "Club") is a proprietary, capital-linked loyalty ecosystem owned and operated by Silk. (the "Company"). Participation in the Club constitutes full and unconditional agreement to these Terms & Conditions.

1.2 Currency Evolution: Effective May 15, 2026, all legacy loyalty units ("Points" or "Coins") are retired. Existing balances have been migrated to "Pearls" at a 100x Multiplier (subject to a variable conversion rate for legacy units accrued through non-transactional marketing campaigns or promotional awards, as determined by the Company’s internal ledger records). This conversion is a one-time discretionary adjustment by the Company and is final. By participating in the Club, Members release the Company from any claims related to the valuation or conversion of legacy units.

1.3 Eligibility: Membership is open to individuals aged 18 or older. The Company reserves the right to verify identity and disqualify any participant suspected of fraudulent activity, multiple account creation, or breach of the spirit of the "Wealth Velocity" philosophy.

1.4 Account Sovereignty: Members are responsible for maintaining the confidentiality of their account credentials. The Company is not liable for any unauthorized access or Pearl redemption resulting from a Member's failure to secure their account.

ARTICLE 2: ACCRUAL & WEALTH VELOCITY

2.1 The Standard Earn Engine: Pearls are earned at a base rate of 1 HKD = 5 Pearls for all qualifying purchases made via cash, credit card, or recognized third-party electronic payment at participating Company locations.

2.2 The Top-Up Efficiency (Stored Value): Members who utilize the Company’s proprietary "Preload" or "Top-Up" system (the "Stored Value Balance") are granted preferential earn rates based on their current Membership Tier at the moment of expenditure. This "Wealth Velocity" bonus is structured as follows:

Membership TierEarn Rate (HKD : Pearls)Efficiency vs. Standard

• Silk. Club & Silk. Friends: 1 HKD : 6 Pearls (+20% efficiency vs. Standard)

• Silk. Family: 1 HKD : 7 Pearls (+40% efficiency vs. Standard)

• Silk. VIP: 1 HKD : 8 Pearls (+60% efficiency vs. Standard)

2.3 The Accrual Trigger (Anti-Double-Dip): To maintain the integrity of the Club’s capital model, Pearls are earned exclusively at the Point of Expenditure. No Pearls are accrued, earned, or credited at the point of depositing funds into a Stored Value Balance (the "Top-Up"). Pearls are only calculated and credited to the Member's ledger upon the successful completion of a product purchase using said Stored Value Balance.

2.4 Rounding & Calculation: All Pearl calculations are rounded down to the nearest whole integer. The Company’s internal ledger is the final and definitive record of a Member’s Pearl balance. Any discrepancies must be reported to the Company in writing within fourteen (14) days of the transaction date; otherwise, the transaction shall be deemed final and accurate.

2.5 Qualifying Purchases: Pearls are earned on the net purchase amount of beverages and food products. The Company reserves the right, at its sole discretion, to exclude certain merchandise, gift cards, or promotional items from Pearl accrual.

ARTICLE 3: TIER STRUCTURE & THRESHOLDS

3.1 Determination of Status: Membership Tiers are determined by the total number of Pearls earned by a Member within a single Calendar Year (January 1st through December 31st). Status is calculated on a "rolling" basis; once a threshold is met, the Member is immediately promoted to the corresponding Tier.

3.2 Tier Thresholds & Access Rights: The Club consists of four distinct Tiers, each granting a specific scope of access to the Asset Catalog:

• Silk. Club (Entry): 0 – 2,999 Pearls earned. Access to Signature Drink redemptions and standard promotional offers.

• Silk. Friends: 3,000 – 9,999 Pearls earned. Additional access to Uber Vouchers and Standard Silk. Collectibles.

• Silk. Family: 10,000 – 24,999 Pearls earned. Additional access to Cathay Pacific Business Class Flight rewards and Asia Miles Currency Conversion.

• Silk. VIP: 25,000+ Pearls earned. Exclusive access to High-Value Collectibles (including luxury collaborations), Secret Menu items, and Silk. Experiences.

  
  

3.3 Status Validity: Once a Member achieves a higher Tier (Friends, Family, or VIP), that status remains valid for the remainder of the current Calendar Year and the entirety of the following Calendar Year. To maintain status for subsequent years, the Member must re-qualify by meeting the Pearl thresholds during the applicable Calendar Year.

3.4 Down-Tiering: If a Member fails to earn the required Pearls to maintain their Tier by the end of the validity period, the Member’s status will be adjusted to the Tier corresponding to their actual Pearl earnings for the preceding Calendar Year.

3.5 Non-Transferability of Status: Tier status is personal to the account holder and cannot be combined with Pearls from other accounts, sold, or transferred to third parties.

ARTICLE 4: EXPIRY & LEDGER MANAGEMENT

4.1 The Wealth Guarantee (Fixed Expiry): To ensure a stable and sustainable ecosystem, Pearls are subject to a fixed expiration schedule. All Pearls earned within a specific Calendar Year shall expire on December 31st of the second calendar year following the year in which they were earned (the "Expiration Date").

• Illustrative Example: Any Pearls earned between January 1, 2026, and December 31, 2026, shall remain valid through 23:59 HKT on December 31, 2028. All such Pearls will expire and be removed from the ledger at 00:00 HKT on January 1, 2029.

4.2 FIFO Protocol (First-In, First-Out): To maximize Member utility and preserve "Wealth Velocity," the Company utilizes a FIFO accounting method for all redemptions. When a Member redeems Pearls for an asset, the system will automatically debit the oldest valid Pearls in the Member's ledger first. This ensures that Pearls nearing their Expiration Date are prioritized for use.

4.3 No Extension of Validity: The expiration of Pearls is final, automated, and absolute. The Company will not provide extensions, reinstatements, or cash conversions for expired Pearls, regardless of the Member's Tier status, historical spend, or reason for non-use.

4.4 Ledger Finality: The Pearl balance and expiration data displayed within the Silk. App serve as the Company’s official ledger and the final word on Pearl validity. While the Company may, at its sole discretion, provide courtesy notifications regarding upcoming Pearl expirations, the legal burden remains entirely on the Member to monitor their ledger and utilize their Pearls before the Expiration Date.

4.5 Treatment upon Account Closure: In the event of account termination—whether initiated voluntarily by the Member or by the Company for cause (pursuant to Article 7)—all accrued Pearls and associated Tier privileges shall be immediately forfeited and permanently deleted from the ledger without compensation or liability to the Company.

ARTICLE 5: REDEMPTION & FULFILLMENT

5.1 Asset Catalog Availability: The Company provides a digital catalog of rewards ("Assets") within the Silk. App. All redemptions are subject to availability. The Company reserves the right to modify, substitute, or withdraw any Asset from the catalog at its sole discretion without prior notice.

5.2 Facilitator Role: The Company acts solely as a facilitator for third-party rewards (including but not limited to Uber and Cathay Pacific). The use of these rewards is governed exclusively by the Terms of Service and Privacy Policies of the respective partner.

5.3 Uber Partnership & Vouchers:

• Mechanic: Upon redemption (3,000 Pearls), the Member will receive a digital voucher valued at $50 HKD.

• Utility: Vouchers are applicable to all Uber ride types available in the Hong Kong SAR.

• B2B Automation: Delivery of the digital voucher code occurs within 24 hours via the Member's registered SMS or Email.

• Limitation of Liability: The Company’s responsibility ends upon the successful issuance of the voucher code.

5.4 Cathay Pacific & Asia Miles Protocol:

• Track 1: Direct Conversion: Family and VIP Members may convert Pearls to Asia Miles at a fixed ratio of 10 Pearls to 1 Asia Mile.

• Track 2: Business Class Flight Reward: Members may redeem the "One-Way Business Class Flight" Asset for 300,000 Pearls. The quantity of Asia Miles issued shall correspond to the prevailing rate required for a "Business Class Standard Award" for a "Short-haul Type 2" route as defined by the official Cathay Pacific Asia Miles award chart at the time of redemption.

• Transfer Protocol: Fulfillment via Miles transfer will be processed within 48–72 hours.

• Eligibility & Fulfillment: Membership acknowledges that all redemptions are subject to the partner’s prevailing eligibility criteria and entry policies. The Company does not guarantee that a Member will meet the specific status or criteria required by Cathay Pacific to utilize Miles for a specific reward. If a Member redeems Pearls but is deemed ineligible by the partner, the Company’s obligation is considered fully discharged upon the successful transfer of Miles to the Member’s Cathay account.

• Member Responsibility: The Company provides the Miles for the base award only. All third-party costs, including but not limited to government taxes, airport security fees, and fuel surcharges, must be settled by the Member in HKD directly on the Cathay Pacific platform at the time of ticket issuance.

5.5 Dynamic Pricing & Arbitrage: * Right to Adjust: The Company reserves the right to adjust Pearl redemption costs in the App at any time, without prior notice, to reflect devaluations, rule changes, or pricing adjustments in the official Cathay Pacific award charts.

• The Arbitrage Clause: The specific Pearl-cost for the Flight Reward is a discretionary benefit to incentivize ecosystem loyalty and does not set a legal precedent for other conversion ratios.

5.6 Silk. Collectibles & Experiences:

• (a) Tiered Access: Standard Collectibles are accessible to Silk. Friends Tiers and above; High-Value Collectibles and Luxury/Rare Collaborations are strictly restricted to Silk. VIP Members.
  
  (b) Silk. Rare Collectibles Fulfillment Protocol: * (i) Logistical Transit Window: Physical goods and assets designated within the Silk. App as "Silk. Rare Collectibles" (including but not limited to the Silk. Tennis Balls and luxury collaborative items) are subject to specific internal logistics routing.
  
  (ii) Secure Transfer Period: Upon successful digital redemption of a physical asset within the Silk. App, a minimum processing, preparation, and transit window of forty-eight (48) hours is required to securely transfer said asset from the Company’s centralized logistics hub to the Member's designated Silk. retail storefront for final fulfillment.
  
  (iii) Scheduling & Pickup Alignment: Members are required to coordinate their pickup via the Silk. App or registered digital communication channels, specifying their preferred Silk. retail storefront location, designated pickup date, and estimated collection time frame, subject entirely to the scheduling constraints and operational parameters outlined in the prevailing program prospectus.
  
  (iv) Discharge of Delivery Obligation: The Company’s custodial and delivery obligations are considered completely and fully discharged upon the verified safe arrival of the physical asset at the designated Silk. retail storefront and the subsequent verification of the redeeming Member’s corresponding digital account credentials at the point of physical handover.
  
  (c) Experiences: Secret Menu and VIP Experiences are subject to location availability, and the Company reserves the absolute right to cancel, modify, or reschedule any scheduled Experience due to force majeure.

5.7 Finality of Redemption: Once a redemption request is submitted, it is final and non-reversible. No refunds of Pearls will be issued for "change of mind," partner ineligibility, or failure to utilize a digital asset before its third-party expiration.

ARTICLE 6: STORED VALUE & TOP-UP PROTOCOL

6.1 Stored Value Balance: The "Top-Up" or "Preload" feature allows Members to maintain a digital balance within the Silk. App (the "Stored Value Balance") for the purpose of purchasing Company products. The Stored Value Balance is a pre-payment for future goods and services; it is not a bank account, credit line, or financial investment.

6.2 Non-Refundability & Non-Exchangability: To the maximum extent permitted by law, all Top-Up transactions are final, non-refundable, and non-exchangable for cash. Once funds are loaded into the Stored Value Balance, they may only be used for the purchase of qualifying Silk. products or services. In the event of account closure, any remaining Stored Value Balance shall be forfeited unless otherwise required by the laws of the Hong Kong SAR.

6.3 Top-Up Incentives (Pearl Efficiency): As established in Article 2.2, the use of Stored Value for purchases grants the Member an enhanced Pearl earn rate (the "Wealth Velocity" bonus). The Company reserves the right to adjust, suspend, or terminate these incentive rates at any time without prior notice to reflect changes in the economic environment.

6.4 Balance Limitations: The Company may, at its sole discretion, impose limits on the maximum amount a Member can maintain in their Stored Value Balance at any given time, as well as limits on the frequency and volume of Top-Up transactions.

6.5 Negative Balance: In the rare event that a transaction occurs resulting in a negative Stored Value Balance due to a system error or reversed payment, the Member is liable to the Company for the deficiency, and the Company reserves the right to debit the Member’s Pearl ledger or suspend the account until the balance is rectified.

6.6 Expiry of Stored Value: Unless prohibited by applicable law, Stored Value Balances that remain inactive (no transactions recorded) for a period of twenty-four (24) consecutive months shall be deemed abandoned. The Company reserves the right to apply an administrative maintenance fee or expire the balance in accordance with the laws of the Hong Kong SAR.

6.7 No Interest: No interest, dividends, or other earnings shall accrue or be paid to a Member on any Stored Value Balance held by the Company.

ARTICLE 7: RESTRICTIONS, CONDUCT & ACCOUNT SOVEREIGNTY

7.1 Prohibited Conduct: Members are strictly prohibited from engaging in any activity that undermines the integrity of the Club’s "Wealth Velocity" philosophy. Prohibited conduct includes, but is not limited to:

• Manipulation of Accrual: Engaging in fraudulent transactions, such as "buy-and-return" loops or creating multiple accounts to circumvent Tier thresholds.

• Automated Activity: Utilizing bots, scripts, or any form of automation to manage accounts, Top-Up balances, or Pearl redemptions.

• Commercial Use: Utilizing the Club or its Assets for commercial resale, bulk purchasing for third parties, or any unauthorized "gray market" trading of Pearls or rewards.

• Abusive Behavior: Engaging in harassment, threats, or disruptive conduct toward Company staff or other Members, whether in-store or via digital platforms.

  
  

7.2 Right to Audit: The Company reserves the right to audit any Member account at any time and without notice to ensure compliance with these Terms. In the event an audit reveals suspicious activity, the Company may freeze the Member’s Pearl ledger and Stored Value Balance pending further investigation.

7.3 Suspension & Termination (For Cause): The Company may, at its sole and absolute discretion, suspend or permanently terminate a Member’s access to the Club if it suspects a violation of Article 7.1. Upon termination for cause:

• All accrued Pearls in the Member's ledger shall be immediately and permanently forfeited.

• All Tier privileges and pending redemptions shall be voided.

• The Member may be permanently barred from re-enrolling in the Club.

  
  

7.4 Limitation of Judicial Review: The Company’s determination regarding a breach of conduct shall be final and binding. Members acknowledge that the Club is a discretionary loyalty program and not a legal entitlement to property.

7.5 Account Sovereignty: Each Member is permitted only one (1) active account. Accounts are linked to a unique mobile device and/or verified identity. The Company reserves the right to merge or deactivate accounts that appear to be duplicates.

7.6 Cooperation with Authorities: The Company reserves the right to report any suspected fraudulent or illegal activity to the relevant authorities in the Hong Kong SAR and may provide account data in response to valid legal requests.

ARTICLE 8: PRIVACY & DATA USAGE

8.1 Data Collection & Consent: By participating in the Club, Members explicitly consent to the collection, storage, and processing of personal data, including but not limited to: name, contact information, transaction history, location data (where applicable for the Silk. App), and third-party account identifiers (e.g., Cathay membership numbers).

8.2 Purpose of Use: The Company utilizes Member data for the following essential functions:

• Ecosystem Management: Calculating Pearl accrual, managing Tier promotions, and maintaining the Stored Value Balance.

• Fulfillment: Sharing necessary identifiers with third-party partners (Uber, Cathay Pacific) to facilitate the issuance of vouchers and the transfer of Miles.

• Personalization: Tailoring "Secret Menu" offerings and "Silk. Experiences" based on Member preferences and spending velocity.

• Communication: Sending mandatory service updates, balance notifications, and marketing materials (subject to the Member's right to opt-out of marketing).

  
  

8.3 Third-Party Disclosure: The Company will not sell or rent Member data to third parties for independent marketing purposes. However, the Company may disclose data to:

• Service Providers: Logistics, payment processors, and IT vendors who assist in operating the Club.

• Strategic Partners: Uber and Cathay Pacific, strictly for the purpose of reward fulfillment as outlined in Article 5.

• Legal Compliance: Law enforcement or regulatory bodies in the Hong Kong SAR when required by valid legal process.

  
  

8.4 Data Security: The Company employs industry-standard administrative, technical, and physical safeguards to protect Member data. However, Members acknowledge that no digital transmission is 100% secure, and the Company is not liable for unauthorized access resulting from factors beyond its reasonable control.

8.5 Right of Access & Correction: Pursuant to the Personal Data (Privacy) Ordinance (Cap. 486), Members have the right to request access to and correction of their personal data held by the Company. Such requests must be submitted in writing to the Company’s designated Data Protection Officer.

8.6 Data Retention: The Company will retain Member data for as long as the account remains active or as required to fulfill legal, accounting, or reporting obligations. Upon account termination, the Company may retain certain data in an anonymized format for analytical purposes.

ARTICLE 9: LIMITATION OF LIABILITY & INDEMNIFICATION

9.1 General Disclaimer: The Silk. Club and all related Assets, including the Silk. App and Stored Value Balance features, are provided on an "as is" and "as available" basis. The Company makes no representations or warranties of any kind, express or implied, including but not limited to warranties of merchantability, fitness for a particular purpose, or non-infringement.

9.2 Limitation of Liability: To the maximum extent permitted by applicable law in the Hong Kong SAR, the Company and its affiliates, directors, officers, and employees shall not be liable for any indirect, incidental, special, consequential, or punitive damages, including but not limited to loss of profits, data, or "wealth" (Pearls), arising out of or in connection with:

• Any system errors, downtime, or technical failures of the Silk. App.

• The expiration of Pearls in accordance with Article 4.

• The suspension or termination of a Member’s account in accordance with Article 7.

• Any acts or omissions of third-party partners (e.g., Uber, Cathay Pacific), including the failure of a partner to fulfill a reward or seat availability issues.

• Unauthorized access to or alteration of a Member’s account by third parties.

  
  

9.3 Liability Cap: Notwithstanding any other provision in these Terms, the Company’s total aggregate liability to a Member for any and all claims arising out of or related to the Club shall not exceed $100 HKD.

9.4 Indemnification: Members agree to indemnify, defend, and hold harmless the Company from and against any and all claims, damages, costs, and expenses (including legal fees on a full indemnity basis) arising from the Member’s use of the Club, the Member’s violation of these Terms, or the Member’s infringement of any intellectual property or other right of any person or entity.

9.5 Force Majeure: The Company shall not be liable for any failure or delay in performing its obligations under these Terms where such failure or delay results from any cause beyond the Company’s reasonable control, including but not limited to: acts of God, fire, flood, earthquake, war, terrorism, civil unrest, labor disputes, pandemic, telecommunications failure, or partner system outages.

ARTICLE 10: DISPUTE RESOLUTION

10.1 Binding Arbitration: Any dispute, controversy, difference, or claim arising out of or relating to these Terms, including the existence, validity, interpretation, performance, breach, or termination thereof, or any dispute regarding non-contractual obligations arising out of or relating to it, shall be referred to and finally resolved by arbitration administered by the Hong Kong International Arbitration Centre (HKIAC) under the HKIAC Administered Arbitration Rules in force when the Notice of Arbitration is submitted.

10.2 Seat and Language: The seat of arbitration shall be Hong Kong. The language of the arbitration shall be English, unless otherwise agreed by both parties.

10.3 Class Action Waiver: MEMBERS AGREE TO SETTLE DISPUTES ONLY ON AN INDIVIDUAL BASIS AND EXPRESSLY WAIVE THE RIGHT TO PARTICIPATE IN ANY CLASS ACTION, REPRESENTATIVE PROCEEDING, OR CONSOLIDATED ARBITRATION. You and the Company agree that each may bring claims against the other only in your or its individual capacity and not as a plaintiff or class member in any purported class or representative action.

10.4 Governing Law: These Terms and the relationship between the Member and the Company shall be governed by and construed in accordance with the laws of the Hong Kong Special Administrative Region (SAR), without regard to conflict of law principles.

10.5 Small Claims Exception: Notwithstanding Article 10.1, either party may assert qualifying claims in the Small Claims Tribunal of the Hong Kong SAR if the claim is within the jurisdiction of such tribunal and proceeds on an individual (non-class) basis.

ARTICLE 11: AMENDMENTS & TERMINATION

11.1 Right to Change: The Company reserves the right to terminate, suspend, or change the Silk. Club ecosystem, or any individual's participation in it, at any time and for any reason. This includes, but is not limited to, the right to:

• Adjust the base Pearl earn rates and "Wealth Velocity" bonus multipliers.

• Modify the Pearl thresholds required for Tier promotion or maintenance.

• Change the Asset Catalog, redemption costs, and the availability of third-party rewards (Uber, Cathay Pacific).

• Amend the Pearl Expiration Date or the FIFO protocol.

11.2 Notice of Material Changes: While the Company may make minor adjustments to the App interface or minor Asset Catalog updates without notice, material changes to these Terms & Conditions will be communicated to Members via the Silk. App and/or the Member's registered email address at least thirty (30) days prior to implementation.

11.3 Deemed Acceptance: A Member’s continued participation in the Club, including the earning or redemption of Pearls or the use of the Stored Value Balance, following the posting of any changes or the expiration of the notice period, constitutes full and binding acceptance of the revised Terms.

11.4 Program Termination: In the event the Company elects to terminate the Silk. Club entirely, the Company will provide ninety (90) days' notice. During this notice period, Members may continue to redeem Pearls for available Assets. Upon the date of termination, all unredeemed Pearls and Tier privileges shall be voided without compensation.

11.5 Survival of Terms: Any provisions of these Terms which by their nature should survive termination (including, but not limited to, Article 6: Stored Value, Article 9: Limitation of Liability, and Article 10: Dispute Resolution) shall remain in full force and effect.

ARTICLE 12: SEVERABILITY & ENTIRE AGREEMENT

12.1 Severability: If any provision of these Terms & Conditions is found by a court of competent jurisdiction or an arbitrator to be invalid, illegal, or unenforceable, such provision shall be modified to the minimum extent necessary to make it valid and enforceable. If such modification is not possible, the relevant provision shall be deemed severed from these Terms, and the validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired.

12.2 Entire Agreement: These Terms & Conditions, along with any supplemental terms provided within the Silk. App, constitute the entire and exclusive agreement between the Member and the Company regarding the Silk. Club. These Terms supersede all prior or contemporaneous agreements, purchase orders, advertisements, oral statements, or "handshake" understandings regarding the subject matter herein.

12.3 No Waiver: The failure of the Company to exercise or enforce any right or provision of these Terms shall not constitute a waiver of such right or provision. Any waiver of any provision of these Terms will be effective only if in writing and signed by an authorized representative of the Company.

12.4 Translation: These Terms are drafted in English. In the event of any discrepancy or inconsistency between the English version and any translated version (e.g., Traditional Chinese), the English version shall prevail and be the definitive legal record.

12.5 Contact Information: For any questions regarding these Terms, or to exercise your rights under Article 8.5, please contact the Silk. Club Legal Department.

ARTICLE 13: INTELLECTUAL PROPERTY & BRAND SOVEREIGNTY

13.1 Ownership of Assets: All rights, title, and interest in and to the Silk. Club, the Silk. App, and all associated content—including but not limited to logos, trademarks, service marks, trade names, "Pearl" branding, UI/UX designs, "Secret Menu" formulations, and digital assets—are the exclusive property of the Company or its licensors.

13.2 Limited License: Subject to compliance with these Terms, the Company grants Members a limited, non-exclusive, non-transferable, and revocable license to access the Silk. App and utilize the Club features for personal, non-commercial use only. This license does not grant any right to use the Company’s intellectual property for any other purpose.

13.3 Prohibition on Commercial Exploitation: Members are strictly prohibited from:

• Using the "Silk." or "Silk. Club" name, logo, or branding in any social media, website, or marketing material that implies an official partnership, endorsement, or "pro-trader" status.

• Reproducing, duplicating, or "mirroring" the Silk. App interface.

• Creating or participating in secondary markets for the sale of Silk. Collectibles, Uber Vouchers, or Asia Miles earned through the Club in a manner that damages the brand's exclusivity or violates third-party partner terms.

• 13.4 Collaborative Intellectual Property: In instances of luxury collaborations (e.g., Harrods x Silk.), the intellectual property rights of the partner brand are also protected under this Article. Any unauthorized use of collaborative branding by a Member may result in immediate account termination and potential legal action by both the Company and the partner brand.

• 13.5 Feedback & Suggestions: Any ideas, suggestions, or feedback provided by a Member regarding the Club or its products shall become the sole property of the Company. The Company shall be entitled to use such feedback for any purpose without compensation or credit to the Member.

  
  

ARTICLE 14: TAXATION & LEGAL COMPLIANCE

14.1 Member Tax Liability: The accrual of Pearls and the redemption of Assets (including but not limited to flights, vouchers, and luxury collectibles) may be subject to income tax, fringe benefit tax, or other tax liabilities in the Hong Kong SAR or the Member’s jurisdiction of residence. All such tax obligations, reporting requirements, and payments are the sole and exclusive responsibility of the Member.

14.2 No Tax Advice: The Company does not provide tax, legal, or accounting advice. Members are encouraged to consult with their own professional advisors regarding the tax implications of participating in the Silk. Club and the receipt of rewards.

14.3 Reporting Requirements: The Company reserves the right to comply with any valid requests from the Inland Revenue Department (IRD) or other tax authorities to provide information regarding a Member’s account activity, Pearl accrual, or reward redemptions. The Company shall have no liability to the Member for any such disclosure made in good faith.

14.4 Valuation of Assets: For the purposes of any required legal reporting, the Company reserves the absolute right to determine the "Fair Market Value" of any redeemed Asset. Members acknowledge that the value assigned by the Company for internal purposes may differ from the value used for tax reporting.

14.5 Compliance with Anti-Money Laundering (AML): The Company operates in accordance with the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615). The Company may, at its sole discretion, require Members to provide additional identification or documentation for high-value redemptions or significant Stored Value Balance Top-Ups to ensure full regulatory compliance.

ARTICLE 15: INTERPRETATION & HIERARCHY

15.1 Superiority of Terms: These Terms & Conditions constitute the primary and governing authority over the Silk. Club ecosystem. In the event of any inconsistency or conflict between these Terms and any other materials—including but not limited to the Silk. App interface, marketing advertisements, social media content, in-store signage, or verbal representations made by Company employees—the provisions of these Terms & Conditions shall prevail in all respects.

15.2 Anti-Ambiguity: The rule of construction that provides that any ambiguities in a contract shall be resolved against the drafting party (the Company) shall not apply to the interpretation of these Terms. The Company reserves the sole and absolute right to interpret the application of these Terms to any specific Member situation or dispute.

15.3 Descriptive Headings: The article and section headings in these Terms are for convenience and reference only and shall not affect the interpretation or construction of the substantive legal provisions contained herein.

15.4 No Third-Party Rights: Pursuant to the Contracts (Rights of Third Parties) Ordinance (Cap. 623), these Terms are not intended to, and do not, give any person who is not a party to this agreement (i.e., anyone other than the Member or the Company) any right to enforce any of its provisions.

15.5 Continuity of Versioning: The version of the Terms posted in the Silk. App at the moment of a transaction or redemption is the version that governs that specific event. Members are encouraged to download or save a copy of the Terms at the time of significant redemptions for their personal records.