KALSHI MIDTERM ELECTION RESEARCH GRANT PROGRAM

NO PURCHASE, PAYMENT, DEPOSIT, OR TRADING OF ANY KIND IS NECESSARY TO ENTER OR TO RECEIVE A GRANT. THIS PROGRAM IS NOT A SWEEPSTAKES, LOTTERY, OR GAME OF CHANCE. GRANTEES WILL BE SELECTED, AND GRANT AMOUNTS DETERMINED, BY SPONSOR BASED ON THE JUDGING CRITERIA DESCRIBED IN SECTION 7; NO RANDOM DRAWING IS USED. VOID WHERE PROHIBITED OR RESTRICTED BY LAW. OPEN ONLY TO LEGAL RESIDENTS OF THE UNITED STATES WHO ARE EIGHTEEN (18) YEARS OF AGE OR OLDER AND THE AGE OF MAJORITY IN THEIR JURISDICTION OF RESIDENCE (SEE SECTION 2). THE ENTRY PERIOD BEGINS AT 12:00 AM ET ON NOVEMBER 10, 2026 AND ENDS AT 11:59 PM ET ON NOVEMBER 18, 2026. NEITHER AN X (FORMERLY TWITTER) ACCOUNT NOR A KALSHI ACCOUNT IS REQUIRED TO ENTER.

IMPORTANT LEGAL NOTICE! PLEASE READ CAREFULLY. THESE OFFICIAL RULES (“RULES” OR “OFFICIAL RULES”) AFFECT AND CONTROL YOUR LEGAL RIGHTS AND OBLIGATIONS. YOU MUST AGREE TO AND ACCEPT THESE RULES WITHOUT EXCEPTION IN ORDER TO ENTER THE PROGRAM AND QUALIFY TO RECEIVE A GRANT.

THESE OFFICIAL RULES INCLUDE AN ARBITRATION AND CLASS ACTION WAIVER AGREEMENT WHICH REQUIRES THAT ANY PAST, PENDING, OR FUTURE DISPUTES BETWEEN YOU AND KALSHI RELATED IN ANY WAY TO THE PROGRAM SHALL BE RESOLVED BY FINAL AND BINDING ARBITRATION ON AN INDIVIDUAL BASIS ONLY AND FOR YOUR OWN LOSSES ONLY. YOU MAY NOT PROCEED AS A CLASS REPRESENTATIVE, MEMBER OR PART OF ANY PROPOSED CLASS, COLLECTIVE ACTION, PRIVATE ATTORNEY GENERAL SUIT, QUI TAM ACTION OR ANY REPRESENTATIVE PROCEEDING, OR OTHERWISE SEEK TO RECOVER ON BEHALF OF OTHERS OR FOR THE BENEFIT OF OTHERS IN ANY TYPE OF CLAIM OR ACTION. ARBITRATION MEANS YOU WILL NOT BE ABLE TO SEEK DAMAGES IN COURT OR PRESENT YOUR CASE TO A JURY, UNLESS OTHERWISE PERMITTED BY THESE TERMS.

OPT-OUT. IF YOU DO NOT WISH TO BE SUBJECT TO ARBITRATION ON A RETROACTIVE BASIS AND AS TO ANY FUTURE CLAIMS, YOU MAY OPT OUT OF THE ARBITRATION AGREEMENT WITHIN 30 DAYS AFTER YOUR FIRST ENTRY INTO THE PROGRAM BY FOLLOWING THE INSTRUCTIONS PROVIDED IN THE “BINDING ARBITRATION AGREEMENT AND CLASS ACTION WAIVER” – SEE SECTION 17 OF THESE OFFICIAL RULES, BELOW. OPT-OUT REQUESTS SENT MORE THAN 30 DAYS AFTER YOUR FIRST ENTRY INTO THE PROGRAM SHALL BE NULL AND VOID. EVEN IF YOU OPT OUT OF THE ARBITRATION AGREEMENT IN SECTION 17, ALL OTHER REMAINING SECTIONS OF THESE OFFICIAL RULES APPLY.

The Kalshi Midterm Election Research Grant Program (the “Program”) is governed solely by these Official Rules. These Official Rules are posted at https://kalshi.com/research/grants (the “Site”).

By participating in the Program, entrants (“Entrants”) agree to be bound by these Rules and by the decisions of the Sponsor, which shall be final in all matters relating to the Program and to be subject to the sole and absolute discretion of the Sponsor. Eligibility to enter, and to be awarded and receive a Grant (defined below), is contingent upon fulfilling all requirements set out in these Rules.

1.Sponsor

The sole sponsor of the Program is Kalshi Inc. (“Kalshi,” or “Sponsor”).

X Corp., Apple, Google, Meta Platforms, Inc. (including Instagram and Facebook), TikTok, YouTube, and any other social media platform on which the Program is conducted or promoted are not sponsors of, responsible for conducting, or involved with the Program in any manner, and each Entrant releases each of them from any and all liability in connection with the Program. The Program is not administered, sponsored, or endorsed by, or affiliated with, any candidate, campaign, political party, political committee, election authority, or government agency, and nothing in the Program is intended to support or oppose any candidate, party, or ballot measure. All third-party names, logos, and trademarks are the property of their respective owners and, if used at all, are used for descriptive purposes only.

2.Eligibility Requirements

IN ORDER TO PARTICIPATE, YOU MUST AT THE TIME OF ENTRY BE A NATURAL PERSON AND A LEGAL RESIDENT OF THE UNITED STATES, AND BE EIGHTEEN (18) YEARS OF AGE OR OLDER AND THE AGE OF MAJORITY IN YOUR JURISDICTION OF RESIDENCE.

The following individuals are not eligible to participate in the Program or receive a Grant: (a) non-residents of the eligible jurisdictions listed above; (b) officers, directors, employees, contractors, agents, and representatives of Sponsor, its parents, subsidiaries, and affiliated companies, or of any other party involved in the operation, administration, judging, or promotion of the Program (including any Judge, as defined in Section 7); (c) any candidate for federal, state, or local office in the November 3, 2026 general election, and any employee of, or paid consultant to, any such candidate’s campaign, any political party committee, or any political action committee, during the 2025–2026 election cycle; (d) any individual who is currently employed by or serving as an official of any federal, state, or local election authority or board of elections; (e) any individual or entity that is the subject or target of sanctions administered by the U.S. Department of the Treasury’s Office of Foreign Assets Control or that is otherwise prohibited by law from receiving payments from Sponsor; and (f) any individual whose Kalshi account has been suspended, restricted, or closed by Kalshi for violation of Kalshi’s Member Agreement or rulebook.

Government employees and employees of academic, nonprofit, or other institutions are solely responsible for determining whether their participation in the Program and acceptance of a Grant is permitted under their employer’s rules, applicable ethics laws, and any applicable gift or outside-activity restrictions, and for obtaining any required approvals.

INDIVIDUALS WHO DO NOT MEET THESE ELIGIBILITY REQUIREMENTS MAY NOT ENTER THE PROGRAM OR RECEIVE ANY GRANT. ANY ENTRY SUBMITTED BY AN INDIVIDUAL WHO DOES NOT MEET THESE ELIGIBILITY REQUIREMENTS, OR ANY FAILURE TO COMPLY WITH THESE OFFICIAL RULES, WILL RESULT IN DISQUALIFICATION AND INELIGIBILITY TO RECEIVE ANY GRANT.

3.Overview of the Program

The Program is a free-to-enter research grant program designed to fund independent research and analysis of data relating to the November 3, 2026 United States general (midterm) election. Sponsor will award research grants (each, a “Grant”), in amounts determined by Sponsor in its sole discretion and totaling up to One Million U.S. Dollars (US$1,000,000) in the aggregate, to the Entrants whose Entries are selected under Section 7 (up to 50) (each, a “Grantee”).

To enter, an eligible individual must, during the Entry Period, submit a research proposal through the Entry Form, as described in Section 5. Sponsor will evaluate all Qualifying Entries (defined below) under the Judging Criteria set out in Section 7, select up to fifty (50) Grantees, and determine the amount of each Grant in its discretion based on the factors set out in Section 7. Grant amounts will vary among Grantees. Each Grant is subject to the conditions in Section 8, including the requirement that the Grantee complete and publish the proposed research.

4.Entry Period; Judging Period

The Program will commence at 12:00 AM Eastern Time (“ET”) on November 10, 2026 and will run through 11:59 PM ET on November 18, 2026 (the “Entry Period”). Only Entries submitted during the Entry Period (or, for Entries via X, initiated during the Entry Period and completed by the deadline in Section 5) will be eligible. Judging will take place on or about November 21, 2026 through November 26, 2026 (the “Judging Period”). Kalshi may extend or shorten the Entry Period or the Judging Period by posting notice on the Site and/or Sponsor’s X account.

Sponsor shall not be liable for any problems that occur during the entry process, however caused, including, without limitation, late, incomplete, delayed, hidden, deleted, removed, or misdirected Entries, or any failure of X to display or deliver any Entry, no matter the cause, and Sponsor shall not have any obligation to advise an individual of any incomplete or invalid Entry. Entries will not be separately acknowledged.

5.How to Enter / Limits on Number of Entries

How to Enter. During the Entry Period, an eligible individual may submit one (1) entry (an “Entry”) describing a proposed research project that uses prediction market data to analyze the November 3, 2026 U.S. general election by either of the following methods: (a) Via X: quote posting, during the Entry Period, the post published by Sponsor’s official X account @Kalshi announcing the Program, after which Sponsor will contact the Entrant with a link to the online entry form (the “Entry Form”), which the Entrant must complete by 11:59 PM ET on November 20, 2026; or (b) Direct: completing the Entry Form at the Site by the end of the Entry Period. An Entry is complete only when the Entry Form is submitted. Only the information in the Entry Form will be considered in judging.

Content of Entries. Each Entry should briefly describe, in no more than two (2) pages, (i) the research question and why it matters; (ii) the data sources the Entrant expects to use, including the prediction market data; (iii) the Entrant’s proposed analytical approach; and (iv) the public output the Entrant intends to produce (e.g., a paper, report, dataset, dashboard, or code repository). Entries must be in English.

Free to Enter. NO PURCHASE, PAYMENT, DEPOSIT, FUNDING, OR TRADING OF ANY KIND IS REQUIRED TO ENTER OR TO RECEIVE A GRANT, AND NONE WILL IMPROVE AN ENTRANT’S CHANCES OF SELECTION OR THE AMOUNT OF ANY GRANT. A KALSHI ACCOUNT IS NOT REQUIRED TO ENTER OR TO RECEIVE A GRANT.

Entry Limits. Limit one (1) Entry per person, regardless of entry method. If an individual submits more than one Entry, only the first eligible Entry submitted will be considered, and Sponsor may disqualify all of that individual’s Entries. If Sponsor determines that an Entrant has used multiple accounts, identities, or automated means to enter, all of that Entrant’s Entries will be voided.

For purposes of these Official Rules, an Entrant whose Entry satisfies all requirements of these Official Rules is referred to as having submitted a valid Entry.

6.Entry Requirements and Content Restrictions

By submitting an Entry, each Entrant represents and warrants that the Entry (and any research proposed in it): (a) is the Entrant’s own original work and does not infringe or misappropriate any copyright, trademark, right of privacy or publicity, or other right of any person; (b) does not contain any confidential or proprietary information of any third party; (c) does not contain false or misleading statements about the time, place, manner, or eligibility requirements for voting, the outcome of any election, or the integrity of any election process; (d) is not designed to suppress, deter, or interfere with voting, to intimidate any voter or election official, or to incite violence; (e) is not defamatory, obscene, harassing, hateful, or discriminatory, and does not target or disclose personal information about any private individual; (f) does not expressly advocate for or against any candidate, political party, or ballot measure, or solicit contributions for any of them; (g) does not propose research that would require unauthorized access to, or testing, probing, or interference with, any voting system, election infrastructure, or election-related computer system or database; and (h) complies with X’s terms of service, rules, and policies (including its civic integrity and platform manipulation policies) and all applicable laws.

Sponsor has no obligation to monitor Entries but may, in its sole discretion, disqualify any Entry that Sponsor determines does not comply with these Official Rules or is otherwise inappropriate for association with Sponsor. Sponsor’s decision to treat any Entry as a Qualifying Entry, or to select any Entry for a Grant, does not constitute an endorsement of the Entry, the Entrant, or the proposed research.

7.Judging; Selection of Grantees; Determination of Grant Amounts

(a)Eligibility Screening. Following the Entry Period, Sponsor will review each Entry on a pass/fail basis to determine whether it (i) is a valid Entry from an eligible Entrant; (ii) proposes research that uses prediction market data to analyze the November 3, 2026 U.S. general election; and (iii) complies with Section 6 (each Entry satisfying all of the foregoing, a “Qualifying Entry”).

(b)Judges. Qualifying Entries will be evaluated by judges selected by Sponsor (the “Judges”), which may include Sponsor employees.

(c)Judging Criteria. The Judges will evaluate each Qualifying Entry based on the following criteria (the “Judging Criteria”): (i) significance and originality of the research question; (ii) rigor and soundness of the proposed methodology; (iii) feasibility of completing the research within the Research Period (defined in Section 8) using lawfully obtainable data; and (iv) the anticipated value of the proposed public output to public understanding of the election.

(d)Finalist Information. Sponsor may, in its discretion, request that some or all Entrants whose Entries are under consideration provide, within the time specified by Sponsor, additional information about the proposed research, such as a short written proposal, a description of the Entrant’s relevant qualifications, a list of data sources, or an estimated budget. Any such information will be evaluated under the Judging Criteria. Failure to provide requested information within the time specified may result in the Entry not being selected.

(e)Selection. The Judges will select up to fifty (50) Qualifying Entries for Grants (the “Selected Entries”) based on their evaluation under the Judging Criteria.

(f)Grant Amounts. Sponsor will determine the amount of each Grant in its sole discretion, which may take into account (i) the Judges’ evaluation of the Selected Entry under the Judging Criteria; (ii) the scope, scale, and anticipated duration of the proposed research; (iii) the anticipated costs of the proposed research, including data, computing, and personnel costs; and (iv) any information provided under Section 7(d). All Grant amounts will be in whole U.S. dollars.

(g)Fewer Grants; Forfeited Grants. Sponsor may select fewer than fifty (50) Selected Entries, or none. If a Selected Entry is disqualified or its Grant is forfeited or declined before all Grants are paid, Sponsor may, in its sole discretion, select another Qualifying Entry or reallocate the forfeited amount among the remaining Selected Entries.

(h)Decisions Final. All decisions of Sponsor and the Judges regarding the selection of Entries and the amount of any Grant are final and binding. The Grant amounts determined under this Section 7 are “potential Grants” until the potential Grantee is verified and satisfies all conditions in Sections 8 and 9.

8.Grant Terms and Conditions

Each Grant is a conditional research grant, and not a gift, prize of chance, payment for services, or compensation for employment. As conditions to receiving any Grant payment, each potential Grantee must:

(a)Grant Agreement. Execute Sponsor’s form of grant agreement (the “Grant Agreement”), which will incorporate these Official Rules. In the event of any conflict between the Grant Agreement and these Official Rules, the Grant Agreement controls.

(b)Verification. Complete Sponsor’s identity verification, sanctions screening, and payment-onboarding procedures, and provide a completed IRS Form W-9 and any other information required under Section 9.

(c)Payment. Grants will be paid in U.S. dollars to a U.S. bank account in the Grantee’s name on the schedule communicated by Sponsor. Sponsor is not responsible for any bank, transfer, or institutional overhead fees.

(d)Research Period and Deliverable. Complete the research described in the Entry (with such reasonable refinements as are consistent with its original scope) and publish a written report, paper, dataset, dashboard, or other output describing the research methods and findings (the “Research Deliverable”) on a publicly accessible website or repository by the deadline communicated by Sponsor (the “Research Period”). Where lawfully permitted, Grantees are encouraged to publish associated code and data under an open license. Sponsor may, in its sole discretion, extend the Research Period upon written request.

(e)Funding Disclosure; Independence. Include in the Research Deliverable a statement substantially as follows: “This research was funded in part by a grant from Kalshi Inc. under the Kalshi Midterm Election Research Grant Program. Kalshi did not direct, review, or approve the research or its conclusions.” Sponsor will not control the methodology, conclusions, or content of any research, and Grantees retain full editorial independence. The views expressed in any Research Deliverable are solely those of the Grantee.

(f)Use of Funds. Use Grant funds solely for purposes reasonably related to the research, which may include the Grantee’s own time, data acquisition, computing resources, research assistance, and publication costs. Grant funds may NOT be used (i) to make any contribution or expenditure to or for any candidate, campaign, political party, political committee, or ballot-measure committee; (ii) for any communication that expressly advocates for or against any candidate, party, or ballot measure, or for any electioneering communication; (iii) for lobbying or any attempt to influence legislation; (iv) for voter registration or get-out-the-vote activity; or (v) for any unlawful purpose.

(g)Research Conduct. Conduct all research in compliance with applicable law and ethical standards.

(h)Reporting; Repayment. Upon Sponsor’s reasonable request, provide a brief written certification that Grant funds were used in accordance with this Section 8. If a Grantee fails to publish the Research Deliverable within the Research Period, uses Grant funds in violation of this Section 8, or is determined to have been ineligible or to have violated these Official Rules, any unpaid portion of the Grant will be forfeited, and the Grantee shall, upon Sponsor’s demand, repay any portion of the Grant previously paid, which amount shall be a debt owed to Sponsor.

Grants are non-transferable and non-assignable, and may not be substituted, except by Sponsor in its sole discretion. Sponsor may provide Grantees with publicly available Kalshi data but has no obligation to provide any particular data. Sponsor makes no representation that any Grant amount will be sufficient to complete any proposed research, and all costs of the research in excess of the Grant are the sole responsibility of the Grantee.

9.Grant Notification and Verification Process

A POTENTIAL GRANTEE IS SUBJECT TO VERIFICATION BY SPONSOR AND/OR THIRD PARTIES INVOLVED IN ADMINISTERING THE PROGRAM, AND MUST MEET ALL ELIGIBILITY REQUIREMENTS AND REQUIREMENTS OF THESE OFFICIAL RULES BEFORE AN ENTRANT WILL BE CONFIRMED AS A GRANTEE AND ANY GRANT WILL BE PAID.

Potential Grantees will be notified on or about November 27, 2026 by email and/or via direct message from Sponsor’s official X account @Kalshi. The potential Grantee must respond and complete all required steps within the timeframe specified by Sponsor in the notification (anticipated to be five (5) business days). A potential Grantee may be required to complete, sign, and return an Affidavit of Eligibility and Liability/Publicity Release, the Grant Agreement, an IRS Form W-9, identity-verification information, and payment information, together with any additional information reasonably required by Sponsor. The information provided must be correct and complete and must correspond to the information submitted in the Entry Form, or the potential Grantee will be disqualified.

Beware of Impersonators. Sponsor will contact potential Grantees only from its official, verified X account @Kalshi or from an @kalshi.com email address. Sponsor will never ask an Entrant to pay any fee, purchase anything, make a deposit, or provide account passwords in order to receive a Grant. Entrants should report any suspicious communications to legal@kalshi.com.

Taxes. Each Grantee is solely responsible for all federal, state, local, or other applicable taxes associated with the receipt and use of a Grant. Grants are generally reportable as income to the recipient. Sponsor may withhold and remit a portion of any Grant to comply with applicable tax laws and will issue an IRS Form 1099 or other information return where required by law. Each Grantee agrees to provide Sponsor, upon request, with a valid taxpayer identification number and any other information Sponsor requires for tax reporting or withholding. Failure to provide such information shall result in disqualification.

10.Intellectual Property; License; Unsolicited Ideas

Ownership. As between Entrant and Sponsor, Entrant retains ownership of any intellectual property rights Entrant holds in the Entry and in any Research Deliverable.

License to Sponsor. By submitting an Entry, each Entrant grants Sponsor and its affiliates and designees a non-exclusive, worldwide, perpetual, irrevocable, royalty-free, sub-licensable license to reproduce, display, repost, embed, quote, summarize, and distribute the Entry (and any information provided under Section 7(d)), in any and all media now known or hereafter devised, in connection with the administration and promotion of the Program and of Sponsor. By accepting a Grant, each Grantee grants Sponsor the same license with respect to the Research Deliverable and any summary of it, provided that Sponsor will attribute the Research Deliverable to the Grantee and will not materially alter its findings.

Unsolicited Ideas; No Confidentiality. Entries submitted on X are publicly posted and are not confidential, and any information provided under Section 7(d) will not be treated as confidential. Entrant acknowledges that Sponsor, its affiliates, other Entrants, and third parties may have developed or may in the future develop research, analyses, products, or ideas that are similar or identical to an Entry, and that nothing in these Official Rules or in the Program creates any confidential, fiduciary, or implied-contract relationship or any obligation of Sponsor to compensate any Entrant (other than any Grant payable under these Official Rules) or to refrain from using any idea. Entrant waives any claim against Sponsor and the Released Parties arising from any such similarity or use.

11.Representations; Indemnification; No Endorsement

Each Entrant represents and warrants that he or she has full right and authority to enter the Program, to grant the licenses set out in these Official Rules, and to perform any research proposed in the Entry. Each Entrant agrees to defend, indemnify, and hold harmless Sponsor and the Released Parties from and against any and all claims, losses, damages, liabilities, costs, and expenses (including reasonable attorneys’ fees) arising out of or relating to (a) the Entry, (b) any research conducted or Research Deliverable published by or on behalf of the Entrant, (c) the Entrant’s use of any Grant funds, or (d) the Entrant’s breach of these Official Rules or the Grant Agreement or violation of applicable law.

Each Grantee is an independent party and not an employee, agent, partner, or representative of Sponsor. No Grantee may state or imply that Sponsor endorses any Grantee, research, or conclusion, or use Sponsor’s name, logos, or trademarks, except for the funding disclosure required by Section 8(e) or as otherwise approved by Sponsor in writing.

12.Limitation of Liability

KALSHI, THE JUDGES, X CORP., ANY PAYMENT PROCESSOR OR BANK USED TO PAY ANY GRANT, ANY OTHER PARTIES INVOLVED IN ADMINISTERING THE PROGRAM, AND EACH OF THEIR AFFILIATES, OFFICERS, DIRECTORS, EMPLOYEES, AGENTS, AND CONTRACTORS (“RELEASED PARTIES”) SHALL NOT BE LIABLE TO YOU FOR ANY LOSS OR DAMAGES OF ANY KIND (INCLUDING DIRECT, INDIRECT, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES), AND YOU RELEASE THEM FROM ANY CLAIMS, ARISING FROM OR RELATED TO THE PROGRAM, THESE RULES, YOUR ENTRY, ANY TECHNICAL ERROR OR MALFUNCTION, OR THE ACCEPTANCE OR USE OF ANY GRANT OR ANY RESEARCH CONDUCTED OR PUBLISHED BY ANY ENTRANT OR GRANTEE, WHETHER IN CONTRACT, TORT (INCLUDING NEGLIGENCE), OR OTHERWISE, AND EVEN IF THE RELEASED PARTIES WERE ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

IN NO EVENT SHALL THE RELEASED PARTIES’ TOTAL LIABILITY TO YOU FOR ALL DAMAGES, LOSSES, OR CAUSES OF ACTION EXCEED THE GREATER OF (A) THE AMOUNT OF ANY GRANT ACTUALLY PAID TO YOU UNDER THE PROGRAM AND (B) ONE HUNDRED U.S. DOLLARS (US$100.00).

YOU WILL HAVE NO RIGHT TO ENJOIN OR RESTRAIN THE PROGRAM OR ANY USE OF YOUR ENTRY.

IF YOU ARE A CONSUMER WHO RESIDES IN CALIFORNIA, YOU WAIVE YOUR RIGHTS UNDER CALIFORNIA CIVIL CODE § 1542, WHICH PROVIDES: “A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS THAT THE CREDITOR OR RELEASING PARTY DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE AND THAT, IF KNOWN BY HIM OR HER, WOULD HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR OR RELEASED PARTY.”

13.Malfunctions or Errors

DISCLAIMER OF WARRANTIES. THE PROGRAM (INCLUDING ANY KALSHI DATA MADE AVAILABLE TO GRANTEES) IS PROVIDED “AS IS” AND “AS AVAILABLE” WITHOUT WARRANTIES OF ANY KIND, EXPRESS OR IMPLIED, INCLUDING WARRANTIES OF TITLE, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT, ACCURACY, OR SECURITY.

SOME JURISDICTIONS DO NOT ALLOW CERTAIN DISCLAIMERS OR LIMITATIONS, SO SOME OF THE ABOVE MAY NOT APPLY TO YOU; IN SUCH JURISDICTIONS, THEY APPLY TO THE FULLEST EXTENT PERMITTED BY LAW.

Sponsor is not responsible for any error, outage, or change in X or the Entry Form, including any failure to receive any Entry, and may in such case accept Entries by an alternative method, extend the Entry Period, or take any action described in Section 15 or Section 22.

Sponsor may correct any error in any evaluation or Grant calculation before payment, and may void participation in the Program, in whole or in part, for any obvious error. Any Grant amount paid in error is void and will be a debt owed by you to Sponsor.

14.Rules Modifications

Sponsor reserves the right to amend these Rules at any time, and it is your responsibility to review these Rules for any changes. By entering the Program or by participating in the Program after Sponsor changes these Rules, you accept all changes thereto. Sponsor will not change the Judging Criteria after the start of the Entry Period except as permitted by Section 15 or Section 22. Notwithstanding the foregoing, no amendment to Section 17 will apply to any Dispute (as defined in Section 17) that arose, or of which Sponsor had notice, before the amendment was posted on the Site.

15.Program Modifications

Sponsor reserves the right to change, modify, suspend, delay, or cancel the Program at any time, including if the Program cannot be conducted as planned due to any change in X’s platform, policies, or availability, or if Sponsor determines that fraud or other abuse has compromised the integrity of the Program. In the event Sponsor changes, modifies, suspends, delays, or cancels the Program, Entrants may not be entitled to any Grant, or any other compensation or monetary value whatsoever, as determined by Sponsor in its sole discretion, and Sponsor will have no further obligations to the Entrants; provided that, if the Program is cancelled after judging has concluded, Sponsor may in its sole discretion award Grants based on the results of judging.

16.Disqualification

Sponsor, in its sole discretion, may disqualify, exclude or remove any Entrant(s) and/or individual(s) from participation in the Program, including, but not limited to, in instances where Sponsor determines, in its sole and absolute discretion, that there are irregularities, fraudulent activities, or abuses occurring in connection with the individual’s or Entrant’s Entry, including any attempt to contact or improperly influence any Judge.

17.BINDING ARBITRATION AGREEMENT AND CLASS ACTION WAIVER

PLEASE READ THIS ARBITRATION AND CLASS ACTION WAIVER AGREEMENT (THE “AGREEMENT”) CAREFULLY. IT APPLIES ONLY TO DISPUTES RELATED TO THE PROGRAM, REQUIRES YOU AND KALSHI TO ARBITRATE PAST, PENDING, AND FUTURE CLAIMS, AND LIMITS HOW YOU AND KALSHI CAN SEEK RELIEF FROM EACH OTHER. YOU MAY OPT OUT WITHIN 30 DAYS AFTER YOUR FIRST ENTRY INTO THE PROGRAM, AS DESCRIBED BELOW.

If you reside in or participate in the Program at any time while located in the United States, this Section 17 (Binding Arbitration Agreement and Class Action Waiver) shall be construed under and be subject to the Federal Arbitration Act, notwithstanding any other choice of law set out in these Official Rules.

•Acceptance of Terms. By entering the Program, you accept this Agreement. Unless you opt out, all of your participation in the Program, including events before your acceptance, is subject to this Agreement.

•Scope of Agreement to Arbitrate. You and Kalshi agree that any past, pending, or future dispute, claim, or controversy arising out of or relating to the Program or these Official Rules (a “Dispute”) shall be determined by arbitration. The arbitrator shall have exclusive authority to decide any Dispute concerning the scope, validity, enforceability, severability, or arbitrability of this Agreement.

•Notwithstanding the above provision and Agreement to Arbitrate, all parties retain the right to seek relief in a small claims court for disputes or claims solely within the scope of a small claims court’s jurisdiction.

•Intellectual Property. You and Kalshi are not required to arbitrate claims for infringement or misappropriation of intellectual property, and either party may seek injunctive relief for such claims in a court of competent jurisdiction.

•Applicable Law. While the Federal Arbitration Act shall control, to the extent the law of any state is applied or considered with respect to issues bearing upon the enforceability or scope of this Agreement, the parties agree that the law of the State of Delaware shall exclusively apply, notwithstanding any consideration or application of choice of law or conflicts of law principles.

INITIATING ARBITRATION UNDER JAMS RULES

•JAMS will administer the arbitration under its Comprehensive Arbitration Rules and Procedures and, where applicable, its Mass Arbitration Procedures and Guidelines (the “JAMS Rules”), available at https://www.jamsadr.com/adr-rules-procedures/. Any arbitration shall be commenced with JAMS’ offices in New York, NY. Sponsor may, in its sole discretion, reject mass arbitration, in which case this Agreement shall not apply to those claims and each affected claimant may pursue their claim individually in a court of competent jurisdiction.

You and Kalshi further agree:

•Location of Arbitration. The arbitration hearing will be held in New York, NY, unless either party elects to proceed remotely;

•Your arbitration fees will not exceed $250, but you are responsible for your own attorneys’ fees;

•The arbitrator may award any remedies available in an individual lawsuit, except:

•punitive or exemplary damages; and

•incidental, indirect, or consequential damages, including lost profits.

•The arbitration and any award shall be confidential, except as required by law or to enforce or challenge an award.

•Batch Arbitration/Mediation. If 20 or more similar arbitration demands against Kalshi, presented by or with the assistance of the same or coordinating law firms or organizations, are submitted to JAMS within a 60-day period, JAMS shall consolidate and batch them, and the parties shall mediate any remaining demands, in each case under the JAMS Mass Arbitration Procedures and Guidelines. You agree to cooperate in good faith with Sponsor and JAMS to implement such batching.

OPTION AND PROCEDURE TO OPT OUT OF ARBITRATION

•OPT-OUT. TO OPT OUT OF THIS AGREEMENT, YOU MUST, WITHIN 30 DAYS AFTER YOUR FIRST ENTRY INTO THE PROGRAM, EMAIL LEGAL@KALSHI.COM WITH THE SUBJECT “OPT-OUT.” LATER REQUESTS WILL NOT BE EFFECTIVE. IF YOU DO NOT OPT OUT, THIS AGREEMENT WILL APPLY RETROACTIVELY TO ALL YOUR CLAIMS. OPTING OUT WILL NOT AFFECT YOUR ELIGIBILITY.

WAIVER OF CLASS RELIEF AND COLLECTIVE ACTION

•TO THE MAXIMUM EXTENT PERMITTED BY LAW, YOU AND KALSHI MAY ARBITRATE OR LITIGATE ONLY ON AN INDIVIDUAL BASIS AND FOR YOUR OWN LOSSES, AND NOT AS A CLASS REPRESENTATIVE OR MEMBER, OR IN ANY CLASS, COLLECTIVE, PRIVATE ATTORNEY GENERAL, QUI TAM, OR OTHER REPRESENTATIVE PROCEEDING. YOU WAIVE YOUR RIGHT TO PARTICIPATE IN ANY PAST, PENDING, OR FUTURE CLASS ACTION.

•Severability. If any provision of this Agreement or these Official Rules is found unenforceable, it will be modified to the minimum extent necessary to make it enforceable, and the remainder will continue in full force and effect.

END OF SECTION 17 ARBITRATION AGREEMENT

18.Waiver of Jury Trial and Class Action

Entrant and each of the Released Parties acknowledge and agree that each such party is waiving the right to a trial by jury both as to all arbitrable claims, and as to any other legal action if a claim is deemed not subject to the arbitration provisions above. Entrant and each of the Released Parties acknowledge and agree that each such party is waiving the right to participate as a plaintiff or class member in any class-wide arbitration, purported class action lawsuit, private attorney-general action, or any other representative proceeding as to all claims. Accordingly, Entrant and each of the Released Parties agree that each party may bring disputes against another party in an individual capacity, and not as a plaintiff or class member in any purported class or representative proceeding, including, without limitation, a federal or state class action lawsuit. However, nothing in this section limits a party’s right as an individual plaintiff to file against another party an arbitration action as permitted under these Official Rules (or any other legal action if a claim is deemed not subject to the arbitration provisions above).

19.Publicity

Except where prohibited by law, by submitting an Entry, each Entrant grants Sponsor and its representatives an irrevocable, perpetual, worldwide, royalty-free, non-exclusive and sub-licensable right and license to use, distribute, and publicly display the Entrant’s name, X username, profile image, the contents of the Entry, and, for Grantees, information about any Grant (including its amount) and the Research Deliverable, in any way, at any time, in any and all media, including without limitation for use in advertising and marketing, without any additional approval or consideration. Each Entrant represents and warrants that he or she has the right to grant the foregoing license.

20.Governing Law

All issues and questions concerning the construction, validity, interpretation and enforceability of these Rules, the rights and obligations of Entrants and Grantees, and the rights and obligations of the Sponsor in connection with the Program, shall be governed by, and construed in accordance with, the laws of the State of Delaware, without giving effect to any choice of law or conflict of law rules.

21.Exclusive Forum and Venue

Subject to and without any waiver of the Agreement contained in Section 17 and the exclusive delegation by the parties to the arbitrator, the parties agree that any lawsuits filed by a party asserting any dispute, controversy, or claim arising out of or in connection with these Official Rules or the Agreement contained in Section 17, must be filed in the state or federal courts in Delaware and you and we consent to the venue and personal jurisdiction of those courts. Notwithstanding the foregoing, any motion to compel arbitration or to enforce an arbitral award issued hereunder may be brought before any court of competent jurisdiction.

22.Force Majeure

In the event of a Force Majeure Event (as defined below), Sponsor may reschedule, delay, postpone, alter, or modify the Program, or may cancel the Program altogether. As used herein, “Force Majeure Event” means the interruption of or material interference with Sponsor’s ability to conduct the Program or to pay any Grant by any cause or occurrence not within Sponsor’s reasonable control, including, but not limited to, fire, flood, epidemic, pandemic, earthquake, explosion, hurricane, terrorist threat or activity, public health emergency, act of God or public enemy, satellite or equipment failure, riot or civil disturbance, war (declared or undeclared), any federal, state, local, or foreign government law, order, or regulation, or order of any court; any delay in the certification of election results or any recount, contest, or litigation concerning the November 3, 2026 general election; or any outage, suspension, or material change of X or its platform or policies.

In the event of a Force Majeure Event, Sponsor will have no obligation to award or pay any Grant or any substitute compensation, except as Sponsor may elect in its sole discretion.

23.Privacy

Quote posts submitted via X are public and are subject to X’s terms and privacy policy. Any personally identifiable information collected by Sponsor in connection with an Entrant’s participation in the Program will be collected and used by Sponsor and its designees (including the Judges) for the administration of the Program, judging, verification, payment of Grants, tax reporting, and legal compliance, and as otherwise described in these Rules and Sponsor’s Privacy Policy.