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Wouldn't suprise me if the eligible activation time wasn't working exactly as planned.
AFAIK if you purchase a year, you get the next reward. I would also assume that you would be able to add this reward to another toon, it's possible that you have to wait a year to be able to add to another toon.
The promotion that allowed you to get an extra veteran reward for buying the 1-year subscription to EQ is over. It ended in June.
As for the activation time, there are a couple things to remember:
1) it's based on the time you've been paying for your account, not the age of your account. So if you have an account that is 4 years old, but you took a 2 year break, you are only eligible for 2 rewards.
2) the time is recalculated during the first week of every month. So if your account was started on the 28th of the month, you will get access to the rewards around the 6th or so.
3) once you have claimed the reward on one character, there's nothing additional you need to do, in order to get the next years reward on that same character. As soon as you are eligible, it will automatically be added.
4) if you delete a character that has a reward on it, the reward is gone forever. You cannot transfer the rewards once you have claimed them, so be careful who you claim them on.
5) if you have two accounts, Account A (2 years old), and Account B (1 year old.) You have a character with the veteran rewards on Account A, and you transfer him to Account B. You cannot then claim another reward on Account A (once they are used, they are gone.) Since your character is now based on Account B, he will get the rewards based on that accounts time, so you will have only 1 reward now, instead of 2.
Did I miss anything?