GLSH Token Terms & Conditions

1. Introduction and Acceptance

These Terms and Conditions (these “GLSH Terms”) govern the purchase of GLSH governance tokens through the glasshaus presale (the “Presale” or “Token Sale”). By purchasing GLSH tokens, you (“Participant,” “you,” or “your”) agree to be bound by these GLSH Terms.

PLEASE READ THESE TERMS CAREFULLY. THEY CONTAIN IMPORTANT INFORMATION ABOUT YOUR LEGAL RIGHTS, REMEDIES, AND OBLIGATIONS, INCLUDING VARIOUS LIMITATIONS AND EXCLUSIONS, A BINDING ARBITRATION CLAUSE, AND CLASS ACTION WAIVER.

These GLSH Terms are separate from and in addition to the glasshaus platform Terms of Service and Privacy Policy, which also apply to your use of the glasshaus platform.

2. Issuer and Corporate Structure

2.1 GLSH Token Issuer

GLSH tokens are issued by glasshaus Foundation, a Cayman Islands foundation company (the “Foundation”). The Foundation serves as custodian of the glasshaus DAO treasury and facilitates the progressive decentralization of the glasshaus ecosystem.

2.2 glasshaus Ecosystem

The glasshaus ecosystem consists of multiple legal entities working together:

• glasshaus Technology, LLC (Wyoming) - Operates the technology platform, owns the brand, deploys smart contracts
• glasshaus Foundation (Cayman Islands) - Issues GLSH tokens, holds DAO treasury, facilitates governance
• glasshaus Property Holdings, LLC (Delaware) - Manages property acquisitions and Special Purpose Vehicles (SPVs)
• Property-Specific SPVs (Delaware LLCs) - Hold individual properties and issue property tokens (separate from GLSH)

2.3 Relationship Between Entities

The Foundation operates independently from glasshaus Technology, LLC but collaborates to support the glasshaus ecosystem. Property Holdings, LLC will progressively come under Foundation governance as the DAO matures (see Section 18).

2.4 GLSH Tokens vs. Property Tokens - Critical Distinction

It is critically important to understand that GLSH tokens are fundamentally different from property tokens:

• GLSH Tokens: Utility and governance tokens issued by glasshaus Foundation. NOT securities. NOT investments. Used solely for DAO governance and platform utility. Available for purchase now through the GLSH presale.
• Property Tokens: Securities representing fractional ownership in real estate properties. These ARE securities subject to SEC regulation. Will be offered pursuant to Regulation A when qualified by the SEC. NOT currently available (expected Q1-Q2 2026). Conducted through registered broker-dealer. See the platform Terms of Service for property token details.

No Confusion Intended: Purchasing GLSH tokens does NOT provide any ownership in real estate properties. GLSH tokens provide only governance rights in the glasshaus DAO. Property investments are separate and subject to different legal frameworks.

3. GLSH Token Description

3.1 What GLSH Is

GLSH is a utility and governance token issued on the Cardano blockchain using the CIP-68 Rich Fungible Token (RFT) standard. GLSH provides:

• Governance Rights: Vote on DAO proposals including property acquisitions, treasury allocation, protocol changes, and partnerships
• Platform Governance: Vote on platform fee structures and major product decisions (Phase 2+)
• Early Access: Priority access to new property token offerings before general public
• Staking Utility: Stake GLSH to earn rewards from platform fees (if implemented)
• Community Participation: Access to exclusive DAO discussions, proposals, and events

3.2 What GLSH Is NOT

GLSH tokens are NOT securities, investments, or investment contracts. Specifically, GLSH tokens do NOT represent:

• Ownership, equity, shares, or membership interest in any legal entity
• Right to profits, dividends, distributions, or revenue sharing
• Debt obligation or loan to glasshaus or the Foundation
• Investment contract or expectation of profit from the efforts of others
• Ownership in any real estate property or property token
• Claim on assets or value of the Foundation, glasshaus, or any affiliated entity

3.3 Utility Purpose, Not Investment

The sole purpose of GLSH tokens is to enable decentralized governance of the glasshaus ecosystem. Participants purchase GLSH to:

• Participate in DAO decision-making
• Propose and vote on platform changes
• Access early property offerings
• Contribute to ecosystem development

There is no expectation of profit from the efforts of glasshaus, the Foundation, or any other party. Any potential economic benefit is incidental to the primary governance utility. GLSH may have no market value and may not be tradable.

4. Presale Structure and Stages

4.1 Presale Stages

The GLSH Presale is conducted in multiple stages with progressive pricing and declining bonuses:

Note: Stages and pricing are subject to change before Presale launch. The platform will display current stage, price, and bonus percentage.

4.2 Presale Caps and Limits

• Total Presale Allocation: 300,000,000 GLSH tokens (30% of total supply)
• Minimum Contribution: $100 USD equivalent in ADA
• Maximum Per Participant: May be implemented to ensure fair distribution (TBD)
• Duration: Presale continues until all allocated tokens sold or Presale period ends

4.3 Early Participant Bonuses

Bonus tokens are awarded to incentivize early participation and bootstrap the DAO community. Bonuses decline as Presale progresses:

• Round 1 participants receive 20% bonus tokens
• Round 2 participants receive 15% bonus tokens
• Round 3 participants receive 10% bonus tokens

Example: $1,000 contribution in Round 1 at $0.010/GLSH = 100,000 GLSH + 20,000 bonus = 120,000 total GLSH tokens.

5. Token Supply and Distribution

5.1 Total Supply

Maximum Total Supply: 1,000,000,000 GLSH tokens (1 billion)

No additional GLSH tokens will be minted beyond this supply except by DAO vote after full decentralization.

5.2 Token Allocation

5.3 Vesting Schedules

• Presale Participants: Tokens delivered immediately to wallet (no vesting)
• Team & Advisors: 36-month linear vesting with 6-month cliff
• Ecosystem Rewards: Released over time based on platform milestones and DAO votes
• Treasury: Controlled by DAO, released per governance votes
• Liquidity & Marketing: Released as needed for ecosystem growth

6. Use of Proceeds

Funds raised from the GLSH Presale will be used exclusively for:

• Platform Development: Engineering, design, and product development (40%)
• Security Audits: Third-party smart contract audits and penetration testing (15%)
• Liquidity Provision: Initial DEX liquidity pools for GLSH trading (20%)
• Foundation Setup: Cayman Islands foundation formation and ongoing compliance (10%)
• Legal & Compliance: Securities counsel, corporate structure, regulatory advice (10%)
• Marketing & Community: User acquisition, community building, partnerships (5%)

Important: Presale proceeds will NOT be used for:

• Direct property purchases (properties funded separately through property token sales)
• Founder salaries or personal compensation (team paid from operating revenue)
• Dividends or profit distributions (GLSH does not entitle holders to profits)

7. Eligibility and Restrictions

7.1 Age and Capacity

You must be at least 18 years old and have the legal capacity to enter into these GLSH Terms in your jurisdiction. By participating, you represent and warrant that you meet these requirements.

7.2 Jurisdictional Restrictions

GLSH tokens may not be available to residents of all jurisdictions. You may NOT participate if you are:

• A resident or citizen of a jurisdiction where token sales are prohibited or restricted
• Located in a country subject to OFAC sanctions (Iran, North Korea, Syria, Cuba, Crimea, etc.)
• On any sanctions list (OFAC SDN, EU sanctions list, etc.)
• A Politically Exposed Person (PEP) unless approved by Foundation compliance

U.S. Participants: If you are a U.S. person, you represent that your purchase complies with all applicable federal and state laws. GLSH tokens are utility tokens and not securities under U.S. law, but you should consult your own legal counsel.

7.3 KYC/AML Compliance

While GLSH tokens are utility tokens and do not require KYC for purchase, the Foundation reserves the right to implement KYC/AML verification for:

• Contributions above certain thresholds (e.g., $10,000+)
• Participants from high-risk jurisdictions
• Compliance with applicable anti-money laundering laws
• Sanction screening and PEP checks

If KYC is required, failure to complete verification may result in refusal of your contribution or inability to claim tokens.

8. Purchase Process and Payment

8.1 How to Purchase

To participate in the GLSH Presale:

1. Visit the Presale page at glasshaus.app/presale
2. Connect your Cardano wallet (Lace, Eternl, Nami, or other CIP-30 compatible wallet)
3. Review current presale stage, price, and bonus percentage
4. Enter your contribution amount in ADA
5. Review the total GLSH tokens you will receive (including bonus)
6. Confirm purchase and approve transaction in your wallet
7. Send ADA to the presale smart contract address
8. Receive GLSH tokens directly to your wallet (instant or after confirmation period)

8.2 Payment Methods

GLSH tokens may be purchased using:

• ADA (Cardano): Primary payment method, direct to smart contract
• Other Cryptocurrencies: ETH, BTC, or stablecoins may be accepted (automatically converted to ADA or USDC upon receipt)

Treasury Management: All contributions are managed by the Foundation. Cryptocurrency contributions may be converted to stablecoins (USDC) to protect treasury value from volatility.

8.3 Smart Contract Interaction

GLSH token purchases are processed directly through smart contracts on the Cardano blockchain:

• You send ADA to the presale smart contract address
• Smart contract validates the contribution and presale stage
• Smart contract calculates GLSH tokens (price + bonus)
• Smart contract mints and sends GLSH to your wallet
• Transaction is final and irreversible

No Refunds: All purchases are final. Blockchain transactions cannot be reversed. Ensure you understand these Terms before sending funds.

8.4 Token Delivery

GLSH tokens are delivered:

• Immediately: Tokens sent to your wallet upon transaction confirmation (typical)
• Claim Period: In some cases, tokens may be available for claim after Presale concludes
• Vested: Team/advisor allocations vest over 36 months (not applicable to Presale participants)

9. Comprehensive Risk Disclosures

PARTICIPATING IN THE GLSH PRESALE INVOLVES SUBSTANTIAL RISK. YOU MAY LOSE YOUR ENTIRE CONTRIBUTION. DO NOT PARTICIPATE UNLESS YOU CAN AFFORD TO LOSE YOUR ENTIRE INVESTMENT.

9.1 Smart Contract and Technology Risks

• Smart Contract Bugs: Despite testing and audits, smart contracts may contain bugs, vulnerabilities, or exploits that could result in loss of funds or tokens
• Blockchain Risks: Cardano network may experience congestion, downtime, forks, or protocol changes affecting GLSH functionality
• Irreversibility: Blockchain transactions are permanent and cannot be undone; errors in addresses or amounts result in permanent loss
• No Recourse: If smart contracts fail or are exploited, you may have no legal recourse or ability to recover funds

9.2 Regulatory and Legal Risks

• Regulatory Uncertainty: Cryptocurrency regulations are evolving; future laws may restrict, prohibit, or impose requirements on GLSH
• Securities Classification: While GLSH is structured as a utility token, regulators may disagree and classify it as a security, requiring registration or causing legal issues
• Tax Treatment: Tax treatment of GLSH is uncertain; may be taxed as income, property, or other
• International Regulations: Your jurisdiction may prohibit or restrict token ownership; you are responsible for compliance
• Enforcement Actions: Regulatory agencies may take action against glasshaus, the Foundation, or GLSH, affecting value or utility

9.3 Market and Liquidity Risks

• No Guarantee of Listing: GLSH may never be listed on exchanges; secondary market may not develop
• Illiquidity: Even if listed, GLSH may have low trading volume and be difficult to sell
• Price Volatility: GLSH price may be extremely volatile; value could drop to zero
• No Market Making: Foundation is not obligated to provide liquidity or support GLSH price
• Locked Tokens: You may be unable to sell GLSH at any price or at all

9.4 Platform and Ecosystem Risks

• Platform Failure: glasshaus platform may fail to launch, gain users, or achieve milestones
• Competition: Other real estate tokenization platforms may be more successful
• Property Risks: Poor property performance doesn't affect GLSH directly but may harm ecosystem
• Team Risk: Key team members may leave or fail to execute on roadmap
• No Guarantee of DAO: DAO may never activate or may not function as intended

9.5 Wallet and Custody Risks

• Loss of Private Keys: If you lose your wallet's private keys or seed phrase, your GLSH tokens are permanently lost
• Wallet Hacks: Your wallet may be hacked or compromised, resulting in theft of GLSH
• No Recovery: glasshaus and Foundation cannot recover lost, stolen, or hacked tokens
• User Error: Sending GLSH to wrong address, interacting with malicious contracts, or other errors are irreversible

9.6 Presale-Specific Risks

• No Refunds: All sales are final; you cannot get your contribution back
• Delivery Delays: Token delivery may be delayed due to technical issues or network congestion
• Presale Cancellation: Foundation may cancel Presale at any time (with refunds if before token delivery)
• Pricing Changes: Stage pricing and bonuses may change before your purchase

10. No Guarantee of Value or Utility

The Foundation makes NO representations, warranties, or guarantees regarding:

• GLSH tokens having any market value
• GLSH being listed on any exchange or trading platform
• DAO governance being implemented or functional
• Platform achieving any milestones or success metrics
• Ability to use GLSH for its intended governance purposes
• Any economic benefit from holding GLSH

GLSH may become worthless. Purchase GLSH only if you want to participate in governance and can afford to lose your entire contribution.

11. Wallet Security and Private Keys

11.1 Self-Custody

GLSH tokens are delivered to your self-custody Cardano wallet. You are solely responsible for:

• Safeguarding your private keys and seed phrase
• Using strong passwords and security measures
• Protecting against malware, phishing, and social engineering
• Verifying addresses and transactions before confirming
• Never sharing your seed phrase with anyone (including glasshaus)

11.2 No Recovery Service

glasshaus and the Foundation cannot and will not recover lost or stolen private keys.We do not have access to your wallet or tokens. Loss of private keys means permanent loss of GLSH tokens.

11.3 Wallet Compatibility

Ensure your wallet supports CIP-68 Rich Fungible Tokens on Cardano. Recommended wallets:

• Lace (official IOG wallet)
• Eternl (full-featured wallet)
• Nami (lightweight wallet)
• Other CIP-30 and CIP-68 compatible wallets

12. Tax Implications

12.1 Tax Responsibility

You are solely responsible for all tax obligations arising from purchasing, holding, or selling GLSH tokens. Tax treatment varies by jurisdiction and may include:

• Income tax on token receipt (if tokens considered income)
• Capital gains tax on token sales
• Wealth or property taxes on holdings
• Gift or estate taxes on transfers

12.2 Consult Tax Advisor

Cryptocurrency tax law is complex and evolving. You should consult a qualified tax advisor in your jurisdiction before participating. The Foundation does not provide tax advice and makes no representations regarding tax treatment.

12.3 Tax Reporting

The Foundation may be required to report certain information to tax authorities. By participating, you consent to such reporting if legally required.

13. Privacy and Data

Your privacy is important. Personal information collected in connection with the GLSH Presale is handled according to the glasshaus Privacy Policy.

13.1 Data Collection

• Wallet Address: Your Cardano wallet address is public and recorded on-chain
• Transaction Data: Contribution amount and GLSH receipt are public on blockchain
• KYC Data: If required, collected by Foundation or third-party KYC provider
• Email: If you provide an email for updates (optional)

13.2 Blockchain Immutability

All GLSH transactions are permanently recorded on the Cardano blockchain and cannot be deleted or modified. Your wallet address and transaction history are publicly visible.

14. Limitation of Liability

TO THE MAXIMUM EXTENT PERMITTED BY LAW, THE FOUNDATION, glasshaus TECHNOLOGY, LLC, glasshaus PROPERTY HOLDINGS, LLC, AND THEIR RESPECTIVE OFFICERS, DIRECTORS, EMPLOYEES, AGENTS, AND AFFILIATES SHALL NOT BE LIABLE FOR:

• Any loss of funds, tokens, or value arising from the Presale or your GLSH holdings
• Smart contract bugs, exploits, or failures
• Blockchain network failures or attacks
• Regulatory actions or changes in law
• Loss of private keys or wallet access
• Inability to sell or trade GLSH
• Failure of DAO implementation or platform development
• Any indirect, incidental, special, consequential, or punitive damages

IN NO EVENT SHALL THE TOTAL LIABILITY OF THE FOUNDATION AND glasshaus ENTITIES EXCEED THE AMOUNT YOU PAID FOR GLSH TOKENS.

15. Indemnification

You agree to indemnify, defend, and hold harmless the Foundation, glasshaus Technology, LLC, glasshaus Property Holdings, LLC, and their respective officers, directors, employees, and agents from any claims, losses, damages, liabilities, costs, and expenses (including reasonable attorneys' fees) arising from:

• Your participation in the Presale
• Your breach of these GLSH Terms
• Your violation of any laws or regulations
• Your use or misuse of GLSH tokens
• Any false representations you made
• Your tax obligations or failures

16. Dispute Resolution and Arbitration

16.1 Informal Resolution

Before initiating any formal dispute resolution, you agree to contact us at support@glasshaus.app and attempt to resolve the matter informally for at least 60 days.

16.2 Binding Arbitration

Any dispute, claim, or controversy arising out of or relating to these GLSH Terms or the Presale shall be resolved by binding arbitration administered by JAMS (Judicial Arbitration and Mediation Services) under its Streamlined Arbitration Rules and Procedures.

The arbitration shall be conducted in Cheyenne, Wyoming or remotely via videoconference. The arbitrator's decision is final and binding. Judgment on the arbitration award may be entered in any court of competent jurisdiction.

16.3 Class Action Waiver

YOU AND THE FOUNDATION EACH WAIVE ANY RIGHT TO PURSUE DISPUTES ON A CLASS-WIDE BASIS. ALL CLAIMS MUST BE BROUGHT IN THE PARTIES' INDIVIDUAL CAPACITY, NOT AS A PLAINTIFF OR CLASS MEMBER IN ANY CLASS ACTION, COLLECTIVE ACTION, OR REPRESENTATIVE PROCEEDING. THE ARBITRATOR MAY NOT CONSOLIDATE CLAIMS OR CONDUCT CLASS ARBITRATION.

16.4 Jury Trial Waiver

YOU AND THE FOUNDATION EACH WAIVE ANY RIGHT TO TRIAL BY JURY.

17. Governing Law

These GLSH Terms shall be governed by and construed in accordance with the laws of the State of Wyoming, United States of America, without regard to its conflict of law principles.

By purchasing GLSH, you consent to the exclusive jurisdiction of courts in Cheyenne, Wyoming for any matters not subject to arbitration.

18. Foundation Transfer and DAO Transition

18.1 Initial Structure (Phase 1 - 2025)

During the initial phase, GLSH tokens are issued by the Foundation, but the glasshaus ecosystem remains under centralized management by the founder. GLSH holders have no active governance rights during this phase.

18.2 DAO Activation (Phase 2 - Q2 2026)

The Treasury DAO is planned to activate in Q2 2026, following the launch of property token offerings and establishment of platform operations. GLSH holders will gain voting rights on:

• Treasury fund allocation and spending
• Property acquisition approvals
• Major partnerships and protocol changes
• Platform fee structures

The Foundation will execute DAO votes. Founder retains operational control of glasshaus Technology, LLC but takes DAO input on major decisions.

Note: DAO activation timing depends on successful property token launch, broker-dealer partnership establishment, and achievement of minimum platform participation thresholds. Activation may be delayed if these milestones are not met.

18.3 Full Decentralization (Phase 3 - 2027+)

In Phase 3, the DAO will have full governance control over:

• All treasury funds and allocation
• Property Holdings, LLC decisions (via Foundation control)
• Platform governance and fee structures
• Protocol upgrades and smart contract changes

The Foundation becomes a pure execution layer for DAO decisions. Founder may transition to contributor or advisory role.

18.4 No Guarantee of Decentralization

There is no guarantee that DAO governance will be implemented or that decentralization will occur as planned. Regulatory, technical, or practical challenges may prevent or delay DAO activation. The Foundation retains discretion over transition timing and structure.

19. Amendments and Updates

The Foundation reserves the right to modify these GLSH Terms at any time before the Presale concludes. Changes will be posted at glasshaus.app/glsh-terms with an updated “Last Updated” date.

Material changes will be announced via email (if provided) and platform notification. Continued participation after changes constitutes acceptance.

After DAO activation: Changes to GLSH tokenomics or governance may require a DAO vote.

20. General Provisions

20.1 Entire Agreement

These GLSH Terms, together with the glasshaus Terms of Service and Privacy Policy, constitute the entire agreement between you and the Foundation regarding the GLSH Presale.

20.2 Severability

If any provision is found invalid or unenforceable, the remaining provisions shall remain in full force and effect. Invalid provisions shall be modified to reflect the parties' intent to the extent permissible.

20.3 No Waiver

Failure by the Foundation to enforce any right or provision shall not constitute a waiver of such right or provision.

20.4 Assignment

You may not assign or transfer these GLSH Terms or your rights hereunder. The Foundation may assign these Terms without restriction.

20.5 Force Majeure

The Foundation is not liable for failure or delay in performing obligations due to causes beyond reasonable control, including:

• Blockchain network failures or attacks
• Government actions or regulatory changes
• Natural disasters
• War, terrorism, or civil unrest
• Internet or telecommunications failures

21. Contact Information

For questions about the GLSH Token Sale or these Terms:

glasshaus Foundation
Email: support@glasshaus.app
Website: glasshaus.app