Terms of Service

1. Acceptance of Terms

These Terms of Service (these “Terms”) set forth the legally binding terms and conditions for use of services provided by Glasshaus Technology, LLC, a Wyoming limited liability company (“Glasshaus,” “we,” “us,” or “our”), as well as our website located at glasshaus.app (the “Site”), mobile applications, and/or other platforms (collectively, the “Services”) by you and all other users or visitors of the Services (each, a “User,” “you,” or “your”).

PLEASE READ THESE TERMS CAREFULLY AS THEY CONTAIN, AMONG OTHER THINGS, A BINDING ARBITRATION PROVISION THAT REQUIRES YOU TO SUBMIT TO BINDING AND FINAL ARBITRATION ON AN INDIVIDUAL BASIS TO RESOLVE DISPUTES, RATHER THAN A JURY TRIAL OR CLASS ACTION LAWSUIT.

1.1 Eligibility

You must be at least 18 years old to use the Services. You acknowledge that, by accessing, registering for, and/or using, or continuing to access or use, the Services in any manner, you:

• Are at least 18 years old and have the right, authority, and capacity to enter into these Terms, either on behalf of yourself or the entity that you represent;
• Agree to and accept these Terms, which also incorporate by reference our Privacy Policy, each of which may be updated from time to time without notice to you as further set forth herein or therein;
• If these Terms have materially changed since you last accessed or used the Services, acknowledge and agree that your continued access or use of the Services constitutes your acceptance of these Terms as changed; and
• Consent to receive communications from us electronically, and agree that such electronic communications, notices, and/or postings satisfy any legal requirements that such communications be in writing.

2. Platform Description & Relationship

2.1 Glasshaus Ecosystem

Glasshaus operates a technology platform that facilitates the tokenization of real estate assets on the Cardano blockchain. The Glasshaus ecosystem consists of multiple legal entities:

• Glasshaus Technology, LLC (Wyoming) - Operates the Services, owns the platform and brand, deploys smart contracts
• Glasshaus Property Holdings, LLC (Delaware) - Manages property acquisitions and forms Special Purpose Vehicles (SPVs) for each property
• Glasshaus Foundation (Cayman Islands) - Custodian of DAO treasury, issuer of GLSH governance tokens
• Property-Specific SPVs (Delaware LLCs) - Each property is held in a separate SPV that issues property tokens

These Terms govern your use of the Services provided by Glasshaus Technology, LLC. Investments in property tokens are subject to separate subscription agreements with the applicable SPV.

2.2 Role as Technology Provider

Glasshaus Technology, LLC is a technology service provider that operates a platform facilitating real estate tokenization. We are NOT:

• An investment advisor, broker-dealer, or financial advisor
• A custodian of your funds or digital assets
• A party to your purchase or sale of property tokens
• A property manager or owner of tokenized properties
• A guarantor of investment returns or property performance

We provide technology infrastructure and facilitate connections between investors and real estate investment opportunities. All investment decisions are made by you independently.

Important: Glasshaus is currently in pre-launch development phase. Property token offerings are not yet available. When property tokens become available (expected Q1-Q2 2026), all securities transactions will be conducted through a registered broker-dealer partner. We are currently in the process of establishing this broker-dealer partnership.

3. Investment Disclaimers

3.1 No Investment Advice

Nothing contained in the Services, including, without limitation, any content, data, or information (collectively, “Content”), constitutes investment, financial, accounting, tax, or legal advice or should be considered an offer, solicitation of an offer, or advice to buy or sell securities. Any decisions based on the information contained in the Services are the sole responsibility of the User of the Services.

The securities made available through or discussed on the Services, representing interests in various real estate assets, may not be suitable for all investors. Glasshaus makes no representations that such securities are available to or appropriate for investors or Users in all jurisdictions or locations, nor that any investment vehicle is available or suitable for any particular User or purpose.

3.2 General Investment Risks

Investing involves risk, including but not limited to:

• Market Risk: Real estate values may increase or decrease based on market conditions, economic factors, and local dynamics
• Liquidity Risk: Property tokens may have limited liquidity and you may not be able to sell them quickly or at all
• Regulatory Risk: Changes in securities, real estate, or cryptocurrency regulations may adversely affect the platform or your investments
• Property-Specific Risk: Individual properties may experience vacancy, damage, depreciation, or other adverse events
• Technology Risk: Blockchain technology, smart contracts, and digital assets carry technical risks including bugs, hacks, or network failures
• Loss of Principal: You may lose some or all of your invested capital

Past performance does not guarantee future results. Investment outcomes and projections are hypothetical in nature and cannot be guaranteed. Investing in real estate assets, and in securities representing interests in real estate assets, involves higher risks than traditional investments and may have different financial and/or tax implications.

3.3 Your Representations

By using the Services to invest in any security made available on or through the Services, you represent and warrant that:

1. You have read and understand the discussion of risks herein and in all offering documents, and are aware of the risks of any investment in real estate assets or securities representing interests in real estate assets;
2. You will use your own judgment before making any decision to invest any amount of money in any security made available through the Services;
3. You are solely responsible for complying with applicable law regarding any transaction, including, without limitation, the determination of whether any investment complies with the terms of local law (whether the law of a U.S. state or the law of any foreign government with jurisdiction over you);
4. You will obtain professional advice as is appropriate to protect your interests, including any legal, accounting, financial, or other relevant advice;
5. You understand that Glasshaus is not acting as an investment advisor or similar in relation to securities made available through the Services, is not providing any advice related to such securities, and is not, and will not be, in any way responsible for the success or failure of any investments made through the Services; and
6. You are not relying upon any person or entity other than the underlying issuer of an investment and your own independent advisors.

4. Account Registration & Security

4.1 Registration

Some or all of the Services, and certain features or functionalities, require that you register for an account with us. When you do, we may ask you to provide certain registration details, such as your email address or other information about yourself. All such information is subject to our Privacy Policy.

You agree that the information you provide us about yourself upon registration is true, accurate, current, and complete. You may not impersonate someone else to create an account, create or use an account for anyone other than yourself, permit anyone else to use your account, or provide personal information for purposes of account registration other than your own.

4.2 KYC/AML Verification

Before purchasing property tokens (securities), you will be required to complete identity verification (“Know Your Customer” or “KYC”) through our registered broker-dealer partner (when property token offerings become available). This process is required by law and will include:

• Providing your full legal name, date of birth, address, and government-issued photo identification
• Providing your Social Security Number or Tax Identification Number
• Verification of your identity and address
• Screening against OFAC sanctions lists and PEP databases
• Bad actor disqualification checks (required for Regulation A)
• Additional verification as required by Regulation A and broker-dealer policies

Important: KYC information will be collected and stored by our broker-dealer partner, not by Glasshaus Technology, LLC. The broker-dealer will be the data controller for this information. We will receive only verification status (verified/pending/rejected). As property token offerings are not yet available, KYC verification is not currently required.

4.3 Account Security

You are responsible for all activities that occur in connection with your account. You will treat as confidential your account access credentials and will not disclose such credentials to any third party. You agree to immediately notify us if you have any reason to believe that your account credentials have been compromised or that there is, was, may be, or may have been any unauthorized use of your account or password, or any other breach of security.

4.4 Wallet Connection

To receive property tokens and GLSH governance tokens, you must connect a Cardano wallet that supports the CIP-30 standard (such as Lace, Eternl, Nami, or other compatible wallets). You acknowledge and agree that:

• We never have access to your wallet's private keys or seed phrase
• You are solely responsible for safeguarding your private keys and seed phrase
• Loss of your private keys or seed phrase may result in permanent loss of your tokens
• We cannot recover lost or stolen private keys or seed phrases
• All transactions require your explicit approval in your wallet
• We only request read permissions for your wallet addresses

5. Property Tokens (Securities)

5.0 Regulation A Offerings - Important Notice

Property tokens are NOT currently offered or sold. This section describes the structure and terms that will apply when property token offerings become available (expected Q1-Q2 2026).

Property tokens will be offered and sold pursuant to Regulation A under the Securities Act of 1933, as amended. Regulation A offerings must be qualified by the U.S. Securities and Exchange Commission before any securities may be sold. Key aspects of Regulation A include:

• SEC Qualification Required: Each property token offering must be qualified by the SEC through Form 1-A filing and review process
• Offering Circular: Detailed offering documents will be provided, including property information, financial statements, risk factors, and terms
• Broker-Dealer Requirement: Securities transactions must be conducted through a registered broker-dealer (partnership pending)
• Ongoing Reporting: Issuers must file semi-annual reports, annual reports, and current reports with the SEC
• Open to Non-Accredited Investors: Regulation A Tier 2 offerings allow both accredited and non-accredited investors to participate, subject to investment limits for non-accredited investors
• Investment Limits: Non-accredited investors may be limited to investing no more than 10% of the greater of annual income or net worth per offering

Forward-Looking Statements: Any statements about future property offerings, timelines, returns, or platform features are forward-looking and not guaranteed. We may not successfully complete Regulation A qualifications, secure broker-dealer partnerships, or launch property token offerings as planned.

Consult Professionals: Before investing in any future property token offering, consult with your financial advisor, attorney, and tax professional to understand whether such investments are appropriate for your financial situation.

5.1 Nature of Property Tokens

Property tokens are digital securities representing fractional membership interests in Special Purpose Vehicles (SPVs) that own specific real estate properties. Each property is held in a separate Delaware LLC (the “SPV”), and tokens represent proportional ownership in that SPV.

Regulation A Offerings: Property tokens are securities under U.S. law and will be offered pursuant to Regulation A, as amended. Each property token offering will be made only through an offering circular that has been qualified by the Securities and Exchange Commission (SEC). No property tokens are currently offered or sold. Future offerings will be conducted through a registered broker-dealer partner (partnership pending, expected Q1 2026).

No Current Offerings: Property tokens are not yet available for purchase. No money or other consideration is being solicited for property tokens at this time. When offerings become available, they will be made only pursuant to qualified offering circulars filed with the SEC.

5.2 Token Holder Rights

As a property token holder, you have the following rights:

• Economic Rights: Proportional share of net rental income (distributed quarterly) and proceeds from property sale
• Governance Rights: Voting rights on major property decisions through Property Council governance (if applicable per SPV operating agreement)
• Information Rights: Access to quarterly financial reports, annual tax documents (K-1), and material property updates
• Transfer Rights: Subject to securities law restrictions, right to transfer tokens to qualified purchasers

5.3 Token Transfer Restrictions

Property tokens offered under Regulation A are subject to certain transfer restrictions:

• Tokens may be subject to holding period requirements as specified in the offering circular
• Transfers must comply with applicable securities laws and SPV operating agreements
• Regulation A Tier 2 offerings may permit secondary trading to both accredited and non-accredited investors, subject to ongoing reporting compliance
• Platform may facilitate secondary trading but does not guarantee liquidity
• Specific transfer restrictions will be detailed in each property's offering circular

5.4 Tax Implications

Property tokens represent membership interests in pass-through entities (partnerships for tax purposes). Token holders will receive Schedule K-1 forms annually reporting their proportional share of:

• Rental income
• Deductible expenses (property taxes, interest, depreciation, etc.)
• Capital gains or losses (upon property sale)

Consult a tax advisor: Real estate partnership investments have complex tax implications. You are solely responsible for your tax obligations and reporting.

6. GLSH Governance Token

6.1 Nature of GLSH Token

The GLSH token is a utility and governance token issued by Glasshaus Foundation. GLSH tokens provide voting rights in the Glasshaus DAO (Decentralized Autonomous Organization) and other platform governance matters. GLSH tokens are not securities and do not represent:

• Ownership in any legal entity
• Right to profits or dividends
• Debt or equity interest
• Investment contract or expectation of profit from others' efforts

6.2 GLSH Token Rights

GLSH token holders have the following rights and utilities:

• Governance Voting: 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 offerings before public launch
• Staking Rewards: Earn rewards from platform fees by staking GLSH tokens (if implemented)

6.3 No Investment Expectation

GLSH tokens are governance tools, not investments. You acknowledge and agree that:

• GLSH tokens do not represent an investment contract
• There is no expectation of profit from the efforts of Glasshaus or others
• The primary purpose is decentralized governance, not financial return
• GLSH tokens may have no market value and may not be tradable on exchanges
• The platform's success or your participation does not guarantee any economic benefit from holding GLSH

6.4 Blockchain Risks

GLSH tokens are issued on the Cardano blockchain. You acknowledge and accept risks associated with blockchain technology:

• Smart Contract Risks: Bugs, exploits, or vulnerabilities in smart contracts
• Network Risks: Cardano network congestion, downtime, or forks
• Irreversibility: Blockchain transactions are irreversible; errors cannot be undone
• Wallet Risks: Loss of private keys results in permanent loss of tokens
• Regulatory Risks: Future regulations may restrict blockchain activities or token usage

7. Prohibited Uses

You may use the Services only for lawful purposes and in accordance with these Terms. You agree not to use the Services:

• In any way that violates any applicable federal, state, local, or international law or regulation
• To engage in money laundering, terrorist financing, or other illegal financial activities
• To manipulate markets, engage in wash trading, or other fraudulent trading practices
• To impersonate or attempt to impersonate Glasshaus, a Glasshaus employee, another User, or any other person or entity
• In any way that infringes upon the rights of others, or in any way is illegal, threatening, fraudulent, or harmful
• To transmit, or procure the sending of, any advertising or promotional material without our prior written consent
• To introduce viruses, trojan horses, worms, logic bombs, or other material that is malicious or technologically harmful
• To attempt to gain unauthorized access to, interfere with, damage, or disrupt any parts of the Services, the server on which the Services are stored, or any server, computer, or database connected to the Services
• To attack the Services via a denial-of-service attack or a distributed denial-of-service attack
• To use any robot, spider, scraper, or other automated means to access the Services for any purpose without our express written permission

8. Intellectual Property

8.1 Our IP

The Services and their entire contents, features, and functionality (including but not limited to all information, software, text, displays, images, video, and audio, and the design, selection, and arrangement thereof) are owned by Glasshaus Technology, LLC, its licensors, or other providers of such material and are protected by United States and international copyright, trademark, patent, trade secret, and other intellectual property or proprietary rights laws.

“Glasshaus,” the Glasshaus logo, and all related names, logos, product and service names, designs, and slogans are trademarks of Glasshaus Technology, LLC or its affiliates or licensors. You must not use such marks without our prior written permission.

8.2 Limited License

Subject to your compliance with these Terms, we grant you a limited, non-exclusive, non-sublicensable, revocable, non-transferable license to access and use the Services for your personal, non-commercial use. Any rights not expressly granted herein are reserved by Glasshaus and its licensors.

9. Fees and Payment

9.1 Platform Fees

Glasshaus charges platform fees for facilitating property token transactions. Current fees:

• Property Token Purchase: 1-2% of transaction amount (paid to Glasshaus Technology, LLC)
• Secondary Trading: Marketplace fees may apply (if/when marketplace launches)
• GLSH Presale: No platform fee (direct smart contract purchase)

Fees are subject to change with notice via the platform or email. Continued use of Services after fee changes constitutes acceptance of new fees.

9.2 Third-Party Fees

In addition to platform fees, you may be responsible for (when property tokens become available):

• Broker-Dealer Fees: Transaction fees charged by our broker-dealer partner (partnership pending, fees will be disclosed in offering materials)
• Blockchain Fees: Network transaction fees (gas fees) on Cardano
• Bank Fees: ACH, wire transfer, or other payment processing fees
• Property Management Fees: Deducted from rental income before distributions (8-10% typical)

9.3 Payment Processing

When property token offerings become available, purchases will be processed through our registered broker-dealer partner. Payment methods may include:

• ACH bank transfer (USD)
• Wire transfer (USD)
• Cryptocurrency (ADA or stablecoins on Cardano)

Glasshaus Technology, LLC does not directly handle fiat currency for property token purchases. All payments will be processed through licensed third-party providers. Specific payment methods and processing details will be disclosed in offering circulars.

10. Disclaimers and Limitations of Liability

10.1 AS-IS Basis

THE SERVICES ARE PROVIDED ON AN “AS-IS” AND “AS AVAILABLE” BASIS WITHOUT ANY WARRANTIES OF ANY KIND, WHETHER EXPRESS OR IMPLIED, INCLUDING, BUT NOT LIMITED TO, IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE, AND NON-INFRINGEMENT.

WE DO NOT WARRANT THAT:

• The Services will be uninterrupted, timely, secure, or error-free
• The results obtained from use of the Services will be accurate or reliable
• The quality of any products, services, information, or other material purchased or obtained through the Services will meet your expectations
• Any errors in the Services will be corrected
• Property tokens will be liquid or tradable
• Properties will generate rental income or appreciate in value
• Smart contracts will function as intended or be free from vulnerabilities

10.2 Limitation of Liability

TO THE FULLEST EXTENT PERMITTED BY LAW, IN NO EVENT SHALL GLASSHAUS TECHNOLOGY, LLC, ITS AFFILIATES, OR THEIR RESPECTIVE OFFICERS, DIRECTORS, EMPLOYEES, AGENTS, OR LICENSORS BE LIABLE FOR ANY INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL, OR PUNITIVE DAMAGES, INCLUDING WITHOUT LIMITATION, LOSS OF PROFITS, DATA, USE, GOODWILL, OR OTHER INTANGIBLE LOSSES, RESULTING FROM:

• Your access to or use of or inability to access or use the Services
• Any conduct or content of any third party on the Services
• Any content obtained from the Services
• Unauthorized access, use, or alteration of your transmissions or content
• Investment losses or poor property performance
• Smart contract bugs, hacks, or failures
• Loss of private keys or tokens

IN NO EVENT SHALL THE AGGREGATE LIABILITY OF GLASSHAUS TECHNOLOGY, LLC ARISING OUT OF OR RELATED TO THESE TERMS OR THE SERVICES EXCEED THE GREATER OF (A) THE FEES YOU HAVE PAID TO GLASSHAUS IN THE TWELVE MONTHS PRECEDING THE EVENT GIVING RISE TO LIABILITY OR (B) ONE HUNDRED U.S. DOLLARS ($100).

11. Indemnification

You agree to defend, indemnify, and hold harmless Glasshaus Technology, LLC, its affiliates, and their respective officers, directors, employees, agents, licensors, and suppliers from and against any claims, liabilities, damages, judgments, awards, losses, costs, expenses, and/or fees (including reasonable attorneys' fees) resulting from:

• Your violation of these Terms
• Your use or access of the Services
• Your investment decisions or losses
• Your violation of any third-party right, including, without limitation, any intellectual property right or right of publicity
• Any claim that your use of the Services caused damage to a third party
• Your violation of any laws or regulations

12. Dispute Resolution & Arbitration

12.1 Informal Resolution

For any dispute with Glasshaus, you agree to first contact us at support@glasshaus.app and attempt to resolve the dispute with us informally. In the unlikely event that Glasshaus has not been able to resolve a dispute after sixty (60) days, we each agree to resolve any claim, dispute, or controversy by binding arbitration as described below.

12.2 Binding Arbitration

We each agree to resolve any Claims (excluding any claims for injunctive or other equitable relief as provided below) arising out of, in connection with, or relating to these Terms or the Services by binding arbitration by JAMS, under the “Optional Expedited Arbitration Procedures” then in effect for JAMS, except as provided herein. JAMS may be contacted at https://www.jamsadr.com/.

The arbitration will be conducted in Cheyenne, Wyoming or remotely via videoconference, unless you and Glasshaus agree otherwise.

12.3 Class Action Waiver

WITH RESPECT TO ALL PERSONS AND ENTITIES, ALL CLAIMS MUST BE BROUGHT IN THE PARTIES' INDIVIDUAL CAPACITY, AND NOT AS A PLAINTIFF OR CLASS MEMBER IN ANY PURPORTED CLASS ACTION, COLLECTIVE ACTION, PRIVATE ATTORNEY GENERAL ACTION, OR OTHER REPRESENTATIVE PROCEEDING. THIS WAIVER APPLIES TO CLASS ARBITRATION, AND, UNLESS WE AGREE OTHERWISE, THE ARBITRATOR MAY NOT CONSOLIDATE MORE THAN ONE PERSON'S CLAIMS. YOU AGREE THAT, BY ENTERING INTO THESE TERMS, YOU AND GLASSHAUS ARE EACH WAIVING THE RIGHT TO A TRIAL BY JURY OR TO PARTICIPATE IN A CLASS ACTION, COLLECTIVE ACTION, PRIVATE ATTORNEY GENERAL ACTION, OR OTHER REPRESENTATIVE PROCEEDING OF ANY KIND.

13. Governing Law

These Terms, and the license granted herein, shall be governed by the laws of the State of Wyoming, without respect to its conflict of laws principles. You agree to submit to the personal jurisdiction of the federal and state courts located in Cheyenne, Wyoming for any actions not subject to arbitration. Your use of the Services may also be subject to other local, state, national, or international laws.

14. Changes to These Terms

We reserve the right to modify these Terms, and to add new or additional terms or conditions on your use of the Services, for any reason, at any time. Such modifications and additional terms and conditions will be effective immediately and incorporated into these Terms. Your continued use of the Services will be deemed acceptance hereof.

We will notify you of material changes by email or posting a notice on our website at least 7 days prior to the effective date of such changes. What constitutes “material changes” will be determined at our sole discretion, in good faith and using common sense and reasonable judgment.

15. Termination

Glasshaus may terminate your access to all or any part of the Services at any time, with or without cause, with or without notice, effective immediately. If you wish to terminate your account, you may do so at any time by contacting us at support@glasshaus.app.

Upon any termination, all rights and obligations of the parties shall cease, and you shall immediately cease using the Services, except that:

• All obligations that accrued prior to the effective date of termination
• All remedies for breach of these Terms
• Provisions related to intellectual property, disclaimers, limitations of liability, indemnification, dispute resolution, and general terms shall survive

Important: Termination of your account does not affect your ownership of property tokens or GLSH tokens. Tokens are held in your self-custody wallet and are not controlled by Glasshaus.

16. General Provisions

16.1 Entire Agreement

These Terms constitute the sole and entire agreement between you and Glasshaus Technology, LLC with respect to the Services and supersede all prior and contemporaneous understandings, agreements, representations, and warranties, both written and oral, with respect to the Services.

16.2 Severability

If any provision of these Terms is held by a court of competent jurisdiction to be invalid, illegal, or unenforceable for any reason, such provision shall be modified to reflect the parties' intention or eliminated to the minimum extent such that the remaining provisions of the Terms will continue in full force and effect.

16.3 No Waiver

No waiver of these Terms by Glasshaus shall be deemed a further or continuing waiver of such term or condition or any other term or condition, and any failure of Glasshaus to assert a right or provision under these Terms shall not constitute a waiver of such right or provision.

16.4 Assignment

These Terms, and any rights or obligations hereunder, are not assignable, transferable, or sublicensable by you except with our prior written consent, but may be assigned or transferred by us without restriction. Any attempted assignment by you shall violate these Terms and be void.

16.5 Third-Party Beneficiaries

Our broker-dealer partner is a third-party beneficiary to these Terms with respect to services they provide.

17. Contact Information

If you have any questions about these Terms, please contact us at:

Glasshaus Technology, LLC
Email: support@glasshaus.app
Website: glasshaus.app