Lido Alliance BORG Foundation Update: Appointment of Leeward Supervisors Limited as Supervisor

TL;DR

This vote seeks Lido DAO approval for the appointment of Leeward Supervisors Limited ("Leeward") as Supervisor of Lido Alliance BORG Foundation ("Lido Alliance BORG").

Leeward is a Cayman Islands governance, compliance and fiduciary services firm specialising in Web3 and digital assets, and the current Supervisor of Lido Labs Foundation. Through that role, it is already familiar with the structure and functions of the entities operating adjacent to Lido DAO.

Background

Lido Alliance BORG is a Cayman Islands foundation company established to support the purposes assigned to it under its governing documents as approved by Lido DAO. It has no members or beneficiaries, and its business and affairs are managed by or under the control of its board of directors. It is funded through the Ecosystem Grant gRequest (EGG).

Under the Lido Alliance BORG Bylaws, as amended, Lido Alliance BORG must have at least one Supervisor at all times, as required for a memberless Cayman Islands foundation company. The Supervisor is responsible for holding the board of directors accountable and overseeing compliance with the foundation company's constitutional documents and applicable law.

The Supervisor is responsible for enforcing Lido Alliance BORG's rules and has the right and power to hold BORG Personnel liable for:

• Any fraud or violation of applicable Legal Requirements committed by or on behalf of Lido Alliance BORG, or on behalf of BORG Personnel in connection with Lido Alliance BORG's activities.
• Any knowing and intentional material breach of a material term of the Governance Agreements by Lido Alliance BORG or BORG Personnel that could reasonably be expected to materially adversely impact Lido Alliance BORG or the Community, or any part of the Community.

The current Supervisor of Lido Alliance BORG is MetaLeX Pro, LLP, which was appointed on a temporary basis. MetaLeX Pro, LLP has provided notice of its resignation as Supervisor, to take effect upon the appointment of a new Supervisor. Accordingly, Lido Alliance BORG now proposes appointing a new entity to this role.

Proposal

Approve the appointment of Leeward Supervisors Limited as Supervisor of Lido Alliance BORG.

If this proposal is approved:

• The board of Lido Alliance BORG will complete the necessary corporate actions to give effect to Leeward's appointment, in accordance with Lido Alliance BORG's governing documents.
• Upon Leeward's appointment becoming effective, MetaLeX Pro, LLP will resign as the current Supervisor.