Enlivex / Elinnovation: a 2% treasury-value fee with a first-anniversary exit window and a financing-linked amendment.
Enlivex's RAIN-focused treasury arrangement is a useful public comparator because the issuer discloses a broad digital-asset management mandate, a 2% annual fee, a three-year initial term, a defined ordinary exit window and a later amendment that brought a financing counterparty into the account-control structure.
Agreement snapshot
| Field | Publicly disclosed term |
|---|---|
| Effective date | November 20, 2025 |
| Provider | Elinnovation Labs Ltd. |
| Role | Digital-asset management for designated offering proceeds and other capital, principally under a RAIN-focused crypto strategy including staking / restaking / liquid staking where available |
| Management fee | Generally 2% per year of total treasury value, calculated daily |
| Custody / control | Account assets remain in company-controlled accounts / wallets; the manager operates subject to investment guidelines, restricted-access and company instruction / approval controls |
| Initial term | Three years |
| Ordinary termination | Beginning on the first anniversary, either party may terminate for any reason with at least 30 days' prior written notice |
| Cause termination | Company: at least 30 days' notice; manager: at least 60 days' notice, with separate accelerated rights for specified legal / regulatory conditions |
| 2026 amendment | March 23, 2026 joinder / amendment added Lind Global Asset Management XIV LLC and granted financing-linked rights over specified digital-asset collateral |
A 2% fee is only comparable after the mandate is normalized
The public agreement gives Elinnovation responsibility and authority to execute the crypto strategy within the Investment Guidelines and allows activity including buying, selling, swapping, staking and selecting service providers, while company-side approval and wallet-control restrictions remain in place.
That means the 2% rate should be compared against other managed-treasury mandates with similar operating scope — not automatically against narrow strategic-advisory, custody-only or software arrangements.
The exit path is materially different from the long-duration cases
The initial term is three years, but the contract opens a no-cause termination path after the first anniversary with 30 days' notice. That structure is a useful control against public agreements where ordinary company-side exit is much more restricted or tied to larger remaining-term economics.
The March 2026 financing changed the control stack without replacing the manager
In March 2026, Enlivex entered a financing with Lind Global Asset Management XIV LLC and amended the Asset Management Agreement so Lind received specified rights over collateral that included portions of the digital-asset portfolio. The manager remained part of that amended control structure.
This is a useful reminder that provider currentness is not binary. A manager agreement can remain active while financing, security or account-control rights materially change around it.
Latest issuer disclosure keeps the manager relationship economically relevant
Enlivex's 2025 annual report, filed in 2026, continued to describe Elinnovation as the asset manager and the 2% fee structure, and disclosed the March 2026 amendment. That later-period disclosure is the correct starting point for a currentness reconstruction rather than the original November 2025 exhibit alone.
Primary public sources
Enlivex / Elinnovation Asset Management Agreement — SEC exhibit
Enlivex 2025 Form 20-F — 2026 filing with fee and current agreement disclosure
Enlivex March 24, 2026 Form 6-K — financing / amendment disclosure
Joinder and First Amendment to Asset Management Agreement
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Public-source factual commercial research only. No legal, fairness, fiduciary, accounting or investment opinion and no recommendation concerning any provider, financing or transaction.