Company: HODL
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0000930413-25-003438
Chunk: 118

Company: VanEck Bitcoin ETF
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 3
Chunk 118
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Cause” is defined in the Additional Bitcoin Custody Agreement as (i) the Trust breaches any provision of
the Additional Bitcoin Custody Agreement and such breach is not cured within three (3) business days after notice of such breach
is given to the Trust in the case of a payment-related breach or is not cured within ten (10) business days after notice of such
breach is given to the Trust; (ii) the Trust takes any action to dissolve or liquidate (iii) the Trust becomes insolvent, makes
an assignment for the benefit of creditors, becomes subject to direct control of a trustee, receiver or similar authority; (iv)
the Trust becomes subject to any bankruptcy or insolvency proceeding; (v) the Additional Bitcoin Custodian becomes aware of any
facts or circumstances with respect to the Trust’s financial, legal, regulatory or reputational position which reasonably
would materially adversely affect The Trust’s ability to comply with its obligations under the Additional Bitcoin Custody
Agreement, and such facts and circumstances cannot be cured within five (5) business days; (vi) termination is required pursuant
to a facially valid subpoena, court order or binding order of a government authority; (vii) the Trust’s Additional Bitcoin
Account is subject to any pending litigation, investigation or government proceeding; or (viii) the Additional Bitcoin Custodian
reasonably suspects the Trust of attempting to circumvent the Additional Bitcoin Custodian’s controls in a manner the Additional
Bitcoin Custodian otherwise deems inappropriate or potentially harmful to itself or third parties.) Transferring maintenance responsibilities
of the Trust’s account at the Additional Bitcoin Custodian to another custodian may be complex and could subject the Trust’s
bitcoin to the risk of loss during the transfer, which could have a negative impact on the performance of the Shares or result
in loss of the Trust’s assets. Also, if the Additional Bitcoin Custodian becomes insolvent, suffers business failure, ceases
business operations, default on or fail to perform their obligations under its contractual agreement with the Trust, or abruptly
discontinue the services it provides to the Trust for any reason, the Trust’s operations including its creation and redemption
processes would be adversely affected.

The Sponsor may not be able to find a party willing to serve as
the custodian or perform clearing services under the same terms as the current Custody Agreement, Additional Bitcoin Custody
Agreement and Clearing Agreement. To the extent that Sponsor is not able to find a suitable party willing to serve