Company: TOXR
Filing Date: 2025-10-10
Form Type: S-1/A
Source: 0001213900-25-098141
Chunk: 208

Company: 21Shares XRP ETF
Filing Date: 2025-10-10
Form: S-1/A
Chunk 208
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 prejudice on the merits by a court of competent jurisdiction as to the party seeking indemnification;
or (iii) a court of competent jurisdiction approves a settlement of the claims against the party seeking indemnification and finds
that indemnification of the settlement and related costs should be made, provided that, before seeking such approval, the Sponsor or other
indemnitee must apprise the court of the position held by regulatory agencies against such indemnification. These agencies are the SEC
and the securities administrator of the State or States in which the plaintiffs claim they were offered or sold interests.

<div align='center'>102

MANAGEMENT; VOTING BY SHAREHOLDERS</div>

Each Share represents a fractional
undivided beneficial interest in the net assets of the Trust. Upon redemption of the Shares, the applicable Authorized Participant shall
be paid solely out of the funds and property of the Trust. All Shares are transferable, fully paid and non-assessable. The assets of the
Trust consist primarily of XRP held by the XRP Custodian on behalf of the Trust.

The Shareholders of the Trust
take no part in the management or control, and have no voice in, the Trust’s operations or business. Except in limited circumstances,
Shareholders will have no voting rights under the Trust Agreement.

Owners of Shares do not generally
have any voting rights. The Shares do not represent a traditional investment and are not similar to shares of a corporation operating
a business enterprise with management and a board of directors. All Shares are of the same class with equal rights and privileges. By
acquiring Shares, you are not acquiring the right to elect directors, to receive dividends, to vote on certain matters regarding the issuer
of your Shares or to take other actions normally associated with the ownership of shares. The Shares do not entitle their holders to any
conversion or pre-emptive rights or any redemption rights. In certain circumstances, Shareholders may vote to appoint a successor Sponsor
following the Voluntary Withdrawal of the Sponsor, or to continue the Trust in certain instances of dissolution of the Trust. Shareholders
shall otherwise have no voting rights with respect to the Trust.

The Sponsor will generally
have the right to amend the Trust Agreement as it applies to the Trust provided that the Shareholders have the right to vote only if expressly
required under Delaware or federal law or rules or regulations of the Exchange, or if submitted to the Shareholders by the Sponsor in
its sole discretion.

The Trust does not have any
direct