Company: HODL
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0000930413-25-000995
Chunk: 103

Company: VanEck Bitcoin ETF
Filing Date: 2025-03-26
Form: 10-K
Item: Item 1
Chunk 103
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odian,
its affiliates or its respective officers, directors, agents, employees and representatives shall in no event have any liability
with respect to any breach of its obligations under the Additional Bitcoin Custody Agreement which does not result from its negligence,
fault, fraud or willful misconduct; and (iii) except for the: (i) Excluded Liabilities; (ii) fraud; or (iii) willful misconduct,
in no event shall any Coinbase entity’s aggregate

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liability with respect to any breach of its obligations
under the Additional Bitcoin Custody Agreement exceed the greater of (a) the value of the bitcoin involved in the transaction
giving rise to such liability and (b) the aggregate amount of fees paid by the Trust to such Coinbase entity in respect of services
relating to custody, trade execution, lending or post-trade credit (if applicable) and other services in the 12-month period prior
to the event giving rise to such liability, and solely in respect of custodial services provided pursuant to the Additional Bitcoin
Custody Agreement, the liability of the Additional Bitcoin Custodian shall not exceed the greater of (i) the aggregate amount
of fees paid by the Trust to the Additional Bitcoin Custodian in respect of the custodial services in the 12-month period prior
to the event giving rise to such liability; or (ii) the value of the bitcoin on deposit in Trust’s Additional Bitcoin Account(s)
involved in the event giving rise to such liability; provided, that in no event shall the Additional Bitcoin Custodian’s
aggregate liability in respect of each cold storage address exceed one hundred million US dollars ($100,000,000.00 USD).

“Excluded Liabilities” means (x) with respect
to the Trust, (1) the Trust’s defense and indemnity obligations under the Additional Bitcoin Custody Agreement; (2) any
outstanding commissions or fees owed by the Trust under the Additional Bitcoin Custody Agreement and (3) the Trust’s breach
of representations and warranties under the Additional Bitcoin Custody Agreement; and (y) with respect to the Additional Bitcoin
Custodian, its defense and indemnity obligations under the Additional Bitcoin Custody Agreement.

With respect to the Excluded Liabilities, the Additional
Bitcoin Custodian’s liability to the Trust for any losses arising out of or in connection with the Additional Bitcoin Custodian’s
defense and indemnity obligations under the Additional Bitcoin Custody Agreement will be limited, in the aggregate, to an amount
equal to