Company: TOXR
Filing Date: 2025-12-08
Form Type: S-1/A
Source: 0001213900-25-118924
Chunk: 213

Company: 21Shares XRP ETF
Filing Date: 2025-12-08
Form: S-1/A
Chunk 213
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 damages 
 under any circumstances.                                                                    |

The Trustee or any officer,
affiliate, director, employee, or agent of the Trustee (each, an “Indemnified Person”) will be entitled to indemnification
from the Sponsor or the Trust, to the fullest extent permitted by law, from and against any and all losses, claims, taxes, damages, reasonable
expenses, and liabilities (including liabilities under State or federal securities laws) of any kind and nature whatsoever (collectively,
“Expenses”), to the extent that such Expenses arise out of or are imposed upon or asserted against such Indemnified Persons
with respect to the creation, operation or termination of the Trust, the execution, delivery or performance of the Trust Agreement or
the transactions contemplated in the Trust Agreement; provided, however, that the Sponsor and the Trust will not be required to indemnify
any Indemnified Person for any Expenses that are a result of the willful misconduct, bad faith or gross negligence of such Indemnified
Person.

<div align='center'>100</div>

The obligations of the Sponsor
and the Trust to indemnify the Indemnified Persons will survive the termination of the Trust Agreement.

Sponsor

The Sponsor will not be under
any liability to the Trust, the Trustee or any Shareholder for any action taken or for refraining from the taking of any action in good
faith pursuant to the Trust Agreement, or for errors in judgment or for depreciation or loss incurred by reason of the sale of any XRP
or other assets held in trust hereunder; provided, however, that this provision will not protect the Sponsor against any liability to
which it would otherwise be subject by reason of its own gross negligence, bad faith, or willful misconduct. The Sponsor may rely in
good faith on any paper, order, notice, list, affidavit, receipt, evaluation, opinion, endorsement, assignment, draft or any other document
of any kind prima facie properly executed and submitted to it by the Trustee, the Trustee’s counsel or by any other Person for
any matters arising hereunder. The Sponsor will in no event be deemed to have assumed or incurred any liability, duty, or obligation
to any Shareholder or to the Trustee other than as expressly provided for herein. The Trust will not incur the cost of that portion of
any insurance which insures any party against any liability, the indemnification of which is herein prohibited.

In addition, as described
in the