Company: DEFI
Filing Date: 2025-03-17
Form Type: S-1/A
Source: 0001387131-25-000058
Chunk: 256

Company: Tidal Commodities Trust I
Filing Date: 2025-03-17
Form: S-1/A
Chunk 256
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 in good faith, that such course of conduct was
in the best interests of the Trust and such liability or loss was not the result of gross negligence, willful misconduct, or a
breach of the Trust Agreement on the part of the Sponsor and (ii) any such indemnification will only be recoverable from the applicable
trust estate or trust estates. All rights to indemnification permitted by the Trust Agreement and payment of associated expenses
shall not be affected by the dissolution or other cessation to exist of the Sponsor, or the withdrawal, adjudication of bankruptcy
or insolvency of the Sponsor, or the filing of a voluntary or involuntary petition in bankruptcy under Title 11 of the Bankruptcy
Code by or against the Sponsor.

Notwithstanding the
foregoing, the Sponsor shall not be indemnified for any losses, liabilities or expenses arising from or out of an alleged violation
of U.S. federal or state securities laws unless (i) there has been a successful adjudication on the merits of each count involving
alleged securities law violations as to the particular indemnitee and the court approves the indemnification of such expenses (including,
without limitation, litigation costs), (ii) such claims have been dismissed with prejudice on the merits by a court of competent
jurisdiction as to the particular indemnitee and the court approves the indemnification of such expenses (including, without limitation,
litigation costs) or (iii) a court of competent jurisdiction approves a settlement of the claims against a particular indemnitee
and finds that indemnification of the settlement and related costs should be made.

The Trust and its series
shall not incur the cost of that portion of any insurance which insures any party against any liability, the indemnification of
which is prohibited by the Trust Agreement.

Expenses incurred in
defending a threatened or pending civil, administrative or criminal action, suit or proceeding against the Sponsor shall be paid
by the Trust or the applicable series of the Trust in advance of the final disposition of such action, suit or proceeding, if (i)
the legal action relates to the performance of duties or services by the Sponsor on behalf of the Trust or a series of the Trust;
(ii) the legal action is initiated by a party other than the Trust; and (iii) the Sponsor undertakes to repay the advanced funds
with interest to the Trust or the applicable series of the Trust in cases in which it is not entitled to indemnification under
the Trust Agreement.

For purposes of the
indemnification provisions