Document:

EX-4.4

 ETH-6 
  

 Confidential treatment requested by the registrant for its submission of this draft
registration statement 
 pursuant to Securities and Exchange Commission Rule 83 

 

 Exhibit 4.4 

AMENDMENT NO. 2 TO 
 THE
AMENDED AND RESTATED 
 DECLARATION OF TRUST 

AND TRUST AGREEMENT 
 This AMENDMENT NO.
2 (THE “AMENDMENT”) TO THE AMENDED AND RESTATED DECLARATION OF TRUST AND TRUST AGREEMENT of GRAYSCALE ETHEREUM TRUST (ETH) is made and entered into as of the [•] day of June, 2020, by and among GRAYSCALE INVESTMENTS,
LLC, a Delaware limited liability company, DELAWARE TRUST COMPANY, a Delaware corporation, as trustee, and the SHAREHOLDERS from time to time hereunder. 

*         *         * 

RECITALS 
 WHEREAS,
the Sponsor and the Trustee entered into the Amended and Restated Declaration of Trust and Trust Agreement dated as of July 3, 2018, as amended by Amendment No. 1 dated as of January 11, 2019 (the “Trust Agreement”);

 WHEREAS, Section 10.1 of the Trust Agreement provides that the Sponsor and the Trustee may amend the
Trust Agreement without the consent of the Shareholders, subject to certain exceptions; and 
 WHEREAS, the Sponsor and the Trustee
wish to amend the Trust Agreement pursuant to Section 10.1 thereof, to clarify the rights of Shareholders of the Trust, with such amendment to be effective immediately as of the date hereof. 

NOW, THEREFORE, pursuant to Section 10.1 of the Trust Agreement, the Trustee and the Sponsor hereby amend the
Trust Agreement as set forth below. 
 ARTICLE I 

AMENDMENTS 
 SECTION
1.1    Amendments. The Trust Agreement is hereby amended as follows: 
 (a) Section 7.4
of the Trust Agreement is hereby amended and restated in its entirety to read as follows: 
 Subject to any other requirements of applicable
law including Section 3816 of the Delaware Trust Statute, no Shareholder shall have the right, power or authority to bring or maintain a derivative action, suit or other proceeding on behalf of the Trust unless two or more Shareholders who
(i) are not Affiliates of one another and (ii) collectively hold at least 10% of the outstanding Shares join in the bringing or maintaining of such action, suit or other proceeding. This Section 7.4 shall not apply to any derivative
claims brought under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, or the rules and regulations thereunder. 

(b) Section 13.12 of the Trust Agreement is hereby amended and restated in its entirety to read as follows: 

 ETH-7 
  

 Confidential treatment requested by the registrant for its submission of this draft
registration statement 
 pursuant to Securities and Exchange Commission Rule 83 

 

 This Trust Agreement and Amendments No. 1 and No. 2 thereto
constitute the entire agreement among the parties hereto pertaining to the subject matter hereof and supersede all prior agreements and understandings pertaining thereto. 

ARTICLE II 

MISCELLANEOUS 
 SECTION
2.1    Governing Law. The validity and construction of this Amendment shall be governed by the laws of the State of Delaware, and the rights of all parties hereto and the effect of every provision hereof shall be subject
to and construed according to the laws of the State of Delaware without regard to the conflict of laws provisions thereof. 
 SECTION
2.2    Provisions In Conflict With Law or Regulations. (a) The provisions of this Amendment are severable, and if the Sponsor shall determine, with the advice of counsel, that any one or more of such provisions (the
“Conflicting Provisions”) are in conflict with the Code, the Delaware Trust Statute, the Securities Act, if applicable, or other applicable U.S. federal or state laws or the rules and regulations of any Secondary Market, the
Conflicting Provisions shall be deemed never to have constituted a part of this Amendment, even without any amendment of this Amendment pursuant to this Amendment; provided, however, that such determination by the Sponsor shall not
affect or impair any of the remaining provisions of this Amendment or the Trust Agreement, or render invalid or improper any action taken or omitted prior to such determination. No Sponsor or Trustee shall be liable for making or failing to make
such a determination. 
 (b) If any provision of this Amendment shall be held invalid or unenforceable in any jurisdiction, such holding
shall not in any manner affect or render invalid or unenforceable such provision in any other jurisdiction or any other provision of this Amendment in any jurisdiction. 

SECTION 2.3    Construction. In this Amendment, unless the context otherwise requires, words used in the singular
or in the plural include both the plural and singular and words denoting any gender include all genders. The title and headings of different parts are inserted for convenience and shall not affect the meaning, construction or effect of this
Amendment. 
 SECTION 2.4    Counterparts; Electronic Signatures. This Amendment may be executed in one or more
counterparts (including those by facsimile or other electronic means), all of which shall constitute one and the same instrument binding on all of the parties hereto, notwithstanding that all parties are not signatory to the original or the same
counterpart. This Amendment, to the extent signed and delivered by means of a facsimile machine or other electronic transmission, shall be treated in all manner and respects as an original agreement and shall be considered to have the same binding
legal effect as if it were the original signed version thereof delivered in person. 
 SECTION 2.5    Defined
Terms. For purposes of this Amendment, any capitalized terms used and not defined herein shall have the same respective meanings as assigned to them in the Trust Agreement. 

[Signature Page Follows] 

 ETH-8 
  

 Confidential treatment requested by the registrant for its submission of this draft
registration statement 
 pursuant to Securities and Exchange Commission Rule 83 

 

 IN WITNESS WHEREOF, the undersigned have duly executed this Amendment
No. 2 to the Amended and Restated Declaration of Trust and Trust Agreement as of the day and year first above written. 
  

					
	DELAWARE TRUST COMPANY,
		
	By:	 	 
		 	Name:	 	Alan R. Halpern
		 	Title:	 	Vice President

  

					
	 GRAYSCALE INVESTMENTS, LLC, 

    as Sponsor

		
	By:	 	 
		 	Name:	 	Michael Sonnenshein
		 	Title:	 	Managing Director

 [Signature Page to Amendment No. 2 to Amended and Restated Trust Agreement]Exhibit 10.11

 

 

The
Directors

GBS
Inc.

708
Third Avenue, 6th Floor

New
York, New York 10017

 

Dear
Directors

 

Confirmation
of Equity Support

 

In order to support compliance by GBS Inc.
(“GBS”) with the stockholders’ equity requirements for continued listing on its principal exchange, commencing
upon the completion of GBS’s initial public offering (the “IPO”) and continuing until the second anniversary
thereof, GBS shall have the option (the “Option”) to sell to iQnovate Ltd from time to time, and upon exercise
of the Option by GBS as set forth in this letter, iQnovate Ltd shall have the obligation to purchase from GBS, its proportionate
share of up to $9,300,000 in shares of GBS common stock, at a purchase price per share equal to the greater of the public
offering price in the IPO and the last closing sale price prior to the exercise of the Option. The “proportionate
share” shall be the ratio that the number of shares of Life Science Biosensor Diagnostics Pty Ltd (“LSBD”) held
by it as of the date of the IPO bears to the aggregate number of shares of LSBD held by it and IQX Ltd as the date of the IPO.

 

Such purchases shall be made not later than
five business days after GBS notifies iQnovate Ltd in writing that it is exercising the Option, which notice shall state
(i) that it reasonably expects its stockholders’ equity will be less than the minimum requirement for continued listing
on the principal exchange as of the end of the current fiscal quarter, or that its actual stockholders’ equity was less
than such amount as of the end of the most recently completed fiscal quarter, (ii) the amount of the deficiency, (iii)
the dollar amount as to which the Option is being exercised, and (iv) the purchase price per share. iQnovate Ltd’s obligation
to purchase shares of GBS common stock in connection with such notice shall be limited to an amount no greater than its
proportionate share of the sum of such deficiency plus 25% of the minimum stockholders’ equity requirement (but in
any event shall not exceed, in the aggregate, iQnovate Ltd’s proportionate share of $9,300,000).

 

 iQnovate Ltd hereby represents and warrants
that: (a) it has been advised that the shares of the Company’s common stock issuable upon exercise of the Option (the “Shares”)
have not been registered under the Securities Act of 1933, as amended (the “Act”), that the Shares may not be offered
or sold, directly or indirectly, unless registered (or exempt from registration) under the Act and the securities laws of all
applicable states, and that any certificates representing the Shares will bear a legend to such effect; (b) it is acquiring the
Shares for its account for investment purposes only; (c) it has no present intention of selling or otherwise disposing of the
Shares in violation of the securities laws; (d) it is an “accredited investor” as defined by Rule 501 of Regulation
D promulgated under the Act; (e) it has had both the opportunity to ask questions and receive answers from the officers and directors
of the Company and all persons acting on its behalf concerning the terms and conditions of the offer made hereunder; (f) it is
familiar with the proposed business, management, financial condition and affairs of the Company; (g) it has full power, authority
and legal capacity to execute and deliver this letter and any documents contemplated herein or needed to consummate the transactions
contemplated in this letter; and (h) this letter constitutes a legal, valid and binding obligation, and is enforceable against
it. 

 

Signed
for and behalf of IQnovate Ltd

 

Dr
George Syrmalis

CEO
& Director

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