Document:

EX-10.5

 Exhibit 10.5 

Certain confidential information contained in this document, marked by [**], has been omitted because 

Grayscale Zcash Trust (ZEC) has determined that the information (i) is not material and (ii) would likely 

cause competitive harm to Grayscale Zcash Trust (ZEC) if publicly disclosed. 

 

			
	

	  	 TradeBlock, Inc.

156 5th Ave, 7th Floor

New York, NY 10010

 TradeBlock Master Index License Agreement 

This Master Index License Agreement (the “Agreement”) is made as of the February 28, 2019 (the “Effective Date”) by and between
TradeBlock, Inc., a Delaware corporation, having its principal place of business at 156 5th Ave, 7th Floor, New York, NY 10010
(“TradeBlock”) and Grayscale Investments, LLC, a Delaware limited liability company (“Company”) having a place of business at 250 Park Avenue South, New York, NY 10003 acting as sponsor or manager of the entities listed on
Exhibit A hereto (each a “Entity” and collectively the “Entities”) and supersedes any prior License Agreement between TradeBlock and the Company. Each of the parties hereto may be referred to herein collectively as the
“Parties” or each, a “Party.” 

 

 1. Services. Subject to the terms hereunder, TradeBlock will provide to Company: access to
TradeBlock’s indexes (each a “Licensed Index” and collectively the “Licensed Indexes”) and related services as specified on the Order Form attached hereto as Exhibit B (the “Order Form”).
Provision of the Licensed Indexes or other directly related services provided hereunder will be collectively referred to as the “Services.” 

2. Fees and Payments. Company agrees to pay the fees as set forth on the Order Form attached hereto and as otherwise set forth herein
(and/or in any Order Form) in accordance with the payment terms in this Agreement. Unless otherwise set forth in the Order Form, invoices for any Services shall be payable net thirty (30) days from the invoice date. A [**] percent ([**]%)
monthly service charge or the highest amount permissible by law, if less, is payable on all overdue balances that are outstanding more than thirty (30) days after the date of the invoice. The service charge is in addition to the overdue
balance. All fees are exclusive of, and Company is responsible for paying, reimbursable expenses, and applicable federal, state and local sales, use, excise or other applicable taxes other than taxes on the net income of TradeBlock. TradeBlock may
add any such taxes to invoices submitted to Company by TradeBlock. 
 3. Term. This Agreement shall be effective from the Effective Date
above and continue through the end date set forth in the Order Form and automatically renew on a yearly basis thereafter, subject to any termination rights set forth herein. 

4. Termination. Either party may terminate this Agreement immediately upon written notice to the other party in the event such other party
has committed a material breach of this Agreement that remains uncured thirty (30) days after initial written notice of such breach. Upon termination, Company shall remove any materials, tags and code placed on Company’s website as part of
the Services. Notwithstanding the foregoing or anything else to the contrary herein or otherwise, if either Party (A) holds any meeting with or proposes to enter into or has proposed to it

 any arrangement or composition with its creditors; (B) has a receiver, administrator, or other encumbrancer
take possession of, or appointed over or has any distress, execution or other process levied or enforced (and not discharged within 60 days) upon the whole or substantially all of, its assets; (C) ceases or threatens to cease to carry on
business or becomes unable to pay its debts; or (D) suffers any analogous event, the other Party shall have the right to terminate this Agreement immediately upon notice. In addition to the foregoing, any violation by either Company of money
transmission, taxation or trading regulations as dictated by FinCEN, the SEC, CFTC, IRS or otherwise that materially adversely affects either party’s ability to perform its obligations under this Agreement is grounds for such party’s
immediate termination of this Agreement. 
 5. Use of Brands; Marketing. Each party may use the other party’s name, trade name,
trademarks and icons (collectively, the “Brands”) solely (a) in connection with the Services provided hereunder and only for so long as this Agreement remains in effect and (b) for certain marketing and promotional purposes as
mutually agreed upon in advance in writing by both parties. In addition, TradeBlock may identify Company as a customer of TradeBlock and describe the Services used by Company and Company’s experience with such Services, and TradeBlock may
develop and make available a case study, magazine article, video, press release (including a win release announcement) and/or podcast related to Company’s use of the Services (the “Content”); provided, however, that such Content may
not be publicly used or distributed without prior written consent of the Company. In the event that a Party notifies the other Party of any incorrect usage of its Brands, the notified Party shall promptly correct such usage. All use of a
Party’s Brands by the other Party shall inure to the benefit of the party owning the Brands and such owning party shall be the sole party entitled to register its Brands. 

6. License Grant; Restrictions. 

6.1 Subject to Company’s payment and other obligations and restrictions herein, TradeBlock hereby grants to Company during the
term of this Agreement (i) a limited, revocable, non-exclusive, non-transferable, non-sub

 

  
 Page 1 

			
	

	  	TradeBlock, Inc.
	  	156 5th Ave, 7th Floor
	  	New York, NY 10010

  

 licensable license [**] to access and use the Services and any software provided by TradeBlock to access those
Services, solely for commercial purposes of (as applicable) (a) calculating the share price of the Entities and (b) providing related information to clients, custodians, or administrators of the Entities. [**] 

6.2 All rights not expressly licensed to Company hereunder are reserved to TradeBlock, including without limitation all ownership and
proprietary rights in TradeBlock’s technology and Services. Company agrees that its rights in and to TradeBlock’s technology and Services are limited to the license rights set forth in this Section 6.1 above and in any Order Form.
Company will not claim ownership or proprietary rights in TradeBlock’s technology or Services. 
 6.3 Company acknowledges and
agrees that Company’s rights in and to TradeBlock’s Intellectual Property (as defined in Section 9) are solely as described in Sections 5 and 6.1 above and do not include any rights of ownership in any of TradeBlock’s
Intellectual Property. Company shall not misappropriate any of TradeBlock’s software, technology or other services or use the Services, or, permit enable or assist any third party to create competing products or services, or, change or modify
TradeBlock’s Intellectual Property unless otherwise agreed to by TradeBlock in a signed writing. 
 7. Acceptable Use of the Services;
Company’s Responsibility of its Employees’ use of the Services; Regulatory Issues. 
 7.1 Company agrees
that it will not (a) modify, copy, decompile, disassemble or reverse engineer, or cause any other party to modify, copy, decompile, disassemble or reverse engineer, TradeBlock’s software, technology and/or other services; (b) except
as otherwise permitted hereby, including in an Order Form, sublicense any of TradeBlock’s Intellectual Property to third parties or sell, resell, rent, sublicense or lease the Services to third parties; (c) otherwise violate the license
grant or restrictions set forth in Section 6 above; (d) knowingly use the Services to store or transmit malicious code; (e) interfere with or disrupt the

 integrity or performance of the Services or third-party data contained therein, (f) attempt to gain
unauthorized access to the Services or their related systems or networks; (g) alter, copy, move or delete any tags or code placed as part of the Services; (h) place tags containing TradeBlock’s Intellectual Property on website pages
unless such placement is 
 pre-approved by TradeBlock in writing. 

7.2 Company shall take full responsibility of, and shall be liable for, any misuse or misappropriation of the Services by its
employees in connection with their employment by the Company. 
 7.3 The Licensed Indexes are based on various inputs which may
include spot currency exchange rates, over-the-counter trade data, derivative instrument pricing, or data from other related financial products. TradeBlock does not guarantee the validity of any of these
inputs, which may be subject to technological error, manipulative activity, or fraudulent reporting from their initial source. 
 8.
Company’s Compliance with Laws and Terms. Company shall (a) be responsible for its employees and agents that use the Services provided hereunder; (b) comply with any provisions, limitations or restrictions set forth
in an Order Form; and (c) use the Services in compliance with Applicable Law. For purposes of this Agreement, “Applicable Law” shall mean all laws, rules, regulations, treaties (and similar governmental obligations), including local,
national and multinational, that are applicable to the party as the context requires. 
 9. Intellectual Property Rights &
Data. 
 9.1 TradeBlock shall retain all rights to its Services and software (including without limitation any materials or
code provided as part of the Services), Brands, technologies, information, trade secrets, know how, intellectual property, indices, information and data generated by TradeBlock or TradeBlock’s systems hereunder, including any modifications,
enhancements and derivatives thereof (collectively, “TradeBlock’s Intellectual Property”). No implied licenses are granted herein. 
 10.
Confidential Information. 
 10.1 TradeBlock and Company understand and agree that in connection with the negotiation and
performance of this Agreement, each party may have had or have access to or may have been or be exposed to, directly or indirectly, private or confidential information of the other party, including, but not limited to, trade secrets, computer
programs and code, scripts, algorithms, features and modes of operation, inventions (whether or not patentable), techniques, processes, methodologies, schematics, testing procedures, software design and architecture, design and function
specifications, analysis and performance information, documentation, details of its products and 

 

  
 Page 2 

Certain confidential information contained in this document, marked by [**], has been omitted because Grayscale Zcash Trust (ZEC) has
determined that the information (i) is not material and (ii) would likely cause competitive harm to Grayscale Zcash Trust (ZEC) if publicly disclosed. 

			
	

	  	TradeBlock, Inc.
	  	156 5th Ave, 7th Floor
	  	New York, NY 10010

  

 services, as well as names and expertise of, and information relating to, vendors, employees, consultants,
customers and prospects, know-how, ideas, and technical, business, pricing information, financial and marketing information and strategies and any other information that the receiving party reasonably should
know is confidential (“Confidential Information”). Each party (on its behalf and on behalf of its subcontractors, employees or representatives, or agents of any kind) agrees to hold and treat all Confidential Information of the other party
in confidence and will protect such Confidential Information with the same degree of care as such party uses to protect its own Confidential Information of like nature. 

10.2 A party (“receiving party”) receiving Confidential Information of the other party (“disclosing party”) will
not, without the prior written consent of the disclosing party, disclose any Confidential Information of the disclosing party to third party except that the receiving party may disclose such Confidential Information or portions thereof (a) to
its directors, officers, employees, agents and representatives on a need-to-know basis or (b) as may be required by law, applicable regulation or judicial process,
provided, however, that if the receiving party is required to disclose such Confidential Information under this clause 10.2 (b), the receiving party shall promptly notify the disclosing party of such pending disclosure and if permitted by law,
consult with the disclosing party prior to such disclosure as to the availability and advisability of seeking a protective order or other means of preserving the confidentiality of the Confidential Information. Notwithstanding the foregoing or
anything to the contrary contained herein, a Party may disclose, without notice to the other Party, Confidential Information pursuant to a request or regular or routine inspection by a governmental or regulatory agency. 

10.3 Notwithstanding anything contained herein to the contrary, Confidential Information does not include any information that
(i) at the time of the disclosure or thereafter is lawfully obtained from publically available sources generally known by the public (other than as a result of a disclosure in violation of this Agreement by the receiving party or its
representative); (ii) is available to the receiving party on a non-confidential basis from a source that is not and was not bound by any confidentiality obligation with respect to the Confidential Information; (iii) has been independently
acquired or developed by the receiving party without violating its obligations under this Agreement or under any Applicable Law or (iv) was lawfully in the Party’s possession on a non-confidential
basis prior to disclosure by the disclosing party. This Section 10 shall supersede any previous agreement relating to confidential treatment and/or non-disclosure of Confidential Information; provided,
however, that any information disclosed pursuant to any earlier agreement shall be deemed

 to be Confidential Information and protected under the terms of this Agreement as if this Agreement had been in
place at the time of such disclosure. 
 11. Warranties. Each party represents and warrants to the other party that, (a) the
signatory signing this Agreement on its behalf has the right and authority to sign this Agreement (b) to the best of its knowledge this Agreement does not and shall not conflict with any other agreement entered into by it, (c) it has all
requisite corporate power and authority to execute, deliver and perform its obligations under this Agreement and (d) it owns (or has been duly licensed to use) all rights in its intellectual property required in order to grant the licenses
granted herein. TradeBlock represents and warrants that it has all necessary rights to publish and disseminate the TradeBlock indices. EXCEPT FOR THE FOREGOING WARRANTIES, AND TO THE FULLEST EXTENT PERMISSIBLE UNDER APPLICABLE LAW, BOTH PARTIES
DISCLAIM ALL REPRESENTATIONS AND WARRANTIES, EXPRESS OR IMPLIED, CONCERNING OR RELATED TO THIS AGREEMENT, INCLUDING BUT NOT LIMITED TO THE IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE. TRADEBLOCK DOES NOT WARRANT,
GUARANTEE OR MAKE ANY REPRESENTATIONS REGARDING THE USE, THE RESULTS OF THE USE OR THE BENEFITS, OF THE SERVICES, OR ANY INFORMATION CONTAINED THEREIN OR OTHERWISE PROVIDED PURSUANT TO THIS AGREEMENT. 

12. Limitation of Liability. 

12.1 IN NO EVENT SHALL EITHER PARTY BE LIABLE FOR ANY INDIRECT, INCIDENTAL, CONSEQUENTIAL OR PUNITIVE DAMAGES ARISING OUT OF OR IN
RELATION TO THIS AGREEMENT OR THE SERVICES. NEITHER PARTY SHALL BE LIABLE FOR ANY ACTS OR OMISSIONS OF THIRD PARTIES EXCEPT TO THE EXTENT SUCH THIRD PARTIES WERE ACTING AS AGENTS OR CONTRACTORS OF TRADEBLOCK. IN THE EVENT THAT APPLICABLE LAW DOES
NOT ALLOW THE LIMITATION OF LIABILITY AS SET FORTH ABOVE, THIS LIMITATION WILL BE DEEMED MODIFIED SOLELY TO THE EXTENT NECESSARY TO COMPLY WITH APPLICABLE LAW. 

12.2 THE FOREGOING LIMITATIONS AND EXCLUSIONS WILL APPLY REGARDLESS OF WHETHER THE CAUSE OF ACTION ARISES IN CONTRACT, IN TORT
OR OTHERWISE, UNLESS SUCH ACTION IS WITH RESPECT TO THE LICENSE GRANT OR RESTRICTIONS SET FORTH IN SECTION 6 ABOVE. 

 

  
 Page 3 

Certain confidential information contained in this document, marked by [**], has been omitted because Grayscale Zcash Trust (ZEC) has
determined that the information (i) is not material and (ii) would likely cause competitive harm to Grayscale Zcash Trust (ZEC) if publicly disclosed. 

			
	

	  	TradeBlock, Inc.
	  	156 5th Ave, 7th Floor
	  	New York, NY 10010

  

 13. Indemnity. 

13.1 (a) Subject to the provisions of Section 13.2 below, if a third party asserts one or more claims against TradeBlock that
(i) Company’s intellectual property (including, without limitation, Applications and data) or content provided to TradeBlock infringes such third party’s US patent issued as of the Effective Date, US copyright or trademark or other
third party intellectual property right, or (ii) arise out of or result from Company’s breach of its obligations set forth hereunder, then in each case Company will defend and pay all costs of defense of such claim (including reasonable
attorneys’ fees), and will indemnify and hold TradeBlock harmless from and against any settlement amounts agreed to by Company or damages finally awarded by a court of competent jurisdiction to such third party (except to the extent of
Tradeblock’s fraud, gross negligence or willful misconduct). (b) Subject to the provisions of Section 13.2 below, if a third party asserts one or more claims against Company that (i) TradeBlock’s Intellectual Property (including,
without limitation, Applications and data) or content provided to Company infringes such third party’s US patent issued as of the Effective Date, US copyright or trademark or other third party intellectual property right, or (ii) arise out
of or result from TradeBlock’s breach of its obligations set forth hereunder, then in each case TradeBlock will defend and pay all costs of defense of such claim (including reasonable attorneys’ fees), and will indemnify and hold Company
harmless from and against any settlement amounts agreed to by TradeBlock or damages finally awarded by a court of competent jurisdiction to such third party (except to the extent of Company’s fraud, gross negligence or willful misconduct). 

13.2 Procedure. With respect to the indemnification obligations hereunder, the indemnified party should (a) give the indemnifying
party prompt written notice of any claim, action, suit or proceeding; (b) granting sole control of the defense and settlement to the indemnifying party; and (c) reasonably cooperate with indemnifying party at the indemnifying party’s
expense. The indemnified party may participate in the defense of the claim at its own expense and in a manner not disruptive to indemnifying party’s conduct of the defense. Non-compliance with this
procedure does not constitute a waiver of the indemnification obligations set forth hereunder. 
 14. Force Majeure. The parties shall
not be liable to each other or any other person for any delay or failure in the performance of this Agreement or for loss or damage of any nature whatsoever suffered by such party due to acts of war, acts of terrorism, acts of vandalism, lightning,
fire, strike, unavailability of energy sources or any other causes beyond the party’s reasonable control.

 15. Product Upgrades. During the Term of this Agreement, all patches, fixes, standard new
releases and new versions of the Services made available by TradeBlock to its customers generally during the Term (collectively, “Standard Upgrades”) will be provided to Company at no additional charge.
Non-standard upgrades and optional product enhancements specific to the Company (collectively, “Enhancements”), such as separate TradeBlock products, integration work, customization and non-standard features, may be made available for an additional fee as set forth on the applicable Order Form. 
 16.
Compliance with Laws. Company shall ensure that its implementation and use of the Services complies with all laws and regulations applicable to Company’s business and geographic locations, and shall inform TradeBlock if
such compliance requires any modification to TradeBlock’s standard Services offerings. Upon Company’s request, TradeBlock cannot guarantee but will endeavor to support Company’s specific requirements for compliance with Applicable
Laws and regulations, and any modification to TradeBlock’s standard Services offerings requested or required by Company may require professional services work by TradeBlock and/or additional fees. 

17. Third Party Applications. From time to time, third parties may make available plug in or
add-on online applications that integrate or interoperate with TradeBlock’s Services (“Applications”). If Company, in its sole discretion, chooses to install, access or enable an Application,
Company agrees that the third party Application provider may acquire access to Company’s account data and information as required for the interoperation or integration of such Application. Accordingly, such Applications are governed by their
own terms and conditions and are not considered Services under this Agreement. Company assumes full responsibility for any damages, losses, costs, or harms arising from the use of or inability to use such Applications. To the extent permitted by
law, TradeBlock disclaims all liabilities with respect to Company’s use of or inability to use such Applications and the performance or non-performance of such Applications (including direct, indirect,
incidental, punitive or consequential damages). TradeBlock has no obligation to monitor such Applications and does not control or endorse the content, messages or information found in such Applications and specifically disclaims any liability with
regard to such content, messages or information. TradeBlock does not monitor or control such Applications limitation, suspension or termination of their services and specifically disclaims any liability with regard to such Applications service
limitation, suspension or 

 

  
 Page 4 

Certain confidential information contained in this document, marked by [**], has been omitted because Grayscale Zcash Trust (ZEC) has
determined that the information (i) is not material and (ii) would likely cause competitive harm to Grayscale Zcash Trust (ZEC) if publicly disclosed. 

			
	

	  	TradeBlock, Inc.
	  	156 5th Ave, 7th Floor
	  	New York, NY 10010

  

 termination. EXCEPT AS EXPRESSLY WARRANTED IN THIS AGREEMENT, ALL SUCH APPLICATIONS SERVICES ARE PROVIDED
“AS IS” AND TRADEBLOCK HEREBY DISCLAIMS ALL REPRESENTATIONS, WARRANTIES AND OTHER TERMS AND CONDITIONS WITH REGARD TO SUCH APPLICATIONS SERVICES, WHETHER EXPRESS, IMPLIED OR STATUTORY, INCLUDING ALL WARRANTIES AND CONDITIONS OF
SATISFACTORY QUALITY, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE AND NON-INFRINGEMENT. 
 18.
Notices. All notices shall be in writing and shall be sent by certified or Express mail, return receipt requested, by recognized expedited courier, or by wire/electronic communications (e.g., facsimile or email if receipt is
confirmed) to the respective contact at the address set forth below or to such other address as a party may, by notice, provide to the other: 
 If to
Company, to: 
 Grayscale Investments, LLC 
 250 Park Avenue
South, New York, NY 10003 
 Attention: Michael Sonnenshein, Managing Director 

Telephone: +1 (212) 668-3911 

Email: info@grayscale.co 
 If to TradeBlock, to: 

TradeBlock, Inc. 
 156 5th Ave, 7th floor, New York, NY 10010 
 Attention:
Nitai Bran, Operations 
 Telephone: +1 (646) 666-7304 

E-mail: contact@tradeblock.com 

19. Independent Contractors. The parties are independent contractors and neither this Agreement nor the performance of Services shall
create an association, partnership, joint venture, or relationship of principal and agent, master and servant, or employer and employee, between the parties; and neither party will have the right, power or authority (whether expressed or implied) to
enter into or assume any duty or obligation on behalf of the other party. 
 20. Miscellaneous. 

20.1 This Agreement, together with all exhibits attached hereto that reference this Agreement (including but not limited to the Order
Form related hereto), contains the entire agreement of the parties, and supersedes any and all previous agreements addressed herein or with respect to the

 subject matter hereof, whether oral or written. Each Party hereby rejects any terms or conditions (“Form
Terms”) appearing on any purchase order or other supplements that are in addition to, or different from, the terms and conditions of this Agreement, and the parties agree that all such Form Terms shall be void and of no force or effect. 

20.2 No amendment to the terms set forth in this Agreement will be effective unless signed by the parties hereto, except that
TradeBlock may make Standard Upgrades to its product offering. 
 20.3 No failure of either party to exercise or enforce any rights under this
Agreement shall act as a waiver of such rights. This Agreement shall be binding and shall inure to the benefit of the parties hereto and their respective successors and permitted assigns. Either party hereto may assign this Agreement to any
successor to its business. If any provision of this Agreement is held to be invalid or unenforceable, the remaining provisions of this Agreement will remain in full force and the unenforceable provision shall be interpreted so as to render it
enforceable while approximating the parties’ intent as closely as possible. This Agreement shall be governed in all respects, including validity, interpretation, enforcement and effect, by the laws of the State of New York. If a dispute arises
out of or relates to this Agreement, or the breach thereof, and if said dispute cannot be settled through negotiation it shall be finally resolved by arbitration administered in the County of New York, State of New York by the American Arbitration
Association under its Commercial Arbitration Rules, or such other applicable arbitration body as required by law or regulation, and judgment upon the award rendered by the arbitrators may be entered in any court having jurisdiction. Each party
expressly waives its right to a trial by jury. The application of the UN Convention on Contracts for International Sale of Goods is expressly excluded. This Agreement should not be construed in favor of or against any party by reason of the extent
to which any party or its professional advisors participated in the preparation or drafting of this Agreement. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall
constitute one and the same Agreement. The counterparts of this Agreement and all ancillary documents may be executed and delivered by facsimile or other emailed electronic signature and the receiving party may rely on the receipt of such document
by such means as if the original had been received. The headings in this Agreement are for purposes of reference only and shall not limit or otherwise affect the meaning hereof. Sections 2 (to the extent of any fees due and owing at the time of
termination), 6 through 13, 18 & 20 shall survive the termination of this Agreement. 

 

  
 Page 5 

Certain confidential information contained in this document, marked by [**], has been omitted because Grayscale Zcash Trust (ZEC) has
determined that the information (i) is not material and (ii) would likely cause competitive harm to Grayscale Zcash Trust (ZEC) if publicly disclosed. 

			
	

	  	TradeBlock, Inc.
	  	156 5th Ave, 7th Floor
	  	New York, NY 10010

  

 IN WITNESS WHEREOF, the parties hereto by their duly authorized representatives have executed this Agreement
as of the Effective Date set forth above. 
  

									
	Grayscale Investments, LLC	 		 	TradeBlock, Inc.
					
	Signature:	 	 /s/ Michael Sonnenshein
	 	  
	 	Signature:	 	 /s/ Nitai Bran

	Name: Michael Sonnenshein	 		 	Name: Nitai Bran
	Title: Managing Director	 		 	Title: Chief Executive Officer
	Date: February 28, 2019	 		 	Date: February 28, 2019

  
 Certain confidential
information contained in this document, marked by [**], has been omitted because Grayscale Zcash Trust (ZEC) has determined that the information (i) is not material and (ii) would likely cause competitive harm to Grayscale Zcash Trust (ZEC) if
publicly disclosed. 

			
	

	  	TradeBlock, Inc.
	  	156 5th Ave, 7th Floor
	  	New York, NY 10010

  

 EXHIBIT A 

 

			
	 Entity
	  	 Governing Document

		
	Grayscale Bitcoin Cash Trust (BCH), a Delaware statutory trust formed as of January 26, 2018	  	Amendment No. 1 to the Amended and Restated Declaration of Trust and Trust Agreement of Grayscale Bitcoin Cash Trust (BCH), dated January 11, 2019, by and among Grayscale Investments, LLC, Delaware Trust Company and the
Shareholders from time to time thereunder, as the same may be amended from time to time.
		
	Grayscale Bitcoin Trust (BTC), a Delaware statutory trust formed as of September 25, 2013	  	Amendment No. 1 to the Fifth Amended and Restated Declaration of Trust and Trust Agreement of Grayscale Bitcoin Trust (BTC), dated January 11, 2019, by and among Grayscale Investments, LLC, Delaware Trust Company and the
Shareholders from time to time thereunder, as the same may be amended from time to time.
		
	Grayscale Digital Large Cap Fund LLC, a Cayman Islands limited liability company formed as of January 25, 2018	  	Amended and Restated Limited Liability Company Agreement of Grayscale Digital Large Cap Fund LLC, dated February 1, 2018, by and among Grayscale Investments, LLC, as the same may be amended from time to time.
		
	Grayscale Ethereum Classic Trust (ETC), a Delaware statutory trust formed as of April 18, 2017	  	Amendment No. 1 to the Amended and Restated Declaration of Trust and Trust Agreement of Grayscale Ethereum Classic Trust (ETC), dated January 11, 2019, by and among Grayscale Investments, LLC, Delaware Trust Company and
the Shareholders from time to time thereunder, as the same may be amended from time to time.
		
	Grayscale Ethereum Trust (ETH), a Delaware statutory trust formed as of December 13, 2017	  	Amendment No. 1 to the Amended and Restated Declaration of Trust and Trust Agreement of Grayscale Ethereum Trust (ETH), dated January 11, 2019, by and among Grayscale Investments, LLC, Delaware Trust Company and the
Shareholders from time to time thereunder, as the same may be amended from time to time.
		
	Grayscale Litecoin Trust (LTC), a Delaware statutory trust formed as of January 26, 2018	  	Amendment No. 1 to the Amended and Restated Declaration of Trust and Trust Agreement of Grayscale Litecoin Trust (LTC), dated January 11, 2019, by and among Grayscale Investments, LLC, Delaware Trust Company and the
Shareholders from time to time thereunder, as the same may be amended from time to time.
		
	Grayscale Stellar Lumens Trust (XLM), a Delaware statutory trust formed as of October 26, 2018	  	Amendment No. 1 to the Amended and Restated Declaration of Trust and Trust Agreement of Grayscale Stellar Lumens Trust (XLM), dated January 11, 2019, by and among Grayscale Investments, LLC, Delaware Trust Company and the
Shareholders from time to time thereunder, as the same may be amended from time to time.
		
	Grayscale XRP Trust (XRP), a Delaware statutory trust formed as of February 26, 2018	  	Amendment No. 1 to the Amended and Restated Declaration of Trust and Trust Agreement of Grayscale XRP Trust (XRP), dated January 11, 2019, by and among Grayscale Investments, LLC, Delaware Trust Company and the
Shareholders from time to time thereunder, as the same may be amended from time to time.
		
	Grayscale Zcash Trust (ZEC), a Delaware statutory trust formed as of October 3, 2017	  	Amendment No. 1 to the Amended and Restated Declaration of Trust and Trust Agreement of Grayscale Zcash Trust (ZEC), dated January 11, 2019, by and among Grayscale Investments, LLC, Delaware Trust Company and the
Shareholders from time to time thereunder, as the same may be amended from time to time.

 Any other entity that the Company may sponsor or manage from time to time that holds a digital asset for which TradeBlock
provides a reference rate or index. 

  
 Certain confidential
information contained in this document, marked by [**], has been omitted because Grayscale Zcash Trust (ZEC) has determined that the information (i) is not material and (ii) would likely cause competitive harm to Grayscale Zcash Trust (ZEC) if
publicly disclosed. 

			
	

	  	TradeBlock, Inc.
	  	156 5th Ave, 7th Floor
	  	New York, NY 10010

  

 EXHIBIT B 

ORDER FORM 
 TRADEBLOCK MASTER
INDEX LICENSE AGREEMENT – ORDER FORM 
 This order form (the “Order Form”) is entered into in connection with that certain TradeBlock
Master Index License Agreement (the “Agreement”) by and between the Parties thereto (as defined in the Agreement). This Order Form incorporates by reference and is governed by the terms set forth under the Agreement. To the extent of any
conflict between this Order Form and the Agreement, such term in the Agreement shall prevail. Terms used but not defined herein have the meanings given to them in the Agreement. 

1. Term 
 Effective Date: February 28,
2019     
 End Date: February 28, 2020 

[**]     
 2. Licensed
Indexes     
  

			
	 Licensed Index
	  	 Digital Asset

		
	BCX	  	Bitcoin Cash (BCH)
		
	ECX	  	Ethereum Classic (ETC)
		
	ETX	  	Ethereum (ETH)
		
	LTX	  	Litecoin (LTC)
		
	XBX	  	Bitcoin (BTC)
		
	XRX	  	XRP (XRP)
		
	XLMX	  	Stellar Lumens (XLM)
		
	ZCX	  	Zcash (ZEC)

 Any other index or reference rate that TradeBlock may provide from time to time for a digital asset that is held by an entity
that the Company manages or sponsors. 

  
 Certain confidential
information contained in this document, marked by [**], has been omitted because Grayscale Zcash Trust (ZEC) has determined that the information (i) is not material and (ii) would likely cause competitive harm to Grayscale Zcash Trust (ZEC) if
publicly disclosed. 

			
	

	  	TradeBlock, Inc.
	  	156 5th Ave, 7th Floor
	  	New York, NY 10010

  

 TradeBlock’s Licensed Indexes are each a US Dollar-denominated
composite reference rate for the price of the Digital Asset listed opposite such Licensed Index’s name in the table above, accessible via https://tradeblock.com and an application programming interface (“API”). Data inputs for the
Licensed Indexes may include trades from exchanges, over-the-counter markets, or derivative platforms. Inclusion of data from each trading venue is guided by criteria
such as depth of liquidity, regulatory compliance, data availability, acceptance of US Dollar deposits, and the discretion of TradeBlock analysts. To calculate the reference rate, trade data is cleansed and compiled in such a manner as to
algorithmically reduce the impact of anomalistic or manipulative trading. This is accomplished by adjusting the weight of each data input based on price deviation relative to the observable set, as well as recent and
long-term trading volume at each venue relative to the observable set. To calculate volume weighted price, the weighting algorithm is applied to the price and volume of all inputs for the immediately preceding
24-hour period at 4:00:00 PM on the trade date. 
 3. Services to be Provided by TradeBlock 

TradeBlock will make the following available to the Company for each Licensed Index: 
  

	 	•	 	 Automated calculation of the Digital Asset reference price based on the applicable Licensed Index at 4:00 PM EST
each weekday on which banks are open in New York, provided via email, API, or both 

  

	 	•	 	 An API with the latest Licensed Index rate 

 

	 	•	 	 Raw, historical Licensed Index rate data upon request via API for all days which the Licensed Index is used as
the reference rate for the applicable Digital Asset 

 TradeBlock will make the following publicly available on tradeblock.com for each
Licensed Index: 
  

	 	•	 	 Interactive charting to view the Licensed Index rate over time relative to its constituent inputs (for all
publicly-available inputs) 

  

	 	•	 	 Conceptual information about the calculations underlying the Licensed Index rate 

 

	 	•	 	 The latest Licensed Index rate, observable via web browser 

 

  
 Certain confidential
information contained in this document, marked by [**], has been omitted because Grayscale Zcash Trust (ZEC) has determined that the information (i) is not material and (ii) would likely cause competitive harm to Grayscale Zcash Trust (ZEC) if
publicly disclosed. 

			
	

	  	TradeBlock, Inc.
	  	156 5th Ave, 7th Floor
	  	New York, NY 10010

  

 4. Fees 

Fee Calculation 
 Company shall pay TradeBlock:

  

	 	(i)	 $[**] per Licensed Index per month;1 plus

  

	 	(ii)	 Volume-based fee which accrues and is calculated daily at an annualized rate (i.e. calculated based on the
applicable bp rate per the below Volume-based Fee Schedule, then divided by 365) of the aggregated Holdings of all Entities in Exhibit A. Holdings will be calculated based on the definition in the applicable Entity’s Governing Document listed
opposite such Entity’s name in Exhibit A to the Agreement. 

 Volume-based Fee Schedule (with respect to any license for a
Licensed Index granted pursuant to Section 6.1(i) of the License Agreement) 
 [**] 

Annual volume-based fee calculation: 
 [**] 

Daily volume-based fee calculation (each example continued): 

[**] 
  

	1 	 For the avoidance of doubt, any Licensed Index added to Licensed Indexes on Table 2 hereto on a date other than
the first day of a month shall be charged on a pro-rated basis. 

  
 Certain confidential
information contained in this document, marked by [**], has been omitted because Grayscale Zcash Trust (ZEC) has determined that the information (i) is not material and (ii) would likely cause competitive harm to Grayscale Zcash Trust (ZEC) if
publicly disclosed. 

			
	

	  	TradeBlock, Inc.
	  	156 5th Ave, 7th Floor
	  	New York, NY 10010

  

 [**] 
  

 
 [ORDER FORM SIGNATURE FOLLOWS] 

  
 Certain confidential
information contained in this document, marked by [**], has been omitted because Grayscale Zcash Trust (ZEC) has determined that the information (i) is not material and (ii) would likely cause competitive harm to Grayscale Zcash Trust (ZEC) if
publicly disclosed. 

			
	

	  	TradeBlock, Inc.
	  	156 5th Ave, 7th Floor
	  	New York, NY 10010

  

			
	Agreed and Acknowledged:
	
	Grayscale Investments, LLC
		
	Signature:	 	 /s/ Michael Sonnenshein

	Name: Michael Sonnenshein
	Title: Managing Director
	Date: February 28, 2019
	
	TradeBlock, Inc.
		
	Signature:	 	 /s/ Nitai Bran

	Name: Nitai Bran
	Title: Chief Executive Officer
	Date: February 28, 2019

  
 Certain confidential
information contained in this document, marked by [**], has been omitted because Grayscale Zcash Trust (ZEC) has determined that the information (i) is not material and (ii) would likely cause competitive harm to Grayscale Zcash Trust (ZEC) if
publicly disclosed.Document

EXHIBIT 4.1

REGISTRATION RIGHTS AGREEMENT
This REGISTRATION RIGHTS AGREEMENT (this “Registration Rights Agreement”), dated as of June 28, 2022 (the “Execution Date”), is entered into by and between Oil States International, Inc., a Delaware corporation (the “Company”), and HCperf Holdings B.V. (formerly GEODynamics B.V.), a Netherlands private limited liability company (besloten vennootschap met beperkte aansprakelijkheid) (the “Seller” and, together with the Company, the “Parties”).
WHEREAS, in connection with, and in consideration of, the transactions contemplated by that certain Settlement Agreement (the “Settlement Agreement”), dated as of even date herewith, by and among the Company and the Seller, the Seller has requested, and the Company has agreed to provide, registration rights with respect to the Registrable Securities (as hereinafter defined) as set forth in this Registration Rights Agreement.
NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth herein, and for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged by each Party, the Parties hereby agree as follows:
1.    Definitions. In addition to the terms defined elsewhere in this Registration Rights Agreement, when used in this Registration Rights Agreement the following terms shall have the meanings indicated.
“Additional Demand Registration” has the meaning set forth in Section 2(c).
“Affiliate” means with respect to a particular Person, any Person Controlling, Controlled by, or Under Common Control with such Person.
“Board” means the board of directors of the Company.
“Business Day” means any day other than a Saturday, a Sunday, or a holiday on which banks are authorized or required by Law to close in the city of Houston, Texas.
“Common Stock” means the common stock, par value $0.01 per share, of the Company.
“Company” has the meaning set forth in the Preamble above.
“Control” (including the correlative terms “Controlling”, “Controlled by”, and “Under Common Control”) means possession, directly or indirectly, of the power to direct or cause the direction of management or policies (whether through ownership of securities or any partnership or other ownership interest, by contract or otherwise) of a Person.
“Demand Holder” means the Seller and each transferee of Registrable Securities directly or indirectly (in a chain of title) from the Seller if such transferee has been expressly assigned in writing directly or indirectly (in a chain of title) from the Seller as permitted by Section 7.
“End of Suspension Notice” has the meaning set forth in Section 3(a).
“Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time.
“Holder” means (a) the Seller until the Seller ceases to hold any Registrable Securities, (b) any Affiliate of the Seller if such Affiliate holds Registrable Securities and until such Affiliate ceases to hold any Registrable Securities, and (c) any holder of Registrable Securities to whom registration rights conferred by this Registration Rights Agreement have been transferred in compliance with Section 7; provided, however, that a Person shall cease to be a Holder if and when, at any time after the six-month anniversary of the Execution Date, (i) such Person owns Common Stock representing less than one percent of the outstanding Common Stock and (ii) such Person may dispose of all Registrable Securities then owned by such Person without restriction and without the need for current public information pursuant to Rule 144(b) (or any successor rule) under the Securities Act, and, if the foregoing clauses (i) through (ii) have been satisfied, the Registrable Securities owned by such Person shall cease to be Registrable Securities.
“Indemnified Party” has the meaning set forth in Section 6(c).
“Indemnifying Party” has the meaning set forth in Section 6(c). 

“Law” means any applicable constitutional provision, statute, act, code, law, regulation, rule, ordinance, order, decree, ruling, proclamation, resolution, judgment, decision, declaration, or interpretative or advisory opinion or letter of a governmental authority.
“Parties” has the meaning set forth in the Preamble above.
“Person” means any natural person, limited liability company, corporation, limited partnership, general partnership, joint stock company, joint venture, association, company, trust, bank trust company, land trust, business trust, or other organization, whether or not a legal entity, and any government or agency or political subdivision thereof.
“Registrable Securities” means the Common Stock issued to the Seller pursuant to the Settlement Agreement and any other securities issued or issuable with respect to such Common Stock by way of a stock dividend or stock split or in connection with a combination of shares, recapitalization, merger, consolidation or reorganization; provided, that any Registrable Security will cease to be a Registrable Security when (a) a registration statement covering such Registrable Security has become effective, or has been declared effective by the SEC, and it has been disposed of pursuant to such effective registration statement, (b) it is sold under circumstances in which all of the applicable conditions of Rule 144 (or any similar provisions then in force) under the Securities Act are met, or (c) it is held by a Person that is not a Holder in accordance with the provisos to the definition of Holder provided for herein.
“Registration Expenses” has the meaning set forth in Section 5.
“Registration Rights Agreement” has the meaning set forth in the Preamble.
“Registration Statement” means any registration statement filed hereunder.
“SEC” means the Securities and Exchange Commission or any successor governmental agency.
“Securities Act” means the Securities Act of 1933, as amended from time to time.
“Seller” has the meaning set forth in the Preamble.
“Selling Holder” means a Holder who is selling Registrable Securities pursuant to a registration statement under the Securities Act.
“Settlement Agreement” has the meaning set forth in the Recitals.
“Shelf Registration Statement” means a registration statement to permit the public resale of the Registrable Securities.
“Suspension Notice” has the meaning set forth in Section 3(a).
2.    Shelf Registration.
(a)    Filing. The Company (A) shall prepare and file a Shelf Registration Statement on Form S-3 to permit the public resale of all of the Registrable Securities in accordance with the terms of the Registration Rights Agreement no later than ten Business Days following the Execution Date, (B) shall use commercially reasonable efforts to cause the Shelf Registration Statement to be declared effective under the Securities Act as promptly as practicable and (C) shall use commercially reasonable efforts to cause such Shelf Registration Statement to remain effective thereafter until there are no longer any Registrable Securities.
(b)    Other Registration Rights. The Company represents and warrants that, as of the date hereof, it is not a party to, or otherwise subject to, any other agreement granting registration rights to any other Person with respect to any equity securities of the Company.
(c)    Additional Demand Registration. Subject to the provisions hereof, if at any time the Company ceases to be eligible under applicable law to register resales of Registrable Securities on a Shelf Registration Statement, any one or more Demand Holders shall have the right to require the Company to file a Registration Statement registering for sale all or part of the Registrable Securities of such Demand Holder under the Securities Act (an “Additional Demand Registration”) by delivering a written request therefor to the Company 
2

(i) specifying the number of Registrable Securities to be included in such registration and (ii) containing all information about such Demand Holder required to be included in such Registration Statement in accordance with applicable law. As soon as practicable after the receipt of such demand, the Company shall use commercially reasonable efforts to effect such registration (including appropriate qualification under applicable blue sky or other state securities laws and appropriate compliance with applicable regulations issued under the Securities Act and any other governmental requirements or regulations) of the Registrable Securities that the Company has been so requested to register. The Company shall not be obligated to effect more than one Additional Demand Registration for each Demand Holder pursuant to this Registration Rights Agreement.
(d)    Additional Selling Stockholders. If a Shelf Registration Statement is effective, within five Business Days after written request therefor by a Holder of Registrable Securities, including any Holder that has become party to this Registration Rights Agreement pursuant to Section 7 hereof, the Company shall file a prospectus supplement or current report on Form 8-K to add such Holder as a selling stockholder in such Shelf Registration Statement to the extent permitted under the rules and regulations promulgated by the SEC.
3.    Use, and Suspension of Use, of Shelf Registration Statement.
(a)    If the Company has filed a “shelf” registration statement and has included Registrable Securities therein, the Company shall be entitled to suspend (but not more than an aggregate of 90 days in any 12 month period), for a reasonable period of time not in excess of 45 days, the offer or sale of Registrable Securities pursuant to such registration statement by any Holder of Registrable Securities if (A) such Holder has not executed a binding agreement with respect to a pending sale of Registrable Securities pursuant to such registration statement and (B) (1) the Company or any of its subsidiaries are engaged in confidential negotiations or other confidential business activities, disclosure of which would be required if such registration statement were used (but would not be required if such registration statement were not used) and the Board determines in good faith that such disclosure would be materially detrimental to the Company or (2) the Company has experienced some other material non-public event or is in possession of material non-public information concerning the Company, and the Board determines in good faith that such disclosure would be materially detrimental to the Company. In order to suspend the use of the registration statement pursuant to this Section 3(a), the Company shall promptly, upon determining to seek such suspension, deliver to the holders of Registrable Securities included in such registration statement, a notice stating that the Company is suspending use of such registration statement pursuant to this Section 3(a) (a “Suspension Notice”) and, only upon request by a Holder, the basis therefor in reasonable detail, provided that such Holder shall agree to keep such information confidential pursuant to a customary confidentiality agreement. Following the conclusion of any circumstance resulting in the suspension of a registration statement hereunder, the Company shall promptly notify each Holder in writing that it may resume use of the registration statement (an “End of Suspension Notice”). Each Holder of Registrable Securities agrees that the fact that a Suspension Notice pursuant to this Section 3(a) has been delivered shall constitute confidential information and such Holder agrees not to disclose that such notice has been delivered.
(b)    Notwithstanding any other provision of this Section 3, the Company will not send any Suspension Notices or End of Suspension Notices to any Holder following the six-month anniversary of the Execution Date, except as provided in the next sentence. Following the six month anniversary of the closing of the Execution Date, each time prior to a Holder’s intended use of an effective Shelf Registration Statement, such Holder will notify the Company in writing at least two Business Days in advance of such intended use, and if a Suspension Notice was previously delivered (or would have been delivered but for the provisions of this Section 3) and the related suspension period remains in effect, the Company will so notify such Holder, within one Business Day of such Holder’s notification to the Company, by delivering to such Holder a copy of such previous Suspension Notice, and thereafter will provide such Holder with the related End of Suspension Notice immediately upon its availability.
4.    Registration Procedures.
(a)    In connection with its obligations under this Registration Rights Agreement, the Company will as expeditiously as practicable:
(i)    to the extent applicable, prepare and file with the SEC a registration statement on any form for which the Company then qualifies or which counsel for the Company shall deem appropriate and which form shall be available for the sale of the Registrable Securities to be registered thereunder in accordance with the intended method of distribution thereof, and use commercially reasonable efforts and proceed diligently and in good faith to cause such filed registration statement to become effective under the Securities Act; provided, that before filing a registration statement or prospectus or any amendments or supplements thereto, the Company will furnish to all Selling Holders and to one counsel selected by the Selling Holders, copies of all such documents proposed to be filed, which documents will be subject to the review of such counsel;
3

(ii)    prepare and file with the SEC such amendments and supplements to such registration statement and the prospectus used in connection therewith as may be necessary to keep such registration statement effective pursuant to Section 2 with respect to the disposition of the Registrable Securities covered by such registration statement until all of such Registrable Securities have ceased to be Registrable Securities and comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such registration statement during such period in accordance with the intended method of disposition by the Selling Holders thereof set forth in such registration statement; provided, however that any Selling Holder that has been included on a “shelf” registration statement may request that such Selling Holder’s Registrable Securities be removed from such registration statement, in which event the Company shall promptly either withdraw such registration statement or file a post-effective amendment to such registration statement removing such Registrable Securities;
(iii)    furnish to each such Selling Holder such number of copies of such registration statement, each amendment and supplement thereto (in each case including all exhibits thereto), the prospectus included in such registration statement (including each preliminary prospectus) and such other documents as such Selling Holder may reasonably request in order to facilitate the disposition of the Registrable Securities owned by such Selling Holder;
(iv)    notify the Selling Holders promptly, and (if requested by any such Person) confirm such notice in writing, (A) when a prospectus or any prospectus supplement or post-effective amendment has been filed, and, with respect to a registration statement or any post-effective amendment, when the same has become effective under the Securities Act and each applicable state Law, (B) of any request by the SEC or any other federal or state governmental authority for amendments or supplements to a registration statement or related prospectus or for additional information, (C) of the issuance by the SEC of any stop order suspending the effectiveness of a registration statement or the initiation of any proceedings for that purpose, (D) of the receipt by the Company of any notification with respect to the suspension of the qualification or exemption from qualification of any of the Registrable Securities for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose, (E) of the happening of any event which makes any statement made in such registration statement or related prospectus or any document incorporated or deemed to be incorporated therein by reference untrue in any material respect or that requires the making of any changes in such registration statement, prospectus or documents so that, in the case of the registration statement, it will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading, and that in the case of the prospectus, it will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, and (F) of the Company’s reasonable determination that a post-effective amendment to a registration statement would be appropriate;
(v)    use commercially reasonable efforts to obtain the withdrawal of any order suspending the effectiveness of a registration statement, or the lifting of any suspension of the qualification (or exemption from qualification) of any of the Registrable Securities for sale in any jurisdiction, at the earliest practicable moment;
(vi)    cooperate with the Selling Holders to facilitate the timely preparation and delivery of certificates representing Registrable Securities to be sold, which certificates shall not bear any restrictive legends and shall be in a form eligible for deposit with The Depositary Trust Company;
(vii)    use commercially reasonable efforts to register or qualify the Registrable Securities as promptly as practicable under such other securities or blue sky laws of such jurisdictions as any Selling Holder reasonably (in light of the intended plan of distribution) requests and do any and all other acts and things which may be reasonably necessary or advisable to enable such Selling Holder to consummate the disposition in such jurisdictions of the Registrable Securities owned by such Selling Holder; provided, that the Company will not be required to (A) qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify but for this Section 4(a)(vii), (B) subject itself to taxation in any such jurisdiction, or (C) consent to general service of process in any such jurisdiction;
(viii)    use commercially reasonable efforts to cause the Registrable Securities to be registered with or approved by such other governmental agencies or authorities, if any, as may be required of the Company to enable the Selling Holder or Selling Holders thereof to consummate the disposition of such Registrable Securities;
4

(ix)    otherwise use commercially reasonable efforts to comply with all applicable rules and regulations of the SEC, and make available to its security holders, as soon as reasonably practicable, an earnings statement covering a period of 12 months, beginning within three months after the effective date of the registration statement, which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act;
(x)    use commercially reasonable efforts to cause all Registrable Securities to be listed on each securities exchange on which similar securities issued by the Company are then listed or quoted on any inter-dealer quotation system on which similar securities issued by the Company are then quoted; and
(xi)    if any event contemplated by Section 4(a)(iv)(E) shall occur, as promptly as practicable prepare a supplement or amendment or post-effective amendment to such registration statement or the related prospectus or any document incorporated therein by reference or promptly file any other required document so that, as thereafter delivered to the purchasers of the Registrable Securities, the prospectus will not contain an untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading.
(b)    Notwithstanding anything contained herein to the contrary, the Company hereby agrees that any registration effected pursuant to this Registration Rights Agreement that is a “shelf” registration pursuant to Rule 415 under the Securities Act shall contain all language (including on the prospectus cover page, the principal stockholders’ chart and the plan of distribution) as may be reasonably requested by a holder of Registrable Securities. The Company may require each Selling Holder to promptly furnish in writing to the Company such information regarding the distribution of the Registrable Securities as it may from time to time reasonably request and such other information as may be legally required in connection with such registration. Notwithstanding anything herein to the contrary, the Company shall have the right to exclude from any offering the Registrable Securities of any Selling Holder who does not comply with the provisions of the immediately preceding sentence.
5.    Registration Expenses. In connection with any registration statement required to be filed hereunder, subject to Section 11(m), the Company shall pay the following registration expenses (the “Registration Expenses”):
(a)    all registration and filing fees imposed by the SEC;
(b)    internal expenses (including all salaries and expenses of its officers and employees performing legal or accounting duties);
(c)    the fees and expenses incurred in connection with the listing on an exchange of the Registrable Securities if required pursuant to Section 4(a)(x), to list such Registrable Securities; and
(d)    reasonable fees and disbursements of counsel for the Company.
The Company shall not have any obligation to pay any discounts, commissions, transfer taxes or legal or other expenses not included above (including any legal expenses of counsel for the Selling Holders), in each case attributable to the transactions contemplated hereby, including the sale of Registrable Securities or, any out-of-pocket expenses of the Holders (or the agents who manage their accounts).
6.    Indemnification; Contribution.
(a)    Indemnification by the Company. The Company agrees to indemnify and hold harmless each Selling Holder, each Person, if any, who controls such Selling Holder within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, and the officers, directors, agents, general and limited partners, and employees of each Selling Holder and each such controlling Person from and against any and all losses, claims, damages, liabilities (joint or several), and expenses (including reasonable costs of investigation and attorneys’ fees) arising out of or based upon any untrue statement or alleged untrue statement of a material fact contained in any registration statement or prospectus relating to the Registrable Securities or in any amendment or supplement thereto or in any preliminary prospectus, or arising out of or based upon any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, except insofar as such losses, claims, damages, liabilities or expenses arise out of, or are based upon and in conformity with, any such untrue statement or omission or allegation thereof based upon information furnished in writing to the Company by such Selling Holder or on such Selling Holder’s behalf expressly for use therein. 
5

(b)    Indemnification by Holder of Registrable Securities. Each Selling Holder agrees to indemnify and hold harmless each other Selling Holder, the Company, and each Person, if any, who controls the Company within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act and the officers, directors, agents and employees of each other Selling Holder, the Company and each such controlling Person to the same extent as the foregoing indemnity from the Company to such Selling Holder, but only with respect to information furnished in writing by such Selling Holder or on such Selling Holder’s behalf expressly for use in any registration statement or prospectus relating to the Registrable Securities. The liability of any Selling Holder under this Section 6(b) shall be limited to the aggregate cash and property received by such Selling Holder pursuant to the sale of Registrable Securities covered by such registration statement or prospectus.
(c)    Conduct of Indemnification Proceedings. If any action or proceeding (including any governmental investigation) shall be brought or asserted against any Person entitled to indemnification under Sections 6(a) or 6(b) (an “Indemnified Party”) in respect of which indemnity may be sought from any Person who has agreed to provide such indemnification under Sections 6(a) or 6(b) (an “Indemnifying Party”), the Indemnified Party shall give prompt written notice to the Indemnifying Party and the Indemnifying Party shall assume the defense thereof, including the employment of counsel reasonably satisfactory to such Indemnified Party, and shall assume the payment of all reasonable expenses of such defense. Such Indemnified Party shall have the right to employ separate counsel in any such action or proceeding and to participate in the defense thereof, but the fees and expenses of such counsel shall be at the expense of such Indemnified Party unless (i) the Indemnifying Party has agreed to pay such fees and expenses, (ii) the Indemnifying Party fails promptly to assume the defense of such action or proceeding or fails to employ counsel reasonably satisfactory to such Indemnified Party or (iii) the named parties to any such action or proceeding (including any impleaded parties) include both such Indemnified Party and Indemnifying Party (or an Affiliate of the Indemnifying Party), and such Indemnified Party shall have been advised by counsel that there may be one or more legal defenses available to the Indemnified Party that are different from or additional to those available to the Indemnifying Party, or there is a conflict of interest on the part of counsel employed by the Indemnifying Party to represent such Indemnified Party (in which case, if such Indemnified Party notifies the Indemnifying Party in writing that it elects to employ separate counsel at the expense of the Indemnifying Party, the Indemnifying Party shall not have the right to assume the defense of such action or proceeding on behalf of such Indemnified Party). Notwithstanding the foregoing, the Indemnifying Party shall not, in connection with any such action or proceeding or separate but substantially similar related actions or proceedings in the same jurisdiction arising out of the same general allegations or circumstances, be liable at any time for the fees and expenses of more than one separate firm of attorneys (together in each case with appropriate local counsel). The Indemnifying Party shall not be liable for any settlement of any such action or proceeding effected without its written consent (which consent will not be unreasonably withheld), but if settled with its written consent, or if there be a final judgment for the plaintiff in any such action or proceeding, the Indemnifying Party shall indemnify and hold harmless such Indemnified Party from and against any loss or liability (to the extent stated above) by reason of such settlement or judgment. The Indemnifying Party shall not consent to entry of any judgment or enter into any settlement that does not include as an unconditional term thereof the giving by the claimant or plaintiff to such Indemnified Party of a release, in form and substance reasonably satisfactory to the Indemnified Party, from all liability in respect of such action or proceeding for which such Indemnified Party would be entitled to indemnification hereunder.
(d)    Contribution.
(i)    If the indemnification provided for in this Section 6 is unavailable to the Indemnified Parties in respect of any losses, claims, damages, liabilities or judgments referred to herein, then each such Indemnifying Party, in lieu of indemnifying such Indemnified Parties, shall contribute to the amount paid or payable by such Indemnified Parties as a result of such losses, claims, damages, liabilities and judgments as between the Company on the one hand and each Selling Holder on the other, in such proportion as is appropriate to reflect the relative fault of the Company and of each Selling Holder in connection with the statements or omissions which resulted in such losses, claims, damages, liabilities or judgments, as well as any other relevant equitable considerations. The relative fault of the Company on the one hand and of each Selling Holder on the other shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by such Person, and such Persons’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.
(ii)    The Company and the Selling Holders agree that it would not be just and equitable if contribution pursuant to this Section 6(d) were determined by any method of allocation which does not take into account the equitable considerations referred to in the immediately preceding paragraph. The amount paid or payable by an Indemnified Party as a result of the losses, claims, damages, liabilities or judgments referred to in the immediately preceding paragraph shall be deemed to include, subject to the limitations set forth above, any legal or other expenses reasonably incurred by such Indemnified Party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this 
6

Section 6(d), no Selling Holder shall be required to contribute any amount in excess of the amount by which the total price at which the Registrable Securities of such Selling Holder were offered to the public (less any underwriting discounts or commissions) exceeds the amount of any damages which such Selling Holder has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation.
7.    Transfers of Registration Rights. The provisions hereof will inure to the benefit of and be binding upon the successors and assigns of each of the Parties, except as otherwise provided herein; provided, however, that the registration rights granted hereby may be transferred only (a) by operation of Law or (b) to any Person to whom a Holder transfers Registrable Securities, provided, that any such transferee shall not be entitled to rights pursuant to Section 2 hereof unless such transferee of registration rights hereunder agrees to be bound by the terms and conditions hereof and executes and delivers to the Company an acknowledgment and agreement to such effect.
8.    [Reserved]
9.    Rule 144 and Rule 144A; Other Exemptions. With a view to making available to the Holders of Registrable Securities the benefits of Rule 144 and Rule 144A promulgated under the Securities Act and other rules and regulations of the SEC that may at any time permit a Holder of Registrable Securities to sell securities of the Company to the public without registration, the Company agrees that it will use commercially reasonable efforts to (a) file in a timely manner all reports and other documents required, if any, to be filed by it under the Securities Act and the Exchange Act and the rules and regulations adopted thereunder and (b) make available information necessary to comply with Rule 144 and Rule 144A, if available with respect to resales of the Registrable Securities under the Securities Act, at all times, all to the extent required from time to time to enable such Holder to sell Registrable Securities without registration under the Securities Act within the limitation of the exemptions provided by (i) Rule 144 and Rule 144A promulgated under the Securities Act (if available with respect to resales of the Registrable Securities), as such rules may be amended from time to time or (ii) any other rules or regulations now existing or hereafter adopted by the SEC. Upon the reasonable request of any Holder of Registrable Securities, the Company will deliver to such Holder a written statement as to whether it has complied with such information requirements, and, if not, the specific reasons for non-compliance.
10.    Entire Agreement. The provisions of this Registration Rights Agreement contain the entire understanding of the Parties respecting the subject matter hereof and supersede all prior agreements, discussions and understandings with respect thereto.
11.    Miscellaneous.
(a)    Construction. All references in this Registration Rights Agreement to Sections, subsections, and other subdivisions refer to the corresponding Sections, subsections, and other subdivisions of or to this Registration Rights Agreement unless expressly provided otherwise. Titles appearing at the beginning of any Sections, subsections, or other subdivisions of this Registration Rights Agreement are for convenience only, do not constitute any part of this Registration Rights Agreement, and shall be disregarded in construing the language hereof. The words “this Registration Rights Agreement,” “herein,” “hereby,” “hereunder”, and “hereof” and words of similar import refer to this Registration Rights Agreement as a whole and not to any particular subdivision unless expressly so limited. The words “this Section” and “this subsection” and words of similar import refer only to the Section or subsection hereof in which such words occur. The word “or” is not exclusive, and the word “including” (in its various forms) means including without limitation. Pronouns in masculine, feminine, or neuter genders shall be construed to state and include any other gender, and words, terms, and titles (including terms defined herein) in the singular form shall be construed to include the plural and vice versa, unless the context otherwise requires.
(b)    Notice. All notices, requests, claims, demands, and other communications hereunder shall be in writing and shall be deemed to have been duly given or made (i) when delivered if delivered in person or sent by nationally recognized overnight or second day courier service, (ii) upon transmission by fax or electronic mail if transmission or electronic mail is confirmed by the recipient thereof, or (iii) three Business Days after deposit with a United States post office if delivered by registered or certified mail (postage prepaid, return receipt requested) to the Parties as follows:
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if to the Company, addressed to:
Oil States International, Inc.
Three Allen Center
333 Clay Street, Suite 4620
Houston, Texas 77002
Telephone:    (713) 652-0582
E-mail:        lloyd.hajdik@oilstates.com
Attention:    Lloyd Hajdik, EVP, CFO and Treasurer
with a copy to (which shall not constitute notice):
Vinson & Elkins L.L.P.
845 Texas Avenue, Suite 4700
Houston, Texas 77002
Telephone:    (713) 758-2350
E-mail:        mtelle@velaw.com
Attention:    Michael Telle
if to the Seller, addressed to:
HCperf Holdings B.V.
c/o Lime Rock Management
274 Riverside Avenue Suite 3
Westport, CT 06880
Email:        amehta@lrpartners.com
Attention:    General Counsel
Telephone:    (713) 345-2105

or to such other place and with such other copies as any Party may designate as to itself by written notice to the others in accordance with this Section 11(b).
(c)    No Lock-Up. For the avoidance of doubt and notwithstanding anything contained in this Registration Rights Agreement, in no event will any officer or director of the Company be obligated to enter into any lock-up or similar agreement in connection with any offer or sale effected pursuant to this Registration Rights Agreement unless such individual owns securities that are included in such offer and sale.
(d)    Binding Effect. This Registration Rights Agreement is binding on and inures to the benefit of the Parties and their respective heirs, legal representatives, successors, and assigns.
(e)    Governing Law. This Registration Rights Agreement is governed by and shall be construed in accordance with the law of the State of Delaware without regard to the principles of conflicts of law thereof.
(f)    Severability. If any provision of this Registration Rights Agreement or the application thereof to any Person or circumstance is held invalid or unenforceable to any extent, the remainder of this Registration Rights Agreement and the application of that provision to other Persons or circumstances shall not be affected thereby and that provision shall be enforced to the greatest extent permitted by Law. Furthermore, in lieu of each such invalid or unenforceable provision, there shall be added automatically as a part of this Registration Rights Agreement a provision as similar in terms to such invalid or unenforceable provision as may be possible and be legal, valid, and enforceable.
(g)    Counterparts. This Registration Rights Agreement may be executed in any number of counterparts, including facsimile counterparts, with the same effect as if all signing parties had signed the same document. All counterparts shall be construed together and constitute the same instrument.
(h)    Section Headings. Headings contained in this Registration Rights Agreement are inserted only as a matter of convenience and in no way define, limit, or extend the scope or intent of this Registration Rights Agreement or any provisions hereof.
(i)    Cumulative Rights. The rights of the Parties under this Registration Rights Agreement are cumulative and in addition to all similar and other rights of such parties under other agreements.
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(j)    Further Assurances. In connection with this Registration Rights Agreement and the transactions contemplated hereby, each Party shall execute and deliver any additional documents and instruments and perform any additional acts that may be necessary or appropriate to effectuate and perform the provisions of this Registration Rights Agreement and those transactions.
(k)    Amendment. The provisions of this Registration Rights Agreement may only be amended by the written consent of the Company and Holders of at least a majority of the Registrable Securities. The Holders acknowledge and agree that any Person that becomes a stockholder shall have the rights and obligations set forth in this Registration Rights Agreement and that such Person becoming a stockholder shall be deemed not to be an amendment to this Registration Rights Agreement.
(l)    Termination. The provisions of this Registration Rights Agreement shall terminate with respect to any Holder and be of no further force or effect when all Registrable Securities held by such Holder no longer constitute Registrable Securities; provided, that the provisions of Section 6 of this Registration Rights Agreement shall survive for any sales of Registrable Securities prior to such date. Notwithstanding anything to the contrary in this Agreement, this Agreement shall terminate and be of no further force and effect on or after the tenth anniversary of the date hereof.
(m)    Removal of Legend; Cooperation. The Company, at its sole cost, shall remove any legend ordinarily included on restricted securities of the Company (or instruct its transfer agent to so remove such legend) from the certificates or book-entries evidencing Registrable Securities if such Common Stock (i) is sold pursuant to an effective registration statement under the Securities Act, (ii) is sold or transferred pursuant to Rule 144 (if the transferor is not an Affiliate of the Company), or (iii) is eligible for sale without restriction and without the need for current public information pursuant to Rule 144(b) (or any successor rule) under the Securities Act. Each Holder agrees to provide the Company, its counsel and/or the transfer agent with evidence reasonably requested by it in order to cause the removal of such legend, including, as may be appropriate, any information the Company deems necessary to determine that the legend is no longer required under the Securities Act or applicable state laws, including a certification that the Holder is not an Affiliate of the Company (and a covenant to inform the Company if it should thereafter become an Affiliate and to consent to exchange any certificates or instruments representing the Common Stock for ones bearing an appropriate restrictive legend) and regarding the length of time the Common Stock has been held. Any fees (with respect to the transfer agent, Company counsel or otherwise) associated with the issuance of any legal opinion required by the Company’s transfer agent or the removal of such legend shall be borne by the Company. If a legend is no longer required pursuant to the foregoing, the Company will use commercially reasonable efforts to, upon reasonable request of a Holder and no later than two Business Days following the delivery by a Holder to the Company or the transfer agent (with notice to the Company) of a legended certificate or instrument representing the Common Stock (endorsed or with stock powers attached, signatures guaranteed, and otherwise in form necessary to affect the reissuance and/or transfer) and any representation letter or certification as may be requested by the Company, deliver or cause to be delivered to such Company a certificate or instrument (as the case may be) representing such Common Stock that is free from all restrictive legends. Additionally, in connection with any non-marketed offering, including a block trade to a financial institution, “qualified institutional buyer” (as defined in Rule 144A under the Securities Act) or institutional “accredited investor” (as defined in Rule 501(a) of Regulation D under the Securities Act) by any Holder or group of Holders of Registrable Securities, the Company agrees to use its commercially reasonable efforts to timely furnish any information or take any actions reasonably requested by such Holders in connection with such a transaction, including customary underwriter due diligence and, solely in connection with any such transaction occurring on or after the date the Company files its Quarterly Report on Form 10-Q for the second fiscal quarter of 2022, the delivery of customary comfort letters and customary legal opinions, subject to receipt by the Company, its auditors and legal counsel, as applicable, of representations and documentation by such Persons to permit the delivery of such comfort letters and legal opinions; provided, that the Company shall not be required to provide comfort letters or legal opinions (other than a legal opinion required in connection with the first sentence of this Section 11(m)) more than one time under this sentence; provided, further, that such Holders shall, jointly and severally, promptly reimburse the Company for all reasonable and documented expenses of the Company’s auditors and/or outside legal counsel in connection with any such offering in which a comfort letter and/or legal opinion (other than a transaction involving solely the delivery of a legal opinion required in connection with the first sentence of this Section 11(m)) is delivered.
(n)    Remedies; Specific Performance. Any Person having rights under any provision of this Registration Rights Agreement shall be entitled to enforce such rights specifically, to recover damages caused by reason of any breach of any provision of this Registration Rights Agreement, and to exercise all other rights existing in their favor. The Parties agree and acknowledge that money damages would not be an adequate remedy for any breach of the provisions of this Registration Rights Agreement and that any Party may in its sole discretion apply to any court of law or equity of competent jurisdiction for specific performance and/or injunctive relief (without posting any bond or other security) in order to enforce or prevent violation of the provisions of this Registration Rights Agreement and shall not be required to prove irreparable injury to such Party or that such Party does not have an adequate remedy at law with respect to any breach of this Registration Rights Agreement (each of which 
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elements the Parties admit). The Parties further agree and acknowledge that each and every obligation applicable to it contained in this Registration Rights Agreement shall be specifically enforceable against it and hereby waives and agrees not to assert any defenses against an action for specific performance of their respective obligations hereunder. All rights and remedies existing under this Registration Rights Agreement are cumulative to, and not exclusive of, any rights or remedies available under this Registration Rights Agreement or otherwise.
(o)    Limitation on Subsequent Registration Rights. The Company shall not enter into any agreement with any current or future holder of any equity securities of the Company that would allow such current or future holder to require the Company to include equity securities in any Registration Statement on a basis other than expressly subordinate to the rights of the Holders of Registrable Securities hereunder; provided, however, that this obligation shall cease on the earlier of (x) the one year anniversary of the date hereof and (y) the date on which the number of Registrable Securities under this Agreement ceases to be at least 25% of the number of Registrable Securities outstanding on the date hereof.
[Signature Page Follows]
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IN WITNESS WHEREOF, the Parties have executed this Registration Rights Agreement as of the date first written above.
						
	OIL STATES INTERNATIONAL, INC.
		
	By:	/s/ Lloyd Hajdik
	Name:	Lloyd Hajdik
	Title:	EVP, CFO and Treasurer
		
		
	HCPERF HOLDINGS B.V.
		
	By:	/s/ Benjamin Burns
	Name:	Benjamin Burns
	Title:	Managing Director

Signature Page to Registration Rights Agreement

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