Document:

Exhibit 10.1

 

SG
BLOCKS, INC.

STOCK INCENTIVE PLAN

 

1.           Establishment,
Purpose, Duration.

 

a.       History;
Amendment and Restatement. The Board of SG Blocks, Inc. (the “Company”) adopted the SG Blocks, Inc.
Stock Option Plan effective as of October 26, 2016 (the “Effective Date”), with 1.5 million Shares reserved
for issuance thereunder, subject to stockholder approval within 12 months thereafter in order to authorize the issuance of Incentive
Stock Options to Employees thereunder. The Board desires to amend and restate the SG Blocks, Inc. Stock Option Plan in order to,
among other things, increase the number of Shares reserved for issuance thereunder and to authorize other types of Awards thereunder,
in addition to Stock Options. Therefore, effective as of January 30, 2017 (the “Restatement Date”),
the SG Blocks, Inc. Stock Option Plan is hereby amended and restated in its entirety as set forth herein as the SG Blocks, Inc.
Stock Incentive Plan (the “Plan”), subject to the approval of the Plan by the stockholders of the Company
in order to authorize the issuance of Incentive Stock Options to Employees hereunder. Definitions of capitalized terms used in
the Plan are contained in Section 2 of the Plan.

 

b.       Reverse
Stock Split. The Board has approved a 1-for-3 reverse stock split of the Company’s Shares to be effected on or around
February 2017. If such split does not occur on or before March 31, 2017, the Shares as presented in this Plan shall be automatically
multiplied by three to reflect such Shares on a pre-reverse split basis.

 

c.       Purpose.
The purpose of the Plan is to attract and retain Directors, Consultants, and officers and other key Employees of the Company and
its Subsidiaries and to provide to such persons incentives and rewards for superior performance.

 

d.       Duration.
No Award may be granted under the Plan after the day immediately preceding the tenth (10th) anniversary of the Effective Date,
or such earlier date as the Board shall determine. The Plan will remain in effect with respect to outstanding Awards until no
Awards remain outstanding.

 

2.           Definitions.
As used in the Plan, the following definitions shall apply.

 

“Applicable
Law” means the applicable requirements relating to the administration of equity-based compensation plans under U.S.
state corporate laws, U.S. federal and state securities laws, the Code, the rules of any stock exchange or quotation system on
which the Shares are listed or quoted and the applicable laws of any other country or jurisdiction where Awards are granted under
the Plan.

 

“Award”
means an award of Nonqualified Stock Options, Incentive Stock Options, Stock Appreciation Rights, Restricted Shares, Restricted
Share Units, Other Share-Based Awards, or Cash-Based Awards granted pursuant to the terms and conditions of the Plan.

 

“Award
Agreement” means either: (a) an agreement, in written or electronic format, entered into by the Company and a Participant
setting forth the terms and provisions applicable to an Award granted under the Plan; or (b) a statement, in written or electronic
format, issued by the Company to a Participant describing the terms and provisions of such Award, which need not be signed by
the Participant.

 

     

     

    

 

“Board”
means the Board of Directors of the Company.

 

“Cash-Based
Award” shall mean a cash Award granted pursuant to Section 11 of the Plan.

 

“Cause”
shall have the meaning provided in the applicable employment agreement or consulting agreement between the Participant and the
Company, if any, or if there is no such agreement that defines the term, “Cause” shall mean (a) the willful and continued
failure of the Participant to perform substantially the Participant’s duties with the Company or any of its Subsidiaries
(other than any such failure resulting from any medically determined physical or mental impairment), which failure is not cured
by the Participant within 20 calendar days after a written demand for substantial performance is delivered to the Participant
by the Committee which specifically identifies the manner in which the Committee believes that the Participant has not substantially
performed the Participant’s duties; (b) the engaging by the Participant in illegal conduct, gross misconduct, gross insubordination
or gross negligence that is materially and demonstrably injurious to the Company’s business or financial condition; (c)
a conviction, guilty plea or plea of nolo contendere of the Participant for any crime involving dishonesty or for any felony;
or (d) a material breach by the Participant of a fiduciary duty of loyalty or care to the Company or any of its Subsidiaries.

 

“Change
in Control” means, except as otherwise provided in the applicable Award Agreement, the occurrence of any of the
following: (a) an acquisition after the date hereof by an individual or legal entity or “group” (as described in Rule
13d-5(b)(1) promulgated under the Exchange Act) of effective control (whether through legal or beneficial ownership of capital
stock of the Company, by contract or otherwise) of in excess of fifty percent (50%) of the voting securities of the Company (other
than by means of conversion or exercise of convertible debt or equity securities of the Company); (b) the Company merges into
or consolidates with any other Person, or any Person merges into or consolidates with the Company and, after giving effect to
such transaction, the stockholders of the Company immediately prior to such transaction own less than fifty percent (50%) of the
aggregate voting power of the Company or the successor entity of such transaction; or (c) the Company sells or transfers all or
substantially all of its assets to another Person and the stockholders of the Company immediately prior to such transaction own
less than fifty percent (50%) of the aggregate voting power of the acquiring entity immediately after the transaction.

 

“Code”
means the Internal Revenue Code of 1986, as amended.

 

“Committee”
means the Compensation Committee of the Board or such other committee or subcommittee of the Board as may be duly appointed to
administer the Plan and having such powers in each instance as shall be specified by the Board. To the extent required by Applicable
Law, the Committee shall consist of two or more members of the Board, each of whom is a “non-employee director” within
the meaning of Rule 16b-3 promulgated under the Exchange Act, an “outside director” within the meaning of regulations
promulgated under Section 162(m) of the Code, and an “independent director” within the meaning of applicable rules
of any securities exchange upon which Shares are listed.

 

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“Company”
has the meaning given such term in Section 1(a) and any successor thereto.

 

“Consultant”
means an independent contractor who performs services for the Company or a Subsidiary in a capacity other than as an Employee
or Director.

 

“Date
of Grant” means the date specified by the Committee on which the grant of an Award is to be effective. The Date
of Grant shall not be earlier than the date of the resolution and action therein by the Committee. In no event shall the Date
of Grant be earlier than the Effective Date.

 

“Director”
means any individual who is a member of the Board and who is not an Employee.

 

“Effective
Date” has the meaning given such term in Section 1(a).

 

“Employee”
means any employee of the Company or a Subsidiary; provided, however, that for purposes of determining whether any
person may be a Participant for purposes of any grant of Incentive Stock Options, the term “Employee” has the meaning
given to such term in Section 3401(c) of the Code, as interpreted by the regulations thereunder and Applicable Law.

 

“Exchange
Act” means the Securities Exchange Act of 1934 and the rules and regulations thereunder, as such law, rules and
regulations may be amended from time to time.

 

“Fair
Market Value” means the value of one Share on any relevant date, determined under the following rules: (a) the closing
sale price per Share on that date as reported on the principal exchange on which Shares are then trading, if any, or if applicable
the Nasdaq Capital Market, or if there are no sales on that date, on the next preceding trading day during which a sale occurred;
(b) if the Shares are not reported on a principal exchange or national market system, the average of the closing bid and asked
prices last quoted on that date by an established quotation service for over-the-counter securities; or (c) if neither (a) nor
(b) applies, (i) with respect to Stock Options, Stock Appreciation Rights and any Award of stock rights that is subject to Section
409A of the Code, the value as determined by the Committee through the reasonable application of a reasonable valuation method,
taking into account all information material to the value of the Company, within the meaning of Section 409A of the Code, and
(ii) with respect to all other Awards, the fair market value as determined by the Committee in good faith.

 

“Incentive
Stock Option” or “ISO” means a Stock Option that is designated as an Incentive Stock Option and that
is intended to meet the requirements of Section 422 of the Code.

 

“Nonqualified
Stock Option” means a Stock Option that is not intended to meet the requirements of Section 422 of the Code
or otherwise does not meet such requirements.

 

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“Other
Share-Based Award” means an equity-based or equity-related Award not otherwise described by the terms of the Plan,
granted in accordance with the terms and conditions set forth in Section 10.

 

“Participant”
means any eligible individual as set forth in Section 5 who holds one or more outstanding Awards.

 

“Performance-Based
Exception” means the performance-based exception from the tax deductibility limitations of Section 162(m) of
the Code.

 

“Performance
Objectives” means the performance objective or objectives established by the Committee with respect to an Award
granted pursuant to the Plan. Any Performance Objectives may relate to the performance of the Company or one or more of its Subsidiaries,
divisions, departments, units, functions, partnerships, joint ventures or minority investments, product lines or products, or
the performance of the individual Participant, and may include, without limitation, the Performance Objectives set forth in Section
13(b). The Performance Objectives may be made relative to the performance of a group of comparable companies, or a published or
special index that the Committee, in its sole discretion, deems appropriate, or the Company may select Performance Objectives
as compared to various stock market indices. Performance Objectives may be stated as a combination of the listed factors.

 

“Person”
means an individual, corporation, partnership, limited liability company, association, joint venture, trust or other entity or
organization.

 

“Plan”
means this SG Blocks, Inc. Stock Incentive Plan, as amended from time to time, and for the period from the Effective Date to the
Restatement Date, the SG Blocks, Inc. Stock Option Plan.

 

“Restricted
Shares” means Shares granted or sold pursuant to Section 8 as to which neither the substantial risk of forfeiture
nor the prohibition on transfers referred to in such Section 8 has expired.

 

“Restricted
Share Unit” means a grant or sale of the right to receive Shares or cash at the end of a specified restricted period
made pursuant to Section 9.

 

“SEC”
means the United States Securities and Exchange Commission.

 

“Share”
means a share of common stock of the Company, $0.01 par value per share, or any security into which such Share may be changed
by reason of any transaction or event of the type referred to in Section 15.

 

“Stock
Appreciation Right” means a right granted pursuant to Section 7.

 

“Stock
Option” means a right to purchase a Share granted to a Participant under the Plan in accordance with the terms and
conditions set forth in Section 6. Stock Options may be either Incentive Stock Options or Nonqualified Stock Options.

 

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“Subsidiary”
means: (a) with respect to an Incentive Stock Option, a “subsidiary corporation” as defined under Section 424(f) of
the Code; and (b) for all other purposes under the Plan, any corporation or other entity in which the Company owns, directly or
indirectly, a proprietary interest of more than fifty percent (50%) by reason of stock ownership or otherwise.

 

“Ten
Percent Stockholder” means any Participant who owns more than ten percent of the combined voting power of all classes
of stock of the Company, within the meaning of Section 422 of the Code.

 

3.           Shares
Available Under the Plan.

 

a.       Shares
Available for Awards. The maximum number of Shares that may be issued or delivered pursuant to Awards under the Plan shall
be one million five hundred thousand (1,500,000) (all of which may be granted with respect to Incentive Stock Options). Shares
issued or delivered pursuant to an Award may be authorized but unissued Shares, treasury Shares, including Shares purchased in
the open market, or a combination of the foregoing. The aggregate number of Shares available for issuance or delivery under the
Plan shall be subject to adjustment as provided in Section 15.

 

b.       Share
Counting. The following Shares shall not count against the Share limit in Section 3(a): (i) Shares covered by an Award that
expires or is forfeited, canceled, surrendered, or otherwise terminated without the issuance of such Shares; (ii) Shares covered
by an Award that is settled only in cash; (iii) Shares tendered in payment of the exercise price of a Stock Option; (iv) Shares
withheld by the Company or any Subsidiary to satisfy a tax withholding obligation with respect to any Award; (v) Shares that are
repurchased by the Company with Stock Option proceeds; and (vi) Shares granted through the assumption of, or in substitution for,
outstanding awards granted by a company to individuals who become Employees or Directors as the result of a merger, consolidation,
acquisition or other corporate transaction involving such company and the Company or any of its Subsidiaries (except as may be
required by reason of the rules and regulations of any stock exchange or other trading market on which the Shares are listed).
This Section 3(b) shall apply to the number of Shares reserved and available for Incentive Stock Options only to the extent consistent
with applicable Treasury Regulations relating to Incentive Stock Options under the Code.

 

c.       Per
Participant Limits. Subject to adjustment as provided in Section 15 of the Plan, the following limits shall apply with respect
to Awards that are intended to qualify for the Performance-Based Exception: (i) the maximum aggregate number of Shares that may
be subject to Stock Options or Stock Appreciation Rights granted in any calendar year to any one Participant shall be 1,000,000
Shares; (ii) the maximum aggregate number of Restricted Shares and Shares issuable or deliverable under Restricted Share Units
and Other Share-Based Awards granted in any calendar year to any one Participant shall be 1,000,000 Shares; and (iii) the maximum
aggregate cash compensation that can be paid pursuant to Cash-Based Awards or Other Share-Based Awards granted in any calendar
year to any one Participant shall be $1,000,000.

 

d.       Limit
on Non-Employee Director Awards. Notwithstanding any other provision of the Plan to the contrary, the aggregate grant date
fair value (computed as of the date of grant in accordance with applicable financial accounting rules) of all Awards granted to
any Director during any single calendar year, taken together with any cash fees paid to such person during such calendar year,
shall not exceed $150,000.

 

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4.           Administration
of the Plan.

 

a.       In
General. The Plan shall be administered by the Committee. Except as otherwise provided by the Board, the Committee shall have
full and final authority in its discretion to take all actions determined by the Committee to be necessary in the administration
of the Plan, including, without limitation, discretion to: select Award recipients; determine the sizes and types of Awards; determine
the terms and conditions of Awards in a manner consistent with the Plan; grant waivers of terms, conditions, restrictions and
limitations applicable to any Award, or accelerate the vesting or exercisability of any Award, in a manner consistent with the
Plan; construe and interpret the Plan and any Award Agreement or other agreement or instrument entered into under the Plan; establish,
amend, or waive rules and regulations for the Plan’s administration; and take such other action, not inconsistent with the
terms of the Plan, as the Committee deems appropriate. To the extent permitted by Applicable Law, the Committee may, in its discretion,
delegate to one or more Directors or officers of the Company any of the Committee’s authority under the Plan. The acts of
any such delegates shall be treated hereunder as acts of the Committee with respect to any matters so delegated.

 

b.       Determinations.
The Committee shall have no obligation to treat Participants or eligible Employees, Directors or Consultants uniformly, and the
Committee may make determinations under the Plan selectively among Participants who receive, or Employees, Directors or Consultants
who are eligible to receive, Awards (whether or not such Participants or eligible Employees, Directors or Consultants are similarly
situated). All determinations and decisions made by the Committee pursuant to the provisions of the Plan and all related orders
and resolutions of the Committee shall be final, conclusive and binding on all persons, including the Company, its Subsidiaries,
stockholders, Directors, Employees, Consultants, Participants and their estates and beneficiaries.

 

c.       Authority
of the Board. The Board may reserve to itself any or all of the authority or responsibility of the Committee under the Plan
or may act as the administrator of the Plan for any and all purposes. To the extent the Board has reserved any such authority
or responsibility or during any time that the Board is acting as administrator of the Plan, it shall have all the powers of the
Committee hereunder, and any reference herein to the Committee (other than in this Section 4(c)) shall include the Board. To the
extent that any action of the Board under the Plan conflicts with any action taken by the Committee, the action of the Board shall
control.

 

5.           Eligibility
and Participation. Each Employee, Director and Consultant is eligible to participate in the Plan. Subject to the provisions
of the Plan, the Committee may, from time to time, select from all eligible Employees, Directors and Consultants those to whom
Awards shall be granted and shall determine, in its sole discretion, the nature of any and all terms permissible by Applicable
Law and the amount of each Award.

 

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6.           Stock
Options. Subject to the terms and conditions of the Plan, Stock Options may be granted to Participants in such number, and
upon such terms and conditions, as shall be determined by the Committee in its sole discretion.

 

a.       Award
Agreement. Each Stock Option shall be evidenced by an Award Agreement that shall specify the exercise price, the term of the
Stock Option, the number of Shares covered by the Stock Option, the conditions upon which the Stock Option shall become vested
and exercisable and such other terms and conditions as the Committee shall determine and which are not inconsistent with the terms
and conditions of the Plan. The Award Agreement also shall specify whether the Stock Option is intended to be an Incentive Stock
Option or a Nonqualified Stock Option. No dividend equivalents may be granted with respect to the Shares underlying a Stock Option.

 

b.       Exercise
Price. The exercise price per Share of a Stock Option shall be determined by the Committee at the time the Stock Option is
granted and shall be specified in the related Award Agreement; provided, however, that in no event shall the exercise price
per Share of any Stock Option be less than one hundred percent (100%) of the Fair Market Value of a Share on the Date of Grant.

 

c.       Term.
The term of a Stock Option shall be determined by the Committee and set forth in the related Award Agreement; provided, however,
that in no event shall the term of any Stock Option exceed ten (10) years from its Date of Grant.

 

d.       Exercisability.
Stock Options shall become vested and exercisable at such times and upon such terms and conditions as shall be determined by the
Committee and set forth in the related Award Agreement. Such terms and conditions may include, without limitation, the satisfaction
of (a) performance goals based on one or more Performance Objectives, and (b) time-based vesting requirements.

 

e.       Exercise
of Stock Options. Except as otherwise provided in the Plan or in a related Award Agreement, a Stock Option may be exercised
for all or any portion of the Shares for which it is then exercisable. A Stock Option shall be exercised by the delivery of a
notice of exercise to the Company or its designee in a form specified by the Company which sets forth the number of Shares with
respect to which the Stock Option is to be exercised and full payment of the exercise price for such Shares. The exercise price
of a Stock Option may be paid, in the discretion of the Committee and as set forth in the applicable Award Agreement: (i) in cash
or its equivalent; (ii) by tendering (either by actual delivery or attestation) previously acquired Shares having an aggregate
Fair Market Value at the time of exercise equal to the aggregate exercise price; (iii) by a cashless exercise (including by withholding
Shares deliverable upon exercise and through a broker-assisted arrangement to the extent permitted by Applicable Law); (iv) by
a combination of the methods described in clauses (i), (ii) and/or (iii); or (v) through any other method approved by the Committee
in its sole discretion. As soon as practicable after receipt of the notification of exercise and full payment of the exercise
price, the Company shall cause the appropriate number of Shares to be issued to the Participant.

 

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f.       Special
Rules Applicable to Incentive Stock Options. Notwithstanding any other provision in the Plan to the contrary:

 

(i)       Incentive
Stock Options may be granted only to Employees of the Company and its Subsidiaries. The terms and conditions of Incentive Stock
Options shall be subject to and comply with the requirements of Section 422 of the Code.

 

(ii)       To
the extent that the aggregate Fair Market Value of the Shares (determined as of the Date of Grant) with respect to which an Incentive
Stock Option is exercisable for the first time by any Participant during any calendar year (under all plans of the Company and
its Subsidiaries) is greater than $100,000 (or such other amount specified in Section 422 of the Code), as calculated under Section
422 of the Code, then the Stock Option shall be treated as a Nonqualified Stock Option.

 

(iii)       No
Incentive Stock Option shall be granted to any Participant who, on the Date of Grant, is a Ten Percent Stockholder, unless (A)
the exercise price per Share of such Incentive Stock Option is at least one hundred and ten percent (110%) of the Fair Market
Value of a Share on the Date of Grant, and (B) the term of such Incentive Stock Option shall not exceed five (5) years from the
Date of Grant.

 

7.           Stock
Appreciation Rights. Subject to the terms and conditions of the Plan, Stock Appreciation Rights may be granted to Participants
in such number, and upon such terms and conditions, as shall be determined by the Committee in its sole discretion.

 

a.       Award
Agreement. Each Stock Appreciation Right shall be evidenced by an Award Agreement that shall specify the exercise price, the
term of the Stock Appreciation Right, the number of Shares covered by the Stock Appreciation Right, the conditions upon which
the Stock Appreciation Right shall become vested and exercisable and such other terms and conditions as the Committee shall determine
and which are not inconsistent with the terms and conditions of the Plan. No dividend equivalents may be granted with respect
to the Shares underlying a Stock Appreciation Right.

 

b.       Exercise
Price. The exercise price per Share of a Stock Appreciation Right shall be determined by the Committee at the time the Stock
Appreciation Right is granted and shall be specified in the related Award Agreement; provided, however, that in no event
shall the exercise price per Share of any Stock Appreciation Right be less than one hundred percent (100%) of the Fair Market
Value of a Share on the Date of Grant.

 

c.       Term.
The term of a Stock Appreciation Right shall be determined by the Committee and set forth in the related Award Agreement; provided,
however, that in no event shall the term of any Stock Appreciation Right exceed ten (10) years from its Date of Grant.

 

d.       Exercisability
of Stock Appreciation Rights. A Stock Appreciation Right shall become vested and exercisable at such times and upon such terms
and conditions as may be determined by the Committee and set forth in the related Award Agreement. Such terms and conditions may
include, without limitation, the satisfaction of (i) performance goals based on one or more Performance Objectives, and (ii) time-based
vesting requirements.

 

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e.       Exercise
of Stock Appreciation Rights. Except as otherwise provided in the Plan or in a related Award Agreement, a Stock Appreciation
Right may be exercised for all or any portion of the Shares for which it is then exercisable. A Stock Appreciation Right shall
be exercised by the delivery of a notice of exercise to the Company or its designee in a form specified by the Company which sets
forth the number of Shares with respect to which the Stock Appreciation Right is to be exercised. Upon exercise, a Stock Appreciation
Right shall entitle a Participant to an amount equal to (i) the excess of (A) the Fair Market Value of a Share on the exercise
date over (B) the exercise price per Share, multiplied by (ii) the number of Shares with respect to which the Stock Appreciation
Right is exercised. A Stock Appreciation Right may be settled in whole Shares, cash or a combination thereof, as specified by
the Committee in the related Award Agreement.

 

8.           Restricted
Shares. Subject to the terms and conditions of the Plan, Restricted Shares may be granted or sold to Participants in such
number, and upon such terms and conditions, as shall be determined by the Committee in its sole discretion.

 

a.       Award
Agreement. Each Restricted Shares Award shall be evidenced by an Award Agreement that shall specify the number of Restricted
Shares, the restricted period(s) applicable to the Restricted Shares, the conditions upon which the restrictions on the Restricted
Shares will lapse and such other terms and conditions as the Committee shall determine and which are not inconsistent with the
terms and conditions of the Plan.

 

b.       Terms,
Conditions and Restrictions. The Committee shall impose such other terms, conditions and/or restrictions on any Restricted
Shares as it may deem advisable, including, without limitation, a requirement that the Participant pay a purchase price for each
Restricted Share, restrictions based on the achievement of specific Performance Objectives, time-based restrictions or holding
requirements or sale restrictions placed on the Shares by the Company upon vesting of such Restricted Shares. Unless otherwise
provided in the related Award Agreement or required by Applicable Law, the restrictions imposed on Restricted Shares shall lapse
upon the expiration or termination of the applicable restricted period and the satisfaction of any other applicable terms and
conditions.

 

c.       Custody
of Certificates. To the extent deemed appropriate by the Committee, the Company may retain any certificates representing Restricted
Shares in the Company’s possession until such time as all terms, conditions and/or restrictions applicable to such Shares
have been satisfied or lapse.

 

d.       Rights
Associated with Restricted Shares during Restricted Period. During any restricted period applicable to Restricted Shares:
(i) the Restricted Shares may not be sold, transferred, pledged, assigned or otherwise alienated or hypothecated; (ii) unless
otherwise provided in the related Award Agreement, the Participant shall be entitled to exercise full voting rights associated
with such Restricted Shares; and (iii) the Participant shall be entitled to all dividends and other distributions paid with respect
to such Restricted Shares during the restricted period. The Award Agreement may require that receipt of any dividends or other
distributions with respect to the Restricted Shares shall be subject to the same terms and conditions as the Restricted Shares
with respect to which they are paid.

 

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9.           Restricted
Share Units. Subject to the terms and conditions of the Plan, Restricted Share Units may be granted or sold to Participants
in such number, and upon such terms and conditions, as shall be determined by the Committee in its sole discretion.

 

a.       Award
Agreement. Each Restricted Share Unit Award shall be evidenced by an Award Agreement that shall specify the number of units,
the restricted period(s) applicable to the Restricted Share Units, the conditions upon which the restrictions on the Restricted
Share Units will lapse, the time and method of payment of the Restricted Share Units, and such other terms and conditions as the
Committee shall determine and which are not inconsistent with the terms and conditions of the Plan.

 

b.       Terms,
Conditions and Restrictions. The Committee shall impose such other terms, conditions and/or restrictions on any Restricted
Share Units as it may deem advisable, including, without limitation, a requirement that the Participant pay a purchase price for
each Restricted Share Unit, restrictions based on the achievement of specific Performance Objectives or time-based restrictions
or holding requirements.

 

c.       Form
of Settlement. Restricted Share Units may be settled in whole Shares, cash or a combination thereof, as specified by the Committee
in the related Award Agreement.

 

d.       
Dividend Equivalents. Restricted Share Units may provide the Participant with dividend equivalents, on either a current
or deferred or contingent basis, and either in cash or in additional Shares, as determined by the Committee in its sole discretion
and set forth in the related Award Agreement.

 

10.          Other
Share-Based Awards. Subject to the terms and conditions of the Plan, Other Share-Based Awards may be granted to Participants
in such number, and upon such terms and conditions, as shall be determined by the Committee in its sole discretion. Other Share-Based
Awards are Awards that are valued in whole or in part by reference to, or otherwise based on the Fair Market Value of, Shares,
and shall be in such form as the Committee shall determine, including without limitation, unrestricted Shares or time-based or
performance-based units that are settled in Shares and/or cash.

 

a.       Award
Agreement. Each Other Share-Based Award shall be evidenced by an Award Agreement that shall specify the terms and conditions
upon which the Other Share-Based Award shall become vested, if applicable, the time and method of settlement, the form of settlement
and such other terms and conditions as the Committee shall determine and which are not inconsistent with the terms and conditions
of the Plan.

 

b.       Form
of Settlement. An Other Share-Based Award may be settled in whole Shares, cash or a combination thereof, as specified by the
Committee in the related Award Agreement.

 

c.       Dividend
Equivalents. Other Share-Based Awards may provide the Participant with dividend equivalents, on either a current or deferred
or contingent basis, and either in cash or in additional Shares, as determined by the Committee in its sole discretion and set
forth in the related Award Agreement.

 

11.          Cash-Based
Awards. Subject to the terms and conditions of the Plan, Cash-Based Awards may be granted to Participants in such amounts
and upon such other terms and conditions as shall be determined by the Committee in its sole discretion. Each Cash-Based Award
shall be evidenced by an Award Agreement that shall specify the payment amount or payment range, the time and method of settlement
and the other terms and conditions, as applicable, of such Award which may include, without limitation, restrictions based on
the achievement of specific Performance Objectives.

 

    	 	10	 

     

    

 

12.          Compliance
with Section 409A. Awards granted under the Plan shall be designed and administered in such a manner that they are either
exempt from the application of, or comply with, the requirements of Section 409A of the Code. To the extent that the Committee
determines that any award granted under the Plan is subject to Section 409A of the Code, the Award Agreement shall incorporate
the terms and conditions deemed necessary by the Committee to avoid the imposition of an additional tax under Section 409A of
the Code upon a Participant. Notwithstanding any other provision of the Plan or any Award Agreement (unless the Award Agreement
provides otherwise with specific reference to this Section 12): (a) an Award shall not be granted, deferred, accelerated, extended,
paid out, settled, substituted or modified under the Plan in a manner that would result in the imposition of an additional tax
under Section 409A of the Code upon a Participant; and (b) if an Award is subject to Section 409A of the Code, and if the Participant
holding the award is a “specified employee” (as defined in Section 409A of the Code, with such classification to be
determined in accordance with the methodology established by the Company), then, to the extent required to avoid the imposition
of an additional tax under Section 409A of the Code upon a Participant, no distribution or payment of any amount shall be made
before the date that is six (6) months following the date of such Participant’s “separation from service” (as
defined in Section 409A of the Code) or, if earlier, the date of the Participant’s death. Although the Company intends to
administer the Plan so that Awards will be exempt from, or will comply with, the requirements of Section 409A of the Code, the
Company does not warrant that any Award under the Plan will qualify for favorable tax treatment under Section 409A of the Code
or any other provision of federal, state, local, or non-United States law. The Company shall not be liable to any Participant
for any tax, interest, or penalties the Participant might owe as a result of the grant, holding, vesting, exercise, or payment
of any Award under the Plan.

 

13.          Compliance
with Section 162(m).

 

a.       In
General. Notwithstanding anything in the Plan to the contrary, Awards may be granted in a manner that is intended to qualify
for the Performance-Based Exception. As determined by the Committee in its sole discretion, the grant, vesting, exercisability
and/or settlement of any Restricted Shares, Restricted Share Units, Other Share-Based Awards and Cash-Based Awards intended to
qualify for the Performance-Based Exception shall be conditioned on the attainment of one or more Performance Objectives during
a performance period established by the Committee and must satisfy the requirements of this Section 13.

 

b.       Performance
Objectives. If an Award is intended to qualify for the Performance-Based Exception, then the Performance Objectives shall
be based on specified levels of or growth in one or more of the following criteria: revenues, weighted average revenue per unit,
earnings from operations, operating income, earnings before or after interest and taxes, operating income before or after interest
and taxes, net income, cash flow, earnings per share, debt to capital ratio, increase in market capitalization, economic value
added, return on total capital, return on invested capital, return on equity, return on assets, total return to stockholders,
earnings before or after interest, taxes, depreciation, amortization or extraordinary or special items, operating income before
or after interest, taxes, depreciation, amortization or extraordinary or special items, return on investment, free cash flow,
cash flow return on investment (discounted or otherwise), net cash provided by operations, cash flow in excess of cost of capital,
operating margin, profit margin, contribution margin, stock price and/or strategic business criteria consisting of one or more
objectives based on meeting specified product development, strategic partnering, research and development, market penetration,
geographic business expansion goals, cost targets, customer satisfaction, gross or net additional customers, average customer
life, employee satisfaction, management of employment practices and employee benefits, supervision of litigation and information
technology, and goals relating to acquisitions or divestitures of subsidiaries, affiliates and joint ventures.

 

    	 	11	 

     

    

 

c.       
Establishment of Performance Goals. With respect to Awards intended to qualify for the Performance-Based Exception, the
Committee shall establish: (i) the applicable Performance Objectives and performance period, and (ii) the formula for computing
the payout. Such terms and conditions shall be established in writing while the outcome of the applicable performance period is
substantially uncertain, but in no event later than the earlier of: (x) ninety days after the beginning of the applicable performance
period; or (y) the expiration of twenty-five percent (25%) of the applicable performance period.

 

d.       
Certification of Performance. With respect to any Award intended to qualify for the Performance-Based Exception, the Committee
shall certify in writing whether the applicable Performance Objectives and other material terms imposed on such Award have been
satisfied, and, if they have, ascertain the amount of the payout or vesting of the Award. Notwithstanding any other provision
of the Plan, payment or vesting of any such Award shall not be made until the Committee certifies in writing that the applicable
Performance Objectives and any other material terms of such Award were in fact satisfied in a manner conforming to applicable
regulations under Section 162(m) of the Code.

 

e.       Negative
Discretion. With respect to any Award intended to qualify for the Performance-Based Exception, after the date that the Performance
Objectives are required to be established in writing pursuant to Section 13(c), the Committee shall not have discretion to increase
the amount of compensation that is payable upon achievement of the designated Performance Objectives. However, the Committee may,
in its sole discretion, reduce the amount of compensation that is payable upon achievement of the designated Performance Objectives.

 

14.          Transferability.
Except as otherwise determined by the Committee, no Award or dividend equivalents paid with respect to any Award shall be transferable
by the Participant except by will or the laws of descent and distribution; provided, that if so determined by the Committee,
each Participant may, in a manner established by the Board or the Committee, designate a beneficiary to exercise the rights of
the Participant with respect to any Award upon the death of the Participant and to receive Shares or other property issued or
delivered under such Award. Except as otherwise determined by the Committee, Stock Options and Stock Appreciation Rights will
be exercisable during a Participant’s lifetime only by the Participant or, in the event of the Participant’s legal
incapacity to do so, by the Participant’s guardian or legal representative acting on behalf of the Participant in a fiduciary
capacity under state law and/or court supervision.

 

    	 	12	 

     

    

 

15.          Adjustments.
In the event of any equity restructuring (within the meaning of Financial Accounting Standards Board Accounting Standards Codification
Topic 718, or any successor thereto), such as a stock dividend, stock split, reverse stock split, spinoff, rights offering, or
recapitalization through a large, nonrecurring cash dividend, the Committee shall cause there to be an equitable adjustment in
the number and kind of Shares specified in Sections 3(a) and 3(c) of the Plan and, with respect to outstanding Awards, in the
number and kind of Shares subject to outstanding Awards and the exercise price or other price of Shares subject to outstanding
Awards, in each case to prevent dilution or enlargement of the rights of Participants. In the event of any other change in corporate
capitalization, or in the event of a merger, consolidation, liquidation, or similar transaction, the Committee may, in its sole
discretion, cause there to be an equitable adjustment as described in the foregoing sentence, to prevent dilution or enlargement
of rights; provided, however, that, unless otherwise determined by the Committee, the number of Shares subject to
any Award shall always be rounded down to a whole number. Notwithstanding the foregoing, the Committee shall not make any adjustment
pursuant to this Section 15 that would (i) cause any Stock Option intended to qualify as an ISO to fail to so qualify, (ii) cause
an Award that is otherwise exempt from Section 409A of the Code to become subject to Section 409A, or (iii) cause an Award that
is subject to Section 409A of the Code to fail to satisfy the requirements of Section 409A. The determination of the Committee
as to the foregoing adjustments, if any, shall be conclusive and binding on all Participants and any other persons claiming under
or through any Participant.

 

16.          Fractional
Shares. The Company shall not be required to issue or deliver any fractional Shares pursuant to the Plan and, unless otherwise
provided by the Committee, fractional Shares shall be settled in cash.

 

17.          Withholding
Taxes. To the extent required by Applicable Law, a Participant shall be required to satisfy, in a manner satisfactory to the
Company or Subsidiary, as applicable, any withholding tax obligations that arise by reason of the exercise of a Stock Option or
Stock Appreciation Right, the vesting of or settlement of Shares under an Award, an election pursuant to Section 83(b) of
the Code or otherwise with respect to an Award. The Company and its Subsidiaries shall not be required to issue or deliver Shares,
make any payment or recognize the transfer or disposition of Shares until such obligations are satisfied. The Committee may permit
or require these obligations to be satisfied by having the Company withhold a portion of the Shares that otherwise would be issued
or delivered to a Participant upon exercise of a Stock Option or Stock Appreciation Right or upon the vesting or settlement of
an Award, or by tendering Shares previously acquired, in each case having a Fair Market Value equal to the minimum amount required
to be withheld or paid, or such other amount as will not result in an adverse accounting consequence to the Company. Any such
elections are subject to such conditions or procedures as may be established by the Committee and may be subject to disapproval
by the Committee.

 

18.          Foreign
Employees. Without amending the Plan, the Committee may grant Awards to Participants who are foreign nationals, or who are
subject to Applicable Law of one or more non-United States jurisdictions, on such terms and conditions different from those specified
in the Plan as may in the judgment of the Committee be necessary or desirable to foster and promote achievement of the purposes
of the Plan, and, in furtherance of such purposes, the Committee may approve such sub-plans, supplements to or amendments, modifications,
restatements or alternative versions of this Plan as may be necessary or advisable to comply with provisions of Applicable Law
of other countries in which the Company or its Subsidiaries operate or have employees.

 

    	 	13	 

     

    

 

19.          Compensation
Recovery Policy.

 

a.       Compensation
Recovery Policy. Any Award granted to a Participant shall be subject to forfeiture or repayment pursuant to the terms of any
applicable compensation recovery policy adopted by the Company, including any such policy that may be adopted to comply with Applicable
Law.

 

b.       Set-Off
and Other Remedies. To the extent that amounts are not immediately returned or paid to the Company as provided in this Section
19, the Company may, to the extent permitted by Applicable Law, seek other remedies, including a set off of the amounts so payable
to it against any amounts that may be owing from time to time by the Company or a Subsidiary to the Participant for any reason,
including, without limitation, wages, or vacation pay or other benefits; provided, however, that, except to the extent
permitted by Treasury Regulation Section 1.409A-3(j)(4), such offset shall not apply to amounts that are “deferred compensation”
within the meaning of Section 409A of the Code.

 

20.          Change
in Control. In the event of a Change in Control, the Committee, in its sole discretion, may take such actions, if any, as
it deems necessary or desirable with respect to any Award that is outstanding as of the date of the consummation of the Change
in Control. Such actions may include, without limitation, and without the consent of any affected Participant: (a) the acceleration
of the vesting, settlement and/or exercisability of an Award; (b) the payment of a cash amount in exchange for the cancellation
of an Award; (c) the cancellation of Stock Options and/or Stock Appreciation Rights without payment therefor if the Fair Market
Value of a Share on the date of the Change in Control does not exceed the exercise price per Share of the applicable Awards; and/or
(d) the issuance of substitute Awards that substantially preserve the value, rights and benefits of any affected Awards.

 

21.          Amendment,
Modification and Termination.

 

a.       In
General. The Board may at any time and from time to time, alter, amend, suspend or terminate the Plan in whole or in part;
provided, however, that no alteration or amendment that requires stockholder approval in order for the Plan to comply
with any rule promulgated by the SEC or any securities exchange on which Shares are listed or any other Applicable Law shall be
effective unless such amendment shall be approved by the requisite vote of stockholders of the Company entitled to vote thereon
within the time period required under such applicable listing standard or rule.

 

    	 	14	 

     

    

 

b.       Adjustments
to Outstanding Awards. The Committee may in its sole discretion at any time (i) provide that all or a portion of a Participant’s
Stock Options, Stock Appreciation Rights and other Awards in the nature of rights that may be exercised shall become fully or
partially exercisable; (ii) provide that all or a part of the time-based vesting restrictions on all or a portion of the outstanding
Awards shall lapse, and/or that any Performance Objectives or other performance-based criteria with respect to any Awards shall
be deemed to be wholly or partially satisfied; or (iii) waive any other limitation or requirement under any such Award, in each
case, as of such date as the Committee may, in its sole discretion, declare. Unless otherwise determined by the Committee, any
such adjustment that is made with respect to an Award that is intended to qualify for the Performance-Based Exception shall be
made at such times and in such manner as will not cause such Awards to fail to qualify under the Performance-Based Exception.
Additionally, the Committee shall not make any adjustment pursuant to this Section 21(b) that would cause an Award that is otherwise
exempt from Section 409A of the Code to become subject to Section 409A, or that would cause an Award that is subject to Section 409A
of the Code to fail to satisfy the requirements of Section 409A.

 

c.       Prohibition
on Repricing. Except for adjustments made pursuant to Sections 16 or 21, the Board or the Committee will not, without the
further approval of the stockholders of the Company, authorize the amendment of any outstanding Stock Option or Stock Appreciation
Right to reduce the exercise price. No Stock Option or Stock Appreciation Right will be cancelled and replaced with an Award having
a lower exercise price, or for another Award, or for cash without further approval of the stockholders of the Company, except
as provided in Sections 15 or 20. Furthermore, no Stock Option or Stock Appreciation Right will provide for the payment, at the
time of exercise, of a cash bonus or grant or sale of another Award without further approval of the stockholders of the Company.
This Section 21(c) is intended to prohibit the repricing of “underwater” Stock Options or Stock Appreciation Rights
without stockholder approval and will not be construed to prohibit the adjustments provided for in Sections 15 or 20.

 

d.       Effect
on Outstanding Awards. Notwithstanding any other provision of the Plan to the contrary (other than Sections 15, 20, 21(b)
and 23(d)), no termination, amendment, suspension, or modification of the Plan or an Award Agreement shall adversely affect in
any material way any Award previously granted under the Plan, without the written consent of the Participant holding such Award;
provided that the Committee may modify an ISO held by a Participant to disqualify such Stock Option from treatment as an
“incentive stock option” under Section 422 of the Code without the Participant’s consent.

 

22.          Applicable
Law. The obligations of the Company with respect to Awards under the Plan shall be subject to Applicable Law and such approvals
by any governmental agencies as the Committee determines may be required. The Plan and each Award Agreement shall be governed
by the laws of the State of Delaware, excluding any conflicts or choice of law rule or principle that might otherwise refer construction
or interpretation of the Plan to the substantive law of another jurisdiction.

 

23.          Miscellaneous.

 

a.       Conditions
on Delivery of Shares. The Company will not be obligated to deliver any Shares pursuant to the Plan or to remove restrictions
from Shares previously delivered under the Plan until (i) all conditions of the Award have been met or removed to the satisfaction
of the Company, (ii) in the opinion of the Company’s counsel, all other legal matters in connection with the issuance and
delivery of such Shares have been satisfied, including any applicable securities laws and any applicable stock exchange or stock
market rules and regulations, and (iii) the Participant has executed and delivered to the Company such representations or agreements
as the Company may consider appropriate to satisfy the requirements of Applicable Law. Unless and until the Shares have been registered
under the Securities Act of 1933, as amended, each certificate evidencing any Shares delivered pursuant to the Plan shall bear
a restrictive legend specified by the Company.

 

    	 	15	 

     

    

 

b.       No
Right of Continued Employment or Service. The Plan shall not confer upon any Participant any right with respect to continuance
of employment or other service with the Company or any Subsidiary, nor shall it interfere in any way with any right the Company
or any Subsidiary would otherwise have to terminate such Participant’s employment or other service at any time. No Employee,
Director or Consultant shall have the right to be selected to receive an Award under the Plan, or, having been so selected, to
be selected to receive future Awards. Awards granted under the Plan shall not be considered a part of any Participant’s
normal or expected compensation or salary for any purposes, including, but not limited to, calculating any severance, resignation,
termination, redundancy, dismissal, end of service payments, bonuses, long-service awards, pension or retirement or welfare benefits
or similar payments.

 

c.       Unfunded,
Unsecured Plan. Neither a Participant nor any other person shall, by reason of participation in the Plan, acquire any right
or title to any assets, funds or property of the Company or any Subsidiary, including without limitation, any specific funds,
assets or other property which the Company or any Subsidiary may set aside in anticipation of any liability under the Plan. A
Participant shall have only a contractual right to an Award or the amounts, if any, payable under the Plan, unsecured by any assets
of the Company or any Subsidiary, and nothing contained in the Plan shall constitute a guarantee that the assets of the Company
or any Subsidiary shall be sufficient to pay any benefits to any person.

 

d.       Severability.
If any provision of the Plan is or becomes invalid, illegal or unenforceable in any jurisdiction, or would disqualify the Plan
or any Award under any law deemed applicable by the Committee, such provision shall be construed or deemed amended or limited
in scope to conform to Applicable Law or, in the discretion of the Committee, it shall be stricken and the remainder of the Plan
shall remain in full force and effect.

 

e.       Acceptance
of the Plan. By accepting any benefit under the Plan, each Participant and each person claiming under or through any such
Participant shall be conclusively deemed to have indicated their acceptance and ratification of, and consent to, all of the terms
and conditions of the Plan and any action taken under the Plan by the Committee, the Board or the Company, in any case in accordance
with the terms and conditions of the Plan.

 

f.       Successors.
All obligations of the Company under the Plan and with respect to Awards shall be binding on any successor to the Company, whether
the existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or other event, or a sale
or disposition of all or substantially all of the business and/or assets of the Company and references to the “Company”
herein and in any Award Agreements shall be deemed to refer to such successors.

 

 

 

 

[END
OF DOCUMENT]

 

16EX-4.(i)

 Exhibit 4(i) 

AMENDED AND RESTATED DECLARATION OF TRUST AND TRUST AGREEMENT 

OF 
 SOLIDX BITCOIN
TRUST 
 DATED AS OF FEBRUARY 1, 2017 

 TABLE OF CONTENTS 

 

							
	 	    	 	  	Page	 
		
	ARTICLE I.          NAME, PURPOSE AND DEFINITIONS	  	 	1	  
			
	 Section 1.01.
	    	 Name
	  	 	1	  
			
	 Section 1.02.
	    	 Purpose
	  	 	1	  
			
	 Section 1.03.
	    	 Definitions
	  	 	1	  
			
	 Section 1.04.
	    	 Grantor Trust
	  	 	3	  
		
	ARTICLE II.        SHARES	  	 	4	  
			
	 Section 2.01.
	    	 Division of Beneficial Interest
	  	 	4	  
			
	 Section 2.02.
	    	 Ownership of Shares
	  	 	4	  
			
	 Section 2.03.
	    	 Transfer of Shares
	  	 	4	  
			
	 Section 2.04.
	    	 Investments in the Trust
	  	 	4	  
			
	 Section 2.05.
	    	 Status of Shares and Limitation of Personal Liability
	  	 	4	  
			
	 Section 2.06.
	    	 Designation and Rights of Shares
	  	 	5	  
			
	 Section 2.07.
	    	 Creations and Issuance of Creation Baskets
	  	 	5	  
			
	 Section 2.08.
	    	 Redemption of Creation Baskets
	  	 	6	  
		
	ARTICLE III.       TRUSTEE	  	 	6	  
			
	 Section 3.01.
	    	 Term; Resignation
	  	 	6	  
			
	 Section 3.02.
	    	 Duties
	  	 	6	  
			
	 Section 3.03.
	    	 Compensation and Expenses of the Trustee
	  	 	6	  
			
	 Section 3.04.
	    	 Liability of Trustee
	  	 	7	  
			
	 Section 3.05.
	    	 Indemnification
	  	 	7	  
			
	 Section 3.06.
	    	 Successor Trustee
	  	 	8	  
		
	ARTICLE IV.      THE SPONSOR	  	 	8	  
			
	 Section 4.01.
	    	 Management of the Trust
	  	 	8	  
			
	 Section 4.02.
	    	 Authority of Sponsor
	  	 	8	  
			
	 Section 4.03.
	    	 Obligations of Sponsor
	  	 	9	  
			
	 Section 4.04.
	    	 Compensation of the Sponsor
	  	 	11	  
			
	 Section 4.05.
	    	 Liability of Sponsor and Indemnification
	  	 	11	  
		
	ARTICLE V.        BOOKS OF ACCOUNT AND CERTIFICATE OF TRUST	  	 	12	  
			
	 Section 5.01.
	    	 Books of Account
	  	 	12	  
			
	 Section 5.02.
	    	 Certificate of Trust
	  	 	12	  
		
	ARTICLE VI.       AMENDMENT OF TRUST AGREEMENT	  	 	12	  
		
	ARTICLE VII.     TERM	  	 	12	  
		
	ARTICLE VIII.    TERMINATION/REORGANIZATION	  	 	12	  
			
	 Section 8.01.
	    	 Termination of the Trust
	  	 	12	  
			
	 Section 8.02.
	    	 Merger and Consolidation
	  	 	14	  

  
 i 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	    	 	  	Page	 
			
	 Section 8.03.
	    	 Dissolution of Sponsor Not to Terminate Trust
	  	 	14	  
		
	ARTICLE IX.    SHAREHOLDERS’ VOTING POWERS AND MEETINGS	  	 	14	  
			
	 Section 9.01.
	    	 Voting Powers
	  	 	14	  
			
	 Section 9.02.
	    	 Voting Power and Meetings
	  	 	15	  
			
	 Section 9.03.
	    	 Place of Meetings
	  	 	15	  
			
	 Section 9.04.
	    	 Notice of Shareholders’ Meeting
	  	 	15	  
			
	 Section 9.05.
	    	 Adjourned Meeting; Notice
	  	 	15	  
			
	 Section 9.06.
	    	 Voting Procedure
	  	 	15	  
			
	 Section 9.07.
	    	 Quorum and Required Vote
	  	 	15	  
			
	 Section 9.08.
	    	 Action by Written Consent
	  	 	15	  
			
	 Section 9.09.
	    	 Record Dates
	  	 	15	  
			
	 Section 9.10.
	    	 Waiver of Notice by Consent of Absent Shareholders
	  	 	16	  
			
	 Section 9.11.
	    	 Proxies
	  	 	16	  
		
	ARTICLE X.     ARTICLE X MISCELLANEOUS PROVISIONS	  	 	16	  
			
	 Section 10.01.
	    	 Certain Matters Relating to Shareholders
	  	 	16	  
			
	 Section 10.02.
	    	 Delaware Law to Govern
	  	 	17	  
			
	 Section 10.03.
	    	 Provisions in Conflict with Law or Regulations
	  	 	17	  
			
	 Section 10.04.
	    	 Notices
	  	 	18	  
			
	 Section 10.05.
	    	 Headings
	  	 	18	  
			
	 Section 10.06.
	    	 Counterparts
	  	 	18	  

  

  
 ii 

 SOLIDX BITCOIN TRUST 

AMENDED AND RESTATED DECLARATION OF TRUST AND TRUST AGREEMENT 

WHEREAS, THIS AMENDED AND RESTATED DECLARATION OF TRUST AND TRUST AGREEMENT is made and entered into as of [    ], 2017,
by SOLIDX MANAGEMENT LLC, as sponsor, and DELAWARE TRUST COMPANY, as trustee, for the purpose of continuing a Delaware statutory trust in accordance with the provisions hereinafter set forth; 

WHEREAS, SOLIDX MANAGEMENT LLC and Delaware Trust Company have heretofore created a Delaware statutory trust pursuant to the Delaware Act
(as hereinafter defined) by entering into a declaration of trust and trust agreement, dated as of September 15, 2016 (the “Original Declaration of Trust and Trust Agreement”), and by executing and filing with the Secretary of
State of the State of Delaware the Certificate of Trust; and 
 WHEREAS, the parties hereto desire to amend and restate the Original
Declaration of Trust and Trust Agreement in its entirety and to provide for the matters set forth herein; 
 NOW, THEREFORE, in
consideration of the agreements and obligations set forth herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, each party, hereby amends and restates the Original Declaration of Trust
and Trust Agreement in its entirety and agrees as follows: 
 ARTICLE I 

NAME, PURPOSE AND DEFINITIONS 

Section 1.01. Name. This trust shall be known as the “SolidX Bitcoin Trust.” The Sponsor and the Trustee shall conduct the
business of the Trust under this name or any other name as the Sponsor may from time to time determine in its sole discretion. Any name change shall become effective on the execution by the Sponsor of an instrument setting forth the new name and the
filing of a certificate of amendment pursuant to Section 3810(b)(1) of the Delaware Act. Any such instrument shall not require the approval of the Shareholders but shall have the status of an amendment to this Trust Agreement. 

Section 1.02. Purpose. The purpose of the Trust is to provide Shareholders with exposure to the daily change in the U.S. dollar price of
bitcoin, before expenses and liabilities of the Trust. The Sponsor intends for the Trust to be operated and treated for U.S. federal income tax purposes as an “‘investment’ trust” as defined in Treasury Regulation § 301.7701-4(c)(1) and to be treated as a “grantor trust” described in sections 671-679 of the Code. All provisions in this Trust Agreement are intended to be
construed such that the Trust does not lose its status as an “‘investment’ trust” treated as a “grantor trust”. It is not the intention of the Sponsor to create a general partnership, limited partnership, limited
liability company, joint stock association, corporation, bailment or any form of legal relationship other than a Delaware Statutory Trust. The Trust shall be entitled to exercise all of the powers and privileges granted to a statutory trust formed
under the laws of the State of Delaware, now or hereafter in force. 
 Section 1.03. Definitions. Whenever used herein, unless otherwise
required by the context or specifically provided: 
 “Administrator” means any Person from time to time engaged to perform administration services
for the Trust pursuant to authority delegated by the Sponsor. 
 “Affiliate” shall mean, with respect to any Person, any other Person that,
directly or indirectly through one or more intermediaries, Controls, is Controlled by, or is under common Control with, such Person. 
 “Authorized
Participant” means a person who (1) is a registered broker-dealer under the Securities Exchange Act of 1934 and is a member in good standing of the Financial Industry Regulatory Authority (“FINRA”) or other securities market
participant such as a bank or other financial institution which is not required to register as a broker-dealer or be a member of FINRA to engage in securities transactions, (2) is a participant in DTC and (3) has entered into an Authorized
Participant Agreement. Only Authorized Participants may place orders to create or redeem one or more Creation Baskets. 

  
 1 

 “Authorized Participant Agreement” shall mean an agreement entered into by each Authorized Participant
which provides the procedures for the creation and redemption of Creation Baskets and for the delivery of the bitcoin and/or cash required for such creations and redemptions. 

“bitcoin” shall mean the unit of account within the Bitcoin network, which is the network of computers running the software protocol underlying
bitcoin involved in maintaining the database of bitcoin ownership and facilitating the transfer of bitcoin among parties. 
 “bitcoin Custodian”
means an entity designated to act as custodian of the Trust’s bitcoin pursuant to a written agreement with the Trust or Sponsor on behalf of the Trust. 

“Business Day” shall mean any day the Exchange is open for business and the Trust accepts creation and redemption orders for Creation Baskets. 

“By-Laws” shall mean the By-Laws of the Trust, if any, as amended
from time to time which By-Laws are expressly herein incorporated by reference as part of the “governing instrument” within the meaning of the Delaware Act (defined herein). 

“Certificate of Trust” means the Certificate of Trust of the Trust in the form filed with the Secretary of State of the State of Delaware pursuant
to Section 3810 of the Delaware Act as amended or restated from time to time. 
 “Code” means the Internal Revenue Code of 1986, as amended.

 “Control” and/or “Controlled” mean that the specified party, directly or indirectly, has the power to direct or cause the direction
of the management and policies of an entity through the ownership of voting securities, by contract or otherwise. 
 “Creation Basket” shall mean
a block of 10,000 Shares or more or such other amount as established from time to time by the Sponsor. Multiple blocks are called “Creation Baskets.” 

“Cash Custodian” means an entity designated to act as custodian of the Trust’s cash pursuant to a written agreement with the Trust or Sponsor
on behalf of the Trust. 
 “Custody Agreement (bitcoin)” means a written agreement entered into by the Trust or Sponsor with a bitcoin Custodian
providing for the deposit, safekeeping or delivery of bitcoin held by the Trust and related services. 
 “Custody Agreement (cash)” means a
written agreement entered into by the Trust or Sponsor with a Cash Custodian providing for the deposit, safekeeping or delivery of cash held by the Trust and related services. 

“Trust Agreement” shall mean this Amended and Restated Declaration of Trust and Trust Agreement, as amended or restated from time to time. 

“Delaware Act” shall mean the Delaware Statutory Trust Act (12 Del. C. § 3801 et seq.), as such statute may be amended or interpreted
from time to time, and any legislative enactment which may replace or supersede such Act. 
 “DTC” shall mean the Depository Trust Company. DTC is
a limited purpose trust company organized under New York law, a member of the U.S. Federal Reserve System and a clearing agency registered with the SEC pursuant to the provisions of Section 17A of the Securities Exchange Act of 1934, as
amended. DTC will act as the securities depository for the Shares. 
 “DTC Participant” shall mean a Participant in DTC, such as a bank, broker,
dealer or trust company. 

  
 2 

 “Exchange” means the primary exchange or other securities market on which the Shares are listed for
trading. 
 “Expenses” shall have the meaning assigned to such term in Section 3.05 herein. 

“Indemnified Person” shall have the meaning assigned to such term in Section 3.05 herein. 

“Person” means and includes individuals, corporations, partnerships, trusts, associations, joint ventures, estates and other entities, whether or
not legal entities, and governments and agencies and political subdivisions thereof, whether domestic or foreign. 
 “Prospectus” shall have the
meaning assigned to such term in Section 4.02(e) herein. 
 “Redemption Order” shall have the meaning assigned to such term in
Section 2.08(a) herein. 
 “Registration Statement” means the current registration statement of the Trust as filed with the SEC, either
pending effectiveness or already effective, as the same may at any time and from time to time be amended or supplemented. 
 “SEC” means the U.S.
Securities and Exchange Commission. 
 “Shareholder” means a record owner of at least one outstanding Share. 

“Share” shall mean an equal proportionate unit of beneficial interest into which the beneficial interest of the Trust shall be divided.
“Shares” includes fractions of Shares as well as whole Shares. 
 “Sponsor” means SolidX Management LLC, or any entity into which it may
be merged or with which it may be consolidated, or any entity resulting from any merger or consolidation to which it shall be a party, or any entity succeeding to all or substantially all of its business as sponsor of the Trust, or any successor
Sponsor designated as such by operation of law or any successor Sponsor appointed as herein provided. 
 “Sponsor Agreement” means an agreement
between the Trust and the Sponsor setting forth, among other things, the Sponsor’s compensation for its services as Sponsor of the Trust. 

“Sponsor Indemnified Party” shall have the meaning assigned to such term in Section 4.05(c) herein. 

“Trust” refers to the Delaware statutory trust established under the Delaware Act by the filing of the Certificate of Trust in the Office of the
Secretary of State of the State of Delaware on September 15, 2016. 
 “Trust Property” means the property of the Trust and, specifically, the
bitcoin and cash owned or held by or for the account of the Trust. 
 “Trustee” refers to Delaware Trust Company or any successor Trustee
designated as such by operation of law or appointed as herein, acting not in its individual capacity but solely as trustee of the Trust. 

Section 1.04. Grantor Trust. Nothing in this Trust Agreement, any Custody Agreement (cash or bitcoin), the Sponsor Agreement or otherwise
shall be construed to give the Trustee or Sponsor the power to vary the investment of the Shareholders (within the meaning of Treasury Regulation Section 301.7701-4(c) under the Code or any similar
or successor provision of the regulations under the Code), nor shall the Sponsor give the Trustee any direction that would vary the investment of the Shareholders. Neither the Trustee nor the Sponsor shall be liable to any Person for any failure of
the Trust to qualify as a “grantor trust” under the Code or any comparable provision of the laws of any State or other jurisdiction where that treatment is sought, except that this sentence shall not limit the Trustee’s or
Sponsor’s responsibility for the administration of the Trust in accordance with this Trust Agreement. 

  
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 ARTICLE II 

SHARES 
 Section 2.01. Division
of Beneficial Interest. The beneficial interest in the Trust shall be divided into Shares. Each Share of the Trust shall represent an equal beneficial interest in the net assets of the Trust, and each holder of Shares shall be entitled to
receive such holder’s pro rata share of distributions of income and capital gains, if any. 
 All Shares issued hereunder shall be
fully paid and non-assessable. No Share shall have any priority or preference over any other Share of the Trust. All distributions, if any, shall be made ratably among all Shareholders from the assets of the
Trust according to the number of Shares held of record by such Shareholders on the record date for any distribution or on the date of termination of the Trust, as the case may be. Except as otherwise provided by the Sponsor, Shareholders shall have
no preemptive or other right to subscribe to any additional Shares or other securities issued by the Trust. Every Shareholder, by virtue of having purchased or acquired a Share, shall have expressly consented and agreed to be bound by the terms of
this Trust Agreement. 
 The Sponsor shall have full power and authority, in its sole discretion, without seeking the approval of the
Trustee or the Shareholders (i) to establish and designate and to change in any manner and to fix such preferences, voting powers, rights, duties and privileges of the Trust as the Sponsor may from time to time determine (ii) to divide the
beneficial interest in the Trust into an unlimited amount of Shares, with or without par value, as the Sponsor shall determine, (iii) to issue Shares without limitation as to number (including fractional Shares), to such Persons and for such
amount of consideration, subject to any restriction set forth in the By-Laws, if any, at such time or times and on such terms as the Sponsor may deem appropriate, (iv) to divide or combine the Shares into
a greater or lesser number without thereby materially changing the proportionate beneficial interest of the Shares in the assets held, and (v) to take such other action with respect to the Shares as the Sponsor may deem desirable. 

Section 2.02. Ownership of Shares. The ownership of Shares shall be recorded on the books of the Trust or a transfer or similar agent for
the Trust. No certificates certifying the ownership of Shares shall be issued except as the Sponsor may otherwise determine from time to time. The Sponsor may make such rules as it considers appropriate for the issuance of Share certificates,
transfer of Shares and similar matters. The record books of the Trust as kept by the Trust, or any transfer or similar agent, as the case may be, shall be conclusive as to the identity of the Shareholders and as to the number of Shares held from
time to time by each. 
 Section 2.03. Transfer of Shares. Except as otherwise provided by the Sponsor, Shares shall be transferable on
the books of the Trust only by the record holder thereof or by his duly authorized agent upon delivery to the Sponsor, the Trust’s transfer or similar agent or other Person designated by the Sponsor of a duly executed instrument of transfer,
together with a Share certificate if one is outstanding, and such evidence of the genuineness of each such execution and authorization and of such other matters as may be required by the Sponsor. Upon such delivery, and subject to any further
requirements specified by the Sponsor or contained in the By-Laws, if any, the transfer shall be recorded on the books of the Trust. Until a transfer is so recorded, the Shareholder of record of Shares shall
be deemed to be the holder of such Shares for all purposes hereunder. 
 Section 2.04. Investments in the Trust. Investments in the Trust
may be accepted by the Trust from such Persons, at such times and on such terms as the Sponsor from time to time may authorize. Each investment shall be credited to the Shareholder’s account in the form of full and fractional Shares of the
Trust at the net asset value per Share next determined after receipt of the investment; provided, however, that the Sponsor may, in its sole discretion, impose a sales charge, transaction fee or other charges upon investments or place such other
restrictions on investments as the Sponsor, in its sole discretion, deems appropriate. 
 Section 2.05. Status of Shares and Limitation of
Personal Liability. The ownership of the Trust Property and the right to conduct the business of the Trust described herein are vested exclusively in the Sponsor and the Trustee. The Shareholders shall have no interest therein other than the
beneficial interest conferred by their Shares, and they shall have no right to call for any partition or division of any Trust Property, rights or interests of the Trust, nor can they be called upon to share or assume any losses of the Trust or
suffer an assessment of any kind by virtue of their ownership of Shares. Every Shareholder, by virtue of having purchased a Share, shall become a Shareholder of the Trust and shall be held to have expressly assented and agreed to be bound by the
terms hereof and to have become a party hereto. The death, incapacity, dissolution, termination or bankruptcy of a Shareholder during the existence of the Trust shall not operate to terminate the Trust, nor entitle the representative of any deceased
Shareholder to an accounting or to take any action in court or elsewhere against the Trust, the Sponsor or the Trustee, but entitles such representative only to the rights of such Shareholder under this Trust Agreement. Ownership of Shares shall not

  
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constitute the Shareholders as partners. The Shares shall not entitle the holder to preference, preemptive, appraisal, conversion or exchange rights (except as specified in this Trust Agreement
or as specified by the Trust or the Sponsor when creating the Shares). No Shareholder shall be subject in such capacity to any personal liability whatsoever to any Person in connection with Trust Property or the acts, obligations or affairs of the
Trust. Shareholders shall have the same limitation of personal liability as is extended to stockholders of a private corporation for profit incorporated under the Delaware General Corporation Law. 

Section 2.06. Designation and Rights of Shares. Shares of the Trust shall have the following rights and preferences: 

(a) Voting. All Shares of the Trust entitled to vote on a matter shall vote without differentiation on a one vote per each Share
(including fractional votes for fractional shares) basis, as set forth in Article IX herein. 
 (b) Equality. All the Shares
shall represent an equal proportionate undivided interest in the assets of the Trust (subject to the liabilities of the Trust), and each Share shall be equal to each other Share. 

(c) Fractions. Any fractional Share shall carry proportionately all the rights and obligations of a whole Share, including rights with
respect to voting, receipt of dividends and distributions, redemption of Shares and termination of the Trust. 
 Section 2.07. Creations and
Issuance of Creation Baskets. 
 (a) The following procedures, except to the extent otherwise provided in the Authorized Participant
Agreement for each Authorized Participant, which may be amended from time to time in accordance with the provisions of such Authorized Participant Agreement (and any such amendment will not constitute an amendment of this Trust Agreement), apply to
the creation and issuance of Creation Baskets. Subject to the limitations upon and requirements for issuance of Creation Baskets stated herein and in such procedures, the number of Creation Baskets which may be issued by the Trust is unlimited. 

(i) On any Business Day, an Authorized Participant may submit a request to create one or more Creation Baskets (such request by an Authorized
Participant, a “Purchase Order”) in the manner provided in the Authorized Participant Agreement. Purchase Orders will be processed only from Authorized Participants with respect to which an Authorized Participant Agreement is in full
force and effect. 
 (ii) Any Purchase Order is subject to rejection by the Sponsor at its sole discretion as set forth in the Authorized
Participant Agreement. 
 (b) After accepting an Authorized Participant’s Purchase Order, the Sponsor will issue and deliver Creation
Baskets to fill an Authorized Participant’s Purchase Order in the manner provided in the Authorized Participant Agreement, but only if the Sponsor has received (A) the non-refundable transaction fee
due for such Purchase Order, (B) (i) for a cash Purchase Order, an amount of cash and (ii) for an in-kind Purchase Order, an amount of bitcoin together with an amount of cash (and/or bitcoin, as
determined by the Authorized Participant) representing the difference between the net asset value of the Creation Basket and the market value of the bitcoin deposited (the “Balancing Amount”), in each case equal to the net asset value per
Share (“NAV”) of the Trust multiplied by the number of Shares to be created under the Purchase Order by the end of the next Business Day following the Purchase Order Date (as defined in the Authorized Participant Agreement). Upon issuing a
Creation Basket pursuant to a Purchase Order of an Authorized Participant, the Transfer Agent will deposit the Creation Basket with DTC in accordance with DTC’s customary procedures, for credit to the account of the Authorized Participant that
placed the Purchase Order. 
 (c) The procedures set forth in this Section 2.07 may be changed from time-to-time at the sole discretion of the Sponsor. 

  
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 Section 2.08. Redemption of Creation Baskets. 

(a) The following procedures, except to the extent otherwise provided in the Authorized Participant Agreement for each Authorized Participant,
which may be amended from time to time in accordance with the provisions of such Authorized Participant Agreement (and any such amendment will not constitute an amendment of this Trust Agreement), apply to the redemption of Creation Baskets. 

(i) On any Business Day, an Authorized Participant may submit a request to redeem one or more Creation Baskets standing to the credit of the
Authorized Participant on the records of DTC (such request, a “Redemption Order”) in the manner provided in the Authorized Participant Agreement. Redemption Orders will be processed only from Authorized Participants with respect to
which an Authorized Participant Agreement is in full force and effect. 
 (ii) Any Redemption Order is subject to rejection by the Sponsor at
its sole discretion as set forth in the Authorized Participant Agreement. 
 (iii) After accepting an Authorized Participant’s
Redemption Order, the Sponsor will deliver the redemption distribution to fill a Participant’s Redemption Order in the manner provided in the Authorized Participant Agreement, but only if the Sponsor has received (A) the non-refundable transaction fee due for such Redemption Order and (B) notice that the Sponsor’s account at DTC has been credited with all Shares comprising the Creation Baskets being tendered for
redemption. 
 (b) The procedures set forth in this Section 2.08 may be changed from time-to-time at the sole discretion of the Sponsor. 
 ARTICLE III 

TRUSTEE 
 Section 3.01. Term;
Resignation. 
 (a) The Trustee shall be appointed by the Sponsor and shall serve for the duration of the Trust or until the earlier
of (i) the effective date of the Trustee’s resignation, or (ii) the effective date of the removal of the Trustee by the Sponsor. 

(b) The Trustee may resign at any time by giving sixty (60) days’ written notice to the Sponsor. The Trustee may be removed at any
time by the Sponsor upon sixty (60) days’ written notice to the Trustee. 
 Section 3.02. Duties. The Trustee is appointed to
serve as the trustee of the Trust in the State of Delaware for the purpose of satisfying the requirement of Section 3807(a) of the Delaware Trust Statute that the Trust have at least one trustee with a principal place of business in
Delaware. It is understood and agreed by the parties hereto that the Trustee shall have none of the duties or liabilities of the Sponsor. The duties of the Trustee shall be limited to (i) accepting legal process served on the Trust in the State
of Delaware, (ii) the execution of any certificates required to be filed with the Secretary of State of the State of Delaware which the Delaware Trustee is required to execute under Section 3811 of the Delaware Trust Statute,
(iii) taking such action under this Trust Agreement as it may be directed in writing by the Sponsor from time to time; provided, however, that the Trustee shall not be required to take any such action if it shall have determined, or shall have
been advised by counsel, that such performance is likely to involve the Trustee in personal liability or is contrary to the terms of this Trust Agreement or of any document contemplated hereby to which the Trust or the Trustee is a party or is
otherwise contrary to law, and (iv) any other duties specifically allocated to the Trustee in this Trust Agreement or agreed in writing with the Sponsor from time to time. 

Section 3.03. Compensation and Expenses of the Trustee. The Trustee (or any successor Trustee) shall be entitled to receive
compensation from the Sponsor or from the Trust for its services in accordance with such schedules as shall have been separately agreed to from time to time in writing by the Trustee and the Sponsor or the Trust. Subject to prior written
notification and approval of the Sponsor, which shall not be unreasonably withheld, the Trustee may consult with counsel (who may be counsel for the Sponsor or for the Trustee). The reasonable legal fees incurred in connection with such consultation
shall be reimbursed to the Trustee pursuant to this Section 3.03, provided that no such fees shall be payable to the extent that they are incurred as a result of the Trustee’s gross negligence, bad faith or willful misconduct. 

  
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 Section 3.04. Liability of Trustee. The Trustee shall not be liable for the acts or omissions
of the Sponsor, nor shall the Trustee be liable for supervising or monitoring the performance and the duties and obligations of the Sponsor or the Trust under this Trust Agreement, except as otherwise set forth herein. The Trustee shall not be
liable under any circumstances, except for a breach of its obligations pursuant to this Trust Agreement or its own willful misconduct, bad faith or gross negligence. In particular, but not by way of limitation: 

(i) the Trustee shall not be liable for any error of judgment made in good faith, except to the extent such error of judgment constitutes gross
negligence on its part; 
 (ii) no provision in this Trust Agreement shall require the Trustee to expend or risk its personal funds or
otherwise incur any financial liability in the performance of its rights or powers hereunder, if the Trustee shall have reasonable grounds for believing that the payment of such funds or adequate indemnity against such risk or liability is not
reasonably assured or provided to it; 
 (iii) under no circumstances shall the Trustee be liable for any representation, warranty, covenant,
agreement, or indebtedness of the Trust; 
 (iv) the Trustee shall not be personally responsible for or in respect of the validity or
sufficiency of this Trust Agreement or for the due execution hereof by the Sponsor; 
 (v) the Trustee shall incur no liability to anyone in
acting upon any signature, instrument, notice, resolution, request, consent, order, certificate, report, opinion, bond or other document or paper reasonably believed by it to be genuine and reasonably believed by it to be signed by the proper party
or parties. The Trustee may accept a certified copy of a resolution of the board of directors or other governing body of any corporate party as conclusive evidence that such resolution has been duly adopted by such body and that the same is in full
force and effect. As to any fact or matter the manner of ascertainment of which is not specifically prescribed herein, the Trustee may for all purposes hereof rely on a certificate, signed by the Sponsor, as to such fact or matter, and such
certificate shall constitute full protection to the Trustee for any action taken or omitted to be taken by it in good faith in reliance thereon; 

(vi) in the exercise or administration of the Trust hereunder, the Trustee (a) may act directly or through agents or attorneys pursuant to
agreements entered into with any of them, and the Trustee shall not be liable for the default or misconduct of such agents or attorneys if such agents or attorneys shall have been selected by the Trustee in good faith and with due care; and
(b) may consult with counsel, accountants and other skilled persons to be selected by it in good faith and with due care and employed by it, and it shall not be liable for anything done, suffered or omitted in good faith by it in accordance
with the advice or opinion of any such counsel, accountants or other skilled persons; 
 (vii) except as expressly provided in this
Section 3.04, in accepting and performing the Trust hereby created, the Trustee acts solely as Trustee hereunder and not in its individual capacity, and all persons having any claim against the Trustee by reason of the transactions contemplated
by this Trust Agreement shall look only to the Trust’s property for payment or satisfaction thereof; 
 (viii) the Trustee shall not be
liable for punitive, exemplary, consequential, special or other similar damages for a breach of this Trust Agreement under any circumstances; 

(ix) the Trustee shall not be obligated to give any bond or other security for the performance of any of its duties hereunder. 

Section 3.05. Indemnification. The Trustee or any officer, Affiliate, director, employee, or agent of the Trustee (each an
“Indemnified Person”) shall be entitled to indemnification from the Trust, to the fullest extent permitted by law, from and against any and all losses, claims, taxes, damages, reasonable expenses, and liabilities (including

  
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liabilities under state or federal securities laws) of any kind and nature whatsoever (collectively, “Expenses”), to the extent that such Expenses arise out of or are imposed upon
or asserted against such Indemnified Persons with respect to the creation, operation or termination of the Trust, the execution, delivery or performance of this Trust Agreement or the transactions contemplated hereby; provided, however, that the
Trust shall not be required to indemnify any Indemnified Person for any Expenses which are a result of the willful misconduct, bad faith or gross negligence of such Indemnified Person. If the Trust shall have insufficient assets or improperly
refuses to pay an Indemnified Person within sixty (60) days of a request for payment owed hereunder, SolidX Partners Inc. (the “Parent”) shall, as secondary obligor, compensate or reimburse the Trustee or indemnify, defend and hold
harmless an Indemnified Person as if it were the primary obligor hereunder; provide, however, that the Parent shall not be required to indemnify any Indemnified Person for any Expenses which are the result of the willful misconduct, bad faith or
gross negligence of an Indemnified Person. To the fullest extent permitted by law, Expenses to be incurred by an Indemnified Person shall, from time to time, be advanced by, or on behalf of, the Parent prior to the final disposition of any matter
upon receipt by the Parent of an undertaking by, or on behalf of, such Indemnified Person to repay such amount if it shall be determined that the Indemnified Person is not entitled to be indemnified under this Trust Agreement. As security for any
amounts owing to the Trustee hereunder, the Trustee shall have a lien against the Trust property which lien shall be prior to the rights of the Sponsor, Parent or any beneficial owner of the Trust. The obligations of the Trust and Parent to
indemnify the Indemnified Persons as provided herein shall survive the termination of this Trust Agreement. 
 Section 3.06. Successor
Trustee. Upon the resignation or removal of the Trustee, the Sponsor shall appoint a successor Trustee by delivering a written instrument to the outgoing Trustee. Any successor Trustee must satisfy the requirements of Section 3807 of
the Delaware Trust Statute. Any resignation or removal of the Trustee and appointment of a successor Trustee shall not become effective until a written acceptance of appointment is delivered by the successor Trustee to the outgoing Trustee and the
Sponsor and any fees and expenses due to the outgoing Trustee are paid or waived by the outgoing Trustee. Following compliance with the preceding sentence, the successor shall become fully vested with the rights, powers, duties and obligations of
the outgoing Trustee under this Trust Agreement, with like effect as if originally named as Trustee, and the outgoing Trustee shall be discharged of its duties and obligations herein. If no successor Trustee shall have been appointed and shall have
accepted such appointment within sixty (60) days after the giving of such notice of resignation or removal, the Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. 

ARTICLE IV 
 THE SPONSOR

 Section 4.01. Management of the Trust. Pursuant to Sections 3806(a) and 3806(b)(7) of the Delaware Trust Statute, the
Trust shall be managed by the Sponsor and the conduct of the Trust’s business shall be controlled and conducted solely by the Sponsor in its sole discretion in accordance with this Trust Agreement. Any determination as to what is in the
interests of the Trust made by the Sponsor in good faith shall be conclusive. In construing the provisions of this Trust Agreement, the presumption shall be in favor of a grant of power to the Sponsor except as limited, restricted or prohibited by
the express provisions of this Trust Agreement (e.g., see Section 1.04). The enumeration of any specific power in this Trust Agreement shall not be construed as limiting the aforesaid or any other power. 

Section 4.02. Authority of Sponsor. In addition to and not in limitation of any rights and powers conferred by law or other provisions of
this Trust Agreement, and except as limited, restricted or prohibited by the express provisions of this Trust Agreement (e.g., see Sections 1.02 and 1.04) or the Delaware Act, the Sponsor shall have and may exercise on behalf of the
Trust, all powers and rights the Sponsor, in its sole discretion, deems necessary, proper, convenient or advisable to effectuate and carry out the purposes, activities and objectives of the Trust, which shall include, without limitation, the
following: 
 (a) To enter into, execute, deliver and maintain, and to cause the Trust to perform its obligations under, contracts,
agreements (including, but not limited to, insurance agreements) and any or all other documents and instruments, and to do and perform all such things as may be in furtherance of Trust purposes or necessary or appropriate for the offer and sale of
the Shares and the conduct of Trust activities and administration, and the activities and administration of the Trust, including, but not limited to contracts with third parties for services; 

  
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provided, however, that such services may be performed by an Affiliate or Affiliates of the Sponsor so long as the Sponsor has made a good faith determination that the terms and conditions of the
agreement pursuant to which such Affiliate is to perform services for the Trust are commercially reasonable; 
 (b) To establish, maintain,
deposit into, and/or otherwise draw upon accounts on behalf of the Trust with appropriate custodial, banking or other institutions, and execute and/or accept any instrument or agreement incidental to the Trust’s business and in furtherance of
its purposes, any such instrument or agreement so executed or accepted by the Sponsor in the Sponsor’s name shall be deemed executed and accepted on behalf of the Trust, as applicable, by the Sponsor; 

(c) To deposit, withdraw, pay, retain and distribute bitcoin and Trust Property, or any portion thereof, in any manner consistent with the
provisions of this Trust Agreement; 
 (d) To place bitcoin orders for the Trust with bitcoin exchanges and/or OTC market participants
directly or through any electronic or other trading system; 
 (e) To supervise the preparation and filing of the Registration Statement and
the Trust’s prospectus (the “Prospectus”) and to execute the Registration Statement on behalf of the Trust; 
 (f) To
pay or authorize the payment of distributions to the Shareholders and pay or authorize the payment of the expenses of the Trust; 
 (g) To
hold or dispose of Trust Property and to subscribe for, purchase or otherwise acquire, own, hold, pledge, sell, assign, transfer, exchange, distribute, or otherwise deal in Trust Property, and to do any and all acts and things for the maintenance,
preservation, and protection of Trust Property; 
 (h) To exercise powers and right of subscription or otherwise with respect to the
ownership of Trust Property; 
 (i) To prepare and file an application to enable the Shares to be traded on the Exchange and to take any
other action and execute and deliver any documents that may be necessary to effectuate such trading; 
 (j) To litigate, compromise,
arbitrate, settle or otherwise adjust claims in favor of or against the Trust, or any matter in controversy, including but not limited to claims for taxes; 

(k) To contract with any Person(s) appointing such Person(s), including any Affiliate, to provide services to the Trust, including
without limitation, accountants, administrators, auditors, bitcoin exchanges and over-the-counter (“OTC”) market participants, index providers, transfer
agents, shareholder servicing agents, marketing agents or other agents for the Trust; and 
 (l) To enter into the Sponsor Agreement on
terms and conditions acceptable to the Sponsor. 
 The agreement pursuant to which an Affiliate is to perform services for the Trust shall be terminable by
the Trust without penalty upon discovery of acts of fraud or willful malfeasance of the Affiliate in performing its duties thereunder. 

Section 4.03. Obligations of Sponsor. In addition to the obligations expressly provided by the Delaware Act or this Trust Agreement, the
Sponsor shall: 
 (a) Execute, file, record and/or publish all certificates, statements and other documents and do any and all other things
as may be appropriate for the formation, qualification and operation of the Trust and for the conduct of its business in all appropriate jurisdictions; 

(b) Retain independent public accountants to audit the accounts of the Trust; 

  
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 (c) Employ attorneys to represent the Trust; 

(d) Select the Trust’s Trustee, administrator, transfer agent, custodian(s), bitcoin exchange counterparties and OTC market participant
counterparties, index provider, marketing agent(s); insurer(s) and any other service provider(s) and cause the Trust to enter into contracts with such service provider(s); 

(e) Negotiate and enter into insurance agreements to secure and maintain the insurance coverage to the extent described in the Prospectus;

 (f) Develop a marketing plan for the Trust on an ongoing basis and prepare marketing materials regarding the Trust; 

(g) Maintain the Trust’s website; 

(h) Buy and sell bitcoin with a view to causing the performance of the Trust to track that of the TradeBlock Bitcoin Index (or any subsequent
index selected by the Sponsor in its discretion), over time, before expenses and liabilities of the Trust (for the avoidance of doubt, the Sponsor may select such subsequent index without Shareholder approval); 

(i) Enter into an Authorized Participant Agreement with each Authorized Participant and discharge the duties and responsibilities of the Trust
and the Sponsor thereunder; 
 (j) Receive directly or through its delegates from Authorized Participants and process or cause its delegates
to process properly submitted Purchase Orders, as described in Section 2.07 herein and in the Authorized Participant Agreement; 
 (k)
In connection with Purchase Orders, receive directly or through its delegates the number of bitcoin and/or cash in an amount equal to the net asset value of a Creation Basket from Authorized Participants; 

(l) In connection with Purchase Orders, after accepting an Authorized Participant’s Purchase Order and receiving bitcoin and/or cash and
any Balancing Amount, as applicable, in an amount equal to the NAV of the Creation Basket(s), the Sponsor or its delegate will direct the Transfer Agent to credit the Creation Baskets to fill the Participant’s Purchase Order within one Business
Day immediately following the Purchase Order Date; 
 (m) Receive directly or through its delegates from Authorized Participants and process
or cause its delegates to process properly submitted Redemption Orders, as described in Section 2.08 herein and in the Authorized Participant Agreement; 

(n) In connection with Redemption Orders, after receiving the Redemption Order specifying the number of Creation Baskets that the Authorized
Participant wishes to redeem and after the Trust’s DTC account has been credited with the Creation Baskets to be redeemed, the Sponsor or its delegates transfer to the Redeeming Authorized Participant: i) in the case of a cash redemption, an
amount of cash and ii) in the case of an in-kind redemption, an amount of bitcoin plus any Balancing Amount, in each case equal to the NAV of the Trust multiplied by the number of Shares to be Redeemed under
the Redemption Order; 
 (o) Assist in the preparation and filing of reports and proxy statements (if any) to the Shareholders, the periodic
updating of the Registration Statement and Prospectus and other reports and documents for the Trust required to be filed by the Trust with the SEC and other governmental bodies; 

(p) Use its best efforts to maintain the status of the Trust as a grantor trust for U.S. federal income tax purposes; 

(q) Monitor all fees charged to the Trust, and the services rendered by the service providers to the Trust, to determine whether the fees paid
by, and the services rendered to, the Trust are at competitive rates and are the best price and services available under the circumstances, and if necessary, renegotiate the fee structure to obtain such rates and services for the Trust; 

  
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 (r) Perform such other services as the Sponsor believes the Trust may from time to time require;
and 
 (s) In general, to carry out any other business in connection with or incidental to any of the foregoing powers, to do everything
necessary, suitable or proper for the accomplishment of any purpose or the attainment of any object or the furtherance of any power herein set forth, either alone or in association with others, and to do every other act or thing incidental or
appurtenant or growing out of or connected with the aforesaid business or purposes, objects or powers. 
 The foregoing clauses shall be construed as both
objects and powers, and the foregoing enumeration of specific powers shall not be held to limit or restrict in any manner the general powers of the Sponsor. Any action by the Sponsor hereunder shall be deemed an action on behalf of the Trust, and
not an action in an individual capacity. 
 The Sponsor shall be entitled to delegate its obligations under this Trust Agreement and applicable law to third
parties, including any Affiliate, and shall not be liable for the actions of such third party to the extent the selection of such third party was made with reasonable care or, as applicable, the selection of such Affiliate was made in accordance
with Section 4.02(a). 
 Section 4.04. Compensation of the Sponsor. The Sponsor shall be entitled to compensation for its services
as Sponsor of the Trust as set forth in the Sponsor Agreement. The Trustee shall have no liability or responsibility for amounts paid to the Sponsor pursuant to this Section 4.04. The Sponsor may, at its sole discretion and from time to time,
waive all or a portion of its fee payable under this Section 4.04. The Sponsor is under no obligation to waive its fees hereunder, and any such waiver shall create no obligation to waive fees during any period not covered by the applicable
waiver. Any fee waiver by the Sponsor shall not operate to reduce the Sponsor’s obligations hereunder. 
 Section 4.05. Liability of Sponsor
and Indemnification. 
 (a) The Sponsor shall not be under any liability to the Trust, the Trustee or any Shareholder for any action
taken or for refraining from the taking of any action in good faith pursuant to this Trust Agreement, or for errors in judgment or for depreciation or loss incurred by reason of the sale of any bitcoin or other assets held in trust hereunder;
provided, however, that this provision shall not protect the Sponsor against any liability to which it would otherwise be subject by reason of its own gross negligence, bad faith, or willful misconduct. The Sponsor may rely in good faith on any
paper, order, notice, list, affidavit, receipt, evaluation, opinion, endorsement, assignment, draft or any other document of any kind prima facie properly executed and submitted to it by the Trustee, the Trustee’s counsel or by any other Person
for any matters arising hereunder. The Sponsor shall in no event be deemed to have assumed or incurred any liability, duty, or obligation to any Shareholder or to the Trustee other than as expressly provided for herein. The Trust shall not incur the
cost of that portion of any insurance which insures any party against any liability, the indemnification of which is herein prohibited. 

(b) Unless otherwise expressly provided herein: 

(i) whenever a conflict of interest exists or arises between the Sponsor or any of its Affiliates, on the one hand, and the Trust, on the other
hand; or 
 (ii) whenever this Trust Agreement or any other agreement contemplated herein or therein provides that the Sponsor shall act in a
manner that is, or provides terms that are, fair and reasonable to the Trust, the Sponsor shall resolve such conflict of interest, take such action or provide such terms, considering in each case the relative interest of each party (including its
own interest) to such conflict, agreement, transaction or situation and the benefits and burdens relating to such interests, and any applicable generally accepted accounting practices or principles. In the absence of bad faith by the Sponsor,
the resolution, action or terms so made, taken or provided by the Sponsor shall not constitute a breach of this Trust Agreement or any other agreement contemplated herein or of any duty or obligation of the Sponsor at law or in equity or otherwise.

 (c) The Sponsor and its shareholders, members, directors, officers, employees, Affiliates and subsidiaries (each a “Sponsor
Indemnified Party”) shall be indemnified by the Trust and held harmless against any loss, liability or expense incurred hereunder without gross negligence, bad faith, or willful misconduct on the part of such Sponsor

  
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Indemnified Party arising out of or in connection with the performance of its obligations hereunder or any actions taken in accordance with the provisions of this Trust Agreement. Any amounts
payable to a Sponsor Indemnified Party under this Section 4.05 may be payable in advance or shall be secured by a lien on the Trust. The Sponsor shall not be under any obligation to appear in, prosecute or defend any legal action which in its
opinion may involve it in any expense or liability; provided, however, that the Sponsor may, in its discretion, undertake any action which it may deem necessary or desirable in respect of this Trust Agreement and the rights and duties of the parties
hereto and the interests of the Shareholders and, in such event, the legal expenses and costs of any such action shall be expenses and costs of the Trust and the Sponsor shall be entitled to be reimbursed therefor by the Trust. The obligations of
the Trust to indemnify the Sponsor Indemnified Parties as provided herein shall survive the termination of this Trust Agreement. 

ARTICLE V 
 BOOKS OF
ACCOUNT AND CERTIFICATE OF TRUST 
 Section 5.01. Books of Account. Proper books of account for the Trust shall be kept and shall be
audited annually by an independent certified public accounting firm selected by the Sponsor in its sole discretion, and there shall be entered therein all transactions, matters and things relating to the Trust’s business as are required by the
Securities Act of 1933, as amended, and all other applicable rules and regulations, and as are usually entered into books of account kept by Persons engaged in a business of like character. The books of account shall be kept at the principal office
of the Trust, the Administrator or any other service provider engaged by the Sponsor to perform such service. 
 Section 5.02. Certificate of
Trust. Except as otherwise provided in the Delaware Trust Statute or this Trust Agreement, the Sponsor shall not be required to mail a copy of any Certificate of Trust filed with the Secretary of State of the State of Delaware to each
Shareholder; however, such certificates shall be maintained at the principal office of the Trust and shall be available for inspection and copying by the Shareholders in accordance with this Trust Agreement. 

ARTICLE VI 
 AMENDMENT OF
TRUST AGREEMENT 
 Except as specifically provided herein, the Sponsor, in its sole discretion and without Shareholder consent, may
amend or otherwise supplement this Trust Agreement by making an amendment, a Trust Agreement supplemental hereto, or an amended and restated declaration of trust and trust agreement. Any such restatement, amendment and/or supplement hereto shall be
effective on such date as designated by Sponsor in its sole discretion. Any amendment to the Trust Agreement that affects the duties, liabilities, rights or protections of the Trustee shall require the Trustee’s prior written consent, which it
may grant or withhold in its sole discretion. 
 ARTICLE VII 

TERM 
 The term for which
the Trust shall exist shall be perpetual, unless terminated pursuant to the provisions of Article VIII hereof or as otherwise provided by law. 

ARTICLE VIII 

TERMINATION/REORGANIZATION 

Section 8.01. Termination of the Trust. 

Subject to the notice requirements in this Section 8.01, the Trust: 

(a) may be dissolved at any time and for any reason by the Sponsor in its sole discretion; 

  
 12 

 (b) shall be dissolved at any time upon the occurrence of the following events: 

(i) the Shares are delisted from the NYSE Arca and are not approved for listing on another national securities exchange within five Business
Days of their delisting; 
 (ii) 180 days have elapsed since the Trustee notified the Sponsor of the Trustee’s election to resign or
since the Sponsor removed the Trustee, and a successor trustee has not been appointed and accepted its appointment; 
 (iii) the SEC
determines that the Trust is an investment company under the Investment Company Act of 1940, as amended, and the Sponsor has made the determination that termination of the Trust is advisable; 

(iv) the Commodity Futures Trading Commission determines that the Trust is a commodity pool under the Commodity Exchange Act of 1936, and the
Sponsor has made the determination that termination of the Trust is advisable; 
 (v) the Trust is determined to be a “money service
business” under the regulations promulgated by FinCEN under the authority of the US Bank Secrecy Act and is required to comply with certain FinCEN regulations thereunder or is determined to be a “money transmitter” (or equivalent
designation) under the laws of any state in which the Trust operates and is required to seek licensing or otherwise comply with state licensing requirements, and the Sponsor has made the determination that termination of the Trust is advisable; 

(vi) a United States regulator requires the Trust to shut down or forces the Trust to liquidate its bitcoin; 

(vii) any ongoing event exists that either prevents the Trust from making or makes impractical the Trust’s reasonable efforts to make a
fair determination of the price of bitcoin for purposes of determining the net asset value of the Trust; 
 (viii) the Sponsor determines
that the aggregate net assets of the Trust in relation to the operating expenses of the Trust make it unreasonable or imprudent to continue the business of the Trust; 

(ix) the Trust fails to qualify for treatment, or ceases to be treated, as a “grantor trust” under the Code or any comparable
provision of the laws of any State or other jurisdiction where that treatment is sought, and the Sponsor determines that, because of that tax treatment or change in tax treatment, termination of the Trust is advisable; 

(x) 60 days have elapsed since DTC or another depository has ceased to act as depository with respect to the Shares, and the Sponsor has not
identified another depository that is willing to act in such capacity; 
 (xi) the Trustee elects to terminate the Trust after the Sponsor
is conclusively deemed to have resigned effective immediately as a result of the Sponsor being adjudged bankrupt or insolvent, or a receiver of the Sponsor or of its property being appointed, or a trustee or liquidator or any public officer taking
charge or control of the Sponsor or of its property or affairs for the purpose of rehabilitation, conservation or liquidation and a successor sponsor has not been appointed; or 

(xii) the Sponsor elects to terminate the Trust after the Trustee, Administrator or the Custodian (or any successor trustee, administrator or
custodian) resigns or otherwise ceases to be the trustee, administrator or custodian of the Trust, as applicable, and no replacement trustee, administrator and/or custodian acceptable to the Sponsor is engaged. 

(c)Written notice of termination with respect to the Trust, specifying the anticipated date of termination and the anticipated period during
which the assets of the Trust will be liquidated, generally shall be given by the Sponsor to Shareholders of the Trust at least thirty (30) days prior to termination of the Trust. Within a reasonable period of time after such termination the
Sponsor shall, subject to any applicable provisions of law, sell all of the bitcoin not already distributed to Authorized Participants redeeming Creation Baskets, as provided herein, if any, in such a manner so as to effectuate orderly sales and a
minimal market impact, and may thereafter hold the net proceeds of any such sale, together with any other cash then held by it under this Trust Agreement, uninvested and without 

  
 13 

 
liability for interest, for the pro rata benefit of the beneficial owners of Shares that had not theretofore been redeemed. The Sponsor shall not be liable for or responsible in any way for
depreciation or loss incurred by reason of any sale or sales made in accordance with the provisions of this Section 8.01. The Sponsor may suspend its sales of bitcoin upon the occurrence of unusual or unforeseen circumstances, including, but
not limited to, a suspension in trading of bitcoin or similar market event. Upon receipt of proceeds from the sale of the last bitcoin held hereunder, the Sponsor shall: 

(i) pay to itself individually from the Trust an amount equal to the sum of (1) any compensation due it for extraordinary or other
services, (2) any advances made but not yet repaid and (3) reimbursement of any other disbursements as provided herein; 
 (ii)
deduct from the Trust any amounts which it, in its sole discretion, shall deem necessary or appropriate to pay on behalf of the Trust any applicable taxes or other governmental charges that may be payable by the Trust and any other contingent or
future liabilities of the Trust; 
 (iii) distribute each Shareholder’s interest in the remaining assets of the Trust; and 

(iv) disseminate to each Shareholder a final statement as of the date of the computation of the amount distributable to the Shareholders. 

(c) Upon termination of the Trust, following completion of winding up of its business by the Sponsor, the Trustee, upon written directions of
the Sponsor, shall cause a certificate of cancellation of the Trust’s Certificate of Trust to be filed in accordance with the Delaware Trust Statute. 

Section 8.02. Merger and Consolidation. The Sponsor may cause (i) the Trust to be merged into or consolidated with, converted to or to
sell all or substantially all of its assets to, another trust or entity; (ii) the Shares of the Trust to be converted into beneficial interests in another statutory trust (or series thereof); or (iii) the Shares of the Trust to be
exchanged for shares in another trust or company under or pursuant to any state or federal statute to the extent permitted by law. 
 For the avoidance of
doubt, the Sponsor, with written notice to the Shareholders, may approve and effect any of the transactions contemplated under (i) — (iii) above without any vote or other action of the Shareholders. 

Section 8.03. Dissolution of Sponsor Not to Terminate Trust. The dissolution of the Sponsor, or its ceasing to exist as a legal entity
from, or for, any cause, shall not operate to terminate this Trust Agreement insofar as the duties and obligations of the Trustee are concerned. 

ARTICLE IX 

SHAREHOLDERS’ VOTING POWERS AND MEETINGS 

Section 9.01. Voting Powers. Except as required under applicable Federal law or under the rules or regulations of an Exchange, Shareholders
shall have no voting rights hereunder (including with respect to mergers, consolidations or conversions of the Trust or transfers to or domestication in any jurisdiction by the Trust or any other matters that under the Delaware Trust Statute default
voting rights are provided to holders of beneficial interests). The Shareholders shall have the right to vote on other matters only as the Sponsor may consider desirable and so authorize in its sole discretion. To the extent that federal or
Delaware law is amended, modified or interpreted by rule, regulation, order, or no-action letter to (on a mandatory basis) expand, eliminate or limit Shareholders’ right to vote on any specific
matter, the Shareholders’ right to vote shall be deemed to be amended, modified or interpreted in accordance therewith without further approval by the Sponsor or the Shareholders. Nothing set forth in this Trust Agreement shall be construed so
as to constitute the Shareholders from time to time as partners or members of an association; nor shall any Shareholder ever be liable to any third person by reason of any action taken by the parties to this Trust Agreement, or for any other cause
whatsoever. Each whole Share shall be entitled to one vote as to any matter on which it is entitled to vote and each fractional Share shall be entitled to a proportionate fractional vote. Shares may be voted in person or by proxy or in any manner
determined by the Sponsor. 

  
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 Section 9.02. Voting Power and Meetings. Meetings of the Shareholders may be called by the
Sponsor for such purposes as may be prescribed by law or by this Trust Agreement. 
 Section 9.03. Place of Meetings. A meeting of
Shareholders shall be held at any place designated by the Sponsor or an officer of the Trust. 
 Section 9.04. Notice of
Shareholders’ Meeting. All notices of meetings of Shareholders shall be sent or otherwise given to each Shareholder of record not less than seven nor more than one hundred and twenty days before the date of the meeting in
the manner determined by the Sponsor. The notice shall specify: (a) the place, date and hour of the meeting; and (b) the general nature of the business to be transacted. 

Section 9.05. Adjourned Meeting; Notice. Any Shareholders’ meeting, whether or not a quorum is present, may be adjourned from time to
time by the Sponsor or by the vote of a majority of the Shares of the Trust, as the case may be, represented at that meeting, either in person or by proxy. When any meeting of Shareholders is adjourned to another time or place, notice need not be
given of the adjourned meeting at which the adjournment is taken, unless a new record date of the adjourned meeting is fixed or unless the adjournment is for more than sixty days from the date set for the original meeting, in which case the Sponsor
shall set a new record date. Notice of any such adjourned meeting shall be given to each Shareholder of record entitled to vote at the adjourned meeting. At any adjourned meeting, the Trust may transact any business which might have been transacted
at the original meeting. 
 Section 9.06. Voting Procedure. The Trust shall be authorized to solicit, and a Shareholder shall be entitled
to submit a proxy ballot containing the voting instructions of such Shareholder, in person, or by U.S. mail, overnight mail, express mail, telephone, electronic mail, telefacsimile, telegraph, internet or other electronic media, provided however,
that the Sponsor or an officer of the Trust may limit or delineate the types of media and methods by which a Shareholder may submit voting instructions. On any matter any Shareholder may vote part of the Shares in favor of the proposal and refrain
from voting the remaining Shares or vote them against the proposal, but if the Shareholder fails to specify the number of Shares which the Shareholder is voting affirmatively, it will be conclusively presumed that the Shareholder’s approving
vote is with respect to the total Shares that the Shareholder is entitled to vote on such proposal. 
 Section 9.07. Quorum and Required
Vote. Except when a larger quorum is required by applicable law or by this Trust Agreement, the presence (in person or by ballot) of thirty-three and one-third percent (33 1/3%) of the Shares entitled
to vote shall constitute a quorum at a Shareholders’ meeting. Any meeting of Shareholders may be adjourned consistent with the provisions of Section 9.05 above, whether or not a quorum is present. When a quorum is present at any meeting, a
majority of the Shares represented at the meeting shall decide any questions except when a different vote is required by any provision of this Trust Agreement or by applicable law. 

Section 9.08. Action by Written Consent. Any action taken by Shareholders may be taken without a meeting if Shareholders holding a majority
of the Shares entitled to vote on the matter (or such larger proportion thereof as shall be required by any express provision of this Trust Agreement or federal law) or holding a majority (or such larger proportion as aforesaid) of the entitled to
vote separately on the matter consent to the action in writing or by other electronic means (such as via telephone or the internet) and such written consent or a record of such electronic consent is filed with the records of the meetings of
Shareholders. Such consent shall be treated for all purposes as a vote taken at a meeting of Shareholders. 
 Section 9.09. Record Dates.
For the purpose of determining the Shareholders who are entitled to vote or act at any meeting or any adjournment thereof, the Sponsor may from time to time fix a date, which shall be not more than one-hundred
and twenty days before the date of any meeting of Shareholders, as the record date for determining the Shareholders having the right to notice of and to vote at such meeting and any adjournment thereof, and in such case only Shareholders of record
on such record date shall have such right, notwithstanding any transfer of shares on the books of the Trust after the record date. For the purpose of determining the Shareholders who are entitled to receive payment of any dividend or of any other
distribution, or whenever for any reason there is a split, reverse split or other change in the outstanding Shares, or whenever the Sponsor shall find it necessary or convenient in respect of any matter, the Sponsor may from time to time fix a date,
which shall be before the date for the payment of such dividend or such other payment, as the record date for determining the Shareholders having the right to receive such 

  
 15 

 
dividend or distribution. Without fixing a record date the Sponsor may for voting and/or distribution purposes close the register or transfer books for all or any part of the period between a
record date and a meeting of Shareholders or the payment of a distribution. 
 Section 9.10. Waiver of Notice by Consent of Absent
Shareholders. Any Shareholder may waive notice, which waiver may be submitted by U.S. mail, overnight mail, express mail, telephone, electronic mail, telefacsimile, telegraph, internet or other electronic media. The waiver of notice need not
specify either the business to be transacted or the purpose of any meeting of Shareholders. Attendance by a person at a meeting shall also constitute a waiver of notice of that meeting, except when the person objects at the beginning of the meeting
to the transaction of any business because the meeting is not lawfully called or convened and except that attendance at a meeting is not a waiver of any right to object to the consideration of matters not included in the notice of the meeting if
that objection is expressly made at the beginning of the meeting. 
 Section 9.11. Proxies. Every person entitled to vote on any matter
shall have the right to do so either in person or by one or more agents authorized by a written or electronic proxy authorized by the person and filed with the Sponsor. A proxy shall be deemed authorized if the Shareholder’s name is placed on
the proxy (whether by manual signature, typewriting, telephonic or internet transmission or otherwise) by the Shareholder or the Shareholder’s attorney-in-fact. A
validly authorized proxy which does not state that it is irrevocable shall continue in full force and effect unless (i) revoked by the person executing it before the vote pursuant to that proxy by a writing delivered to the Trust stating that
the proxy is revoked or by a subsequent proxy executed by, or attendance at the meeting and voting in person by, the person executing that proxy; or (ii) written notice of the death or incapacity of the maker of that proxy is received by the
Trust before the vote pursuant to that proxy is counted; provided however, that no proxy shall be valid after the expiration of eleven months from the date of the proxy unless otherwise provided in the proxy. 

ARTICLE X 
 MISCELLANEOUS
PROVISIONS 
 Section 10.01. Certain Matters Relating to Shareholders. 

(a) By the purchase and acceptance or other lawful delivery and acceptance of Shares, each Shareholder shall be deemed to be a beneficiary of
the Trust created by this Trust Agreement and vested with beneficial undivided interest in the Trust to the extent of the Shares owned beneficially by such Shareholder, subject to the terms and conditions of this Trust Agreement. Upon issuance as
provided herein, Shares shall be fully paid and non-assessable. 
 (b) The death or incapacity of
any Shareholder shall not operate to terminate this Trust Agreement or the Trust, nor entitle such Shareholder’s legal representatives or heirs to claim an accounting or to take any action or proceeding in any court for a partition or winding
up of the Trust, nor otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. Each Shareholder expressly waives any right such Shareholder may have under any rule of law, or the provisions of any statute, or
otherwise, to require the Trust, Sponsor or the Trustee at any time to account, in any manner other than as expressly provided in this Trust Agreement, in respect of the bitcoin or moneys from time to time received, held and applied by the Sponsor
hereunder. 
 (c) Except as otherwise provided under Delaware law, the Shareholders shall be entitled to the same limitation of personal
liability extended to stockholders of private corporations for profit organized under the general corporation law of Delaware and no Shareholder shall be liable for claims against, or debts of the Trust in excess of his capital contribution and his
share of the Trust property and undistributed profits, except in the event that the liability is founded upon misstatements or omissions contained in such Shareholder’s Authorized Participant Agreement delivered in connection with his purchase
of Shares. In addition, and subject to the exceptions set forth in the immediately preceding sentence, the Trust shall not make a claim against a Shareholder with respect to amounts distributed to such Shareholder or amounts received by such
Shareholder upon redemption unless, under Delaware law, such Shareholder is liable to repay such amount. 

  
 16 

 (d) Every written note, bond, contract, instrument, certificate or undertaking made or issued by
the Sponsor shall give notice to the effect that the same was executed or made by or on behalf of the Trust and that the obligations of such instrument are not binding upon any Shareholder individually but are binding only upon the assets and
property of the Trust, and no resort shall be had to the Shareholders’ personal property for satisfaction of any obligation or claim thereunder, and appropriate references may be made to this Trust Agreement and may contain any further recital
which the Sponsor deems appropriate, but the omission thereof shall not operate to bind any Shareholder individually or otherwise invalidate any such note, bond, contract, instrument, certificate or undertaking. 

(e) It is the intent of the parties that the execution, delivery and performance of the transactions contemplated by this Amended and Restated
Declaration of Trust and Trust Agreement will not result in the Trustee being required to obtain a license or make a registration under any federal or state law including rules pertaining to virtual currencies under Title 23, Part 200 of New York
Codes, Rules and Regulations, the U.S. Commodity Exchange Act or any federal or state law regulating, money transmitters, money services business, providers of prepaid or stored value or similar entities, or virtual currency business. 

Section 10.02. Delaware Law to Govern. The validity and construction of this Trust Agreement and all amendments hereto 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; provided, however, that causes of action for violations of U.S. federal or state securities laws shall not be governed by this Section 10.02, and provided further, that the parties hereto intend that the provisions hereof shall control
over any contrary or limiting statutory or common law of the State of Delaware (other than the Delaware Act) and that, to the maximum extent permitted by applicable law, there shall not be applicable to the Trust, the Trustee, the Sponsor, the
Shareholders or this Trust Agreement any provision of the laws (statutory or common) of the State of Delaware (other than the Delaware Act) pertaining to trusts which relate to or regulate in a manner inconsistent with the terms hereof:
(a) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (b) affirmative requirements to post bonds for trustees, officers, agents, or employees of a trust, (c) the
necessity for obtaining court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, (d) fees or other sums payable to trustees, officers, agents or employees of a trust, (e) the
allocation of receipts and expenditures to income or principal, (f) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding
of trust assets, or (g) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers of trustees or managers that are inconsistent with the limitations on liability or authorities and powers of the
Trustee or the Sponsor set forth or referenced in this Trust Agreement. Section 3540 of Title 12 of the Delaware Act shall not apply to the Trust. The Trust shall be of the type commonly called a “statutory trust,” and without
limiting the provisions hereof, the Trust may exercise all powers that are ordinarily exercised by such a statutory trust under Delaware law. The Trust specifically reserves the right to exercise any of the powers or privileges afforded to statutory
trusts and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions. 

Section 10.03. Provisions in Conflict with Law or Regulations. 

(a) The provisions of this Trust Agreement are severable, and if the Sponsor shall determine, with the advice of counsel, that any of such
provisions is in conflict with the Code, the Delaware Act or with other applicable laws and regulations, the conflicting provision shall be deemed never to have constituted a part of this Trust Agreement; provided, however, that such determination
shall not affect any of the remaining provisions of this Trust Agreement or render invalid or improper any action taken or omitted prior to such determination. 

(b) If any provision of this Trust Agreement shall be held invalid or unenforceable in any jurisdiction, such invalidity or unenforceability
shall attach only to such provision in such jurisdiction and shall not in any manner affect such provision in any other jurisdiction or any other provision of this Trust Agreement in any jurisdiction. 

  
 17 

 Section 10.04. Notices. 

All notices and other communications under this agreement shall be in writing in English, signed by the party giving it, and shall be deemed given, if to the
Trustee or the Sponsor, when delivered personally, on the next Business Day after delivery to a recognized overnight courier or mailed first class (postage prepaid) or when sent by facsimile to the parties (which facsimile copy shall be
followed, in the case of notices or other communications sent to the Trustee or the Sponsor, by delivery of the original) at the following addresses (or to such other address as a party may have specified by notice given to the other parties
pursuant to this provision): 
  

					
		 	If to the Sponsor, to:	  	SolidX Management LLC
		 		  	Attn: [            ]
		 		  	200 Park Avenue
		 		  	New York, NY 10166
			
		 	If to the Trustee, to:	  	Delaware Trust Company
		 		  	Attn: Trust Administration
		 		  	2711 Centerville Road, Suite 400
		 		  	Wilmington, DE 19808

 Any notice to be given to a Shareholder shall be duly given if mailed or delivered to DTC Participants designated by DTC for
delivery to Shareholders. 
 Section 10.05. Headings. The headings used in this Trust Agreement have been inserted for convenience and
shall not modify, define, limit or expand the express provisions of this Trust Agreement. 
 Section 10.06. Counterparts. This Trust
Agreement may be simultaneously executed in several counterparts, each of which shall be an original and all of which shall constitute but one and the same instrument. 

[SIGNATURE PAGE FOLLOWS] 

  
 18 

 IN WITNESS WHEREOF, the parties hereto have caused this Amended and Restated Declaration of Trust and Trust
Agreement to be duly executed and delivered as of February 1, 2017. 
  

			
	 SolidX Management LLC,
 as
Sponsor

		
	By:	 	 /s/ Ivan Brightly

	Title:	 	Chief Operating Officer
	Name:	 	Ivan Brightly
	
	 Delaware Trust Company,
 as
Trustee

		
	By:	 	 /s/ Alan R. Halpern

	Title:	 	Vice President
	Name:	 	Alan R. Halpern

 ACKNOWLEDGED AND AGREED: 

SOLIDX PARTNERS INC., with respect to Section 3.05 herein only 
  

			
	By:	 	 /s/ Ivan Brightly

	Name:	 	Ivan Brightly
	Title:	 	Chief Operating Officer

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