SEC Filing Document

Company: Canary Staked TRX ETF
Ticker: 
CIK: 2064768
Filing Type: S-1
Document Type: S-1
Date Filed: 2025-04-18
Accession Number: 0001999371-25-004423
Exchange: 
SIC Code: 6221
SIC Description: Commodity Contracts Brokers & Dealers
URL: https://www.sec.gov/Archives/edgar/data/2064768/000199937125004423/canary-s1_041825.htm

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sooner than sixty (60) days after the date of such delivery; or (iv) termination by the either party by written notice delivered to the other party, based upon: (a) the terminating party’s determination that there is a reasonable basis to conclude that the other party is insolvent or that the financial condition of the other party is deteriorating in any material respect, in which case termination shall take effect upon the other party’s receipt of such notice or at such later time as the terminating party shall designate; (b) the other party committing a material breach of the Administration Agreement, and failing to remedy such material breach within ninety (90) days of being given written notice of the material breach, unless the parties agree to extend the period to remedy the breach; or (c) the relevant state or federal authority withdrawing its authorization of the either party. TRX Custody Agreement

The TRX Custody
Agreement establishes the rights and responsibilities of the TRX Custodian, Sponsor and the Trust with respect to the TRX in the Trust
TRX Account, which is established and maintained by the TRX Custodian. See “Custody of the Trust’s Assets” for
a description of the TRX Custody Agreement.

Distribution Agreement

Pursuant to a distribution
agreement (the “Distribution Agreement”) between the Trust and ________, ________
assists the Sponsor and the Administrator with certain functions and duties relating to distribution and marketing of Shares including
reviewing and approving marketing materials.

Indemnity and Limitations
on Liability

In its capacity
as Distributor, ________ is indemnified and held harmless against any loss, liability, claim, damages
or expense (including the reasonable cost of investigating or defending any alleged loss, liability, claim, damages, or expense and reasonable
counsel fees incurred in connection therewith) arising by reason of any person acquiring any shares,
based upon the ground that the Trust’s offering documents included an untrue statement of a material fact or omitted to state a
material fact required to be stated or necessary in order to make the statements not misleading under the 1933 Act, or any other statute
or the common law. However, the Trust will not indemnify the Distributor or hold it harmless to the extent that the statement or omission
was made in reliance upon, and in conformity with, information furnished to the Trust by or on behalf of Distributor. In no case (i) is
the indemnity of the Trust in favor of Distributor or any person indemnified to be deemed to protect the Distributor or any person against
any liability to the Trust or its security holders to which the Distributor or such person would otherwise be subject by reason of willful
misfeasance, bad faith or gross negligence in the performance of its duties or by reason of its reckless disregard of its obligations
and duties under the Distribution Agreement, or (ii) is the Trust to be liable under its indemnity agreement with respect to any claim
made against the Distributor or any person indemnified unless the Distributor or person, as the case may be, shall have notified the Trust
in writing of the claim within a reasonable time after the summons or other first written notification giving information of the nature
of the claim shall have been served upon the Distributor or any such person (or after the Distributor or such person shall have received
notice of service on any designated agent).

Term and Termination

The Distribution Agreement
may be terminated by either party at the end of the initial term or the end of any renewal term on sixty (60) days’ prior written
notice.

Governing Law

The
Distribution Agreement is governed by the laws of the ________.

Transfer Agency Agreement

________ serves
as the Transfer Agent. The Transfer Agent, among other things, provides transfer agent services with respect to the creation
and redemption of Baskets by Authorized Participants, the issuance and redemption of Shares, the payment, if any, of distributions with
respect to the Shares, the recording of the issuance of the Shares and the maintaining of certain records therewith.

Resignation, Discharge
or Removal of Transfer Agent

Either the Trust
or the Transfer Agent may terminate the Transfer Agency and Service Agreement for cause for the reasons set forth in the
Transfer Agency and Service Agreement, such as either party’s bankruptcy or committing a material breach of the Transfer Agency
and Service Agreement. The Trust may terminate the Transfer Agency and Service Agreement prior to the expiration of the initial term upon
ninety (90) days’ prior written notice in the event that the Sponsor determines to liquidate the Trust and terminate its registration
with the SEC.

Limitation on Transfer
Agent’s Liability

The Transfer Agent will
not be liable for the disposition of EUAs or moneys, or for any action taken or omitted or for any loss or injury resulting from its
actions or its performance or lack of performance of its duties under the Transfer Agency and Service Agreement in the absence of
negligence, willful misconduct or bad faith on its part. In no event will the Transfer Agent be liable for acting in
accordance with or conclusively relying upon any instruction, notice, demand, certificate or document (i) from the Sponsor, the
Trustee, the Administrator or the Cash Custodian or any entity acting on behalf of any of them which
the Transfer Agent believes is given as authorized by the Trust Agreement,
the Administration Agreement or the Cash Custody Agreement, respectively; or (ii) from or on behalf of any Authorized
Participant which the Transfer Agent believes is given pursuant to or is authorized by an Authorized Participant
Agreement (provided that the Transfer Agent has complied with the verification procedures specified in the Authorized
Participant Agreement). In no event will the Transfer Agent be liable for acting or omitting to act in reliance upon
the advice of or information from legal counsel, accountants or any other person believed by it in good faith to be competent to
give such advice or information. In addition, the Transfer Agent will not be liable for any delay in performance or
for the non-performance of any of its obligations under the Transfer Agency and Service Agreement by reason of causes beyond
its reasonable control, including acts of God, war or terrorism. The Transfer Agent will not be liable for any
indirect, consequential, punitive or special damages, regardless of the form of action and whether or not any such damages were
foreseeable or contemplated, or for an amount in excess of the value of the Trust’s assets.

Indemnification of Transfer
Agent

The Transfer Agent,
its directors, employees and agents shall be indemnified by the Trust and held harmless against any loss, liability or expense (including,
but not limited to, the reasonable fees and expenses of counsel) arising out of or in connection with the performance of its obligations
under the Transfer Agency and Service Agreement and under each other agreement entered into by the
Transfer Agent in furtherance of the administration of the Trust (including, without limiting the scope of the foregoing, any Authorized
Participant Agreement) or for any other loss incurred without negligence, willful misconduct or bad faith in connection with the performance
of its obligations under or any actions taken in accordance with the provisions of the Transfer Agency and Service Agreement or any such
other agreement. Such indemnity shall include payment from the Trust of the costs and expenses incurred by such indemnified party in defending
itself against any claim or liability in its capacity as Transfer Agent.

Governing Law

The Transfer Agency
and Services Agreement shall be construed and the provisions thereof interpreted under and in accordance with the laws of ________.

[Cash Custody Agreement

Under
the Cash Custody Agreement, the Cash Custodian will keep safely all cash and other non-TRX assets of the Trust delivered to the Cash Custodian
and, on behalf of the Trust, the Cash Custodian shall, from time to time, accept delivery of cash and other non-TRX assets for safekeeping.
Amounts received in connection with the sale of TRX shall be deposited into the Cash Account.]

Standard
of Care; Limitations of Liability

The
Cash Custodian shall exercise reasonable care, prudence and diligence and shall be liable to the Trust for all loss, damage and expense
suffered or incurred by the Trust resulting from the failure of the Cash Custodian to exercise such reasonable care, prudence and diligence.