Grayscale Horizen Trust (ZEN) Sample Contracts

MASTER SERVICES AGREEMENT
Master Services Agreement • March 12th, 2026 • Grayscale Horizen Trust (ZEN) • Commodity contracts brokers & dealers • Delaware

THIS MASTER SERVICES AGREEMENT (“Agreement”) is made as of the latest date set forth on the signature page hereto (the “Effective Date”) by and between Coin Metrics Inc., a Delaware corporation (“CM”) and Grayscale Investments, LLC. Customer and CM are individually hereinafter referred to as a “Party” and collectively as the “Parties”. This Agreement incorporates by reference the Order Forms issued hereunder.

AMENDMENT NO. 3 TO THE AMENDED AND RESTATED DECLARATION OF TRUST AND TRUST AGREEMENT
Declaration of Trust and Trust Agreement • March 25th, 2024 • Grayscale Horizen Trust (ZEN) • Finance services • Delaware

This AMENDMENT NO. 3 (THE “AMENDMENT”) TO THE AMENDED AND RESTATED DECLARATION OF TRUST AND TRUST AGREEMENT of GRAYSCALE HORIZEN TRUST (ZEN) is made and entered into as of the 22nd day of March, 2024, by and among GRAYSCALE INVESTMENTS, LLC, a Delaware limited liability company, DELAWARE TRUST COMPANY (formerly known as CSC Trust Company of Delaware), a Delaware corporation, as trustee, and the SHAREHOLDERS from time to time hereunder.

ASSIGNMENT AND ASSUMPTION AGREEMENT
Assignment and Assumption Agreement • January 3rd, 2025 • Grayscale Horizen Trust (ZEN) • Commodity contracts brokers & dealers • Delaware

This ASSIGNMENT AND ASSUMPTION AGREEMENT (this “Agreement”) is dated as of January 1, 2025, and is made and entered into by and between Grayscale Operating, LLC, a Delaware limited liability company (“GSO”), and Grayscale Investments Sponsors, LLC, a Delaware limited liability company (“GSIS”, and together with GSO, the “Parties”).

Certain confidential information contained in this document, marked by [***], has been omitted because the registrant has determined that the information (i) is not material and (ii) would likely cause competitive harm to the registrant if publicly...
Master License Agreement • June 23rd, 2023 • Grayscale Horizen Trust (ZEN) • Finance services

This Amendment No. 1 (this “Amendment”) is made as of June 20, 2023 (the “Effective Date”) by and between CoinDesk Indices, Inc., a Delaware corporation, having its principal place of business at 250 Park Avenue South, 2nd Floor, New York, NY 10003 (“CDI”), and Grayscale Investments, LLC, a Delaware limited liability company, with an office located at 290 Harbor Drive, Stamford, CT 06902 (“Licensee”). Unless otherwise defined herein, capitalized terms used herein have the meanings specified in or pursuant to the Agreement (defined below).

AMENDMENT No. 6 TO MASTER LICENSE AGREEMENT
Master License Agreement • March 12th, 2026 • Grayscale Horizen Trust (ZEN) • Commodity contracts brokers & dealers

This Amendment No. 6 (this “Amendment No. 6”) is effective as of March 1, 2025 (the “Amendment No. 6 Effective Date”) by and between CoinDesk Indices, Inc., a Delaware corporation, having its principal place of business at 169 Madison Ave, Suite 2635, New York, NY 10016 (“CDI”), and Grayscale Investments Sponsors, LLC, a Delaware limited liability company, with an office located at 290 Harbor Drive, Stamford, CT 06902 (“Licensee”). Unless otherwise defined herein, capitalized terms used herein have the meanings specified in or pursuant to the Agreement (defined below).

ASSIGNMENT AGREEMENT
Assignment Agreement • January 3rd, 2025 • Grayscale Horizen Trust (ZEN) • Commodity contracts brokers & dealers • New York

This ASSIGNMENT AGREEMENT (this “Assignment Agreement”) is entered into by and among Grayscale Investments, LLC (“GSI”), on behalf of itself and each client listed on Schedule II to this Assignment Agreement, Grayscale Operating, LLC (“GSO”), Grayscale Investments Sponsors, LLC (“Assignee”) and Coinbase, Inc. (“Coinbase”), on behalf of itself and as agent for Coinbase Custody Trust Company, LLC (“Coinbase Custody” or “Trust Company”), and, as applicable, Coinbase Credit, Inc. (“Coinbase Credit,” and together with Coinbase and Coinbase Custody, the “Coinbase Entities”) and shall be effective as of 9:05 A.M., Eastern Time, on January 1, 2025 (“Effective Time”). Capitalized terms used but not defined herein shall have the respective meanings set forth in the agreements listed on Schedule I to this Assignment Agreement (collectively, as amended, the “Agreements”).

ASSIGNMENT AND ASSUMPTION AGREEMENT
Assignment and Assumption Agreement • January 3rd, 2025 • Grayscale Horizen Trust (ZEN) • Commodity contracts brokers & dealers

This Assignment and Assumption Agreement (“Assignment Agreement”), dated as of December 20, 2024, is entered into by and among Foreside Fund Services, LLC (“ACA Foreside”), Grayscale Investments, LLC (“GSI”), Grayscale Operating, LLC (“GSO”) and Grayscale Investments Sponsors, LLC (“New Sponsor”). This Assignment Agreement shall be effective as of 9:05 A.M., Eastern Time, on January 1, 2025 (“Effective Time”)

AMENDMENT NO. 2 TO THE AMENDED AND RESTATED DECLARATION OF TRUST AND TRUST AGREEMENT
Trust Agreement • June 29th, 2022 • Grayscale Horizen Trust (ZEN) • Finance services • Delaware

This AMENDMENT NO. 2 (THE “AMENDMENT”) TO THE AMENDED AND RESTATED DECLARATION OF TRUST AND TRUST AGREEMENT of GRAYSCALE HORIZEN TRUST (ZEN) is made and entered into as of the 28th day of June, 2022, by and among GRAYSCALE INVESTMENTS, LLC, a Delaware limited liability company, DELAWARE TRUST COMPANY (formerly known as CSC Trust Company of Delaware), a Delaware corporation, as trustee, and the SHAREHOLDERS from time to time hereunder.

AMENDMENT NO. 1 TO THE AMENDED AND RESTATED DECLARATION OF TRUS T AND TRUST AGREEMENT
Trust Agreement • May 5th, 2022 • Grayscale Horizen Trust (ZEN) • Delaware

This AMENDMENT NO. 1 (THE “AMENDMENT”) TO THE AMENDED AND RESTATED DECLARATION OF TRUST AND TRUST AGREEMENT of ZEN INVESTMENT TRUST is made and entered into as of the 11th day of January, 2019, by and among GRAYSCALE INVESTMENTS, LLC, a Delaware limited liability company, DELAWARE TRUST COMPANY, a Delaware corporation, as trustee, and the SHAREHOLDERS from time to time hereunder.

AMENDMENT NO. 4 TO THE AMENDED AND RESTATED DECLARATION OF TRUST AND TRUST AGREEMENT
Declaration of Trust and Trust Agreement • March 12th, 2026 • Grayscale Horizen Trust (ZEN) • Commodity contracts brokers & dealers • Delaware

This AMENDMENT NO. 4 (THE “AMENDMENT”) TO THE AMENDED AND RESTATED DECLARATION OF TRUST AND TRUST AGREEMENT OF GRAYSCALE STELLAR LUMENS TRUST (XLM) is made and entered into as of the 24th day of November, 2025, by and among GRAYSCALE INVESTMENTS SPONSORS, LLC, a Delaware limited liability company, CSC DELAWARE TRUST COMPANY, a Delaware corporation, as trustee, and the SHAREHOLDERS from time to time hereunder.

TRUST COMPANY CUSTODIAL SERVICES AGREEMENT
Custodial Services Agreement • May 5th, 2022 • Grayscale Horizen Trust (ZEN) • New York

This Custodial Services Agreement (the “Agreement”) is made by and between Grayscale Horizen Trust (ZEN) (the “Grayscale Investment Product”), Grayscale Investments, LLC, sponsor of the Grayscale Investment Product (the “Sponsor” and together with the Grayscale Investment Product, the “Client”) and Coinbase Custody Trust Company, LLC, with an address at 200 Park Avenue South, Suite 1208, New York, NY 10003 (“Trust Company”). This Agreement governs Client’s use of the Custodial Services (as defined herein) provided by Trust Company as a fiduciary to its clients’ assets.

AMENDMENT NO. 4 TO THE AMENDED AND RESTATED DECLARATION OF TRUST AND TRUST AGREEMENT
Declaration of Trust and Trust Agreement • December 23rd, 2025 • Grayscale Horizen Trust (ZEN) • Commodity contracts brokers & dealers • Delaware

This AMENDMENT NO. 4 (THE “AMENDMENT”) TO THE AMENDED AND RESTATED DECLARATION OF TRUST AND TRUST AGREEMENT OF GRAYSCALE HORIZEN TRUST (ZEN) is made and entered into as of the 22nd day of December, 2025, by and among GRAYSCALE INVESTMENTS SPONSORS, LLC, a Delaware limited liability company, CSC DELAWARE TRUST COMPANY, a Delaware corporation, as trustee, and the SHAREHOLDERS from time to time hereunder.