Document:

ABERDEEN STANDARD SILVER ETF TRUST 8-K

Exhibit
10.1 

Execution
Version

AMENDMENT
TO THE

ALLOCATED
ACCOUNT AGREEMENT

OF

ETFS
SILVER TRUST

This
Amendment to the Allocated Account Agreement (this “Amendment”) of the ETFS Silver Trust (the “Trust”),
effective as of October 1, 2018, is made by and among Aberdeen Standard Investments ETFs Sponsor LLC (formerly, ETFS Securities
USA LLC), a Delaware limited liability company, as sponsor of the Trust (the “Sponsor”), HSBC Bank plc (as
successor to HSBC Bank USA, National Association, London Branch), as the custodian of the Trust (the “Custodian”),
and The Bank of New York Mellon, a New York banking corporation, as the trustee of the Trust (the “Trustee”).

WITNESSETH
THAT:

WHEREAS, the Sponsor, the Custodian and the Trustee are parties to the Allocated Account Agreement (the “Agreement”),
dated as of July 20, 2009, which established an allocated bullion account in the Trustee’s name for the Trust; and

WHEREAS,
pursuant to Section 15.5 of the Agreement, the Sponsor, the Custodian and the Trustee desire to amend the Agreement so as to change
the names of the Trust and the shares issuable by the Trust as follows:

	Current
    Name	New
    Name
	ETFS
    Silver Trust	Aberdeen
    Standard Silver ETF Trust
	ETFS
    Physical Silver Shares 	Aberdeen
    Standard Physical Silver Shares ETF

 

;
and to reflect the change in the name of the Sponsor from “ETFS Securities USA LLC” to “Aberdeen Standard Investments
ETFs Sponsor LLC”.

 

NOW,
THEREFORE, in consideration of the premises and the agreements hereinafter set forth, the parties hereby agree as follows:

 

		1.	(a)         
Amendment to the Preamble. The second and third paragraphs of the preamble are hereby deleted in their entirety and replaced
with the following:

 

    	 	- 1 -	 

    	 

    

		(2)	THE
                                         BANK OF NEW YORK MELLON, a New York banking corporation, solely in its capacity as trustee
                                         of the Aberdeen Standard Silver ETF Trust created under the Trust Agreement identified
                                         below and not individually (the “Trustee”), which expression shall,
                                         wherever the context so admits, include the named Trustee and all other persons or companies
                                         for the time being the trustee or trustees of the Trust Agreement (as defined below)
                                         as trustee for the Shareholders (as defined below); and

		(3)	ABERDEEN
                                         STANDARD INVESTMENTS ETFS SPONSOR LLC, a limited liability corporation formed in
                                         Delaware, whose principal place of business is at c/o Aberdeen Standard Investments,
                                         712 Fifth Avenue, 49th Floor, New York, NY 10019 (the “Sponsor”).

 

(b)

Amendment to Section 1.1 of the Agreement. The defined terms for “Shares,”
“Trust” and “Trust Agreement” in Section 1.1 of the Agreement are hereby deleted in their entirety and
replaced with the following:

 

“Shares”
means the units of fractional undivided beneficial interest in and ownership of the Trust which are issued by the Trust and named
“Aberdeen Standard Physical Silver Shares ETF” created pursuant to and constituted by the Trust Agreement;

“Trust”
means the Aberdeen Standard Silver ETF Trust formed pursuant to the Trust Agreement;

“Trust
Agreement” means the Depositary Trust Agreement of the Aberdeen Standard Silver ETF Trust dated on or about July 20, 2009,
as amended on or about October 1, 2018, and as may be further amended from time to time, between Aberdeen Standard Investments
ETFs Sponsor LLC, as Sponsor, and The Bank of New York Mellon, as Trustee;

(c)

Amendment to Section 14.3 of the Agreement.

 

The
paragraph entitled “Custodian” of Section 14.3 of the Agreement is hereby deleted in its entirety and replaced with
the following:

The
Custodian:

HSBC Bank plc

8
Canada Square

London
E14 5HQ

Attention:
Tony J Dean

Facsimile
No- +44 (o) 20 7992 4489

Email:
ukmetals.operations@hsbc.com

 

The
paragraph entitled “The Sponsor” of Section 14.3 of the Agreement is hereby deleted in its entirety and replaced with
the following:

 

    	 	- 2 -	 

    	 

    

 

The
Sponsor:

Aberdeen Standard Investments ETFs Sponsor LLC

c/o
Aberdeen Standard Investments

712
Fifth Avenue, 49th Floor

New
York, NY 10019

 

 

		(d)	Amendment
                                         to Section 16.5 of the Agreement. Section 16.5 Service of Process is deleted
                                         in its entirety and replaced with the following:

16.3
Service of Process: Process by which any proceedings are begun may be served on it by being delivered to the address specified
below. This does not affect any right to serve process in another manner permitted by law.

Custodian’s
Address for Service of Process: Same address as provided for the Custodian in Section 14.3

Trustee’s
Address for Service of Process:

BNY
Mellon

1
Canada Square

London,
E14 5AL, United Kingdom

Attention:
Legal Department

 

with
a copy to:

 

The
Bank of New York Mellon

2
Hanson Place

Brooklyn,
New York 11217

Attention: 
ETF Services

Sponsor’s
Address for Service of Process:

Aberdeen
Standard Investments ETFs Sponsor LLC

c/o
Aberdeen Asset Management Limited

Bow
Bells House

1 Bread Street

London

EC4M 9HH

Attention:
Legal Department

		(e)	Amendment
                                         to Textual References in the Agreement.

(i)

All
                                         other references to “ETFS Silver Trust” in the Agreement are hereby deleted
                                         and replaced with “Aberdeen Standard Silver ETF Trust.”

(ii)

All
other references to “ETFS Physical Silver Shares” in the Agreement are hereby deleted and replaced with “Aberdeen
Standard Physical Silver Shares ETF.”

    	 	- 3 -	 

    	 

    

(iii)

All other references to “ETFS Securities USA LLC” in the Agreement are hereby
deleted and replaced with “Aberdeen Standard Investments ETFs Sponsor LLC.”

2.       The
amendments contemplated by this Amendment shall, upon execution of this Amendment by the Sponsor, the Custodian and the Trustee,
be effective as of October 1, 2018, and no further action shall be required to make such amendments effective.

3.       Except
as expressly amended by this Amendment, the Agreement shall remain in full force and effect.

4.       This
Amendment shall be interpreted under, and all rights and duties under this Amendment shall be governed by, English law.

5.       Except
as otherwise specified in this Amendment, or as the context may otherwise require, capitalized terms shall have the meaning ascribed
to them in the Agreement.

6.       This
Amendment may be executed in any number of counterparts, each of which shall be deemed an original, but all such counterparts
together shall constitute one and the same instrument. Facsimile and electronic counterpart signatures shall be acceptable and
binding.

7.       Pursuant
to Section 5.5(a) of the Trust Agreement as amended, the Sponsor hereby approves of the Trustee entering into this Amendment.

8.       The
Custodian shall advise any Sub-Custodians it may use pursuant to the terms of the Agreement about the change in the names of the
Trust and the shares issuable by the Trust and in the name of the Sponsor to be made by this Amendment so that such Sub-Custodians
may update their records accordingly.

[remainder
of page intentionally blank]

    	 	- 4 -	 

    	 

    

IN
WITNESS WHEREOF, the undersigned have executed this Amendment as of the date first set forth above.

 

	Aberdeen
Standard Investments ETFs Sponsor LLC	 
	(formerly,
ETFS Securities USA LLC),	 
	as
Sponsor	 
	 	 
	 	 
	/s/ Lucia Sitar	 	 
	Name:
Lucia Sitar	 
	Title:
Vice President	 
	 	 
	 	 
	HSBC
Bank plc	 
	(as successor to HSBC Bank USA, National Association, London Branch),
	as
Custodian	 
	 	 
	/s/ J. Melton	 
	Name: J. Melton	 	 
	Title:	 
	 	 
	 	 
	 	 
	The
Bank of New York Mellon,	 
	solely
in its capacity as Trustee and not individually	 
	 	 
	/s/ Phyllis A. Cietek	 	 
	Name:
Phyllis A. Cietek	 
	Title:
Vice President	 
	 	 

 

[Signature
Page to Amendment to Allocated Account Agreement]

    	 	- 5 -ABERDEEN STANDARD SILVER ETF TRUST 8-K

Exhibit 10.2 

Execution
Version

AMENDMENT
TO THE

UNALLOCATED
ACCOUNT AGREEMENT

OF

ETFS
SILVER TRUST

This
Amendment to the Unallocated Account Agreement (this “Amendment”) of the ETFS Silver Trust (the “Trust”),
effective as of October 1, 2018, is made by and among Aberdeen Standard Investments ETFs Sponsor LLC (formerly, ETFS Securities
USA LLC), a Delaware limited liability company, as sponsor of the Trust (the “Sponsor”), HSBC Bank plc (as
successor to HSBC Bank USA, National Association, London Branch), as the custodian of the Trust (the “Custodian”),
and The Bank of New York Mellon, a New York banking corporation, as the trustee of the Trust (the “Trustee”).

WITNESSETH
THAT:

WHEREAS,
the Sponsor, the Custodian and the Trustee are parties to the Unallocated Account Agreement (the “Agreement”),
dated as of July 20, 2009, which established an unallocated bullion account in the Trustee’s name for the Trust; and

WHEREAS,
pursuant to Section 14.5 of the Agreement, the Sponsor, the Custodian and the Trustee desire to amend the Agreement so as to change
the names of the Trust and the shares issuable by the Trust as follows:

	Current
    Name	New
    Name
	ETFS
    Silver Trust	Aberdeen
    Standard Silver ETF Trust
	ETFS
    Physical Silver Shares 	Aberdeen
    Standard Physical Silver Shares ETF

 

;
and to reflect the change in the name of the Sponsor from “ETFS Securities USA LLC” to “Aberdeen Standard Investments
ETFs Sponsor LLC”.

 

NOW,
THEREFORE, in consideration of the premises and the agreements hereinafter set forth, the parties hereby agree as follows:

 

		1.	(a)          Amendment to the Preamble. The second and third paragraphs of the preamble are hereby deleted in their entirety and replaced
with the following:

 

    	 	- 1 -	 

    	 

    

		(2)	THE
                                         BANK OF NEW YORK MELLON, a New York banking corporation, solely in its capacity as trustee
                                         of the Aberdeen Standard Silver ETF Trust created under the Trust Agreement identified
                                         below and not individually (the “Trustee”), which expression shall,
                                         wherever the context so admits, include the named Trustee and all other persons or companies
                                         for the time being the trustee or trustees of the Trust Agreement (as defined below)
                                         as trustee for the Shareholders (as defined below); and

		(3)	ABERDEEN
                                         STANDARD INVESTMENTS ETFS SPONSOR LLC, a limited liability corporation formed in
                                         Delaware, whose principal place of business is at c/o Aberdeen Standard Investments,
                                         712 Fifth Avenue, 49th Floor, New York, NY 10019 (the “Sponsor”).

 

(b)

Amendment to Section 1.1 of the Agreement. The defined terms for “Shares,”
“Trust” and “Trust Agreement” in Section 1.1 of the Agreement are hereby deleted in their entirety and
replaced with the following:

 

“Shares”
means the units of fractional undivided beneficial interest in and ownership of the Trust which are issued by the Trust and named
“Aberdeen Standard Physical Silver Shares ETF” created pursuant to and constituted by the Trust Agreement;

“Trust”
means the Aberdeen Standard Silver ETF Trust formed pursuant to the Trust Agreement;

“Trust
Agreement” means the Depositary Trust Agreement of the Aberdeen Standard Silver ETF Trust dated on or about July 20, 2009,
as amended on or about October 1, 2018, and as may be further amended from time to time, between Aberdeen Standard Investments
ETFs Sponsor LLC, as Sponsor, and The Bank of New York Mellon, as Trustee;

(c)

Amendment
to Section 13.3 of the Agreement.

The
paragraph entitled “Custodian” of Section 13.3 of the Agreement is hereby deleted in its entirety and replaced with
the following:

The
Custodian:

HSBC Bank plc

8
Canada Square

London
E14 5HQ

Attention:
Tony J Dean

Email:
ukmetals.operations@hsbc.com

 

The
paragraph entitled “The Sponsor” of Section 13.3 of the Agreement is hereby deleted in its entirety and replaced with
the following:

The
Sponsor:

Aberdeen Standard Investments ETFs Sponsor LLC

c/o Aberdeen Standard Investments

712 Fifth Avenue, 49th Floor

New York, NY 10019

    	 	- 2 -	 

    	 

    

(d)

Amendment
to Section 16.4 of the Agreement. Section 16.4 Service of Process is deleted in its entirety and replaced with the
following:

15.4
Service of Process: Process by which any proceedings are begun may be served on it by being delivered to the address
specified below. This does not affect any right to serve process in another manner permitted by law.

Custodian’s
Address for Service of Process: Same address as provided for the Custodian in Section 13.3

Trustee’s
Address for Service of Process:

BNY
Mellon

1
Canada Square

London,
E14 5AL, United Kingdom

Attention:
Legal Department

 

with
a copy to:

 

The
Bank of New York Mellon

2
Hanson Place

Brooklyn,
New York 11217

Attention: 
ETF Services

Sponsor’s
Address for Service of Process:

Aberdeen
Standard Investments ETFs Sponsor LLC

c/o
Aberdeen Asset Management Limited

Bow
Bells House

1 Bread Street

London

EC4M 9HH

Attention:
Legal Department

		(e)	Amendment
                                         to Textual References in the Agreement.

(i)

All
                                         other references to “ETFS Silver Trust” in the Agreement are hereby deleted
                                         and replaced with “Aberdeen Standard Silver ETF Trust.”

(ii)

All other references to “ETFS Physical Silver Shares” in the Agreement are
hereby deleted and replaced with “Aberdeen Standard Physical Silver Shares ETF.”

(iii)

All other references to “ETFS Securities USA LLC” in the Agreement are hereby
deleted and replaced with “Aberdeen Standard Investments ETFs Sponsor LLC.”

2.       The
amendments contemplated by this Amendment shall, upon execution of this Amendment by the Sponsor, the Custodian and the Trustee,
be effective as of October 1, 2018, and no further action shall be required to make such amendments effective.

    	 	- 3 -	 

    	 

    

3.       Except
as expressly amended by this Amendment, the Agreement shall remain in full force and effect.

4.       This
Amendment shall be interpreted under, and all rights and duties under this Amendment shall be governed by, English law.

5.       Except
as otherwise specified in this Amendment, or as the context may otherwise require, capitalized terms shall have the meaning ascribed
to them in the Agreement.

6.       This
Amendment may be executed in any number of counterparts, each of which shall be deemed an original, but all such counterparts
together shall constitute one and the same instrument. Facsimile and electronic counterpart signatures shall be acceptable and
binding.

7.       Pursuant
to Section 5.5(a) of the Trust Agreement, as amended, the Sponsor hereby approves of the Trustee entering into this Amendment.

[remainder
of page intentionally blank]

    	 	- 4 -	 

    	 

    

IN
WITNESS WHEREOF, the undersigned have executed this Amendment as of the date first set forth above.

 

 

	Aberdeen
Standard Investments ETFs Sponsor LLC	 
	(formerly,
ETFS Securities USA LLC),	 
	as
Sponsor	 
	 	 
	 	 
	/s/ Lucia Sitar	 	 
	Name:
Lucia Sitar	 
	Title:
Vice President	 
	 	 
	 	 
	HSBC
Bank plc	 
	(as successor to HSBC USA, National Association, London Branch),
	as
Custodian	 
	 	 
	/s/ J. Melton	 
	Name: J. Melton	 	 
	Title:	 
	 	 
	 	 
	 	 
	The
Bank of New York Mellon,	 
	solely
in its capacity as Trustee and not individually	 
	 	 
	 	 
	/s/ Phyllis A. Cietek	 	 
	Name:
Phyllis A. Cietek	 
	Title:
Vice President	 

 

 

 

[Signature
Page to Amendment to Unallocated Account Agreement]

    	 	- 5 -

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