Document:

ABERDEEN STANDARD PALLADIUM ETF TRUST 8-K

EXHIBIT 4.1

 

Execution Version

 

SECOND AMENDMENT TO THE

 

DEPOSITARY TRUST AGREEMENT

 

OF

 

ABERDEEN STANDARD PALLADIUM ETF TRUST

 

This Second Amendment to the
Depositary Trust Agreement of the Aberdeen Standard Palladium ETF Trust (formerly, ETFS Palladium Trust), a New York common law trust
(the “Trust”), dated as of March 8, 2022 (this “Amendment”), is made by and between abrdn ETFs Sponsor
LLC (formerly, Aberdeen Standard Investments ETFs Sponsor LLC and ETFs Securities USA LLC), a Delaware limited liability company, as sponsor
of the Trust (the “Sponsor”), 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 and the
Trustee entered into the Depositary Trust Agreement, dated as of December 30, 2009, which created the Trust and which was amended effective
as of October 1, 2018 (the “Agreement”); and

 

WHEREAS, pursuant to Section
6.1 of the Agreement, the Sponsor and the Trustee desire to amend the Agreement, effective as of March 31, 2022, so as to change the names
of the Trust and the shares issuable by the Trust as follows:

 

	Current Name	New Name
	Aberdeen Standard Palladium ETF Trust	abrdn Palladium ETF Trust
	Aberdeen Standard Physical Palladium Shares ETF	abrdn Physical Palladium Shares ETF

 

; and to reflect the change
in the name of the Sponsor from “Aberdeen Standard Investments ETFs Sponsor LLC” to “abrdn 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 first and second recitals of the Agreement are hereby deleted
in their entirety and replaced with the following:

 

WHEREAS the Sponsor desires to establish
a trust to be known as the “abrdn Palladium ETF Trust”, pursuant to the laws of the State of New York; and

 

    -1- 

     

    

 

WHEREAS the Sponsor desires to establish
the terms on which Palladium (as herein defined) may be deposited in the trust and provide for the creation of abrdn Physical Palladium
Shares ETF in Baskets (as herein defined) representing fractional undivided interests in the net assets of the trust and the execution
and delivery of the Certificates (as herein defined) evidencing the abrdn Physical Palladium Shares ETF; and

 

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

 

“Corporate Trust Office” means
the office of the Trustee at which its depositary receipt business is administered which is located at 240 Greenwich Street, New York,
New York 10286.

 

“Shares” means abrdn Physical
Palladium Shares ETF created under this Agreement, each representing a fractional undivided ownership interest in the net assets of the
Trust, which interest shall equal a fraction, the numerator of which is 1 and the denominator of which is the total number of Shares outstanding.

 

“Sponsor” means abrdn ETFs
Sponsor LLC, a Delaware limited liability company, or its successor.

 

“Trust” means the abrdn Palladium
ETF Trust, the trust entity created by this Agreement.

 

(c)         Amendment
to Section 2.1(a) of the Agreement. The last sentence of Section 2.1(a) of the Agreement is hereby deleted in its entirety and replaced
with the following:

 

The trust created by this Agreement shall
be known as the “abrdn Palladium ETF Trust.”

 

(d)         Amendment
to Section 7.5 of the Agreement. Section 7.5 of the Agreement is hereby deleted in its entirety and replaced with the following:

 

Section 7.5 Notices.

 

(a) All notices given under this Agreement
must be in writing.

 

(b) Any and all notices
to be given to the Trustee or the Sponsor shall be deemed to have been duly given (i) when it is actually delivered by a messenger or
recognized courier service, (ii) five days after it is mailed by registered or certified mail, postage paid or (iii) when receipt of an
email transmission is acknowledged via a return receipt or receipt confirmation as requested by the original transmission, in each case
to or at the address set forth below:

 

To the Trustee:

 

The Bank of New York Mellon

240 Greenwich Street

8th Floor

New York, New York 10286

Attention: ETF Services

Telephone: (212) 815-2698

Email: etfcsm@bnymellon.com

 

    -2- 

     

    

 

or any other place to which the Trustee
may have transferred its Corporate Trust Office with notice to the Sponsor.

 

To the Sponsor:

 

arbdn ETFs Sponsor LLC 

c/o abrdn  Inc.

1900 Market Street, Suite 200

Philadelphia, PA 19103 

Attention: Product Governance

Email: ProductGovernanceUS@abrdn.com

 

With a copy to:

 

abrdn ETFs Sponsor LLC 

c/o abrdn  Inc.

712 Fifth Avenue, 49th Floor 

New York, NY 10019 

Attention: Adam Rezak 

Email: adam.rezak@abrdn.com

 

or any other place to which the Sponsor
may have transferred its principal office with notice to the Trustee.

(c) Any and all notices
to be given to a Registered Owner shall be deemed to have been duly given (i) when actually delivered by messenger or a recognized courier
service, (ii) when mailed, postage prepaid or (iii) when sent by facsimile or e-mail transmission confirmed by letter, in each case at
or to the address of such Registered Owner as it appears on the transfer books of the Trustee, or, if such Registered Owner shall have
filed with the Trustee a written request that any notice or communication intended for such Registered Owner be delivered to some other
address, at the address designated in such request, provided that, if the Registered Owner is DTC, notices may be given to the Registered
Owner in any manner consistent with the rules of DTC as they may exist from time to time. Notices to Beneficial Owners shall be delivered
to Authorized Participants and DTC Participants designated by DTC or any successor Depository.

 

(e)         Amendment
to Section 7.6 of the Agreement. The reference to “Katten Muchin Rosenman LLP, located at 575 Madison Avenue, New York, New
York 10022” in Section 7.6 of the Agreement is hereby deleted in its entirety and replaced with the following:

 

Dechert LLP, located at Three Bryant Park,
1095 6th Ave, New York, New York 10036

 

    -3- 

     

    

 

(f)          Amendments
to Exhibit A of the Agreement.

 

(i)          The
last two sentences of the first paragraph which follows the caption for the form of Certificates evidencing Shares set forth in Exhibit
A of the Agreement are hereby deleted in their entirety and replaced with the following:

 

The Trustee’s Corporate Trust
Office and the Trustee’s principal executive office are each located at 240 Greenwich Street, New York, New York 10286.

 

(ii)          The
last sentence set forth in Exhibit A of the Agreement is hereby deleted in its entirety and replaced with the following:

 

THE TRUSTEE’S
CORPORATE TRUST OFFICE ADDRESS IS 

240 GREENWICH STREET,
NEW YORK, NEW YORK 10286.

 

		(g)	Amendment to Textual References in the Agreement.

(i)         All other
references to “Aberdeen Standard Palladium ETF Trust” in the Agreement are hereby deleted and replaced with “abrdn Palladium
ETF Trust.”

 

(ii)        All
other references to “Aberdeen Standard Physical Palladium Shares ETF” in the Agreement are hereby deleted and replaced with
“abrdn Physical Palladium Shares ETF.”

 

(iii)       All
other references to “Aberdeen Standard Investments ETFs Sponsor LLC” in the Agreement are hereby deleted and replaced with
“abrdn ETFs Sponsor LLC.”

 

2.       In
accordance with Section 6.1 of the Agreement, the Sponsor hereby certifies to the Trustee that the amendments contemplated by this Amendment
do not impose or increase any fees or charges relating to the Trust and do not otherwise prejudice any substantial existing right of the
Registered Owners.

 

3.       The
amendments contemplated by this Amendment shall, upon execution of this Amendment by the Sponsor and the Trustee, be effective as of March
31, 2022, and no further action shall be required to make such amendments effective.

 

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

 

5.       This
Amendment shall be interpreted under, and all rights and duties under this Amendment shall be governed by, the internal substantive laws
(but not the choice of law rules) of the State of New York.

 

6.       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.

 

7.       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.

 

[remainder of page intentionally blank]

 

    -4- 

     

    

 

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

 

abrdn ETFs Sponsor LLC

(formerly, Aberdeen Standard Investments ETFs Sponsor LLC),

as Sponsor

 

/s/ Lucia Sitar

 

Name: Lucia Sitar

Title: Vice President 

 

The Bank of New York Mellon,

as Trustee

 

/s/ Jeffrey McCarthy

 

Name: Jeffrey McCarthy

Title: Managing Director

 

[Signature Page to Second Amendment to Depositary
Trust Agreement]

 

    -5-ABERDEEN STANDARD PALLADIUM ETF TRUST 8-K

EXHIBIT 10.1

 

Execution Version

 

THIRD AMENDMENT TO THE

ALLOCATED ACCOUNT AGREEMENT

OF

ABERDEEN STANDARD PALLADIUM ETF TRUST

(FORMERLY, ETFS PALLADIUM TRUST)

 

This Third Amendment to the
Allocated Account Agreement (this “Amendment”) of the Aberdeen Standard Palladium ETF Trust (the “Trust”),
dated as of March 11, 2022, is made by and between JPMorgan Chase Bank, N.A., 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 Custodian and
the Trustee are parties to the Allocated Account Agreement, dated as of December 30, 2009, as amended effective as of October 1, 2018
and December 30, 2019 (the “Agreement”), which established an allocated palladium account in the Trustee’s name
for the Trust; and

 

WHEREAS, pursuant to Section
15.5 of the Agreement, the Custodian and the Trustee desire to amend the Agreement, effective as of March 31, 2022, so as to change the
names of the Trust and the shares issuable by the Trust as follows:

 

	Current Name	New Name
	Aberdeen Standard Palladium ETF Trust	abrdn Palladium ETF Trust
	Aberdeen Standard Physical Palladium Shares ETF	abrdn Physical Palladium Shares ETF

 

; and to reflect the change
in the name of the Sponsor from “Aberdeen Standard Investments ETFs Sponsor LLC” to “abrdn 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 first and second paragraphs of the preamble are hereby deleted
in their entirety and replaced with the following:

 

		(1)	JPMORGAN CHASE BANK, N.A, whose principal place of business in England is at 25 Bank Street,
Canary Wharf, London, E14 5JP (the “Custodian”); and

 

    -1- 

     

    

 

		(2)	THE BANK OF NEW YORK MELLON, a New York banking corporation, solely in its capacity as trustee of the
abrdn Palladium 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).

 

(b)          Amendment
to Section 1.1 of the Agreement. The defined terms for “Shares,” “Sponsor,” “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, named “abrdn Physical Palladium
Shares ETF” and created pursuant to and constituted by the Trust Agreement;

 

“Sponsor” means abrdn ETFs
Sponsor LLC, its successors and assigns and any successor Sponsor appointed pursuant to the Trust Agreement;

 

“Trust” means the abrdn Palladium
ETF Trust formed pursuant to the Trust Agreement;

 

“Trust Agreement” means the
Depositary Trust Agreement of the abrdn Palladium ETF Trust dated on or about December 30, 2009, as amended effective October 1, 2018
and on or about March 31, 2022, and as may be further amended from time to time, between abrdn ETFs Sponsor LLC, as Sponsor, and The Bank
of New York Mellon, as Trustee;

 

(c)          Amendment
to Section 7 of the Agreement. The following new Section 7.5 is added to Section 7 of the Agreement:

 

		7.5	Replacement of Bullion:
                                            Upon a determination by the Custodian that any Bullion credited to the Allocated
                                            Account does not comply with the Rules, the Custodian shall as soon as practical replace
                                            such Bullion with Bullion which complies with the Rules. The Custodian shall not start the
                                            foregoing replacement process on a particular London Business Day unless it is reasonably
                                            sure that such replacement process can be started and completed in the same London Business
                                            Day. The Custodian shall notify the Trustee as soon as practicable on the London Business
                                            Day (but no later than the end of business on such London Business Day) when the Custodian
                                            effects such replacement and Bullion has been credited to the Allocated Account in accordance
                                            with the above instructions. The cost of any such replacement shall be borne by the Custodian.

 

(d)          Amendment
to Sections 14.1, 14.2 and 14.3 of the Agreement. Sections 14.1, 14.2 and 14.3 of the Agreement are hereby deleted in their entirety
and replaced with the following:

 

		14.1	Transfer Notices: Subject
                                            to clause 5.1, any Transfer Notice shall be in writing in English and shall be marked
                                            “Urgent – This Requires Immediate Attention” and signed (unless sent by
                                            email) by or on behalf of the party giving it (or its duly authorised representative). Any
                                            Transfer Notice shall be sent either by email or such other authenticated method as may,
                                            from time to time, be agreed between the parties. Any Transfer Notice shall be deemed to
                                            have been given, made or served upon actual receipt by the recipient.

 

    -2- 

     

    

 

		14.2	General Notices: Any
                                            General Notice shall be in writing in English and shall be marked “Urgent – This
                                            Requires Immediate Attention” and shall be signed (unless sent by email) by or on behalf
                                            of the party giving it (or its duly authorised representative). Any General Notice shall
                                            be given, made or served by sending the same by pre-paid registered post (first class if
                                            inland, first class airmail if overseas) or email. Any General Notice sent by pre-paid registered
                                            post shall be deemed to have been received three London/Zurich Business Days in the case
                                            of inland post or seven London/Zurich Business Days in the case of overseas post after dispatch.
                                            Any General Notice sent by email shall be deemed to have been given, made or served upon
                                            actual receipt by the recipient.

 

		14.3	The addresses and contact
                                            information of the parties for the purposes of clauses 14.1 and 14.2 are:

 

	 	The Custodian:	JPMorgan Chase Bank, N.A.
	 	 	25 Bank Street, Canary Wharf
	 	 	London E14 5JP
	 	 	
    Attention: Bullion Clearing (for Transfer Notices) or

    EMEA Bullion Sales (for General Notices)

	 	 	
    Email: bullion.clearing@jpmorgan.com (for Transfer Notices)

    or EMEA_bullion_sales@jpmorgan.com (for General Notices)

	 	 	 
	 	The Trustee:	The Bank of New York Mellon
	 	 	240 Greenwich Street
	 	 	8th Floor
	 	 	New York, New York 10286
	 	 	Attention: ETF Services 
	 	 	Telephone: (212) 815-2698
	 	 	Email: etfcsm@bnymellon.com

 

or such other address as shall
have been notified (in accordance with this clause) to the other party hereto. The address and contact information of the Sponsor for
purposes of receiving notices under this Agreement is:

 

arbdn ETFs Sponsor LLC 

c/o abrdn  Inc.

1900 Market Street, Suite 200

Philadelphia, PA 19103 

Attention: Product Governance

Email: ProductGovernanceUS@abrdn.com

 

With a copy to:

 

abrdn ETFs Sponsor LLC 

c/o abrdn  Inc.

712 Fifth Avenue, 49th Floor 

New York, NY 10019 

Attention: Adam Rezak 

Email: adam.rezak@abrdn.com

 

    -3- 

     

    

 

(e)          Amendment
to Section 16.4 of the Agreement. Section 16.4 of the Agreement is hereby deleted in its entirety and replaced with the following:

 

	 	16.4	Service of Process: Process by which any proceedings are begun may be served on a party by being delivered to the party’s 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:

 

JPMorgan Chase Bank, N.A. 

25 Bank Street, Canary Wharf

London, E14 5JP

Attention: Jonatan Sherman

Email: jonatan.h.sherman@jpmchase.com

 

Trustee’s Address for service of process:

 

The Bank of New York Mellon

240 Greenwich Street

New York, New York 10286

Attention: Legal Department – Asset Servicing

 

With a copy to:

 

The Bank of New York Mellon 

240 Greenwich Street

8th Floor

New York, New York 10286

Attention: ETF Services

Email: etfcsm@bnymellon.com

 

With a copy to:

 

arbdn ETFs Sponsor LLC

c/o abrdn Inc.

1900 Market Street, Suite 200

Philadelphia, PA 19103

Attention: Product Governance

Email: ProductGovernanceUS@abrdn.com

 

AND

 

abrdn ETFs Sponsor LLC

c/o abrdn Inc.

712 Fifth Avenue, 49th Floor

New York, NY 10019

Attention: Adam Rezak

Email: adam.rezak@abrdn.com

 

    -4- 

     

    

 

		(f)	Amendment to Textual References in the Agreement.

(i)         All other
references to “Aberdeen Standard Palladium ETF Trust” in the Agreement are hereby deleted and replaced with “abrdn Palladium
ETF Trust.”

 

(ii)        All
other references to “Aberdeen Standard Physical Palladium Shares ETF” in the Agreement are hereby deleted and replaced with
“abrdn Physical Palladium Shares ETF.”

 

(iii)       All
other references to “Aberdeen Standard Investments ETFs Sponsor LLC” in the Agreement are hereby deleted and replaced with
“abrdn ETFs Sponsor LLC.”

 

2.       The
amendments contemplated by this Amendment shall, upon execution of this Amendment by the Custodian and the Trustee, be effective as of
March 31, 2022, 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, the Sponsor hereby approves of the Trustee entering into this Amendment.

 

8.       The
Custodian shall advise any Sub-Custodians and Zurich 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 and Zurich Sub-Custodians may update their records accordingly.

 

[remainder of page intentionally blank]

 

    -5- 

     

    

 

 

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

 

JPMorgan Chase Bank, N.A.,

as Custodian

 

/s/ Andrew C. Lovell

 

Name: Andrew C. Lovell

Title: Executive Director 

 

The Bank of New York Mellon,

solely in its capacity as Trustee and not individually

 

/s/ Jeffrey McCarthy

 

Name: Jeffrey McCarthy

Title: Managing Director

 

abrdn ETFs Sponsor LLC

(formerly, Aberdeen Standard Investments ETFs Sponsor LLC),

solely as to paragraph 7

 

/s/ Lucia Sitar

 

Name: Lucia Sitar

Title: Vice President

 

[Signature Page to Third Amendment to Allocated
Account Agreement of Aberdeen Standard Palladium ETF Trust]

 

    -6-

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