Document:

Exhibit 4.1 

 

COMMON STOCK PURCHASE WARRANT

 

DPW HOLDINGS, INC.

 

	Warrant Shares: _______	Issuance Date: April 2, 2019

 

THIS WARRANT TO PURCHASE
COMMON STOCK (the “Warrant”) certifies that, for value received, _____________ or its assigns (the “Holder”)
is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on
or after the Issuance Date (the “Initial Exercise Date”) and, prior to at 5:00 p.m. (New York time) on the date
that is five (5) years following April 2, 2019 (the “Termination Date”) but not thereafter, to subscribe for
and purchase from DPW Holdings, Inc., a Delaware corporation (the “Company”), up to ______ shares of Common
Stock, par value $0.001 per share, of the Company (the “Warrant Shares”), as subject to adjustment hereunder.
The purchase price of one share of Common Stock under this Warrant shall be equal to the Exercise Price, as defined in Section 1(b).

 

Section 1. Exercise.

 

(a) Exercise of Warrant.
Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times on or after
the Initial Exercise Date and on or before the Termination Date by delivery to the Company of a duly executed facsimile copy (or .pdf copy
via e-mail attachment) of the Notice of Exercise in the form attached hereto as Exhibit A (the “Notice
of Exercise”). Within the earlier of (i) two Trading Days and (ii) the number of Trading Days comprising the Standard
Settlement Period (as defined in Section 1(d)(i) herein) following the date of exercise as aforesaid, the Holder shall deliver
the aggregate Exercise Price for the Warrant Shares specified in the applicable Notice of Exercise by wire transfer or cashier’s
check drawn on a United States bank unless the cashless exercise procedure specified in Section 1(c) below is specified in
the applicable Notice of Exercise. No ink-original Notice of Exercise shall be required, nor shall any medallion guarantee (or
other type of guarantee or notarization) of any Notice of Exercise be required. Notwithstanding anything herein to the contrary,
the Holder shall not be required to physically surrender this Warrant to the Company until the Holder has purchased all of the
Warrant Shares available hereunder and the Warrant has been exercised in full, in which case, the Holder shall surrender this Warrant
to the Company for cancellation within three days on which the principal Trading Market (as defined below) is open for trading
(“Trading Days”) of the date the final Notice of Exercise is delivered to the Company. Partial exercises of
this Warrant resulting in purchases of a portion of the total number of Warrant Shares available hereunder shall have the effect
of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant
Shares purchased. The Holder and the Company shall maintain records showing the number of Warrant Shares purchased and the date
of such purchases. The Company shall deliver any objection to any Notice of Exercise within one business day of receipt of such
notice. The Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions
of this paragraph, following the purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares available
for purchase hereunder at any given time may be less than the amount stated on the face hereof.

  

 (b) Exercise Price.
The exercise price per share of Common Stock under this Warrant shall be $0.45, subject to adjustment hereunder (the “Exercise
Price”). 

 

(c) Cashless Exercise.
A “cashless exercise” as described below, may occur (i) after May 2, 2019 (the “Cashless Date”), if the
VWAP of the Common Stock on any single Trading Day on or after the Cashless Date and prior to the date of such cashless exercise
fails to exceed the Exercise Price in effect as of the date hereof (subject to adjustment for any stock splits, stock dividends,
stock combinations, recapitalizations and similar events). In such event, in lieu of the formula below, the aggregate number of
Warrant Shares issuable in such cashless exercise pursuant to any given Notice of Exercise electing to effect a cashless exercise
shall equal the product of (x) the aggregate number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance
with the terms of this Warrant if such exercise were by means of a cash exercise rather than a cashless exercise and (y) 1.00 or
(ii) additionally, if at the time of exercise hereof there is no effective registration statement registering, or the prospectus
contained therein is not available for the issuance of the Warrant Shares to the Holder, then this Warrant may also be exercised,
in whole or in part, at such time by means of a “cashless exercise” in which the Holder shall be entitled to receive
a number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:

 

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	 	(A)	as applicable: (i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice of Exercise is (1) both executed and delivered pursuant to Section 1(a) hereof on a day that is not a Trading Day or (2) both executed and delivered pursuant to Section 1(a) hereof on a Trading Day prior to the opening of “regular trading hours” (as defined in Rule 600(b)(64) of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) at the option of the Holder, either (y) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise or (z) the Bid Price of the Common Stock on the principal Trading Market as reported by Bloomberg, L.P. (“Bloomberg”) as of the time of the Holder’s execution of the applicable Notice of Exercise if such Notice of Exercise is executed during “regular trading hours” on a Trading Day and is delivered within two (2) hours thereafter (including until two (2) hours after the close of “regular trading hours” on a Trading Day) pursuant to Section 1(a) hereof or (iii) the VWAP on the date of the applicable Notice of Exercise if the date of such Notice of Exercise is a Trading Day and such Notice of Exercise is both executed and delivered pursuant to Section 1(a) hereof after the close of “regular trading hours” on such Trading Day;
	 	 	 
	 	(B)	= the Exercise Price of this Warrant, as adjusted hereunder; and
	 	 	 
	 	(X)	= the number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such exercise were by means of a cash exercise rather than a cashless exercise.

 

If
Warrant Shares are issued in such a cashless exercise, the parties acknowledge and agree that in accordance with Section 3(a)(9)
of the Securities Act of 1933, as amended (the “Securities Act”), the Warrant Shares shall take on the registered
characteristics of the Warrants being exercised. The Company agrees not to take any position contrary to this Section 1(c).
Notwithstanding any other provision of this Section 1(c), in the event that the formula used to determine the number of Warrant
Shares that would be issuable upon exercise of this Warrant pursuant to Section 1(c)(ii) is greater than the number of such Warrant
Shares issuable to the Holder pursuant to Section 1(c)(i), the Holder may elect to effect a “cashless exercise” using
the formula in Section 1(c)(ii) notwithstanding Section 1(c)(i) being triggered.

 

“Bid Price”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed
or quoted on a Trading Market, the bid price of the Common Stock for the time in question (or the nearest preceding date) on the
Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg (based on a Trading Day from 9:30 a.m.
(New York City time) to 4:02 p.m. (New York City time)), (b)  if OTCQB or OTCQX is not a Trading Market, the volume weighted
average price of the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Common
Stock is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Stock are then reported in the “Pink
Sheets” published by OTC Markets Group, Inc. (or a similar organization or agency succeeding to its functions of reporting
prices), the most recent bid price per share of the Common Stock so reported, or (d) in all other cases, the fair market value
of a share of Common Stock as determined by an independent appraiser selected in good faith by the holders of a majority in interest
of the Warrant Shares issued by the Company in connection with the Company’s offering of securities on March 29, 2019 then
outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.

 

“Trading Market”
means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on the date in question:
the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market or the New York Stock Exchange
(or any successors to any of the foregoing).

 

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“VWAP” means,
for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed or
quoted on a Trading Market, the daily volume weighted average price of the Common Stock for such date (or the nearest preceding
date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg (based on a Trading Day
from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market, the volume
weighted average price of the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if
the Common Stock is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Stock are then reported
in the “Pink Sheets” published by OTC Markets Group, Inc. (or a similar organization or agency succeeding to its functions
of reporting prices), the most recent bid price per share of Common Stock so reported, or (d) in all other cases, the fair market
value of a share of Common Stock as determined by an independent appraiser selected in good faith by the holders of a majority
in interest of the Warrant Shares issued by the Company in connection with the Company’s offering of securities on March
29, 2019 then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.

 

(d) Mechanics of Exercise.

 

      (i) Delivery
of Warrant Shares Upon Exercise. The Company shall cause the Warrant Shares purchased hereunder to be transmitted by the transfer
agent of the Company (the “Transfer Agent”) to the Holder by crediting the account of the Holder’s or
its designee’s balance account with The Depository Trust Company through its Deposit or Withdrawal at Custodian system (“DWAC”)
if the Company is then a participant in such system and either (A) there is an effective registration statement permitting the
issuance of the Warrant Shares to or resale of the Warrant Shares by the Holder or (B) this Warrant is being exercised via cashless
exercise, and otherwise by physical delivery of a certificate, registered in the Company’s share register in the name of
the Holder or its designee, for the number of Warrant Shares to which the Holder is entitled pursuant to such exercise to the address
specified by the Holder in the Notice of Exercise by the date that is the earlier of (i) the earlier of (A) two Trading Days after
the delivery to the Company of the Notice of Exercise and (B) one Trading Day after delivery of the aggregate Exercise Price to
the Company and (ii) the number of Trading Days comprising the Standard Settlement Period after the delivery to the Company of
the Notice of Exercise (such date, the “Warrant Share Delivery Date”). Upon delivery of the Notice of Exercise,
the Holder shall be deemed for all corporate purposes to have become the holder of record of the Warrant Shares with respect to
which this Warrant has been exercised, irrespective of the date of delivery of the Warrant Shares, provided that payment of the
aggregate Exercise Price (other than in the case of a cashless exercise) is received within the earlier of (i) two Trading Days
and (ii) the number of Trading Days comprising the Standard Settlement Period following delivery of the Notice of Exercise. If
the Company fails for any reason to deliver to the Holder the Warrant Shares subject to a Notice of Exercise by the Warrant Share
Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant
Shares subject to such exercise (based on the VWAP of the Common Stock on the date of the applicable Notice of Exercise), $5.00
per Trading Day for each of the first three Trading Days after such Warrant Share Delivery Date and $10.00 per Trading Day for
each day thereafter until such Warrant Shares are delivered or Holder rescinds such exercise. The Company agrees to maintain a
transfer agent that is a participant in the FAST program so long as this Warrant remains outstanding and exercisable. As used herein,
“Standard Settlement Period” means the standard settlement period, expressed in a number of Trading Days, on
the Company’s primary Trading Market with respect to the Common Stock as in effect on the date of delivery of the Notice
of Exercise.

  

      (ii) Delivery
of New Warrants Upon Exercise. If this Warrant shall have been exercised in part, the Company shall, at the request of a Holder
and upon surrender of this Warrant certificate, at the time of delivery of the Warrant Shares, deliver to the Holder a new Warrant
evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called for by this Warrant, which new Warrant shall
in all other respects be identical with this Warrant.

 

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      (iii) Rescission
Rights. If the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares pursuant to Section 1(d)(i)
by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise by delivery of written notice
of rescission to the Company; provided, however, that the Holder shall be required to return any Warrant Shares
or Common Stock subject to any such rescinded exercise notice concurrently with the return to Holder of the aggregate Exercise
Price paid to the Company for such Warrant Shares and the restoration of Holder’s right to acquire such Warrant Shares pursuant
to this Warrant (including, issuance of a replacement warrant certificate evidencing such restored right).

. 

      (iv) Compensation
for Buy-In on Failure to Timely Deliver Warrant Shares Upon Exercise. In addition to any other rights available to the Holder,
if the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares in accordance with the provisions
of Section 1(d)(i) above pursuant to an exercise on or before the Warrant Share Delivery Date, and if after such date the
Holder is required by its broker to purchase (in an open market transaction or otherwise) or the Holder’s brokerage firm
otherwise purchases, shares of Common Stock to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the
Holder anticipated receiving upon such exercise (a “Buy-In”), then the Company shall (A) pay in cash to the
Holder the amount, if any, by which (x) the Holder’s total purchase price (including brokerage commissions, if any) for the
shares of Common Stock so purchased exceeds (y) the amount obtained by multiplying (1) the number of Warrant Shares that the Company
was required to deliver to the Holder in connection with the exercise at issue times (2) the price at which the sell order giving
rise to such purchase obligation was executed, and (B) at the option of the Holder, either reinstate the portion of the Warrant
and equivalent number of Warrant Shares for which such exercise was not honored (in which case such exercise shall be deemed rescinded)
or deliver to the Holder the number of shares of Common Stock that would have been issued had the Company timely complied with
its exercise and delivery obligations hereunder. For example, if the Holder purchases shares of Common Stock having a total purchase
price of $11,000 to cover a Buy-In with respect to an attempted exercise of shares of Common Stock with an aggregate sale price
giving rise to such purchase obligation of $10,000, under clause (A) of the immediately preceding sentence the Company shall be
required to pay the Holder $1,000. The Holder shall provide the Company written notice indicating the amounts payable to the Holder
in respect of the Buy-In and, upon request of the Company, evidence of the amount of such loss. Nothing herein shall limit a Holder’s
right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific
performance and/or injunctive relief with respect to the Company’s failure to timely deliver shares of Common Stock upon
exercise of the Warrant as required pursuant to the terms hereof. The obligation of the Company to pay compensation for Buy-In
under this Section 1(d)(iv) is subject to delivery by the Holder of the aggregate Exercise Price in accordance with the terms
of Section 1(a).

 

      (v) No
Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise
of this Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the
Company shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction
multiplied by the Exercise Price or round up to the next whole share.

 

      (vi) Charges,
Taxes and Expenses. Issuance of Warrant Shares shall be made without charge to the Holder for any issue or transfer tax or
other incidental expense in respect of the issuance of such Warrant Shares, all of which taxes and expenses shall be paid by the
Company, and such Warrant Shares shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; provided, however,
that in the event that Warrant Shares are to be issued in a name other than the name of the Holder, this Warrant when surrendered
for exercise shall be accompanied by the Assignment Form attached hereto as Exhibit B duly executed by the Holder
and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental
thereto. The Company shall pay all Transfer Agent fees required for same-day processing of any Notice of Exercise and all fees
to the Depository Trust Company (or another established clearing corporation performing similar functions) required for same-day
electronic delivery of the Warrant Shares.

 

      (vii) Closing
of Books. The Company will not close its stockholder books or records in any manner which prevents the timely exercise of this
Warrant, pursuant to the terms hereof.

 

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(e) Holder’s Exercise
Limitations. The Company shall not effect any exercise of this Warrant, and a Holder shall not have the right to exercise any
portion of this Warrant, pursuant to Section 1 or otherwise, to the extent that after giving effect to such issuance after
exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s affiliates (as defined
in Rule 405 promulgated under the Securities Act, “Affiliates”), and any other Persons acting as a group together
with the Holder or any of the Holder’s Affiliates (such Persons, “Attribution Parties”)), would beneficially
own in excess of the Beneficial Ownership Limitation (as defined below). For purposes of the foregoing sentence, the number of
shares of Common Stock beneficially owned by the Holder and its Affiliates and Attribution Parties shall include the number of
shares of Common Stock issuable upon exercise of this Warrant with respect to which such determination is being made, but shall
exclude the number of shares of Common Stock which would be issuable upon (i) exercise of the remaining, nonexercised portion of
this Warrant beneficially owned by the Holder or any of its Affiliates or Attribution Parties and (ii) exercise or conversion of
the unexercised or nonconverted portion of any other securities of the Company (including, without limitation, any other Common
Stock Equivalents) subject to a limitation on conversion or exercise analogous to the limitation contained herein beneficially
owned by the Holder or any of its Affiliates or Attribution Parties. Except as set forth in the preceding sentence, for purposes
of this Section 1(e), beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act and the
rules and regulations promulgated thereunder, it being acknowledged by the Holder that the Company is not representing to the Holder
that such calculation is in compliance with Section 13(d) of the Exchange Act and the Holder is solely responsible for any schedules
required to be filed in accordance therewith. To the extent that the limitation contained in this Section 1(e) applies, the
determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates
and Attribution Parties) and of which portion of this Warrant is exercisable shall be in the sole discretion of the Holder, and
the submission of a Notice of Exercise shall be deemed to be the Holder’s determination of whether this Warrant is exercisable
(in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion
of this Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation, and the Company shall have no obligation
to verify or confirm the accuracy of such determination and shall have no liability for exercises of this Warrant that are not
in compliance with the Beneficial Ownership Limitation (other than to the extent that information on the number of outstanding
shares of Common Stock of the Company is provided by the Company and relied upon by the Holder). In addition, a determination as
to any group status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules
and regulations promulgated thereunder and the Company shall have no obligation to verify or confirm the accuracy of such determination
and shall have no liability for exercises of this Warrant that are not in compliance with the Beneficial Ownership Limitation.
For purposes of this Section 1(e), in determining the number of outstanding shares of Common Stock, a Holder may rely on the
number of outstanding shares of Common Stock as reflected in (A) the Company’s most recent periodic or annual report filed
with the Commission, as the case may be, (B) a more recent public announcement by the Company or (C) a more recent written notice
by the Company or the Transfer Agent setting forth the number of shares of Common Stock outstanding. Upon the written or oral request
of a Holder, the Company shall within one Trading Day confirm orally and in writing to the Holder the number of shares of Common
Stock then outstanding. In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to
the conversion or exercise of securities of the Company, including this Warrant, by the Holder or its Affiliates or Attribution
Parties since the date as of which such number of outstanding shares of Common Stock was reported. The “Beneficial Ownership
Limitation” shall be 4.99% of the number of shares of Common Stock outstanding immediately after giving effect to the
issuance of shares of Common Stock issuable upon exercise of this Warrant. The Holder, upon notice to the Company, may increase
or decrease the Beneficial Ownership Limitation provisions of this Section 1(e), provided that the Beneficial Ownership Limitation
in no event exceeds 9.99% of the number of shares of Common Stock outstanding immediately after giving effect to the issuance of
the shares of Common Stock upon exercise of this Warrant held by the Holder and the provisions of this Section 1(e) shall
continue to apply. Any such increase in the Beneficial Ownership Limitation will not be effective until the 61st day
after such notice is delivered to the Company. The provisions of this paragraph shall be construed and implemented in a manner
otherwise than in strict conformity with the terms of this Section 1(e) to correct this paragraph (or any portion hereof)
which may be defective or inconsistent with the intended Beneficial Ownership Limitation herein contained or to make changes or
supplements necessary or desirable to properly give effect to such limitation. The limitations contained in this paragraph shall
apply to a successor holder of this Warrant.

 

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Section 2. Certain
Adjustments.

 

(a) Stock Dividends and
Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or otherwise makes a distribution
or distributions on shares of its Common Stock or any other equity or equity equivalent securities payable in shares of Common
Stock (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Company upon exercise of this
Warrant), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines (including by way of
reverse stock split) outstanding shares of Common Stock into a smaller number of shares, or (iv) issues by reclassification of
shares of the Common Stock any shares of capital stock of the Company, then in each case the Exercise Price shall be multiplied
by a fraction of which the numerator shall be the number of shares of Common Stock (excluding treasury shares, if any) outstanding
immediately before such event and of which the denominator shall be the number of shares of Common Stock outstanding immediately
after such event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted such that the
aggregate Exercise Price of this Warrant shall remain unchanged, subject to the limitation on fractional shares in Section 1(d)(v).
Any adjustment made pursuant to this Section 2(a) shall become effective immediately after the record date for the determination
of stockholders entitled to receive such dividend or distribution and shall become effective immediately after the effective date
in the case of a subdivision, combination or re-classification.

 

(b) Subsequent Rights
Offerings. In addition to any adjustments pursuant to Section 2(a) above, if at any time the Company grants, issues or
sells any securities of the Company or its subsidiaries which would entitle the holder thereof to acquire at any time shares of
Common Stock, including, without limitation, any debt, preferred stock, right, option, warrant or other instrument that is at any
time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common Stock (“Common
Stock Equivalents”) or rights to purchase shares, warrants, securities or other property pro rata to the record holders
of any class of shares of Common Stock (the “Purchase Rights”), then the Holder will be entitled to acquire,
upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder
had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to any limitations
on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date on which a record
is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record
holders of shares of Common Stock are to be determined for the grant, issue or sale of such Purchase Rights (provided, however,
to the extent that the Holder’s right to participate in any such Purchase Right would result in the Holder exceeding the
Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Purchase Right to such extent (or
beneficial ownership of such shares of Common Stock as a result of such Purchase Right to such extent) and such Purchase Right
to such extent shall be held in abeyance for the Holder until such time, if ever, as its right thereto would not result in the
Holder exceeding the Beneficial Ownership Limitation).

 

(c) Pro Rata Distributions.
During such time as this Warrant is outstanding, if the Company shall declare or make any dividend or other distribution of its
assets (or rights to acquire its assets) to holders of shares of Common Stock, by way of return of capital or otherwise (including,
without limitation, any distribution of cash, shares or other securities, property or options by way of a dividend, spin off, reclassification,
corporate rearrangement, scheme of arrangement or other similar transaction) (other than dividends or distributions subject to
Section 2(a)) (a “Distribution”), at any time after the issuance of this Warrant, then, in each such case,
the Holder shall be entitled to participate in such Distribution to the same extent that the Holder would have participated therein
if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to
any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date
of which a record is taken for such Distribution, or, if no such record is taken, the date as of which the record holders of shares
of Common Stock are to be determined for the participation in such Distribution (provided, however, to the extent that the Holder’s
right to participate in any such Distribution would result in the Holder exceeding the Beneficial Ownership Limitation, then the
Holder shall not be entitled to participate in such Distribution to such extent (or in the beneficial ownership of any shares of
Common Stock as a result of such Distribution to such extent) and the portion of such Distribution shall be held in abeyance for
the benefit of the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial
Ownership Limitation).

 

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(d) Fundamental Transaction.
If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related transactions
effects any merger or consolidation of the Company with or into another Person, (ii) the Company, directly or indirectly, effects
any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets in one
or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether by
the Company or another Person) is completed pursuant to which holders of Common Stock are permitted to sell, tender or exchange
their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding Common
Stock, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization
or recapitalization of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted
into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more related transactions
consummates a stock or share purchase agreement or other business combination (including, without limitation, a reorganization,
recapitalization, spin-off or scheme of arrangement) with another Person or group of Persons whereby such other Person or group
acquires more than 50% of the outstanding shares of Common Stock (not including any shares of Common Stock held by the other Person
or other Persons making or party to, or associated or affiliated with the other Persons making or party to, such stock or share
purchase agreement or other business combination) (each a “Fundamental Transaction”), then, upon any subsequent
exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been issuable upon
such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder (without regard
to any limitation in Section 1(e) on the exercise of this Warrant), the number of shares of Common Stock of the successor or acquiring
corporation or of the Company, if it is the surviving corporation, and any additional consideration (the “Alternate Consideration”)
receivable by holders of Common Stock as a result of such Fundamental Transaction for each share of Common Stock for which this
Warrant is exercisable immediately prior to such Fundamental Transaction (without regard to any limitation in Section 1(e) on the
exercise of this Warrant). For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted
to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one share of Common
Stock in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in
a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If holders of Common
Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder
shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental
Transaction. The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor
(the “Successor Entity”) to assume in writing all of the obligations of the Company under this Warrant in accordance
with the provisions of this Section 2(d) pursuant to written agreements in form and substance reasonably satisfactory to the Holder
and approved by the Holder (without unreasonable conditions or delay) prior to such Fundamental Transaction and shall, at the option
of the Holder, deliver to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written instrument
substantially similar in form and substance to this Warrant which is exercisable for a corresponding number of shares of capital
stock of such Successor Entity (or its parent entity) equivalent to the shares of Common Stock acquirable and receivable upon exercise
of this Warrant (without regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and
with an exercise price which applies the Exercise Price hereunder to such shares of capital stock (but taking into account the
relative value of the shares of Common Stock pursuant to such Fundamental Transaction and the value of such shares of capital stock,
such number of shares of capital stock and such exercise price being for the purpose of protecting the economic value of this Warrant
immediately prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in form and substance
to the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted
for (so that from and after the date of such Fundamental Transaction, the provisions of this Warrant referring to the “Company”
shall refer instead to the Successor Entity), and may exercise every right and power of the Company and shall assume all of the
obligations of the Company under this Warrant with the same effect as if such Successor Entity had been named as the Company herein.

 

(e) Calculations.
All calculations under this Section 2 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may
be. For purposes of this Section 2, the number of shares of Common Stock deemed to be issued and outstanding as of a given
date shall be the sum of the number of shares of Common Stock (excluding treasury shares, if any) issued and outstanding.

 

    	 	 7	 

     

    

 

(f) Notice to Holder.

 

      (i) Adjustment
to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 2, the Company shall
promptly deliver to the Holder by facsimile or email a notice setting forth the Exercise Price after such adjustment and any resulting
adjustment to the number of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment.

 

      (ii) Notice
to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the
Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock, (C) the
Company shall authorize the granting to all holders of the Common Stock rights or warrants to subscribe for or purchase any shares
of capital stock of any class or of any rights, (D) the approval of any stockholders of the Company shall be required in connection
with any reclassification of the Common Stock, any consolidation or merger to which the Company is a party, any sale or transfer
of all or substantially all of the assets of the Company, or any compulsory stock exchange whereby the Common Stock is converted
into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation
or winding up of the affairs of the Company, then, in each case, the Company shall cause to be delivered by facsimile or email
to the Holder at its last facsimile number or email address as it shall appear upon the Warrant Register of the Company, at least
ten calendar days prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date on which
a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not to
be taken, the date as of which the holders of the Common Stock of record to be entitled to such dividend, distributions, redemption,
rights or warrants are to be determined or (y) the date on which such reclassification, consolidation, merger, sale, transfer or
stock exchange is expected to become effective or close, and the date as of which it is expected that holders of the Common Stock
of record shall be entitled to exchange their shares of Common Stock for securities, cash or other property deliverable upon such
reclassification, consolidation, merger, sale, transfer or stock exchange; provided that the failure to deliver such notice or
any defect therein or in the delivery thereof shall not affect the validity of the corporate action required to be specified in
such notice. To the extent that any notice provided in this Warrant constitutes, or contains, material, non-public information
regarding the Company or any of its subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant
to a Current Report on Form 8-K. The Holder shall remain entitled to exercise this Warrant during the period commencing on the
date of such notice to the effective date of the event triggering such notice except as may otherwise be expressly set forth herein.

 

Section 3. Transfer of Warrant.

 

(a) Transferability.
This Warrant and all rights hereunder (including, without limitation, any registration rights) are transferable, in whole or in
part, upon surrender of this Warrant at the principal office of the Company or its designated agent, together with a written assignment
of this Warrant substantially in the form attached hereto duly executed by the Holder or its agent or attorney and funds sufficient
to pay any transfer taxes payable upon the making of such transfer. Upon such surrender and, if required, such payment, the Company
shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination
or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion
of this Warrant not so assigned, and this Warrant shall promptly be cancelled. The Warrant, if properly assigned in accordance
herewith, may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued.

 

(b) New Warrants.
This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the Company, together
with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or its
agent or attorney. Subject to compliance with Section 3(a), as to any transfer which may be involved in such division or combination,
the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined
in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated the Issue Date of this Warrant and
shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant thereto.

 

    	 	 8	 

     

    

 

(c) Warrant Register.
The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the “Warrant Register”),
in the name of the record Holder hereof from time to time. The Company may deem and treat the registered Holder of this Warrant
as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other purposes,
absent actual notice to the contrary.

 

d) Representation by the Holder.
The Holder, by the acceptance hereof, represents and warrants that it is acquiring this Warrant and, upon any exercise hereof,
will acquire the Warrant Shares issuable upon such exercise, for its own account and not with a view to or for distributing or
reselling such Warrant Shares or any part thereof in violation of the Securities Act or any applicable state securities law, except
pursuant to sales registered or exempted under the Securities Act.

 

Section 4.    Miscellaneous.

 

(a) No Rights as Stockholder
Until Exercise. This Warrant does not entitle the Holder to any voting rights, dividends or other rights as a stockholder of
the Company prior to the exercise hereof as set forth in Section 1(d)(i), except as expressly set forth in Section 2.

 

(b) Loss, Theft, Destruction
or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably satisfactory to it
of the loss, theft, destruction or mutilation of this Warrant or any certificate relating to the Warrant Shares, and in case of
loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of the Warrant, shall not
include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate, if mutilated, the Company
will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation, in lieu of such Warrant
or stock certificate.

 

(c) Saturdays, Sundays,
Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required or granted
herein shall not be a business day, then, such action may be taken or such right may be exercised on the next succeeding business
day.

 

(d) Authorized Shares.
The Company covenants that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued Common
Stock a sufficient number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights
under this Warrant. The Company further covenants that its issuance of this Warrant shall constitute full authority to its officers
who are charged with the duty of issuing the necessary Warrant Shares upon the exercise of the purchase rights under this Warrant.
The Company will take all such reasonable action as may be necessary to assure that such Warrant Shares may be issued as provided
herein without violation of any applicable law or regulation, or of any requirements of the Trading Market upon which the Common
Stock may be listed. The Company covenants that all Warrant Shares which may be issued upon the exercise of the purchase rights
represented by this Warrant will, upon exercise of the purchase rights represented by this Warrant and payment for such Warrant
Shares in accordance herewith, be duly authorized, validly issued, fully paid and nonassessable and free from all taxes, liens
and charges created by the Company in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously
with such issue).

 

Except and to the extent as waived
or consented to by the Holder, the Company shall not by any action, including, without limitation, amending its certificate of
incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities
or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will
at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary
or appropriate to protect the rights of Holder as set forth in this Warrant against impairment. Without limiting the generality
of the foregoing, the Company will (i) not increase the par value of any Warrant Shares above the amount payable therefor upon
such exercise immediately prior to such increase in par value, (ii) take all such action as may be necessary or appropriate in
order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant
and (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents from any public regulatory
body having jurisdiction thereof, as may be, necessary to enable the Company to perform its obligations under this Warrant.

 

    	 	 9	 

     

    

 

Before taking any action which
would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or in the Exercise Price, the
Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory
body or bodies having jurisdiction thereof.

 

(e) Jurisdiction. This
Warrant shall be governed by and construed in accordance with the laws of the State of New York, without regard for conflict of
laws principles. Each of the Holder and the Company hereto hereby submits to the non-exclusive jurisdiction of the Federal
and state courts in the Borough of Manhattan in The City of New York in any suit or proceeding arising out of or relating to this
Agreement or the transactions contemplated hereby. Each of the Holder and the Company irrevocably and unconditionally waives any
objection to the laying of venue of any suit or proceeding arising out of or relating to this Warrant in Federal and state courts
in the Borough of Manhattan in The City of New York and irrevocably and unconditionally waives and agrees not to plead or claim
in any such court that any such suit or proceeding in any such court has been brought in an inconvenient forum. The parties agree,
to the extent permitted by law, to waive their rights to a jury trial in any proceeding arising out of this Warrant.

 

(f) Restrictions.
The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered, and the Holder does
not utilize cashless exercise, will have restrictions upon resale imposed by state and federal securities laws.

 

(g) Nonwaiver and Expenses.
No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate as a waiver of
such right or otherwise prejudice the Holder’s rights, powers or remedies. Without limiting any other provision of this Warrant,
if the Company willfully and knowingly fails to comply with any provision of this Warrant, which results in any material damages
to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to cover any costs and expenses including,
but not limited to, reasonable attorneys’ fees, including those of appellate proceedings, incurred by the Holder in collecting
any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder.

 

(h) Notices. Any
notice, request or other document required or permitted to be given or delivered to the Holder by the Company shall be delivered
to the Holder’s address as provided in Warrant Register of the Company.

 

(i) Limitation of Liability.
No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant to purchase Warrant Shares,
and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder for the purchase
price of any Common Stock or as a stockholder of the Company, whether such liability is asserted by the Company or by creditors
of the Company.

 

(j) Remedies. The
Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled to
specific performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation
for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert
the defense in any action for specific performance that a remedy at law would be adequate.

 

(k) Successors and Assigns.
Subject to applicable securities laws, this Warrant shall be binding upon and inure to the benefit of the parties and their successors
and permitted assigns. The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this
Warrant and shall be enforceable by the Holder or holder of Warrant Shares.

 

    	 	 10	 

     

    

 

(l) Amendment. This
Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company and the Holder.

 

(m) Severability.
If any term, provision, covenant or restriction of this Warrant is held by a court of competent jurisdiction to be invalid, illegal,
void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full
force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their commercially
reasonable best efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated
by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that
they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be
hereafter declared invalid, illegal, void or unenforceable.

 

(n) Headings. The
headings used herein are for convenience only, do not constitute a part of this Warrant and shall not be deemed to limit or affect
any of the provisions hereof.

 

(Signature Page Follows)

 

    	 	 11	 

     

    

 

IN WITNESS WHEREOF, the Company has caused
this Warrant to be executed by its officer thereunto duly authorized as of the date first above indicated.

 

	DPW HOLDINGS, INC.	 
	 	 
	By:	 	 
	 	Name: Milton C. Ault, III	 
	 	Title:  Chief Executive Officer	 

 

    	 	 12	 

     

    

 

EXHIBIT A

 

NOTICE OF EXERCISE

 

TO:          DPW
HOLDINGS, INC.

 

(1)       The
undersigned hereby elects to purchase ______ Warrant Shares of the Company pursuant to the terms of the attached Warrant (only
if exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes,
if any.

 

(2)       Payment
shall take the form of (check applicable box):

 

[ ] in lawful money of the United
States; or

 

[ ] if permitted the cancellation
of such number of Warrant Shares as is necessary, in accordance with the formula set forth in Section 1(c), to exercise this Warrant
with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure set forth in Section
1(c).

 

(3)       Please
issue said Warrant Shares in the name of the undersigned or in such other name as is specified below:

 

	 

 

The Warrant Shares shall be delivered to
the following DWAC Account Number:

 

	 
	 
	 
	 
	 

 

(4)   Accredited
Investor. If the Warrant is being exercised via cash exercise, the undersigned is an “accredited investor” as defined
in Regulation D promulgated under the Securities Act of 1933, as amended.

 

[SIGNATURE OF HOLDER]

 

Name of Investing Entity: __________________________________________________________

 

Signature of Authorized Signatory of Investing Entity:
_____________________________________

 

Name of Authorized Signatory: _____________________________________________________

 

Title of Authorized Signatory: ______________________________________________________

 

Date: _____________________________

 

    	 	 13	 

     

    

 

EXHIBIT B

 

ASSIGNMENT FORM

 

(To assign the foregoing Warrant, execute
this form and supply required information. Do not use this form to purchase shares.)

 

FOR VALUE RECEIVED, the foregoing Warrant
and all rights evidenced thereby are hereby assigned to

 

	Name:	 
	 	(Please Print)
	 	 
	Address:	 
	 	(Please Print)
	 	 
	Phone Number:	 
	 	 
	Email Address:	 
	 	 
	Dated:	 
	 	 
	Holder’s Signature:	 
	 	 
	Holder’s Address:	 

 

 

14Aberdeen Standard Silver ETF Trust 8-K

 

Exhibit 10.1

 

JPMORGAN CHASE BANK, N.A.

 

and

 

THE BANK OF NEW YORK MELLON 

solely in its capacity as
trustee of the Aberdeen Standard Silver ETF Trust

and not individually

 

 

 

ALLOCATED ACCOUNT AGREEMENT

 

 

 

     

     

    

 

This
ALLOCATED ACCOUNT AGREEMENT (this “Agreement”) is made with effect on and from 29 March 2019

 

BETWEEN

 

		(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

 

		(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 (the “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).

 

INTRODUCTION

 

		(1)	The
                                         Trustee has agreed to act as trustee for the Shareholders of the Shares pursuant to the
                                         Trust Agreement.

 

		(2)	Shares
                                         may be issued by the Trust against delivery of Bullion made by way of payment for the
                                         issue of such Shares. The Trustee has agreed that Bullion delivered to it on subscription
                                         for Shares will be paid into the Metal Accounts.

 

		(3)	The
                                         Custodian has agreed to transfer Bullion from the Allocated Account into the Unallocated
                                         Account pursuant to the terms of this Agreement.

 

		(4)	The
                                         Trustee has agreed that the Allocated Account will be established by the Trustee in its
                                         name (for each Shareholder pursuant to the Trust Agreement), and that the Trustee will
                                         have the sole right to give instructions for the making of any payments out of the Allocated
                                         Account.

 

IT
IS AGREED AS FOLLOWS

 

		1.	INTERPRETATION

 

		1.1	Definitions:
                                          Words and expressions defined in the Prospectus, unless otherwise defined herein,
                                         have the same meanings when used in this Agreement. In addition, in this Agreement, unless
                                         there is anything in the subject or context inconsistent therewith the following expressions
                                         shall have the following meanings:

 

“Affiliate”
means an entity that directly or indirectly through one or more intermediaries, controls, or is controlled by, or is under common
control with the Custodian;

 

     1

     

    

 

“Allocated
Account” means the allocated Bullion account, number 14290, established in the name of the Trustee with the Custodian
pursuant to this Agreement;

 

“Availability
Date” means the Business Day on which the Trustee requests the Custodian to credit to the Allocated Account Bullion
debited from the Unallocated Account;

 

“Bullion”
means silver in physical form complying with the Rules of the Relevant Association held by the Custodian or any Sub-Custodian
under this Agreement and/or any credit balance in the Unallocated Account as the context requires;

 

“Business
Day” means a day (other than a Saturday or a Sunday or a public holiday in England) on which commercial banks generally
and the London bullion market are open for the transaction of business in London;

 

“Conditions”
means the terms and conditions on and subject to which Shares are issued in the form or substantially in the form set out in the
Trust Agreement;

 

“General
Notice” means any notice given in accordance with this Agreement other than a Transfer Notice;

 

“Metal
Accounts” means the Allocated Account and the Unallocated Account;

 

“Point
of Delivery” means such date and time that the recipient (or its agent) acknowledges in written form its receipt of
delivery of Bullion;

 

“Prospectus”
means the prospectus constituting a part of the registration statement filed on Form S-1 with the Securities Exchange Commission
in accordance with the U.S. Securities Act of 1933, as amended, in relation to the Shares as the same may be modified, supplemented
or amended from time to time;

 

“Redemption”
means the redemption of Shares by the Trust in accordance with the Conditions;

 

“Redemption
Form” means a notice in the form prescribed from time to time by the Trust requesting Redemption of Shares;

 

“Redemption
Obligations” means the obligation of the Trust on Redemption of a Share to make payment or deliver Bullion to the relevant
Authorized Participant or Shareholder in accordance with the Conditions;

 

“Relevant
Association” means the London Bullion Market Association or its successors;

 

“Rules”
means the rules, regulations, practices and customs of the Relevant Association (including without limitation the requirements
of “Good Delivery” under the rules of the Relevant Association), the Bank of England and such other regulatory authority
or other body as shall affect the activities contemplated by this Agreement, the Trust, or the activities of a Sub-Custodian;

 

     2

     

    

 

“Shareholder”
means the beneficial owner of one or more Shares;

 

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

 

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

 

“Sub-Custodian”
means a sub-custodian, agent or depository (including an entity within the Custodian’s corporate group) appointed by the
Custodian pursuant to clause 8 to perform any of the Custodian's duties under this Agreement including the custody and safekeeping
of Bullion;

 

“Transfer
Notice” means any notice of a deposit or withdrawal made pursuant to clause 3 or clause 4 of this Agreement;

 

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

 

“Trust
Agreement” means the Depositary Trust Agreement of the Trust dated on or about July 20, 2009, as amended from time to
time, between the Sponsor and the Trustee;

 

“Unallocated
Account” means the loco London unallocated Bullion account, number 14289, established in the name of the Trustee with
the Custodian pursuant to the Unallocated Account Agreement;

 

“Unallocated
Account Agreement” means the Unallocated Account Agreement dated 29 March 2019 between the Trustee and the Custodian
pursuant to which the Unallocated Account is established and operated;

 

“VAT”
means value added tax as provided for in the Value Added Tax Act 1994 (as amended or re-enacted from time to time) and legislation
supplemental thereto and any other tax (whether imposed in the United Kingdom in substitution thereof or in addition thereto or
elsewhere) of a similar fiscal nature; and

 

“Withdrawal
Date” means the Business Day on which the Trustee wishes a withdrawal of Bullion from the Allocated Account to take
place.

 

		1.2	Headings:
                                         The headings in this Agreement do not affect its interpretation.

 

		1.3	Singular
                                         and plural: References to the singular include the plural and vice versa.

 

     3

     

    

 

		2.	ALLOCATED
                                         ACCOUNT

 

		2.1	Opening
                                         Allocated Account: The Custodian shall open and maintain the Allocated Account
                                         in the name of the Trustee (in its capacity as trustee for the Shareholders).

 

		2.2	Deposits
                                         and Withdrawals: The Allocated Account shall evidence and record deposits and
                                         withdrawals of Bullion made pursuant to the terms of this Agreement.

 

		2.3	Denomination
                                         of Allocated Account: The Allocated Account will hold deposits of Bullion and
                                         will be denominated in troy ounces.

 

		2.4	Reports:
                                         For each Business Day, by no later than the following Business Day, Custodian
                                         will transmit to Trustee a report showing the movement of Bullion into and out of the
                                         Allocated Account, identifying separately each transaction and the Business Day on which
                                         it occurred and providing sufficient information to identify each individual bar of Bullion
                                         held in the Allocated Account. For each calendar month, the Custodian will provide the
                                         Trustee within a reasonable time after the end of the month a statement of account for
                                         the Allocated Account. Such reports will be made available to the Trustee by means of
                                         the Custodian’s proprietary electronic Bullion Transfer System website (“eBTS”).
                                         In the event eBTS is unavailable for any reason, the Trustee and the Custodian will agree
                                         on a temporary notification system for making such reports available to the Trustee.

 

		2.5	Reversal
                                         of Entries: The Custodian shall reverse any provisional or erroneous entries
                                         to the Allocated Account which it discovers or of which it is notified with effect back-valued
                                         to the date upon which the final or correct entry (or no entry) should have been made
                                         and will notify the Trustee of any reversals as soon as reasonably practicable.

 

		2.6	Provision
                                         of Information: The Custodian agrees that it will forthwith notify the Trustee
                                         in writing of any encumbrance of which it is aware is or is purported to have been created
                                         over or in respect of the Allocated Account or any of the amounts standing to the credit
                                         thereof.

 

		2.7	Access:
                                         The Custodian will allow the Sponsor and the Trustee and their Bullion auditors
                                         (currently Inspectorate International Limited), and will procure that any Sub-Custodian
                                         that it appoints allows, access to its premises during normal business hours, to examine
                                         the Bullion and such records as they may reasonably require to perform their respective
                                         duties with regard to investors in Shares. The Trustee agrees that any such access shall
                                         be subject to execution of a confidentiality agreement and agreement to the Custodian’s
                                         security procedures, and such audit shall be at the Trust’s expense, and there
                                         shall be a minimum of two audits in a calendar year.

 

     4

     

    

 

		3.	DEPOSITS

 

		3.1	Procedure:
                                         The Custodian shall receive deposits of Bullion into the Allocated Account relating
                                         to the same kind of Bullion and having the same denomination as that (or one of those)
                                         to which the Allocated Account relates only pursuant to transfers from the Unallocated
                                         Account.

 

		3.2	Right
                                         to Amend Procedure: The Custodian may amend the procedure in relation to the
                                         deposit of Bullion only where such amendment is caused by a change in the Rules or procedures
                                         of the Relevant Association. The Custodian will, whenever practicable, notify the Trustee
                                         and the Sponsor within a commercially reasonable time before the Custodian amends its
                                         procedures or imposes additional ones in relation to the transfer of Bullion into and
                                         from the Unallocated Account, and in doing so the Custodian will consider the Trustee’s
                                         needs to communicate any such change to Authorized Participants and others.

 

		3.3	Allocation:
                                         The Trustee acknowledges that the process of allocation of Bullion to the Allocated
                                         Account from the Unallocated Account may involve minimal adjustments to the weights of
                                         Bullion to be allocated to adjust such weight to the number of whole bars available.

 

		4.	WITHDRAWALS

 

		4.1	Procedure:
                                         The Trustee may at any time give instructions to the Custodian for the withdrawal
                                         of Bullion from the Allocated Account but only by way of de-allocation to the Unallocated
                                         Account or such other account as the Trustee may instruct (subject to clause 4.3
                                         below).

 

		4.2	Notice
                                         Requirements: A confirmation from the Trustee to the Custodian, given through
                                         eBTS (or such other authenticated method as may be agreed by the parties) or in writing,
                                         that a valid Redemption Form has been lodged for Shares shall be deemed an instruction
                                         given under clause 4.1 unless otherwise notified in writing by the Trustee. Any
                                         other notice relating to a withdrawal of Bullion must be in writing.

 

		4.3	Right
                                         to Amend Procedure: The Custodian may amend the procedure for the withdrawal
                                         of Bullion only where such amendment is caused by a change in the Rules or procedures
                                         of the Relevant Association. Any such amendment will be subject to the notification conditions
                                         of the preceding clause 3.2 and will be promptly notified to the Sponsor and the
                                         Trustee, such notice to be given in advance of implementation whenever practicable.

 

		4.4	Specification
                                         of Bullion: The Custodian may specify the serial numbers of the bars to be withdrawn
                                         once it receives instructions from the Trustee to effect a withdrawal of Bullion pursuant
                                         to clause 4.1. The Custodian is entitled to select the Bullion to be made available
                                         to the Trustee; provided, however, that to the extent the Trustee provides specific serial
                                         numbers of bars to be so selected, the Custodian will take reasonable efforts to select
                                         such Bullion as specified by the Trustee. The Custodian may require more than two Business
                                         Days prior notice in the event that the Trustee does specify the serial numbers of bars
                                         to be withdrawn.

 

     5

     

    

 

		4.5	Collection
                                         of Bullion: The Trustee agrees that in the normal course (which, for the avoidance
                                         of doubt, shall not include withdrawal in connection with the termination of this Agreement)
                                         withdrawal of Bullion from the Allocated Account shall be by way of de-allocation and
                                         subsequent credit of Bullion to the Unallocated Account.

 

		4.6	De-allocation:
                                         Following receipt by the Custodian of notice for the withdrawal of Bullion from
                                         the Allocated Account pursuant to clause 4.1, the Custodian shall de-allocate
                                         sufficient Bullion from the Allocated Account to credit the Unallocated Account in the
                                         amount required. The Trustee acknowledges that the process of de-allocation of Bullion
                                         for withdrawal and/or credit to the Unallocated Account may involve minimal adjustments
                                         to the weight of Bullion to be withdrawn to adjust such weight to the whole bars available.

 

		4.7	Risk:
                                         Where there is a shipment to or from the Custodian of Bullion, all right, title
                                         and risk in and to such Bullion shall pass at the Point of Delivery to the relevant person
                                         for whose account the Bullion is being delivered.

 

		5.	INSTRUCTIONS

 

		5.1	Giving
                                         of Instructions: Only the Trustee shall have the right to give instructions to
                                         the Custodian for deposit of Bullion to or withdrawal of Bullion from the Allocated Account.
                                         The Trustee shall notify the Custodian in writing of the names of the people who are
                                         authorised to give instructions on the Trustee’s behalf. Until the Custodian receives
                                         written notice to the contrary, the Custodian is entitled to assume that any of those
                                         people have full and unrestricted power to give instructions on the Trustee’s behalf.
                                         The Custodian is also entitled to rely on any instructions which are from, or which purport
                                         to emanate from, any person who appears to have such authority.

 

		5.2	Account
                                         not to be Overdrawn: The Allocated Account may not at any time have a debit balance
                                         thereon, and no instruction shall be valid to the extent that the effect thereof would
                                         be for the Allocated Account to have a debit balance thereon.

 

		5.3	Amendments:
                                         Once given, instructions continue in full force and effect until they are cancelled,
                                         amended or superseded. Notice of amendment shall have effect only after actual receipt
                                         by the Custodian.

 

		5.4	Unclear
                                         or Ambiguous Instructions: If, in the Custodian’s opinion, any instructions
                                         are unclear or ambiguous, the Custodian shall use reasonable endeavours (taking into
                                         account any relevant time constraints) to obtain clarification of those instructions
                                         from the Trustee and, failing that, the Custodian may in its absolute discretion and
                                         without any liability on its part, act upon what the Custodian believes in good faith
                                         such instructions to be or refuse to take any action or execute such instructions until
                                         any ambiguity or conflict has been resolved to the Custodian’s satisfaction.

 

		5.5	Refusal
                                         to Execute: The Custodian will, where practicable, refuse to execute instructions
                                         if in the Custodian’s opinion they are or may be contrary to the Rules or any applicable
                                         law and will notify the person or entity providing the instructions of such refusal as
                                         soon as reasonably practicable.

 

     6

     

    

 

		6.	CONFIDENTIALITY

 

		6.1	Disclosure
                                         to Others: Subject to clause 6.2, each of the Trustee and the Custodian
                                         shall respect the confidentiality of information acquired under this Agreement and will
                                         not, without the other party’s consent, disclose to any other person any transaction
                                         or other information acquired about the other party, its business or the Trust under
                                         this Agreement, in the event such other party has made clear, at or before the time such
                                         information is provided, that such information is being provided on a confidential basis.

 

		6.2	Permitted
                                         Disclosures: Each party accepts that from time to time any other party may be
                                         required by law or the Rules, or requested by a government department or agency, fiscal
                                         body or regulatory or listing authority or as otherwise necessary in conducting the Trust’s
                                         business, to disclose information acquired under this Agreement. In addition, the disclosure
                                         of such information may be required by a party's auditors, by its legal or other advisors,
                                         by a company which is in the same group of companies as a party (i.e., a subsidiary
                                         or holding company of a party), by a Sub-Custodian or (in the case of the Trustee) by
                                         any beneficiary of the trusts constituted by the Trust Agreement. Each party irrevocably
                                         authorises the others to make such disclosures without further reference to such party.

 

		7.	CUSTODY
                                         SERVICES

 

		7.1	Appointment:
                                         The Trustee hereby appoints the Custodian to act as custodian of the Bullion
                                         in accordance with this Agreement and any Rules which apply to the Custodian.

 

		7.2	Segregation
                                         of Bullion: The Custodian will be responsible for the safekeeping of the Bullion
                                         on the terms and conditions of this Agreement. The Custodian will segregate the Bullion
                                         from any Bullion which the Custodian owns or holds for others by making appropriate entries
                                         in its books and records and will require Sub-Custodians to segregate the Bullion from
                                         any silver which they own or hold for others by making appropriate entries in their books
                                         and records. The Custodian shall be deemed to have required such segregation in relation
                                         to the Sub-Custodians named in clause 8.1.

 

		7.3	Ownership
                                         of Bullion: The Custodian will identify in its books that the Bullion belongs
                                         to the Trustee (on trust for the Shareholders).

 

		7.4	Location
                                         of Bullion: Subject to and in accordance with clause 8.1 and unless otherwise
                                         agreed between the parties, Bullion must be held by the Custodian at its vault premises.
                                         The Custodian agrees that it shall use, or where applicable procure any Sub-Custodian
                                         to use, commercially reasonable efforts promptly to transport any Bullion held for the
                                         Trustee to these locations at the Custodian’s cost and risk. The Custodian agrees
                                         that all delivery and packing shall be in accordance with the Rules and Relevant Association
                                         good market practices.

 

     7

     

    

 

		8.	SUB-CUSTODIANS

 

		8.1	Sub-Custodians:
                                         The Custodian may employ Sub-Custodians solely for the temporary custody and
                                         safekeeping of Bullion until transported to the relevant vault premises as provided in
                                         clause 7.4. The Sub-Custodians the Custodian selects may themselves select sub-custodians
                                         to provide such temporary custody and safekeeping of Bullion, but such sub-custodians
                                         shall not by such selection or otherwise be, or be considered to be, a Sub-Custodian
                                         as such term is used herein. The Custodian will use reasonable care in selecting any
                                         Sub-Custodian. As of the date of this Agreement, the Sub-Custodians that the Custodian
                                         uses are: Brinks Global Services, Via Mat International, Malca-Amit and Group 4 Security
                                         Limited. The Custodian will notify each of the Trustee and the Sponsor if it selects
                                         any additional Sub-Custodian, or stops using any Sub-Custodian for such purpose. The
                                         receipt of notice by each of the Trustee and the Sponsor that the Custodian has selected
                                         a Sub-Custodian (including those named in this clause 8.1) shall not be deemed
                                         to limit the Custodian’s responsibility in selecting such Sub-Custodian.

 

		8.2	Liability:
                                         Except for the Custodian’s obligation to make commercially reasonable efforts
                                         to obtain delivery of Bullion from Sub-Custodians, the Custodian shall not be liable
                                         in contract, tort or otherwise for any loss, damage or expense arising directly or indirectly
                                         from an act or omission, or insolvency, of any Sub-Custodian or any further delegate
                                         of such Sub-Custodian unless the appointment of that Sub-Custodian was made by the Custodian
                                         negligently or in bad faith.

 

		9.	REPRESENTATIONS

 

		9.1	Trustee’s
                                         Representations: The Trustee represents and warrants to the Custodian that (such
                                         representations and warranties being deemed to be repeated upon each occasion of deposit
                                         of Bullion under this Agreement):

 

		(1)	the
                                         Trustee has all necessary authority, powers, consents, licences and authorisations (which
                                         have not been revoked) and has taken all necessary action to enable it lawfully to enter
                                         into and perform its duties and obligations under this Agreement;

 

		(2)	the
                                         persons entering into this Agreement on behalf of the Trustee have been duly authorised
                                         to do so; and

 

		(3)	this
                                         Agreement and the obligations created under it are binding upon and enforceable against
                                         the Trustee, as trustee of the Trust, in accordance with its terms (subject to applicable
                                         principles of equity) and do not and will not violate the terms of the Rules or any order,
                                         charge or agreement by which the Trustee is bound.

 

     8

     

    

 

		9.2	Custodian’s
                                         Representations: The Custodian represents and warrants to the Trust that (such
                                         representations and warranties being deemed to be repeated upon each occasion of deposit
                                         of Bullion under this Agreement):

 

		(1)	the
                                         Custodian has all necessary authority, powers, consents, licences and authorisations
                                         (which have not been revoked) and has taken all necessary action to enable it lawfully
                                         to enter into and perform its duties and obligations under this Agreement;

 

		(2)	the
                                         persons entering into this Agreement on behalf of the Custodian have been duly authorised
                                         to do so; and

 

		(3)	this
                                         Agreement and the obligations created under it are binding upon the Custodian and enforceable
                                         against the Custodian in accordance with its terms (subject to applicable principles
                                         of equity) and do not and will not violate the terms of the Rules or any order, charge
                                         or agreement by which the Custodian is bound.

 

		10.	FEES
                                         AND EXPENSES

 

		10.1	Fees:
                                         For the Custodian’s services under this Agreement, the Custodian and the Sponsor
                                         have entered a separate agreement, to which the Custodian has agreed, under which the
                                         Sponsor shall pay the Custodian’s fee for services under this Agreement.

 

		10.2	Expenses:
                                         Pursuant to a separate written agreement between the Sponsor and the Custodian,
                                         to which the Custodian has agreed, the Sponsor shall pay to the Custodian on demand all
                                         costs, charges and expenses (excluding (i) any relevant taxes and VAT, duties and other
                                         governmental charges, (ii) fees for storage and insurance of the Bullion and any fees
                                         and expenses of Sub-Custodians, which will be recovered under clause 10.1, and
                                         (iii) indemnification obligations of the Trustee under clause 12.5 which will be paid
                                         pursuant to the following sentence) incurred by the Custodian in connection with the
                                         performance of its duties and obligations under this Agreement or otherwise in connection
                                         with the Bullion. The Trustee will procure payment on demand, solely from and to the
                                         extent of the assets of the Trust, of any other costs, charges and expenses not assumed
                                         by the Sponsor under its agreement with the Custodian referenced in this clause 10.2
                                         (including any relevant taxes (other than VAT, which is addressed in clause 11.1),
                                         duties, other governmental charges and indemnification claims of the Custodian payable
                                         by the Trustee pursuant to clause 12.5, but excluding fees for storage and insurance
                                         of the Bullion and any fees and expenses of Sub-Custodians, which will be recovered under
                                         clause 10.1) incurred by the Custodian in connection with the Bullion.

 

		10.3	Default
                                         Interest:If the Sponsor or the Trustee, as may be applicable, fails to procure
                                         payment to the Custodian of any amount when it is due, the Custodian reserves the right
                                         to charge interest (both before and after any judgement) on any such unpaid amount calculated
                                         at a rate equal to 1% above the overnight London Interbank Offered Rate (LIBOR) for the
                                         currency in which the amount is due. Interest will accrue on a daily basis and will be
                                         due and payable as a separate debt.

 

		10.4	Credit
                                         Balances: No interest or other amount will be paid by the Custodian on any credit
                                         balance on an Allocated Account.

 

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		10.5	Recovery
                                         from Trust: Amounts payable pursuant to this clause 10 shall not be debited
                                         from the Allocated Account, but shall be payable by the Sponsor or the Trustee, as may
                                         be applicable, on behalf of the Trust, and the Custodian hereby acknowledges that it
                                         will have no recourse against Bullion standing to the credit of the Allocated Account
                                         or to the Trustee individually in respect of any such amounts.

 

		11.	VALUE
                                         ADDED TAX

 

		11.1	VAT
                                         Inclusive: All sums payable under this Agreement by the Trust to the Custodian
                                         shall be deemed to be inclusive of VAT if and to the extent VAT is properly chargeable
                                         on any supplies made by the Custodian to the Trust pursuant to this Agreement.

 

		11.2	VAT
                                         Invoice: If VAT is properly chargeable on any supplies made by the Custodian
                                         to the Trust pursuant to this Agreement, the Custodian shall provide a valid VAT invoice
                                         to the Trust.

 

		12.	SCOPE
                                         OF RESPONSIBILITY

 

		12.1	Exclusion
                                         of Liability: The Custodian will use reasonable care in the performance of its
                                         duties under this Agreement and will only be responsible for any loss or damage suffered
                                         as a direct result of any negligence, fraud or wilful default on its part in the performance
                                         of its duties, and in which case its liability will not exceed the market value of the
                                         Bullion lost or damaged at the time such negligence, fraud or wilful default is discovered
                                         by the Custodian, provided the Custodian notifies the Trustee promptly after any discovery
                                         of such lost or damaged Bullion.

 

		12.2	No
                                         Duty or Obligation: The Custodian is under no duty or obligation to make or take,
                                         or require any Sub-Custodian to make or take, any special arrangements or precautions
                                         beyond those required by the Rules or as specifically set forth in this Agreement. Notwithstanding
                                         anything to the contrary in this Agreement, the Custodian represents that the obligations,
                                         duties and responsibilities of any Sub-Custodian with respect to the segregation, identification
                                         and safekeeping of Bullion held by such Sub-Custodian under its arrangements with the
                                         Custodian will be no less protective than the obligations, duties and responsibilities
                                         of the Custodian with respect to the segregation, identification and safekeeping of Bullion
                                         held by the Custodian under this Agreement.

 

		12.3	Insurance:
                                         The Custodian (or one of its Affiliates) shall make such insurance arrangements
                                         from time to time in connection with the Custodian’s custodial obligations under
                                         this Agreement as the Custodian considers appropriate and will be responsible for all
                                         costs, fees and expenses (including any relevant taxes) in relation to any such insurance
                                         policy or policies. Upon reasonable prior written notice, in connection with the preparation
                                         of a registration statement under the United States Securities Act of 1933, as amended,
                                         covering any Shares, the Custodian will allow its insurance to be reviewed by the Trustee
                                         and by the Sponsor. The Custodian also will allow the Trustee and the Sponsor to review
                                         its insurance in connection with any amendment to that initial registration statement
                                         and from time to time, in each case upon reasonable prior written notice from the Trustee
                                         or the Sponsor. Any permission to review the Custodian’s insurance is limited to
                                         the term of this Agreement and is conditioned on the reviewing party executing a form
                                         of confidentiality agreement provided by the Custodian, or if the confidentiality agreement
                                         is already in force, acknowledging that the review is subject thereto.

 

     10

     

    

 

		12.4	Force
                                         Majeure: The Custodian shall not be liable for any delay in performance or for
                                         the non-performance of any of its obligations under this Agreement by reason of any cause
                                         beyond the Custodian’s reasonable control. This includes any act of God or war
                                         or terrorism or any breakdown, malfunction or failure of transmission, communication
                                         or computer facilities, industrial action, acts and regulations of any governmental or
                                         supra national bodies or authorities or regulatory or self-regulatory organisation or
                                         failure to any such body, authority or organization, for any reason, to perform its obligations,
                                         provided, however, that the Custodian agrees to use reasonable efforts to assist the
                                         Trustee in finding a replacement custodian (including, but not limited to, agreeing to
                                         an assignment of its rights and obligations hereunder) should any event described in
                                         this clause 12.4 so prevent the Custodian from performing its obligations.

 

		12.5	Indemnity:
                                         The Trustee, solely from and to the extent of the assets of the Trust, shall indemnify
                                         and keep indemnified the Custodian (on an after tax basis) on demand against all costs
                                         and expenses, damages, liabilities and losses (other than VAT, which is addressed in
                                         clause 11.1, and the expenses assumed by the Sponsor under its agreement with the Custodian
                                         referenced in clause 10.2) which the Custodian may suffer or incur, directly or
                                         indirectly in connection with this Agreement except to the extent that such sums are
                                         due directly to the negligence, wilful default or fraud of the Custodian.

 

		12.6	Third
                                         Parties: Except with respect to the Trust, which shall be considered a beneficiary
                                         of this entire Agreement, and to the Sponsor, which shall be considered a beneficiary
                                         (as applicable) of clauses 2.7, 3.2, 4.3, 8.1 and 12.3, the Custodian does not
                                         owe any duty or obligation or have any liability towards any person who is not a party
                                         to this Agreement. Except as set forth in this clause 12.6, this Agreement does
                                         not confer a benefit on any person who is not a party to it. The parties hereto do not
                                         intend that any term of this Agreement shall be enforceable by any person who is not
                                         a party to it and do intend that the Contracts (Rights of Third Parties) 1999 Act shall
                                         not apply to this Agreement, provided that the Sponsor may enforce its rights under clauses
                                         2.7, 3.2, 4.3, 8.1 and 12.3. Nothing in this paragraph is intended to limit
                                         the obligations hereunder of any successor Trustee of the Trust or to limit the right
                                         of any successor Trustee of the Trust to enforce the Custodian’s obligations hereunder.

 

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		13.	TERM
                                         AND TERMINATION

 

		13.1	Method:
                                         Subject to clause 13.2 below, either the Trustee or the Custodian may
                                         terminate this Agreement for any reason or if the Custodian ceases to offer the services
                                         contemplated by this Agreement to its clients or proposes to withdraw from the Bullion
                                         business, by giving not less than 90 days’ written notice to the other party. Any
                                         such notice given by the Trustee must specify:

 

		(1)	the
                                         date on which the termination will take effect;

 

		(2)	the
                                         person to whom the Bullion is to be made available; and

 

		(3)	all
                                         other necessary arrangements for the redelivery of the Bullion to the order of the Trustee.

 

		13.2	Term:
                                         The term of this Agreement shall be until December 31, 2021 and will continue
                                         thereafter on the same terms until amended in writing or unless terminated by the parties
                                         in accordance with this clause 13. This Agreement may be terminated immediately upon
                                         written notice as follows:

 

		(1)	by
                                         the Trustee, if the Custodian ceases to offer the services contemplated by this Agreement
                                         to its clients or proposes to withdraw from the Bullion business;

 

		(2)	by
                                         the Trustee or the Custodian, if it becomes unlawful for the Custodian to be a party
                                         to this Agreement or to offer its services on the terms contemplated by this Agreement
                                         or it becomes unlawful for the Trustee or the Trust to receive such services or for the
                                         Trustee to be a party to this Agreement;

 

		(3)	by
                                         the Custodian, if there is any event which, in the Custodian’s reasonable view,
                                         indicates the Trust’s insolvency or impending insolvency;

 

		(4)	by
                                         the Trustee, if there is any event which, in the Trustee’s sole view, indicates
                                         the Custodian’s insolvency or impending insolvency;

 

		(5)	by
                                         the Trustee, if the Trust is to be terminated; or

 

		(6)	by
                                         the Trustee or the Custodian, if the Unallocated Account Agreement ceases to be in full
                                         force and effect at any time.

 

		13.3	Change
                                         in Trustee: If there is any change in the identity of the Trustee in accordance
                                         with the Trust Agreement, then the Custodian, the Trustee and the Trust shall execute
                                         such documents and shall take such actions as the new Trustee and the outgoing Trustee
                                         may reasonably require for the purpose of vesting in the new Trustee the rights and obligations
                                         of the outgoing Trustee, and releasing the outgoing Trustee from its future obligations
                                         under this Agreement.

 

		13.4	Redelivery
                                         Arrangements: If the Trustee does not make arrangements acceptable to the Custodian
                                         for the redelivery of the Bullion the Custodian may continue to store the Bullion, in
                                         which case the Custodian will continue to charge the fees and expenses payable under
                                         clause 10. If the Trustee has not made arrangements acceptable to the Custodian
                                         for the redelivery of the Bullion within six months of the date specified in the termination
                                         notice as the date on which the termination will take effect, the Custodian will be entitled
                                         to sell the Bullion and account to the Trustee for the proceeds.

 

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		13.5	Existing
                                         Rights: Termination shall not affect rights and obligations then outstanding
                                         under this Agreement which shall continue to be governed by this Agreement until all
                                         obligations have been fully performed.

 

		14.	NOTICES

 

		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.

 

		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 Business
                                         Days in the case of inland post or seven Business Days in the case of overseas post after
                                         despatch. 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 numbers of the parties for the purposes of clauses 14.1 and 14.2
                                         are:

 

	The Custodian:	JPMorgan Chase Bank, N.A.
	 	25 Bank Street,
	 	London E14 5JP
	 	Attention: John-Paul Crocker– Global Commodities
	 	Email: john-paul.a.crocker@jpmorgan.com
	 	 
	The Trustee:	The Bank of New York Mellon
	 	2 Hanson Place
	 	Brooklyn, New York 11217
	 	Attention: Chris Yedreyeski
	 	Email: etfservicescom@bnymellon.com

 

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

 

Aberdeen
Standard ETFs Sponsor LLC 

c/o
Aberdeen Standard Investments Inc. 

1735
Market Street, 32nd Floor 

Philadelphia,
PA 19103 

Attention:
Legal 

Email:
legal.us@aberdeenstandard.com

 

With
a copy to:

 

Aberdeen
Standard ETFs Sponsor LLC 

c/o
Aberdeen Standard Investments Inc. 

712
Fifth Avenue, 49th Floor 

New
York, NY 10019 

Attention:
Adam Rezak 

Email:
adam.rezak@aberdeenstandard.com

 

		14.4	Recording
                                         of Calls: Each of the Custodian and the Trustee may record telephone conversations
                                         without use of a warning tone. Such records will be the recording party’s sole
                                         property and accepted by the other parties hereto as evidence of the orders or instructions
                                         given.

 

		15.	GENERAL

 

		15.1	Role
                                         of Trustee: The Trustee is a party to this Agreement in its capacity as Trustee
                                         for the Shareholders and accordingly (i) the Trustee shall only be liable to satisfy
                                         any obligations under this Agreement, including any obligations or liabilities arising
                                         in connection with any default by the Trustee under this Agreement, to the extent of
                                         the assets held from time to time by the Trustee as trustee of the trusts constituted
                                         by the Trust Agreement (the “Trust Assets”) to the extent authorized
                                         by the Trust Agreement and (ii) no recourse shall be had to (a) any assets other than
                                         the Trust Assets, including any of the assets held by the Trustee as trustee, co-trustee
                                         or nominee of a trust other than the trusts constituted by the Trust Agreement, as owner
                                         in its individual capacity or in any way other than as trustee of the trusts constituted
                                         by the Trust Agreement; or (b) the Trustee for any assets that have been distributed
                                         by the Trustee to the beneficiaries of the trusts constituted by the Trust Agreement.

 

		15.2	No
                                         Advice: The Custodian’s duties and obligations under this Agreement do
                                         not include providing the other party hereto with investment advice. In asking the Custodian
                                         to open and maintain the Allocated Account, the Trustee acknowledges that it is acting
                                         pursuant to the Trust Agreement and the Custodian shall not owe to the Trustee or the
                                         Trust any duty to exercise any judgment on their behalf as to the merits or suitability
                                         of any deposits into, or withdrawals from, the Allocated Account.

 

		15.3	Rights
                                         and Remedies: The Custodian hereby waives any right it has or may hereafter acquire
                                         to combine, consolidate or merge the Metal Accounts with any other account of the Trust
                                         or the Trustee or to set off any liabilities of the Trust or of the Trustee to the Custodian
                                         and agrees that it may not set off, transfer or combine or withhold payment of any sum
                                         standing to the credit or to be credited to the Metal Accounts in or towards or conditionally
                                         upon satisfaction of any liabilities to it of the Trust or the Trustee. Subject thereto,
                                         the Custodian’s rights under this Agreement are in addition to, and independent
                                         of, any other rights which the Custodian may have at any time in relation to the Bullion.

 

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		15.4	Assignment:
                                         This Agreement is for the benefit of and binding upon the parties hereto and their
                                         respective successors and assigns. Save as expressly provided herein, no party may assign,
                                         transfer or encumber, or purport to assign, transfer or encumber, any right or obligation
                                         under this Agreement unless the other party otherwise agrees in writing, except that
                                         consent is not required where the Custodian assigns, transfers or encumbers any right
                                         or obligation under this Agreement to its Affiliate upon notice to the Trustee. This
                                         clause shall not restrict the Custodian’s power to merge or consolidate with any
                                         party, or to dispose of all or part of its custody business and further provided that
                                         this clause shall not restrict the Trust from assigning its rights hereunder to a Shareholder
                                         to the extent required for the Trust to fulfil its obligations under the Trust Agreement.

 

		15.5	Amendments:
                                         Any amendment to this Agreement must be agreed in writing and be signed by all of
                                         the parties hereto. Unless otherwise agreed, an amendment will not affect any legal rights
                                         or obligations which may already have arisen.

 

		15.6	Partial
                                         Invalidity: If any of the clauses (or part of a clause) of this Agreement becomes
                                         invalid or unenforceable in any way under the Rules or any law, the validity of the remaining
                                         clauses (or part of a clause) will not in any way be affected or impaired.

 

		15.7	Entire
                                         Agreement: This document represents the entire agreement between the parties
                                         hereto in respect of its subject matter save for any agreements made with fraudulent
                                         intent, and excludes any prior agreements or representations. This Agreement supersedes
                                         and replaces any prior existing agreement between the parties relating to the same subject
                                         matter.

 

		15.8	Counterparts:
                                         This Agreement may be executed in any number of counterparts each of which when executed
                                         and delivered is an original, but all the counterparts together constitute the same agreement.

 

		15.9	Business
                                         Days: If any obligation falls due to be performed on a day which is not a Business
                                         Day, then the relevant obligations shall be performed on the next succeeding Business
                                         Day.

 

		15.10	Prior
                                         Agreements: The Custodian or any member of the JPMorgan group of companies (the
                                         “JPMorgan Group”) may trade in Shares for its own account as principal,
                                         may have underwritten or may underwrite an issue of Shares or, together with any such
                                         entities’ directors, officers or employees, may have a long or short position in
                                         Shares or in any related security or instrument. Brokerage or other fees may be earned
                                         by any member of the JPMorgan Group or persons associated with them in respect of any
                                         business transacted by them in all or any of the aforementioned securities or instruments.

 

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		15.11	U.S.
                                         Resolution Stay. To the extent applicable to the assets held in custody under
                                         this Agreement, the parties acknowledge and agree that (i) to the extent that prior to
                                         the date hereof both parties have adhered to the 2018 ISDA U.S. Resolution Stay Protocol
                                         (the “Protocol”), the terms of the Protocol are incorporated into
                                         and form a part of this Agreement, and for such purposes this Agreement shall be deemed
                                         a Protocol Covered Agreement, we (“J.P. Morgan”) shall be deemed a
                                         Regulated Entity and you shall be deemed an Adhering Party; (ii) to the extent that prior
                                         to the date hereof the parties have executed a separate agreement the effect of which
                                         is to amend the qualified financial contracts between them to conform with the requirements
                                         of the QFC Stay Rules (the “Bilateral Agreement”), the terms of the
                                         Bilateral Agreement are incorporated into and form a part of this Agreement, and for
                                         such purposes this Agreement shall be deemed a Covered Agreement, J.P. Morgan shall be
                                         deemed a Covered Entity and you shall be deemed a Counterparty Entity; or (iii) if clause
                                         (i) and clause (ii) do not apply, the terms of Section 1 and Section 2 and the related
                                         defined terms (together, the “Bilateral Terms”) of the form of bilateral
                                         template entitled “Full-Length Omnibus (for use between U.S. G-SIBs and Corporate
                                         Groups)” published by ISDA on November 2, 2018 (currently available on the 2018
                                         ISDA U.S. Resolution Stay Protocol page at www.isda.org and, a copy of which is available
                                         upon request), the effect of which is to amend the qualified financial contracts between
                                         the parties thereto to conform with the requirements of the QFC Stay Rules, are hereby
                                         incorporated into and form a part of this Agreement, and for such purposes this Agreement
                                         shall be deemed a “Covered Agreement,” J.P. Morgan shall be deemed a “Covered
                                         Entity” and you shall be deemed a “Counterparty Entity.” In the event
                                         that, after the date of this Agreement, both parties hereto become adhering parties to
                                         the Protocol, the terms of the Protocol will replace the terms of this paragraph. In
                                         the event of any inconsistencies between this Agreement and the terms of the Protocol,
                                         the Bilateral Agreement or the Bilateral Terms (each, the “QFC Stay Terms”),
                                         as applicable, the QFC Stay Terms will govern. Terms used in this paragraph without definition
                                         shall have the meanings assigned to them under the QFC Stay Rules. For purposes of this
                                         paragraph, references to “this Agreement” include any related credit enhancements
                                         entered into between the parties or provided by one to the other. In addition, the parties
                                         agree that the terms of this paragraph shall be incorporated into any related covered
                                         affiliate credit enhancements, with all references to J.P. Morgan replaced by references
                                         to the covered affiliate support provider.

 

“QFC
Stay Rules” means the regulations codified at 12 C.F.R. 252.2, 252.81–8, 12 C.F.R. 382.1-7 and 12 C.F.R. 47.1-8, which,
subject to limited exceptions, require an express recognition of the stay-and-transfer powers of the FDIC under the Federal Deposit
Insurance Act and the Orderly Liquidation Authority under Title II of the Dodd Frank Wall Street Reform and Consumer Protection
Act and the override of default rights related directly or indirectly to the entry of an affiliate into certain insolvency proceedings
and any restrictions on the transfer of any covered affiliate credit enhancements.

 

		16.	GOVERNING
LAW AND JURISDICTION

 

		16.1	Governing
                                         Law: This Agreement is governed by, and will be construed in accordance with,
                                         English law.

 

     16

     

    

 

		16.2	Jurisdiction:
                                         The Trustee and the Custodian agree that the courts of the State of New York,
                                         in the United States of America, and the United States federal court located in the Borough
                                         of Manhattan in such state are to have jurisdiction to settle any disputes or claims
                                         which may arise out of or in connection with this Agreement and, for these purposes the
                                         Trustee and the Custodian irrevocably submits to the non-exclusive jurisdiction of such
                                         courts, waive any claim of forum non conveniens and any objection to laying of venue,
                                         and further waive any personal service.

 

		16.3	Waiver
                                         of Immunity: To the extent that the Trustee may in any jurisdiction claim for
                                         it as Trustee, the Trust or its assets any immunity from suit, judgment, enforcement
                                         or otherwise howsoever, the Trustee agrees not to claim and irrevocably waives any such
                                         immunity which it would otherwise be entitled to (whether on grounds of sovereignty or
                                         otherwise) to the full extent permitted by the laws of such jurisdiction.

 

		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 

London
E14 5JP 

Attention:
Peter Smith – Global Commodities

 

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

 

With a copy to:

 

Aberdeen
Standard Investments ETFs Sponsor LLC 

712
Fifth Avenue, 49th Floor 

New
York, NY 10019 

Email:
adam.rezak@aberdeenstandard.com

 

AND

 

     17

     

    

 

1735
Market Street, 32nd Floor 

Philadelphia,
PA 19103 

Attention:
Legal US 

Email:
legal.us@aberdeenstandard.com

 

[Signature
Page Follows]

 

     18

     

    

 

EXECUTED
by the Parties:

 

Signed
on behalf of and for 

JPMORGAN CHASE BANK, N.A. by

 

	Signature:
     	/s/
    Peter L. Smith	 
	Name: Peter
    L. Smith	 
	Title: Managing
    Director	 

 

Signed
on behalf of and for 

THE
BANK OF NEW YORK MELLON, solely in its capacity as trustee of the Aberdeen Standard Silver ETF Trust and not individually,
by

 

	Signature: 	/s/
    Thomas Porrazzo	 
	Name: Thomas
    Porrazzo	 
	Title: Managing
    Director	 

 

     19

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