Document:

Aberdeen Standard Palladium
ETF Trust S-3

 

Exhibit 10.2

 

SECOND AMENDMENT TO THE

UNALLOCATED ACCOUNT AGREEMENT

OF

Aberdeen
Standard Palladium ETF Trust

(formerly, ETFS PALLADIUM TRUST)

 

This Second Amendment to the Unallocated Account Agreement (this “Amendment”) of the Aberdeen Standard Palladium ETF Trust (formerly, ETFS Palladium Trust) (the “Trust”), dated as of May 7, 2020, is made by and between JPMorgan Chase Bank, N.A., as the custodian of the Trust (the “Custodian”), and The Bank of New York Mellon, a New York banking corporation, as the trustee of the Trust (the “Trustee”).

 

WITNESSETH THAT:

 

WHEREAS, the Custodian and the Trustee are parties to the Unallocated Account Agreement dated as of December 30, 2009, as amended as of October 1, 2018 (the “Agreement”), which established an unallocated palladium account in the Trustee’s name for the Trust; and

 

WHEREAS, pursuant to Section 14.5 of the Agreement, the Custodian and the Trustee desire to amend the Agreement to extend the term thereof.

 

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

 

	
1.

	
(a) Amendment to Section 12.2 of the Agreement. The first paragraph of Section 12.2 is hereby deleted in its entirety and replaced with the following:

 

Term: This Agreement shall have a term ending on December 31, 2021 and, at the end of such term and any subsequent term, shall automatically renew for a term of one year unless terminated by the parties in accordance with this clause 12; provided that during such periods this Agreement may be terminated immediately upon written notice as follows:

 

(b) For the avoidance of doubt, items (1) through (6) of Section 12.2 remain unchanged.     

 

2.            The amendments contemplated by this Amendment shall, upon execution of this Amendment by the Custodian and the Trustee, be effective as of January 1, 2020, and no further action shall be required to make such amendments effective.

 

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

 

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

 

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

 

-1-

 

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

 

7.         Pursuant to Section 5.5(a) of the Depositary Trust Agreement of the Trust, dated as of December 30, 2009, as amended, the Sponsor hereby approves of the Trustee entering into this Amendment.

 

[remainder of page intentionally blank]

 

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

 

	JPMorgan
Chase Bank, N.A.,

	 

	as
Custodian

	 

	 	 
	/s/
David Nahmanovici

	 

	Name:
David Nahmanovici

	 

	Title:
Managing Director	 
	 

	 

	The
Bank of New York Mellon,

	 

	solely
in its capacity as Trustee and not individually

	 

	 	 
	/s/
Patrick Griffin

	 

	Name:
Patrick Griffin

	 

	Title:
Vice President / Service Director

	 

	 

	 

	Aberdeen
Standard Investments ETFs Sponsor LLC

	 

	(formerly,
ETFS Securities USA LLC),

	 

	solely
as to paragraph 7

	 

	 

	 

	/s/
Lucia Sitar

	 

	Name:
Lucia Sitar

	 

	Title:
V.P.

	 

	 

	 

 

[Signature Page to Second Amendment to Unallocated Account Agreement]

 

-3-Exhibit 10.6

 

THIS PROMISSORY NOTE (“NOTE”) HAS NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). THIS NOTE HAS BEEN ACQUIRED
FOR INVESTMENT ONLY AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF REGISTRATION OF THE RESALE THEREOF UNDER THE
SECURITIES ACT OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO THE COMPANY THAT SUCH REGISTRATION
IS NOT REQUIRED.

 

PROMISSORY NOTE

 

	Principal Amount: $150,000	Dated as of April 7, 2020

 

Foley Trasimene Acquisition Corp., a Delaware
corporation (the “Maker”), promises to pay to the order of, Bilcar FT, LP, a Delaware limited partnership or
its registered assigns or successors in interest (“Bilcar”), and Trasimene Capital FT, LP, a Delaware limited
partnership or its registered assigns or successors in interest (“Trasimene Capital” and, together with Bilcar,
the “Payees”), or order, the principal sum of Seventy-Five Thousand Dollars ($75,000) each (or, in the aggregate,
the principal sum of One Hundred and Fifty Thousand Dollars ($150,000)) or such lesser amount as shall have been advanced by each
Payee to Maker and shall remain unpaid under this Note on the Maturity Date (as defined below) in lawful money of the United States
of America, on the terms and conditions described below. All payments on this Note shall be made by check or wire transfer of immediately
available funds or as otherwise determined by the Maker to such account as each Payee may from time to time designate by written
notice in accordance with the provisions of this Note.

 

1.                  
Principal. The entire unpaid principal balance of this Note shall be payable on the earlier of: (i) January 31, 2021,
or (ii) the date on which Maker consummates an initial public offering of its securities (such earlier date, the “Maturity
Date”). The principal balance may be prepaid at any time. Under no circumstances shall any individual, including but
not limited to any officer, director, employee or shareholder of the Maker, be obligated personally for any obligations or liabilities
of the Maker hereunder.

 

2.                  
Drawdown Requests. Maker and Payees agree that Maker may request, from time to time, up to Seventy-Five Thousand Dollars
($75,000) from each Payee (or, in the aggregate, the principal sum of One Hundred and Fifty Thousand Dollars ($150,000)) in drawdowns
under this Note to be used for costs and expenses related to Maker’s formation and the proposed initial public offering of
its securities (the “IPO”). Principal of this Note may be drawn down from time to time prior to the Maturity
Date upon written request from Maker to each Payee (each, a “Drawdown Request”). Each Drawdown Request must
state the amount to be drawn down, and must not be an amount less than Ten Thousand Dollars ($10,000). Each Payee shall fund each
Drawdown Request no later than three (3) business days after receipt of a Drawdown Request; provided, however, that the maximum
amount of drawdowns outstanding under this Note at any time may not exceed One Hundred and Fifty Thousand Dollars ($150,000) in
the aggregate. No fees, payments or other amounts shall be due to Payees in connection with, or as a result of, any Drawdown Request
by Maker.

 

3.                  
Interest. No interest shall accrue on the unpaid principal balance of this Note.

 

4.                  
Application of Payments. All payments shall be applied first to payment in full of any costs incurred in the collection
of any sum due under this Note, including (without limitation) reasonable attorney’s fees, then to the payment in full of
any late charges and finally to the reduction of the unpaid principal balance of this Note.

 

     

     

    

 

5.                  
Events of Default. The following shall constitute an event of default (“Event of Default”):

 

(a)               
Failure to Make Required Payments. Failure by Maker to pay the principal amount due pursuant to this Note within
five (5) business days of the date specified above.

 

(b)               
Voluntary Bankruptcy, Etc. The commencement by Maker of a voluntary case under any applicable bankruptcy, insolvency,
reorganization, rehabilitation or other similar law, or the consent by it to the appointment of or taking possession by a receiver,
liquidator, assignee, trustee, custodian, sequestrator (or other similar official) of Maker or for any substantial part of its
property, or the making by it of any assignment for the benefit of creditors, or the failure of Maker generally to pay its debts
as such debts become due, or the taking of corporate action by Maker in furtherance of any of the foregoing.

 

(c)               
Involuntary Bankruptcy, Etc. The entry of a decree or order for relief by a court having jurisdiction in the premises
in respect of Maker in an involuntary case under any applicable bankruptcy, insolvency or other similar law, or appointing a receiver,
liquidator, assignee, custodian, trustee, sequestrator (or similar official) of Maker or for any substantial part of its property,
or ordering the winding-up or liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect
for a period of 60 consecutive days.

 

6.                  
Remedies.

 

(a)               
Upon the occurrence of an Event of Default, specified in Section 5(a), and such default continues for three (3) business
days, hereof, each Payee may, by written notice to Maker, declare this Note to be due immediately and payable, whereupon the unpaid
principal amount of this Note, and all other amounts payable thereunder, shall become immediately due and payable without presentment,
demand, protest or other notice of any kind, all of which are hereby expressly waived, anything contained herein or in the documents
evidencing the same to the contrary notwithstanding.

 

(b)               
Upon the occurrence of an Event of Default, specified in Sections 5(b) or 5(c), and such default continues for ten (10)
business days, the unpaid principal balance of this Note, and all other sums payable with regard to this Note, shall automatically
and immediately become due and payable, in all cases without any action on the part of each Payee.

 

7.                  
Waivers. Maker and all endorsers and guarantors of, and sureties for, this Note waive presentment for payment, demand,
notice of dishonor, protest, and notice of protest with regard to the Note, all errors, defects and imperfections in any proceedings
instituted by each Payee under the terms of this Note, and all benefits that might accrue to Maker by virtue of any present or
future laws exempting any property, real or personal, or any part of the proceeds arising from any sale of any such property, from
attachment, levy or sale under execution, or providing for any stay of execution, exemption from civil process, or extension of
time for payment; and Maker agrees that any real estate that may be levied upon pursuant to a judgment obtained by virtue hereof,
on any writ of execution issued hereon, may be sold upon any such writ in whole or in part in any order desired by each Payee.

 

8.                  
Unconditional Liability. Maker hereby waives all notices in connection with the delivery, acceptance, performance, default,
or enforcement of the payment of this Note, and agrees that its liability shall be unconditional, without regard to the liability
of any other party, and shall not be affected in any manner by any indulgence, extension of time, renewal, waiver or modification
granted or consented to by each Payee, and consents to any and all extensions of time, renewals, waivers, or modifications that
may be granted by each Payee with respect to the payment or other provisions of this Note, and agrees that additional makers, endorsers,
guarantors, or sureties may become parties hereto without notice to Maker or affecting Maker’s liability hereunder.

 

    2

     

    

 

9.                  
Notices. All notices, statements or other documents which are required or contemplated by this Agreement shall be: (i)
in writing and delivered personally or sent by first class registered or certified mail, overnight courier service or facsimile
or electronic transmission to the address designated in writing, (ii) by facsimile to the number most recently provided to such
party or such other address or fax number as may be designated in writing by such party and (iii) by electronic mail, to the electronic
mail address most recently provided to such party or such other electronic mail address as may be designated in writing by such
party. Any notice or other communication so transmitted shall be deemed to have been given on the day of delivery, if delivered
personally, on the business day following receipt of written confirmation, if sent by facsimile or electronic transmission, one
(1) business day after delivery to an overnight courier service or five (5) days after mailing if sent by mail.

 

10.              
Construction. THIS NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF DELAWARE, WITHOUT REGARD TO CONFLICT
OF LAW PROVISIONS THEREOF.

 

11.              
Severability. Any provision contained in this Note which is prohibited or unenforceable in any jurisdiction shall, as
to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions
hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision
in any other jurisdiction.

 

12.              
Trust Waiver. Notwithstanding anything herein to the contrary, each Payee hereby waives any and all right, title, interest
or claim of any kind (“Claim”) in or to any distribution of or from the trust account to be established in which
the proceeds of the IPO conducted by the Maker (including the deferred underwriters discounts and commissions) and the proceeds
of the sale of the warrants issued in a private placement to occur on or prior to the consummation of the IPO are to be deposited,
as described in greater detail in the registration statement and prospectus to be filed with the Securities and Exchange Commission
in connection with the IPO, and hereby agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim against
the trust account for any reason whatsoever.

 

13.              
Amendment; Waiver. Any amendment hereto or waiver of any provision hereof may be made with, and only with, the written
consent of the Maker and each Payee.

 

14.              
Assignment. No assignment or transfer of this Note or any rights or obligations hereunder may be made by any party hereto
(by operation of law or otherwise) without the prior written consent of the other party hereto and any attempted assignment without
the required consent shall be void.

 

[Signature page follows]

 

    3

     

    

 

IN WITNESS WHEREOF, Maker, intending
to be legally bound hereby, has caused this Note to be duly executed by the undersigned as of the day and year first above written.

 

	 	FOLEY TRASIMENE ACQUISITION CORP.
	 	 
	 	By:	 /s/ Richard L. Cox
	 	 	Name:	 Richard L. Cox
	 	 	Title:	Chief Financial Officer

 

	Acknowledged and Agreed to	 
	as of the date first written above,	 
	 	 
	BILCAR FT, LP	 
	 	 
	BILCAR FT, LLC, as general partner	 
	 	 
	By:	 /s/ Michael L. Gravelle	 

	Name: 	Michael L. Gravelle	 
	Title: 	General Counsel and Corporate Secretary	 
	 	 
	TRASIMENE CAPITAL FT, LP	 
	 	 
	TRASIMENE CAPITAL FT, LLC, as general partner	 
	 	 

	By:	 /s/ Michael L. Gravelle	 

	Name:	 Michael L. Gravelle	 
	Title: 	General Counsel and Corporate Secretary	 

 

    4

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