Document:

IMPRIMIS
PHARMACEUTICALS, INC.

 

2017
INCENTIVE STOCK AND AWARDS PLAN

 

1.
Purpose of the Plan.

 

The
purpose of this 2017 Incentive Stock and Awards Plan (the “Plan”) of Imprimis Pharmaceuticals, Inc. (the “Company”)
is to enable the Company to offer to its employees, officers, directors, advisors and consultants whose past, present and/or potential
contributions to the Company and/or any Subsidiary of the Company, within the meaning of Section 424(f) of the United States Internal
Revenue Code of 1986, as amended (the “Code”), have been, are or will be important to the success of the Company,
an opportunity to acquire an equity interest in the Company. It is further intended that certain options granted pursuant to the
Plan shall constitute incentive stock options within the meaning of Section 422 of the Code (the “Incentive Options”)
while certain other options granted pursuant to the Plan shall be nonqualified stock options (the “Nonqualified Options”).
Incentive Options and Nonqualified Options are hereinafter referred to collectively as “Options.”

 

The
Company intends that the Plan meet the requirements of Rule 16b-3 (“Rule 16b-3”) promulgated under the Securities
Exchange Act of 1934, as amended (the “Exchange Act”), and that transactions of the type specified in subparagraphs
(c) to (f) inclusive of Rule 16b-3 by officers and directors of the Company pursuant to the Plan will be exempt from the operation
of Section 16(b) of the Exchange Act. Further, the Plan is intended to satisfy the performance-based compensation exception to
the limitation on the Company’s tax deductions imposed by Section 162(m) of the Code with respect to those Options, awards
of Restricted Stock (as defined below), and awards of Restricted Stock Units (as defined below) for which qualification for such
exception is intended. In all cases, the terms, provisions, conditions and limitations of the Plan shall be construed and interpreted
consistent with the Company’s intent as stated in this Section 1.

 

2.
Administration of the Plan.

 

The
Board of Directors of the Company (the “Board”) shall appoint and maintain as administrator of the Plan a Committee
(the “Committee”) consisting of two or more directors who are (i) “Independent Directors” (as such
term is defined under the rules of the NASDAQ Stock Market), (ii) “Non-Employee Directors” (as such term is defined
in Rule 16b¬3) and (iii) “Outside Directors” (as such term is defined in Section 162(m) of the Code), which shall
serve at the pleasure of the Board. The Committee, subject to Sections 3, 5, 6 and 7 hereof, shall have full power and authority
to designate recipients of Options, restricted stock (“Restricted Stock”) and restricted stock units (“Restricted
Stock Units”) and to determine the terms and conditions of the respective Option, Restricted Stock and Restricted Stock
Unit agreements (which need not be identical) and to interpret the provisions and supervise the administration of the Plan. The
Committee shall have the authority, without limitation, to designate which Options granted under the Plan shall be Incentive Options
and which shall be Nonqualified Options. To the extent any Option does not qualify as an Incentive Option, it shall constitute
a separate Nonqualified Option.

 

    	 	1	 

     

    

 

Subject
to the provisions of the Plan, the Committee shall interpret the Plan and all Options, Restricted Stock and Restricted Stock Units
granted under the Plan, shall make such rules as it deems necessary for the proper administration of the Plan, shall make all
other determinations necessary or advisable for the administration of the Plan and shall correct any defects or supply any omission
or reconcile any inconsistency in the Plan or in any Options, Restricted Stock or Restricted Stock Units granted under the Plan
in the manner and to the extent that the Committee deems desirable to carry into effect the Plan or any Options, Restricted Stock
or Restricted Stock Units. The act or determination of a majority of the Committee shall be the act or determination of the Committee
and any decision reduced to writing and signed by all of the members of the Committee shall be fully effective as if it had been
made by a majority of the Committee at a meeting duly held for such purpose. Subject to the provisions of the Plan, any action
taken or determination made by the Committee pursuant to this and the other Sections of the Plan shall be conclusive on all parties.

 

In
the event that for any reason the Committee is unable to act or if the Committee at the time of any grant, award or other acquisition
under the Plan does not consist of two or more Non-Employee Directors, or if there shall be no such Committee, or if the Board
otherwise determines to administer the Plan, then the Plan shall be administered by the Board, and references herein to the Committee
(except in the proviso to this sentence) shall be deemed to be references to the Board, and any such grant, award or other acquisition
may be approved or ratified in any other manner contemplated by subparagraph (d) of Rule 16b-3; provided, however,
that grants to the Company’s Chief Executive Officer or to any of the Company’s other four most highly compensated
officers that are intended to qualify as performance-based compensation under Section 162(m) of the Code may only be granted by
the Committee.

 

3.
Designation of Optionees and Grantees.

 

The
persons eligible for participation in the Plan as recipients of Options (the “Optionees”) or Restricted Stock
or Restricted Stock Units (the “Grantees” and together with Optionees, the “Participants”)
shall include directors, officers and employees of, and consultants and advisors to, the Company or any Subsidiary; provided that
Incentive Options may only be granted to employees of the Company and any Subsidiary. In selecting Participants, and in determining
the number of shares to be covered by each Option or award of Restricted Stock or Restricted Stock Units granted to Participants,
the Committee may consider any factors it deems relevant, including, without limitation, the office or position held by the Participant
or the Participant’s relationship to the Company, the Participant’s degree of responsibility for and contribution
to the growth and success of the Company or any Subsidiary, the Participant’s length of service, promotions and potential.
A Participant who has been granted an Option, Restricted Stock or Restricted Stock Units hereunder may be granted an additional
Option or Options, Restricted Stock or Restricted Stock Units if the Committee shall so determine.

 

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4.
Stock Reserved for the Plan.

 

(a)
Subject to adjustment as provided in Section 9 hereof, a total of 2,000,000 shares of the Company’s common stock, par value
$0.001 per share (the “Stock”), shall be subject to the Plan. The shares of Stock subject to the Plan shall consist
of unissued shares, treasury shares or previously issued shares held by any Subsidiary of the Company, and such number of shares
of Stock shall be and is hereby reserved for such purpose. Any of such shares of Stock that may remain unissued and that are not
subject to outstanding Options or Restricted Stock Units at the termination of the Plan shall cease to be reserved for the purposes
of the Plan, but until termination of the Plan the Company shall at all times reserve a sufficient number of shares of Stock to
meet the requirements of the Plan. Should any Option or award of Restricted Stock or Restricted Stock Units expire or be canceled
prior to its exercise or vesting in full or should the number of shares of Stock to be delivered upon the exercise or vesting
in full of an Option or award of Restricted Stock or Restricted Stock Units be reduced for any reason, the shares of Stock theretofore
subject to such Option, Restricted Stock or Restricted Stock Units may be subject to future Options, Restricted Stock or Restricted
Stock Units under the Plan.

 

(b)
The maximum number of shares of Stock with respect to which Options may be granted to any Optionee in any calendar year shall
be five hundred thousand (500,000) shares. In connection with an Optionee’s commencement of employment or service with the
Company or any Subsidiary, an Optionee may be granted Options for up to an additional two hundred thousand (200,000) shares which
shall not count against the limit set forth in the previous sentence. The foregoing limitations shall be adjusted proportionately
in connection with any change in the Company’s capitalization pursuant to Section 9, below. To the extent required by Section
162(m) of the Code or the regulations thereunder, in applying the foregoing limitations with respect to an Optionee, if any Option
is canceled, the canceled Option shall continue to count against the maximum number of Shares with respect to which Options may
be granted to the Optionee. For this purpose, the repricing of an Option shall be treated as the cancellation of the existing
Option and the grant of a new Option.

 

(c)
For awards of Restricted Stock or Restricted Stock Units that are intended to qualify as “performance-based compensation”
under Section 162(m) of the Code, the maximum number of shares of Stock with respect to which such awards may be granted to any
Grantee in any calendar year shall be five hundred thousand (500,000) shares. The foregoing limitation shall be adjusted proportionately
in connection with any change in the Company’s capitalization pursuant to Section 9, below. Subject to the terms of the
Plan, awards of Restricted Stock or Restricted Stock Units that are intended to qualify as performance-based compensation under
Section 162(m) of the Code shall be subject to satisfaction of performance criteria. The performance criteria established by the
Committee may be based on any one of, or combination of, the following: (i) increase in share price, (ii) earnings per share,
(iii) total stockholder return, (iv) operating margin, (v) gross margin, (vi) return on equity, (vii) return on assets, (viii)
return on investment (ix) operating income, (x) net operating income, (xi) pre-tax profit (xii) cash flow, (xiii) revenue, (xiv)
expenses, (xv) earnings before interest, taxes and depreciation, (xvi) economic value added and (xvii) market share. The performance
criteria may be applicable to the Company, Subsidiaries and/or any individual business units of the Company or any Subsidiary.
Partial achievement of the specified criteria may result in a payment or vesting corresponding to the degree of achievement as
specified in the Restricted Stock or Restricted Stock Unit agreement. In addition, the performance criteria shall be calculated
in accordance with generally accepted accounting principles, but excluding the effect (whether positive or negative) of any change
in accounting standards and any extraordinary, unusual or nonrecurring item, as determined by the Committee, occurring after the
establishment of the performance criteria applicable to the award intended to be performance-based compensation. Each such adjustment,
if any, shall be made solely for the purpose of providing a consistent basis from period to period for the calculation of performance
criteria in order to prevent the dilution or enlargement of the Grantee’s rights with respect to an award intended to be
performance-based compensation.

 

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5.
Terms and Conditions of Options.

 

Options
granted under the Plan shall be subject to the following conditions and shall contain such additional terms and conditions, not
inconsistent with the terms of the Plan, as the Committee shall deem desirable:

 

(a)
Option Price. The purchase price of each share of Stock purchasable, under an Incentive Option shall be determined by the
Committee at the time of grant, but shall not be less than 100% of the Fair Market Value (as defined below) of such share of Stock
on the date the Option is granted; provided, however, that with respect to an Optionee who, at the time such Incentive Option
is granted, owns (within the meaning of Section 424(d) of the Code) more than 10% of the total combined voting power of all classes
of stock of the Company or of any Subsidiary, the purchase price per share of Stock shall be at least 110% of the Fair Market
Value per share of Stock on the date of grant. The purchase price of each share of Stock purchasable under a Nonqualified Option
shall not be less than 100% of the Fair Market Value, of such share of Stock on the date the Option is granted. The exercise price
for each Option shall be subject to adjustment as provided in Section 9 below. “Fair Market Value” means: (i) if the
Stock is listed on one or more established stock exchanges or national market systems, including without limitation The NASDAQ
Global Select Market, The NASDAQ Global Market or The NASDAQ Capital Market of The NASDAQ Stock Market LLC, the closing sales
price for such Stock (or the closing bid, if no sales were reported) as quoted on the principal exchange or system on which the
Stock is listed (as determined by the Committee) on the date of grant of the Option or Stock (or, if no closing sales price or
closing bid was reported on that date, as applicable, on the last trading date such closing sales price or closing bid was reported),
as reported in The Wall Street Journal or such other source as the Committee deems reliable; (ii) if the Stock is regularly quoted
on an automated quotation system (including but not limited to the OTC Bulletin Board) or by a recognized securities dealer, the
closing sales price for such Stock as quoted on such system or by such securities dealer on the date of grant of the Option or
Stock, but if selling prices are not reported, the Fair Market Value of a share of Stock shall be the mean between the high bid
and low asked prices for the Stock on the date of grant of the Option or Stock (or, if no such prices were reported on that date,
on the last date such prices were reported), as reported in The Wall Street Journal or, such other source as the Committee deems
reliable; or (iii) in the absence of an established market for the Stock of the type described in (i) and (ii), above, the Fair
Market Value thereof shall be determined by the Committee in good faith. Anything in this Section 5(a) to the contrary notwithstanding,
in no event shall the purchase price of a share of Stock be less than the minimum price permitted under the rules and policies
of any national securities exchange on which the shares of Stock are listed.

 

(b)
Option Term. The term of each Option shall be fixed by the Committee, but no Option shall be exercisable more than ten
years after the date such Option is granted and in the case of an Incentive Option granted to an Optionee who, at the time such
Incentive Option is granted, owns (within the meaning of Section 424(d) of the Code) more than 10% of the total combined voting
power of all classes of stock of the Company or of any Subsidiary, no such Incentive Option shall be exercisable more than five
years after the date such Incentive Option is granted.

 

    	 	4	 

     

    

 

(c)
Exercisability. Subject to Section 5(j) hereof, Options shall be exercisable at such time or times and subject to such
terms and conditions as shall be determined by the Committee at the time of grant; provided, however, that in the
absence of any Option vesting periods designated by the Committee at the time of grant, Options shall vest and become exercisable
as to one-third of the total number of shares subject to the Option on each of the first, second and third anniversaries of the
date of grant; and provided further that no Options shall be exercisable until such time as any vesting limitation required by
Section 16 of the Exchange Act, and related rules, shall be satisfied if such limitation shall be required for continued validity
of the exemption provided under Rule 16b-3(d)(3).

 

Upon
the occurrence of a “Change in Control” (as hereinafter defined), the Committee may accelerate the vesting and exercisability
of outstanding Options, in whole or in part, as determined by the Committee in its sole discretion. In its sole discretion, the
Committee may also determine that, upon the occurrence of a Change in Control, each outstanding Option shall terminate within
a specified number of days after notice to the Optionee thereunder, and each such Optionee shall receive, with respect to each
share of Company Stock subject to such Option, an amount equal to the excess of the Fair Market Value of such shares immediately
prior to such Change in Control over the exercise price per share of such Option; such amount shall be payable in cash, in one
or more kinds of property (including the property, if any, payable in the transaction) or a combination thereof, as the Committee
shall determine in its sole discretion.

 

For
purposes of the Plan, unless otherwise defined in an employment agreement between the Company and the relevant Optionee, a Change
in Control shall be deemed to have occurred if:

 

(i)
a tender offer (or series of related offers) shall be made and consummated for the ownership of 50% or more of the outstanding
voting securities of the Company, unless as a result of such tender offer more than 50% of the outstanding voting securities of
the surviving or resulting corporation shall be owned in the aggregate by the stockholders of the Company (as of the time immediately
prior to the commencement of such offer), any employee benefit plan of the Company or its Subsidiaries, and their affiliates;

 

(ii)
the Company shall be merged or consolidated with another corporation, unless as a result of such merger or consolidation more
than 50% of the outstanding voting securities of the surviving or resulting corporation shall be owned in the aggregate by the
stockholders of the Company (as of the time immediately prior to such transaction), any employee benefit plan of the Company or
its Subsidiaries, and their affiliates;

 

(iii)
the Company shall sell substantially all of its assets to another corporation that is not wholly owned by the Company, unless
as a result of such sale more than 50% of such assets shall be owned in the aggregate by the stockholders of the Company (as of
the time immediately prior to such transaction), any employee benefit plan of the Company or its Subsidiaries and their affiliates;
or

 

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(iv)
a Person (as defined below) shall acquire 50% or more of the outstanding voting securities of the Company (whether directly, indirectly,
beneficially or of record), unless as a result of such acquisition more than 50% of the outstanding voting securities of the surviving
or resulting corporation shall be owned in the aggregate by the stockholders of the Company (as of the time immediately prior
to the first acquisition of such securities by such Person), any employee benefit plan of the Company or its Subsidiaries, and
their affiliates.

 

Notwithstanding
the foregoing, if Change of Control is defined in an employment agreement between the Company and the relevant Optionee, then,
with respect to such Optionee, Change of Control shall have the meaning ascribed to it in such employment agreement.

 

For
purposes of this Section 5(c), ownership of voting securities shall take into account and shall include ownership as determined
by applying the provisions of Rule 13d-3(d)(I)(i) (as in effect on the date hereof) under the Exchange Act. In addition, for such
purposes, “Person” shall have the meaning given in Section 3(a)(9) of the Exchange Act, as modified and used in Sections
13(d) and 14(d) thereof; provided, however, that a Person shall not include (A) the Company or any of its Subsidiaries;
(B) a trustee or other fiduciary holding securities under an employee benefit plan of the Company or any of its Subsidiaries;
(C) an underwriter temporarily holding securities pursuant to an offering of such securities; or (D) a corporation owned, directly
or indirectly, by the stockholders of the Company in substantially the same proportion as their ownership of stock of the Company.

 

(d)
Method of Exercise. Options to the extent then exercisable may be exercised in whole or in part at any time during the
option period, by giving written notice to the Company specifying the number of shares of Stock to be purchased, accompanied by
payment in full of the purchase price, in cash, or by check or such other instrument as may be acceptable to the Committee. As
determined by the Committee, in its sole discretion, at or after grant, payment in full or in part may be made at the election
of the Optionee (i) in the form of Stock owned by the Optionee (based on the Fair Market Value of the Stock which is not the subject
of any pledge or security interest, (ii) in the form of shares of Stock withheld by the Company from the shares of Stock otherwise
to be received with such withheld shares of Stock having a Fair Market Value equal to the exercise price of the Option, or (iii)
by a combination of the foregoing, such Fair Market Value determined by applying the principles set forth in Section 5(a), provided
that the combined value of all cash and cash equivalents and the Fair Market Value of any shares surrendered to the Company is
at least equal to such exercise price and except with respect to (ii) above, such method of payment will not cause a disqualifying
disposition of all or a portion of the Stock received upon exercise of an Incentive Option. An Optionee shall have the right to
dividends and other rights of a stockholder with respect to shares of Stock purchased upon exercise of an Option at such time
as the Optionee (i) has given written notice of exercise and has paid in full for such shares, and (ii) has satisfied such conditions
that may be imposed by the Company with respect to the withholding of taxes.

 

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(e)
Non-transferability of Options. Options are not transferable and may be exercised solely by the Optionee during his lifetime
or after his death by the person or persons entitled thereto under his will or the laws of descent and distribution. The Committee,
in its sole discretion, may permit a transfer of a Nonqualified Option to (i) a trust for the benefit of the Optionee, (ii) a
member of the Optionee’s immediate family (or a trust for his or her benefit) or (iii) pursuant to a domestic relations
order. Any attempt to transfer, assign, pledge or otherwise dispose of, or to subject to execution, attachment or similar process,
any Option contrary to the provisions hereof shall be void and ineffective and shall give no right to the purported transferee.

 

(f)
Termination by Death. Unless otherwise determined by the Committee, if any Optionee’s employment with or service
to the Company or any Subsidiary terminates by reason of death, the Option may thereafter be exercised, to the extent then exercisable
(or on such accelerated basis as the Committee shall determine at or after grant), by the legal representative of the estate or
by the legatee of the Optionee under the will of the Optionee, for a period of one (1) year after the date of such death (or,
if later, such time as the Option may be exercised pursuant to Section 15(d) hereof) or until the expiration of the stated term
of such Option as provided under the Plan, whichever period is shorter.

 

(g)
Termination by Reason of Disability. Unless otherwise determined by the Committee, if any Optionee’s employment with
or service to the Company or any Subsidiary terminates by reason of Disability (as defined below), then any Option held by such
Optionee may thereafter be exercised, to the extent it was exercisable at the time of termination due to Disability (or on such
accelerated basis as the Committee shall determine at or after grant), but may not be exercised after ninety (90) days after the
date of such termination of employment or service (or, if later, such time as the Option may be exercised pursuant to Section
15(d) hereof) or the expiration of the stated term of such Option, whichever period is shorter; provided, however,
that, if the Optionee dies within such ninety (90) day period, any unexercised Option held by such Optionee shall thereafter be
exercisable to the extent to which it was exercisable at the time of death for a period of one (1) year after the date of such
death (or, if later, such time as the Option may be exercised pursuant to Section 15(d) hereof) or for the stated term of such
Option, whichever period is shorter. “Disability” shall mean an Optionee’s total and permanent disability; provided,
that if Disability is defined in an employment agreement between the Company and the relevant Optionee, then, with respect to
such Optionee, Disability shall have the meaning ascribed to it in such employment agreement.

 

(h)
Termination by Reason of Retirement. Unless otherwise determined by the Committee, if any Optionee’s employment with
or service to the Company or any Subsidiary terminates by reason of Normal or Early Retirement (as such terms are defined below),
any Option held by such Optionee may thereafter be exercised to the extent it was exercisable at the time of such Retirement (or
on such accelerated basis as the Committee shall determine at or after grant), but may not be exercised after ninety (90) days
after the date of such termination of employment or service (or, if later, such time as the Option may be exercised pursuant to
Section 15(d) hereof) or the expiration of the stated term of such Option, whichever date is earlier; provided, however,
that, if the Optionee dies within such ninety (90) day period, any unexercised Option held by such Optionee shall thereafter be
exercisable, to the extent to which it was exercisable at the time of death, for a period of one (1) year after the date of such
death (or, if later, such time as the Option may be exercised pursuant to Section 15(d) hereof) or for the stated term of such
Option, whichever period is shorter.

 

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For
purposes of this paragraph (h), “Normal Retirement” shall mean retirement from active employment with the Company
or any Subsidiary on or after the normal retirement date specified in the applicable Company or Subsidiary pension plan or if
no such pension plan, age 65, and “Early Retirement” shall mean retirement from active employment with the
Company or any Subsidiary pursuant to the early retirement provisions of the applicable Company or Subsidiary pension plan or
if no such pension plan, age 55.

 

(i)
Other Terminations. Unless otherwise determined by the Committee upon grant, if any Optionee’s employment with or
service to the Company or any Subsidiary is terminated by such Optionee for any reason other than death, Disability, Normal or
Early Retirement or Good Reason (as defined below), the Option shall thereupon terminate, except that the portion of any Option
that was exercisable on the date of such termination of employment or service may be exercised for the lesser of ninety (90) days
after the date of termination (or, if later, such time as the Option may be exercised pursuant to Section 15(d) hereof) or the
balance of such Option’s term, which ever period is shorter. The transfer of an Optionee from the employ of or service to
the Company to the employ of or service to a Subsidiary, or vice versa, or from one Subsidiary to another, shall not be deemed
to constitute a termination of employment or service for purposes of the Plan.

 

(i)
In the event that the Optionee’s employment or service with the Company or any Subsidiary is terminated by the Company or
such Subsidiary for “cause” any unexercised portion of any Option shall immediately terminate in its entirety. For
purposes hereof, unless otherwise defined in an employment agreement between the Company and the relevant Optionee, “Cause”
shall exist upon a good-faith determination by the Board, following a hearing before the Board at which an Optionee was represented
by counsel and given an opportunity to be heard, that such Optionee has been accused of fraud, dishonesty or act detrimental to
the interests of the Company or any Subsidiary of Company or that such Optionee has been accused of or convicted of an act of
willful and material embezzlement or fraud against the Company or of a felony under any state or federal statute; provided,
however, that it is specifically understood that “Cause” shall not include any act of commission or omission
in the good-faith exercise of such Optionee’s business judgment as a director, officer or employee of the Company, as the
case may be, or upon the advice of counsel to the Company. Notwithstanding the foregoing, if Cause is defined in an employment
agreement between the Company and the relevant Optionee, then, with respect to such Optionee, Cause shall have the meaning ascribed
to it in such employment agreement.

 

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(ii)
In the event that an Optionee is removed as a director, officer or employee by the Company at any time other than for “Cause”
or resigns as a director, officer or employee for “Good Reason” the Option granted to such Optionee may be exercised
by the Optionee, to the extent the Option was exercisable on the date such Optionee ceases to be a director, officer or employee.
Such Option may be exercised at any time within one (1) year after the date the Optionee ceases to be a director, officer or employee
(or, if later, such time as the Option may be exercised pursuant to Section 15(d) hereof), or the date on which the Option otherwise
expires by its terms; whichever period is shorter, at which time the Option shall terminate; provided, however,
if the Optionee dies before the Options terminate and are no longer exercisable, the terms and provisions of Section 5(1) shall
control. For purposes of this Section 5(i), and unless otherwise defined in an employment agreement between the Company and the
relevant Optionee, Good Reason shall exist upon the occurrence of the following:

 

	 	(A)	the
    assignment to Optionee of any duties inconsistent with the position in the Company that Optionee held immediately prior to
    the assignment;
	 	 	 
	 	(B)	a
    Change of Control resulting in a significant adverse alteration in the status or conditions of Optionee’s participation
    with the Company or other nature of Optionee’s responsibilities from those in effect prior to such Change of Control,
    including any significant alteration in Optionee’s responsibilities immediately prior to such Change in Control; and
	 	 	 
	 	(C)	the
    failure by the Company to continue to provide Optionee with benefits substantially similar to those enjoyed by Optionee prior
    to such failure.

 

Notwithstanding
the foregoing, if Good Reason is defined in an employment agreement between the Company and the relevant Optionee, then, with
respect to such Optionee, Good Reason shall have the meaning ascribed to it in such employment agreement.

 

(j)
Limit on Value of Incentive Option. The aggregate Fair Market Value, determined as of the date the Incentive Option is
granted, of Stock for which Incentive Options are exercisable for the first time by any Optionee during any calendar year under
the Plan (and/or any other stock option plans of the Company or any Subsidiary) shall not exceed $100,000.

 

6.
Terms and Conditions of Restricted Stock.

 

Restricted
Stock may be granted under this Plan aside from, or in association with, any other award and shall be subject to the following
conditions and shall contain such additional terms and conditions (including provisions relating to the acceleration of vesting
of Restricted Stock upon a Change of Control), not inconsistent with the terms of the Plan, as the Committee shall deem desirable:

 

(a)
Grantee rights. A Grantee shall have no rights to an award of Restricted Stock unless and until Grantee accepts the award
within the period prescribed by the Committee and, if the Committee shall deem desirable, makes payment to the Company in cash,
or by check or such other instrument as may be acceptable to the Committee. After acceptance and issuance of a certificate or
certificates, as provided for below, the Grantee shall have the rights of a stockholder with respect to Restricted Stock subject
to the non-transferability and forfeiture restrictions described in Section 6(d) below.

 

    	 	9	 

     

    

 

(b)
Issuance of Certificates. The Company shall issue in the Grantee’s name a certificate or certificates for the shares
of Common Stock associated with the award promptly after the Grantee accepts such award.

 

(c)
Delivery of Certificates. Unless otherwise provided, any certificate or certificates issued evidencing shares of Restricted
Stock shall not be delivered to the Grantee until such shares are free of any restrictions specified by the Committee at the time
of grant.

 

(d)
Forfeitability, Non-transferability of Restricted Stock. Shares of Restricted Stock are forfeitable until the terms of
the Restricted Stock grant have been satisfied. Shares of Restricted Stock are not transferable until the date on which the Committee
has specified such restrictions have lapsed. Unless otherwise provided by the Committee at or after grant, distributions in the
form of dividends or otherwise of additional shares or property in respect of shares of Restricted Stock shall be subject to the
same restrictions as such shares of Restricted Stock.

 

(e)
Change of Control. Upon the occurrence of a Change in Control as defined in Section 5(c), the Committee may accelerate
the vesting of outstanding Restricted Stock, in whole or in part, as determined by the Committee, in its sole discretion.

 

(f)
Termination of Employment. Unless otherwise determined by the Committee at or after grant, in the event the Grantee ceases
to be an employee or otherwise associated with the Company for any other reason, all shares of Restricted Stock theretofore awarded
to him which are still subject to restrictions shall be forfeited and the Company shall have the right to complete the blank stock
power. The Committee may provide (on or after grant) that restrictions or forfeiture conditions relating to shares of Restricted
Stock will be waived in whole or in part in the event of termination resulting from specified causes, and the Committee may in
other cases waive in whole or in part restrictions or forfeiture conditions relating to Restricted Stock.

 

7.
Terms and Conditions of Restricted Stock Units.

 

Restricted
Stock Units may be granted under this Plan aside from, or in association with, any other award and shall be subject to the following
conditions and shall contain such additional terms and conditions (including provisions relating to the acceleration of vesting
of Restricted Stock Units upon a Change of Control), not inconsistent with the terms of the Plan, as the Committee shall deem
desirable:

 

(a)
Grantee rights. A Grantee shall have no rights to an award of Restricted Stock Units unless and until Grantee accepts the
award within the period prescribed by the Committee.

 

(b)
Form and Timing of Payment. Payment of earned Restricted Stock Units will be made as soon as practicable after the date(s)
determined by the Committee and set forth in the Restricted Stock Unit agreement. The Committee, in its sole discretion, may only
settle earned Restricted Stock Units in cash, shares of Common Stock, or a combination of both.

 

    	 	10	 

     

    

 

(c)
Forfeitability, Non-transferability of Restricted Stock Units. Restricted Stock Units are forfeitable until the terms of
the Restricted Stock Unit grant have been satisfied. Restricted Stock Units are not transferable until the date on which the Committee
has specified such restrictions have lapsed.

 

(d)
Change of Control. Upon the occurrence of a Change in Control as defined in Section 5(c), the Committee may accelerate
the vesting of outstanding Restricted Stock Units, in whole or in part, as determined by the Committee, in its sole discretion.

 

(e)
Termination of Employment. Unless otherwise determined by the Committee at or after grant, in the event the Grantee ceases
to be an employee or otherwise associated with the Company for any other reason, all unvested Restricted Stock Units theretofore
awarded to him shall be forfeited. The Committee may provide (on or after grant) that forfeiture conditions relating to Restricted
Stock Units will be waived in whole or in part in the event of termination resulting from specified causes, and the Committee
may in other cases waive in whole or in part forfeiture conditions relating to Restricted Stock Units.

 

8.
Term of Plan.

 

No
Option or award of Restricted Stock or Restricted Stock Units shall be granted pursuant to the Plan on or after the date which
is ten years from the effective date of the Plan, but Options and awards of Restricted Stock and Restricted Stock Units theretofore
granted may extend beyond that date.

 

9.
Capital Change of the Company.

 

In
the event of any merger, reorganization, consolidation, recapitalization, stock dividend, or other change in corporate structure
affecting the Stock, the Committee shall make an appropriate and equitable adjustment in the number and kind of shares reserved
for issuance under the Plan and in the number and option price of shares subject to outstanding Options granted under the Plan,
to the end that after such event each Optionee’s proportionate interest shall be maintained (to the extent possible) as
immediately before the occurrence of such event. The Committee shall, to the extent feasible, make such other adjustments as may
be required under the tax laws so that any Incentive Options previously granted shall not be deemed modified within the meaning
of Section 424(h) of the Code. Appropriate adjustments shall also be made in the case of outstanding Restricted Stock and Restricted
Stock Units granted under the Plan.

 

The
adjustments described above will be made only to the extent consistent with continued qualification of the Option under Section
422 of the Code (in the case of an Incentive Option) and Section 409A of the Code.

 

    	 	11	 

     

    

 

10.
Purchase for Investment/Conditions.

 

Unless
the Options and shares covered by the Plan have been registered under the Securities Act of 1933, as amended (the “Securities
Act”), or the Company has determined that such registration is unnecessary, each person exercising or receiving Options,
Restricted Stock or Restricted Stock Units under the Plan may be required by the Company to give a representation in writing that
he is acquiring the securities for his own account for investment and not with a view to, or for sale in connection with, the
distribution of any part thereof. The Committee may impose any additional or further restrictions on awards of Options, Restricted
Stock or Restricted Stock Units as shall be determined by the Committee at the time of award.

 

11.
Taxes.

 

(a)
The Company may make such provisions as it may deem appropriate, consistent with applicable law, in connection with any Options,
Restricted Stock or Restricted Stock Units granted under the Plan with respect to the withholding of any taxes (including income
or employment taxes) or any other tax matters.

 

(b)
If any Grantee, in connection with the acquisition of Restricted Stock, makes the election permitted under Section 83(b) of the
Code (that is, an election to include in gross income in the year of transfer the amounts specified in Section 83(b)), such Grantee
shall notify the Company of the election with the Internal Revenue Service pursuant to regulations issued under the authority
of Code Section 83(b).

 

(c)
If any Grantee shall make any disposition of shares of Stock issued pursuant to the exercise of an Incentive Option under the
circumstances described in Section 421(b) of the Code (relating to certain disqualifying dispositions), such Grantee shall notify
the Company of such disposition within ten (10) days hereof.

 

12.
Effective Date of Plan.

 

The
Plan shall be effective upon the earlier to occur of its adoption by the Board or its approval by the stockholders of the Company;
provided, however, that if, and only if, certain options are intended to qualify as Incentive Stock Options, the Plan must be
approved by the Company’s stockholders no later than one-year after approval by the Board, and further, that in the event
certain Option, Restricted Stock or Restricted Stock Unit grants hereunder are intended to qualify as performance-based compensation
within the meaning of Section 162(m) of the Code, the requirements as to stockholder approval set forth in Section 162(m) of the
Code are satisfied.

 

13.
Amendment and Termination.

 

The
Board may amend, suspend, or terminate the Plan, except that no amendment shall be made that would impair the rights of any Participant
under any Option, Restricted Stock or Restricted Stock Units theretofore granted without the Participant’s consent, and
except that no amendment shall be made which, without the approval of the stockholders of the Company would:

 

    	 	12	 

     

    

 

(a)
materially increase the number of shares that may be issued under the Plan, except as is provided in Section 8;

 

(b)
materially increase the benefits accruing to the Participants under the Plan;

 

(c)
materially modify the requirements as to eligibility for participation in the Plan;

 

(d)
decrease the exercise price of an Incentive Option to less than 100% of the Fair Market Value per share of Stock on the date of
grant thereof or the exercise price of a Nonqualified Option to less than 100% of the Fair Market Value per share of Stock on
the date of grant thereof; or

 

(e)
extend the term of any Option beyond that provided for in Section 5(b).

 

(f)
except as otherwise provided in Sections 5(d) and 8 hereof, reduce the exercise price of outstanding Options or effect repricing
through cancellations and re-grants of new Options.

 

Subject
to the forgoing, the Committee may amend the terms of any Option, Restricted Stock or Restricted Stock Units theretofore granted,
prospectively or retrospectively, but no such amendment shall impair the rights of any Participant without the Participant’s
consent.

 

It
is the intention of the Board that the Plan comply strictly with the provisions of Section 409A of the Code and Treasury Regulations
and other Internal Revenue Service guidance promulgated thereunder (the “Section 409A Rules”) and the Committee
shall exercise its discretion in granting awards hereunder (and the terms of such awards), accordingly. The Plan and any grant
of an award hereunder may be amended from time to time (without, in the case of an award, the consent of the Participant) as may
be necessary or appropriate to comply with the Section 409A Rules.

 

14.
Government Regulations.

 

The
Plan, and the grant and exercise of Options, Restricted Stock or Restricted Stock Units hereunder, and the obligation of the Company
to sell and deliver shares under such Options, Restricted Stock and Restricted Stock Units shall be subject to all applicable
laws, rules and regulations, and to such approvals by any governmental agencies, national securities exchanges and interdealer
quotation systems as may be required.

 

15.
General Provisions.

 

(a)
Certificates. All certificates for shares of Stock delivered under the Plan shall be subject to such stop transfer orders
and other restrictions as the Committee may deem advisable under the rules, regulations and other requirements of the Securities
and Exchange Commission, or other securities commission having jurisdiction, any applicable Federal or state securities law, any
stock exchange or interdealer quotation system upon which the Stock is then listed or traded and the Committee may cause a legend
or legends to be placed on any such certificates to make appropriate reference to such restrictions.

 

    	 	13	 

     

    

 

(b)
Employment Matters. Neither the adoption of the Plan nor any grant or award under the Plan shall confer upon any Participant
who is an employee of the Company or any Subsidiary any right to continued employment or, in the case of a Participant who is
a director, continued service as a director, with the Company or a Subsidiary, as the case may be, nor shall it interfere in any
way with the right of the Company or any Subsidiary to terminate the employment of any of its employees, the service of any of
its directors or the retention of any of its consultants or advisors at any time.

 

(c)
Limitation of Liability. No member of the Committee, or any officer or employee of the Company acting on behalf of the
Committee, shall be personally liable for any action, determination or interpretation taken or made in good faith with respect
to the Plan, and all members of the Committee and each and any officer or employee of the Company acting on their behalf shall,
to the extent permitted by law, be fully indemnified and protected by the Company in respect of any such action, determination
or interpretation.

 

(d)
Registration of Stock. Notwithstanding any other provision in the Plan, no Option may be exercised unless and until the
Stock to be issued upon the exercise thereof has been registered under the Securities Act and applicable state securities laws,
or are, in the opinion of counsel to the Company, exempt from such registration in the United States. The Company shall not be
under any obligation to register under applicable federal or state securities laws any Stock to be issued upon the exercise of
an Option or vesting of Restricted Stock Units granted hereunder in order to permit the exercise of an Option or vesting of Restricted
Stock Units and the issuance and sale of the Stock subject to such Option or Restricted Stock Units, although the Company may
in its sole discretion register such Stock at such time as the Company shall determine. If the Company chooses to comply with
such an exemption from registration, the Stock issued under the Plan may, at the direction of the Committee, bear an appropriate
restrictive legend restricting the transfer or pledge of the Stock represented thereby, and the Committee may also give appropriate
stop transfer instructions with respect to such Stock to the Company’s transfer agent.

 

16.
Non-Uniform Determinations.

 

The
Committee’s determinations under the Plan, including, without limitation, (i) the determination of the Participants to receive
awards, (ii) the form, amount and timing of such awards, (iii) the terms and provisions of such awards and (iii) the agreements
evidencing the same, need not be uniform and may be made by it selectively among Participants who receive, or who are eligible
to receive, awards under the Plan, whether or not such Participants are similarly situated.

 

17.
Governing Law.

 

The
validity, construction, and effect of the Plan and any rules and regulations relating to the Plan shall be determined in accordance
with the internal laws of the State of Delaware, without giving effect to principles of conflicts of laws, and applicable federal
law.

 

    	 	14GraniteShares Gold Trust S-1/A

 

Exhibit 4.1

 

 Execution Copy 

 

DEPOSITARY
TRUST AGREEMENT

 

Between

 

GRANITESHARES
LLC,

 

as
Sponsor and

 

THE
BANK OF NEW YORK MELLON,

 

as
Trustee

 

 

GraniteShares
Gold Trust

 

 

 

 Dated
as of August 24, 2017 

 

     

     

    

 

TABLE
OF CONTENTS

 

	 	 	 	Page
	 	 	 	 
	ARTICLE I DEFINITIONS AND RULES OF CONSTRUCTION	 	1
	 	 	 
	Section 1.1	Definitions	 	1
	Section 1.2	Rules of Construction	 	6
	 	 	 	 
	ARTICLE II CREATION AND DECLARATION OF TRUST; FORM OF CERTIFICATES; DEPOSIT OF GOLD; DELIVERY, REGISTRATION OF TRANSFER AND SURRENDER OF SHARES	 	 7 
	 	 	 
	Section 2.1	Creation and Declaration of Trust; Business of the Trust	 	 7 
	Section 2.2	Form of Certificates; Book-Entry System; Transferability of Shares	 	7
	Section 2.3	Deposit of Gold	 	9
	Section 2.4	Delivery of Shares; Liability for Taxes and Other Charges Connected with the Issuance of Shares	 	10
	Section 2.5	Registration of Shares and Transfers Thereof; Combination and Split-Up of Certificates	 	10
	Section 2.6	Surrender of Shares by Authorized Participants	 	11
	Section 2.7	Limitations on Delivery, Registration of Transfer and Surrender of Shares	 	12
	Section 2.8	Lost Certificates, etc.	 	13
	Section 2.9	Cancellation and Destruction of Surrendered Certificates	 	13
	Section 2.10	Splits and Reverse Splits of Shares	 	13
	 	 	 	 
	ARTICLE III CERTAIN OBLIGATIONS OF AUTHORIZED PARTICIPANTS	 	 14 
	 	 	 
	Section 3.1	Liability of Authorized Participants for Taxes and Other Governmental Charges	 	 14 
	Section 3.2	Warranties on Deposit of Gold	 	14
	 	 	 	 
	ARTICLE IV ADMINISTRATION OF THE TRUST	 	15
	 	 	 
	Section 4.1	Evaluation of Gold	 	15
	Section 4.2	Responsibility of the Trustee for Evaluations	 	15
	Section 4.3	Trust Evaluation	 	15
	Section 4.4	Cash Distributions	 	16
	Section 4.5	Other Distributions	 	16
	Section 4.6	Fixing of Record Date	 	 17 
	Section 4.7	Payment of Expenses; Gold Sales	 	17
	Section 4.8	Statements and Reports; Fiscal Year	 	 18 
	Section 4.9	Further Provisions for Gold Sales	 	18
	Section 4.10	Counsel	 	 19 
	Section 4.11	Grantor Trust	 	19
	Section 4.12	Reserve Account	 	19
	 	 	 	 
	ARTICLE V THE TRUSTEE AND THE SPONSOR	 	19
	 	 	 
	Section 5.1	Maintenance of Office and Transfer Books by the Trustee	 	19

 

    - i - 

     

    

 

	Section 5.2	Prevention or Delay in Performance by the Sponsor or the Trustee	 	20
	Section 5.3	Obligations of the Sponsor and the Trustee	 	20
	Section 5.4	Resignation or Removal of the Trustee; Appointment of Successor Trustee	 	 26 
	Section 5.5	The Custodian	 	27
	Section 5.6	Indemnification	 	28
	Section 5.7	Fees, Charges and Expenses of the Trustee	 	29
	Section 5.8	Charges of the Sponsor	 	30
	Section 5.9	Retention of Trust Documents	 	 31 
	Section 5.10	Federal Securities Law Filings	 	31
	Section 5.11	Prospectus Delivery	 	 32 
	Section 5.12	Discretionary Actions by the Trustee; Consultation	 	32
	Section 5.13	Dissolution of the Sponsor Not to Terminate Trust	 	32
	 	 	 	 
	ARTICLE VI AMENDMENT AND TERMINATION	 	32
	 	 	 
	Section 6.1	Amendment	 	32
	Section 6.2	Termination	 	33
	 	 	 	 
	ARTICLE VII MISCELLANEOUS	 	35
	 	 	 
	Section 7.1	Counterparts	 	35
	Section 7.2	Third-Party Beneficiaries	 	35
	Section 7.3	Severability	 	35
	Section 7.4	Certain Matters Relating to Beneficial Owners	 	 36 
	Section 7.5	Notices	 	36
	Section 7.6	Submission to Jurisdiction; Agent for Service	 	 38 
	Section 7.7	Governing Law	 	38

 

EXHIBITS

 

	Exhibit A	Form of Certificate
	Exhibit B	Form of Trust Allocated Account Agreement
	Exhibit C	Form of Trust Unallocated Account Agreement

 

    - ii - 

     

    

 

DEPOSITARY
TRUST AGREEMENT

 

 This
DEPOSITARY TRUST AGREEMENT dated as of August 24, 2017, between GRANITESHARES LLC, a Delaware limited liability company,
as sponsor, and THE BANK OF NEW YORK MELLON, a New York banking corporation, as trustee. 

 

W
I T N E S S E T H:

 

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

 

WHEREAS,
the Sponsor desires to establish the terms on which gold may be deposited in the trust; provide for the creation of shares representing
fractional undivided beneficial interests in the net assets of the trust; and the execution and delivery of certificates evidencing
such shares; and

 

WHEREAS,
the Sponsor desires to provide for other terms and conditions on which the trust shall be established and administered, as hereinafter
provided.

 

NOW,
THEREFORE, in consideration of the premises and of the mutual agreements herein contained, the Sponsor and the Trustee hereby
agree as follows:

 

Article
I

DEFINITIONS AND RULES OF CONSTRUCTION

 

Section
1.1            Definitions.

 

Except
as otherwise specified in this Agreement or as the context may otherwise require, the following terms have the respective meanings
set forth below for all purposes of this Agreement.

 

“Agreement”
means this Depositary Trust Agreement, as amended or supplemented in accordance with its terms.

 

“Authorized
Participant” means a Person that, at the time of submitting a Purchase Order or a Redemption Order, (i) is a registered
broker-dealer or other securities market participant, such as a bank or other financial institution, which, but for an exclusion
from registration, would be required to register as a broker-dealer to engage in securities transactions, (ii) is a DTC Participant,
(iii) has in effect a valid Authorized Participant Agreement, and (iv) has established an unallocated account with the Custodian
or another LBMA-approved gold-clearing bank.

 

“Authorized
Participant Agreement” means an agreement among the Trustee, the Sponsor and an Authorized Participant that authorizes
the Authorized Participant to submit Purchase Orders and Redemption Orders under this Agreement. The Trustee has no duty or liability
to any Person on account of the selection of any Authorized Participant.

 

    - 1 - 

     

    

 

“Authorized
Participant Procedures” means the procedures for Purchase Orders and Redemption Orders attached to an Authorized Participant
Agreement, as modified by the Sponsor and the Trustee from time to time.

 

“Basket”
means 10,000 Shares, except that the Sponsor, upon prior written notice to the Trustee, may from time to time increase or decrease
the number of Shares comprising a Basket.

 

“Basket
Gold Amount” means the amount of Unallocated Gold that must be deposited for issuance of one Basket or that is deliverable
on Surrender of one Basket, determined as provided in Section 2.3(b).

 

“Benchmark
Price” means, as of any day, (i) such day’s LBMA Gold Price PM or such day’s LBMA Gold Price AM if such
day’s LBMA Gold Price PM is not available; or (ii) such other publicly available price which is reasonably available to
the Trustee and which the Sponsor may determine fairly represents the commercial value of gold held by the Trust and instructs
the Trustee to use as the Benchmark Price.

 

“Beneficial
Owner” means any Person owning a beneficial interest in any Shares.

 

“Book-Entry
System” has the meaning ascribed to such term in Section 5.3(f)(ii).

 

“Business
Day” means any day other than a day: (1) when the Exchange is closed for regular trading; or (2), if the order or other
transaction requires the receipt or delivery, or the confirmation of receipt or delivery, of gold in the United Kingdom or in
some other jurisdiction on a particular day, (A) when banks are authorized to close in the United Kingdom or in such other jurisdiction
or when the London gold market is closed or (B) when banks in the United Kingdom or in such other jurisdiction are, or the London
gold market is, not open for a full business day and the order or other transaction requires the execution or completion of procedures
which cannot be executed or completed by the close of the business day.

 

“Certificate”
means a certificate that is executed and delivered by the Trustee under this Agreement evidencing Shares.

 

“CFTC”
means the U.S. Commodity Futures Trading Commission or any successor governmental agency in the United States.

 

“Clearing
Agency” has the meaning ascribed to such term in Section 5.3(f)(ii).

 

“Code”
means the Internal Revenue Code of 1986, as amended.

 

“Commission”
means the U.S. Securities and Exchange Commission or any successor governmental agency in the United States.

 

“Corporate
Trust Office” means the office of the Trustee at which its corporate trust business that relates to this Agreement is
administered, which, at the date of this Agreement, is located at 2 Hanson Street, Brooklyn, New York 11217.

 

    - 2 - 

     

    

 

“Custodian”
means the Initial Custodian and any substitute or additional custodian of the Trust’s assets appointed by the Trustee at
the direction of or as approved by the Sponsor as provided in Section 5.5 and, where the context permits, any sub-custodians
employed by the Initial Custodian or any such substitute or additional custodian.

 

“Custody
Agreements” means each of the Trust Unallocated Account Agreement and the Trust Allocated Account Agreement and any
custody agreement entered into pursuant to Section 5.5(a) with a substitute or additional Custodian.

 

“Delivery”
means (i) when used with respect to Unallocated Gold, obtaining an acknowledgement from the Custodian of a credit of gold on an
Unallocated Basis to the account of the Person entitled to that delivery, and (ii) when used with respect to Shares, one or more
book-entry transfers of those Shares to an account or accounts at the Depository designated by the Person entitled to instruct
such delivery, and, as applicable, for further credit as specified by that Person.

 

“Depository”
means DTC and any other successor depository of Shares selected by the Sponsor as provided herein.

 

“DTC”
means The Depository Trust Company, its nominees and their respective successors.

 

“DTC
Participant” means a Person that, pursuant to DTC’s governing documents, is entitled to deposit securities with
DTC in its capacity as a “participant.”

 

“Exchange”
means the exchange or other securities market on which the Shares are principally traded, as specified from time to time by the
Sponsor.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended.

 

“Gold”
or “gold” means (i) gold bullion that meets the London Good Delivery Standards and (ii) credit to an account
on an Unallocated Basis representing the right to receive gold bullion that meets the requirements of part (i) of this definition.

 

“Indirect
Participant” means a Person that, by clearing securities through, or maintaining a custodial relationship with, a DTC
Participant, either directly or indirectly, has access to the DTC clearing system.

 

“Initial
Custodian” means ICBC Standard Bank Plc, as custodian under the Custody Agreements.

 

“Internal
Control Over Financial Reporting” has the meaning ascribed to such term in Rules 13a-15(f) and 15(d)-15(f) adopted by
the Commission under the Exchange Act.

 

“LBMA”
means the London Bullion Market Association or its successor.

 

“LBMA
Gold Price AM” means the price of a troy ounce of gold as determined by ICE Benchmark Administration, the third party
administrator of the London gold price selected by the LBMA, or any successor administrator of the London gold price, at or about
10:30 a.m. London, England time.

 

    - 3 - 

     

    

 

“LBMA
Gold Price PM” means the price of a troy ounce of gold as determined by ICE Benchmark Administration, the third party
administrator of the London gold price selected by the LBMA, or any successor administrator of the London gold price, at or about
3:00 p.m. London, England time.

 

“London
Good Delivery Standards” means the specifications for “good delivery” gold bars, including the specifications
for weight, dimensions, fineness (or purity), identifying marks and appearance of gold bars, set forth in “The Good Delivery
Rules for Gold and Silver Bars” published by the LBMA.

 

 “LPMCL”
means London Precious Metals Clearing Limited or its successor. 

 

 “Net
Asset Value” has the meaning ascribed to such term in Section 4.3(a). 

 

“Net
Asset Value per Share” has the meaning ascribed to such term in Section 4.3(a).

 

“Order
Cutoff Time” means, with respect to any Business Day, (i) 4:00 p.m. (New York time) on such Business Day or (ii) another
time agreed to by the Sponsor and the Trustee and of which Registered Owners and all existing Authorized Participants have been
notified by the Trustee.

 

“Order
Date” means, with respect to a Purchase Order, the date specified in Section 2.3(a) and, with respect to a Redemption
Order, the date specified in Section 2.6(a).

 

“Ounce”
means one fine troy ounce of gold, equal to 31.103 grams (1.0971428 ounces avoirdupois) multiplied by the fineness of the gold
(which shall be no less than 995.0 parts per 1,000 gold).

 

“Person”
means any natural person or any limited liability company, corporation, partnership, joint venture, association, joint stock company,
trust, unincorporated organization or other entity or government or any agency or political subdivision thereof.

 

“Purchase
Order” has the meaning ascribed to such term in Section 2.3(a).

 

“Qualified
Bank” means a bank, trust company, corporation or national banking association organized and doing business under the
laws of the United States or any State of the United States that is authorized under those laws to exercise corporate trust powers
and that (i) is a DTC Participant or a participant in such other Depository as is then acting with respect to the Shares, (ii)
is a “bank” as defined in Section 408(n) of the Code (unless counsel to the Sponsor, the appointment of which is acceptable
to the Trustee, determines that complying with such definition is not necessary for the exception under Section 408(m)(3) of the
Code to apply), and (iii) had, as of the date of its most recent annual financial statements, an aggregate capital, surplus and
undivided profits of at least $150,000,000.

 

“Redemption
Order” has the meaning ascribed to such term in Section 2.6(a).

 

    - 4 - 

     

    

 

“Registered
Owner” means the Person in whose name Shares are registered on the books of the Trustee maintained for that purpose.

 

“Registrar”
means any bank or trust company that is appointed to register Shares and transfers of Shares as herein provided.

 

“Reserve
Account” means the account described in Section 4.12.

 

“Securities
Act” means the Securities Act of 1933, as amended.

 

“Share”
means a unit of beneficial interest in the Trust created under this Agreement, having no par value and representing a fractional
undivided beneficial interest in the net assets of the Trust which undivided interest shall equal a fraction, the numerator of
which is one and the denominator of which is the total number of Shares outstanding. The initial name of the Shares shall be “GraniteShares
Gold Shares.”

 

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

 

“Sponsor’s
Fee” has the meaning ascribed to such term in Section 5.8(a).

 

“Sponsor
Indemnified Party” has the meaning ascribed to such term in Section 5.6(b).

 

“Surrender”
means a book-entry transfer of Shares to the Trustee’s account with the Depository. A “Surrendering” Authorized
Participant and “Surrendered” Shares, Baskets or Certificates mean, respectively, an Authorized Participant, Shares,
Baskets or Certificates involved in a Surrender.

 

“Trust”
means the GraniteShares Gold Trust, the trust entity created by this Agreement.

 

“Trust
Allocated Account” means the loco London account maintained for the Trust by the Initial Custodian pursuant to the Trust
Allocated Account Agreement, or another account maintained for the Trust by a successor Custodian on an allocated basis, as the
case may be.

 

“Trust
Allocated Account Agreement” means the Allocated Gold Account Agreement of even date herewith between the Custodian
and the Trustee, the form of which is attached as Exhibit B.

 

“Trust
Property” means the gold that the Custodian credits to the Trust Allocated Account and the Trust Unallocated Account
in accordance with the Custody Agreements, all other property held by the Custodian for the account of the Trust and any cash
or other property that is received by the Trustee in respect thereof or that is otherwise being held by or for the Trust under
this Agreement.

 

“Trust
Unallocated Account” means the loco London account maintained for the Trust by the Initial Custodian pursuant to the
Trust Unallocated Account Agreement, or another account maintained for the Trust by a successor Custodian on an Unallocated Basis,
as the case may be.

 

    - 5 - 

     

    

 

“Trust
Unallocated Account Agreement” means the Unallocated Gold Account Agreement of even date herewith between the Custodian
and the Trustee, the form of which is attached as Exhibit C.

 

“Trustee”
means The Bank of New York Mellon, a New York banking corporation, in its capacity as trustee under this Agreement, or any successor
trustee under this Agreement.

 

“Trustee
Indemnified Party” has the meaning ascribed to such term in Section 5.6(a).

 

“Unallocated
Basis” means, with respect to the holding of gold, that the holder is entitled to receive delivery of physical gold
in the amount standing to the credit of the holder’s account, but the holder has no ownership interest in any particular
gold that the custodian maintaining that account owns or holds.

 

“Unallocated
Gold” means gold held on an Unallocated Basis.

 

Section
1.2            Rules
of Construction.

 

Unless
the context otherwise requires:

 

(a)         
a term has the meaning assigned to it;

 

(b)          an accounting term not otherwise defined has the meaning
assigned to it in accordance with generally accepted accounting principles consistently applied in the United States;

 

(c)         
“or” is not exclusive;

 

(d)          the words “herein,” “hereof,” “hereunder”
and other words of similar import refer to this Agreement as a whole and not to any particular Article, Section or other subdivision
thereof;

 

(e)         
“including” means including without limitation;

 

(f)         
words in the singular include the plural and words in the
plural include the singular; and

 

(g)          a term defined in any part of speech shall have the corresponding
meaning when capitalized and used herein in another part of speech.

 

    - 6 - 

     

    

 

Article
II

CREATION AND DECLARATION OF TRUST; FORM OF CERTIFICATES;

DEPOSIT OF GOLD; DELIVERY, REGISTRATION OF TRANSFER AND SURRENDER OF SHARES

 

Section
2.1            Creation
and Declaration of Trust; Business of the Trust.

 

 (a)        
 The Trustee acknowledges that it has received confirmation
from the Custodian that the Custodian has received an initial deposit of gold from J. P. Morgan Securities LLC, the initial purchaser
of the first Basket, and has credited such deposit to the Trust Allocated Account and Trust Unallocated Account, with the Trust
Unallocated Account holding no more than 430 Ounces of Unallocated Gold. The Trustee declares that the initial deposit and all
other Trust Property shall be owned by the Trust and the Trustee as trustee thereof for the benefit of the Beneficial Owners for
the purposes of, and subject to and limited by the terms and conditions set forth in, this Agreement. The trust created by this
Agreement shall be known as the GraniteShares Gold Trust. The Trustee hereby confirms that, in exchange for the initial deposit
of gold, the Trustee has issued a global Certificate to DTC and that, upon the initial registration statement for the sale of
the Shares being declared effective, the Trustee will direct DTC to credit the initial depositor of gold with the number of Baskets
represented by such initial deposit of gold. 

 

(b)          The Trust shall not engage in any business or activities
other than those authorized by this Agreement or incidental and necessary to carry out the duties and responsibilities set forth
in this Agreement. Other than issuance of the Shares, the Trust shall not issue or sell any certificates or other obligations
or, except as provided in this Agreement, otherwise incur, assume or guarantee any indebtedness for money borrowed.

 

Section
2.2            Form
of Certificates; Book-Entry System; Transferability of Shares.

 

(a)         
The Certificates evidencing Shares shall be substantially
in the form set forth in Exhibit A attached to this Agreement, with appropriate insertions, modifications and omissions,
as hereinafter provided. No Shares shall be entitled to any benefits under this Agreement or be valid or obligatory for any purpose
unless a Certificate evidencing those Shares has been executed by the Trustee by the manual or facsimile signature of a duly authorized
signatory of the Trustee and, if a Registrar (other than the Trustee) for the Shares shall have been appointed, countersigned
by the manual signature of a duly authorized officer of the Registrar. The Trustee shall maintain books on which the registered
ownership of each Share and transfers, if any, of such registered ownership shall be recorded. Certificates evidencing Shares
bearing the manual or facsimile signature of a duly authorized signatory of the Trustee and the manual signature of a duly authorized
officer of the Registrar, if applicable, who was, at the time such Certificates were executed, a proper signatory of the Trustee
or Registrar, if applicable, shall bind the Trustee, notwithstanding that such signatory has ceased to hold such office prior
to the delivery of such Certificates.

 

    - 7 - 

     

    

 

(b)          The Certificates may be endorsed with or have incorporated
in the text thereof such legends or recitals or modifications not inconsistent with the provisions of this Agreement as may be
required by the Trustee or required to comply with any applicable law or regulations thereunder or with the rules and regulations
of any securities exchange, including the Exchange, on which Shares may be listed or to conform with any usage with respect thereto,
or to indicate any special limitations or restrictions to which the Shares evidenced by a particular Certificate are subject.

 

(c)         
The Sponsor and the Trustee will apply to DTC for acceptance
of the Shares in its book-entry settlement system. The Sponsor and the Trustee, as the case may be, shall enter into such customary
agreements as may be required by DTC in connection therewith. Shares deposited with DTC shall be evidenced by one or more global
Certificates that shall be registered in the name of Cede & Co., as nominee for DTC, and shall bear the following legend:

 

UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE AGENT AUTHORIZED BY THE ISSUER FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED
IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS
MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE,
OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE &
CO., HAS AN INTEREST HEREIN.

 

(d)          So long as the Shares are eligible for book-entry settlement
with DTC and such settlement is available, unless otherwise required by law, notwithstanding the provisions of Sections 2.2(a)
and (b), all Shares shall be evidenced by one or more global Certificates the Registered Owner of which is DTC or a
nominee of DTC and (i) no Beneficial Owner of Shares will be entitled to receive a separate Certificate evidencing those Shares,
(ii) the interest of a Beneficial Owner in Shares represented by a global Certificate will be shown only on, and transfer of that
interest will be effected only through, records maintained by DTC or a DTC Participant or Indirect Participant through which the
Beneficial Owner holds that interest and (iii) the rights of a Beneficial Owner with respect to Shares represented by a global
Certificate will be exercised only to the extent allowed by, and in compliance with, the arrangements in effect between such Beneficial
Owner and DTC or the DTC Participant or Indirect Participant through which that Beneficial Owner holds an interest in Shares.
So long as DTC or another authorized Depository selected by the Sponsor is the Registered Owner, the Trustee and the Sponsor may
treat DTC or such other Depository as the absolute owner of the Shares for all purposes whatsoever, including with respect to
the payment of distributions and the giving of notices of redemption, tender and other matters with respect to the Shares.

 

(e)         
If, at any time when Shares are evidenced by a global Certificate,
DTC ceases to make its book-entry settlement system available for such Shares, the Trustee shall execute and deliver separate
Certificates evidencing Shares to a successor authorized Depository identified by the Sponsor and available to act, or, if no
successor Depository is identified and able to act, the Trustee shall terminate the Trust in accordance with Section 6.2.

 

    - 8 - 

     

    

 

(f)         
Title to a Certificate evidencing Shares (and to the Shares
evidenced thereby), when properly endorsed or accompanied by proper instruments of transfer, shall be transferable by delivery
with the same effect as in the case of a negotiable instrument under the laws of New York; provided, however, that the Trustee,
notwithstanding any notice to the contrary, may treat the Registered Owner of Shares as the absolute owner thereof for the purpose
of determining the Person entitled to any distribution or to any notice provided for in this Agreement and for all other purposes.

 

Section
2.3            Deposit
of Gold.

 

 (a)         
 After the initial deposit of gold in the Trust,
the issuance and Delivery of Shares will take place only in integral numbers of Baskets, and in compliance with the provisions
of this Agreement, as supplemented by the Authorized Participant Procedures (to the extent they are not inconsistent with this
Agreement). Authorized Participants wishing to acquire from the Trustee one or more Baskets must place an order therefor with
the Trustee (a “Purchase Order”) no later than 3:59:59 p.m. (New York time) on any Business Day. The Order
Date for Purchase Orders received by the Trustee prior to the Order Cutoff Time on a Business Day on which the Benchmark Price
is announced shall be that Business Day. Purchase Orders received by the Trustee on or after the Order Cutoff Time on a Business
Day, or on a Business Day on which the Benchmark Price is not announced, will not be accepted. As consideration for each Basket
acquired, Authorized Participants must deposit with the Custodian, from an account of the Authorized Participant maintained by
the Custodian, or, if otherwise expressly permitted by the Authorized Participant Procedures, another LPMCL clearing member identified
by the Authorized Participant to the Custodian and the Trustee, the Basket Gold Amount determined by the Trustee on the Order
Date of the corresponding Purchase Order. Gold may only be Delivered to the Custodian by credit to the Trust Unallocated Account.
The Authorized Participant shall bear all risk of any loss until the gold is credited to the Trust Unallocated Account, and neither
the Trustee nor the Trust shall have any liability for any such loss. 

 

(b)         
The Trustee shall determine the Basket Gold Amount for
each Business Day, and each such determination thereof and the Trustee’s resolution of questions concerning the composition
of the Basket Gold Amount shall be final and binding on all Persons interested in the Trust. The initial Basket Gold Amount is
1,000 Ounces. After the initial deposit of gold into the Trust, the Basket Gold Amount for each Business Day shall be an amount
of gold equal to (i) the excess of (a) the total number of Ounces held in the Trust as of the opening of business on such
Business Day over (b) the number of such Ounces equal in value to the Trust’s unpaid expense accrual as of such opening
divided by (ii) the quotient of (c) the number of Shares outstanding as of such opening divided by (d) 10,000 (or
other number of Shares in a Basket for such Business Day). Fractions of an Ounce included in the Basket Gold Amount smaller than
0.001 Ounces shall be disregarded. The Sponsor shall publish, or shall designate other Persons to publish, for each Business Day,
the Basket Gold Amount.

 

    - 9 - 

     

    

 

(c)         
If the Trust Property (other than the Reserve Account)
includes money or any property other than gold, no deposits of gold will be accepted until after a record date for distribution
of that money or property, or proceeds of that property, has passed.

 

(d)         
All deposited gold shall be owned by the Trust and held
for the Trust by the Custodian. Cash and any assets of the Trust other than gold shall be held by the Trustee at such place and
in such manner as the Trustee shall determine.

 

(e)         
Pursuant to the Trust Unallocated Account Agreement, the
Custodian agrees to use reasonable efforts to minimize the amount of gold held for the Trust on an Unallocated Basis at all times
and the Custodian must allocate ownership of physical gold to the Trust such that no more than 430 Ounces of Unallocated Gold
are held for the Trust at the end of each Business Day.

 

Section
2.4            Delivery
of Shares; Liability for Taxes and Other Charges Connected with the Issuance of Shares.

 

Upon
receipt by the Trustee of a Purchase Order from an Authorized Participant and the other documents required as above specified,
if any, and a confirmation from the Custodian that the Basket Gold Amount has been Delivered to the Custodian for each Basket
requested in such Purchase Order, that the Custodian has allocated the Basket Gold Amount to the Trust Allocated Account (other
than up to 430 Ounces of Unallocated Gold pursuant to Section 2.3(e)) and that the Custodian is holding that gold for the
account of the Trust, the Trustee, subject to the terms and conditions of this Agreement, as supplemented by the Authorized Participant
Procedures (to the extent they are not inconsistent with this Agreement) and the practices of the Depository, shall Deliver to
the Authorized Participant the number of Baskets issuable in respect of such deposit as requested in the corresponding Purchase
Order, but only upon payment to the Trustee of the applicable transaction fees and expenses, including the Trustee’s fee,
and payment of all taxes, governmental charges and fees payable in connection with such deposit, the transfer of gold and the
issuance and Delivery of Shares. An Authorized Participant is responsible for any transfer tax, sales or use tax, recording tax,
value added tax or similar tax or other governmental charge applicable to the transfer of gold and the issuance and Delivery of
Shares pursuant to its Purchase Order, regardless of whether such tax or charge is imposed directly on the Authorized Participant;
and by placing a Purchase Order an Authorized Participant agrees to indemnify the Sponsor, the Trustee and the Trust if any of
them is required by law to pay any such tax or charge, together with any applicable penalties, additions to tax and interest thereon.

 

Section
2.5            Registration
of Shares and Transfers Thereof; Combination and Split-Up of Certificates.

 

(a)         
The Trustee shall keep or cause to be kept a register of
Registered Owners of Shares and shall provide for the registration of Shares and of transfers of Shares.

 

(b)         
The Trustee, subject to the terms and conditions of this
Agreement, shall register transfers of Shares on its transfer books from time to time on the surrender of a Certificate evidencing
such Shares by the Registered Owner in person or by a duly authorized attorney, properly endorsed or accompanied by proper instruments
of transfer and duly stamped as may be required by the laws of the State of New York and of the United States. Thereupon, the
Trustee shall execute a new Certificate or Certificates evidencing such Shares and shall deliver the same to or upon the order
of the Person entitled thereto.

 

    - 10 - 

     

    

 

(c)         
The Trustee, subject to the terms and conditions of this
Agreement, shall, upon surrender of a Certificate or Certificates evidencing Shares for the purposes of effecting a split-up or
combination of that Certificate or Certificates, execute and deliver one or more new Certificates evidencing those Shares.

 

(d)         
The Trustee may, with the written approval of the Sponsor
(which approval shall not be unreasonably withheld), appoint one or more co-transfer agents for the purpose of effecting registration
of transfers of Shares and combinations and split-ups of Certificates at designated transfer offices on behalf of the Trustee.
In carrying out its functions, a co-transfer agent may require evidence of authority and compliance with applicable laws and other
requirements by Registered Owners or Persons entitled to Shares and will be entitled to protection and indemnity to the same extent
as the Trustee. Likewise, such co-transfer agent will be held to the same standards of care to which the Trustee is held under
this Agreement, including the same standards of care that govern the eligibility of the Trustee to be indemnified under this Agreement.

 

(e)         
The previous paragraphs of this Section 2.5 notwithstanding,
so long as the Shares are eligible for deposit with a Depository, the sole Registered Owner shall be such Depository or its nominee
and transfer of Shares shall be effected solely by the Depository in accordance with its customary practices in effect from time
to time.

 

Section
2.6            Surrender
of Shares by Authorized Participants.

 

 (a)         
 Upon Surrender by an Authorized Participant of any
integral number of Baskets for the purpose of withdrawing the amount of Trust Property represented thereby and payment to the
Trustee of the applicable transaction fees and expenses, including the Trustee’s fee, and payment of all taxes, governmental
charges and fees payable in connection with such Surrender and withdrawal of Trust Property, and subject to the terms and conditions
of this Agreement, as supplemented by the Authorized Participant Procedures (to the extent they are not inconsistent with this
Agreement) and the practices of the Depository, an Authorized Participant acting for its own account or on authority of the Beneficial
Owner of those Shares will be entitled to Delivery of the amount of Trust Property at the time represented by such Baskets, including
the Basket Gold Amounts corresponding to such Baskets on the applicable Order Date (determined as provided below). An Authorized
Participant wishing to redeem one or more Baskets must place an order with the Trustee (a “Redemption Order”)
no later than 3:59:59 p.m. (New York time) on any Business Day. The Order Date for Redemption Orders received by the Trustee prior
to the Order Cutoff Time on a Business Day on which the Benchmark Price is announced shall be that Business Day. Redemption Orders
received by the Trustee on or after the Order Cutoff Time on a Business Day, or on a Business Day on which the Benchmark Price
is not announced, will not be accepted. Upon a Surrender of an integral number of Baskets and satisfaction of all the conditions
for withdrawal of Trust Property, the Trustee shall instruct the Custodian to Deliver to or to the order of the Surrendering Authorized
Participant the amount of gold represented by the Surrendered Shares on the Order Date, and the Trustee shall pay or deliver to
or to the order of the Surrendering Authorized Participant the amount of any other Trust Property represented by the Surrendered
Baskets. Gold will be Delivered by the Custodian only by credit to an account of the Authorized Participant maintained on an Unallocated
Basis by the Custodian or, if otherwise expressly permitted by the Authorized Participant Procedures, another LPMCL clearing member
identified by the Authorized Participant to the Custodian and the Trustee. The Authorized Participant shall bear all risk of any
loss from the time the gold is transferred from the Trust Unallocated Account to any such account of the Authorized Participant,
and none of the Trustee, the Sponsor or the Trust shall have any liability for any such loss. Any Delivery of gold to an Authorized
Participant other than by credit to an account of the Authorized Participant maintained by the Custodian on an Unallocated Basis
will be at the expense and risk of the Authorized Participant. 

 

    - 11 - 

     

    

 

(b)         
The Trustee may require that a Certificate evidencing Shares
Surrendered for the purpose of withdrawal is properly endorsed in blank or accompanied by proper instruments of transfer in blank.

 

(c)         
The Sponsor and the Trustee may, but shall have no obligation
to, amend this Agreement to provide for redemption of any quantity of Shares for quantities of gold that may be smaller or larger
than a Basket Gold Amount by Beneficial Owners who are not Authorized Participants.

 

Section
2.7            Limitations
on Delivery, Registration of Transfer and Surrender of Shares.

 

(a)         
As a condition precedent to the issuance, Delivery, registration
of transfer, split-up, combination or Surrender of any Shares or withdrawal of any Trust Property, the Trustee or Registrar (i)
may require payment from the applicable Authorized Participant or Registered Owner of a sum sufficient to reimburse it for any
tax or other governmental charges and any stock transfer or registration fee with respect thereto (including any such tax or charge
and fee with respect to any securities being withdrawn) and payment of any applicable fees as herein provided, (ii) may require
the production of proof satisfactory to it as to the identity and genuineness of any signature and (iii) may also require compliance
with any regulations the Trustee may establish consistent with the provisions of this Agreement. The applicable Authorized Participant
or Registered Owner agrees to indemnify the Sponsor, the Trustee and the Trust if any of them is required by law to pay any such
tax, charge or fee, together with any applicable penalties, additions to tax and interest thereon.

 

(b)         
The acceptance of Purchase Orders, the Delivery of Shares
against deposits of gold or the registration of transfer of Shares may, and upon direction of the Sponsor shall, be suspended
generally, or refused with respect to a particular Purchase Order, Delivery of Shares or registration, by the Trustee (i) during
any period when the transfer books of the Trustee are closed, (ii) if the Custodian has informed the Trustee and the Sponsor that
it is unable to allocate gold to the Trust Allocated Account either in connection with a particular Purchase Order (in which case,
unless otherwise instructed by the Sponsor, the Trustee will reject all other Purchase Orders having the same Order Date) or generally,
or (iii) if any such action is deemed necessary or advisable by the Sponsor for any reason in its sole discretion at any time
or from time to time. The Trustee shall reject any Purchase Order that is not in proper form. Neither the Trustee nor the Sponsor
shall be liable to any Person by reason of any suspension, refusal or rejection provided for in this Section 2.7(b).

 

    - 12 - 

     

    

 

(c)         
The Trustee may, in its sole discretion and will, when
so directed by the Sponsor, suspend the right to Surrender Shares, or postpone the date of Delivery of gold, generally or with
respect to a particular Redemption Order (i) during any period in which regular trading on the Exchange is suspended or restricted
or the Exchange is closed (other than scheduled holiday or weekend closings) or (ii) during an emergency as a result of which
Delivery, disposal or evaluation of gold is not reasonably practicable (and the Sponsor shall promptly notify the Exchange of
any such emergency). The Trustee shall reject any Redemption Order the fulfillment of which its counsel advises may be illegal
under applicable laws and regulations. The Trustee shall reject any Redemption Order that is not in proper form. Neither the Trustee
nor the Sponsor shall be liable to any Person by reason of any suspension, postponement or rejection provided for under this Section
2.7(c).

 

Section
2.8            Lost
Certificates, etc.

 

The
Trustee shall execute and deliver a new Certificate of like tenor in exchange and substitution for a mutilated Certificate upon
cancellation thereof, or in lieu of and in substitution for a destroyed, lost or stolen Certificate, if the Registered Owner of
the Shares evidenced thereby has (a) filed with the Trustee (i) a request for such execution and delivery before the Trustee has
notice that the Shares evidenced by the Certificate have been acquired by a protected purchaser and (ii) a sufficient indemnity
bond, and (b) satisfied any other reasonable requirements imposed by the Trustee.

 

Section
2.9            Cancellation
and Destruction of Surrendered Certificates.

 

All
Certificates Surrendered to the Trustee shall be canceled by the Trustee. The Trustee is authorized to destroy Certificates so
canceled.

 

Section
2.10          Splits
and Reverse Splits of Shares.

 

(a)         
If requested in writing by the Sponsor, the Trustee shall
effect a split or reverse split of the Shares as of a record date set by the Trustee in accordance with procedures determined
by the Trustee and the Depository.

 

(b)         
If so directed by the Sponsor, the Trustee shall not distribute
any fraction of a Share in connection with a split or reverse split of the Shares. The Trustee may sell the aggregated fractions
of Shares that would otherwise be distributed in a split or reverse split of the Shares or the amount of Trust Property that would
be represented by those Shares and distribute the net proceeds of those Shares or that Trust Property to the Registered Owners
entitled to them.

 

(c)         
The amount of Trust Property represented by each Share
and the Basket Gold Amount shall be adjusted as appropriate as of the open of business on the Business Day following the record
date for a split or reverse split of the Shares.

 

    - 13 - 

     

    

 

Article
III

CERTAIN OBLIGATIONS OF AUTHORIZED PARTICIPANTS

 

Section
3.1            Liability
of Authorized Participants for Taxes and Other Governmental Charges.

 

An
Authorized Participant is responsible for any transfer tax, sales or use tax, recording tax, value added tax or similar tax or
other governmental charge applicable to the redemption of Shares or the transfer of Shares or gold in connection therewith, regardless
of whether such tax or charge is imposed directly on the Authorized Participant. If any such tax or other governmental charge
shall become payable by the Trustee with respect to any redemption of Shares or the transfer of Shares or gold in connection therewith,
(a) such tax or other governmental charge shall be payable by the Authorized Participant redeeming Shares to the Trustee, (b)
the Trustee (i) shall refuse to effect any registration of transfer of such Shares or any withdrawal of Trust Property represented
by such Shares, as the case may be, until such payment is made, (ii) may withhold any distributions or sell for the account of
such Authorized Participant such Trust Property or Shares, and (iii) may apply such distributions or the proceeds of any such
sale in payment of such tax or other governmental charge, and (c) the Authorized Participant redeeming such Shares shall remain
liable for any deficiency; and by placing a Redemption Order or requesting a transfer of Shares, an Authorized Participant agrees
to indemnify the Sponsor, the Trustee and the Trust if any of them is required by law to pay any such tax or other governmental
charge, together with any applicable penalties, additions to tax and interest thereon. The Trustee shall distribute any net proceeds
of a sale made under the preceding sentence that remain, after payment of the tax or other governmental charge, to the Authorized
Participant entitled thereto as in the case of a distribution in cash through the procedures of the Depository.

 

Section
3.2            Warranties
on Deposit of Gold.

 

Every
Authorized Participant depositing gold under this Agreement shall be deemed thereby to represent and warrant that (a) the deposited
gold represents the right to receive gold that meets the London Good Delivery Standards, (b) the Authorized Participant making
such deposit is duly authorized to do so and (c) at the time of Delivery, the gold is free and clear of any lien, pledge, encumbrance,
right, charge or claim (other than the rights created by this Agreement). All representations and warranties deemed made under
this Section 3.2 shall survive the deposit of gold, Delivery or Surrender of Shares and termination of this Agreement.

 

    - 14 - 

     

    

 

Article
IV

ADMINISTRATION OF THE TRUST

 

Section
4.1            Evaluation
of Gold.

 

(a)         
As promptly as practicable after 4:00 p.m. (New York time),
on each Business Day, the Trustee shall determine the value of the gold held or receivable by the Trust (i) on the basis of the
Benchmark Price for that day or (ii) if no Benchmark Price is announced for that day, on the basis of the most recently announced
Benchmark Price prior to the evaluation time. However, if the Sponsor determines that the Benchmark Price specified in the preceding
sentence is inappropriate as a basis for evaluation, it shall identify an alternative basis for evaluation to be employed by the
Trustee. Gold deliverable under a Purchase Order shall be included in the evaluation beginning on the first Business Day following
the Order Date therefor. Gold deliverable under a Redemption Order shall not be included in the evaluation on and after the first
Business Day following the Order Date therefor. Neither the Trustee nor the Sponsor shall be liable to any Person for the determination
that the most recently announced Benchmark Price is not appropriate as a basis for evaluation of the gold held or receivable by
the Trust or for any determination as to the alternative basis for evaluation, provided that such determination is made in good
faith.

 

(b)         
If the Sponsor determines that the Benchmark Price should
have the meaning set forth in part (ii) of the definition of that term set forth in Section 1.1, the Trustee shall give
notice thereof to the Registered Owners identifying the price determined by the Sponsor to be used for the purpose of the evaluation
of gold, and the Trustee shall apply the new meaning to the evaluation of gold beginning 60 days after the date of that notice.

 

Section
4.2            Responsibility
of the Trustee for Evaluations.

 

The
Sponsor, Authorized Participants, Registered Owners and Beneficial Owners may rely on any evaluation or determination of any amount
made by the Trustee, and, except for any determination made pursuant to Section 4.1(b), the Sponsor shall have no responsibility
for the accuracy thereof. The determinations made by the Trustee under this Agreement shall be made in good faith upon the basis
of, and the Trustee shall not be liable for any errors contained in, information reasonably available to it. The Trustee shall
be under no liability to the Sponsor, or to Authorized Participants, Registered Owners or Beneficial Owners, for errors in judgment;
provided, however, that this provision shall not protect the Trustee against any liability to which it would otherwise be subject
by reason of gross negligence or bad faith in the performance of its duties.

 

Section
4.3            Trust
Evaluation.

 

(a)         
As promptly as practicable after completion of the evaluation
required under Section 4.1(a) on each Business Day, the Trustee shall subtract all accrued but unpaid fees, expenses and
other liabilities of the Trust (other than any liability to the extent it is reflected in an addition to the Reserve Account)
from the total value of the gold determined by the Trustee pursuant to Section 4.1(a) and all other assets of the Trust
(other than any amount credited to the Reserve Account) and cash, if any; the resulting figure is the “Net Asset Value”
of the Trust. The Trustee shall also divide the Net Asset Value of the Trust by the number of Shares outstanding as of the close
of business on the date of the evaluation then being made, which figure is the “Net Asset Value per Share.”
All fees, expenses and other liabilities of the Trust that are or will be incurred or accrued through the close of business on
a Business Day shall be included in the calculations required by this Section 4.3 for that Business Day. For purposes of
this Section 4.3: (i) Shares deliverable under a Purchase Order shall be considered to be outstanding beginning on the
first Business Day following the Order Date therefor; (ii) Shares deliverable under a Redemption Order shall not be considered
to be outstanding on and after the first Business Day following the Order Date therefor. Fractions smaller than $0.01 shall be
disregarded in such evaluations.

 

    - 15 - 

     

    

 

(b)         
Net Asset Value and Net Asset Value per Share shall be
computed in accordance with generally accepted accounting principles consistently applied in the United States. Any estimate of
the accrued but unpaid fees, expenses and liabilities of the Trust for purposes of the computations required by this Section
4.3 made by the Trustee in good faith shall be conclusive upon all Persons interested in the Trust, and no revision or correction
in any computation made under this Agreement will be required by reason of any difference in amounts estimated from those actually
paid.

 

Section
4.4            Cash
Distributions.

 

Whenever
the Trustee distributes any cash, the Trustee shall distribute the amount available for the distribution to the Registered Owners
entitled thereto, in proportion to the number of Shares held by them respectively; provided, however, that, if the Trustee is
required to withhold and does withhold from such cash an amount on account of taxes, the amount distributed to the Registered
Owners shall be reduced accordingly. The Trustee shall distribute only such amount, however, as can be distributed without attributing
to any Registered Owner a fraction of one cent. Any such fractional amounts shall be rounded down to the nearest whole cent.

 

Section
4.5            Other
Distributions.

 

Whenever
the Trustee receives any property in respect of Trust Property other than cash proceeds of a sale of Trust Property (including
any claim that accrues in favor of the Trust on account of any loss of deposited gold or other Trust Property), the Trustee shall
cause the securities or other property received by it to be distributed to the Registered Owners entitled thereto, in proportion
to the number of Shares held by them respectively, after deduction or upon payment of the expenses of the Trustee, in such manner
as the Sponsor may deem lawful, equitable and feasible for accomplishing such distribution; provided, however, that if in the
opinion of the Sponsor such distribution cannot be made proportionately among the Registered Owners entitled thereto, or if for
any other reason (including any requirement that the Trustee withhold an amount on account of taxes or other governmental charges
or that securities must be registered under the Securities Act in order to be distributed to Registered Owners) the Sponsor deems
such distribution not to be lawful and feasible, the Trustee shall adopt such method as the Sponsor deems lawful, equitable and
feasible for the purpose of effecting such distribution, after deduction or upon payment of the expenses of the Trustee, including
the public or private sale of the securities or property thus received, or any part thereof, and the net proceeds of any such
sale shall be distributed by the Trustee to the Registered Owners entitled thereto as in the case of a distribution received in
cash. The Trustee shall not be liable for any loss or depreciation resulting from any sale or other disposition of property made
by the Trustee pursuant to the Sponsor’s instruction or otherwise made by the Trustee in good faith.

 

    - 16 - 

     

    

 

Section
4.6            Fixing
of Record Date.

 

Whenever
any distribution will be made, or whenever the Trustee receives notice of any solicitation of proxies or consents from Registered
Owners, or whenever for any reason there is a split, reverse split or other change in the outstanding Shares, or whenever the
Trustee shall find it necessary or convenient in respect of any matter, the Trustee, in consultation with the Sponsor, shall fix
a record date for the determination of the Registered Owners who shall be entitled to (i) receive such distribution, (ii)
give such proxies or consents in respect of any such solicitation, (iii) receive Shares as a result of any such split, reverse
split or other change or (iv) act in respect of any other matter for which the record date was set.

 

Section
4.7           Payment
of Expenses; Gold Sales.

 

(a)         
The following charges shall or may be accrued and paid
by the Trust:

 

(i)          
the Sponsor’s Fee payable to the Sponsor as set forth
in Section 5.8;

 

(ii)         
expenses of the Trust not assumed by the Sponsor pursuant
to Section 5.3(g) and the Trustee’s expenses not reimbursed by the Sponsor pursuant to Section 5.7(b);

 

(iii)         taxes and other governmental charges;

 

(iv)         expenses and costs of any extraordinary services performed
by the Trustee or the Sponsor on behalf of the Trust or action taken by the Trustee or the Sponsor to protect the Trust or the
interests of Registered Owners or Beneficial Owners, including expenses, costs and disbursements the Sponsor incurs pursuant to
the last sentence of Section 5.6(b) and expenses, costs and disbursements the Trustee incurs pursuant to Sections 5.7(c)
and 5.12(a);

 

(v)         
indemnification of the Trustee as provided in Section
5.6(a); and

 

(vi)         indemnification of the Sponsor as provided in Section
5.6(b).

 

(b)         
The Trustee shall, when directed by the Sponsor, and, in
the absence of such direction, may, in its sole discretion, sell gold to permit payment of expenses under this Agreement, including
amounts payable by the Sponsor to the Trustee if not paid when due, as provided in Section 5.7(a). The Trustee shall endeavor
to sell gold at such times and in the smallest amounts required to permit payment of expenses as they come due, it being the intention
to avoid or minimize the Trust’s holdings of assets other than gold. Neither the Trustee nor the Sponsor shall be liable
or responsible in any way for loss or depreciation resulting or incurred by reason of any sale made pursuant to this Section
4.7.

 

(c)         
If at any time and from time to time, the Trustee and the
Sponsor determine that the amount of cash included in the Trust Property exceeds the anticipated expenses of the Trust for the
following month, the Trustee shall distribute the excess to the Registered Owners under Section 4.4.

 

    - 17 - 

     

    

 

Section
4.8            Statements
and Reports; Fiscal Year.

 

(a)         
After the end of each fiscal year and within the time period
required by applicable laws, rules and regulations, the Trustee shall send to the Registered Owners, at the Sponsor’s expense,
an annual report of the Trust for such fiscal year containing financial statements prepared by the Sponsor from information furnished
by the Trustee concerning the operations of the Trust and audited by independent accountants designated by the Sponsor and such
other information as may be required by such laws, rules and regulations or otherwise, or that the Sponsor determines shall be
included. The Trustee may distribute the annual report by any permitted means to the Registered Owners.

 

(b)         
The Trustee shall provide the Sponsor with such certifications,
supporting documents and other evidence regarding the Internal Control Over Financial Reporting established and maintained by
the Trust, and used by the Trustee in connection with its furnishing of information to the Sponsor for the Sponsor’s preparation
of the financial statements of the Trust, as may be reasonably necessary in order to enable the Sponsor to prepare and file or
furnish to the Commission any certifications regarding such matters that may be required to be included with the Trust’s
periodic reports under the Exchange Act.

 

(c)          
The Trustee shall make such elections, file such tax returns,
and prepare, disseminate and file such tax reports, as it is advised by its counsel or accountants are from time to time required
by any statute, rule or regulation of the United States, any State or political subdivision thereof, or other jurisdiction having
taxing authority in respect of the Trust or its administration. The expense of accountants employed to prepare such tax returns
and tax reports shall be an expense of the Trust.

 

(d)         
The fiscal year of the Trust shall initially be the period
ending December 31 of each year. The Sponsor shall have the continuing right to select an alternate fiscal year permitted by the
Code and other applicable law.

 

Section
4.9            Further
Provisions for Gold Sales.

 

In
addition to selling gold in accordance with Section 4.7, the Trustee shall sell gold or other Trust Property whenever any
one or more of the following conditions exists:

 

(a)         
the Sponsor has notified the Trustee, or counsel to the
Trustee has advised, that such sale is required by applicable law or regulation; or

 

(b)         
this Agreement has been terminated and the Trust Property
is to be liquidated in accordance with Section 6.2.

 

When
selling gold, the Trustee shall endeavor to place orders with dealers (which may include the Custodian) as directed by the Sponsor
or, in the absence of such direction, with the Custodian or, if the Custodian is unable or unwilling to execute such orders, with
dealers through which the Trustee may reasonably expect to obtain a favorable price and good execution of orders. The Custodian
may be the purchaser of the gold to be sold, provided that, (i) if the Trustee’s instruction to sell gold is received by
the Custodian by 2:00 p.m. (London, England time) on a Business Day, the purchase price for such gold shall be such Business Day’s
Benchmark Price and (ii), if the Trustee’s instruction to sell gold is received by the Custodian after 2:00 p.m. (London,
England time) on a Business Day, the purchase price for such gold shall be the next Benchmark Price available after such Business
Day. Neither the Trustee nor the Sponsor shall be liable or responsible in any way for depreciation or loss resulting or incurred
by reason of any sale made pursuant to this Section 4.9.

 

    - 18 - 

     

    

 

Section
4.10        Counsel.

 

The
Sponsor may from time to time employ counsel to act on behalf of the Trust and perform any legal services in connection with the
gold and the Trust, including any legal matters relating to the possible disposition or acquisition of any gold.

 

Section
4.11        Grantor
Trust.

 

Nothing
in this Agreement, any Custody Agreement, or otherwise shall be construed to give the Trustee the power to vary the investment
of the Beneficial Owners (within the meaning of Treasury Regulation Section 301.7701-4(c) under the Code or any similar or successor
provision of the regulations under the Code), nor shall the Sponsor give the Trustee any direction that would vary the investment
of the Beneficial Owners. Neither the Trustee nor the Sponsor shall be liable to any Person for any failure of the Trust to qualify
as a “grantor trust” under the Code or any comparable provision of the laws of any State or other jurisdiction where
that treatment is sought, except that this sentence shall not limit the Trustee’s or the Sponsor’s responsibility
for the administration of the Trust in accordance with this Agreement.

 

Section
4.12        Reserve
Account.

 

The
Trustee shall open and maintain a separate non-interest bearing account with the Trustee or such other banking institution specified
by the Sponsor, or if the Sponsor fails so to specify, as selected by the Trustee, in the name, and for the benefit, of the Trust,
subject only to draft or order by the Trustee acting pursuant to the terms of this Agreement, and shall hold in such account all
cash that it has credited to such account to reflect the reserves for taxes or other governmental charges and other contingent
liabilities payable out of the Trust that the Trustee has determined from time to time to be required by generally accepted accounting
principles. Such account shall be known as the “Reserve Account.” The Trustee shall not be required to distribute
to the Registered Owners any of the amounts held in such account; provided, however, that if the Trustee, in its sole discretion,
determines that such amounts are no longer necessary for payment of any applicable taxes or other governmental charges or other
contingent liabilities, then it shall promptly cause such amounts to be distributed to the Registered Owners.

 

Article
V

THE TRUSTEE AND THE SPONSOR

 

Section
5.1            Maintenance
of Office and Transfer Books by the Trustee.

 

(a)         
Until termination of this Agreement in accordance with
its terms, the Trustee shall maintain facilities for the execution and Delivery, registration, registration of transfers and Surrender
of Shares in accordance with the provisions of this Agreement.

 

    - 19 - 

     

    

 

(b)         
The Trustee shall keep a copy of this Agreement and books
for the registration of Shares and transfers of Shares at its Corporate Trust Office or such other office as it may designate
by notice to the Sponsor and the Registered Owners. Such items shall be open for inspection during normal business hours upon
reasonable advance notice by any Person establishing to the Trustee’s reasonable satisfaction that such Person is a Beneficial
Owner.

 

(c)         
The Trustee may, and at the reasonable written request
of the Sponsor shall, close the transfer books at any time or from time to time if such action is deemed necessary or advisable
in the reasonable judgment of the Trustee or the Sponsor.

 

(d)         
If any Shares are listed on one or more stock exchanges
in the United States, the Trustee shall act as Registrar or, with the written approval of the Sponsor (which approval shall not
be unreasonably withheld), appoint a Registrar or one or more co- Registrars for registry of such Shares in accordance with any
requirements of such exchange or exchanges.

 

Section
5.2            Prevention
or Delay in Performance by the Sponsor or the Trustee.

 

Neither
the Sponsor nor the Trustee nor any of their respective directors, officers, managers, members, employees, agents or affiliates
shall incur any liability to any Registered Owner, Beneficial Owner or Authorized Participant if, by reason of any provision of
any present or future law or regulation of the United States or any other country, or of any governmental or regulatory authority
or stock exchange, or by reason of any act of God or war or terrorism or other circumstances beyond its control, the Sponsor or
the Trustee is prevented or forbidden from, or would be subject to any civil or criminal penalty on account of, or is delayed
in, doing or performing any act or thing that by the terms of this Agreement it is provided shall be done or performed and, accordingly,
the Sponsor or the Trustee does not do that thing or does that thing at a later time than would otherwise be required. Neither
the Sponsor nor the Trustee shall incur any liability to any Registered Owner, Beneficial Owner or Authorized Participant by reason
of any exercise of, or failure to exercise, any discretion provided for in this Agreement.

 

Section
5.3            Obligations
of the Sponsor and the Trustee.

 

(a)         
Neither the Sponsor nor the Trustee assumes any obligation
nor shall either of them be subject to any liability under this Agreement to any Registered Owner, Beneficial Owner, Authorized
Participant or other Person (including liability with respect to the worth of the Trust Property), except that each of them agrees
to perform its obligations specifically set forth in this Agreement without gross negligence, willful misconduct or bad faith.

 

(b)         
Neither the Sponsor nor the Trustee shall be under any
obligation to prosecute any action, suit or other proceeding in respect of any Trust Property or in respect of the Shares on behalf
of a Registered Owner, Beneficial Owner, Authorized Participant or other Person.

 

(c)         
Neither the Sponsor nor the Trustee shall be liable for
any action or non-action by it in reliance upon the advice of or information from legal counsel, accountants, any Authorized Participant,
any Registered Owner, any Beneficial Owner or any other Person believed by it in good faith to be competent to give such advice
or information.

 

    - 20 - 

     

    

 

(d)         
(i)            The Trustee shall not be liable for any acts or
omissions made by a successor Trustee whether in connection with a previous act or omission of the Trustee or in connection with
any matter arising wholly after the resignation or removal of the Trustee, provided that, in connection with the issue out of
which such potential liability arises, the Trustee performed its obligations without gross negligence, willful misconduct or bad
faith while it acted as Trustee.

 

(ii)         
The Sponsor is authorized to negotiate the terms of the
Authorized Participant Agreement to be entered into with each Authorized Participant and shall have no liability for any loss
or damage incurred by the Trust resulting from any such agreement negotiated in good faith. The Trustee shall have no liability
with respect to the negotiation of the terms of any Authorized Participant Agreement or the form of any Authorized Participant
Agreement (other than the Trustee’s due execution, delivery and performance thereof). The terms of an Authorized Participant
Agreement shall not adversely affect the duties, rights and responsibilities of the Trustee unless the Trustee expressly consents
thereto, which consent shall be evidenced by the Trustee’s execution and delivery of such Authorized Participant Agreement.

 

(e)         
The Trustee and the Sponsor shall have no obligation to
comply with any direction or instruction from any Registered Owner, Beneficial Owner or Authorized Participant regarding Shares,
except to the extent specifically provided for in this Agreement.

 

(f)         
The Trustee shall be a fiduciary under this Agreement;
provided, however, that the fiduciary duties and responsibilities and liabilities of the Trustee shall be limited by, and shall
be only those specifically set forth in, this Agreement. The Trustee shall not be required to expend or risk any of its own funds
or otherwise incur any liability, financial or otherwise, in the performance of any of its duties under this Agreement, except
as may be specifically provided for herein. Without limiting the foregoing, all duties, rights, privileges and liabilities of
the Trustee set forth in this Agreement shall be subject to the following:

 

(i)          
The Trustee shall not be under any obligation to appear
in, prosecute or defend any action that in its opinion may involve it in expense or liability, unless it shall be furnished with
reasonable security and indemnity against such expense or liability. Subject to the foregoing, the Trustee may, in its sole discretion,
take such action as are provided for in Section 5.12(a).

 

(ii)         
Assets of the Trust, exclusive of gold or cash, shall be
held by the Trustee either directly or through the commercial book-entry system operated by the Federal Reserve Banks (“Book-Entry
System”), DTC, or any other clearing agency or similar system (a “Clearing Agency”), if available.
The Trustee shall have no responsibility and shall not be liable for ascertaining or acting upon any calls, conversions, exchange
offers, tenders, interest rates changes, or similar matters relating to securities held at the Depository or with any Clearing
Agency unless the Trustee shall have received actual and timely written notice of the same, nor shall the Trustee have any responsibility
or liability for the actions or omissions to act of the Book-Entry System, the Depository or any Clearing Agency. All moneys held
by the Trustee hereunder shall be held by it, without interest thereon or investment thereof, as a deposit for the account of
the Trust. Such monies held hereunder shall be deemed segregated by maintaining such monies in an account or accounts for the
exclusive benefit of the Trust.

 

    - 21 - 

     

    

 

(iii)         If at any time the Trustee is served with any judicial
or administrative order, judgment, decree, writ or other form of judicial or administrative process that in any way affects the
Trust or the Trust Property (including orders of attachment or garnishment or other forms of levies or injunctions or stays relating
to the transfer of any assets of the Trust), the Trustee is authorized to comply therewith in any manner that it or legal counsel
of its own choosing deems appropriate; however, the Trustee to the extent practicable will inform the Sponsor of such order, judgment,
decree, writ or other form of judicial or administrative process that in any way affects the Trust and consult in good faith with
the Sponsor as to the course of action by the Trustee. If the Trustee complies with any such order, judgment, decree, writ or
other form of judicial or administrative process, the Trustee shall not be liable to the Sponsor or to any other Person even though
such order, judgment, decree, writ or other form of judicial or administrative process may be subsequently modified or vacated
or otherwise determined to have been without legal force or effect.

 

(iv)         In no event shall the Trustee be liable (A) for acting
in accordance with or conclusively relying upon any, direction, instruction, notice, demand, certificate or document (I) from
the Sponsor or a Custodian, or any entity acting on behalf of either, that the Trustee believes is given pursuant to or is authorized
by this Agreement or any Custody Agreement, respectively or (II) from or on behalf of any Authorized Participant that the Trustee
believes is given pursuant to or is authorized by an Authorized Participant Agreement (provided that the Trustee has complied
with the verification procedures specified in the Authorized Participant Agreement); (B) for any indirect, consequential, punitive
or special damages, regardless of the form of action and whether or not any such damages were foreseeable or contemplated; or
(C) for an amount in excess of the value of the assets of the Trust. The Trustee may consult with legal counsel of its own choosing
as to any matter relating to this Agreement and shall not incur any liability in acting in good faith in accordance with any advice
from such counsel. The reasonable expense of such counsel shall be paid as provided in Sections 5.7(b) or 5.7(c),
as applicable.

 

(v)         
The Trustee shall be entitled to rely conclusively upon
any order, judgment, certification, demand, notice, instrument or other writing delivered to it under this Agreement without being
required to determine the authenticity or the correctness of any fact stated therein or the propriety or validity or the service
thereof. The Trustee may act in conclusive reliance upon any instrument or signature believed by it to be genuine and may assume
that any Person purporting to give receipt or advice or to make any statement or execute any document in connection with the provisions
of this Agreement, any Custody Agreement or any Authorized Participant Agreement has been duly authorized to do so; provided,
however, that where a list of authorized officials of a person and their signatures are on file with the Trustee, the Trustee
shall compare such manual signatures to the signature on any such documents. Such requirement shall not apply to “personal
identification numbers” or “PINS” or other forms of electronic security devices that function as a proxy for
a manual signature.

 

    - 22 - 

     

    

 

(vi)         The Trustee shall not be responsible (A) for or in respect
of the recitals herein, the validity or sufficiency of this Agreement, the Custody Agreements, any Authorized Participant Agreement
or any other custody or other agreement entered into by the Trustee at the direction or with the approval of the Sponsor or otherwise
in connection with the Trustee’s administration of the Trust, or (B) for the due execution hereof by the Sponsor or of the
Custody Agreements by the Initial Custodian, or for the due execution of any other agreement entered into by the Trustee in connection
with the administration of the Trust by any party thereto other than the Trustee.

 

(vii)        The Trustee shall not be responsible in any respect for
the form, execution, validity, value, collectability or genuineness of documents, instruments or securities deposited with or
delivered to or held by it under this Agreement, or for any description therein, or for the identity, authority or rights of Persons
executing or delivering or purporting to execute or deliver any such document, instrument or security.

 

(viii)       At any time the Trustee (A) may request an instruction
in writing in English from the Sponsor, a Custodian, an Authorized Participant or other applicable Person with respect to any
action that any of them is authorized to direct the Trustee to take under this Agreement, the Custody Agreements, any Authorized
Participant Agreement or any other agreement entered into by the Trustee in connection with the Trustee’s administration
of the Trust and (B) may, at its own option, include in such request the course of action it proposes to take and the date on
which it proposes to act, regarding any matter arising in connection with its duties and obligations under any such agreement.
The Trustee shall not be liable for acting in accordance with such a proposal on or after the date specified therein, provided
that the specified date shall be at least three Business Days after the Sponsor, the Custodian, the Authorized Participant or
other applicable Person receives the Trustee’s request for instructions and its proposed course of action, and provided
further that, prior to so acting, the Trustee has not received the written instructions requested.

 

(ix)          When the Trustee acts on any information, instructions
or communications (including communications with respect to the delivery of securities or the wire transfer of funds) sent by
telex, facsimile, email or other form of electronic or data transmission, the Trustee, absent gross negligence, shall not be responsible
or liable in the event such communication is not an authorized or authentic communication of the party sending it or is not in
the form the party sent or intended to send (whether due to fraud, distortion or otherwise), provided that this paragraph shall
not limit the Trustee’s obligation to obtain such confirmations as may be specified in this Agreement or any Authorized
Participant Agreement. The Trustee shall be indemnified as provided in Section 5.6 against any loss, liability, claim or
expense (including reasonable legal fees and expenses) it may incur in acting in accordance with any such information, instruction
or communication. This paragraph shall survive notwithstanding any termination of this Agreement and the Trust or the resignation
or removal of the Trustee.

 

    - 23 - 

     

    

 

(x)         
The Trustee may construe any provision of this Agreement
that it believes to be ambiguous or inconsistent with any other provision(s) hereof, and any reasonable construction of any such
provision by the Trustee in good faith shall be binding upon the parties hereto, each Authorized Participant, and all Registered
Owners and Beneficial Owners. In the event of any ambiguity or inconsistency or any other uncertainty in any notice, instruction
or other communication received by the Trustee under this Agreement, the Trustee shall notify the Sponsor and the giver thereof
and may, in its sole discretion, refrain from taking any action other than to retain possession of the Trust Property, unless
the Trustee receives such further written instructions, from the Sponsor or otherwise, that eliminate such ambiguity, inconsistency
or uncertainty.

 

(xi)         The Trustee shall have no responsibility for the contents
of any writing of the arbitrators or any third party that may be used as a means to resolve disputes among third parties with
respect to their interest in the Trust, Trust Property or Shares and may conclusively rely without any liability upon the contents
thereof.

 

(xii)        In no event shall the Trustee be personally liable for
any taxes or other governmental charges imposed upon or in respect of the gold or its custody, moneys or other assets from time
to time held hereunder, or on the income therefrom or the sale or proceeds of sale thereof, or upon it as Trustee hereunder (except
that it shall be personally liable for any income or other taxes on the amounts it receives from the Sponsor pursuant to Section
5.7(a)) or upon or in respect of the Trust or the Shares, that it may be required to pay under any present or future law of
the United States or of any other taxing authority having jurisdiction in the premises. For all such taxes and charges and for
any expenses, including reasonable counsel’s fees, that the Trustee may sustain or incur with respect to such taxes or charges,
the Trustee shall be reimbursed and indemnified out of the assets of the Trust as provided in Section 5.6, and the payment
of such amounts shall be secured by a lien on such assets. This paragraph shall survive notwithstanding any termination of this
Agreement and the Trust or the resignation or removal of the Trustee.

 

(xiii)       The Trustee shall not be answerable for the default of
the Initial Custodian or any Custodian employed at the direction of the Sponsor or selected by the Trustee with reasonable care.
The Trustee also may employ custodians for Trust assets other than gold, agents, attorneys, accountants, auditors and other professionals
(including any affiliate of the Trustee or of the Sponsor) and shall not be answerable for the default or misconduct of any such
custodians, agents, attorneys, accountants, auditors or other professionals if such custodians, agents, attorneys, accountants,
auditors or other professionals were selected with reasonable care. The fees and expenses charged by such custodians, agents,
attorneys, accountants, auditors or other professionals, exclusive of fees for services to be performed by the Trustee, shall
be paid as provided in Sections 5.7(b) or 5.7(c), as applicable, without reduction of the compensation due the Trustee
for its services as such hereunder. Fees paid for custody of assets other than gold shall be an expense of the Trustee.

 

(xiv)       The Trustee, whether for itself or in another capacity,
may own or hold Shares, or be an underwriter or dealer in respect of Shares, and may deal in any manner with the same with the
same rights and powers as if it were not the trustee hereunder.

 

    - 24 - 

     

    

 

(g)         
(i)            The Sponsor shall be responsible for all organizational
expenses of the Trust and for the marketing and the following administrative expenses of the Trust: fees for the Trustee’s
ordinary services and reimbursement of its ordinary out-of-pocket expenses as provided in Section 5.7(a), the Custodian’s
fees and expenses reimbursable to it pursuant to any Custody Agreement, listing fees of the Exchange, registration fees charged
by the Commission, printing and mailing costs, expenses for the maintenance of any website of the Trust, audit fees and expenses
and legal fees and expenses, including legal fees and expenses under Section 4.10, not in excess of $100,000 per year.

 

(ii)         
The Sponsor may request the Trustee to order Custodian
audits as permitted under the Custody Agreements.

 

(iii)         The Sponsor shall be entitled to rely conclusively upon
any order, judgment, certification, demand, notice, instrument or other writing delivered to it under this Agreement without being
required to determine the authenticity or the correctness of any fact stated therein or the propriety or validity or the service
thereof. The Sponsor may act in conclusive reliance upon any instrument or signature believed by it to be genuine and may assume
that any Person purporting to give receipt or advice or to make any statement or execute any document in connection with the provisions
of this Agreement, any Custody Agreement or any Authorized Participant Agreement has been duly authorized to do so.

 

(iv)         When the Sponsor acts on any information, instructions
or communications (including communications with respect to the conversion of gold, the Delivery of Shares or the payment of fees)
sent by telex, facsimile, email or other form of electronic or data transmission, the Sponsor, absent gross negligence, shall
not be responsible or liable in the event such communication is not an authorized or authentic communication of the party sending
it or is not in the form the party sent or intended to send (whether due to fraud, distortion or otherwise), provided that this
paragraph shall not limit the Sponsor’s obligation to obtain such confirmations as may be specified in this Agreement. The
Sponsor shall be indemnified as provided in Section 5.6 against any loss, liability, claim or expense (including reasonable
legal fees and expenses) it may incur in acting in accordance with any such information, instruction or communication. This paragraph
shall survive notwithstanding the termination of this Agreement and the Trust or the resignation of the Sponsor.

 

(v)         
In no event shall the Sponsor be personally liable for
any taxes or other governmental charges imposed upon or in respect of the gold, or on the income therefrom or the sale or proceeds
of sale thereof, or upon it as Sponsor hereunder (except that it shall be personally liable for any income or other taxes on the
amounts it receives from the Trust pursuant to Section 5.8(a)) or upon or in respect of the Trust or the Shares, that it
may be required to pay under any present or future law of the United States or of any other taxing authority having jurisdiction
in the premises. For all such taxes and charges and for any expenses, including reasonable counsel’s fees, that the Sponsor
may sustain or incur with respect to such taxes or charges, the Sponsor shall be reimbursed and indemnified out of the assets
of the Trust as provided in Section 5.6. This paragraph shall survive notwithstanding any termination of this Agreement
and the Trust or the resignation of the Sponsor.

 

    - 25 - 

     

    

 

Section
5.4            Resignation
or Removal of the Trustee; Appointment of Successor Trustee.

 

(a)         
The Trustee may at any time resign as trustee hereunder
by notice of its election so to do delivered to the Sponsor, and, subject to Section 6.2, such resignation shall take effect
upon the appointment of a successor trustee and its acceptance of such appointment as hereinafter provided.

 

(b)         
The Sponsor may, in its sole discretion, remove the Trustee
as trustee hereunder by notice given to the Trustee in the manner provided in Section 7.5 no more than 120 and at least
90 days prior to the fifth anniversary of the date of this Agreement or, thereafter, by notice delivered to the Trustee no more
than 120 and at least 90 days prior to the last day of any subsequent three-year period. Subject to Section 6.2, such removal
shall take effect upon the appointment of a successor trustee and its acceptance of such appointment as hereinafter provided.

 

(c)         
If at any time the Trustee

 

(i)          
ceases to be a Qualified Bank,

 

(ii)         
is in material breach of its obligations under this Agreement
and fails to cure such breach within 30 days after receipt of notice from the Sponsor or Registered Owners acting on behalf of
at least 25% of the outstanding Shares specifying such breach in reasonable detail and requiring the Trustee to cure such breach,
or

 

(iii)         fails to consent to the implementation of an amendment
to the Trust’s initial Internal Control Over Financial Reporting reasonably deemed necessary by the Sponsor and, after consultations
with the Sponsor, the Sponsor and the Trustee fail to resolve their differences regarding such proposed amendment,

 

then
the Sponsor, acting on behalf of the Registered Owners, may remove the Trustee as trustee hereunder by notice given to the Trustee
in the manner provided in Section 7.5. Such removal shall take effect upon the appointment of a successor trustee and its
acceptance of such appointment as hereinafter provided.

 

(d)         
If the Trustee acting hereunder resigns or is removed,
the Sponsor, acting on behalf of the Registered Owners, shall use its reasonable efforts to appoint a successor trustee, which
shall be a Qualified Bank. Every successor Trustee shall execute and deliver to its predecessor and to the Sponsor, acting on
behalf of the Registered Owners, an instrument in writing accepting its appointment hereunder, and thereupon such successor Trustee,
without any further act or deed, shall become fully vested with all the rights, powers, duties and obligations of its predecessor;
but such predecessor, nevertheless, upon payment of all sums due it and on the written request of the Sponsor, acting on behalf
of the Registered Owners, shall execute and deliver an instrument transferring to such successor all rights and powers of such
predecessor hereunder, shall duly assign, transfer and deliver all right, title and interest in the Trust Property to such successor,
and shall deliver to such successor a list of the Registered Owners of all outstanding Shares. Upon effective resignation or removal
hereunder, the resigning or removed Trustee shall be discharged from all duties and responsibilities under this Agreement and
shall no longer be liable in any manner hereunder except as to acts or omissions occurring prior to such resignation or removal,
and the successor Trustee shall thereupon undertake and perform all duties and responsibilities and be entitled to all rights
and compensation as Trustee under this Agreement. The successor Trustee shall not be under any liability hereunder for acts or
omissions occurring prior to execution of an instrument accepting its appointment as Trustee. The Sponsor or any such successor
Trustee shall promptly give notice of the appointment of such successor Trustee to the Registered Owners.

 

    - 26 - 

     

    

 

(e)         
Any corporation or other entity into which the Trustee
may be merged, consolidated or converted in a transaction in which the Trustee is not the surviving corporation or any corporation
or other entity otherwise succeeding to substantially all of the business of the Trustee shall be the successor Trustee without
the execution or filing of any document or any further act. During the 90-day period following the effectiveness of a merger,
consolidation or conversion or other transaction described in the preceding sentence, the Sponsor may, by notice to the corporation
or other entity described in that sentence (i.e., the successor Trustee), remove the latter as trustee hereunder and designate
a successor Trustee in compliance with the provisions of subsection (d) above.

 

Section
5.5            The
Custodian.

 

(a)         
The parties acknowledge that the Initial Custodian was
selected solely by the Sponsor. The Trustee is hereby directed to enter into the Trust Allocated Account Agreement and the Trust
Unallocated Account Agreement with the Initial Custodian, and the Trustee shall have no liability for the terms thereof. The Initial
Custodian will be subject to the directions of the Trustee as provided in such Custody Agreements and will be responsible solely
to the Trustee, the Beneficial Owners and, as applicable, the Sponsor to the extent English law requires (provided, however, that
any discretionary action to be taken, or decision to be made, by the Trustee pursuant to any Custody Agreement shall only be taken
or made if and as directed by the Sponsor and the directed action or decision does not, in the Trustee’s reasonable discretion,
adversely affect the Trustee’s rights and obligations thereunder). The Custodian may at any time resign as custodian to
the extent permitted by, and in the manner provided by, the Custody Agreements. If upon the resignation of any Custodian there
would be no Custodian acting hereunder, the Trustee shall, promptly after receiving such notice of such resignation, appoint a
substitute custodian or custodians selected by the Sponsor, each of which shall thereafter be a Custodian hereunder. When directed
by the Sponsor, and to the extent permitted by, and in the manner provided by, the relevant Custody Agreements, the Trustee shall
remove the Custodian and appoint a substitute custodian or appoint an additional custodian or custodians selected by the Sponsor,
each of which shall thereafter be a Custodian hereunder. Each such substitute or additional custodian shall, forthwith upon its
appointment, enter into one or more Custody Agreements in form and substance approved by the Sponsor (provided, however, that
the rights and duties of the Trustee hereunder and under the then-existing Custody Agreements shall not be materially altered
by such new Custody Agreements without its consent). After the date of this Agreement, the Trustee shall not enter into or amend
any Custody Agreement with a Custodian without the written approval of the Sponsor (which approval shall not be unreasonably withheld
or delayed). When instructed by the Sponsor, the Trustee shall demand that a Custodian deliver such of the gold held by it as
is requested of it to any other Custodian or such substitute or additional Custodian or Custodians directed by the Sponsor. In
connection with such delivery the Trustee will, solely if and in the manner directed by the Sponsor, cause the physical gold to
be weighed or assayed and any such weighing and assay shall be an expense of the Trust pursuant to Section 4.7(a)(ii).
The Trustee shall have no liability for any delivery of gold or weighing or assaying of delivered physical gold directed by the
Sponsor pursuant to the preceding provisions of this paragraph, and in the absence of such direction shall have no obligation
to effect such a delivery or to cause the delivered physical gold to be weighed, assayed or otherwise validated.

 

    - 27 - 

     

    

 

(b)         
The Trustee shall have no obligation to monitor the activities
of any Custodian other than to receive and review such reports of the gold held for the Trust by such Custodian and of transactions
in gold held for the account of the Trust made by such Custodian pursuant to the Custody Agreements. The accounts and operations
of each Custodian shall be audited or examined by accountants, auditors or other inspectors selected by the Sponsor at such times
as directed by the Sponsor as permitted by the Custody Agreements. In no event shall the Trustee be liable for (i) any loss or
damage resulting from the actions or omissions of, or the insolvency of, any Custodian or loss or damage to the gold while in
the possession of, or in transit to or from, any Custodian, (ii) the amount, validity or adequacy of insurance maintained by any
Custodian, (iii) any defect in gold held by a Custodian, (iv) any failure of the gold to conform to the requirements of the London
Good Delivery Standards or (v) any failure of the gold to conform to a description thereof provided by the Custodian to the Trustee.

 

(c)         
Upon the appointment of any successor Trustee hereunder,
each Custodian then acting under the Custody Agreements with the predecessor of such Trustee shall forthwith become, without any
further act or writing, the agent hereunder of such successor Trustee, and the appointment of such successor Trustee shall in
no way impair the authority of each such Custodian; but the successor Trustee so appointed shall, nevertheless, on the written
request of any Custodian, execute and deliver to such Custodian all such instruments as may be proper to give to such Custodian
full and complete power and authority as agent hereunder of such successor Trustee.

 

Section
5.6            Indemnification.

 

(a)         
The Trustee and its directors, officers, employees, shareholders,
agents and affiliates (as such term is defined under the Securities Act) (each, a “Trustee Indemnified Party”)
shall be indemnified from the Trust and held harmless against any loss, liability or expense (including the reasonable fees and
expenses of counsel) arising out of or in connection with the performance of its obligations under this Agreement and under each
other agreement entered into by the Trustee in furtherance of the administration of the Trust (including the Custody Agreements
and any Authorized Participant Agreement, including the Trustee’s indemnification obligations thereunder) or otherwise by
reason of the Trustee’s acceptance or administration of the Trust, to the extent such loss, liability or expense was incurred
without (i) gross negligence, bad faith, willful misconduct or willful malfeasance on the part of such Trustee Indemnified Party
in connection with the performance of its obligations under this Agreement or any such other agreement or any actions taken in
accordance with the provisions of this Agreement or any such other agreement or (ii) reckless disregard on the part of such Trustee
Indemnified Party of its obligations and duties under this Agreement or any such other agreement. Such indemnity shall also include
payment from the Trust of the reasonable costs and expenses incurred by such Trustee Indemnified Party in investigating or defending
itself against any such loss, liability or expense or any claim therefor. Any amounts payable to a Trustee Indemnified Party under
this Section 5.6(a) may be payable in advance or shall be secured by a lien on the Trust’s assets.

 

    - 28 - 

     

    

 

(b)         
The Sponsor and its members, managers, directors, officers,
employees, agents and affiliates (as such term is defined under the Securities Act) (each, a “Sponsor Indemnified Party”)
shall be indemnified from the Trust and held harmless against any loss, liability or expense (including the reasonable fees and
expenses of counsel) arising out of or in connection with the performance of its obligations under this Agreement and under each
other agreement entered into by the Sponsor in furtherance of the administration of the Trust (including Authorized Participant
Agreements to which the Sponsor is a party, including the Sponsor’s indemnification obligations thereunder) or any actions
taken in accordance with the provisions of this Agreement to the extent such loss, liability or expense was incurred without (i)
gross negligence, bad faith, willful misconduct or willful malfeasance on the part of such Sponsor Indemnified Party in connection
with the performance of its obligations under this Agreement or any such other agreement or any actions taken in accordance with
the provisions of this Agreement or any such other agreement or (ii) reckless disregard on the part of such Sponsor Indemnified
Party of its obligations and duties under this Agreement or any such other agreement. Such indemnity shall also include payment
from the Trust of the reasonable costs and expenses incurred by such Sponsor Indemnified Party in investigating or defending itself
against any such loss, liability or expense or any claim therefor. Any amounts payable to a Sponsor Indemnified Party under this
Section 5.6(b) may be payable in advance or shall be secured by a lien on the Trust’s assets. The Sponsor may, in
its sole discretion, undertake any action that it may deem necessary or desirable in respect of this Agreement and the rights
and duties of the parties hereto and the interests of the Beneficial Owners; and, in such event, the reasonable legal expenses
and costs and other disbursements of any such actions shall be expenses and costs of the Trust, and the Sponsor shall be entitled
to be reimbursed therefor by the Trust as provided in Section 5.8(b).

 

(c)         
The indemnities provided by, and the lien rights securing
payments under, this Section 5.6 shall survive notwithstanding any termination of this Agreement and the Trust or the resignation
or removal of the Trustee or the Sponsor, respectively.

 

Section
5.7            Fees,
Charges and Expenses of the Trustee.

 

(a)          The
Trustee is entitled to receive from the Sponsor fees for its ordinary services and reimbursement for its out-of-pocket
expenses (but, for the avoidance of doubt, excluding amounts payable by the Trust under Sections 4.7(a)(iv), 5.7(c)
and 5.12(a)), in accordance with a written agreement between the Sponsor and the Trustee. Should the Sponsor fail to
pay the same, the Trustee shall be authorized to charge the same to the Trust, in an amount not exceeding the amount that
could be charged to the Trust under Section 5.8(a) in respect of the Sponsor’s Fee (and the Trustee may charge
the same to the Trust to such extent without regard to whether, because of the Sponsor’s default, fee waiver or other
reason, the Sponsor may not then be entitled to such fee), and any subsequent amount paid to the Sponsor pursuant to Sections
4.7(a)(i) and 5.8(a) shall be net of amounts so withheld. The Trustee’s right of reimbursement shall be
secured by a lien on amounts chargeable to the Trust under Section 5.8(a), without giving effect to any fee waiver
then in effect, prior to the interest of the Sponsor, the Registered Owners, the Beneficial Owners and any other
Person.

 

    - 29 - 

     

    

 

(b)         
The Trustee is entitled to charge, and to be reimbursed
by, the Trust for all expenses and disbursements incurred by it in the performance of its duties hereunder, including the reasonable
fees and disbursements of its legal counsel and expenses identified in any Custody Agreement as payable by the Trustee, other
than (i) amounts specified in Section 5.7(a), (ii) expenses and disbursements incurred by it prior to the commencement
of trading of Shares on the Exchange and (iii) fees of agents for performing services the Trustee is required to perform under
this Agreement. The Trustee’s right of reimbursement for expenses and disbursements under this paragraph shall constitute
a lien on, and the amount thereof shall be deductible against, the assets of the Trust.

 

(c)         
Any pecuniary cost, expense or disbursement of the Trustee
resulting from actions taken to protect the Trust or the rights and interests of the Registered Owners or Beneficial Owners pursuant
to the terms of this Agreement, including the Trustee’s appearance in, prosecution of or defense of any action that it considers
necessary or desirable to protect the Trust or the interests of the Registered Owners or Beneficial Owners, shall be expenses
of the Trust and shall be deductible from, and constitute a lien on, the assets of the Trust.

 

 (d)         
 Each Authorized Participant depositing gold, and
each Authorized Participant surrendering Shares for the purpose of withdrawing Trust Property, shall pay to the Trustee a fee
of $500 per transaction for the Delivery of Shares pursuant to Section 2.4 and the Surrender of Baskets pursuant to Section
2.6 or 6.2(b) (or such other fee as the Trustee, with the prior written consent of the Sponsor, may from time to time
announce). 

 

Section
5.8            Charges
of the Sponsor.

 

 (a)         
 The Sponsor shall be entitled to receive from the
Trust, chargeable as an expense of the Trust, a fee for services (the “Sponsor’s Fee”) at an annualized
rate of 0.20% of the Trust’s Net Asset Value, accrued on a daily basis computed on the prior Business Day’s Net Asset
Value and paid monthly in arrears in U.S. dollars. The Sponsor may, at its sole discretion and from time to time, waive all or
a portion of the Sponsor’s Fee for such period(s) of time it specifies in a notice of such fee waiver to the Trustee. The
Sponsor is under no obligation to waive any portion of its fees hereunder or reimbursements pursuant to Section 5.8(b),
and any such waiver shall create no obligation to waive any such fees or reimbursements during any period not covered by the waiver.
Any fee or reimbursement waiver by the Sponsor shall not operate to reduce the Sponsor’s obligations hereunder, including
its obligations under Section 5.3(g). The Sponsor may, subject to the Trustee’s consent, instruct the Trustee from
time to time to withhold a portion of the Sponsor’s Fee otherwise payable to the Sponsor and to pay such withheld portion
to Persons identified by the Sponsor for the purpose of satisfying certain expenses of the Trust for which the Sponsor is responsible
under Section 5.3(g). 

 

(b)         
The Sponsor shall be entitled to receive reimbursement
from the Trust for all expenses, costs and other disbursements incurred by it under the last sentence of Section 5.6(b)
or that are of the type described in Sections 4.7(a)(ii), (iii), (iv), and (vi), except that the Sponsor
shall not be entitled to charge the Trust for (i) expenses and disbursements incurred by it prior to the commencement of trading
of Shares on the Exchange or (ii) fees of agents for performing services the Sponsor is required to perform under this Agreement.

 

    - 30 - 

     

    

 

Section
5.9            Retention
of Trust Documents.

 

The
Trustee shall retain documents, records, bills and other data compiled during the term of this Agreement for the respective periods
required by the laws or regulations governing the Trustee and any other applicable laws (including the federal securities laws
and the Code), and is authorized to destroy any of such data at the times permitted by such laws or regulations, unless the Sponsor
reasonably requests the Trustee in writing to retain any such item(s) for a longer period.

 

Section
5.10          Federal
Securities Law Filings.

 

(a)         
The Sponsor shall (i) prepare and file a registration statement,
including a prospectus, with the Commission (“registration statement” and “prospectus,”
respectively) and take such action as is necessary from time to time to qualify the Shares for offering and sale under the federal
securities laws, including the preparation and filing of amendments and supplements to the registration statement, (ii) promptly
notify the Trustee of any amendment or supplement to the registration statement or prospectus, of any order preventing or suspending
the use of the prospectus, of any request for amending or supplementing the registration statement or prospectus or if any event
or circumstance occurs that is known to the Sponsor as a result of which the registration statement or prospectus, as then amended
or supplemented, would include an untrue statement of a material fact or omit to state any material fact necessary to make the
statements therein, in the light of the circumstances under which they were made, not misleading, (iii) provide the Trustee from
time to time with copies, including copies in electronic form, of the prospectus, as amended and supplemented if such be the case,
in such quantities as the Trustee may reasonably request and (iv) prepare and file any periodic reports or updates that may be
required under the Exchange Act. The Trustee shall furnish to the Sponsor any information from the records of the Trust that the
Sponsor reasonably requests in writing that is needed to prepare any filing or submission that the Sponsor or the Trust is required
to make under the federal securities laws, and the Sponsor is entitled to rely on such information so furnished by the Trustee.

 

(b)         
The Sponsor shall have all necessary and exclusive power
and authority to (i) from time to time adopt, implement or amend such disclosure controls and procedures as are necessary or desirable,
in the Sponsor’s reasonable judgment, to ensure compliance with the disclosure and ongoing reporting obligations under any
applicable securities laws, (ii) appoint and remove the auditors of the Trust and (iii) seek from the relevant securities or other
regulatory authorities such relief, clarification or other action as the Sponsor shall deem necessary or desirable regarding the
disclosure or financial reporting obligations of the Trust.

 

(c)         
The policies and procedures comprising the Trust’s
initial Internal Control Over Financial Reporting have been adopted as of the date of this Agreement, and copies thereof have
been delivered to the appropriate officers of the Sponsor and the Trustee. Amendments to such initial Internal Control Over Financial
Reporting may be proposed from time to time by the Sponsor, but such amendments may not be adopted in connection with the Trustee’s
furnishing of information to the Sponsor for the Sponsor’s preparation of the Trust’s financial statements without
the Trustee’s consent (which consent will not be unreasonably withheld or delayed).

 

    - 31 - 

     

    

 

Section
5.11          Prospectus
Delivery.

 

The
Trustee shall, if required by the federal securities laws, in any manner permitted by such laws, deliver at the time of issuance
of Shares an electronic or other copy of the prospectus, as most recently furnished to the Trustee by the Sponsor, to each Authorized
Participant.

 

Section
5.12          Discretionary
Actions by the Trustee; Consultation.

 

(a)         
Subject to Section 5.3(f)(i), the Trustee may, in
its sole discretion, undertake any action at any and all times that it considers necessary or desirable to protect the Trust or
the rights and interests of the Registered Owners or the Beneficial Owners pursuant to the terms of this Agreement. Pursuant to
Section 5.7(c), the expenses, costs and disbursements incurred by the Trustee in connection with taking any action under
the preceding sentence (including the reasonable fees and disbursements of legal counsel) shall be expenses of the Trust, and
the Trustee shall be entitled to be reimbursed for those expenses by the Trust.

 

(b)         
The Trustee shall notify and consult with the Sponsor before
undertaking any action under subsection (a) above or if the Trustee becomes aware of any development or event that affects the
administration of the Trust but is not contemplated or provided for in this Agreement.

 

(c)         
The Sponsor shall notify and consult with the Trustee before
undertaking any action under the last sentence of Section 5.6(b) or if the Sponsor becomes aware of any development or
event that affects the administration of the Trust but is not contemplated or provided for in this Agreement.

 

Section
5.13          Dissolution
of the Sponsor Not to Terminate Trust.

 

The
dissolution of the Sponsor, or its ceasing to exist as a legal entity from, or for, any cause, shall not operate to terminate
this Agreement insofar as the duties and obligations of the Trustee are concerned unless the Trust is terminated pursuant to Section
6.2.

 

Article
VI

AMENDMENT AND TERMINATION

 

Section
6.1            Amendment.

 

Subject
to Section 4.11, the Trustee and the Sponsor may amend this Agreement or any provision of this Agreement without the consent
of any Person, including any Registered Owner or Beneficial Owner. Any amendment that imposes or increases any fees or charges
(other than taxes and other governmental charges, registration fees or other such expenses), or that otherwise prejudices any
substantial existing right of the Registered Owners or the Beneficial Owners, will not become effective as to outstanding Shares
until 30 days after notice of such amendment is given to the Registered Owners. Amendments pursuant to Section 2.6(c) shall
not require notice pursuant to the preceding sentence. Every Registered Owner and Beneficial Owner, at the time any amendment
so becomes effective, shall be deemed, by continuing to hold any Shares or an interest therein, to consent and agree to such amendment
and to be bound by this Agreement as amended thereby. Notwithstanding the foregoing, in no event shall any amendment impair the
right of the Authorized Participants to Surrender Baskets and receive therefor the amount of Trust Property represented thereby
pursuant to Section 2.6(a), except in order to comply with mandatory provisions of applicable law.

 

    - 32 - 

     

    

 

Section
6.2            Termination.

 

(a)         
The Trustee shall set a date on which this Agreement and
the Trust will terminate and mail notice of that termination to the Registered Owners at least 30 days prior to the date set for
termination if any of the following occurs:

 

(i)          
The Trustee is notified that the Shares are delisted from
a national securities exchange and are not approved for listing on another national securities exchange within five Business Days
of their delisting;

 

(ii)         
Registered Owners acting in respect of at least 75% of
the outstanding Shares notify the Trustee that they elect to terminate the Trust;

 

(iii)         60 days have elapsed since the Trustee notified the Sponsor
of the Trustee’s election to resign or since the Sponsor removed the Trustee, and a successor trustee has not been appointed
and accepted its appointment as provided in Section 5.4;

 

(iv)         any sole Custodian then acting resigns or is removed and
no successor custodian has been employed pursuant to Section 5.5 within 60 days of such resignation or removal;

 

(v)         
the Commission determines that the Trust is an investment
company under the Investment Company Act of 1940, as amended, and the Trustee has actual knowledge of such Commission determination;

 

(vi)         the CFTC determines that the Trust is a commodity pool
under the Commodity Exchange Act of 1936, as amended; and/or the Shares constitute “commodity interests” as defined
by the CFTC in CFTC Regulation 1.3(yy), and in either case the Trustee has actual knowledge of that determination;

 

(vii)        the aggregate market capitalization of the Trust, based
on the closing price for the Shares, is less than $50 million (as adjusted for inflation by reference to the Consumer Price Index
as published by the Bureau of Labor Statistics) at any time more than 18 months after the Trust’s formation and the Trustee
receives, within six months after the last trading date on which such capitalization (as so computed) was less than $50 million,
notice from the Sponsor of its decision to terminate the Trust;

 

(viii)       the Trust fails to qualify for treatment, or ceases to
be treated, as a “grantor trust” under the Code or any comparable provision of the laws of any State or other jurisdiction
where that treatment is sought, and the Trustee receives notice from the Sponsor that the Sponsor has determined that, because
of that tax treatment or change in tax treatment, termination of the Trust is advisable;

 

    - 33 - 

     

    

 

(ix)          60 days have elapsed since DTC or another Depository has
ceased to act as depository with respect to the Shares and the Sponsor has not identified another Depository that is willing to
act in such capacity;

 

(x)         
if the law governing the Trust limits the maximum period
during which the Trust may continue, upon the expiration of 21 years after the death of the last survivor of all of the descendants
of Elizabeth II, Queen of England, living on the date of this Agreement; or

 

(xi)         as provided in Section 6.2(c).

 

(b)          On
and after the date of termination of this Agreement, the Trustee shall not accept any deposits of gold, shall discontinue the
registration of transfers of Shares, shall not make any distributions to Registered Owners, and shall not give any further
notices or perform any further acts under this Agreement, except that the Trustee shall continue to collect distributions
pertaining to Trust Property and hold the same uninvested and without liability for interest, shall pay the Trust’s
expenses and sell gold as necessary to meet those expenses and shall continue to deliver Trust Property, together with any
distributions received with respect thereto and the net proceeds of the sale of any other property, in exchange for Shares
Surrendered to the Trustee by Authorized Participants in accordance with Section 2.6(a) (after deducting or upon
payment of, in each case, the applicable transaction fees payable to the Trustee for the Surrender of Shares and any expenses
for the account of the Registered Owner of such Shares in accordance with the terms and conditions of this Agreement, and any
applicable taxes or other governmental charges). At any time after the expiration of 60 days following the date of
termination of this Agreement, the Trustee shall sell the Trust Property then held under this Agreement pursuant to the
Sponsor’s direction, or, if the Sponsor fails to provide direction, as the Trustee determines, and may thereafter
hold the net proceeds of any such sale, together with any other cash then held by it under this Agreement, uninvested and
without liability for interest, for the pro rata benefit of the Registered Owners of Shares that had not theretofore
been Surrendered. The Trustee shall have no liability for loss or depreciation resulting from any such sale made pursuant to
the Sponsor’s direction or otherwise made by the Trustee in good faith. After making such sale, the Trustee shall be
discharged from all obligations under this Agreement, except to deliver to such Registered Owners against Surrender of Shares
(and, if DTC is the Registered Owner, in accordance with its rules and procedures for such Surrender and delivery) their pro rata portion of the net proceeds and other cash (after deducting, in each case, any accrued fees and expenses, and any
taxes, other governmental charges or liabilities payable by the Trust, and any expenses for the account of the Registered
Owner of such Shares in accordance with the terms and conditions of this Agreement). Upon the termination of this Agreement,
the Sponsor shall be discharged from all obligations under this Agreement except that its obligations to the Trustee under Section
5.7 shall survive termination of this Agreement.

 

    - 34 - 

     

    

 

(c)         
If the Sponsor fails to undertake or perform, or becomes
incapable of undertaking or performing, any of the duties that by the terms of this Agreement are required to be undertaken or
performed by it, and such failure or incapacity is not cured within 30 days following receipt of notice from the Trustee of such
failure or incapacity, or if the Sponsor is adjudged bankrupt or insolvent, or a receiver of the Sponsor or of its property is
appointed, or a trustee or liquidator or any public officer takes charge or control of the Sponsor or of its property or affairs
for the purpose of rehabilitation, conservation or liquidation, then in any such case the Sponsor shall be deemed conclusively
to have resigned effective immediately upon the occurrence of any of the specified events, or if the Sponsor has been dissolved
or has ceased to exist as a legal entity for any reason or if the Sponsor resigns by sending notice of resignation to the Trustee
without the appointment by the resigning Sponsor of a succeeding Sponsor (which appointment is subject to the prior written consent
of the Trustee, which shall not be unreasonably withheld), the Trustee may do any one or more of the following: (i) appoint a
successor Sponsor to assume, with such compensation from the Trust as the Trustee may deem reasonable under the circumstances,
the duties and obligations of the Sponsor hereunder by an instrument of appointment and assumption executed by the Trustee and
the successor Sponsor; (ii) agree to act as Sponsor hereunder without appointing a successor Sponsor and without terminating this
Agreement; or (iii) terminate and liquidate the Trust and distribute its remaining assets pursuant to this Section 6.2.
The Trustee shall have no obligation to appoint a successor Sponsor or to assume the duties of the Sponsor and shall have no liability
to any Person because the Trust is or is not terminated pursuant to this paragraph (c).

 

Article
VII

MISCELLANEOUS

 

Section
7.1            Counterparts.

 

This
Agreement may be executed in any number of counterparts, each of which shall be deemed an original and all of such counterparts
shall constitute one and the same instrument.

 

Section
7.2            Third-Party
Beneficiaries.

 

This
Agreement is for the exclusive benefit of the parties hereto, any Sponsor Indemnified Party, any Trustee Indemnified Party, the
Registered Owners and the Beneficial Owners and shall not be deemed to give any legal or equitable right, remedy or claim whatsoever
to any other Person.

 

Section
7.3            Severability.

 

In
case any one or more of the provisions contained in this Agreement is or becomes invalid, illegal or unenforceable in any respect,
the validity, legality and enforceability of the remaining provisions of this Agreement shall in no way be affected, prejudiced
or disturbed thereby.

 

Section
7.4            Certain
Matters Relating to Beneficial Owners.

 

(a)         
By the purchase and acceptance or other lawful delivery
and acceptance of Shares, each Beneficial Owner thereof shall be deemed to be a beneficiary of the Trust created by this Agreement
and vested with beneficial undivided interest in the Trust to the extent of the Shares owned beneficially by such Beneficial Owner,
subject to the terms and conditions of this Agreement. Upon issuance as provided herein, Shares shall be fully paid and non-assessable.

 

    - 35 - 

     

    

 

(b)         
Subject to and in accordance with Section 2.6, Shares
may at any time prior to the date specified by the Trustee in connection with the termination of the Trust be tendered to the
Trustee for redemption.

 

(c)         
The death or incapacity of any Beneficial Owner shall not
operate to terminate this Agreement or the Trust, nor entitle such Beneficial Owner’s legal representatives or heirs to
claim an accounting or to take any action or proceeding in any court for a partition or winding up of the Trust, nor otherwise
affect the rights, obligations and liabilities of the parties hereto or any of them. Each Beneficial Owner expressly waives any
right such Beneficial Owner may have under any rule of law, or the provisions of any statute, or otherwise, to require the Trustee
at any time to account, in any manner other than as expressly provided in the Agreement, in respect of the Trust Property from
time to time received, held and applied by the Trustee hereunder.

 

(d)         
Except in connection with Sections 5.4(c)(ii) or
6.2(a)(ii), no Beneficial Owner shall have any right to vote or in any manner otherwise to control the operation or management
of the Trust or the obligations of the parties hereto. Nothing set forth in this Agreement shall be construed so as to constitute
the Beneficial Owners from time to time as partners or members of an association; nor shall any Beneficial Owner ever be liable
to any third Person by reason of any action taken by the parties to this Agreement or for any other cause whatsoever.

 

(e)         
The rights of Beneficial Owners must be exercised by DTC
Participants or participants of any successor Depository acting on their behalf in accordance with its rules and procedures.

 

Section
7.5            Notices.

 

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

 

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

 

To
the Trustee:

 

THE
BANK OF NEW YORK MELLON

2 Hanson Place

9th Floor

Brooklyn, New York 11217

Attention: ETF Services, Brooklyn

Telephone: (718) 315-5013

Facsimile: (718) 315-4850

Email:
etfservicescom@bnymellon.com

 

    - 36 - 

     

    

 

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

 

To
the Sponsor:

 

GRANITESHARES
LLC

30 Vesey Street, 9th Floor

New York, New York 10007

Attention: President

Telephone: (917) 338-0565

Email:
benoit.autier@graniteshares.com

 

With
copy to:

 

 Vedder
Price P.C.

1401 I Street, NW

Suite 1100

Washington, DC 20005 

 Attn:
W. Thomas Conner, Esq. 

 Telephone:
(202) 312-3331 

 Facsimile:
(202) 312-3322 

 Email: tconner@vedderprice.com 

 

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

 

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

 

    - 37 - 

     

    

 

Section
7.6            Submission
to Jurisdiction; Agent for Service.

 

 Each party hereto,
each Authorized Participant by its delivery of an Authorized Participant Agreement and each Registered Owner and Beneficial Owner
by the acceptance of a Share irrevocably consents to the jurisdiction of the courts of the State of New York, and of any federal
court located in the Borough of Manhattan in the City of New York in such State, in connection with any action, suit or other
proceeding arising out of or relating to the Shares, the Trust Property or this Agreement or any action taken or omitted under
this Agreement and waives any claim of forum non conveniens and any objections as to laying of venue. Each party further
waives personal service of any summons, complaint or other process and agrees that service thereof may be made by certified or
registered mail directed to such Person at such Person’s address last specified for purposes of notices hereunder. Additionally,
the Sponsor hereby (i) irrevocably designates and appoints Vedder Price P.C., located at 1401 I Street, N.W., Suite 1100, Washington,
DC, 20005, as the Sponsor’s authorized agent upon which process may be served in any such suit or other proceeding and (ii)
agrees that service of process upon said authorized agent shall be deemed in every respect effective service of process upon the
Sponsor in any such action, suit or other proceeding. The Sponsor shall deliver to the Trustee, upon the execution and delivery
of this Agreement, a written acceptance by such agent of its appointment as such agent. The Sponsor further shall take any and
all action, including the filing of any and all such documents and instruments, as may be necessary to continue such designation
and appointment in full force and effect for so long as any Shares remain outstanding or this Agreement remains in force. 

 

Section
7.7            Governing
Law.

 

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

 

[Signature
Page Follows]

 

    - 38 - 

     

    

 

IN
WITNESS WHEREOF, GRANITESHARES LLC and THE BANK OF NEW YORK MELLON have duly executed this Depositary Trust Agreement as of the
day and year first set forth above.

	 	 	 	 	 
	 	GRANITESHARES LLC,
	 	as Sponsor
	 	 	 	 	 
	 	By: 	/s/ William Rhind
	 	Name: 	William Rhind
	 	Title: 	Managing Member
	 	 	 	 	 
	 	 
	 	THE BANK OF NEW YORK MELLON,
	 	as Trustee
	 	 	 	 	 
	 	By:	/s/ Thomas Porrazzo
	 	Name:	Thomas Porrazzo
	 	Title:	Managing Director

 

[Signature Page to
GraniteShares Gold Trust Depositary Trust Agreement]

 

      

     

    

 

[GraniteShares
Gold Trust Depositary Trust Agreement acknowledgment, Trustee]

 

 

	 STATE OF NEW YORK 	   
	 	 
	 	:SS.:  
	 	 
	 COUNTY OF NEW YORK 	   

 

 On
this 18th day of August, 2017 before me, the undersigned, personally appeared Thomas Porrazzo, personally known to me or proved
to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged
to me that he or she executed the same in his or her capacity, and that by his or her signature on the instrument, the individual,
or the person upon behalf of which the individual acted, executed the instrument. 

 

	   	 /s/ Stephen F. Lappert 
	 	Notary Public

  

(Notarial
Seal)

 

      

     

    

 

[GraniteShares
Gold Depositary Trust Agreement acknowledgment, Sponsor]

 

	 STATE OF NEW YORK 	   
	 	 
	 	:SS.:  
	 	 
	 COUNTY OF NEW YORK 	   

 

 On
this 9th day of August, 2017 before me, the undersigned, personally appeared William Rhind, personally known to me or proved to
me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged
to me that he or she executed the same in his or her capacity, and that by his or her signature on the instrument, the individual,
or the person upon behalf of which the individual acted, executed the instrument. 

 

	   	 /s/ Simon Valcin Jr. 
	 	Notary Public

 

(Notarial
Seal)

 

      

     

    

 

EXHIBIT
A

FORM OF CERTIFICATE

 

THE
SHARES EVIDENCED HEREBY REPRESENT RIGHTS WITH RESPECT TO UNDERLYING TRUST PROPERTY (AS DEFINED IN THE DEPOSITARY TRUST AGREEMENT
REFERRED TO HEREIN) HELD BY THE TRUST AND DO NOT EVIDENCE AN OBLIGATION OF, OR AN INTEREST IN, AND ARE NOT GUARANTEED BY, THE
SPONSOR OR THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE SHARES NOR THE UNDERLYING TRUST PROPERTY ARE INSURED
UNDER ANY AGREEMENT THAT DIRECTLY BENEFITS THE TRUST OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR ANY OTHER PERSON.

 

UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE AGENT AUTHORIZED BY THE ISSUER FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED
IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS
MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE,
OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE &
CO., HAS AN INTEREST HEREIN.

 

     A-1 

     

    

 

GRANITESHARES
GOLD SHARES

ISSUED BY

GRANITESHARES GOLD TRUST

REPRESENTING

FRACTIONAL INTERESTS IN DEPOSITED GOLD 

AND ANY OTHER TRUST PROPERTY

 

THE
BANK OF NEW YORK MELLON, as Trustee

 

	No. ____________	* Shares

 

CUSIP:
____________

 

THE
BANK OF NEW YORK MELLON, as Trustee (hereinafter called the “Trustee”), hereby certifies that CEDE & CO.,
as nominee of The Depository Trust Company, or registered assigns, is the owner of * Shares issued by GraniteShares Gold Trust
(the “Trust”), each representing a fractional undivided interest in the net assets of the Trust, as provided
in the Agreement referred to below. At the time of delivery of the Agreement, each 10,000 Shares represented an interest in 1,000
Ounces of gold that are deposited under the Agreement and held by the Custodian referred to in the Agreement. The amount of gold
in which each 10,000 Shares represents an interest will decline over time as provided in the Agreement. The Trustee’s Corporate
Trust Office is located at a different address than its principal executive office. Its Corporate Trust Office is located at 2
Hanson Place, Brooklyn, New York 11217, and its principal executive office is located at 225 Liberty Street, New York, New York
10281.

 

This
Certificate is issued upon the terms and conditions set forth in the Depositary Trust Agreement dated as of ____________, 2017
(the “Agreement”) between GraniteShares LLC (herein called the “Sponsor”), and the Trustee.
By becoming a Registered Owner or Beneficial Owner, or by depositing gold, a Person is bound by all the terms and conditions of
the Agreement. The Agreement sets forth the rights of Authorized Participants and Registered Owners and the rights and duties
of the Trustee and the Sponsor. Copies of the Agreement are on file at the Trustee’s Corporate Trust Office in New York
City.

 

 

 

*
That number of Shares held at The Depository Trust Company at any given point in time.

 

     A-2 

     

    

 

The
Agreement is hereby incorporated by this reference into and made a part of this Certificate as if set forth in full in this place.
Capitalized terms not defined herein and the term “gold” shall have the meanings set forth in the Agreement.

 

This
Certificate shall not be entitled to any benefits under the Agreement or be valid or obligatory for any purpose unless it is executed
by the Trustee by the manual or facsimile signature of a duly authorized signatory of the Trustee and, if a Registrar (other than
the Trustee) for the Shares shall have been appointed, countersigned by the manual signature of a duly authorized officer of the
Registrar.

 

Dated:
____________, 2017

 

	THE BANK OF NEW YORK MELLON,	 
	as Trustee	 
	 	 	 
	By:	 	 

 

THE
TRUSTEE’S CORPORATE TRUST OFFICE ADDRESS IS 

2 HANSON PLACE, 9TH FLOOR, BROOKLYN, NEW YORK 11217

 

     A-3 

     

    

 

EXHIBIT
B

FORM OF TRUST ALLOCATED ACCOUNT AGREEMENT

 

     B-1 

     

    

 

EXHIBIT
C

FORM OF TRUST UNALLOCATED ACCOUNT AGREEMENT

 

     C-1

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