Document:

EX-10.5

 Exhibit 10.5 

BP MIDSTREAM PARTNERS LP 

2017 LONG TERM INCENTIVE PLAN 

FORM OF PHANTOM UNIT AGREEMENT 

(Non-Employee Director) 

This Phantom Unit Agreement (this “Agreement”) is made and entered into by and between BP Midstream Partners GP LLC, a
Delaware limited liability company (the “General Partner”), and
                             (the “Grantee”). This Agreement is effective as
of the          day of                         ,
         (the “Date of Grant”). Capitalized terms used in this Agreement but not otherwise defined herein shall have the meanings ascribed to such terms in the Plan (as defined
below), unless the context requires otherwise. 
 W I T N E S S E T H: 

WHEREAS, BP Midstream Partners LP (the “Partnership”), acting through the Board of Directors of the General
Partner (the “Board”), has adopted the BP Midstream Partners LP 2017 Long Term Incentive Plan (the “Plan”) to provide additional incentive compensation to certain individuals providing services to the
Partnership, and to align the economic interests of such individuals with the interests of unitholders; and 
 WHEREAS, the Committee
has authorized the grant of Phantom Units to members of the Board who are not Employees or Consultants (other than in that individual’s capacity as a Director) (“Non-Employee
Directors”). 
 NOW, THEREFORE, in consideration of the Grantee’s agreement to provide or to continue providing
services to the General Partner, the Grantee and the General Partner agree as follows: 
 1. Grant of Phantom Units.
The General Partner hereby grants to the Grantee                     Phantom Units, subject to all of the terms and conditions set forth in
the Plan and in this Agreement, including without limitation, those restrictions described in Section 4, whereby each Phantom Unit, if earned, represents the right to receive one Unit of the Partnership (each, a “Phantom
Unit”). 
 2. Phantom Unit Account. The General Partner shall establish and maintain a bookkeeping account
on its records for the Grantee (a “Phantom Unit Account”) and shall record in such Phantom Unit Account: (a) the number of Phantom Units granted to the Grantee, (b) the amount deliverable to the Grantee at
settlement on account of Phantom Units that have vested and (c) the amount of any distribution equivalent rights credited to the Grantee in accordance with Section 5 hereof. The Grantee shall not have any interest in any fund or specific
assets of the Partnership by reason of the award granted under this Agreement or the Phantom Unit Account established for the Grantee. 

3. Rights of Grantee. No Units shall be issued to the Grantee at the time the grant is made, and the Grantee shall not
be, nor have any of the rights and privileges of, a unitholder or limited partner of the Partnership with respect to any Phantom Units recorded in the Phantom Unit Account. The Grantee shall have no voting rights with respect to the Phantom Units.

 4. Vesting of Phantom Units. The Phantom Units are restricted in that
they may be forfeited by the Grantee and in that they may not, except as otherwise provided in the Plan, be transferred or otherwise disposed of by the Grantee. Subject to the terms and conditions of this Agreement, the Phantom Units shall vest as
follows: 
  

			
	 Vesting Date
	  	 Cumulative Vested Percentage

	—	  	—

 provided, however, that the Phantom Units shall vest in accordance with the foregoing provision only if the Grantee has
continuously provided services to the General Partner from the Date of Grant until the date of vesting of the Phantom Units. 
 5.
Distribution Equivalent Rights. The General Partner hereby grants to the Grantee rights to dividend equivalents with respect to the Phantom Units granted pursuant to this Agreement (“DERs”). The DERs awarded to
the Grantee under this Section 5 shall entitle the Grantee to the payment, with respect to each Unit that is subject to a Phantom Unit granted pursuant to this Agreement that has not been cancelled or forfeited, of an amount in cash or Units
equal to the amount of any cash dividend or Unit distribution paid by the General Partner with respect to one Unit while such Phantom Unit remains outstanding. Such amount shall be subject to the same vesting schedule as the Phantom Unit to which it
relates and shall be paid to the Grantee in such form as the original cash dividend or Unit distribution on the date that the Phantom Unit to which it relates is settled in accordance with Section 7 hereof. No interest shall be payable or
otherwise owed with respect to such DERs for the period of time beginning on the date a distribution is paid to the Partnership’s unitholders and ending on the date the DERs are paid to the Grantee pursuant to this Agreement. Any DERs which
relate to a Phantom Unit that do not become vested shall be forfeited at the same time the related Phantom Unit is forfeited. 
 6.
Separation from Service. Except as provided in Sections 6(a), (b), and (c) below, in the event the Grantee’s service relationship with the General Partner is terminated prior to the Vesting Date, then all of the
Grantee’s Phantom Units that are unvested as of the date the Grantee’s service with the General Partner terminates (and any associated DERs) will remain unvested, will become null and void and will be forfeited as of the date of such
termination. 
 (a) Involuntary Termination. If the Grantee’s service relationship with the General Partner is terminated due to
an Involuntary Termination then the Phantom Units granted pursuant to this Agreement (and any associated DERs) will immediately become vested and nonforfeitable as of the date of such termination. As used herein, “Involuntary Termination”
means a termination of the Grantee’s service as a Non-Employee Director on the Board that occurs either by (i) the General Partner’s failure to
re-nominate the Grantee as a Non-Employee Director on the Board for any new term or (ii) a failure to secure unitholder approval of the Grantee’s service as a Non-Employee Director on the Board for any new term, and provided that either of such failures to nominate or elect the Non-Employee Director to the Board is for a

  
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reason other than Cause, as determined solely in the discretion of the Committee. As used herein, “Cause” means the Committee’s determination of misconduct by the Grantee that is
or may be materially injurious to the General Partner, the Partnership or any of their respective Affiliates (the “Partnership Entities”) or that results in the Grantee’s inability to substantially perform his or her
duties for the General Partner. 
 (b) Termination for Good Reason. If the Grantee’s service relationship with the General
Partner is terminated by the Grantee for Good Reason then the Phantom Units granted pursuant to this Agreement (and any associated DERs) will immediately become vested and nonforfeitable as of the date of such termination. As used herein, “Good
Reason” means a termination of the Grantee’s service as a Non-Employee Director due to the material diminution in the compensation arrangements provided to the Grantee by the General Partner, as
determined solely by the Committee; provided, however, that such a reduction in compensation due to a change in position on the Board or a change in position on or participation in a committee thereof shall not constitute such a
qualifying material diminution. Notwithstanding the foregoing, the Grantee will not be deemed to have “Good Reason” to terminate his or her service hereunder unless the Grantee terminates service as a
Non-Employee Director within thirty (30) days of the General Partner providing notice to the Grantee or other announcement regarding the diminution in the compensation arrangements provided to the
Grantee. If the Grantee does not so terminate, any claim of such circumstances of “Good Reason” shall be deemed irrevocably waived by the Grantee. 

(c) Death and Disability. If the Grantee’s service relationship with the General Partner is terminated due to death or Disability
prior to the Vesting Date, then the Phantom Units granted pursuant to this Agreement (and any associated DERs) will immediately become vested and nonforfeitable as of the date of such termination. As used herein, “Disability” means the
Grantee’s inability to substantially perform the Grantee’s duties to the General Partner by reason of a medically determinable physical or mental impairment that is expected to last for a period of six months or longer or to result in
death. 
 7. Settlement Date; Manner of Settlement. No later than 60 days following the vesting of the Phantom Units
pursuant to Section 4 or 6, the Phantom Units that vest shall be settled through the delivery of Units to the Grantee. Notwithstanding the foregoing, any Phantom Units that vest pursuant to Section 6(c) shall be settled through the
delivery of Units to the Grantee (or, if applicable, the Grantee’s estate) on the earlier to occur of (a) the Vesting Date or (b) March 15 of the year following the year in which the Grantee’s service relationship with the
General Partner was terminated due to death or Disability. No fractional Units will be issued or acquired pursuant to this Agreement. If the application of any provision of this Agreement would yield a fractional Unit, such fractional Unit will be
rounded up to the next whole Unit. The Grantee agrees that any vested Units that the Grantee acquires upon vesting of the Phantom Units will not be sold or otherwise disposed of in any manner that would constitute a violation of any
applicable federal or state securities laws, the Plan or the rules, regulations and other requirements of the U.S. Securities and Exchange Commission (the “SEC”) and any stock exchange upon which the Units are then listed.
The Grantee also agrees that any certificates representing the Units acquired under this award may bear such legend or legends as the Committee deems appropriate in order to assure compliance with applicable securities laws. In

  
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addition to the terms and conditions provided herein, the Partnership may require that the Grantee make such covenants, agreements, and representations as the Committee, in its sole discretion,
deems advisable in order to comply with any such laws, rules, regulations, or requirements. 
 8. Limitations on
Transfer. The Grantee agrees that he shall not dispose of (meaning, without limitation, sell, transfer, pledge, exchange, hypothecate or otherwise dispose of) any Phantom Units (or any associated DERs) or other rights hereby acquired, if
any, prior to the date the Phantom Units are vested and settled. Any attempted disposition of the Phantom Units (or any associated DERs) in violation of the preceding sentence shall be null and void and such Phantom Units (and any associated DERs)
and other rights that the Grantee attempted to dispose of shall be forfeited. 
 9. Adjustment. The number of Phantom
Units granted to the Grantee pursuant to this Agreement shall be adjusted to reflect changes in the capital structure of the Partnership, or for other reasons, in accordance with the Plan. All provisions of this Agreement shall be applicable to such
new or additional or different units or securities distributed or issued pursuant to the Plan to the same extent that such provisions are applicable to the units with respect to which they were distributed or issued. 

10. Violation of Law, Regulation or Rule. The General Partner shall not be required to deliver any Units hereunder if,
upon the advice of counsel for the General Partner, such acquisition or delivery would violate the Securities Act of 1933 or any other applicable federal, state, or local law or regulation or the rules of the exchange upon which the
Partnership’s Units are traded, or any other provision of the Plan. 
 11. Copy of Plan. By the execution of this
Agreement, the Grantee acknowledges receipt of a copy of the Plan. 
 12. Notices. Except as otherwise provided in
Section 13(q), whenever any notice is required or permitted hereunder, such notice must be in writing and personally delivered or sent by mail. Any such notice required or permitted to be delivered hereunder shall be deemed to be delivered on
the date on which it is personally delivered or, whether actually received or not, on the third business day (on which banking institutions in the State of Texas are open) after it is deposited in the United States mail, certified or registered,
postage prepaid, addressed to the person who is to receive it at the address which such person has theretofore specified by written notice delivered in accordance herewith. The General Partner or the Grantee may change at any time and from time to
time by written notice to the other, the address which it or he previously specified for receiving notices. The General Partner and the Grantee agree that any notices shall be given to the General Partner or to the Grantee at the following
addresses: 
  

			
	General Partner:    	 	BP Midstream Partners GP LLC
		 	 Attn: General Counsel
 501 Westlake Park
Boulevard
 Houston, Texas 77079

		
	Grantee:	 	At the Grantee’s current address as shown in the General Partner’s records.

  
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 13. General Provisions. 

(a) Administration. This Agreement shall at all times be subject to the terms and conditions of the Plan. The Committee shall
have sole and complete discretion with respect to all matters reserved to it by the Plan and decisions of a majority of the Committee with respect thereto and with respect to this Agreement shall be final and binding upon the Grantee and the General
Partner. In the event of any conflict between the terms and conditions of this Agreement and the Plan, the provisions of the Plan shall control. 

(b) No Effect on Service. Nothing in this Agreement or in the Plan shall be construed as giving the Grantee the right to be retained in
the service of the General Partner. Furthermore, the General Partner may at any time terminate the service relationship with the Grantee free from any liability or any claim under the Plan or this Agreement, unless otherwise expressly provided in
the Plan, this Agreement or other written agreement to which the General Partner is a party. 
 (c) Governing Law. This Agreement
shall be governed by, and construed in accordance with, the laws of the State of Delaware, without regard to conflicts of law principles thereof. 

(d) Amendments. This Agreement may be amended only by a written agreement executed by the General Partner and the Grantee, except that
the Committee may unilaterally waive any conditions or rights under, amend any terms of, or alter this Agreement provided no such change (other than pursuant to Section 7 of the Plan) materially reduces the rights or benefits of the Grantee
with respect to the Phantom Units without his or her consent. 
 (e) Binding Effect. This Agreement shall be binding upon and inure
to the benefit of any successor or successors of the General Partner or the Partnership and upon any person lawfully claiming under the Grantee. 

(f) Entire Agreement. This Agreement and the Plan constitute the entire agreement of the parties with regard to the subject matter
hereof, and contain all the covenants, promises, representations, warranties and agreements between the parties with respect to the Phantom Units (and any associated DERs) granted hereby. Without limiting the scope of the preceding sentence, all
prior understandings and agreements, if any, among the parties hereto relating to the subject matter hereof are hereby null and void and of no further force and effect. 

(g) No Liability for Good Faith Determinations. Neither the General Partner nor the members of the Committee and the Board shall be
liable for any act, omission or determination taken or made in good faith with respect to this Agreement or the Phantom Units granted hereunder. 

(h) No Guarantee of Interests. None of the Board, the Committee or any Partnership Entity guarantees the Units from loss or
depreciation. 

  
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 (i) Insider Trading Policy. The terms of the Partnership’s insider trading policy
with respect to Units are incorporated herein by reference. 
 (k) Tax Consultation. None of the Board, the Committee or the
Partnership Entities has made any warranty or representation to the Grantee with respect to the income tax consequences of the grant or vesting of the Phantom Units or the transactions contemplated by this Agreement, and the Grantee represents that
he is in no manner relying on such entities or any of their respective managers, directors, officers, employees or authorized representatives (including attorneys, accountants, consultants, bankers, lenders, prospective lenders and financial
representatives) for tax advice or an assessment of such tax consequences. The Grantee represents that he has consulted with any tax consultants that the Grantee deems advisable in connection with the Phantom Units. The Grantee further agrees to
indemnify and hold each of the Partnership Entities harmless for any damages, costs, expenses, taxes, judgments or other actions or amounts resulting from any actions or inactions of the Grantee with respect to the tax consequences of the Phantom
Units. 
 (l) Severability. If any provision of this Agreement is held to be illegal, invalid or unenforceable for any reason under
applicable law, then such provision shall be deemed modified to the minimum extent necessary to render it legal, valid and enforceable; and if such provision cannot be so modified, then this Agreement shall be construed and enforced as if the
illegal, invalid or unenforceable provision had never been included herein and the rights and obligations of the parties shall be construed and enforced accordingly. 

(m) Headings. The titles and headings of Sections and Subsections are included for convenience of reference only and are not to be
considered in construction of the provisions hereof. 
 (n) Gender. Words used in the masculine shall apply to the feminine where
applicable, and wherever the context of this Agreement dictates, the plural shall be read as the singular and the singular as the plural. 

(o) Malus and Clawback. The Grantee acknowledges that the Phantom Units granted (and any associated DERs) and the Units and cash, if
any, issued hereunder are subject to Malus and Clawback as provided in Sections 8(q), (r) and (s) of the Plan. 
 (p) Joining a
Competitor Organization. The Grantee acknowledges that the Phantom Units granted (and any associated DERs) and the Units and cash, if any, issued hereunder are subject to the limitations set forth in Section 8(t) of the Plan. 

(q) Consent to Electronic Delivery; Electronic Signature. In lieu of receiving documents in paper format, the Grantee agrees, to the
fullest extent permitted by law, to accept electronic delivery of any documents that the Partnership may be required to deliver (including, without limitation, prospectuses, prospectus supplements, grant or award notifications and agreements,
account statements, annual and quarterly reports, and all other forms of communications) in connection with this and any other award made or offered by the Partnership. Electronic delivery may be via a Partnership electronic mail system or by
reference to a location on a Partnership intranet to which the Grantee has access. The Grantee hereby 

  
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consents to any and all procedures the Partnership has established or may establish for an electronic signature system for delivery and acceptance of any such documents that the Partnership may
be required to deliver, and agrees that his or her electronic signature is the same as, and shall have the same force and effect as, his or her manual signature. 

[Signature Page to Follow] 

  
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 IN WITNESS WHEREOF, the General Partner has caused this Agreement to be executed by its
officer thereunto duly authorized, and the Grantee has set his or her hand as to the date and year first above written. 
  

			
	BP MIDSTREAM PARTNERS GP, LLC
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  

			
	[GRANTEE NAME]
		
		 	 
		 	Grantee

 SIGNATURE PAGE 

TO 

PHANTOM UNIT AGREEMENTEX-4.8

 EXHIBIT 4.8 

GLOBAL AMENDMENT 
 to 

DEPOSITARY TRUST AGREEMENTS 
 This
Global Amendment to Depositary Trust Agreements (this “Amendment”) dated as of September 5, 2017 is between Guggenheim Specialized Products, LLC, a Delaware limited liability company d/b/a Guggenheim Investments, as sponsor of
the Trusts identified below (the “Sponsor”), and The Bank of New York Mellon, a New York banking corporation, in its capacity as the trustee for each such Trust (the “Trustee”). 

WHEREAS, the Sponsor and the Trustee have entered into the following Depositary Trust Agreements (each an “Agreement” and
collectively the “Agreements”) establishing the trusts indicated (each a “Trust” and collectively the “Trusts”): 
  

	 	a)	Depositary Trust Agreement dated June 8, 2006, establishing the CurrencyShares® Australian Dollar Trust, as such agreement has been amended to the date
hereof (the “FXA Agreement”); 

  

	 	b)	Depositary Trust Agreement dated June 8, 2006, establishing the CurrencyShares® British Pound Sterling Trust, as such agreement has been amended to the
date hereof (the “FXB Agreement”); 

  

	 	c)	Depositary Trust Agreement dated June 8, 2006, establishing the CurrencyShares® Canadian Dollar Trust, as such agreement has been amended to the date hereof
(the “FXC Agreement”); 

  

	 	d)	Depositary Trust Agreement dated August 16, 2011, establishing the CurrencyShares® Chinese Renminbi Trust, as such agreement has been amended to the date
hereof (the “FXCH Agreement”); 

  

	 	e)	Depositary Trust Agreement dated December 2, 2005, establishing the CurrencyShares® Euro Trust, as such agreement has been amended to the date hereof (the
“FXE Agreement”); 

  

	 	f)	Depositary Trust Agreement dated February 1, 2007, establishing the CurrencyShares® Japanese Yen Trust, as such agreement has been amended to the date hereof
(the “FXY Agreement”); 

  

	 	g)	Depositary Trust Agreement dated August 7, 2008, establishing the CurrencyShares® Singapore Dollar Trust, as such agreement has been amended to the date
hereof (the “FXSG Agreement”); 

  

	 	h)	Depositary Trust Agreement dated June 8, 2006, establishing the CurrencyShares® Swedish Krona Trust, as such agreement has been amended to the date hereof
(the “FXS Agreement”); and 

  

	 	i)	Depositary Trust Agreement dated June 8, 2006, establishing the CurrencyShares® Swiss Franc Trust, as such agreement has been amended to the date hereof (the
“FXF Agreement”). 

 WHEREAS, Section 8.1 of each Agreement provides substantially as follows with
respect to the amendment of such Agreement: 
 The Trustee and the Sponsor may amend any provisions of this Agreement without the consent of
any Registered Owner; provided, however, that the provisions of Section 2.6, Section 2.7, Section 2.10, Section 4.2 through Section 4.7, this Section 8.1 and Section 8.2 may not be amended unless (i) the
provision relates solely to procedural or logistical matters (as distinguished from core economic rights), or (ii) prior to the amendment, (a) the Sponsor obtains and delivers to the Trustee a written opinion of counsel to the effect that
after such amendment the Trust will continue to be classified as a “grantor trust” under the Code, and (b) in the event that such opinion of counsel assumes that certain actions are taken by the Sponsor or the Trustee in connection
with such amendment, such actions shall be taken by the Sponsor or the Trustee, as the case may be. 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, will not become effective as to outstanding Shares until 30 days after notice of such amendment is given to the Registered Owners. 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. In no
event shall any amendment impair the right of the Registered Owner of Shares to Surrender Baskets of Shares and receive therefor the amount of Trust Property represented thereby, except in order to comply with mandatory provisions of applicable law.

  
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 WHEREAS, in accordance with the provisions set forth in Section 8.1 of each Agreement, the
amendments contemplated herein shall be effective upon the execution of this Amendment by the Sponsor and Trustee, and no further action shall be required; 

WHEREAS, the Securities and Exchange Commission (the “SEC”) has adopted an amendment to Rule
15c6-1(a) to shorten by one business day the standard settlement cycle for most broker-dealer transactions; and 

WHEREAS, the Sponsor and the Trustee desire to amend each of the Agreements so as to comply with the SEC’s amendment to Rule 15c6-1(a); 
 NOW, THEREFORE, in consideration of the premises and the agreements hereinafter set forth,
the parties hereby agree as follows: 
  

	I.	Amendments to the FXA Agreement. 

 1. Amendment of
Section 1.1 of the FXA Agreement. The following text is hereby added to Section 1.1 of the FXA Agreement immediately after the defined term “Interest Account” and immediately before the defined term “London
Business Day:” 
 “Local Business Day” means any day other than (i) a Saturday or Sunday or (ii) a day which has
been designated a bank holiday in Australia. 
 2. Amendment of Section 1.1 of the FXA Agreement. The defined term
“London Business Day” in Section 1.1 of the FXA Agreement is hereby deleted in its entirety. 
 3. Amendment of
Section 1.1 of the FXA Agreement. The defined term “Sponsor’s Fee” in Section 1.1 of the FXA Agreement is hereby deleted and replaced with the following: 

“Sponsor’s Fee” means the fee to be paid to the Sponsor, which for each day shall be equal to (.004/365 or 366, depending on the
number of days in the year) multiplied by (the Australian Dollars in the Trust as of the close of business on the preceding Local Business Day, which shall include all unpaid interest but exclude unpaid fees, each as accrued through the immediately
preceding day). 
 4. Amendment of Section 2.4(a) of the FXA Agreement. The fifth sentence of Section 2.4(a)
of the FXA Agreement is hereby deleted and replaced with the following: 
 The “Settlement Date” for a Purchase Order shall
be the next New York Business Day following the first New York Business Day that is also a Local Business Day following the Order Date, unless the Trustee has not received confirmation of the receipt of the Basket Australian Dollar Amount from the
Depository on such next New York Business Day, in which case the Settlement Date shall be the next following day that is both a New York Business Day and a Local Business Day. 

5. Amendment of Section 2.7 of the FXA Agreement. The fifth sentence of Section 2.7 of the FXA Agreement is
hereby deleted and replaced with the following: 
 The “Settlement Date” for a Redemption Order shall be the next New York
Business Day following the first New York Business Day that is also a Local Business Day following the Order Date, unless such next New York Business Day is not a Local Business Day, in which case the Settlement Date shall be the next following day
that is both a New York Business Day and a Local Business Day. 

  
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 6. Amendment of Section 4.1(a) of the FXA Agreement.
Section 4.1(a) of the FXA Agreement is hereby deleted and replaced with the following: 
 (a) take the sum of Australian Dollars in the
Interest Account and Non-Interest Account as of the close of business on the preceding Local Business Day, as reported by the Depository; 

7. Amendment of Section 4.4 of the FXA Agreement. The first and second sentences of Section 4.4 of the FXA
Agreement are hereby deleted and replaced with the following: 
 On the first Local Business Day of each month, the Depository will deposit
into the Non-Interest Account the accrued but unpaid interest for the previous month. On the first day of each month that is both a Local Business Day and a New York Business Day, the Trustee will make
withdrawals from the Non-Interest Account to pay the accrued Sponsor’s Fee for the previous month plus any other Trust expenses. 

8. Amendment of Section 4.7(b) of the FXA Agreement. The first sentence of Section 4.7(b) of the FXA Agreement
is hereby deleted and replaced with the following: 
 On the first day of each month that is both a Local Business Day and a New York
Business Day, the Trustee shall withdraw from the Non-Interest Account amounts necessary to pay the Trust expenses provided for in Section 4.7(a) and any otherwise unpaid expenses hereunder. 

 

	II.	Amendments to the FXB Agreement. 

 1. Amendment of
Section 2.4(a) of the FXB Agreement. The fifth sentence of Section 2.4(a) of the FXB Agreement is hereby deleted and replaced with the following: 

The “Settlement Date” for a Purchase Order shall be the second New York Business Day following the Order Date unless that day
is not a London Business Day, in which case the Settlement Date shall be the next following day that is both a New York Business Day and a London Business Day. 

2. Amendment of Section 2.7 of the FXB Agreement. The fifth sentence of Section 2.7 of the FXB Agreement is
hereby deleted and replaced with the following: 
 The “Settlement Date” for a Redemption Order shall be the second New York
Business Day following the Order Date unless that day is not a London Business Day, in which case the Settlement Date shall be the next following day that is both a New York Business Day and a London Business Day. 

 

	III.	Amendments to the FXC Agreement. 

 1. Amendment of
Section 1.1 of the FXC Agreement. The following text is hereby added to Section 1.1 of the FXC Agreement immediately after the defined term “Interest Account” and immediately before the defined term “London
Business Day:” 
 “Local Business Day” means any day other than (i) a Saturday or Sunday or (ii) a day which has
been designated a bank holiday in Toronto. 
 2. Amendment of Section 1.1 of the FXC Agreement. The defined term
“London Business Day” in Section 1.1 of the FXC Agreement is hereby deleted in its entirety. 

  
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 3. Amendment of Section 1.1 of the FXC Agreement. The defined term
“Sponsor’s Fee” in Section 1.1 of the FXC Agreement is hereby deleted and replaced with the following: 

“Sponsor’s Fee” means the fee to be paid to the Sponsor, which for each day shall be equal to (.004/365 or 366, depending on the
number of days in the year) multiplied by (the Canadian Dollars in the Trust as of the close of business on the preceding Local Business Day, which shall include all unpaid interest but exclude unpaid fees, each as accrued through the immediately
preceding day). 
 4. Amendment of Section 2.4(a) of the FXC Agreement. The fifth sentence of Section 2.4(a)
of the FXC Agreement is hereby deleted and replaced with the following: 
 The “Settlement Date” for a Purchase Order shall
be the second New York Business Day following the Order Date unless that day is not a Local Business Day, in which case the Settlement Date shall be the next following day that is both a New York Business Day and a Local Business Day. 

5. Amendment of Section 2.7 of the FXC Agreement. The fifth sentence of Section 2.7 of the FXC Agreement is
hereby deleted and replaced with the following: 
 The “Settlement Date” for a Redemption Order shall be the second New York
Business Day following the Order Date unless that day is not a Local Business Day, in which case the Settlement Date shall be the next following day that is both a New York Business Day and a Local Business Day. 

6. Amendment of Section 4.1(a) of the FXC Agreement. Section 4.1(a) of the FXC Agreement is hereby deleted and
replaced with the following: 
 (a) take the sum of Canadian Dollars in the Interest Account and
Non-Interest Account as of the close of business on the preceding Local Business Day, as reported by the Depository; 

7. Amendment of Section 4.4 of the FXC Agreement. The first and second sentences of Section 4.4 of the FXC
Agreement are hereby deleted and replaced with the following: 
 On the first Local Business Day of each month, the Depository will deposit
into the Non-Interest Account the accrued but unpaid interest for the previous month. On the first day of each month that is both a Local Business Day and a New York Business Day, the Trustee will make
withdrawals from the Non-Interest Account to pay the accrued Sponsor’s Fee for the previous month plus any other Trust expenses. 

8. Amendment of Section 4.7(b) of the FXC Agreement. The first sentence of Section 4.7(b) of the FXC Agreement
is hereby deleted and replaced with the following: 
 On the first day of each month that is both a Local Business Day and a New York
Business Day, the Trustee shall withdraw from the Non-Interest Account amounts necessary to pay the Trust expenses provided for in Section 4.7(a) and any otherwise unpaid expenses hereunder. 

 

	IV.	Amendments to the FXCH Agreement. 

 1. Amendment of
Section 2.4(a) of the FXCH Agreement. The fifth sentence of Section 2.4(a) of the FXCH Agreement is hereby deleted and replaced with the following: 

The “Settlement Date” for a Purchase Order shall be the next New York Business Day following the first New York Business Day
that is also a Local Business Day following the Order Date, unless such next New York Business Day is not a Local Business Day, in which case the Settlement Date shall be the next following day that is both a New York Business Day and a Local
Business Day. 

  
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 2. Amendment of Section 2.7(a) of the FXCH Agreement. The fifth
sentence of Section 2.7(a) of the FXCH Agreement is hereby deleted and replaced with the following: 
 The “Settlement
Date” for a Redemption Order shall be the next New York Business Day following the first New York Business Day that is also a Local Business Day following the Order Date, unless such next New York Business Day is not a Local Business Day,
in which case the Settlement Date shall be the next following day that is both a New York Business Day and a Local Business Day. 
  

	V.	Amendments to the FXE Agreement. 

 1. Amendment of
Section 1.1 of the FXE Agreement. The following text is hereby added to Section 1.1 of the FXE Agreement immediately after the defined term “Interest Account” and immediately before the defined term “London
Business Day:” 
 “Local Business Day” means any day other than (i) a Saturday or Sunday or (ii) a day which has
been designated a bank holiday in Frankfurt. 
 2. Amendment of Section 1.1 of the FXE Agreement. The defined term
“London Business Day” in Section 1.1 of the FXE Agreement is hereby deleted in its entirety. 
 3. Amendment of
Section 1.1 of the FXE Agreement. The defined term “Sponsor’s Fee” in Section 1.1 of the FXE Agreement is hereby deleted and replaced with the following: 

“Sponsor’s Fee” means the fee to be paid to the Sponsor, which for each day shall be equal to (.004/365 or 366, depending on the
number of days in the year) multiplied by (the Euro in the Trust as of the close of business on the preceding Local Business Day, which shall include all unpaid interest but exclude unpaid fees, each as accrued through the immediately preceding
day). 
 4. Amendment of Section 2.3(a) of the FXE Agreement. The fifth sentence of Section 2.3(a) of the FXE
Agreement is hereby deleted and replaced with the following: 
 The “Settlement Date” for a Purchase Order shall be the
second New York Business Day following the Order Date unless that day is not a Local Business Day, in which case the Settlement Date shall be the next following day that is both a New York Business Day and a Local Business Day. 

5. Amendment of Section 2.6 of the FXE Agreement. The fifth sentence of Section 2.6 of the FXE Agreement is
hereby deleted and replaced with the following: 
 The “Settlement Date” for a Redemption Order shall be the second New York
Business Day following the Order Date unless that day is not a Local Business Day, in which case the Settlement Date shall be the next following day that is both a New York Business Day and a Local Business Day. 

6. Amendment of Section 4.1(a) of the FXE Agreement. Section 4.1(a) of the FXE Agreement is hereby deleted and
replaced with the following: 
 (a) take the sum of Euro in the Interest Account and Non-Interest
Account as of the close of business on the preceding Local Business Day, as reported by the Depository; 
 7. Amendment of
Section 4.4 of the FXE Agreement. The first and second sentences of Section 4.4 of the FXE Agreement are hereby deleted and replaced with the following: 

  
 5 

 On the first Local Business Day of each month, the Depository will deposit into the Non-Interest Account the accrued but unpaid interest for the previous month. On the first day of each month that is both a Local Business Day and a New York Business Day, the Trustee will make withdrawals from the Non-Interest Account to pay the accrued Sponsor’s Fee for the previous month plus any other Trust expenses. 

8. Amendment of Section 4.7(b) of the FXE Agreement. The first sentence of Section 4.7(b) of the FXE Agreement
is hereby deleted and replaced with the following: 
 On the first day of each month that is both a Local Business Day and a New York
Business Day, the Trustee shall withdraw from the Non-Interest Account amounts necessary to pay the Trust expenses provided for in Section 4.7(a) and any otherwise unpaid expenses hereunder. 

 

	VI.	Amendments to the FXY Agreement. 

 1. Amendment of
Section 2.4(a) of the FXY Agreement. The fifth sentence of Section 2.4(a) of the FXY Agreement is hereby deleted and replaced with the following: 

The “Settlement Date” for a Purchase Order shall be the next New York Business Day following the first New York Business Day
that is also a Local Business Day following the Order Date, unless the Trustee has not received confirmation of the receipt of the Basket Japanese Yen Amount from the Depository on such next New York Business Day, in which case the Settlement Date
shall be the next following day that is both a New York Business Day and a Local Business Day. 
 2. Amendment of
Section 2.7 of the FXY Agreement. The fifth sentence of Section 2.7 of the FXY Agreement is hereby deleted and replaced with the following: 

The “Settlement Date” for a Redemption Order shall be the next New York Business Day following the first New York Business Day
that is also a Local Business Day following the Order Date, unless such next New York Business Day is not a Local Business Day, in which case the Settlement Date shall be the next following day that is both a New York Business Day and a Local
Business Day. 
  

	VII.	Amendments to the FXSG Agreement. 

 1. Amendment of
Section 2.4(a) of the FXSG Agreement. The fifth sentence of Section 2.4(a) of the FXSG Agreement is hereby deleted and replaced with the following: 

The “Settlement Date” for a Purchase Order shall be the next New York Business Day following the first New York Business Day
that is also a Local Business Day following the Order Date, unless the Trustee has not received confirmation of the receipt of the Basket Singapore Dollar Amount from the Depository on such next New York Business Day, in which case the Settlement
Date shall be the next following day that is both a New York Business Day and a Local Business Day. 
 2. Amendment of
Section 2.7 of the FXSG Agreement. The fifth sentence of Section 2.7 of the FXSG Agreement is hereby deleted and replaced with the following: 

The “Settlement Date” for a Redemption Order shall be the next New York Business Day following the first New York Business Day
that is also a Local Business Day following the Order Date, unless such next New York Business Day is not a Local Business Day, in which case the Settlement Date shall be the next following day that is both a New York Business Day and a Local
Business Day. 

  
 6 

	VIII. 	Amendments to the FXS Agreement. 

 1. Amendment of
Section 1.1 of the FXS Agreement. The following text is hereby added to Section 1.1 of the FXS Agreement immediately after the defined term “Interest Account” and immediately before the defined term “London
Business Day:” 
 “Local Business Day” means any day other than (i) a Saturday or Sunday or (ii) a day which has
been designated a bank holiday in Stockholm. 
 2. Amendment of Section 1.1 of the FXS Agreement. The defined term
“London Business Day” in Section 1.1 of the FXS Agreement is hereby deleted in its entirety. 
 3. Amendment of
Section 1.1 of the FXS Agreement. The defined term “Sponsor’s Fee” in Section 1.1 of the FXS Agreement is hereby deleted and replaced with the following: 

“Sponsor’s Fee” means the fee to be paid to the Sponsor, which for each day shall be equal to (.004/365 or 366, depending on the
number of days in the year) multiplied by (the Swedish Kronor in the Trust as of the close of business on the preceding Local Business Day, which shall include all unpaid interest but exclude unpaid fees, each as accrued through the immediately
preceding day). 
 4. Amendment of Section 2.4(a) of the FXS Agreement. The fifth sentence of Section 2.4(a)
of the FXS Agreement is hereby deleted and replaced with the following: 
 The “Settlement Date” for a Purchase Order shall
be the second New York Business Day following the Order Date unless that day is not a Local Business Day, in which case the Settlement Date shall be the next following day that is both a New York Business Day and a Local Business Day. 

5. Amendment of Section 2.7 of the FXS Agreement. The fifth sentence of Section 2.7 of the FXS Agreement is
hereby deleted and replaced with the following: 
 The “Settlement Date” for a Redemption Order shall be the second New York
Business Day following the Order Date unless that day is not a Local Business Day, in which case the Settlement Date shall be the next following day that is both a New York Business Day and a Local Business Day. 

6. Amendment of Section 4.1(a) of the FXS Agreement. Section 4.1(a) of the FXS Agreement is hereby deleted and
replaced with the following: 
 (a) take the sum of Swedish Kronor in the Interest Account and
Non-Interest Account as of the close of business on the preceding Local Business Day, as reported by the Depository; 

7. Amendment of Section 4.4 of the FXS Agreement. The first and second sentences of Section 4.4 of the FXS
Agreement are hereby deleted and replaced with the following: 
 On the first Local Business Day of each month, the Depository will deposit
into the Non-Interest Account the accrued but unpaid interest for the previous month. On the first day of each month that is both a Local Business Day and a New York Business Day, the Trustee will make
withdrawals from the Non-Interest Account to pay the accrued Sponsor’s Fee for the previous month plus any other Trust expenses. 

8. Amendment of Section 4.7(b) of the FXS Agreement. The first sentence of Section 4.7(b) of the FXS Agreement
is hereby deleted and replaced with the following: 
 On the first day of each month that is both a Local Business Day and a New York
Business Day, the Trustee shall withdraw from the Non-Interest Account amounts necessary to pay the Trust expenses provided for in Section 4.7(a) and any otherwise unpaid expenses hereunder. 

  
 7 

	IX.	Amendments to the FXF Agreement. 

 1. Amendment of
Section 1.1 of the FXF Agreement. The following text is hereby added to Section 1.1 of the FXF Agreement immediately after the defined term “Interest Account” and immediately before the defined term “London
Business Day:” 
 “Local Business Day” means any day other than (i) a Saturday or Sunday or (ii) a day which has
been designated a bank holiday in Zurich. 
 2. Amendment of Section 1.1 of the FXF Agreement. The defined term
“London Business Day” in Section 1.1 of the FXF Agreement is hereby deleted in its entirety. 
 3. Amendment of
Section 1.1 of the FXF Agreement. The defined term “Sponsor’s Fee” in Section 1.1 of the FXF Agreement is hereby deleted and replaced with the following: 

“Sponsor’s Fee” means the fee to be paid to the Sponsor, which for each day shall be equal to (.004/365 or 366, depending on the
number of days in the year) multiplied by (the Swiss Francs in the Trust as of the close of business on the preceding Local Business Day, which shall include all unpaid interest but exclude unpaid fees, each as accrued through the immediately
preceding day). 
 4. Amendment of Section 2.4(a) of the FXF Agreement. The fifth sentence of Section 2.4(a)
of the FXF Agreement is hereby deleted and replaced with the following: 
 The “Settlement Date” for a Purchase Order shall
be the second New York Business Day following the Order Date unless that day is not a Local Business Day, in which case the Settlement Date shall be the next following day that is both a New York Business Day and a Local Business Day. 

5. Amendment of Section 2.7 of the FXF Agreement. The fifth sentence of Section 2.7 of the FXF Agreement is
hereby deleted and replaced with the following: 
 The “Settlement Date” for a Redemption Order shall be the second New York
Business Day following the Order Date unless that day is not a Local Business Day, in which case the Settlement Date shall be the next following day that is both a New York Business Day and a Local Business Day. 

6. Amendment of Section 4.1(a) of the FXF Agreement. Section 4.1(a) of the FXF Agreement is hereby deleted and
replaced with the following: 
 (a) take the sum of Swiss Francs in the Interest Account and
Non-Interest Account as of the close of business on the preceding Local Business Day, as reported by the Depository; 

7. Amendment of Section 4.4 of the FXF Agreement. The first and second sentences of Section 4.4 of the FXF
Agreement are hereby deleted and replaced with the following: 
 On the first Local Business Day of each month, the Depository will deposit
into the Non-Interest Account the accrued but unpaid interest for the previous month. On the first day of each month that is both a Local Business Day and a New York Business Day, the Trustee will make
withdrawals from the Non-Interest Account to pay the accrued Sponsor’s Fee for the previous month plus any other Trust expenses. 

  
 8 

 8. Amendment of Section 4.7(b) of the FXF Agreement. The first sentence
of Section 4.7(b) of the FXF Agreement is hereby deleted and replaced with the following: 
 On the first day of each month that is both
a Local Business Day and a New York Business Day, the Trustee shall withdraw from the Non-Interest Account amounts necessary to pay the Trust expenses provided for in Section 4.7(a) and any otherwise
unpaid expenses hereunder. 
 X. General. 

1. This Amendment may be executed in counterparts, each of which, when so executed and delivered, shall be an original, but all such
counterparts shall together constitute one and the same Amendment. Each of the parties hereto acknowledges having received an executed counterpart of this Amendment. 

2. Capitalized terms used not defined herein are used herein as defined in the Agreements. 

3. This Amendment shall be interpreted under, and all rights and duties under this Amendment shall be governed by, the laws of the State of New
York. 
 [Signature Page Follows] 

  
 9 

 IN WITNESS WHEREOF, the undersigned have each caused this Amendment to be executed as of the day
and year first written above. 
  

			
	 GUGGENHEIM SPECIALIZED PRODUCTS, LLC,

as Sponsor

		
	By:	 	 /s/ Amy J Lee

	Name:	 	Amy J. Lee
	Title:	 	Secretary
	
	 THE BANK OF NEW YORK MELLON,
 as
Trustee

		
	By:	 	 /s/ Phyllis A. Cietek

	Name:	 	Phyllis A. Cietek
	Title:	 	Vice-President

  

  
 10

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