Document:

Exhibit

        

Exhibit 10.1

SEPARATION AGREEMENT
BY AND AMONG
BIG LOTS, INC., BIG LOTS STORES, INC. 
AND
DAVID J. CAMPISI

This Separation Agreement (this “Agreement”), by and among Big Lots, Inc. (“BLI”), Big Lots Stores, Inc. (“Big Lots”) and their affiliates, predecessors, successors, subsidiaries and other related companies (collectively, the “Company”) and David J. Campisi (the “Executive”), collectively, the “Parties,” is effective as of April [16], 2018 (the “Employment Termination Date”).

W I T N E S S E T H   T H A T

WHEREAS, the Executive has been employed as the Company’s Chief Executive Officer and President and has been a member of the Board of Directors of BLI (the “Board”) since May 3, 2013;

WHEREAS, the Executive and the Company are parties to that certain Executive Employment Agreement, effective as of March 17, 2015, governing the terms and conditions of the Executive’s employment with the Company (the “Prior Agreement”); 

WHEREAS, on April [16], 2018, the Executive notified the Board that he intended to retire as Chief Executive Officer and President and resign from the Board, effective as of April 16, 2018, to focus on his health; and

WHEREAS, the Board acknowledges that the Executive intends to pursue additional community-based activities during his retirement; 

NOW, THEREFORE, it is hereby agreed as follows:

1.Separation. Effective as of the Employment Termination Date, the Executive hereby retires as Chief Executive Officer and President of the Company and resigns from all other positions the Executive then holds as an officer, employee or member of the boards of directors of the Company, including as a member of the Board. The Company will not object to the Executive continuing to be a member of the Columbus Partnership through December 31, 2018; provided that, if the Columbus Partnership invites the new Chief Executive Officer of the Company to join the Columbus Partnership as a member, the Executive will take all actions necessary or desirable to facilitate the appointment of the new Chief Executive Officer of the Company as a member of the Columbus Partnership. For all purposes of this Agreement, the Prior Agreement and all of the Company’s compensation and benefit plans (including the Big Lots 2012 Long-Term Incentive Plan, as amended and restated effective May 29, 2014, or any successors thereto (and any awards issued thereunder) (the “2012 LTIP”), and the Big Lots 2006 Bonus Plan, as amended  (the “Bonus Plan”)), the Executive’s retirement on the Employment Termination Date shall be treated as a termination by mutual agreement by the Company and the Executive as of the Employment Termination Date, and the Executive shall not be entitled to any 

    

enhanced or additional benefits in connection with such termination, other than as expressly set forth in this Agreement, and, to the extent the benefits to which the Executive is entitled under this Agreement exceed those set forth in either of the 2012 LTIP and Bonus Plan in connection with a termination by mutual agreement, the Executive shall be entitled to the benefits under this Agreement.

2.Separation Benefits.  Other than with respect to Section 2(a) below, subject to the Executive’s execution no less than 21 days after the Employment Termination Date and the expiration of the applicable 7 calendar-day revocation period with respect to the release agreement attached hereto as Exhibit A (such release agreement, the “Release,” and the date upon which such revocation expires being referred to hereinafter as the “Release Effective Date”):

a.    The Executive’s current salary and benefits shall continue through the Employment Termination Date, and the Company shall, no later than the Company’s first regularly scheduled payroll date for similarly situated employees that occurs on or after the Employment Termination Date, in a lump sum (i)  pay for any paid time off accrued through the Employment Termination Date, and (ii) reimburse the Executive for all expenses paid or incurred by the Executive for which the Executive is entitled to reimbursement by the Company that remain outstanding as of the Employment Termination Date.  The Executive’s participation in the Company’s Savings Plan and the Supplemental Savings Plan shall be governed by the terms of those plans and any applicable deferral election made by the Executive thereunder; it being understood that any unvested Company contributions to the Savings Plan and the Supplemental Savings Plan shall be forfeited as of the Employment Termination Date.

b.    The Company shall pay the Executive $2,300,000 in cash, representing 200% of the Executive’s then current base salary rate, payable in equal consecutive regular payroll installments over a 24 month period commencing on the Company’s first regularly scheduled payroll date for similarly situated employees that occurs after the Release Effective Date and in any event no later than the 45th day following the Employment Termination Date.

c.    The Company shall pay the Executive a pro rata portion (based on the number of days employed during fiscal year 2018 through and including the Employment Termination Date divided by the total number of calendar days in fiscal year 2018) of the annual bonus that the Executive would have been eligible to receive, if any, under the Bonus Plan, for fiscal year 2018 had the Executive’s termination not occurred at all; provided that the Company’s performance is such that a bonus would otherwise have been earned under the Bonus Plan (as determined by the Compensation Committee of the Board (the “Committee”) at the end of fiscal year 2018 in accordance with the Bonus Plan, in a manner consistent with annual bonuses for other members of the Company’s Executive Leadership Team), and the pro rata portion of such bonus, if any, will be paid on the date the bonus would otherwise have been paid under the Bonus Plan (which shall be the same payment date as such fiscal year 2018 bonuses are paid to other members of the Company’s Executive Leadership Team under the Bonus Plan).

d.    The Company shall pay $40,000, in a lump sum, as a payment toward outplacement assistance or personal counseling services, payable on an after-tax basis on the 

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Company’s first regularly scheduled payroll date for similarly situated employees that occurs after the Release Effective Date and in any event no later than the 45th day following the Employment Termination Date.

e.    The Executive shall be entitled to purchase his current automobile provided by the Company by paying to the Company the wholesale value of such automobile as of the Employment Termination Date; provided that the Executive completes such purchase within 60 days of the Employment Termination Date.

f.    The Company shall reimburse the Executive for reasonable attorneys’ fees incurred in connection with the termination of employment up to an amount of $25,000, which reimbursement shall be paid in a lump sum on the Company’s first regularly scheduled payroll date for similarly situated employees that occurs after the Release Effective Date and in any event no later than the 45th day following the Employment Termination Date.

g.    The Executive shall be entitled to elect to continue medical, hospitalization and dental coverage under the Company’s group medical, hospitalization and dental benefit plans in effect for similarly situated active senior level employees of the Company under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), or equivalent benefits for up to 104 weeks following the Employment Termination Date, at the sole expense of the Company on an after-tax basis. After such 104-week period, the Executive will be eligible for regular medical, hospitalization and dental benefits at his own expense.  All other provisions of the Executive’s COBRA coverage (including, without limitation, any applicable co-payments, deductibles and other out-of-pocket expenses) other than as relating to premium payments which shall be borne exclusively by the Company during the 104 week period will be in accordance with the applicable plan in effect for similarly situated active senior level employees of the Company.

h.    With respect to the Executive’s unvested time-vesting restricted stock units (“RSUs”), 23,358 RSUs shall vest as of the Release Effective Date, representing the sum of 50% of the Executive’s unvested RSU grant made in fiscal year 2016 plus 50% of the Executive’s unvested RSU grant made in fiscal year 2017. With respect to the Executive’s unvested performance-vesting restricted stock units (“PSUs”), the Executive’s target number of PSUs shall be adjusted to be the sum of 50% of the Executive’s target PSU grant made in fiscal year 2016 plus 50% of the Executive’s target PSU grant made in fiscal year 2017, amounting to 72,514 PSUs (the “Target PSUs”). The Target PSUs shall vest on the basis of the Company’s performance, where the Executive shall be entitled to earn as little as 0% and as much as 150% of the Target PSUs, with performance with respect to each performance period of each of those grants being determined by the Committee at the end of the applicable performance period (i.e., in or before March 2019 for the PSU grant made in fiscal year 2016 and in or before March 2020 for the PSU grant made in fiscal year 2017) in accordance with the applicable long-term incentive plan, in a manner consistent with PSUs granted to other members of the Company’s Executive Leadership Team; provided that the Company’s performance is such that the PSUs would otherwise have been earned under the applicable long-term incentive plan.  Notwithstanding the foregoing, the original payment dates of the Executive’s RSUs and PSUs shall not be accelerated in violation of Section 409A of the Code. For the avoidance of doubt, 

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any RSUs or PSUs held by the Executive and not vested as of the Employment Termination Date and not accelerated hereunder shall be forfeited, and any stock options held by the Executive as of the Employment Termination Date shall be governed by the terms of the applicable long-term incentive plan.

3.Restrictive Covenants; Indemnification; Arbitration. 

a.    Restrictive Covenants. The Parties acknowledge and agree that the provisions of Sections 7(a) (Confidential Information), 7(b) (Company Developments), 7(c) (Return of Company Property) (except as agreed to with the Company), 7(d) (Covenant Not to Compete), 7(e) (Covenant Not to Interfere), 7(f) (Post-Termination Cooperation), 7(g) (Non-Disparagement), 7(h) (Notice of Subsequent Employment) and 7(i) (Remedies) of the Prior Agreement shall remain in full force and effect in accordance with the terms thereof and shall survive the termination of the Executive’s employment. In addition, the Parties agree that, prior to the Company issuing any press release or other written communication to the public, in either case regarding the Executive’s termination of employment, the Company shall consult with the Executive and, in good faith, (i) provide to the Executive a draft of such proposed press release or communication prior to its anticipated issuance and (ii) consider revisions requested by the Executive.

b.    Executive Protections.  Nothing in this Agreement or otherwise limits the Executive’s ability to communicate directly with and provide information, including documents, not otherwise protected from disclosure by any applicable law or privilege to the Securities and Exchange Commission (the “SEC”) or any other federal, state or local governmental agency or commission (“Government Agency”) regarding possible legal violations, without disclosure to the Company.  The Company may not retaliate against the Executive for any of these activities, and nothing in this Agreement or otherwise requires the Executive to waive any monetary award or other payment that the Executive might become entitled to from the SEC or any other Government Agency.

c.    Defend Trade Secrets.  Pursuant to Section 7 of the Defend Trade Secrets Act of 2016 (which added 18 U.S.C. § 1833(b)), the Executive acknowledges that he shall not have criminal or civil liability under any federal or state trade secret law for the disclosure of a trade secret that (i) is made (A) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney and (B) solely for the purpose of reporting or investigating a suspected violation of law; or (ii) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.  In addition, and without limiting the preceding sentence, if the Executive files a lawsuit for retaliation by the Company for reporting a suspected violation of law, the Executive may disclose the trade secret to the Executive’s attorney and may use the trade secret information in the court proceeding, if the Executive (X) files any document containing the trade secret under seal and (Y) does not disclose the trade secret, except pursuant to court order.  Nothing in this Agreement is intended to conflict with 18 U.S.C. § 1833(b) or create liability for disclosures of trade secrets that are expressly allowed by such section.

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d.    Indemnification. The Parties acknowledge and agree that the provisions of Section 10 (Indemnification and Insurance) of the Prior Agreement and that certain indemnification agreement by and between the Executive and the Company referenced therein shall each remain in full force and effect in accordance with their respective terms and shall survive the termination of the Executive’s employment.

e.    Arbitration. The Parties acknowledge and agree that Section 11 (Arbitration) of the Prior Agreement shall remain in full force and effect in accordance with the terms thereof and shall be deemed to apply to this Agreement in addition to the matters set forth therein.

4.General Provisions.

a.    Representation of Executive. The Executive represents and warrants that the Executive is an experienced senior executive knowledgeable about the matters (and their effect) within the purview of this Agreement and the Release and is not under any contractual or legal restraint that prevents or prohibits the Executive from entering into this Agreement or Release or performing the duties and obligations described in this Agreement or the Release.  Without limiting the effectiveness of the foregoing, the Executive acknowledges that (i) the Company hereby advises him of his right to consult with an attorney prior to signing this Agreement and the Release; (ii) he has received the advice of his attorney prior to signing this Agreement and the Release and has carefully read and fully understands all of the provisions of this Agreement and the Release; and (iii) he is entering into this Agreement, as well as the Release, knowingly, freely and voluntarily in exchange for good and valuable consideration to which he would not be entitled in the absence of signing this Agreement and the Release.

b.    Modification or Waiver; Entire Agreement. No provision of this Agreement may be modified or waived except in a document signed by the Executive and the person designated by the Board. This Agreement contains the entire agreement of the parties with respect to the subject matter hereof, and except as otherwise set forth herein, supersedes all prior agreements, promises, covenants, arrangements, communications, representations and warranties between them, whether written or oral, with respect to the subject matter hereof, including the Prior Agreement.

c.    Governing Law; Severability. This Agreement is intended to be performed in accordance with, and only to the extent permitted by, all applicable laws, ordinances, rules and regulations. If any provision of this Agreement, or the application of any provision of this Agreement to any person or circumstance, is, for any reason and to any extent, held invalid or unenforceable, such invalidity and unenforceability will not affect the remaining provisions of this Agreement in its application to other persons or circumstances, all of which will be enforced to the greatest extent permitted by law; and the Parties agree that any invalid or unenforceable provision may and will be reformed and applied (i) as provided in Section 16 of the Prior Agreement, with respect to the matters specifically contemplated in Section 7 of the Prior Agreement (as incorporated into this Agreement) and (ii) with respect to other matters, (x) to the extent needed to avoid that invalidity or unenforceability and (y) in a manner that is as similar as possible to the Parties’ intent (as described in this Agreement) and preserves the essential economic substance and effect of this Agreement. The validity, construction and interpretation of 

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this Agreement and the rights and duties of the Parties will be governed by the laws of the State of Ohio, without reference to the Ohio choice of law rules.

d.    No Waiver. Except as otherwise provided in Section 11(e) of the Prior Agreement (as incorporated into this Agreement), failure to insist upon strict compliance with any term of this Agreement will not be considered a waiver of any such term or any other term of this Agreement.

e.    Withholding. All payments made to or on behalf of the Executive under this Agreement will be reduced by any amount that the Company is required by law to withhold in advance payment of the Executive’s federal, state and local income, wage and employment tax liability.

f.    Survival. The Parties agree that the covenants and promises set forth in this Agreement will survive the termination of this Agreement and continue in full force and effect after this Agreement terminates to the extent that their performance is required to occur after this Agreement terminates.

g.    Notices. Any notice permitted or required to be given under this Agreement must be given in writing and delivered in person or by registered, U.S. mail, return receipt requested, postage prepaid; or through Federal Express, UPS, DHL or any other reputable professional delivery service that maintains a confirmation of delivery system. Any delivery must be (i) in the case of notices to the Company, addressed to the Company’s General Counsel at the Company’s then-current corporate offices and (ii) in the case of notices to the Executive, addressed to the Executive’s last mailing address contained in the Executive’s personnel file. Any notice permitted or required to be given under this Agreement will be deemed to have been given and will be effective on the date it is delivered.

h.    Miscellaneous.

i.    The Executive may not assign any right or interest to, or in, any payments payable under this Agreement until they have become due from the Company; provided, however, that this prohibition does not preclude the Executive from designating in writing one or more beneficiaries to receive any amount that may be payable after the Executive’s death and does not preclude the legal representative of the Executive’s estate from assigning any right under this Agreement to the person or persons entitled to it.

ii.    This Agreement will be binding upon and will inure to the benefit of the Executive, the Executive’s personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees, legatees and assigns and the Company and its successors, subsidiaries and other related companies, including entities that become related entities after the Release Effective Date.

iii.    The headings in this Agreement are inserted for convenience of reference only and will not be a part of or control or affect the meaning of any provision of the Agreement.

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iv.    Whenever the words “include,” “includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation”.

i.    Successors to Company. This Agreement may and will be assigned or transferred to, and will be binding upon and will inure to the benefit of, any successor of the Company, including any entity that is a party to a Change in Control, as defined in the Prior Agreement, and any successor will be substituted for the Company under the terms of this Agreement. As used in this Agreement, the term “successor” means any person, firm, corporation or business entity which at any time, whether by merger, purchase or otherwise, acquires all or essentially all of the assets of the business of the Company. Notwithstanding any assignment, the Company will remain, with any successor, jointly and severally liable for all its obligations under this Agreement.

j.    Section 409A.

i.        It is the intention of the Company that the provisions of this Agreement comply with Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) in a manner that does not impose additional taxes, interest or penalties upon the Executive pursuant to Section 409A of the Code, and all provisions of this Agreement will be construed and interpreted in a manner consistent with Section 409A of the Code and this Section 4(j).

ii.        Neither the Executive nor any of the Executive’s creditors or beneficiaries shall have the right to subject any deferred compensation (within the meaning of Section 409A of the Code) payable under this Agreement or under any other plan, policy, arrangement or agreement of or with the Company (this Agreement and such other plans, policies, arrangements and agreements, the “Company Plans”) to any anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment or garnishment. Except as permitted under Section 409A of the Code, any deferred compensation (within the meaning of Section 409A) payable to the Executive or for the Executive’s benefit under any Company Plan may not be reduced by, or offset against, any amount owed by the Executive to the Company.

iii.    If, at the time of the Executive’s separation from service (within the meaning of Section 409A of the Code), (i) the Executive shall be a specified employee (within the meaning of Section 409A of the Code and using the identification methodology selected by the Company from time to time) and (ii) the Company shall make a good faith determination that an amount payable under a Company Plan constitutes deferred compensation (within the meaning of Section 409A of the Code) the payment of which is required to be delayed pursuant to the six-month delay rule set forth in Section 409A of the Code in order to avoid taxes or penalties under Section 409A of the Code, then the Company shall not pay such amount on the otherwise scheduled payment date but shall instead accumulate such amount and pay it, without interest, on the first business day after such six-month period.

iv.        Notwithstanding any contrary provision herein, the Executive’s right to any payment under this Agreement shall be treated as the right to a series of separate 

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payments, as defined under Treas. Reg. Section 1.409A-2(b)(2). The Executive shall have no right to designate the date of any payment hereunder.

v.        All reimbursements and in-kind benefits provided under this Agreement that constitute deferred compensation within the meaning of Section 409A of the Code shall be made or provided in accordance with the requirements of Section 409A of the Code, including, without limitation, that (i) in no event shall reimbursements by the Company under this Agreement be made later than the end of the calendar year next following the calendar year in which the applicable fees and expenses were incurred, provided, that the Executive shall have submitted an invoice for such fees and expenses at least 10 days before the end of the calendar year next following the calendar year in which such fees and expenses were incurred; (ii) the amount of in-kind benefits that the Company is obligated to pay or provide in any given calendar year (other than medical reimbursements described in Treas. Reg. § 1.409A­3(i)(1)(iv)(B)) shall not affect the in­kind benefits that the Company is obligated to pay or provide in any other calendar year; (iii) the Executive’s right to have the Company pay or provide such reimbursements and in-kind benefits may not be liquidated or exchanged for any other benefit; and (iv) in no event shall the Company’s obligations to make such reimbursements or to provide such in-kind benefits apply later than the Executive’s remaining lifetime (or if longer, through the 20th anniversary of the Employment Termination Date).

vi.        Notwithstanding any provision of this Agreement or any Company Plan to the contrary, in light of the uncertainty with respect to the proper application of Section 409A of the Code, the Company reserves the right to make amendments to any Company Plan as the Company deems necessary or desirable to avoid the imposition of taxes or penalties under Section 409A of the Code. In any case, the Executive shall be solely responsible and liable for the satisfaction of all taxes and penalties that may be imposed on the Executive or for the Executive’s account in connection with any Company Plan (including any taxes and penalties under Section 409A), and the Company shall not have any obligation to indemnify or otherwise hold the Executive harmless from any or all of such taxes or penalties.

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IN WITNESS WHEREOF, the Parties have duly executed and delivered this Agreement, which includes an arbitration provision, and consists of 9 pages.

BIG LOTS, INC.

By: ________________________________

Signed:

BIG LOTS STORES, INC.

By: ________________________________

Signed:

David J. Campisi

By: _________________________________

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ATTACHMENT A

Release

This Release (this “Release”) is entered into by David J. Campisi (the “Executive”) in favor of BIG LOTS, INC. (“BLI”), BIG LOTS STORES, INC. (“Big Lots”) and their affiliates, predecessors, successors, subsidiaries and other related companies (collectively, the “Company”) and the other Releasees set forth below.

Background

A.    The Executive has been employed by the Company pursuant to the Executive Employment Agreement between the Executive and the Company dated as of March 17, 2015 (the “Employment Agreement”); 

B.     The Executive’s employment with the Company and the Employment Agreement have terminated, or are being terminated in connection with the execution and delivery of this Release; and 

C.    In exchange for good and valuable consideration with respect to such termination (the “Severance”) the Executive is executing and delivering to the Company this Release that is not revoked by the Executive. 

Statement of Agreement

In consideration of, and as a condition to, the Executive’s right to receive the Severance, the Executive agrees as set forth below. 

Section 1. Definitions. Capitalized terms used herein without definition have the meanings ascribed to such terms in the Employment Agreement.

Section 2. Release of Claims. The Executive, on behalf of himself and the Executive’s heirs, executors, administrators, successors and assigns, forever releases (a) the Company, (b) each of the affiliates and predecessors and successors of the Company, (c) each of the current and former owners, officers and directors (and individuals in other equivalent positions) of the Company and (d) each of the employees, attorneys, agents and insurers of the Company (collectively, “Releasees”) from any and all claims, including those relating to (i) the Executive’s employment with the Company and/or the termination of such employment, (ii) the Employment Agreement and/or the termination of the Employment Agreement and/or (iii) the Executive’s status as, or relationship or dealings with any Releasee in the Executive’s capacity as, a stockholder, officer or director (or in other equivalent positions) of the Company arising in whole or in part from events occurring prior to the date of execution of this Release that the Executive now has or may have or that the Executive may hereafter have of any nature whatsoever, be they common law or statutory, legal or equitable, in contract or tort (each such claim, a “Released Claim”), including but not limited to claims under any employment agreement, 

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the internal policies and procedures of the Company, the Age Discrimination in Employment Act, as amended, Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991, the Americans With Disabilities Act, the Equal Pay Act, the Family and Medical Leave Act, the Employee Retirement Income Security Act, and/or any other state, federal, local or municipal statute, regulation, rule or order that relates to the Executive’s employment. The Executive hereby waives all rights to assert a claim for relief available under all applicable laws, including but not limited to relief in the form of attorney fees, damages, reinstatement, back pay, or injunctive relief. Excluded from this Release are any claims that cannot be released or waived by law, including but not limited to any right to file a charge with or participate in an investigation conducted by certain government agencies. The Executive acknowledges and agrees, however, that he is releasing and waiving his right to any monetary recovery should any government agency pursue any claims on his behalf that arose prior to the effective date of this Release. The Executive hereby represents that he has not assigned, or otherwise transferred any right, title or interest in any Released Claims to any other Person.
    
Section 3. Review of Release by Executive.

(a) The Executive is hereby advised to consult with an attorney before executing this Release. 
    
(b) The Executive has been given at least 21 calendar days after receipt of this Release (the “Consideration Period”), if the Executive so desires, to consider this Release before signing it. If the Executive signs this Release, the date on which the Executive signs this Release will be the “Execution Date.” If not signed by the Executive and returned to the Company so that it is received no later than the end of the Consideration Period, this Release will not be valid. In the event the Executive executes and returns this Release prior to the end of the Consideration Period, the Executive acknowledges that the Executive’s decision to do so was voluntary and that the Executive had the opportunity to consider this Release for the entire Consideration Period. 

(c) The Company and the Executive agree that this Release will not become effective until 7 calendar days after the Execution Date and that the Executive may, within 7 calendar days after the Execution Date, revoke this Release in its entirety by written notice to the Company. If written notice of revocation is not received by the Company by the 8th calendar day after the execution of this Release by the Executive, this Release will become effective and enforceable on that day. 

Section 4. Miscellaneous. This Release shall be governed and construed in accordance with the laws of the State of Ohio, without regard to conflict of law provisions. This Release shall bind the respective heirs, executors, administrators, successors and assigns of the Executive. 

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The Executive represents and agrees that Executive has fully read and understands the meaning of this Release, has had the opportunity to consult with legal counsel of Executive’s choosing, and is voluntarily entering into this Release with the intention of giving up all claims against the Company and other Releasees.  

IN WITNESS WHEREOF, the Executive has executed this Release on the Execution Date set forth below. 

Executive:

                                                
Name: David J. Campisi
                        
Execution Date:                

A-3EX-4.2

 Exhibit 4.2 

FOURTH AMENDED AND RESTATED AGREEMENT AND DECLARATION OF TRUST 

OF 
 WORLD GOLD TRUST

 (formerly known as World Currency Gold Trust) 

DATED AS OF APRIL 16, 2018 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE I
	 	NAME, PURPOSE AND DEFINITIONS	  	 	2	 
			
	 Section 1.01
	 	Name	  	 	2	 
	 Section 1.02
	 	Purpose	  	 	2	 
	 Section 1.03
	 	Definitions	  	 	2	 
	 Section 1.04
	 	Grantor Trust	  	 	6	 
			
	 ARTICLE II
	 	SERIES AND SHARES	  	 	6	 
			
	 Section 2.01
	 	Division of Beneficial Interest; Establishment of Series	  	 	6	 
	 Section 2.02
	 	Ownership of Shares	  	 	7	 
	 Section 2.03
	 	Transfer of Shares	  	 	7	 
	 Section 2.04
	 	Investments in a Series	  	 	7	 
	 Section 2.05
	 	Status of Shares and Limitation of Personal Liability	  	 	8	 
	 Section 2.06
	 	Designation and Rights of Shares	  	 	8	 
	 Section 2.07
	 	Fixing of Record Date	  	 	10	 
	 Section 2.08
	 	Creations and Issuance of Creation Baskets	  	 	11	 
	 Section 2.09
	 	Requirements for Deposits of Gold	  	 	11	 
	 Section 2.10
	 	Redemption of Creation Baskets	  	 	12	 
			
	 ARTICLE III
	 	TRUSTEE	  	 	13	 
			
	 Section 3.01
	 	Term; Resignation	  	 	13	 
	 Section 3.02
	 	Duties	  	 	13	 
	 Section 3.03
	 	Compensation and Expenses of the Trustee	  	 	13	 
	 Section 3.04
	 	Liability of Trustee	  	 	14	 
	 Section 3.05
	 	Indemnification	  	 	15	 
	 Section 3.06
	 	Successor Trustee	  	 	15	 
			
	 ARTICLE IV
	 	THE SPONSOR	  	 	16	 
			
	 Section 4.01
	 	Management of the Trust	  	 	16	 
	 Section 4.02
	 	Authority of Sponsor	  	 	16	 
	 Section 4.03
	 	Obligations of Sponsor	  	 	17	 
	 Section 4.04
	 	Compensation of the Sponsor	  	 	18	 
	 Section 4.05
	 	Liability of Sponsor and Indemnification	  	 	18	 
			
	 ARTICLE V
	 	BOOKS OF ACCOUNT AND CERTIFICATE OF TRUST	  	 	19	 
			
	 Section 5.01
	 	Books of Account	  	 	19	 
	 Section 5.02
	 	Certificate of Trust	  	 	19	 

  
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	 ARTICLE VI
	 	AMENDMENT OF DECLARATION OF TRUST	  	 	19	 
	 ARTICLE VII
	 	TERM	  	 	20	 
	 ARTICLE VIII
	 	TERMINATION/REORGANIZATION	  	 	20	 
			
	 Section 8.01
	 	Termination of the Trust or any Series	  	 	20	 
	 Section 8.02
	 	Merger and Consolidation	  	 	21	 
	 Section 8.03
	 	Dissolution of Sponsor Not to Terminate Trust	  	 	21	 
			
	 ARTICLE IX
	 	MISCELLANEOUS PROVISIONS	  	 	21	 
			
	 Section 9.01
	 	Certain Matters Relating to Shareholders	  	 	21	 
	 Section 9.02
	 	Delaware Law to Govern	  	 	23	 
	 Section 9.03
	 	Provisions in Conflict with Law or Regulations	  	 	23	 
	 Section 9.04
	 	Notices	  	 	24	 
	 Section 9.05
	 	Headings	  	 	25	 
	 Section 9.06
	 	Counterparts	  	 	25	 

  

  
 ii 

 WORLD GOLD TRUST 

FOURTH AMENDED AND RESTATED AGREEMENT AND DECLARATION OF TRUST 

WHEREAS, THIS FOURTH AMENDED AND RESTATED AGREEMENT AND DECLARATION OF TRUST is made and entered into as of April 16, 2018, by WGC USA
ASSET MANAGEMENT COMPANY, LLC, as sponsor, and DELAWARE TRUST COMPANY, as trustee, for the purpose of continuing a Delaware statutory trust in accordance with the provisions hereinafter set forth; 

WHEREAS, WGC USA Asset Management Company, LLC and Delaware Trust Company (formerly known as CSC Trust Company of Delaware) have heretofore
created a Delaware statutory trust under the name “Global Currency Gold Trust” pursuant to the Delaware Act (as hereinafter defined) by entering into an agreement and declaration of trust, dated as of August 27, 2014 (the
“Original Agreement and Declaration of Trust”), and by executing and filing with the Secretary of State of the State of Delaware the Certificate of Trust; 

WHEREAS, the Original Agreement and Declaration of Trust was amended and restated as of June 30, 2016 (the “Amended and Restated
Agreement and Declaration of Trust”); 
 WHEREAS, a Certificate of Amendment to the Certificate of Trust was executed and filed with
the Secretary of State of the State of Delaware on August 22, 2016 to change the name of the Trust from “Global Currency Gold Trust” to “World Currency Gold Trust”; 

WHEREAS, the Amended and Restated Agreement and Declaration of Trust was further amended and restated as of September 13, 2016 (the
“Second Amended and Restated Agreement and Declaration of Trust”) to reflect the Trust’s name change and make certain other changes as set forth therein; 

WHEREAS, the Second Amended and Restated Agreement and Declaration of Trust was further amended and restated as of January 6, 2017 (the
“Third Amended and Restated Agreement and Declaration of Trust”); 
 WHEREAS, a Certificate of Amendment to the Certificate of
Trust was executed and filed with the Secretary of State of the State of Delaware on April 16, 2018 to change the name of the Trust from “World Currency Gold Trust” to “World Gold Trust”; and 

WHEREAS, the parties hereto desire to amend and restate the Third Amended and Restated Agreement and Declaration of Trust in its entirety to
reflect the Trust’s name change and make certain other changes as set forth herein. 
 NOW, THEREFORE, in consideration of the
agreements and obligations set forth herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, each party, hereby amends and restates the Third Amended and Restated Agreement and Declaration
of Trust in its entirety and agrees as follows: 

  
 1 

 ARTICLE I 

NAME, PURPOSE AND DEFINITIONS 

Section 1.01 Name. This trust shall be known as the “World Gold Trust.” The Sponsor and the Trustee shall conduct the
business of the Trust under this name or any other name as the Sponsor may from time to time determine in its sole discretion. Any name change shall become effective on the execution by the Sponsor of an instrument setting forth the new name and the
filing of a certificate of amendment pursuant to Section 3810(b)(1) of the Delaware Act. Any such instrument shall not require the approval of the Shareholders but shall have the status of an amendment to this Declaration of Trust. 

Section 1.02 Purpose. The purpose of the Trust is to provide Shareholders of each Series with direct or indirect exposure
to commodities and/or commodity interests, including Series that provide the economic effect of holding physical Gold in terms of one or more non-U.S. currencies. The Sponsor intends for each Series to be
operated and treated for U.S. federal income tax purposes as an “‘investment’ trust” as defined in Treasury Regulation § 301.7701-4(c)(1) and to be treated as a “grantor
trust” described in sections 671-679 of the Code. All provisions in this Declaration of Trust are intended to be construed such that the Trust or any Series thereof does not lose its status as an
“‘investment’ trust” treated as a “grantor trust”. It is not the intention of the Sponsor to create a general partnership, limited partnership, limited liability company, joint stock association, corporation,
bailment or any form of legal relationship other than a Delaware Statutory Trust. The Trust shall be entitled to exercise all of the powers and privileges granted to a statutory trust formed under the laws of the State of Delaware, now or
hereafter in force. 
 Section 1.03 Definitions. Whenever used herein, unless otherwise required by the context or
specifically provided: 
 (a) “Administrator” means any Person from time to time engaged to perform administration services
for the Trust and each Series pursuant to authority delegated by the Sponsor. 
 (b) “Affiliate” shall mean, with respect to any
Person, any other Person that, directly or indirectly through one or more intermediaries, Controls, is Controlled by, or is under common Control with, such Person. 

(c) “Business Day” shall mean any day the Exchange is open for business and the Trust accepts creation and redemption orders for
Creation Baskets. 
 (d) “By-Laws” shall mean the
By-Laws of the Trust, if any, as amended from time to time which By-Laws are expressly herein incorporated by reference as part of the “governing instrument”
within the meaning of the Delaware Act (defined herein). 

  
 2 

 (e) “Certificate of Trust” means the Certificate of Trust of the Trust in the form
filed with the Secretary of State of the State of Delaware pursuant to Section 3810 of the Delaware Act as amended or restated from time to time. 

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

(g) “Control” and/or “Controlled” mean that the specified party, directly or indirectly, has the power to direct or cause
the direction of the management and policies of an entity through the ownership of voting securities, by contract or otherwise. 
 (h)
“Commodity Pool Operator” means the Sponsor or any Person who is registered as a commodity pool operator with the Commodity Futures Trading Commission and engaged by the Trust or the Sponsor to serve as a commodity pool operator of the
Trust and each Series. 
 (i) “Creation Basket” shall mean a block of 10,000 Shares or more or such other amount as established
from time to time by the Sponsor. Multiple blocks are called “Creation Baskets.” 
 (j) “Creation Basket Gold Delivery
Amount” means the total deposit of Gold required to create a Creation Basket. The Creation Basket Gold Delivery Amount is the number of ounces of Gold required to be delivered to a Series by a Participant in connection with a creation order for
a single Creation Basket. The Creation Basket Gold Delivery Amount also refers to the amount of gold to be paid out by a Series in connection with the redemption of a Creation Basket. 

(k) “Custodian” means, with respect to any Series, an entity designated to act as custodian of the assets of such Series pursuant to
a written agreement with the Trust or Sponsor on behalf of such Series. 
 (l) “Custody Agreement” means a written agreement
entered into by the Trust or Sponsor with a Custodian providing for the deposit, safekeeping or delivery of Gold held by a Series and related services. 

(m) “Declaration of Trust” shall mean this Fourth Amended and Restated Agreement and Declaration of Trust, as amended or restated
from time to time. 
 (n) “Delaware Act” shall mean the Delaware Statutory Trust Act (12 Del. C. § 3801 et
seq.), as such statute may be amended or interpreted from time to time, and any legislative enactment which may replace or supersede such Act. 

(o) “DTC” shall mean the Depository Trust Company. DTC is a limited purpose trust company organized under New York law, a member
of the U.S. Federal Reserve System and a clearing agency registered with the SEC registered pursuant to the provisions of Section 17A of the Securities Exchange Act of 1934, as amended. DTC will act as the securities depository for the Shares.

  
 3 

 (p) “DTC Participant” shall mean a Participant in DTC, such as a bank, broker, dealer
or trust company. 
 (q) “Exchange” means the primary exchange or other securities market on which the Shares of a Series are
listed for trading. 
 (r) “Expenses” shall have the meaning assigned to such term in Section 3.05 herein. 

(s) “General Assets” shall have the meaning assigned to such term in Section 2.06(a) herein. 

(t) “Gold” means gold bullion meeting the London Good Delivery Standards. 

(u) “Indemnified Person” shall have the meaning assigned to such term in Section 3.05 herein. 

(v) “LBMA” means the London Bullion Market Association. 

(w) “London Good Delivery” shall have the meaning assigned to such term in the Good Delivery Rules for Gold and Silver Bars contained
in the rules promulgated by the LBMA. 
 (x) “LPMCL” means the London Precious Metals Clearing Limited. 

(y) “Participant” means a person who (1) is a registered broker-dealer or other securities market participant such as a bank or
other financial institution which is not required to register as a broker-dealer to engage in securities transactions, (2) is a participant in DTC, (3) has entered into a Participant Agreement and (4) has established a Participant
Unallocated Account with the Custodian or another LPMCL clearing bank. Only Participants may place orders to create or redeem one or more Creation Baskets. 

(z) “Participant Agreement” shall mean an agreement entered into by each Participant with respect to a Series which provides the
procedures for the creation and redemption of Creation Baskets and for the delivery of the Gold and cash, if any, required for such creations and redemptions. 

(aa) “Participant Unallocated Account” means the account maintained on an unallocated basis by the Custodian or another LPMCL
clearing bank for a Participant. 
 (bb) “Person” means and includes individuals, corporations, partnerships, trusts, associations,
joint ventures, estates and other entities, whether or not legal entities, and governments and agencies and political subdivisions thereof, whether domestic or foreign. 

(cc) “Prospectus” shall have the meaning assigned to such term in Section 4.02(d) herein. 

  
 4 

 (dd) “Redemption Order” shall have the meaning assigned to such term in
Section 2.10(a) herein. 
 (ee) “Registration Statement” means the registration statement of the Trust with respect to a
Series as filed with the SEC and declared effective thereby, or becoming automatically effective, as applicable, as the same may at any time and from time to time be amended or supplemented. 

(ff) “SEC” means the U.S. Securities and Exchange Commission. 

(gg) “Series” refers to each Series of Shares established and designated under or in accordance with the provisions of
Article II. 
 (hh) “Series Allocated Account” means the allocated Gold account of the Trust established with the Custodian on
behalf of a Series. The Series Allocated Account will be used to hold the physical Gold that is transferred from a Series Unallocated Account to be held by that Series in allocated form (i.e., as individually identified bars of Gold). 

(ii) “Series Unallocated Account” means the unallocated Gold account of the Trust established with the Custodian on behalf of a
Series. The Series Unallocated Account will be used to facilitate the transfer of Gold in and out of that Series. Specifically, it will be used to transfer Gold deposits and Gold redemption distributions between Participants and the Series in
connection with the creation and redemption of Creation Baskets, in connection with the transfers of Gold to or from the gold delivery provider of the Series, and in connection with sales of Gold for the Series. 

(jj) “Shareholder” means a record owner of at least one outstanding Share. 

(kk) “Share” shall mean an equal proportionate unit of beneficial interest into which the beneficial interest of each Series shall be
divided. “Shares” includes fractions of Shares as well as whole Shares. 
 (ll) “Sponsor” means WGC USA Asset Management
Company, LLC, or any entity into which it may be merged or with which it may be consolidated, or any entity resulting from any merger or consolidation to which it shall be a party, or any entity succeeding to all or substantially all of its business
as sponsor of the Trust, or any successor Sponsor designated as such by operation of law or any successor Sponsor appointed as herein provided. 

(mm) “Sponsor Agreement” means an agreement between the Trust and the Sponsor setting forth, among other things, the Sponsor’s
compensation for its services as Sponsor of the Trust. 
 (nn) “Sponsor Indemnified Party” shall have the meaning assigned to such
term in Section 4.05(c) herein. 
 (oo) “Trust” refers to the Delaware statutory trust established under the Delaware Act by
the filing of the Certificate of Trust in the Office of the Secretary of State of the State of Delaware on August 27, 2014, inclusive of each and every Series established as part of the Trust hereunder now or in the future. 

  
 5 

 (pp) “Trust Property” means the property of the Trust and, specifically, the Gold owned
or held by or for the account of the Trust or any Series. 
 (qq) “Trustee” refers to Delaware Trust Company or any successor
Trustee designated as such by operation of law or appointed as herein, acting not in its individual capacity but solely as trustee of the Trust. 

Section 1.04 Grantor Trust. Nothing in this Declaration of Trust, any Custody Agreement, the Sponsor Agreement or otherwise
shall be construed to give the Trustee or Sponsor the power to vary the investment of the Shareholders (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 Shareholders. Neither the Trustee nor the Sponsor shall be liable to any Person for any failure of the
Trust or Series thereof 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 Sponsor’s responsibility for the administration of the Trust in accordance with this Declaration of Trust. 
 ARTICLE II 

SERIES AND SHARES 

Section 2.01 Division of Beneficial Interest; Establishment of Series. The beneficial interest in the Trust shall be divided into
one or more Series. Each Share of a Series of the Trust shall represent an equal beneficial interest in the net assets of such Series, and each holder of Shares of a Series shall be entitled to receive such holder’s pro rata share of
distributions of income and capital gains, if any, made with respect to such Series. Upon redemption of the Shares of any Series, the applicable Shareholder shall be paid solely out of the Series and property of such Series of the Trust. 

All references to Shares in this Declaration of Trust shall be deemed to be Shares of any or all Series, as the context may require. All
provisions herein relating to the Trust shall apply equally to each Series of the Trust, except as the context otherwise requires. 
 All
Shares issued hereunder shall be fully paid and non-assessable. No Share shall have any priority or preference over any other Share of the same Series with respect to assets of such Series. All distributions,
if any, shall be made ratably among all Shareholders of a Series from the assets held with respect to such Series according to the number of Shares of such Series held of record by such Shareholders on the record date for any distribution or on the
date of termination of the Trust, as the case may be. Except as otherwise provided by the Sponsor Shareholders shall have no preemptive or other right to subscribe to any additional Shares or other securities issued by the Trust. Every Shareholder,
by virtue of having purchased or acquired a Share, shall have expressly consented and agreed to be bound by the terms of this Declaration of Trust. 

  
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 The Sponsor shall have full power and authority, in its sole discretion, without seeking the
approval of the Trustee or the Shareholders of any Series (i) to establish and designate and to change in any manner any Series and to fix such preferences, voting powers, rights, duties and privileges of each Series as the Sponsor may from
time to time determine, which preferences, voting powers, rights, duties and privileges may be senior or subordinate to any existing Series and may be limited to specified property or obligations of the Trust or gains and losses associated with
specified property or obligations of the Trust, (ii) to divide the beneficial interest in each Series into an unlimited amount of Shares, with or without par value, as the Sponsor shall determine, (iii) to issue Shares without limitation
as to number (including fractional Shares), to such Persons and for such amount of consideration, subject to any restriction set forth in the By-Laws, if any, at such time or times and on such terms as the
Sponsor may deem appropriate, (iv) to divide or combine the Shares or any Series into a greater or lesser number without thereby materially changing the proportionate beneficial interest of the Shares of such Series in the assets held with
respect to that Series, (v) to classify or reclassify any issued Shares of any Series into shares of one or more Series, and (vi) to take such other action with respect to the Shares as the Sponsor may deem desirable. 

Section 2.02 Ownership of Shares. The ownership of Shares shall be recorded on the books of the Trust or a transfer or
similar agent for the Trust, which books shall be maintained separately for the Shares of each Series. No certificates certifying the ownership of Shares shall be issued except as the Sponsor may otherwise determine from time to time. The Sponsor
may make such rules as it considers appropriate for the issuance of Share certificates, transfer of Shares of each Series and similar matters. The record books of the Trust as kept by the Trust, or any transfer or similar agent, as the case may be,
shall be conclusive as to the identity of the Shareholders of each Series and as to the number of Shares of each Series held from time to time by each. 

Section 2.03 Transfer of Shares. Except as otherwise provided by the Sponsor, Shares shall be transferable on the books of
the Trust only by the record holder thereof or by his duly authorized agent upon delivery to the Sponsor, the Trust’s transfer or similar agent or other Person designated by the Sponsor of a duly executed instrument of transfer, together with a
Share certificate if one is outstanding, and such evidence of the genuineness of each such execution and authorization and of such other matters as may be required by the Sponsor. Upon such delivery, and subject to any further requirements specified
by the Sponsor or contained in the By-Laws, the transfer shall be recorded on the books of the Trust. Until a transfer is so recorded, the Shareholder of record of Shares shall be deemed to be the holder of
such Shares for all purposes hereunder. 
 Section 2.04 Investments in a Series. Investments in each Series may be
accepted by the Trust from such Persons, at such times and on such terms as the Sponsor from time to time may authorize. Each investment shall be credited to the Shareholder’s account in the form of full and fractional Shares of the Trust, in
such Series as the purchaser shall select, at the net asset value per Share next determined for such Series after receipt of the investment; provided, however, that the Sponsor may, in its sole discretion, impose a sales charge, transaction fee or
other charges upon investments in a Series or place such other restrictions on investments in a Series as the Sponsor, in its sole discretion, deems appropriate. 

  
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 Section 2.05 Status of Shares and Limitation of Personal Liability. The ownership
of the Trust Property and the right to conduct the business of the Trust and each Series described herein are vested exclusively in the Sponsor and the Trustee. The Shareholders of a Series shall have no interest therein other than the beneficial
interest in such Series conferred by their Shares, and they shall have no right to call for any partition or division of any Trust Property, rights or interests of the Trust or a Series, nor can they be called upon to share or assume any losses of
the Trust or, subject to the right of the Sponsor to charge certain expenses directly to Shareholders, suffer an assessment of any kind by virtue of their ownership of Shares. Every Shareholder, by virtue of having purchased a Share, shall become a
Shareholder of the Series whose Share or Shares it has purchased and shall be held to have expressly assented and agreed to be bound by the terms hereof and to have become a party hereto. The death, incapacity, dissolution, termination or bankruptcy
of a Shareholder during the existence of the Trust or a Series shall not operate to terminate the Trust or such Series, nor entitle the representative of any deceased Shareholder to an accounting or to take any action in court or elsewhere against
the Trust or such Series, the Sponsor or the Trustee, but entitles such representative only to the rights of such Shareholder under this Declaration of Trust. Ownership of Shares shall not constitute the Shareholders as partners. The Shares shall
not entitle the holder to preference, preemptive, appraisal, conversion or exchange rights (except as specified in this Declaration of Trust or as specified by the Trust or the Sponsor when creating the Shares). No Shareholder of a Series shall be
subject in such capacity to any personal liability whatsoever to any Person in connection with Trust Property or the acts, obligations or affairs of the Trust. Shareholders shall have the same limitation of personal liability as is extended to
stockholders of a private corporation for profit incorporated under the Delaware General Corporation Law. 
 Section 2.06
Designation and Rights of Shares. Each Series shall be separate and distinct from any other Series. Separate and distinct records on the books of the Trust shall be maintained for each Series. The assets and liabilities belonging to any such
Series shall be held and accounted for separately from the assets and liabilities of the Trust or any other Series. Shares of each Series, unless otherwise provided in the resolution establishing such Series, shall have the following relative rights
and preferences: 
 (a) Assets Held with Respect to a Particular Series. All consideration received by the Trust for the issue or
sale of Shares of a particular Series, including distributions paid by, and reinvested in such Series together with all assets in which such consideration is invested or reinvested, all income, earnings, profits, and proceeds thereof from
whatever source derived, including, without limitation, any proceeds derived from the sale, exchange or liquidation of such assets, and any Series or payments derived from any reinvestment of such proceeds in whatever form the same may be, shall
irrevocably be held with respect to that Series for all purposes, subject only to the rights of creditors of such Series, and shall be so recorded upon the books of account of the Trust. Such consideration, assets, income, earnings, profits and
proceeds thereof, from whatever source derived, including, without limitation, any proceeds 

  
 8 

 
derived from the sale, exchange or liquidation of such assets, and any Series or payments derived from any reinvestment of such proceeds, in whatever form the same may be, are herein
referred to as “assets held with respect to” that Series. In the event that there are any assets, income, earnings, profits and proceeds thereof, Series or payments which are not readily identifiable as assets held with respect to any
particular Series (collectively “General Assets”), the Sponsor shall allocate such General Assets to, between or among any one or more of the Series in such manner and on such basis as the Sponsor, in its sole discretion, deems fair and
equitable, and any General Assets as allocated to a particular Series shall be held with respect to that Series. Each such allocation by the Sponsor shall be conclusive and binding upon the Shareholders of all Series for all purposes. Separate and
distinct records shall be maintained for each Series and the assets held with respect to each Series shall be held and accounted for separately from the assets held with respect to all other Series and General Assets of the Trust not allocated to
such Series. 
 (b) Liabilities Held with Respect to a Particular Series. The assets of the Trust held with respect to each particular
Series shall be charged against the liabilities of the Trust held with respect to that Series and all expenses, costs, charges and reserves attributable to that Series, and any general liabilities of the Trust which are not readily identifiable as
being held with respect to any particular Series shall be allocated and charged by the Sponsor to and among any one or more of the Series in such manner and on such basis as the Sponsor, in its sole discretion, deems fair and equitable. The
liabilities, expenses, costs, charges, and reserves so charged to a Series are herein referred to as “liabilities held with respect to” that Series. Any liabilities, debts, obligations, expenses, costs, charges and reserves of the Trust
that are not readily identifiable as being liabilities held with respect to any particular Series (collectively “General Liabilities”) shall be allocated and charged by the Sponsor to and among any one or more of the Series in such manner
and on such basis as the Sponsor, in its sole discretion, deems fair and equitable. Each allocation of liabilities, expenses, costs, charges and reserves by the Sponsor shall be conclusive and binding upon the Shareholders of all Series for all
purposes. All Persons who have extended credit which has been allocated to a particular Series, or who have a claim or contract which has been allocated to any particular Series, shall look, and shall be required by contract to look, exclusively to
the assets of that particular Series for payment of such credit, claim, or contract, and not any other Series or the Trust as a whole. In the absence of an express contractual agreement so limiting the claims of such creditors, claimants and
contract providers, each creditor, claimant and contract provider will be deemed nevertheless to have impliedly agreed to such limitation. 

Subject to the right of the Sponsor in its discretion to allocate General Liabilities as provided herein, the debts, liabilities, obligations
and expenses incurred, contracted for or otherwise existing with respect to a particular Series, whether such Series is now authorized and existing pursuant to this Declaration of Trust or is hereafter authorized and existing pursuant to this
Declaration of Trust, shall be enforceable against the assets held with respect to such particular Series only, and not against the assets of any other Series or the General Assets of the Trust and none of the General Liabilities of the Trust or the
debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to any other Series thereof shall be enforceable against the assets held with respect to such particular Series. Notice of this limitation on
liabilities between and among Series is set forth in the Certificate of Trust, and by giving such notice in the Certificate of Trust, the statutory provisions of Section 3804 of the Delaware Act relating to limitations on liabilities between
and among Series (and the statutory effect under Section 3804 of setting forth such notice in the Certificate of Trust) are applicable to the Trust and each Series. 

  
 9 

 (c)
Dividends, Distributions, Redemptions, and Repurchases. Notwithstanding any other provisions of this Declaration of Trust, no distribution including, without
limitation, any distribution paid upon termination of the Trust or paid on or in respect to any Series, nor any redemption or repurchase of the Shares of any Series, shall be effected by the Trust other than from the assets held with respect to such
Series, nor, except as specifically provided in Section 2.06, shall any Shareholder of any particular Series, otherwise have any right or claim against the assets held with respect to any other Series except to the extent that such Shareholder
has such a right or claim hereunder as a Shareholder of such other Series. The Sponsor shall have full discretion, to the extent not inconsistent with applicable law, to determine which items shall be treated as income and which items as capital;
and each such determination and allocation shall be conclusive and binding upon the Shareholders. 
 (d) Voting. All Shares of the
Trust entitled to vote on a matter shall vote without differentiation between the separate Series on a one vote per each Share (including fractional votes for fractional shares) basis; provided, however, if a matter to be voted on affects only the
interests of some but not all Series of Shareholders or as otherwise required by applicable law, then only the Shareholders of such affected Series shall be entitled to vote on the matter, separately by Series and on the same one vote per each Share
(including fractional votes for fractional shares) basis. 
 (e) Equality. All the Shares of each particular Series shall represent an
equal proportionate undivided interest in the assets held with respect to that Series (subject to the liabilities held with respect to that Series), and each Share of any particular Series shall be equal to each other Share of that Series. 

(f) Fractions. Any fractional Share of a Series shall carry proportionately all the rights and obligations of a whole Share of that
Series, including rights with respect to voting, receipt of dividends and distributions, redemption of Shares and termination of the Trust. 

(g) Exchange Privilege. The Sponsor shall have the authority to provide that the holders of Shares of any Series shall have the right to
exchange said Shares for Shares of one or more other Series of Shares, in accordance with such requirements and procedures as may be established by the Sponsor. 

Section 2.07 Fixing of Record Date. Whenever any distribution will be made, or whenever the Trust receives notice of any
solicitation of proxies or consents from Shareholders, or whenever for any reason there is a split, reverse split or other change in the outstanding Shares, or whenever the Sponsor shall find it necessary or convenient in respect of any matter, the
Sponsor shall fix a record date for the determination of the Shareholders who shall be (i) entitled to receive such distribution or the net proceeds of the sale thereof, (ii) entitled to give such proxies or consents in respect of any such
solicitation, (iii) entitled to receive Shares of a Series as a result of any such split, reverse split or other change and (iv) entitled to act in respect of any other matter for which the record date was set. Subject to applicable law
and this Declaration of Trust, Sponsor shall have sole discretion to fix such record date. 

  
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 Section 2.08 Creations and Issuance of Creation Baskets. 

(a) The following procedures, except to the extent otherwise provided in the Participant Agreement for each Participant, which may be amended
from time to time in accordance with the provisions of such Participant Agreement (and any such amendment will not constitute an amendment of this Declaration of Trust), apply to the creation and issuance of Creation Baskets. Subject to the
limitations upon and requirements for issuance of Creation Baskets stated herein and in such procedures, the number of Creation Baskets which may be issued by the Trust is unlimited. 

 

	 	(i)	On any Business Day, a Participant may submit a request to create one or more Creation Baskets (such request by a Participant, a “Purchase Order”) in the manner provided in the Participant Agreement. Purchase
Orders will be processed only from Participants with respect to which a Participant Agreement is in full force and effect. 

  

	 	(ii)	Any Purchase Order is subject to rejection by the Sponsor at its sole discretion as set forth in the Participant Agreement. 

(b) After accepting a Participant’s Purchase Order, the Sponsor will issue and deliver Creation Baskets to fill a Participant’s
Purchase Order in the manner provided in the Participant Agreement, but only if the Sponsor has received (A) the non-refundable transaction fee due for such Purchase Order, (B) for the account of the
Trust on behalf of a Series cash, if any, required for such Purchase Order and (C) notice from the Custodian that the Custodian has allocated to the Series Allocated Account the requisite amount of physical Gold based on the number of Creation
Baskets associated with the Participant’s Purchase Order.    The Custodian will allocate Gold to the Series Allocated Account from the Series Unallocated Account after the requisite amount of Gold has been transferred from
the Participant Unallocated Account to the Series Unallocated Account. Upon issuing a Creation Basket pursuant to a Purchase Order of a Participant, the Sponsor will deposit the Creation Basket with DTC in accordance with DTC’s customary
procedures, for credit to the account of the Participant that placed the Purchase Order. 
 (c) The procedures set forth in this
Section 2.08 may be changed from time-to-time at the sole discretion of the Sponsor. 

Section 2.09 Requirements for Deposits of Gold. 

(a) Except as provided in paragraph (b) of this Section, Gold may be delivered for deposit to the Trust on behalf of a Series only by
transfer to the Series Unallocated Account maintained by the Custodian on behalf of that Series from a Participant Unallocated Account pursuant to the procedures specified in the Participant Agreement. The expense and risk of delivery, ownership and
safekeeping of Gold until such Gold has been received by the Trust on behalf of a Series shall be borne solely by the depositor. 

  
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 (b) The Sponsor shall accept delivery of Gold by such other means as the Sponsor, from time to
time, may determine to be acceptable for the Trust on behalf of a Series. If Gold is to be delivered other than as described in Section 2.09(a), the Sponsor is authorized to establish such procedures and to appoint such custodians and establish
such custody accounts in addition to those described herein, as the Sponsor determines in its sole discretion. 
 Section 2.10
Redemption of Creation Baskets. 
 (a) The following procedures, except to the extent otherwise provided in the Participant Agreement
for each Participant, which may be amended from time to time in accordance with the provisions of such Participant Agreement (and any such amendment will not constitute an amendment of this Declaration of Trust), apply to the redemption of Creation
Baskets. 
  

	 	(i)	On any Business Day, a Participant may submit a request to redeem one or more Creation Baskets standing to the credit of the Participant on the records of DTC in kind (such request, a “Redemption Order”) in
the manner provided in the Participant Agreement. Redemption Orders will be processed only from Participants with respect to which a Participant Agreement is in full force and effect. 

 

	 	(ii)	Any Redemption Order is subject to rejection by the Sponsor at its sole discretion as set forth in the Participant Agreement. 

  

	 	(iii)	After accepting a Participant’s Redemption Order, the Sponsor will deliver the redemption distribution to fill a Participant’s Redemption Order in the manner provided in the Participant Agreement, but only if
the Sponsor has received (A) the non-refundable transaction fee due for such Redemption Order and (B) notice that the Sponsor’s account at DTC has been credited with all Shares comprising the
Creation Baskets being tendered for redemption. 

 (b) The procedures set forth in this Section 2.10 may be changed from time-to-time at the sole discretion of the Sponsor. 

  
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 ARTICLE III 

TRUSTEE 

Section 3.01 Term; Resignation. 

(a) The Trustee shall be appointed by the Sponsor and shall serve for the duration of the Trust or until the earlier of (i) the effective
date of the Trustee’s resignation, or (ii) the effective date of the removal of the Trustee by the Sponsor. 
 (b) The Trustee may
resign at any time by giving sixty (60) days’ written notice to the Sponsor; provided, however, that said resignation of the Trustee shall not be effective until such time as a successor Trustee has accepted appointment as Trustee of the
Trust. The Trustee may be removed at any time by the Sponsor upon sixty (60) days’ written notice to the Trustee; provided, however, such removal shall not be effective until such time as a successor Trustee has accepted such appointment.

 Section 3.02 Duties. The Trustee is appointed to serve as the trustee of the Trust in the State of Delaware for the
purpose of satisfying the requirement of Section 3807(a) of the Delaware Trust Statute that the Trust have at least one trustee with a principal place of business in Delaware. It is understood and agreed by the parties hereto that the Trustee
shall have none of the duties or liabilities of the Sponsor. The duties of the Trustee shall be limited to (i) accepting legal process served on the Trust in the State of Delaware, (ii) the execution of any certificates required to be
filed with the Secretary of State of the State of Delaware which the Delaware Trustee is required to execute under Section 3811 of the Delaware Trust Statute, (iii) taking such action under this Declaration of Trust as it may be directed
in writing by the Sponsor from time to time; provided, however, that the Trustee shall not be required to take any such action if it shall have determined, or shall have been advised by counsel, that such performance is likely to involve the Trustee
in personal liability or is contrary to the terms of this Declaration of Trust or of any document contemplated hereby to which the Trust or the Trustee is a party or is otherwise contrary to law, and (iv) any other duties specifically allocated
to the Trustee in this Declaration of Trust or agreed in writing with the Sponsor from time to time. 
 Section 3.03
Compensation and Expenses of the Trustee. The Trustee (or any successor Trustee) shall be entitled to receive compensation from the Sponsor or from the Trust for its services in accordance with such schedules as shall have been separately
agreed to from time to time in writing by the Trustee and the Sponsor or the Trust. Subject to prior written notification and approval of the Sponsor, which shall not be unreasonably withheld, the Trustee may consult with counsel (who may be counsel
for the Sponsor or for the Trustee). The reasonable legal fees incurred in connection with such consultation shall be reimbursed to the Trustee pursuant to this Section 3.03, provided that no such fees shall be payable to the extent that
they are incurred as a result of the Trustee’s gross negligence, bad faith or willful misconduct. 

  
 13 

 Section 3.04 Liability of Trustee. The Trustee shall not be liable for the
acts or omissions of the Sponsor, nor shall the Trustee be liable for supervising or monitoring the performance and the duties and obligations of the Sponsor or the Trust under this Declaration of Trust, except as otherwise set forth herein. The
Trustee shall not be liable under any circumstances, except for a breach of its obligations pursuant to this Declaration of Trust or its own willful misconduct, bad faith or gross negligence. In particular, but not by way of limitation: 

(i) the Trustee shall not be liable for any error of judgment made in good faith, except to the extent such error of judgment constitutes
gross negligence on its part; 
 (ii) no provision in this Declaration of Trust shall require the Trustee to expend or risk its personal
funds or otherwise incur any financial liability in the performance of its rights or powers hereunder, if the Trustee shall have reasonable grounds for believing that the payment of such funds or adequate indemnity against such risk or liability is
not reasonably assured or provided to it; 
 (iii) under no circumstances shall the Trustee be liable for any representation, warranty,
covenant, agreement, or indebtedness of the Trust; 
 (iv) the Trustee shall not be personally responsible for or in respect of the validity
or sufficiency of this Declaration of Trust or for the due execution hereof by the Sponsor; 
 (v) the Trustee shall incur no liability to
anyone in acting upon any signature, instrument, notice, resolution, request, consent, order, certificate, report, opinion, bond or other document or paper reasonably believed by it to be genuine and reasonably believed by it to be signed by the
proper party or parties. The Trustee may accept a certified copy of a resolution of the board of directors or other governing body of any corporate party as conclusive evidence that such resolution has been duly adopted by such body and that the
same is in full force and effect. As to any fact or matter the manner of ascertainment of which is not specifically prescribed herein, the Trustee may for all purposes hereof rely on a certificate, signed by the Sponsor, as to such fact or matter,
and such certificate shall constitute full protection to the Trustee for any action taken or omitted to be taken by it in good faith in reliance thereon; 

(vi) in the exercise or administration of the trust hereunder, the Trustee (a) may act directly or through agents or attorneys pursuant
to agreements entered into with any of them, and the Trustee shall not be liable for the default or misconduct of such agents or attorneys if such agents or attorneys shall have been selected by the Trustee in good faith and with due care; and
(b) may consult with counsel, accountants and other skilled persons to be selected by it in good faith and with due care and employed by it, and it shall not be liable for anything done, suffered or omitted in good faith by it in accordance
with the advice or opinion of any such counsel, accountants or other skilled persons; 
  

  
 14 

 (vii) except as expressly provided in this Section 3.04, in accepting and performing the
Trust hereby created, the Trustee acts solely as Trustee hereunder and not in its individual capacity, and all persons having any claim against the Trustee by reason of the transactions contemplated by this Declaration of Trust shall look only to
the Trust’s property for payment or satisfaction thereof; 
 (viii) the Trustee shall not be liable for punitive, exemplary,
consequential, special or other similar damages for a breach of this Declaration of Trust under any circumstances; 
 (ix) the Trustee shall
not be obligated to give any bond or other security for the performance of any of its duties hereunder. 
 Section 3.05
Indemnification. The Trustee or any officer, Affiliate, director, employee, or agent of the Trustee (each an “Indemnified Person”) shall be entitled to indemnification from the Trust, to the fullest extent permitted by law, from and
against any and all losses, claims, taxes, damages, reasonable expenses, and liabilities (including liabilities under state or federal securities laws) of any kind and nature whatsoever (collectively, “Expenses”), to the extent that such
Expenses arise out of or are imposed upon or asserted against such Indemnified Persons with respect to the creation, operation or termination of the Trust, the execution, delivery or performance of this Declaration of Trust or the transactions
contemplated hereby; provided, however, that the Trust shall not be required to indemnify any Indemnified Person for any Expenses which are a result of the willful misconduct, bad faith or gross negligence of such Indemnified Person.
The obligations of the Trust to indemnify the Indemnified Persons as provided herein shall survive the termination of this Declaration of Trust. 

Section 3.06 Successor Trustee. Upon the resignation or removal of the Trustee, the Sponsor shall appoint a successor
Trustee by delivering a written instrument to the outgoing Trustee. Any successor Trustee must satisfy the requirements of Section 3807 of the Delaware Trust Statute. Any resignation or removal of the Trustee and appointment of a successor
Trustee shall not become effective until a written acceptance of appointment is delivered by the successor Trustee to the outgoing Trustee and the Sponsor and any fees and expenses due to the outgoing Trustee are paid or waived by the outgoing
Trustee. Following compliance with the preceding sentence, the successor shall become fully vested with the rights, powers, duties and obligations of the outgoing Trustee under this Declaration of Trust, with like effect as if originally named as
Trustee, and the outgoing Trustee shall be discharged of its duties and obligations herein. If no successor Trustee shall have been appointed and shall have accepted such appointment within sixty (60) days after the giving of such notice of
resignation or removal, the Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. 

  
 15 

 ARTICLE IV 

THE SPONSOR 

Section 4.01 Management of the Trust. Pursuant to Sections 3806(a) and 3806(b)(7) of the Delaware Trust Statute, the
Trust shall be managed by the Sponsor and the conduct of the Trust’s business shall be controlled and conducted solely by the Sponsor in its sole discretion in accordance with this Declaration of Trust. Any determination as to what is in the
interests of the Trust made by the Sponsor in good faith shall be conclusive. In construing the provisions of this Declaration of Trust, the presumption shall be in favor of a grant of power to the Sponsor except as limited, restricted or prohibited
by the express provisions of this Declaration of Trust (e.g., see Section 1.04). The enumeration of any specific power in this Declaration of Trust shall not be construed as limiting the aforesaid or any other power. 

Section 4.02 Authority of Sponsor. In addition to and not in limitation of any rights and powers conferred by law or other
provisions of this Declaration of Trust, and except as limited, restricted or prohibited by the express provisions of this Declaration of Trust (e.g., see Sections 1.02 and 1.04) or the Delaware Act, the Sponsor shall have and may exercise on behalf
of the Trust and each Series, all powers and rights the Sponsor, in its sole discretion, deems necessary, proper, convenient or advisable to effectuate and carry out the purposes, activities and objectives of the Trust and each Series, which shall
include, without limitation, the following: 
 (a) To enter into, execute, deliver and maintain, and to cause the Trust and each Series to
perform its obligations under, contracts, agreements and any or all other documents and instruments, and to do and perform all such things as may be in furtherance of Trust purposes or necessary or appropriate for the offer and sale of the Shares
and the conduct of Trust activities and administration, and the activities and administration of each Series, including, but not limited to contracts with third parties for services; provided, however, that such services may be performed by an
Affiliate or Affiliates of the Sponsor so long as the Sponsor has made a good faith determination that the terms and conditions of the agreement pursuant to which such Affiliate is to perform services for the Trust are commercially reasonable; 

(b) To establish, maintain, deposit into, and/or otherwise draw upon accounts on behalf of the Trust or each Series with appropriate custodial,
banking or other institutions, and execute and/or accept any instrument or agreement incidental to the Trust’s or a Series’ business and in furtherance of its purposes, any such instrument or agreement so executed or accepted by the
Sponsor in the Sponsor‘s name shall be deemed executed and accepted on behalf of the Trust or a Series, as applicable, by the Sponsor; 

(c) To deposit, withdraw, pay, retain and distribute Gold and Trust Property, or any portion thereof, in any manner consistent with the
provisions of this Declaration of Trust; 
 (d) To supervise the preparation and filing of the Registration Statement and the Trust’s
prospectus (the “Prospectus”) and to execute the Registration Statement on behalf of the Trust; 
 (e) To pay or authorize the
payment of distributions to the Shareholders and pay or authorize the payment of the expenses of the Trust and each Series; 

  
 16 

 (f) To hold or dispose of Trust Property and to subscribe for, purchase or otherwise acquire,
own, hold, pledge, sell, assign, transfer, exchange, distribute, or otherwise deal in Trust Property, and to do any and all acts and things for the maintenance, preservation, and protection of Trust Property; 

(g) To exercise powers and right of subscription or otherwise with respect to the ownership of Trust Property; 

(h) To hold Gold or property in a form not indicating that it is Trust Property, whether in bearer, unregistered or other negotiable form, or
in its own name or in the name of a custodian or subcustodian or a nominee or nominees or otherwise or to authorize the custodian or a subcustodian or a nominee or nominees to deposit the same in a securities depository; 

(i) To litigate, compromise, arbitrate, settle or otherwise adjust claims in favor of or against the Trust or a Series, or any matter in
controversy, including but not limited to claims for taxes; and 
 (j) To contract with any Person(s) appointing such Person(s), including
any Affiliate, to provide services to the Trust or any Series, including without limitation, accountants, administrators, auditors, gold delivery providers, index providers, transfer agents, shareholder servicing agents, marketing agents or other
agents for the Trust or any Series. 
 (k) To enter into the Sponsor Agreement on terms and conditions acceptable to the Sponsor. 

(l) To serve as Commodity Pool Operator for the Funds or appoint any Person, including any Affiliate, to serve as Commodity Pool Operator for
the Funds. 
 (m) The agreement pursuant to which an Affiliate is to perform services for the Trust shall be terminable by the Trust without
penalty upon discovery of acts of fraud or willful malfeasance of the Affiliate in performing its duties thereunder. 

Section 4.03 Obligations of Sponsor. In addition to the obligations expressly provided by the Delaware Act or this
Declaration of Trust, the Sponsor shall: 
 (a) Execute, file, record and/or publish all certificates, statements and other documents and do
any and all other things as may be appropriate for the formation, qualification and operation of the Trust and for the conduct of its business in all appropriate jurisdictions; 

(b) Retain independent public accountants to audit the accounts of the Trust; 

(c) Employ attorneys to represent the Trust; 

(d) Select the Trust’s or any Series’ Trustee, administrator, transfer agent, custodian, gold delivery provider(s), index provider,
marketing agent(s) and any other service provider(s) and cause the Trust or such Series to enter into contracts with such service provider(s); and 

  
 17 

 (e) Oversee the operation of the service providers of the Trust and each Series in connection
with their dealings with the Trust and each Series. 
 The Sponsor shall be entitled to delegate its obligations under this Declaration of
Trust and applicable law to third parties, including any Affiliate, and shall not be liable for the actions of such third party to the extent the selection of such third party was made with reasonable care or, as applicable, the selection of such
Affiliate was made in accordance with Section 4.02(a). 
 Section 4.04 Compensation of the Sponsor. The Sponsor
shall be entitled to compensation for its services as Sponsor of the Trust as set forth in the Sponsor Agreement. The Trustee shall have no liability or responsibility for amounts paid to the Sponsor pursuant to this Section 4.04. The Sponsor
may, at its sole discretion and from time to time, waive all or a portion of its fee payable under this Section 4.04. The Sponsor is under no obligation to waive its fees hereunder, and any such waiver shall create no obligation to waive fees
during any period not covered by the applicable waiver. Any fee waiver by the Sponsor shall not operate to reduce the Sponsor’s obligations hereunder. 

Section 4.05 Liability of Sponsor and Indemnification. 

(a) The Sponsor shall not be under any liability to the Trust, the Trustee or any Shareholder for any action taken or for refraining from the
taking of any action in good faith pursuant to this Declaration of Trust, or for errors in judgment or for depreciation or loss incurred by reason of the sale of any Gold or other assets held in trust hereunder; provided, however, that this
provision shall not protect the Sponsor against any liability to which it would otherwise be subject by reason of its own gross negligence, bad faith, or willful misconduct. The Sponsor may rely in good faith on any paper, order, notice, list,
affidavit, receipt, evaluation, opinion, endorsement, assignment, draft or any other document of any kind prima facie properly executed and submitted to it by the Trustee, the Trustee’s counsel or by any other Person for any matters arising
hereunder. The Sponsor shall in no event be deemed to have assumed or incurred any liability, duty, or obligation to any Shareholder or to the Trustee other than as expressly provided for herein. 

(b) Unless otherwise expressly provided herein: 

(i) whenever a conflict of interest exists or arises between the Sponsor or any of its Affiliates, on the one hand, and the Trust, on the
other hand; or 
 (ii) whenever this Declaration of Trust or any other agreement contemplated herein or therein provides that the Sponsor
shall act in a manner that is, or provides terms that are, fair and reasonable to the Trust, the Sponsor shall resolve such conflict of interest, take such action or provide such terms, considering in each case the relative interest of each party
(including its own interest) to such conflict, agreement, transaction or situation and the benefits and burdens relating to such interests, and any applicable generally accepted accounting practices or principles. In the absence of bad faith by the
Sponsor, the resolution, action or terms so made, taken or provided by the Sponsor shall not constitute a breach of this Declaration of Trust or any other agreement contemplated herein or of any duty or obligation of the Sponsor at law or in equity
or otherwise. 

  
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 (c) The Sponsor and its shareholders, members, directors, officers, employees, Affiliates and
subsidiaries (each a “Sponsor Indemnified Party”) shall be indemnified by the Trust and held harmless against any loss, liability or expense incurred hereunder without gross negligence, bad faith, or willful misconduct on the part of such
Sponsor Indemnified Party arising out of or in connection with the performance of its obligations hereunder or any actions taken in accordance with the provisions of this Declaration of Trust. Any amounts payable to a Sponsor Indemnified Party under
this Section 4.05 may be payable in advance or shall be secured by a lien on the Trust. The Sponsor shall not be under any obligation to appear in, prosecute or defend any legal action which in its opinion may involve it in any expense or
liability; provided, however, that the Sponsor may, in its discretion, undertake any action which it may deem necessary or desirable in respect of this Declaration of Trust and the rights and duties of the parties hereto and the interests of the
Shareholders and, in such event, the legal expenses and costs of any such action shall be expenses and costs of the Trust and the Sponsor shall be entitled to be reimbursed therefor by the Trust. The obligations of the Trust to indemnify the Sponsor
Indemnified Parties as provided herein shall survive the termination of this Declaration of Trust. 
 ARTICLE V 

BOOKS OF ACCOUNT AND CERTIFICATE OF TRUST 

Section 5.01 Books of Account. Proper books of account for each Series shall be kept and shall be audited annually by an
independent certified public accounting firm selected by the Sponsor in its sole discretion, and there shall be entered therein all transactions, matters and things relating to each Series’ business as are required by the Securities Act of
1933, as amended, and all other applicable rules and regulations, and as are usually entered into books of account kept by Persons engaged in a business of like character. The books of account shall be kept at the principal office of the Trust, the
Administrator or any other service provider engaged by the Sponsor to perform such service. 
 Section 5.02 Certificate of
Trust. Except as otherwise provided in the Delaware Trust Statute or this Declaration of Trust, the Sponsor shall not be required to mail a copy of any Certificate of Trust filed with the Secretary of State of the State of Delaware to each
Shareholder; however, such certificates shall be maintained at the principal office of the Trust and shall be available for inspection and copying by the Shareholders in accordance with this Declaration of Trust. 

  
 19 

 ARTICLE VI 

AMENDMENT OF DECLARATION OF TRUST 

Except as specifically provided herein, the Sponsor, in its sole discretion and without Shareholder consent, may amend or otherwise supplement
this Declaration of Trust by making an amendment, a Declaration of Trust supplemental hereto, or an amended and restated declaration of trust. Any such restatement, amendment and/or supplement hereto shall be effective on such date as designated by
Sponsor in its sole discretion. 
 ARTICLE VII 

TERM 
 The term for which
the Trust and each Series shall exist shall be perpetual, unless terminated pursuant to the provisions of Article VIII hereof or as otherwise provided by law. 

ARTICLE VIII 

TERMINATION/REORGANIZATION 

Section 8.01 Termination of the Trust or any Series. 

(a) The Sponsor may terminate the Trust or any Series at any time for any reason in its sole discretion, however, notwithstanding the
foregoing, if the Trust (or a Series as the case may be) 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, the Sponsor will evaluate whether it is advisable and the best interest of the Shareholders to terminate the Trust or any Series thereof as a result of such tax treatment or change in tax treatment, reorganize a Series into a
new Series of the Trust or continue the Trust and Series without further action. 
 (b) Written notice of termination with respect to the
Trust or a Series, specifying the anticipated date of termination and the anticipated period during which the assets of the Trust or such Series will be liquidated, generally shall be given by the Sponsor to Shareholders of the Trust or Series, as
applicable, at least thirty (30) days prior to termination of the Trust or such Series. Within a reasonable period of time after such termination the Sponsor shall, subject to any applicable provisions of law, sell all of the Gold not already
distributed to Participants redeeming Creation Baskets, as provided herein, if any, in such a manner so as to effectuate orderly sales and a minimal market impact, and may thereafter hold the net proceeds of any such sale, together with any other
cash then held by it under this Declaration of Trust, uninvested and without liability for interest, for the pro rata benefit of the beneficial owners of Shares that had not theretofore been redeemed. The Sponsor shall not be liable for or
responsible in any way for depreciation or loss incurred by reason of any sale or sales made in accordance with the provisions of this Section 8.01. The Sponsor may suspend its sales of the Gold upon the occurrence of unusual or unforeseen
circumstances, including, but not limited to, a suspension in trading of gold. Upon receipt of proceeds from the sale of the last Gold held hereunder, the Sponsor shall: 

  
 20 

 (i) pay to itself individually from the Trust an amount equal to the sum of (1) any
compensation due it for extraordinary or other services, (2) any advances made but not yet repaid and (3) reimbursement of any other disbursements as provided herein; 

(ii) deduct from the Trust any amounts which it, in its sole discretion, shall deem necessary or appropriate to pay on behalf of the Trust and
each Series any applicable taxes or other governmental charges that may be payable by the Trust or such Series and any other contingent or future liabilities of the Trust or a Series; 

(iii) distribute each Shareholder’s interest in the remaining assets of the Trust; and 

(iv) disseminate to each Shareholder a final statement as of the date of the computation of the amount distributable to the Shareholders. 

(c) Upon termination of the Trust, following completion of winding up of its business, the Trustee, upon written directions of the Sponsor,
shall cause a certificate of cancellation of the Trust’s Certificate of Trust to be filed in accordance with the Delaware Trust Statute. 

Section 8.02 Merger and Consolidation. The Sponsor may cause (i) the Trust to be merged into or consolidated with,
converted to or to sell all or substantially all of its assets to, another trust or entity; (ii) a Series of the Trust to be consolidated with, or to sell all or substantially all of its assets to, another Series of the Trust or another series
of another trust or company; (iii) the Shares of a class of a Series to be converted into another class of the same Series; (iv) the Shares of the Trust or any Series to be converted into beneficial interests in another statutory trust (or
series thereof); or (v) the Shares of the Trust or any Series to be exchanged for shares in another trust or company under or pursuant to any state or federal statute to the extent permitted by law. 

For the avoidance of doubt, the Sponsor, with written notice to the Shareholders, may approve and effect any of the transactions contemplated
under (i) — (v) above without any vote or other action of the Shareholders. 
 Section 8.03 Dissolution of 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 Declaration of Trust insofar as the duties and obligations of the Trustee are concerned.

  
 21 

 ARTICLE IX 

MISCELLANEOUS PROVISIONS 

Section 9.01 Certain Matters Relating to Shareholders. 

(a) By the purchase and acceptance or other lawful delivery and acceptance of Shares, each Shareholder shall be deemed to be a beneficiary of
the Trust created by this Declaration of Trust and vested with beneficial undivided interest in the Trust to the extent of the Shares owned beneficially by such Shareholder, subject to the terms and conditions of this Declaration of Trust. Upon
issuance as provided herein, Shares shall be fully paid and non-assessable. 
 (b) The death or
incapacity of any Shareholder shall not operate to terminate this Declaration of Trust or the Trust, nor entitle such Shareholder’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 Shareholder expressly waives any right such Shareholder may have under any rule of law, or the provisions
of any statute, or otherwise, to require the Trust, Sponsor or the Trustee at any time to account, in any manner other than as expressly provided in this Declaration of Trust, in respect of the Gold or moneys from time to time received, held and
applied by the Sponsor hereunder. 
 (c) Except as required under applicable Federal law or under the rules or regulations of an Exchange,
Shareholders shall have no voting rights hereunder (including with respect to mergers, consolidations or conversions of the Trust or transfers to or domestication in any jurisdiction by the Trust or any other matters that under the Delaware Trust
Statute default voting rights are provided to holders of beneficial interests.) The Shareholders shall have the right to vote on other matters only as the Sponsor may consider desirable and so authorize in its sole discretion. To the extent that
federal or Delaware law is amended, modified or interpreted by rule, regulation, order, or no-action letter to (on a mandatory basis) expand, eliminate or limit Shareholders’ right to vote on any specific
matter, the Shareholders’ right to vote shall be deemed to be amended, modified or interpreted in accordance therewith without further approval by the Sponsor or the Shareholders. Nothing set forth in this Declaration of Trust shall be
construed so as to constitute the Shareholders from time to time as partners or members of an association; nor shall any Shareholder ever be liable to any third person by reason of any action taken by the parties to this Declaration of Trust, or for
any other cause whatsoever. 
 (d) Except as otherwise provided under Delaware law, the Shareholders shall be entitled to the same limitation
of personal liability extended to stockholders of private corporations for profit organized under the general corporation law of Delaware and no Shareholder shall be liable for claims against, or debts of the Trust or the applicable Series in excess
of his capital contribution and his share of the applicable Series property and undistributed profits, except in the event that the liability is founded upon misstatements or omissions contained in such Shareholder’s Participant Agreement
delivered in connection with his purchase of Shares. In addition, and subject to the exceptions set forth in the immediately preceding sentence, the Trust or the applicable Series shall not make a claim against a Shareholder with respect to amounts
distributed to such Shareholder or amounts received by such Shareholder upon redemption unless, under Delaware law, such Shareholder is liable to repay such amount. 

  
 22 

 (e) The Trust or the applicable Series shall indemnify to the full extent permitted by law and
the other provisions of this Declaration of Trust, and to the extent of the applicable Series Property, each Shareholder against any claims of liability asserted against such Shareholder solely because he is a beneficial owner of one or more Shares
(other than for taxes for which such Shareholder is liable by reason of such Shareholder’s ownership of any Shares). 
 (f) Every
written note, bond, contract, instrument, certificate or undertaking made or issued by the Sponsor shall give notice to the effect that the same was executed or made by or on behalf of the Trust or the applicable Series and that the obligations of
such instrument are not binding upon any Shareholder individually but are binding only upon the assets and property of the applicable Series, and no resort shall be had to the Shareholders’ personal property for satisfaction of any obligation
or claim thereunder, and appropriate references may be made to this Declaration of Trust and may contain any further recital which the Sponsor deems appropriate, but the omission thereof shall not operate to bind any Shareholder individually or
otherwise invalidate any such note, bond, contract, instrument, certificate or undertaking. Nothing contained in this Section 9.01 shall diminish the limitation on the liability of the Trust to the extent set forth in Section 2.06 hereof.

 Section 9.02 Delaware Law to Govern. The validity and construction of this Declaration of Trust and all amendments
hereto shall be governed by the laws of the State of Delaware, and the rights of all parties hereto and the effect of every provision hereof shall be subject to and construed according to the laws of the State of Delaware without regard to the
conflict of laws provisions thereof; provided, however, that causes of action for violations of U.S. federal or state securities laws shall not be governed by this Section 9.02, and provided further, that the
parties hereto intend that the provisions hereof shall control over any contrary or limiting statutory or common law of the State of Delaware (other than the Delaware Act) and that, to the maximum extent permitted by applicable law, there shall not
be applicable to the Trust, the Series, the Trustee, the Sponsor, the Shareholders or this Declaration of Trust any provision of the laws (statutory or common) of the State of Delaware (other than the Delaware Act) pertaining to trusts which relate
to or regulate in a manner inconsistent with the terms hereof: (a) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (b) affirmative requirements to post bonds for
trustees, officers, agents, or employees of a trust, (c) the necessity for obtaining court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, (d) fees or other sums payable to
trustees, officers, agents or employees of a trust, (e) the allocation of receipts and expenditures to income or principal, (f) restrictions or limitations on the permissible nature, amount or concentration of trust investments or
requirements relating to the titling, storage or other manner of holding of trust assets, or (g) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers of trustees or managers that are
inconsistent with the limitations on liability or authorities and powers of the Trustee or the Sponsor set forth or referenced in this Declaration of Trust. Section 3540 of Title 12 of the Delaware Act shall not apply to the Trust. The
Trust shall be of the type commonly called a “statutory trust,” and without limiting the provisions hereof, the Trust may exercise all powers that are ordinarily exercised by such a statutory trust under Delaware law. The Trust
specifically reserves the right to exercise any of the powers or privileges afforded to statutory trusts and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power
or privilege or take such actions. 

  
 23 

 Section 9.03 Provisions in Conflict with Law or Regulations. 

(a) The provisions of this Declaration of Trust are severable, and if the Sponsor shall determine, with the advice of counsel, that any of such
provisions is in conflict with the Code, the Delaware Act or with other applicable laws and regulations, the conflicting provision shall be deemed never to have constituted a part of this Declaration of Trust; provided, however, that such
determination shall not affect any of the remaining provisions of this Declaration of Trust or render invalid or improper any action taken or omitted prior to such determination. 

(b) If any provision of this Declaration of Trust shall be held invalid or unenforceable in any jurisdiction, such invalidity or
unenforceability shall attach only to such provision in such jurisdiction and shall not in any manner affect such provision in any other jurisdiction or any other provision of this Declaration of Trust in any jurisdiction. 

Section 9.04 Notices. 

All notices and other communications under this agreement shall be in writing in English, signed by the party giving it, and shall be deemed
given, if to the Trustee or the Sponsor, when delivered personally, on the next Business Day after delivery to a recognized overnight courier, or mailed first class (postage prepaid), or when sent by facsimile to the parties (which facsimile copy
shall be followed, in the case of notices or other communications sent to the Trustee or the Sponsor, by delivery of the original), or when sent by electronic transmission (including e-mail or such other
electronic transmission as the parties may from time to time agree), at the following addresses or numbers (or to such other address or number as a party may have specified by notice given to the other parties pursuant to this provision): 

 

					
	If to the Sponsor, to:	 		  	WGC USA Asset Management Company, LLC
		 		  	 Attn: General Counsel
 685 Third
Avenue

		 		  	Suite 2702
		 		  	New York, NY 10017
		 		  	Facsimile: 212-688-0410
		 		  	Email: reba.beeson@gold.org
			
	If to the Trustee, to:	 		  	Delaware Trust Company
		 		  	Attn: Trust Administration
		 		  	251 Little Falls Drive
		 		  	Wilmington, DE 19808
		 		  	Facsimile: 302-636-8666
		 		  	Email: trust@delawaretrust.com

  
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 Any notice to be given to a Shareholder shall be duly given if mailed or delivered to DTC Participants designated
by DTC for delivery to Shareholders. 
 Section 9.05 Headings. The headings used in this Declaration of Trust have been
inserted for convenience and shall not modify, define, limit or expand the express provisions of this Declaration of Trust. 

Section 9.06 Counterparts. This Declaration of Trust may be simultaneously executed in several counterparts, each of which
shall be an original and all of which shall constitute but one and the same instrument. 
 [SIGNATURE PAGE FOLLOWS] 

  
 25 

 IN WITNESS WHEREOF, the parties hereto have caused this Fourth Amended and Restated Agreement and
Declaration of Trust to be duly executed and delivered as of April 16, 2018. 
  

	
	 WGC USA Asset Management Company, LLC,
 as
Sponsor
  
 By: /s/ Laura S.
Melman                                        
    
 Title: Chief Financial Officer and Treasurer

Name: Laura S. Melman

	
	 Delaware Trust Company,
 as Trustee

 
 By: /s/ Alan R.
Halpern                                        
    
 Title: Vice President
 Name: Alan
R. Halpern

 Signature Page – Fourth Amended and Restated Agreement and Declaration of Trust of World Gold Trust

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