Document:

Aberdeen Standard Silver ETF Trust 8-K

 

Exhibit
10.2

 

JPMORGAN
CHASE BANK, N.A.

 

and

 

THE
BANK OF NEW YORK MELLON

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

and
not individually 

 

 

  

UNALLOCATED
ACCOUNT AGREEMENT 

 

 

 

     

     

    

 

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

 

BETWEEN

 

	(1)	JPMORGAN
                                         CHASE BANK, N.A, whose principal place of business in England is at 25 Bank Street,
                                         Canary Wharf, London E14 5JP (the “Custodian”); and

 

		(2)	THE
                                         BANK OF NEW YORK MELLON, a New York banking corporation, solely in its capacity as trustee
                                         of the Aberdeen Standard Silver ETF Trust (the “Trust”) created under
                                         the Trust Agreement identified below and not individually (the “Trustee”),
                                         which expression shall, wherever the context so admits, include the named Trustee and
                                         all other persons or companies for the time being the trustee or trustees of the Trust
                                         Agreement (as defined below) as trustee for the Shareholders (as defined below).

 

INTRODUCTION

 

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

 

		(2)	An
                                         Authorized Participant may apply to become a Shareholder by: (i) applying for Shares
                                         in accordance with an Authorized Participant Agreement and (ii) depositing the relevant
                                         amount of Bullion into the Unallocated Account.

 

		(3)	The
                                         Custodian has agreed to transfer Bullion deposited into the Unallocated Account to the
                                         Allocated Account and where applicable, other accounts, pursuant to the terms of this
                                         Agreement.

 

		(4)	In
                                         order to effect redemptions of Shares, Bullion must be transferred from the Allocated
                                         Account to the Unallocated Account by way of de-allocation, and must then be delivered
                                         to the Shareholder Account.

 

		(5)	The
                                         Trustee has agreed that the Unallocated Account will be established by the Trustee for
                                         the account of the Trust, and that the Trustee will have the sole right to give instructions
                                         for the making of any payments into or out of the Unallocated Account.

 

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IT
IS AGREED AS FOLLOWS 

 

		1.	INTERPRETATION
                                         

 

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

 

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

 

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

 

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

 

“AP
Account” means a loco London account maintained on an unallocated basis by the Custodian or a Bullion clearing bank
for the Authorized Participant, as specified in the applicable Transfer Notice;

 

“Application”
means an offer by an Authorized Participant to the Trust (in the form prescribed by the Trust) to subscribe for Shares, being
an offer on terms referred to in the Prospectus and in accordance with the provisions of the relevant Authorized Participant Agreement;

 

“Application
Date” means the New York Business Day on which a valid Application Form is received (or deemed to be received) by the
Trustee in accordance with the relevant Authorized Participant Agreement;

 

“Application
Form” means a Purchase Order as defined in the Authorized Participant Agreement;

 

“Authorized
Participant” means a person which has entered into an Authorized Participant Agreement with the Sponsor and the Trustee
in relation to Shares and which: (a) is a person who (i) 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
and (ii) is a participant in DTC; (b) is approved by the Sponsor (in its absolute discretion); and (c) has established an AP Account;

 

“Authorized
Participant Agreement” means a written agreement between the Trustee, the Sponsor and another person under which such
person is appointed to act as an “Authorized Participant,” in relation to Shares and if such agreement is subject
to conditions precedent, provided that such conditions have been satisfied;

 

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

 

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“Benchmark
Price” means, as of any day, that publicly available per ounce price of Bullion used by the Trust on such day to value
the Trust’s Bullion, which is expected to be the LBMA silver price administered by ICE Benchmark administration but is subject
to change by the Sponsor in accordance with the Trust Agreement;

 

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

 

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

 

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

 

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

 

“Loco
London” means in respect of an account holding Bullion, the custody, trading or clearing of such Bullion in London,
United Kingdom;

 

“Management
Fee” means the amount of Bullion which may be debited from the Metal Accounts at the end of each month and paid to the
Sponsor Account in accordance with the terms of the Prospectus;

 

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

 

“Metal
Entitlement” means as at any date and in relation to any Share the amount(s) of Bullion to which the Shareholder is
entitled on Redemption of that Share on that date in accordance with the Conditions;

 

“New
York Business Day” means a “Business Day” as defined in the Trust Agreement;

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Shareholder
Account” means a loco London account maintained on an unallocated basis by the Custodian or a Bullion clearing bank,
as applicable, for an Authorized Participant or a Shareholder, as specified in the applicable Redemption Notice;

 

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

 

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

 

“Sponsor
Account” means a loco London account maintained on an unallocated basis by the Custodian or a Bullion clearing bank,
as applicable, for the Sponsor;

 

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

 

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

 

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

 

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

 

“Unallocated
Basis” means, with respect to an Unallocated Account maintained with the Custodian, that the person in whose name the
account is held is entitled to delivery in accordance with the Rules of an amount of Bullion equal to the amount of Bullion standing
to the credit of the person’s account but is an unsecured creditor in any Bullion that the Custodian owns or holds;

 

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

 

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

 

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

 

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

 

		2.	UNALLOCATED
                                         ACCOUNT

 

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

 

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

 

		2.3	Unallocated
                                         Account Reports: For each Business Day, by no later than the following Business
                                         Day, the Custodian will provide the Trustee access to information showing the increases
                                         and decreases to the Bullion standing to the Trustee’s credit in the Unallocated
                                         Account, and identifying separately each transaction and the New York or London Business
                                         Day on which it occurred. On each Business Day on which Bullion is deposited or that
                                         is a Withdrawal Date, the Custodian will send the Trustee a notification of (i) each
                                         separate transaction transferring Bullion to the Unallocated Account, including the amount
                                         of Bullion transferred to the Unallocated Account and the AP Account or Shareholder Account
                                         from which such Bullion is transferred, (ii) the amount of Bullion transferred from the
                                         Unallocated Account to the Allocated Account or to any AP Account or Shareholder Account
                                         and (iii) the amount of any remaining Bullion in the Unallocated Account, and the Custodian
                                         will use commercially reasonable efforts to send the notification by 9:00 a.m. (New York
                                         time). In addition, the Custodian will provide the Trustee such information about the
                                         increases and decreases to the Bullion standing to the Trustee’s credit in the
                                         Unallocated Account on a same-day basis at such other times and in such other form as
                                         the Trustee and the Custodian shall agree. For each calendar month, the Custodian will
                                         provide the Trustee within a reasonable time after the end of the month a statement of
                                         account for the Unallocated Account. Such reports will be made available to the Trustee
                                         by means of the Custodian’s proprietary electronic Bullion Transfer System website
                                         (“eBTS”). In the event eBTS is unavailable for any reason, the Trustee
                                         and the Custodian will agree upon a temporary notification system for making such reports
                                         available to the Trustee.

 

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		2.4	Reversal
                                         of Entries: The Custodian shall reverse any provisional or erroneous entries
                                         to the Unallocated Account which it discovers or of which it is notified with effect
                                         back-valued to the date upon which the final or correct entry (or no entry) should have
                                         been made (including, without limitation, where the Custodian has credited a deposit
                                         made pursuant to clause 3.1(b) and on receipt by the Custodian of the Bullion
                                         if it is determined that the Bullion does not comply with the Rules or that it is not
                                         the required weight) and will notify the Trustee of any reversals as soon as reasonably
                                         practicable.

 

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

 

		2.6	Access:
                                         The Custodian will allow the Sponsor and the Trustee and their Bullion auditors
                                         (currently Inspectorate International Limited) access to its premises during normal business
                                         hours, to examine the Bullion and such records, as they may reasonably require to perform
                                         their respective duties with regard to investors in Shares. The Trustee agrees that any
                                         such access shall be subject to execution of a confidentiality agreement and agreement
                                         to the Custodian’s security procedures, and such audit shall be at the Trust’s
                                         expense, and there shall be a minimum of two audits in a calendar year, provided however
                                         that any additional visit within the same calendar year shall be subject to the consent
                                         of the Custodian, such consent not to be unreasonably withheld.

 

		3.	DEPOSITS

 

		3.1	Procedure:
                                         The Custodian shall receive deposits of Bullion into the Unallocated Account
                                         (in the manner and accompanied by such documentation as the Custodian may require) by:

 

		(a)	de-allocation
                                         of Bullion held in the Allocated Account on redemption of Shares by a Shareholder or
                                         Authorized Participant or for any other purpose authorized by the Trust Agreement; or

 

		(b)	de-allocation
                                         of Bullion held in the Allocated Account for payment of the Management Fee; or

 

		(c)	transfer
                                         of Bullion from an AP Account relating to the same kind of Bullion and having the same
                                         denomination as that to which the Unallocated Account relates on Application by an Authorized
                                         Participant for Shares.

 

No
other methods of deposit are permitted.

 

		3.2	Notice
                                         Requirements: Notice of intended deposit must be received by the Custodian from
                                         the Trustee no later than 3:00 p.m. (London time) one Business Day prior to the Availability
                                         Date and specify the weight (in troy ounces of silver) to be credited to the Unallocated
                                         Account, the Availability Date, the account from which such deposit will be transferred,
                                         and any other information which the Custodian may, with the agreement of the Trustee,
                                         from time to time require. When, by reference to the Trustee’s notifications and
                                         instructions to the Custodian, the Custodian reasonably believes an amount of Bullion
                                         has been credited to the Unallocated Account in error, the Custodian will notify the
                                         Trustee promptly and, pending a joint resolution of the error, will treat such amount
                                         as not being subject to the standing instruction in clause 5.2.

 

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

 

		4.	WITHDRAWALS

 

		4.1	Procedure:
                                         The Trustee may at any time give instructions to the Custodian for the withdrawal
                                         of Bullion standing to the credit of the Unallocated Account in such form as may be agreed
                                         by the parties from time to time, provided that a withdrawal may be made only
                                         by:

 

		(a)	transfer
                                         to a Shareholder Account relating to the same kind of Bullion and having the same denomination
                                         as that to which the Unallocated Account relates when Shares are redeemed; or

 

		(b)	transfer
                                         to the Sponsor Account for payment of the Management Fee; or

 

		(c)	transfer
                                         of Bullion to the Allocated Account; or

 

		(d)	the
                                         collection of Bullion from the Custodian at its vault premises, or such other location
                                         as the Custodian may direct by notice to the party taking delivery received not later
                                         than one Business Day prior to the Availability Date, at the Trust’s expense and
                                         risk; or

 

		(e)	delivery
                                         of Bullion to such location as the Trustee directs, at the Trust’s expense and
                                         risk; or

 

		(f)	transfer
                                         to an account maintained by the Custodian or by a third party on an unallocated basis
                                         in connection with the sale of Bullion or other transfers permitted under the Trust Agreement.

 

The
Trustee agrees to exercise its rights under clauses 4.1(d) and (e) on an exceptional basis only. Any Bullion made
available to the relevant person (as instructed by the Trustee) pursuant to clauses 4.1(d) and (e) will be in a
form which complies with the Rules or in such other form as may be agreed between the Trustee and the Custodian the combined weight
of which will not exceed the number of ounces of Bullion the Trustee has instructed the Custodian to debit. The Custodian is entitled
to select the Bullion to be made available to the relevant person (as instructed by the Trustee) provided it is in the same form
as that deposited. To the extent that the Trustee is authorized to sell Bullion under the Trust Agreement, the Custodian may,
but is not required to, purchase such Bullion; provided that the Custodian’s purchase price for such Bullion must be the
Benchmark Price.

 

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		4.2	Notice
                                         Requirements: Any notice relating to a withdrawal of Bullion must be in writing
                                         and:

 

		(a)	if
                                         it relates to a withdrawal pursuant to clauses 4.1(a), 4.1(b) or 4.1(f),
                                         to be in such form as may be agreed by the parties from time to time, and in all cases
                                         be received by the Custodian no later than 3:00 p.m (London time) on the Withdrawal Date
                                         unless otherwise agreed.

 

		(b)	if
                                         it relates to a transfer pursuant to clause 4.1(c), be in the form of an Application
                                         (which shall be sufficient instruction for the purposes of this Agreement) and be received
                                         by the Custodian no later than 3:00p.m. (London time) on the day which is one Business
                                         Day prior to the Withdrawal Date.

 

		(c)	if
                                         it relates to a withdrawal pursuant to clause 4.1(d) or (e), be received
                                         by the Custodian no later than 11:30 a.m. (London time) not less than two Business Days
                                         prior to the Withdrawal Date unless otherwise agreed and specify the name of the person
                                         or carrier that will collect the Bullion from the Custodian or the identity of the person
                                         to whom delivery is to be made, as the case may be;

 

and
in all cases, specify the weight (in troy ounces of silver) of the Bullion to be debited from the Unallocated Account, the Withdrawal
Date and any other information which the Custodian may, with the agreement of the Trustee, from time to time require.

 

		4.3	Right
                                         to Amend Procedure: The Custodian may amend the procedure for the withdrawal
                                         of Bullion from the Unallocated Account only where such amendment is caused by a change
                                         in the Rules or procedures of the Relevant Association. Any such amendment will be subject
                                         to the notification conditions of the preceding clause 3.3 and will be promptly
                                         notified to the Sponsor and the Trustee, such notice to be given in advance of implementation
                                         whenever practicable.

 

		4.4	Delivery
                                         Obligations: Unless otherwise instructed by the Trustee on behalf of the Trust
                                         or the relevant person, the Custodian shall make any transportation and insurance arrangements
                                         in respect of delivery of Bullion in accordance with its usual practice. Where instructions
                                         are given, the Custodian shall use all reasonable efforts to comply with the same. The
                                         Custodian shall not be obliged to effect any requested delivery if, in its reasonable
                                         opinion, this would cause the Custodian or its agents to be in breach of the Rules or
                                         other applicable law, court order or regulation; the costs incurred would be excessive
                                         or delivery is impracticable for any reason. All insurance and transportation costs shall
                                         be for the account of the Trust.

 

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

 

		4.6	Allocation:
                                         Without limiting clause 5.2, in the case of a transfer under clause 4.1(c),
                                         the Custodian will use its commercially reasonable endeavours to complete the allocation
                                         of such deposits of Bullion by not later than 2:00 p.m. (London time) on the Business
                                         Day after receipt of notice given in the form prescribed in clause 4.2(b). Following
                                         the Custodian’s receipt of such notice, the Custodian shall identify bars or ingots
                                         of a weight most closely approximating, but not exceeding, the balance in the Unallocated
                                         Account and shall transfer such weight from the Unallocated Account to the Allocated
                                         Account. The Trustee acknowledges that the process of allocation of Bullion to the Allocated
                                         Account from the Unallocated Account may involve minimal adjustments to the weights of
                                         Bullion to be allocated to adjust such weight to the number of whole bars available.

 

		5.	INSTRUCTIONS

 

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

 

		5.2	Continuous
                                         Allocation of Bullion: Without prejudice to clause 5.1, unless otherwise
                                         notified by the Trustee in writing, the Trustee hereby instructs the Custodian that,
                                         whenever Bullion is to be transferred from an AP Account to the Metal Accounts, it will
                                         combine such Bullion with any Bullion then standing to the credit of the Unallocated
                                         Account (excluding Bullion which has been de-allocated in order to effect delivery of
                                         Bullion to a redeeming Authorized Participant or Shareholder or pursuant to other withdrawals
                                         occurring on such day) and to the fullest extent possible, transfer such Bullion to the
                                         Allocated Account such that the amount of Bullion that remains standing to the credit
                                         of the Trustee in the Unallocated Account does not exceed, 1,100 troy ounces at the close
                                         of each Business Day.

 

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

 

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

 

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

 

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

 

		6.	CONFIDENTIALITY

 

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

 

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

 

		7.	CUSTODY
                                         SERVICES

 

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

 

		7.2	Safekeeping
                                         of Bullion: The Custodian will be responsible for the safekeeping of the Bullion
                                         on the terms and conditions of this Agreement.

 

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

 

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		8.	REPRESENTATIONS

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

		9.	FEES
                                         AND EXPENSES

 

		9.1	Fees:
                                         There will be no fees charged by the Custodian for the services provided by it
                                         under this Agreement. Payment of such fees will be made by the Sponsor under the Allocated
                                         Account Agreement.

 

		9.2	Expenses:
                                         Pursuant to a separate written agreement between the Sponsor and the Custodian,
                                         to which the Custodian has agreed, the Sponsor shall pay to the Custodian on demand all
                                         costs, charges and expenses (excluding (i) any relevant taxes and VAT, duties and other
                                         governmental charges, (ii) fees for storage and insurance of the Bullion, which will
                                         be recovered under the Allocated Account Agreement, and (iii) indemnification obligations
                                         of the Trustee under clause 11.5, which will be paid under the following sentence)
                                         incurred by the Custodian in connection with the performance of its duties and obligations
                                         under this Agreement or otherwise in connection with the Bullion. The Trustee will procure
                                         payment on demand, solely from and to the extent of the assets of the Trust, for any
                                         other costs, charges and expenses not paid by the Sponsor under its agreement with the
                                         Custodian referenced in this clause 9.2 (including any relevant taxes (other than
                                         VAT, which is addressed in clause 10.1), duties, other governmental charges and
                                         indemnification claims of the Custodian payable by the Trustee pursuant to clause
                                         11.5, but excluding fees for storage and insurance of the Bullion, which will be
                                         recovered under the Allocated Account Agreement) incurred by the Custodian in connection
                                         with the Bullion.

 

    11 

     

    

 

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

 

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

 

		9.5	Recovery
                                         from Trust: Amounts payable pursuant to this clause 9 shall not be debited
                                         from the Unallocated Account, but shall be payable by the Sponsor or the Trustee, as
                                         may be applicable, on behalf of the Trust, and the Custodian hereby acknowledges that
                                         it will have no recourse against Bullion standing to the credit of the Unallocated Account
                                         or to the Trustee in respect of any such amounts.

 

		10.	VALUE
                                         ADDED TAX

 

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

 

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

 

		11.	SCOPE
                                         OF RESPONSIBILITY

 

		11.1	Exclusion
                                         of Liability: The Custodian will use reasonable care in the performance of its
                                         duties under this Agreement and will only be responsible for any loss or damage suffered
                                         as a direct result of any negligence, fraud or wilful default on its part in the performance
                                         of its duties, and in which case its liability will not exceed the market value of the
                                         Bullion lost or damaged at the time such negligence, fraud or wilful default is discovered
                                         by the Custodian, provided that the Custodian notifies the Trust and the Trustee promptly
                                         after any discovery of such lost or damaged Bullion. If the Custodian delivers from the
                                         Unallocated Account Bullion that is not of the weight the Custodian has represented to
                                         the Trustee, recovery by the Trustee, to the extent such recovery is otherwise allowed,
                                         shall not be barred by any delay in asserting a claim because of the failure to discover
                                         such loss or damage regardless of whether such loss or damage could or should have been
                                         discovered.

 

    12 

     

    

 

		11.2	No
                                         Duty or Obligation: The Custodian is under no duty or obligation to make or take
                                         any special arrangements or precautions beyond those required by the Rules or as specifically
                                         set forth in this Agreement.

 

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

 

		11.4	Force
                                         Majeure: The Custodian shall not be liable for any delay in performance, or for
                                         the non-performance of any of its obligations under this Agreement by reason of any cause
                                         beyond the Custodian’s reasonable control. This includes any act of God or war
                                         or terrorism or any breakdown, malfunction or failure of transmission, communication
                                         or computer facilities, industrial action, acts and regulations of any governmental or
                                         supra national bodies or authorities or regulatory or self-regulatory organization or
                                         failure of any such body, authority or organization, for any reason, to perform its obligations;
                                         provided, however, that the Custodian agrees to use reasonable efforts to assist the
                                         Trustee in finding a replacement custodian (including, but not limited to, agreeing to
                                         an assignment of its rights and obligations hereunder) should any event described in
                                         this clause 11.4 so prevent the Custodian from performing its obligations.

 

		11.5	Indemnity:
                                         The Trustee, solely from and to the extent of the assets of the Trust, shall indemnify
                                         and keep indemnified the Custodian (on an after tax basis) on demand against all costs
                                         and expenses, damages, liabilities and losses (other than VAT, which is addressed in
                                         clause 10.1, and the expenses assumed by the Sponsor under its agreement with
                                         the Custodian referenced in clause 9.2) which the Custodian may suffer or incur,
                                         directly or indirectly in connection with this Agreement except to the extent that such
                                         sums are due directly to the negligence, wilful default or fraud of the Custodian.

 

    13 

     

    

 

		11.6	Third
                                         Parties: Except with respect to the Trust, which shall be considered a beneficiary
                                         of this entire Agreement, and the Sponsor, which shall be a beneficiary (as applicable)
                                         of clauses 2.6, 3.3, 4.3 and 11.3, the Custodian does not owe any duty
                                         or obligation or have any liability towards any person who is not a party to this Agreement.
                                         Except as set forth in this clause 11.6, this Agreement does not confer a benefit
                                         on any person who is not a party to it. The parties to this Agreement do not intend that
                                         any term of this Agreement shall be enforceable by any person who is not a party to it
                                         and do intend that the Contracts (Rights of Third Parties) 1999 Act shall not apply to
                                         this Agreement, provided that the Sponsor may enforce its rights under clauses 2.6,
                                         3.3, 4.3 and 11.3. Nothing in this paragraph is intended to limit the obligations
                                         hereunder of any successor Trustee of the Trust or to limit the right of any successor
                                         Trustee of the Trust to enforce the Custodian’s obligations hereunder.

 

		12.	TERM
                                         AND TERMINATION

 

		12.1	Method:
                                         Subject to clause 12.2, either the Trustee or the Custodian may terminate
                                         this Agreement for any reason including if the Custodian ceases to offer the services
                                         contemplated by this Agreement to its clients or proposes to withdraw from the Bullion
                                         business, by giving not less than 90 days’ written notice to the other party. Any
                                         such notice given by the Trustee must specify:

 

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

 

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

 

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

 

		12.2	Term:
                                         The term of this Agreement shall be until December 31, 2021 and will continue thereafter
                                         on the same terms until amended in writing or unless terminated by the parties in accordance
                                         with this clause 12. This Agreement may be terminated immediately upon written notice
                                         as follows:

 

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

 

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

 

    14 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

		13.	NOTICES

 

		13.1	Transfer
                                         Notices: Subject to clause 5.1, any Transfer Notice shall be in writing
                                         in English and shall be marked “Urgent – This Requires Immediate Attention”
                                         and signed (unless sent via email) by or on behalf of the party giving it (or its duly
                                         authorized representative). Any Transfer Notice shall be sent either by email or such
                                         other authenticated method as may, from time to time, be agreed between the parties.
                                         Any Transfer Notice shall be deemed to have been given, made or served upon actual receipt
                                         by the recipient.

 

		13.2	General
                                         Notices: Any General Notice shall be in writing in English and shall be marked
                                         “Urgent – This Requires Immediate Attention” and shall be signed (unless
                                         sent via email) by or on behalf of the party giving it (or its duly authorized representative).
                                         Any General Notice shall be given, made or served by sending the same by pre-paid registered
                                         post (first class if inland, first class airmail if overseas) or email. Any General Notice
                                         sent by pre-paid registered post shall be deemed to have been received three Business
                                         Days in the case of inland post or seven Business Days in the case of overseas post after
                                         dispatch. Any General Notice sent by email shall be deemed to have been given, made or
                                         served upon actual receipt by the recipient.

 

    15 

     

    

 

		13.3	The
                                         addresses and numbers of the parties for the purposes of clauses 13.1 and 13.2
                                         are:

 

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

  

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

 

	The Sponsor:	Aberdeen Standard ETFs Sponsor
    LLC
	 	c/o Aberdeen Standard Investments Inc.
	 	1735 Market Street, 32nd Floor
	 	Philadelphia, PA 19103
	 	Attention: Legal
	 	Email: legal.us@aberdeenstandard.com
	 	 
	With a copy to:	 
	 	 
	 	Aberdeen Standard ETFs Sponsor LLC
	 	c/o Aberdeen Standard Investments Inc.
	 	712 Fifth Avenue, 49th Floor
	 	New York, NY 10019
	 	Attention: Adam Rezak
	 	Email: adam.rezak@aberdeenstandard.com

 

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

 

		14.	GENERAL

 

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

 

    16 

     

    

 

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

 

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

 

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

 

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

 

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

 

    17 

     

    

 

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

 

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

 

		14.9	Business
                                         Days: If any obligation falls due to be performed on a day which is not a New
                                         York Business Day or a Business Day, as the case may be, then the relevant obligations
                                         shall be performed on the next succeeding Business Day.

 

		14.10	Prior
                                         Agreements: The Custodian or any member of the JP Morgan group of companies (the
                                         “JP Morgan Group”) may trade in Shares for its own account as principal,
                                         may have underwritten or may underwrite an issue of Shares or, together with any such
                                         entities’ directors, officers or employees, may have a long or short position in
                                         Shares or in any related security or instrument. Brokerage or other fees may be earned
                                         by any member of the JP Morgan Group or persons associated with them in respect of any
                                         business transacted by them in all or any of the aforementioned securities or instruments.
                                         This Agreement supersedes and replaces any prior existing agreement between the parties
                                         hereto relating to the same subject matter.

 

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

 

    18 

     

    

 

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

 

		15.	GOVERNING
                                         LAW AND JURISDICTION

 

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

 

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

 

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

 

		15.5	Service
                                         of Process: Process by which any proceedings are begun may be served on a party
                                         by being delivered to the party’s specified below. This does not affect any right
                                         to serve process in another manner permitted by law.

 

    19 

     

    

 

Custodian’s
Address for service of process:

 

JPMorgan
Chase Bank, N.A.

25
Bank Street, Canary Wharf, E14 5JP, London

Attention:
Peter Smith – Global Commodities

 

Trustee’s
Address for service of process:

 

BNY
Mellon

1
Canada Square 

London
E14 5AL, United Kingdom

Attention:
Legal Department

 

With
a copy to:

 

The
Bank of New York Mellon

2
Hanson Place

Brooklyn,
New York 11217

Attention:
ETF Services

 

With
a copy to:

 

Aberdeen
Standard Investments ETFs Sponsor LLC

712
Fifth Avenue, 49th Floor

New
York, NY 10019

Attention:
Adam Rezak 

Email:
adam.rezak@aberdeenstandard.com

 

AND

 

1735
Market Street, 32nd Floor

Philadelphia,
PA 19103

Attention:
Legal US

Email:
legal.us@aberdeenstandard.com

 

[Signature
Page Follows]

 

    20 

     

    

 

EXECUTED
by the parties:

 

Signed
on behalf of and for 

JPMORGAN CHASE BANK, N.A. by

 

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

 

Signed
on behalf of and for

The
Bank of New York Mellon, solely in its capacity
as trustee of the Aberdeen Standard Silver ETF Trust and not individually, by

 

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

 

    21EX-10.1

 Exhibit 10.1 

AMENDED AND RESTATED EMPLOYMENT AGREEMENT 

THIS AMENDED AND RESTATED EMPLOYMENT AGREEMENT (the “Agreement”), dated as of August 23, 2016, and effective as of September 1,
2016, is by and between ARRIS GROUP, INC., a Delaware corporation (the “Company”), and Bruce McClelland (“Executive”). 

WHEREAS, the parties hereto previously entered into that certain Employment Agreement dated as of November 26, 2008, as subsequently amended by
that certain Waiver dated as of December 31, 2015 (as so amended, the “Original Agreement”); and 
 WHEREAS, the parties now desire to
further amend and restate in full the Original Agreement to reflect, among other things, changes in Executive’s title, responsibilities and compensation as reflected in this Agreement. 

NOW, THEREFORE, in consideration of the foregoing recitals and the mutual covenants set forth herein, and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: 
 1. Employment. Executive agrees to continue his employment
with the Company, and the Company agrees to continue to employ Executive, on the terms and conditions set forth in this Agreement. Executive agrees during the term of this Agreement to use his best efforts, skills and abilities to promote the
interests of the Company, and to faithfully and diligently perform his duties and responsibilities as stated in this Agreement. During the term of this Agreement, Executive shall not serve as a director or principal of any other company or
charitable, religious or civic organization without the prior written consent of the Chairman of the Board of Directors of the parent corporation of the Company, ARRIS International plc (“Parent”). 

Executive’s job title will be Chief Executive Officer and his duties and responsibilities will be those customarily performed by persons acting in such
capacity and/or as are designated from time to time by the Chairman of the Board of Directors of the Parent. Executive will report directly to the Chairman of the Board of Directors of the Parent. Executive further agrees to serve, without
additional compensation, as an officer or director, or both, of any subsidiary, division or affiliate of the Company, including Parent, or any other entity in which the Company holds an equity interest, provided, however, that (a) the Company
shall indemnify Executive from liabilities in connection with serving in any such position to the fullest extent applicable to any other officer or director of the Parent or the Company and (b) such other position shall not materially detract
from the duties and responsibilities of Executive pursuant to this Section 1 or his ability to perform such duties and responsibilities. 
 2.
Compensation. 
 (a) Base Salary. During the term of Executive’s employment with the Company pursuant to this Agreement, the Company shall
pay to Executive as compensation for his services an annual base salary of not less than $750,000 (“Base Salary”). Executive’s Base Salary will be payable in arrears (no less frequently than monthly) in accordance with the
Company’s normal payroll procedures and will be reviewed annually and subject to upward adjustment at the discretion of the Board of Directors of Parent and/or the Compensation Committee thereof, but will not be lowered except in connection
with reductions applied to all executive officers on an equal percentage basis and other than in contemplation of or on or after a Change in Control. 
 (b)
Incentive Bonus. During the term of Executive’s employment with the Company pursuant to this Agreement, Executive will be eligible to participate in an annual incentive compensation program (the “Incentive Bonus”) as shall be
determined by the Board of Directors of Parent and/or the Compensation Committee thereof at their discretion with an annual target bonus opportunity equal to 100% of Base Salary, and allowing for payment of up to 200% of Base Salary. For avoidance
of doubt, with respect to any Incentive Bonus payable for 2016, the target bonus opportunity set forth in this Section 2(b) and the Base Salary set forth in Section 2(a) used to calculate the amount shall only apply for the portion of the
year from September 1st through December 31st. Executive’s Incentive Bonus, if any, shall be payable as soon after the end of each
calendar year to which it relates as it can be determined, but in any event within two and one-half (2-1/2) months after the end of calendar year to which the Incentive
Bonus relates. 
 (c) Equity Compensation. During the term of Executive’s employment with the Company pursuant to this Agreement, Executive will
be eligible to receive stock options, restricted stock, restricted stock units and/or other equity awards under the Parent’s applicable equity plans on such basis as the Board of Directors of Parent and/or the Compensation Committee thereof, as
the case may be, may determine on a basis not less favorable than that provided to employees in comparable positions. However, nothing herein shall require the Parent to make any equity grants or other awards to Executive in any specific year 

  
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 (d) Executive Perquisites. During the term of Executive’s employment with the Company pursuant
to this Agreement, Executive shall be entitled to receive such executive perquisites and fringe benefits as are provided to the executives in comparable positions and their families under any of the Company’s plans and/or programs in effect
from time to time and such other benefits as are customarily available to executives of the Company and their families, including without limitation vacations and life, medical and disability insurance, in accordance with the terms and conditions of
such executive perquisites, fringe benefits and plans and/or programs. 
 (e) Tax Withholding. The Company has the right to deduct from any
compensation payable to Executive under this Agreement social security (FICA) taxes and all federal, state, municipal or other such taxes or charges as may now be in effect or that may hereafter be enacted or required. 

(f) Expense Reimbursements. The Company shall pay or reimburse Executive for all reasonable business expenses incurred or paid by Executive in the
course of performing his duties hereunder, including but not limited to (i) reasonable travel expenses for Executive and (ii) reasonable attorney’s fees and costs associated with the review of this Agreement by counsel to Executive in
an amount not to exceed $5,500. As a condition to such payment or reimbursement, however, Executive shall maintain and provide to the Company reasonable documentation and receipts for such expenses. Such payments and reimbursements shall be made as
soon as administratively practicable following submission of reasonable documentation and receipts for such expenses but all such payments and reimbursements shall be made no later than the last day of the calendar year following the calendar year
in which Executive incurs the reimbursable expense. 
 3. Term. Unless sooner terminated pursuant to Section 4 of this Agreement, and subject to
the provisions of Section 5 hereof, the term of employment under this Agreement shall commence as of the date hereof and shall continue for a period of one year. The term automatically shall be extended by one day for each day of employment
hereunder. Notwithstanding the foregoing, the term of employment under this agreement shall terminate, if it has not terminated earlier, without further action on the part of the Company or Executive, upon Executive’s 65th birthday. The date on
which Executive’s employment with the Company terminates shall be the “Termination Date.” 
 4. Termination. Notwithstanding the
provisions of Section 3 hereof, but subject to the provisions of Section 5 hereof, Executive’s employment under this Agreement shall terminate as follows: 

(a) Death. Executive’s employment shall terminate upon the death of Executive, provided, however, that the Company shall continue to pay no less
frequently than monthly (in accordance with its normal payroll procedures) the Base Salary to Executive’s estate for a period of three months after the date of Executive’s death. 

(b) Termination for Cause. The Company may terminate Executive’s employment at any time for “Cause” (as hereinafter defined) by
delivering a written termination notice to Executive, such notice to include in reasonable specificity the conduct justifying termination for Cause. For purposes of this Agreement, “Cause” shall mean, as reasonably determined in good faith
by the Board of Directors of Parent and/or the Compensation Committee thereof, any of: (i) Executive’s indictment for (or its procedural equivalent), or entering of a guilty plea or plea of no contest with respect to, or conviction of a
felony or a crime involving moral turpitude; (ii) Executive’s commission of an act constituting fraud, deceit or material misrepresentation with respect to the Company or any subsidiary, division or affiliate of the Company, including
Parent, or any other entity in which the Company holds an equity interest; (iii) Executive’s embezzlement of funds or assets from the Company or any subsidiary, division or affiliate of the Company, including Parent, or any other entity in
which the Company holds an equity interest; (iv) Executive’s engagement in habitual insobriety or the use of illegal drugs or substances; (v) Executive’s commission of any act or omission in connection with his duties for the
Company which constitutes a material breach of applicable law or causes the Company materially to breach applicable law and with respect to which the Company would have the right, obligation or reasonable desire to terminate Executive’s
employment; or (vi) Executive’s failure to correct or cure any material breach of or default under this Agreement within ten days after receiving written notice of such breach or default from the Company. 

(c) Termination Without Cause. The Company may terminate Executive’s employment without Cause by delivering thirty days prior written notice to
Executive. 
 (d) Termination by Executive. Executive may terminate his employment by delivering prior written notice as specified below to the
Company, such notice to include in reasonable specificity the conduct by Company justifying termination by Executive if such termination occurs in connection with Company’s breach of this Agreement; provided, however, that the terms, conditions
and benefits specified in Section 5 hereof (but not the continued vesting under Section 4(f) below) shall apply or be payable to Executive only if such termination occurs as a result of a material breach by the Company of any provision of
this Agreement (which the Company fails to cure within thirty days after written notice of such breach from Executive delivered to the 

  
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Company within thirty days of such material breach). In case of Executive’s termination as the result of a material breach by the Company, the Executive’s Termination Date shall be the
day immediately following the end of such thirty-day period (upon the Company’s failure to cure such breach), unless the Company provides for an earlier Termination Date. In all other cases of termination
by Executive pursuant to this Section 4(d), Executive shall give the Company ninety days prior written notice. 
 (e) Termination Following
Disability. In the event Executive becomes Disabled (as hereinafter defined) and is unable to perform his material duties and responsibilities hereunder for a period of at least ninety days in the aggregate during any one hundred twenty
consecutive day period, the Company may terminate Executive’s employment at any time thereafter (provided Executive continues to be Disabled) by delivering a written termination notice to Executive. In the event of termination following
Executive becoming Disabled, Executive shall only be entitled to receive his Base Salary and benefits under this Agreement for a period of six months after the effective date of such termination with his Base Salary payable in arrears no less
frequently than monthly in accordance with the Company’s normal payroll procedures and continued benefits on a monthly basis through such time; provided however, in the event the Company temporarily replaces the Executive, or transfers the
Executive’s duties or responsibilities to another individual on account of the Executive’s inability to perform such duties due to a mental or physical incapacity which is, or is reasonably expected to become, a Disability, then the
Executive’s employment shall not be deemed terminated by the Company on account of Executive being Disabled until Executive then is considered Disabled as described above, and Executive shall not be able to resign pursuant to Section 4(d)
on the basis of a material breach of this Agreement by the Company, or pursuant to Section 6(a) on the basis of Good Reason, as a result of any such actions by the Company. 

For purposes of this Agreement, “Disabled” means any time that Executive is entitled to receive long term disability benefits under the
Company’s long term disability plan, or if there is no such plan, Executive’s inability, due to physical or mental incapacity to substantially perform, with or without reasonable accommodation, his duties and responsibilities under this
Agreement for a period of at least ninety days in the aggregate during any one hundred twenty consecutive day period. Any question as to the existence of Executive’s Disability as to which Executive and the Company cannot agree shall be
determined in writing by a qualified independent physician mutually acceptable to Executive and the Company. If Executive and the Company cannot agree as to a qualified independent physician, each shall appoint such a physician and those two
physicians shall select a third who shall make such determination in writing. The determination that Executive is Disabled will be made in writing to the Company and Executive, and such determination shall be final and conclusive for all purposes of
this Agreement. 
 (f) Payments. Following any expiration or termination of this Agreement and Executive’s employment hereunder, in addition to
any amounts owed pursuant to Section 5 hereof, the Company shall pay to Executive all amounts earned by Executive hereunder prior to the date of such expiration and termination, as soon as administratively practicable following the date of
termination of Executive’s employment, in the normal course consistent with the provisions of this Agreement. Additionally, subject to Executive’s continued compliance with Sections 7 and 8 of this Agreement, if (i) the Company
terminates Executive’s employment without Cause pursuant to Section 4(c) or (ii) Executive terminates his employment with the Company pursuant to Section 4(d) (whether or not in connection with any material breach by the
Company), in either event on or after Executive attains age 62 (provided Executive has no less than 10 years of continuous service with Company and/or any subsidiary, division or affiliate of the Company, including Parent, as of such termination),
all of Executive’s stock options and other equity awards outstanding at termination of Executive’s employment shall continue to vest for four (4) years after the termination as if Executive remained employed through such time, and
such stock options shall remain outstanding through the original expiration date of the stock options (disregarding any earlier expiration date based on Executive’s termination of employment). 

5. Certain Termination Benefits. Subject to Section 6(a) hereof, in the event (i) the Company terminates Executive’s employment without
Cause pursuant to Section 4(c) or (ii) Executive terminates his employment pursuant to Section 4(d) after a material breach by the Company (which the Company fails to cure within ten days after written notice of such breach from
Executive delivered to the Company within thirty days of such material breach): 
 (a) Base Salary and Incentive Bonus. The Company shall continue to
pay to Executive his Base Salary (as in effect as of the date of such termination) and Incentive Bonus based upon the assumption that Executive would have fulfilled the requirements to earn his Incentive Bonus at target that would have been payable
hereunder to Executive from the date of such termination for a period of twenty-four (24) months following the termination (and a prorated portion for any partial year). The Company shall continue to pay to Executive his Base Salary (as in
effect as of the date of such termination) no less frequently than monthly in accordance with the Company’s normal payroll procedures, beginning with the first payroll date after the date of termination of Executive’s employment and
continuing for twenty-four (24) months immediately following the termination. The Company also shall pay to Executive an Incentive Bonus for each Company fiscal year (and a pro rata amount for each partial Company fiscal year) during the
twenty-four (24) months immediately following Executive’s termination of employment in an amount 

  
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equal to the target bonus Executive would have received had he fulfilled the requirements to earn his Incentive Bonus that would have been payable during such time (or pro rata amount of such
bonus for any partial Company fiscal year) with the Incentive Bonus for any fiscal year or partial year to be paid after the end of such fiscal or partial year and within two and one-half (2-1/2) months thereafter. Notwithstanding the foregoing, all payments to be made or benefits to be provided under this Section are subject to the provisions of Section 5(f) and (h) below. 

(b) Stock. Subject to Section 9 hereof, on and as of the effective date of the termination of employment, all of Executive’s outstanding
time-based stock options, restricted stock unit and other equity award grants under the Company’s stock option and other benefit plans shall immediately vest, and all performance-based stock options, restricted stock units and other equity
award grants shall continue to vest as if Executive remained employed through the applicable vesting date(s) set forth therein, if the termination of Executive’s employment under this Section 5 occurs before Executive attains age 62 or
older with ten or more years of continuous service with Company and/or any subsidiary, division or affiliate of the Company, including Parent. Additionally, all of Executive’s outstanding stock options shall remain outstanding until the
original expiration date of the stock options (disregarding any earlier expiration date based on Executive’s termination of employment). 
 (c) Life
Insurance. For a period of twenty-four (24) months immediately following termination of employment (the “Life Insurance Premium Payment Period”), the Company shall pay to Executive an amount in cash equal to the Company’s
cost of providing Executive with group and additional life insurance coverage if he had remained employed during the Life Insurance Premium Payment Period. Such cash payment shall be paid no less frequently than monthly in accordance with the
Company’s normal payroll procedures and subject to applicable withholding, beginning with the first payroll date after the date of termination of Executive’s employment and continuing for the Life Insurance Premium Payment Period. 

(d) Medical Insurance. For a period of the earlier of (i) twenty-four (24) months immediately following termination of employment, and
(ii) Executive becoming eligible for group medical insurance coverage under another employer’s plan (the “Health Benefits Continuation Period”), the Company shall pay to Executive an amount in cash equal to the excess of
(x) the cost to continue participation in any group medical, dental, vision and/or prescription drug plan benefits to which Executive and/or Executive’s eligible dependents would be entitled under Section 4980B of the Code
(“COBRA”), over (y) the amount that Executive would have had to pay for such coverage if he had remained employed during the Health Benefits Continuation Period and paid the active employee rate for such coverage; provided, however,
the Company’s payment of such costs shall be deemed to be taxable income to Executive in accordance with applicable rules and regulations. Such cash payment shall be paid no less frequently than monthly in accordance with the Company’s
normal payroll procedures and subject to applicable withholding, beginning with the first payroll date after the date of termination of Executive’s employment and continuing for the Health Benefits Continuation Period. 

(e) Group Disability. For a period of twenty-four (24) months immediately following termination of employment (subject in the case of long-term
disability to the availability of such coverage under Company’s insurance policy) (the “Disability Premium Payment Period”), the Company shall pay to Executive an amount in cash equal to the Company’s cost of providing Executive
with coverage under the Company’s group disability plan if he had remained employed during the Disability Premium Payment Period. Such cash payment shall be paid no less frequently than monthly in accordance with the Company’s normal
payroll procedures and subject to applicable withholding, beginning with the first payroll date after the date of termination of Executive’s employment and continuing for the Disability Premium Payment Period. 

(f) Section 409A. Notwithstanding any other provisions of this Agreement, it is intended that any payment or benefit which is
provided pursuant to or in connection with this Agreement and which is considered to be nonqualified deferred compensation subject to Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), will be provided and
paid in a manner, and at such time, as complies with Section 409A of the Code. For purposes of this Agreement, all rights to payments and benefits hereunder shall be treated as rights to receive a series of separate payments and benefits to the
fullest extent allowed by Section 409A of the Code. If Executive is a key employee (as defined in Section 416(i) of the Code without regard to paragraph (5) thereof) and any of Company’s stock is publicly traded on an established
securities market or otherwise, then the payment of any amount or provision of any benefit under this Agreement which is considered to be nonqualified deferred compensation subject to Section 409A of the Code shall be deferred for six
(6) months after the Termination Date or, if earlier, Executive’s death (the “409A Deferral Period”), as required by Section 409A(a)(2)(B)(i) of the Code. In the event payments are otherwise due to be made in installments or
periodically during such 409A Deferral Period, the payments which would otherwise have been made in the 409A Deferral Period shall be accumulated and paid in a lump sum as soon as the 409A Deferral Period ends, and the balance of the payments shall
be made as otherwise scheduled. In the event, benefits are otherwise to be provided hereunder during such 409A Deferral Period, any such benefits may be provided during the 409A Deferral Period at Executive’s expense, with Executive having a
right to reimbursement for such expense from the Company as soon as the 409A Deferral Period ends, and the balance of the benefits shall be provided as otherwise scheduled. For purposes of this Agreement,

  
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Executive’s termination of employment shall be construed to mean a “separation from service” within the meaning of Section 409A of the Code where it is reasonably anticipated
that no further services will be performed after such date or that the level of bona fide services Executive would perform after that date (whether as an employee or independent contractor) would permanently decrease to less than fifty percent (50%)
of the average level of bona fide services performed over the immediately preceding thirty-six (36)-month period. Without limitation, if any payment or benefit which is provided pursuant to or in connection
with this Agreement and which is considered to be nonqualified deferred compensation subject to Section 409A of the Code fails to comply with Section 409A of the Code, and Executive incurs any additional tax, interest and penalties under
Section 409A of the Code, Company will pay Executive an additional amount so that, after paying all taxes, interest and penalties on such additional amount, Executive has an amount remaining equal to such additional tax, interest and penalties.
All payments to be made to Executive pursuant to the immediately preceding sentence shall be payable no later than when the related taxes, interest and penalties are to be remitted. Any right to reimbursement incurred due to a tax audit or
litigation addressing the existence or amount of any tax liability addressed in the immediately preceding sentence must be made no later than when the related taxes, interest and penalties that are the subject of the audit or litigation are to be
remitted to the taxing authorities or, where no such taxes, interest and penalties are remitted, within thirty (30) days of when the audit is completed or there is a final non-appealable settlement or
resolution of the litigation. 
 (g) Offset. Any benefits received by Executive in connection with any other employment that are reasonably
comparable, but not necessarily as beneficial, to Executive as the benefits set forth in clauses (c), (d) and (e) above then being provided by the Company pursuant to this Section 5, shall be deemed to be the equivalent of, and shall
terminate the Company’s responsibility to continue providing, the benefits set forth in clauses (c), (d) and (e) above then being provided by the Company pursuant to this Section 5. The Company acknowledges that if Executive’s
employment with the Company is terminated, Executive shall have no duty to mitigate damages. For the avoidance of doubt, the offset provided by this Section 5(g) shall not apply to the benefits provided to Executive under clauses (a) or
(b) of this Section 5. 
 (h) General Release. Acceptance by Executive of any amounts pursuant to this Section 5 shall, to the fullest
extent permitted by applicable law, constitute a full and complete release by Executive of any and all claims Executive may have against the Company, its officers, directors and affiliates, including, but not limited to, claims he might have
relating to Executive’s cessation of employment with the Company; provided, however, that there may properly be excluded from the scope of such general release the following: 

(i) claims that Executive may have against the Company for reimbursement of ordinary and necessary business expenses incurred by him during
the course of his employment; 
 (ii) claims that may be made by the Executive for payment of Base Salary, fringe benefits or stock options
properly due to him; or 
 (iii) claims respecting matters for which the Executive is entitled to be indemnified under the Company’s
Certificate of Incorporation or Bylaws, respecting third party claims asserted or third party litigation pending or threatened against the Executive. 

Notwithstanding the foregoing, as a condition to the payment to Executive of any amounts pursuant to this Section 5, Executive shall execute and deliver
to the Company a release in the customary form then being used by the Company, which may include non-disparagement and confidentiality agreements. In exchange for such release, the Company shall, if
Executive’s employment is terminated without Cause, or as the result of a material breach by the Company (which the Company fails to cure within thirty days after written notice of such breach from Executive delivered to the Company within
thirty days of such material breach), provide a release to Executive, but only with respect to claims against Executive which are actually known to the Company as of the time of such termination. Executive will be required to execute and not revoke
the Company’s standard written release of any and all claims against the Company and all related parties with respect to all matters arising out of Executive’s employment by the Company (other than as described above) no later than thirty
(30) days following Executive’s termination of employment (or such later time as the Company may permit). If the Executive does not provide such release, within the period for revoking same having already expired, then Company shall not be
required to pay any further amounts pursuant to this Section 5 and Executive will be required to return to the Company any amounts previously paid pursuant to this Section 5. Notwithstanding any other provision of this Agreement, if the
thirty day period for executing and not revoking such release spans more than one calendar year, no payments to Executive of any amounts pursuant to this Section 5 shall be made until the subsequent calendar year. 

6. Effect of Change in Control. 
 (a) If within one year
following a “Change of Control” (as hereinafter defined), Executive terminates his employment with the Company for Good Reason (as hereinafter defined) or the Company terminates Executive’s employment for any reason other

  
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than Cause, death or disability, the Company shall pay to Executive: 
 (1) an amount
equal to two times the Executive’s Base Salary as of the date of termination; 
 (2) an amount equal to two times the average Incentive
Bonus paid to Executive for the two fiscal years immediately preceding the date of termination (and a pro rata portion for any partial year); 

(3) for a period of twenty-four (24) months immediately following termination of employment (the “CIC Life Insurance Premium Payment
Period”), an amount in cash equal to the Company’s cost of providing Executive with group and additional life insurance coverage if he had remained employed during the CIC Life Insurance Premium Payment Period; 

(4) for a period of the earlier of (i) twenty-four (24) months immediately following termination of employment, and
(ii) Executive becoming eligible for group medical insurance coverage under another employer’s plan (the “CIC Health Benefits Continuation Period”), an amount in cash equal to the excess of (x) the cost to continue
participation in any group medical, dental, vision and/or prescription drug plan benefits to which Executive and/or Executive’s eligible dependents would be entitled under COBRA, over (y) the amount that Executive would have had to pay for
such coverage if he had remained employed during the CIC Health Benefits Continuation Period and paid the active employee rate for such coverage; provided, however, the Company’s payment of such costs shall be deemed to be taxable income to
Executive in accordance with applicable rules and regulations; 
 (5) for a period of twenty-four (24) months immediately following
termination of employment (subject in the case of long-term disability to the availability of such coverage under Company’s insurance policy) (the “CIC Disability Premium Payment Period”), an amount in cash equal to the Company’s
cost of providing Executive with coverage under the Company’s group disability plan if he had remained employed during the CIC Disability Premium Payment Period; and 

(6) subject to Section 9 hereof, on and as of the effective date of the termination of employment, (i) all of Executive’s
outstanding time-based stock options, restricted stock units and other equity award grants under the Company’s stock option and other benefit plans shall immediately vest and (ii) Executive’s performance-based stock options,
restricted stock units and other equity award grants under the Company’s stock option and other benefit plans shall immediately vest with respect to that amount, if any, of the performance-based stock options, restricted stock units and other
equity award grants as the Board of Directors or Compensation Committee of Parent or its successor in its good faith discretion shall reasonably determine (which can be determined before or after the Change in Control and which amount can be zero,
the maximum amount that is available to vest or anywhere in between) after taking into consideration all relevant facts available to the parties at the time of such determination. Any stock options, restricted stock units and other equity award
grants that are not then vested shall be forfeited without any consideration therefor. 
 The Company shall pay the amounts set forth in (1) and (2)
above in one lump sum payment as soon as administratively practicable (and within thirty (30) days) following Executive’s termination of employment and subject to applicable withholding. The benefits provided under (3), (4) and
(5) above shall be provided no less frequently than monthly following the date of termination of employment in accordance with the Company’s normal payroll procedures and subject to applicable withholding, beginning with the first payroll
date after the date of termination of Executive’s employment and continuing for the CIC Life Insurance Premium Payment Period, the CIC Health Benefits Continuation Period and the CIC Disability Premium Payment Period, respectively.
Additionally, Executive’s outstanding stock options shall remain outstanding until the original expiration date of the stock options (disregarding any earlier expiration date based on Executive’s termination of employment). Notwithstanding
the foregoing, all payments to be made and benefits to be provided under this Section are subject to the provisions of Section 5(f) and (h) above. 

(b) “Change of Control” shall mean the date as of which: (i) there shall be consummated (1) any consolidation or merger of Parent to which
the Parent is not the continuing or surviving corporation or pursuant to which the ordinary shares of Parent would be converted into cash, securities or other property, other than a merger of Parent in which the holders of Parent’s ordinary
shares immediately prior to the merger own more than 50% of the total fair market value or total voting power of the continuing or surviving entity, or (2) any sale, lease, exchange or other transfer (in one transaction or a series of related
transactions) of all, or substantially all, of the assets of Parent or (ii) the stockholders of Parent approve any plan or proposal for the liquidation or dissolution of Parent; or (iii) otherwise (any person) as such term is used in
Sections 13(d) and 14(d)(2) of the Securities Exchange Act of 1934, as amended, (the “Exchange Act”)), shall become the beneficial owner (within the meaning of Rule 13d-3 under the Exchange Act) of
30% or more of Parent’s outstanding ordinary shares (in a single transaction or within twelve (12) months from the date of the final acquisition) or (iv) during any one year, individuals who at the beginning of such period constitute
the entire Board of Directors of Parent shall cease for any reason to constitute a majority thereof unless the election, or the nomination for election by the Parent’s stockholders, of each new director was approved by a vote of at least two-thirds of the directors still then in office who were directors at the beginning of the period. This definition of “Change in Control” is intended to comply with the definition of a change in the
ownership or effective control of Parent or in the ownership of a substantial portion of the assets of Parent within the meaning of Section 409A(a)(2)(A)(v) of the Code and shall be construed consistent with that intent. 

  
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 (c) “Good Reason” shall mean any of the following actions taken by the Company without the
Executive’s written consent after a Change of Control: 
 (i) The assignment to the Executive by the Company or Parent of duties
inconsistent with, or the reduction of the powers and functions associated with, the Executive’s position, duties, responsibilities and status with the Company or Parent immediately prior to a Change of Control or Potential Change of Control
(as defined below), or an adverse change in Executive’s titles or offices as in effect immediately prior to a Change of Control or Potential Change of Control, or any removal of the Executive from or any failure to re-elect Executive to any of such positions, except in connection with the termination of his employment for Disability or Cause or as a result of Executive’s death except to the extent that a change in duties
relates to the elimination of responsibilities attendant to Parent no longer being a publicly traded company; 
 (ii) A reduction by the
Company or Parent in the Executive’s Base Salary as in effect on the date of a Change of Control or Potential Change of Control, or as the same may be increased from time to time during the term of his Agreement; 

(iii) The Company or Parent shall require the Executive to be based anywhere other than at Parent’s principal executive offices or the
location where the Executive is based on the date of a Change of Control or Potential Change of Control, or if Executive agrees to such relocation, the Company fails to reimburse the Executive for moving and all other expenses reasonably incurred
with such move; 
 (iv) The Company or Parent shall fail to continue in effect any Company-sponsored plan or benefit that is in effect on
the date of a Change of Control or Potential Change of Control, that provides (A) annual incentive or bonus compensation, (B) fringe benefits such as vacation, medical benefits, life insurance and dental insurance, (C) reimbursement
for reasonable expenses incurred by the Executive in connection with the performance of duties with the Company, or (D) pension benefits such as a Code Section 401(k) plan and the Company’s nonqualified defined benefit plan, except to
the extent that such plans taken as a whole are replaced with substantially comparable plans; 
 (v) Any material breach by the Company of
any provision of this Agreement; or 
 (vi) Any failure by the Company or Parent to obtain the assumption of this Agreement by any successor
or assign of the Company or Parent effected in accordance with the provisions of Section 6. 
 (d) “Potential Change of Control” shall mean
the date as of which (1) Parent enters into an agreement the consummation of which, or the approval by shareholders of which, would constitute a Change of Control; (ii) proxies for the election of Directors of Parent are solicited by
anyone other than Parent; (iii) any person (including, but not limited to, any individual, partnership, joint venture, corporation, association or trust) publicly announces an intention to take or to consider taking actions which, if
consummated, would constitute a Change of Control; or (iv) any other event occurs which is deemed to be a Potential Change of Control by the Board of Parent and the Board of Directors of Parent adopts a resolution to the effect that a Potential
Change of Control has occurred. 
 (e) Anything in this Agreement to the contrary notwithstanding, in the event it shall be determined that any payment or
distribution by the Company to or for the benefit of Executive (whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise) (a “Payment”) would be subject to the excise tax (the
“Excise Tax”) imposed by Section 4999 of the Code, then, prior to the making of any such Payment to Executive, the Payment shall be limited to the extent necessary to avoid being subject to the Excise Tax. In that event, cash payments
shall be modified or reduced first on a pro rata basis, then any other benefits on a pro rata basis and finally any vesting of equity awards on a pro rata basis. The determination of whether an Excise Tax would be imposed, the amount of such Excise
Tax, and the calculation of the amounts referred to herein shall be made by an independent accounting firm selected by the Company and reasonably acceptable to Executive, at the Company’s expense (the “Accounting Firm”), and the
Accounting Firm shall provide detailed supporting calculations. Any determination by the Accounting Firm shall be binding upon the Company and Executive. As a result of the uncertainty in the application of Section 4999 of the Code at the time
of the initial determination by the Accounting Firm hereunder, it is possible that Payments which Executive was entitled to, but did not receive pursuant to this Section 6(e), could have been made without the imposition of the Excise Tax
(“Underpayment”). In such event, the Accounting Firm shall determine the amount of the Underpayment that has occurred and any such Underpayment shall be promptly paid by the Company to or for the benefit of Executive. 

  
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 7. Non-Competition. 

(a) As used in this Section: 
 “Business of Company”
means providing products and services to broadband internet service providers which support a full range of integrated voice, video and high-speed data services to the subscribers of such providers. 

“Competing Business” means any person, business or subdivision of a business which substantially engages in the Business of Company, or which is
actively planning to engage in the Business of Company, excluding subdivisions of a business, if any, which are unrelated to the Business of Company. 

“Restricted Period” means the period beginning on the Termination Date and ending twenty-four (24) months after the Termination Date. 

“Restricted Territory” means, and is limited to, the following currently delineated Metropolitan Statistical Areas (MSA) as defined by the U.S.
Office of Management and Budget as of the Effective Date: (1) Atlanta - Sandy Springs - Roswell, (2) Denver – Aurora - Lakewood, (3) Portland - Vancouver - Salem, (4) Philadelphia - –Reading - Camden, (5) New York
- Newark – Jersey City, (6) San Jose - San Francisco - Oakland , (7) Los Angeles - Long Beach, (8) Anaheim – Santa Ana – Irvine and (9) St. Louis. Executive acknowledges and agrees that this is the area in which the
Company does business at the time of execution of this Agreement, and in which Executive will have responsibility, at a minimum, on behalf of the Company. 

“Material Contact” means contact in furtherance of the business interests of Company between Executive and an employee, independent contractor,
actual or prospective customer, or an actual or prospective vendor of the Company (i) with whom or which Executive communicated in person, by telephone or by paper or electronic correspondence, (ii) whose dealings with the Company or its
subsidiaries or affiliates were coordinated or supervised by Executive, (iii) about whom or which Executive obtained Trade Secrets while employed by the Company or its affiliates or (iv) who receives products or services of the Company,
the sale or provision of which results or resulted in compensation, commissions, or earnings for Executive within the two (2) years prior to the Termination Date. 

(b) Executive agrees that during Executive’s employment hereunder and during the Restricted Period, Executive shall not, within the Restricted Territory,
perform services on his own behalf or on behalf of any other person or entity, which are the same as or similar to those he provided to Company and which support any business activities which compete with the Business of Company. 

(c) Executive agrees that during Executive’s employment hereunder and during the Restricted Period, Executive shall not, directly or indirectly, solicit
any actual or prospective customers of Company with whom Executive had Material Contact, for the purpose of selling any products or services which compete with the Business of Company. 

(d) Executive agrees that during Executive’s employment hereunder and during the Restricted Period, Executive shall not, directly or indirectly, solicit
any actual or prospective vendor of Company with whom Executive had Material Contact, for the purpose of providing products or services in support of any business activities which would violate clause (b) above. 

(e) Executive agrees that during Executive’s employment hereunder and during the Restricted Period, Executive shall not, directly or indirectly, solicit
or induce any employee or independent contractor of Company with whom Executive had Material Contact to terminate such employment or contract with Company. 

Notwithstanding the foregoing, it is understood and agreed that, without limitation on other available remedies, the restrictions on Executive set forth in
this Section 7(b), (c), (d) and (e) hereof shall not be applicable at any time that Company is in breach of its contractual obligations to Executive under this Agreement or the ARRIS Group, Inc. Supplemental Retirement Benefits Plan (the
“Excess Benefit Plan”) following the thirty (30) days after being notified in writing by Executive of such breach and failure of Company to cure same. In the event Company cures such breach, the restrictions set forth in Sections
7(b), (c), (d) and (e) hereof shall continue pursuant to their terms as if such breach never occurred. 
 8. Nondisclosure of Trade Secrets.
During the term of this Agreement, Executive will have access to and become familiar with various trade secrets and proprietary and confidential information of the Company, its subsidiaries and affiliates and their employees, contractors, customers,
vendors, agents and similar parties, including, but not limited to, processes, designs, computer programs, compilations of information, records, sales procedures, customer requirements, pricing techniques, product plans, marketing plans, strategic
plans, customer lists, methods of doing business and other confidential information (collectively, referred to as “Trade Secrets”) which are owned by the Company, its subsidiaries and/or affiliates and regularly used in the operation of
its or their business, and as to which the Company, its subsidiaries and/or affiliates take precautions to prevent dissemination to persons other than certain directors, officers and employees. Executive acknowledges and agrees that the Trade
Secrets (1) are secret and not known in the industry; (2) give the Company or its subsidiaries or affiliates an advantage 

  
 8 

 
over competitors who do not know or use the Trade Secrets; (3) are of such value and nature as to make it reasonable and necessary to protect and preserve the confidentiality and secrecy of
the Trade Secrets; and (4) are valuable, special and unique assets of the Company or its subsidiaries or affiliates, the disclosure of which could cause substantial injury and loss of profits and goodwill to the Company or its subsidiaries or
affiliates. Executive may not use in any way or disclose any of the Trade Secrets, directly or indirectly, either during the term of this Agreement or at any time thereafter, except as required in the course of his employment under this Agreement,
if required in connection with a judicial or administrative proceeding, or if the information becomes public knowledge other than as a result of an unauthorized disclosure by the Executive. All files, records, documents, information, data and
similar items relating to the business of the Company, whether prepared by Executive or otherwise coming into his possession, will remain the exclusive property of the Company and may not be removed from the premises of the Company under any
circumstances without the prior written consent of the Board (except in the ordinary course of business during Executive’s period of active employment under this Agreement), and in any event must be promptly delivered to the Company upon
termination of Executive’s employment with the Company. Anything herein to the contrary notwithstanding, Executive shall not be restricted from: (i) disclosing information that is required to be disclosed by law, court order or other valid
and appropriate legal process; provided, however, that in the event such disclosure is required by law, court order or other valid and appropriate legal process, Executive shall provide the Company with prompt notice of such requirement so
that the Company may seek an appropriate protective order prior to any such required disclosure by Executive; or (ii) reporting possible violations of federal, state, or local law or regulation to any governmental agency or entity, or from
making other disclosures that are protected under the whistleblower provisions of federal, state, or local law or regulation, and Employee shall not need the prior authorization of the Company to make any such reports or disclosures and shall not be
required to notify the Company that Executive has made such reports or disclosures. Executive shall not be held criminally or civilly liable under any federal or State trade secret law for the disclosure of a Trade Secret that (A) is made
(i) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law or (B) is made in a
complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. If Executive files a lawsuit for retaliation by the Company for reporting a suspected violation of law, Executive may disclose the Trade Secret to
Executive’s attorney and use the Trade Secret information in the court proceeding, if Executive (A) files any document containing the Trade Secret under seal and (B) does not disclose the Trade Secret, except pursuant to court order.

 9. Return of Profits. In the event that Executive violates any of the provisions of Sections 7 or 8 hereof or fails to provide the notice required
by Section 4(d) hereof, the Company shall be entitled to receive from Executive the profits, if any, received by Executive upon exercise of any Company granted stock options or stock appreciation rights or upon lapse of the restrictions on any
grant or restricted stock to the extent such options or rights were exercised, or such restrictions lapsed, subsequent to six months prior to the termination of Executive’s employment. 

10. Severability. The parties hereto intend all provisions of Sections 7, 8 and 9 hereof to be enforced to the fullest extent permitted by law.
Accordingly, should a court of competent jurisdiction determine that the scope of any provision of Sections 7, 8 or 9 hereof is too broad to be enforced as written, the parties intend that the court reform the provision to such narrower scope as it
determines to be reasonable and enforceable. In addition, however, Executive agrees that the nonsolicitation and nondisclosure agreements set forth above each constitute separate agreements independently supported by good and adequate consideration
shall be severable from the other provisions of, and shall survive, this Agreement. Except as otherwise expressly set forth in the last paragraph of Section 7 above, the existence of any claim or cause of action of Executive against the
Company, whether predicated on this Agreement or otherwise, shall not constitute a defense to the enforcement by the Company of the covenants of Executive contained in the nonsolicitation and nondisclosure agreements. If any provision of this
Agreement is held to be illegal, invalid or unenforceable under present or future laws effective during the term hereof, such provision shall be fully severable and this Agreement shall be construed and enforced as if such illegal, invalid or
unenforceable provision never constituted a part of this Agreement; and the remaining provisions of this Agreement shall remain in full force and effect and shall not be affected by the illegal, invalid or unenforceable provision or by its severance
herefrom. Furthermore, in lieu of such illegal, invalid or unenforceable provision, there shall be added as part of this Agreement, a provision as similar in its terms to such illegal, invalid or enforceable provision as may be possible and be
legal, valid and enforceable. 
 11. Arbitration - Exclusive Remedy. ☒☒ Initial here to signify assent 

(a) The parties agree that the exclusive remedy or method of resolving all disputes or questions arising out of or relating to this Agreement shall be
arbitration. Arbitration shall be held in Atlanta, Georgia by three arbitrators, one to be appointed by the Company, a second to be appointed by Executive, and a third to be appointed by those two arbitrators. The third arbitrator shall act as
chairman. Any arbitration may be initiated by either party by written notice (“Arbitration Notice”) to the other party specifying the subject of the requested arbitration and appointing that party’s arbitrator. For purposes of this
Agreement and included within those persons or entities within Company who are covered by this provision are all affiliated, predecessor and successor companies along with all officers or directors of Company. 

  
 9 

 (b) If (i) the non-initiating party fails to appoint an
arbitrator by written notice to the initiating party within ten days after the Arbitration Notice, or (ii) the two arbitrators appointed by the parties fail to appoint a third arbitrator within ten days after the date of the appointment of the
second arbitrator, then the American Arbitration Association, upon application of the initiating party, shall appoint an arbitrator to fill that position. 

(c) The arbitration proceeding shall be conducted in accordance with the rules of the American Arbitration Association. A determination or award made or
approved by at least two of the arbitrators shall be the valid and binding action of the arbitrators. The costs of arbitration (exclusive of the expense of a party in obtaining and presenting evidence and attending the arbitration and of the fees
and expenses of legal counsel to a party, all of which shall be borne by that party) shall be borne by the Company only if Executive receives substantially the relief sought by him in the arbitration, whether by settlement, award or judgment;
otherwise, the costs shall be borne equally between the parties. The arbitration determination or award shall be final and conclusive on the parties, and judgment upon such award may be entered and enforced in any court of competent jurisdiction. To
the extent the Company is required to reimburse Executive for any such cost, fees and expenses, the Company shall reimburse such costs, fees and expenses within 90 days following the final determination, award, judgment or settlement. 

12. Miscellaneous. 
 (a) Notices. Any notices,
consents, demands, requests, approvals and other communications to be given under this Agreement by either party to the other must be in writing and must be either (i) personally delivered, (ii) mailed by registered or certified mail,
postage prepaid with return receipt requested, (iii) delivered by overnight express delivery service or same-day local courier service, or (iv) delivered by telex, facsimile transmission or e-mail, to the address set forth below, or to such other address as may be designated by the parties from time to time in accordance with this Section 12(a): 

 

			
	 If to the Company:
	 	Arris Group, Inc.
		 	3871 Lakefield Drive
		 	Suwanee, Georgia 30024
		 	 Attention: Patrick Macken

patrick.macken@arris.com

		
		 	If to Executive:
		 	Bruce McClelland

 Notices delivered personally or by overnight express delivery service or by local courier service are deemed given as of
actual receipt. Mailed notices are deemed given three business days after mailing. Notices delivered by telex or facsimile transmission are deemed given upon receipt by the sender of the answer back (in the case of a telex) or transmission
confirmation (in the case of a facsimile transmission). 
 (b) Entire Agreement. This Agreement supersedes any and all other agreements, either oral
or written, between the parties with respect to the subject matter of this Agreement and contains all of the covenants and agreements between the parties with respect to the subject matter of this Agreement. 

(c) Modification. No change or modification of this Agreement is valid or binding upon the parties, nor will any waiver of any term or condition in the
future be so binding, unless the change or modification or waiver is in writing and signed by the parties to this Agreement. 
 (d) Governing Law and
Venue. The parties acknowledge and agree that this Agreement and the obligations and undertakings of the parties under this Agreement will be performable in Georgia. This Agreement is governed by, and construed in accordance with, the laws of
the State of Georgia. If any action is brought to enforce or interpret this Agreement, venue for the action will be in Georgia. The Parties agree that they will not file any action arising out of or relating in any way to this Agreement other than
in the United States District Court for the Northern District of Georgia or the Superior Court(s) of the county in which either the Executive or Company (or both) resides at the time the action is filed. The Parties consent to personal jurisdiction
and venue solely within these forums and waive all possible objections thereto. Executive waives any defense to enforcement of the provisions of this Agreement by injunction or otherwise based on claims Executive has or alleges to have against the
Company except as otherwise expressly set forth in the last paragraph of Section 7 above. 

  
 10 

 e) Counterparts. This Agreement may be executed in counterparts, each of which constitutes an
original, but all of which constitutes one document. 
 (f) Costs. If any action at law or in equity is necessary to enforce or interpret the terms
of this Agreement, each party shall bear its own costs and expenses. 
 (g) Estate. If Executive dies prior to the expiration of the term of
employment or during a period when monies are owing to him, any monies that may be due him from the Company under this Agreement as of the date of his death shall be paid to his estate and as when otherwise payable. 

(h) Assignment. The Company shall have the right to assign this Agreement to its successors or assigns. The terms “successors” and
“assigns” shall include any person, corporation, partnership or other entity that buys all or substantially all of the Company’s assets or all of its stock, or with which the Company merges or consolidates. The rights, duties and
benefits to Executive hereunder are personal to him, and no such right or benefit may be assigned by him. 
 (i) Binding Effect. This Agreement is
binding upon the parties hereto, together with their respective executors, administrators, successors, personal representatives, heirs and permitted assigns. 

(j) Waiver of Breach. The waiver by the Company or Executive of a breach of any provision of this Agreement by Executive or the Company may not operate
or be construed as a waiver of any subsequent breach. 
 13. Rabbi Trust. The Company will establish an irrevocable grantor trust (as described in
Section 671 of the Internal Revenue Code) for the purpose of accumulating assets to provide for any retirement obligations owed to Executive under the Excess Benefit Plan. The assets and income of such trust shall be subject only to the claims
of the creditors of the Company in the event of the Company’s insolvency as defined in Rev. Proc. 92-64, 1992-2 C.B. 422. The establishment of such trust shall not
affect the Company’s liability to pay benefits except that any liability under the Excess Benefit Plan shall be offset by any payments actually made to Executive from such trust. The Company will reasonably determine the amount to contribute to
such trust pursuant to the requirements of the Excess Benefit Plan, and the investment of the assets of the trust shall be made in accordance with the terms of the trust document. Without limitation, but only to the extent not prohibited by
Section 409A(b) of the Code, the Company agrees to contribute to the trust pursuant to the requirements of the Excess Benefit Plan sufficient amounts to provide for the Company’s liability to pay the benefits under such Excess Benefit Plan
no later than when a “Change of Control” occurs. The terms of the trust shall contain such provisions as may be necessary to qualify the trust as a “rabbi trust” under applicable rules so that the supplemental retirement benefits
may be considered “unfunded” for purposes of the Employee Retirement Income Security Act of 1974, as amended. 
 [Signature
continued on next page] 

  
 11 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written. 

 

			
	“Company”
	
	ARRIS GROUP, INC.
		
	By:	 	 /s/ Patrick Macken

	Name:	 	Patrick Macken
	Title:	 	SVP and Secretary
	
	“Executive”
	
	 /s/ Bruce McClelland

	Bruce McClelland

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