Document:

a103092021ltiprsu

« FORM OF »        2021 LTIP Award Letter   Last Name, First Name      May 11, 2021   2021 Long Term Incentive Award Letter  Dear First Name,  I am pleased to inform you that you have received a Grant of Units in the amounts set forth below. These  Units entitle you to receive Constellium Shares (or a cash equivalent, at Constellium’s discretion), subject  to the terms and conditions set forth in this Award Letter, in the Constellium 2021 Long Term Incentive  Award Agreement (the “2021 Award Agreement”) and the Constellium SE 2013 Equity Incentive Plan, as  may be amended from time to time (the “Plan”). Capitalized Terms used in this Award Letter, unless so  defined herein, shall have the meanings found in the 2021 Award Agreement or the Plan.  Grant Date May 11, 2021  Award Value $XX,XXX   Restricted Stock Units (RSUs) Y,YYY   Vesting Date May 11, 2024  Vesting Period From the Grant Date through the Vesting Date  Please note that, except as otherwise set forth in the 2021 Award Agreement, the vesting of the RSUs and  the delivery of Shares (or a cash equivalent in respect of such RSUs) is subject to the satisfaction of the  Continued Service Condition.   By electronic acceptance of this award, you acknowledge that you have received a copy of, or have online  access to, the 2021 Award Agreement and the Plan, and hereby accept the Units granted, subject to all the  terms and provisions of this Award Letter, the 2021 Award Agreement and the Plan. The Board or the  Committee shall determine whether an event has occurred resulting in the forfeiture of your Units and any  Shares issuable thereunder and all such determinations shall be final and conclusive. You also  acknowledge that this award and similar awards are made on a selective basis and are, therefore, to be  kept confidential.   Very truly yours              Ryan Jurkovic  Senior Vice President  Chief Human Resources Officera1030102021ltiprsupsu

« FORM OF »        2021 LTIP Award Letter   Last Name, First Name      May 11, 2021       2021 Long Term Incentive Award Letter    Dear First Name,    I am pleased to inform you that you have received a Grant of Units in the amounts set forth below. These  Units entitle you to receive Constellium Shares (or a cash equivalent, at Constellium’s discretion), subject  to the terms and conditions set forth in this Award Letter, in the Constellium 2021 Long Term Incentive  Award Agreement (the “2021 Award Agreement”) and the Constellium SE 2013 Equity Incentive Plan, as  may be amended from time to time (the “Plan”). Capitalized Terms used in this Award Letter, unless so  defined herein, shall have the meanings found in the 2021 Award Agreement or the Plan.     Grant Date May 11, 2021  Award Value $X,XXX,XXX  Total Units Granted TOTAL (= YYY,YYY + ZZZ,ZZZ)  Restricted Stock Units (RSUs)  YYY,YYY  Performance Share Units (PSUs) – Base Amount ZZZ,ZZZ  Indices/Comparator Group  S&P MidCap 400 Materials Index;   S&P SmallCap 600 Materials Index  Initial price on the Grant Date CSTM share price: $15.84 (20-day average)  Vesting Date May 11, 2024  Vesting Period / Performance Period  From the Grant Date through the Vesting Date    Please note that, except as otherwise set forth in the 2021 Award Agreement, the vesting of the RSUs and  PSUs and the delivery of Shares (or a cash equivalent in respect of such RSUs and PSUs) is subject to the  satisfaction of the Continued Service Condition. The vesting of the PSUs is, in addition, subject to the  satisfaction of the Performance Condition. The level of achievement of the Performance Condition shall be  determined by comparing the Constellium TSR to the average of the TSRs of the two Indices (i.e., the  Comparator Group) at the end of the relevant Performance Period as follows:    Performance Condition Achievement Level Number of Shares underlying PSUs  Constellium TSR is below the average of the two  25th percentile TSRs of the Comparator Group  PSU Base Amount x 0%  Constellium TSR is at the average of the two 25th  percentile TSRs of the Comparator Group  PSU Base Amount x 25%  Constellium TSR is between the average of the  two 25th percentile TSRs & the average of the two  median TSRs of the Comparator Group  PSU Base Amount x (linear interpolation between  25% and 100%)  Constellium TSR is at the average of the two  median TSRs of the Comparator Group  PSU Base Amount x 100%  Constellium TSR is between the average of the  two median TSRs & the average of the two 75th  percentile TSRs of the Comparator Group  PSU Base Amount x (linear interpolation between  100% and 200%)  Constellium TSR is at or above the average of the  two 75th percentile TSRs of the Comparator Group  PSU Base Amount x 200%     

 

     2021 LTIP Award Letter   Last Name, First Name          Notwithstanding the foregoing, if the Constellium TSR is negative, the number of Shares (or a cash  equivalent) eligible to be delivered in respect of the PSUs shall be capped at 100% of the Base Amount.    By electronic acceptance of this award, you acknowledge that you have received a copy of, or have online  access to, the 2021 Award Agreement and the Plan, and hereby accept the Units granted, subject to all the  terms and provisions of this Award Letter, the 2021 Award Agreement and the Plan. The Board or the  Committee shall determine whether an event has occurred resulting in the forfeiture of your Units and any  Shares issuable thereunder and all such determinations shall be final and conclusive. You also  acknowledge that this award and similar awards are made on a selective basis and are, therefore, to be  kept confidential.     Very truly yours              Ryan Jurkovic  Senior Vice President  Chief Human Resources OfficerABERDEEN STANDARD PRECIOUS METALS BASKET ETF TRUST 8-K

EXHIBIT 4.1

 

Execution Version

 

SECOND AMENDMENT TO THE

 

DEPOSITARY TRUST AGREEMENT

 

OF

 

ABERDEEN STANDARD PRECIOUS METALS BASKET ETF
TRUST

 

This Second Amendment to the
Depositary Trust Agreement of the Aberdeen Standard Precious Metals Basket ETF Trust (formerly, ETFS Precious Metals Basket Trust), a
New York common law trust (the “Trust”), dated as of March 8, 2022 (this “Amendment”), is made by
and between abrdn ETFs Sponsor LLC (formerly, Aberdeen Standard Investments ETFs Sponsor LLC and ETF Securities USA LLC), a Delaware limited
liability company, as sponsor of the Trust (the “Sponsor”), and The Bank of New York Mellon, a New York banking corporation,
as the trustee of the Trust (the “Trustee”).

 

WITNESSETH THAT:

 

WHEREAS, the Sponsor and the
Trustee entered into the Depositary Trust Agreement, dated as of October 18, 2010, which created the Trust and which was amended effective
as of October 1, 2018 (the “Agreement”); and

 

WHEREAS, pursuant to Section
6.1 of the Agreement, the Sponsor and the Trustee desire to amend the Agreement, effective as of March 31, 2022, so as to change the names
of the Trust and the shares issuable by the Trust as follows:

 

	Current Name	New Name
	Aberdeen Standard Precious Metals Basket ETF Trust	abrdn Precious Metals Basket ETF Trust
	Aberdeen Standard Physical Precious Metals Basket Shares ETF	abrdn Physical Precious Metals Basket Shares ETF

 

; and to reflect the change
in the name of the Sponsor from “Aberdeen Standard Investments ETFs Sponsor LLC” to “abrdn ETFs Sponsor LLC”.

 

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

 

		1.	(a)         Amendment to the Preamble. The first and second recitals of the Agreement are hereby deleted
in their entirety and replaced with the following:

 

WHEREAS the Sponsor desires to establish
a trust to be known as the “abrdn Precious Metals Basket ETF Trust”, pursuant to the laws of the State of New York; and

 

    -1- 

     

    

 

WHEREAS the Sponsor desires to establish
the terms on which Bullion (as herein defined) may be deposited in the trust and provide for the creation of abrdn Physical Precious Metals
Basket Shares ETF in Baskets (as herein defined) representing fractional undivided interests in the net assets of the trust and the execution
and delivery of the Certificates (as herein defined) evidencing the abrdn Physical Precious Metals Basket Shares ETF; and

 

(b)          Amendment
to Section 1.1 of the Agreement. The defined terms for “Corporate Trust Office,” “Shares,” “Sponsor”
and “Trust” in Section 1.1 of the Agreement are hereby deleted in their entirety and replaced with the following:

 

“Corporate Trust Office” means
the office of the Trustee at which its depositary receipt business is administered which is located at 240 Greenwich Street, New York,
New York 10286.

 

“Shares” means abrdn Physical
Precious Metals Basket Shares ETF created under this Agreement, each representing a fractional undivided ownership interest in the net
assets of the Trust, which interest shall equal a fraction, the numerator of which is 1 and the denominator of which is the total number
of Shares outstanding.

 

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

 

“Trust” means the abrdn Precious
Metals Basket ETF Trust, the trust entity created by this Agreement.

 

(c)          Amendment
to Section 2.1(a) of the Agreement. The last sentence of Section 2.1(a) of the Agreement is hereby deleted in its entirety and replaced
with the following:

 

The trust created by this Agreement shall
be known as the “abrdn Precious Metals Basket ETF Trust.”

 

(d)         Amendment
to Section 7.5 of the Agreement. Section 7.5 of the Agreement is hereby deleted in its entirety and replaced with the following:

 

Section 7.5 Notices.

 

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

 

    -2- 

     

    

 

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

 

To the Trustee:

 

The Bank of New York Mellon

240 Greenwich Street

8th Floor

New York, New York 10286

Attention: ETF Services

Telephone: (212) 815-2698

Email: etfcsm@bnymellon.com

 

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

 

To the Sponsor:

 

arbdn ETFs Sponsor LLC 

c/o abrdn  Inc.

1900 Market Street, Suite 200

Philadelphia, PA 19103 

Attention: Product Governance

Email: ProductGovernanceUS@abrdn.com

 

With a copy to:

 

abrdn ETFs Sponsor LLC 

c/o abrdn  Inc.

712 Fifth Avenue, 49th Floor 

New York, NY 10019 

Attention: Adam Rezak 

Email: adam.rezak@abrdn.com

 

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

 

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

 

    -3- 

     

    

 

(e)          Amendment
to Section 7.6 of the Agreement. The reference to “Katten Muchin Rosenman LLP, located at 575 Madison Avenue, New York, New
York 10022” in Section 7.6 of the Agreement is hereby deleted in its entirety and replaced with the following:

 

Dechert LLP, located at Three Bryant Park,
1095 6th Ave, New York, New York 10036

 

(f)          Amendments
to Exhibit A of the Agreement. 

(i)           The
last two sentences of the first paragraph which follows the caption for the form of Certificates evidencing Shares set forth in Exhibit
A of the Agreement are hereby deleted in their entirety and replaced with the following:

 

The Trustee’s Corporate Trust
Office and the Trustee’s principal executive office are each located at 240 Greenwich Street, New York, New York 10286.

 

(ii)          The
last sentence set forth in Exhibit A of the Agreement is hereby deleted in its entirety and replaced with the following:

 

THE TRUSTEE’S
CORPORATE TRUST OFFICE ADDRESS IS 

240 GREENWICH STREET,
NEW YORK, NEW YORK 10286.

 

		(g)	Amendment to Textual References in the Agreement.

(i)       All other
references to “Aberdeen Standard Precious Metals Basket ETF Trust” in the Agreement are hereby deleted and replaced with “abrdn
Precious Metals Basket ETF Trust.”

 

(ii)       All
other references to “Aberdeen Standard Physical Precious Metals Basket Shares ETF” in the Agreement are hereby deleted and
replaced with “abrdn Physical Precious Metals Basket Shares ETF.”

 

(iii)      All
other references to “Aberdeen Standard Investments ETFs Sponsor LLC” in the Agreement are hereby deleted and replaced with
“abrdn ETFs Sponsor LLC.”

 

2.       In
accordance with Section 6.1 of the Agreement, the Sponsor hereby certifies to the Trustee that the amendments contemplated by this Amendment
do not impose or increase any fees or charges relating to the Trust and do not otherwise prejudice any substantial existing right of the
Registered Owners.

 

3.       The
amendments contemplated by this Amendment shall, upon execution of this Amendment by the Sponsor and the Trustee, be effective as of March
31, 2022, and no further action shall be required to make such amendments effective.

 

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

 

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

 

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

 

    -4- 

     

    

 

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

 

[remainder of page intentionally blank]

 

    -5- 

     

    

 

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

 

abrdn ETFs Sponsor LLC

(formerly, Aberdeen Standard Investments ETFs Sponsor LLC),

as Sponsor

 

/s/ Lucia Sitar

 

Name: Lucia Sitar

Title: Vice President 

 

The Bank of New York Mellon,

as Trustee

 

/s/ Jeffrey McCarthy

 

Name: Jeffrey McCarthy

Title: Managing Director

 

[Signature Page to Second Amendment to Depositary
Trust Agreement]

 

    -6-

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