Document:

ex_130359.htm

Exhibit 10.1

 

 

 

JPMorgan Chase Bank N.A., London Branch     

 

and

 

The Bank of New York Mellon,

solely in its capacity as trustee of the

iShares® Gold Trust Micro and not individually

 

 

 

______________________________________________

 

 

CUSTODIAN AGREEMENT

 

______________________________________________

 

 

 

 

 

 

This CUSTODIAN AGREEMENT (this “Agreement”) is made on     , 2018

 

BETWEEN

 

	
			(1)

				
			JPMorgan Chase Bank N.A., London Branch, a company incorporated with limited liability as a National Banking Association, whose principal London office is at 25 Bank Street, Canary Wharf, London, E14 5JP, UK ("we" or "us"); and

			

 

	
			(2)

				
			The Bank of New York Mellon, a banking corporation organized under the laws of the State of New York, whose principal place of business is at 2 Hanson Place, Brooklyn, New York 11217, United States of America, in its capacity as trustee of the iShares® Gold Trust Micro ("Trust"), (in such capacity "you").

			

 

INTRODUCTION

 

We have agreed to open and maintain for you the Account (as defined below) and to provide other services to you in connection with the Account. This Agreement sets out the terms under which we will provide those services to you and the arrangements which will apply in connection with those services.

 

IT IS AGREED AS FOLLOWS

 

 

	
			1.

				
			INTERPRETATION

			

 

	 	
			1.1

				
			Definitions: In this Agreement:

			

 

"Account" means the account constituted by the Allocated Account and the Unallocated Account.

 

"Account Balance" means, in relation to the Account, all your rights to and interest in the balance from time to time on that Account.

 

"Allocated Account" means the sub-account maintained by us in your name recording the amount of Bullion received and held by us for you on an allocated basis.

 

“Authorized Persons” means the persons of the Trustee identified in clause 5.1 of this Agreement.

 

"Availability Date" means the Business Day on which you wish to transfer or deliver Gold to us for deposit into the Account.

 

"BNYM" means The Bank of New York Mellon, a banking corporation organized under the laws of the State of New York.

 

"Bullion" means any Gold held by us or any Sub-Custodian in the Allocated Account from time to time.

 

"Business Day" means a Custodian Day (as defined in the Procedures).

 

"Customs" means HM Revenue and Customs.

 

- 1 -

 

 

"eBTS" means the electronic Bullion Transfer System website developed by us.

 

"Fees" means the fees and charges referred to in clause 10.1 of this Agreement.

 

"Gold" means gold that meets the requirements of "good delivery" under the rules of the LBMA expressed in troy ounces and with a minimum fineness of 0.995.

 

"HMRC Agreement" means the agreement between Customs and the LBMA in relation to supplies of bullion (as set out in Section 1 of Customs’ Notice 700/57/04— Administrative agreements entered into with trade bodies).

 

"LBMA" means the London Bullion Market Association or its successors.

 

“Losses” means the items identified in clause 11.4 of this Agreement.

 

"Ounce" means a troy ounce of Gold.

 

"Procedures" means the document entitled "iShares® Gold Trust Micro Creation and Redemption Procedures" attached as Schedule 1 (as amended from time to time).

 

"Rules" means the rules, regulations, practices and customs of the LBMA, the Bank of England and such other regulatory authority or other body as shall affect the activities contemplated by this Agreement.

 

“Sponsor” means iShares® Delaware Trust Sponsor LLC, a Delaware limited liability company, or its successors.

 

"Sub-Custodian" means a sub-custodian, agent or depository (including an entity within our corporate group), appointed by us to perform any of our duties under this Agreement including the custody and safekeeping of Bullion.

 

“Termination Date” means the date of the termination of this Agreement identified in clause 12.1(a) of this Agreement.

 

“Trust Agreement” means the Depositary Trust Agreement of the Trust, dated as of ____________, 2018, as amended from time to time, between the Sponsor and the Trustee.

 

"Unallocated Account" means the sub-account maintained by us in your name recording the amount of Gold which either we or you, as the case may be, have a right to call upon the other party to deliver to it.

 

"VAT" means value added tax as imposed by the VATA (as amended or reenacted 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.

 

"VAT Group" means a group for the purposes of the VAT Grouping Legislation.

 

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"VAT Grouping Legislation" means:

 

(a)     sections 43 to 43D (inclusive) of VATA; and

 

(b)     the Value Added Tax (Groups: eligibility) Order 2004 (SI 2004/1931).

 

"VATA" means the Value Added Tax Act 1994.

 

"Vault Location" means our vault premises in London or New York, as applicable.

 

“Website” means the JPMorgan Chase Bank website identified in clause 5.2 of this Agreement.

 

"Withdrawal Date" means the Business Day on which you wish to withdraw Gold from the Account.

 

	 	
			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.

			

 

	 	
			1.4

				
			VAT Groups: References to any right, entitlement or obligation of any person under the laws in relation to VAT shall (where appropriate and unless the context otherwise requires) be construed, at any time when such person is treated as a member of a VAT Group, to include a reference to the right, entitlement or obligation under such laws of the representative member of such VAT Group at such time.

			

 

 

	
			2. 

				
			ACCOUNT

			

 

	 	
			2.1

				
			Opening Account: We shall open and maintain the Account. The Account shall comprise:

			

 

	 	(a)	
			an Allocated Account in respect of Gold which you ask us to hold for you on an allocated basis; and

			

 

	 	(b)	
			an Unallocated Account in respect of Gold which you ask us to hold for you on an unallocated basis,

			

 

which together shall be treated as a single account for all purposes of this Agreement unless the context requires otherwise.

 

	 	
			2.2

				
			Deposits and withdrawals: The balance of your Account shall reflect the combined balance on your Allocated Account and Unallocated Account. The balance of the Allocated Account shall reflect the amount of Bullion. The balance of the Unallocated Account shall reflect your or our entitlement to delivery of an amount of Gold from the other party, in each case equal to the amount of deposits less withdrawals of Gold made by you pursuant to the terms of this Agreement in relation to the Unallocated Account.

			

 

	 	
			2.3

				
			Denomination of Account: The Account shall be denominated in Ounces.

			

 

	 	
			2.4

				
			Delivery, Receipt and Maintenance of Gold: We will receive, hold, release and deliver Gold from the Account only in accordance with this Agreement and the Procedures. In the event of a conflict between the terms of this Agreement and those of the Procedures, the Procedures shall prevail; provided, however, that any amendment to the Procedures after the date of this Agreement which modifies the scope of our duties or liabilities shall only be binding upon us to the extent that it has been adopted by you and the Sponsor with our prior written consent (which consent will not be unreasonably withheld or delayed).

			

 

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			2.5

				
			Reports: We will provide reports to you relating to deposits into and withdrawals from the Account and the Account Balance in such form and with such frequency (but not less than monthly) as may be agreed between you and us including the reports specified in sub-clauses (a) and (b) below. We will notify you by telex, SWIFT or fax on each day there is activity in an account of the balance in the account on such day and of any instruction to which we were unable to give effect. Such reports will also be available to you daily by means of eBTS; however, the paper record will prevail.

			

 

	 	
			(a)

				
			For each Business Day, not later than 9:00 a.m., New York time, on the following Business Day, we will transmit to you information showing the movement of Gold into and out of the Account, identifying separately each transaction and any substitution of Gold made under clause 2.7.

			

 

	 	
			(b)

				
			We will supply to you at least monthly, within ten Business Days following the end of each calendar month a written statement which:

			

 

	 	
			(i)

				
			lists all property held in the Account including a weight list for the Gold in the Allocated Account containing information sufficient to uniquely identify each bar of Gold;

			

 

	 	
			(ii)

				
			identifies the entity having physical possession of each bar; and

			

 

	 	
			(iii)

				
			details all transactions involving the Account, including daily balances held in the Unallocated Account and all transfers to or from the Account or any account with a Sub-Custodian containing Gold held for your benefit and any substitutions or relocations of Gold held in the Account.

			

 

	 	
			(c)

				
			We will maintain a secure website, whereby you shall gain access to the list of all bars of Gold in the Account, which list shall be updated at least weekly and include the following information for each bar of Gold:

			

 

	 	
			(i)

				
			relevant Vault Location;

			

 

	 	
			(ii)

				
			gross weight;

			

 

	 	
			(iii)

				
			fineness;

			

 

	 	
			(iv)

				
			serial identification number;

			

 

	 	
			(v)

				
			size;

			

 

	 	
			(vi)

				
			fine Ounces; and

			

 

	 	
			(vii)

				
			applicable refinery name.

			

 

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Such reports shall also include any other information that you may reasonably request. We will provide additional weight lists to you upon your request.

 

	 	
			2.6

				
			Reversal of entries: We at all times reserve the right to reverse any provisional or erroneous entries to the Account with effect back-valued to the date upon which the final or correct entry (or no entry) should have been made.

			

 

	 	
			2.7

				
			Substitution of Gold: With your prior approval (in consultation with the Sponsor), we may substitute other Gold for Bullion, provided that there is no change in the total number of Ounces of Bullion. 

			

 

	 	
			2.8

				
			Access to Records; Inspection Rights: We will permit your officers and properly designated representatives and independent public accountants for the Trust identified by you reasonable access to the records of the Account for the purpose of confirming the content of those records. Upon at least ten days' prior notice, during our regular banking hours, any such officer or properly designated representative, any independent public accountants for the Trust identified by you and any person designated by any regulatory authority having jurisdiction over you or the Trust will be entitled to examine on our premises the Gold held by us on our premises pursuant to this Agreement and our records regarding the Gold held hereunder at a Sub-Custodian, but only upon receipt from you of properly authorised instructions to that effect. Unless we have received at least ten days' prior notice and reasonable assurances (in our sole discretion) that any costs and expenses incurred in connection therewith will be indemnified to us, we shall not be required to move to our premises any Gold held at a Sub-Custodian for purposes of making it available for inspection as provided herein. In addition, we understand that, in connection with the preparation of the financial statements of the Trust that will be filed from time to time with the United States Securities and Exchange Commission, officers of the Sponsor will be required by law or regulation to provide written assurances regarding the reliability of the internal controls used in the preparation of those financials. To the extent that our activities or controls in our capacity as custodian of the Trust assets are relevant to the information presented in the financial statements of the Trust, we will cooperate with the Sponsor and the Trustee to enable the Sponsor to provide the required written assurances referred to above, including (but not limited to) by providing the Sponsor's and the Trust's external auditors with any necessary information and reports regarding our internal control over financial reporting as far as such reporting relates to the scope of our duties.

			

 

	
			3. 

				
			DEPOSITS

			

 

	 	
			3.1

				
			Procedure: You may at any time notify us of your intention to deposit Gold. A deposit must be made (in the manner and accompanied by such documentation as we may require) by:

			

 

	 	
			(a)

				
			(in the case of the Unallocated Account only) transfer from an account relating to Gold and having the same denomination as that to which the Account relates; or

			

 

	 	
			(b)

				
			the delivery of Gold to us at any Vault Location, through any recognised clearing member of the LBMA (acting as delivery agent), or as we may otherwise direct, at your expense and risk. All deposits of Gold delivered to us must be in the form of bars which comply with the Rules (including the Rules relating to good delivery and fineness) or in such other form as may be agreed between you and us.

			

 

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			3.2 

				
			Notice requirements:  Any notice relating to a deposit of Gold must:

			

 

	 	
			(a)

				
			be received by us no later than the time specified in the Procedures unless otherwise agreed;

			

 

	 	
			(b)

				
			in the case of a deposit pursuant to clause 3.1(a), specify the details of the account from which the Gold will be transferred;

			

 

	 	
			(c)

				
			in the case of a deposit pursuant to clause 3.1(b), specify the name of the person or carrier that will deliver the Gold to us at a Vault Location, or as we may direct, and the manner in which the Gold will be packed; and

			

 

	 	
			(d)

				
			specify the amount (in the appropriate denomination) of the Gold to be credited to the Account, the Availability Date, and any other information which we may from time to time require.

			

 

	 	
			3.3 

				
			Timing: A deposit of Gold will not be credited to the Account until:

			

 

	 	
			(a)

				
			in the case of a deposit pursuant to clause 3.1(a), an account of ours with any bank, broker or other firm has been credited with an amount equal to the amount of such deposit; and

			

 

	 	
			(b)

				
			in the case of a deposit pursuant to clause 3.1(b), we have received the Gold and verified compliance with the Rules (without prejudice to clause 11.1), weighed it in accordance with LBMA practice to confirm that it is the required weight, confirmed all markings, and determined on the basis of a visual inspection that it is not damaged and there is no reason to believe it is not accurately described in the delivery instruction.

			

 

	 	
			3.4

				
			Capacity; Right to refuse Precious Metal or amend procedure: We will use our best efforts to have available the necessary capacity to take delivery of Gold on your behalf at the locations specified in clause 7.4 by parties making such deliveries; for this purpose we are authorised to, at our own risk and expense, move Gold held in the Account from one location to another location otherwise permitted under this Agreement; provided, that we will not be required to take any additional delivery of Gold if, after giving effect to such delivery, the aggregate value of Bullion would exceed U.S.$100 billion.

			

 

 

	
			4. 

				
			WITHDRAWALS

			

 

	 	
			4.1

				
			Release of Gold: No Gold held in the Account shall be released in any manner whatsoever except upon your written instructions and in accordance with the Procedures. We will deliver Gold by making Gold bars available for collection at our office or at the office of a Sub-Custodian at which the Gold is held. However, we will, upon your order, deliver amounts of up to 430 Ounces from the Unallocated Account.

			

 

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			4.2

				
			Procedure: You may at any time notify us of your intention to withdraw Gold standing to the credit of the Account. A withdrawal may be made (in the manner and accompanied by such documentation as we may require) by:

			

 

	 	
			(a)

				
			(in the case of the Unallocated Account only) transfer to an account relating to Gold and having the same denomination as that to which the Account relates; or

			

 

	 	
			(b)

				
			the collection of Gold from us at any Vault Location, or at the vault premises of such Sub-Custodian as we may direct, at your expense and risk. Without prejudice to clause 11.1, any Gold made available to you will be in the form of bars which comply with the Rules (including the Rules relating to good delivery and fineness) or in such other form as may be agreed between you and us. We are entitled to select which bars are to be made available to you.

			

 

	 	
			4.3

				
			Notice requirements:  Any notice relating to a withdrawal of Gold must:

			

 

	 	
			(a)

				
			be received by us no later than the time set out in the Procedures;

			

 

	 	
			(b)

				
			specify the details of the account to which the Gold is to be transferred or the name of the person or carrier that will collect the Gold from us (as applicable); and

			

 

	 	
			(c)

				
			specify the amount of Gold to be withdrawn from the Allocated Account and the amount (in the appropriate denomination) of any Gold to be debited to the Unallocated Account, the Withdrawal Date, and any other information which we may from time to time require.

			

 

	 	
			4.4

				
			Collection of Bullion: You must collect, or arrange for the collection of Bullion being withdrawn from us or the Sub-Custodian at your expense and risk. We will advise you of the Vault Location or the vault premises of such Sub-Custodian as we may direct from which the Bullion may be collected no later than one Business Day prior to the Withdrawal Date.

			

 

	
			5.

				
			INSTRUCTIONS

			

 

	 	
			5.1

				
			Your representatives: Whenever in this Agreement it is provided that we are authorised to act or refrain from acting on instructions, approval or consent of, or notice from, you, we are so authorised to act or refrain from acting only on instructions, approval, consent or notice given in accordance with this clause 5. We are authorised to rely and act upon written instructions signed by an authorised person designated in Schedule 2 ("Authorised Persons"), as amended from time to time by written notice to us. Except where otherwise provided in this Agreement, we are further authorised to rely upon instructions received orally or by any other means which are identified as having been given by an Authorised Person and which conform to any agreement which might be entered between you and us regarding the method of identification or the means of transmission of such instructions, including through eBTS. Any oral instructions shall be promptly confirmed in writing. Until we receive written notice to the contrary, we are entitled to assume that any Authorised Person has full and unrestricted power to give us instructions on your behalf. We are also entitled to rely on any instructions which are from, or which purport to emanate from, any person who appears to have such authority; provided, that, other than for any instructions transmitted through an authenticated electronic transmission system, if any such person is not an Authorized Person, we will promptly contact you to seek to verify his or her authority to act on your behalf.

			

 

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			5.2

				
			eBTS: All transfers into and out of the Account(s) shall be made upon receipt of, and in accordance with, instructions given by you to us. Such instructions may be given either: a. through eBTS, accessible through the JPMorgan Chase Bank website (the "Website") by you pursuant to the terms of the Website agreement; or b. if, for any reason the Website is not operational, and unless otherwise agreed, any such instruction or communication shall be effective if given by authenticated electronic transmission (including tested telex and SWIFT) or such other electronic messaging system as the parties may from time to time agree.

			

 

	 	
			5.3

				
			Amendments: Once given, instructions continue in full force and effect until they are cancelled, amended or superseded. Any such instructions shall have effect only after actual receipt by us.

			

 

	 	
			5.4

				
			Unclear or ambiguous instructions: If, in our opinion, any instructions are unclear or ambiguous, we will use reasonable endeavours (taking into account any relevant time constraints) to obtain clarification of those instructions but, failing that, we may in our absolute discretion and without any liability on our part, act upon what we believe 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 our satisfaction.

			

 

	 	
			5.5

				
			Refusal to execute: We reserve the right to refuse to execute instructions if in our opinion they are or may be contrary to the Rules or any applicable law.

			

 

	
			6.

				
			CONFIDENTIALITY

			

 

	 	
			6.1

				
			Disclosure to others: Subject to clause 6.2, each party shall respect the confidentiality of information acquired under this Agreement and neither will, without the consent of the other, disclose to any other person any information acquired under this Agreement provided that nothing in this Agreement will prevent or condition the filing with the United States Securities and Exchange Commission of a copy of this Agreement in connection with the registration of the public offering of its shares by the Trust.

			

 

	 	
			6.2

				
			Permitted disclosures: Each party accepts that from time to time the other party may be required by law or the Rules, or requested by a government department or agency, fiscal body or regulatory authority, 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 or by a company which is in the same group of companies as a party (e.g., a subsidiary or holding company of a party). Each party irrevocably authorises the other to make such disclosures without further reference to such party.

			

 

	
			7. 

				
			CUSTODY SERVICES

			

 

	 	
			7.1

				
			Appointment: You hereby appoint us to act as custodian of the Bullion in accordance with this Agreement and any Rules which apply to us.

			

 

	 	
			7.2

				
			Segregation of Bullion: We will segregate the Bullion from any precious metal which we own or hold for other customers or which BNYM owns in its own right and we will require Sub-Custodians to segregate the Bullion from any precious metals owned by any of the foregoing.

			

 

- 8 -

 

 

	 	
			7.3

				
			Ownership of Bullion: We will identify in our books, and will require any Sub-Custodian to identify on their books, that the Bullion belongs to you.

			

 

	 	
			7.4

				
			Location of Bullion: The Bullion must be held by us at a Vault Location or at the vaults of any Sub-Custodian in England or the United States, unless otherwise agreed between you and us (with the Sponsor's approval).

			

 

	 	
			7.5

				
			Minimization of Gold held in Unallocated Account:  We will seek to minimise the amount of Gold held in the Unallocated Account by allocating, on each Business Day, bars of Gold to the Allocated Account in substitution for holdings of an equivalent denomination in the Unallocated Account such that no Gold is held in the Unallocated Account at the close of such Business Day. If in the process of reducing to zero the number of Ounces in the Unallocated Account on any Business Day we allocate to the Allocated Account a Gold bar with an aggregate weight in excess of your balance in the Unallocated Account prior to such allocation, we and the Trust will be co-owners of such Gold bar in proportion to our respective ownership interests. We will take reasonable steps to limit at all times the number of bars of Bullion co-owned by the Trust and us to no more than one and, for this purpose, any allocation to the Allocated Account will seek to eliminate such co-ownership by first transferring to the Trust the portion of any jointly owned Gold bar not owned by the Trust.

			

 

	 	
			7.6

				
			Charges; Liens: The Bullion and Gold held in the Account shall not be subject to any right, charge, security interest, lien or claim of any kind in favour of us, any Sub-Custodian or any creditor of any of them or any other person, except a lien in our favour for our Fees payable under clause 10 for the safe custody and administration of the Bullion or Gold held in the Account. We shall not loan, hypothecate, pledge or otherwise encumber any Bullion or Gold held in the Account absent your written instructions.

			

 

	 	
			7.7

				
			Insurance: We undertake that we maintain insurance in support of our custodial obligations under this Agreement including covering any loss of Gold. Evidence of such insurance coverage is available upon request. In the event that we elect to reduce, cancel or not to renew such insurance, we will give you prior written notice as follows: in the case of a reduction, we will endeavour to provide such notice at least 30 days prior to the effective date of the reduction; and in the event of a cancellation or expiration of the insurance without renewal we will provide such notice at least 30 days prior to the last day of insurance coverage. You acknowledge that any such insurance is held for our benefit and not for the benefit of you or the Trust, and that notwithstanding clause 11.6 you may not submit any claim under the terms of such insurance.

			

 

	 	
			7.8

				
			Notice of Changes: We will notify you promptly in writing if we become aware that (i) we receive notice of any claim against the Account other than a claim for payment of safe custody or administration permitted by this Agreement; (ii) we otherwise fail to comply with any of the provisions of this Agreement; or (iii) any of our representations and warranties in clause 9 shall cease to be true and correct.

			

 

	 	
			7.9

				
			Other Information: We will provide to you (i) our most recent audited financial statements promptly after such statements are prepared; (ii) a copy of any reports obtained by us on the accounting system and internal accounting controls and procedures used by any Sub-Custodian at which any Gold is held; (iii) information regarding market policies and procedures, the local law applicable to our activities, and the overall regulatory and economic environment in which we operate; and (iv) the names and addresses of the governmental agencies or regulatory authorities which supervise or regulate us and any Sub-Custodian with which Gold has been deposited pursuant to this Agreement.

			

 

- 9 -

 

 

	 	
			7.10

				
			Purchases of Gold by us:  When requested by you on any Business Day on which Gold held by the Trust is evaluated, we will purchase from you, for cash and for same day settlement, the amount of Gold that you specify as necessary to pay the expenses of the Trust at a price per Ounce equal to the price used by you for the evaluation of the Trust's Gold on such date. We will pay to you or to your order the proceeds of each purchase of Gold made under this clause when requested by you or otherwise on the first Business Day following the end of the month in which the transaction occurred.

			

 

 

	
			8.

				
			SUB-CUSTODIANS AND AGENTS

			

 

	 	
			8.1

				
			Sub-Custodians: We may appoint Sub-Custodians to perform any of our duties under this Agreement including the custody and safekeeping of Bullion. We will use reasonable care in the appointment of any Sub-Custodian. Gold held by a Sub-Custodian shall be kept in our account at such Sub-Custodian, and we will separately identify on our books Gold that is so held on your behalf. Our account with each such Sub-Custodian will be subject only to our instructions. Any Sub-Custodian will be a member of the LBMA.

			

 

	 	
			8.2

				
			Liability for Sub-Custodians: Our use of Sub-Custodians shall be without prejudice to our obligations and liabilities under this Agreement.

			

 

	 	
			8.3

				
			Notice: We will provide you on request with the name and address of any Sub-Custodian of Bullion along with any other information which you may reasonably require concerning the appointment of a Sub-Custodian.

			

 

	 	
			8.4

				
			Monitoring: We will monitor the conduct of each Sub-Custodian, and promptly advise you of any difficulties or problems (financial, operational or otherwise) existing with respect to such Sub-Custodian of which we are aware and will take appropriate and lawful action to protect and safekeep your Gold deposited with such Sub-Custodian, including to the extent feasible, the withdrawal of such Gold from such Sub-Custodian.

			

 

	 	
			8.5

				
			Access and Inspection:  We will not entrust Gold held in the Account to any Sub-Custodian unless that Sub-Custodian grants rights of access and inspection to records and Gold that are similar to those granted by us under this Agreement.

			

 

	 	
			8.6

				
			Use of Agents: We may in our discretion use agents in connection with handling transactions under this Agreement, provided that any such use shall not relieve us of any of our responsibilities or liabilities hereunder.

			

 

	
			9. 

				
			REPRESENTATIONS

			

 

	 	
			9.1 

				
			Your representations: You represent and warrant to us that:

			

 

- 10 -

 

 

	 	
			(a)

				
			the Trust is and will remain duly constituted with all necessary authority, powers, consents, licences and authorisations and all necessary action has been taken to enable it to engage in the transactions provided for under this Agreement;

			

 

	 	
			(b)

				
			you are appointed as trustee of the Trust and have and will have unencumbered legal title to the assets of the Trust at all times;

			

 

	 	
			(c)

				
			you have all necessary authority, powers, consents, licences and authorisations and have taken all necessary action to enable you lawfully to enter into and perform your duties and obligations under this Agreement;

			

 

	 	
			(d)

				
			the persons entering into this Agreement on your behalf have been duly authorised to do so; and

			

 

	 	
			(e)

				
			this Agreement and the obligations created under it are binding upon you and enforceable against you 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 you are bound.

			

 

You undertake to notify us in the event that any of the statements set out in the sub-clauses ceases to be true.

 

	 	
			9.2

				
			Our representations: We represent and warrant to you that:

			

 

	 	
			(a)

				
			We are a bank, duly organized under the laws of our country of organization as set forth above, and are regulated as such by that country's government or an agency thereof;

			

 

	 	
			(b)

				
			this Agreement has been duly authorized, executed and delivered on our behalf and constitutes our legal, valid and binding obligation;

			

 

	 	
			(c)

				
			we are, and will continue to be during the term of this Agreement, a member of the LBMA;

			

 

	 	
			(d)

				
			the execution, delivery and performance of this Agreement by us do not and will not violate any applicable law or regulation and do not require the consent of any governmental or other regulatory body except for such consents and approvals as have been obtained; and

			

 

	 	
			(e)

				
			Gold substituted by us under clause 2.7 has a fine weight at least equal to the fine weight of the Bullion for which it is substituted.

			

 

 

	
			10. 

				
			FEES AND EXPENSES

			

 

	 	
			10.1

				
			Fees: Our fees will be paid in accordance with the fee agreement which has been executed by us and the Sponsor, as that agreement may be amended from time to time by the parties to it in accordance with its terms. Details of charges (including charges with respect to the use of the Website, if any, transfer clearing charges and storage charges) will be advised to you by us in writing from time to time.

			

 

- 11 -

 

 

	 	
			10.2

				
			Credit balances: No interest or other amount will be paid by us on any credit balance on the Unallocated Account.

			

 

	 	
			10.3

				
			Debit balances: You are not entitled to overdraw the Unallocated Account except to the extent that there is equivalent Bullion in the Allocated Account. If for any reason the Unallocated Account is overdrawn beyond 430 Ounces, we may at our sole discretion and without any further consent from you transfer equivalent Bullion from the Allocated Account in satisfaction of such debit balance.

			

 

	
			11. 

				
			SCOPE OF RESPONSIBILITY

			

 

	 	
			11.1

				
			Disclaimer of liability: You understand and agree that we will not know, except as provided in clause 3.3(b), will not have any duty to determine and, except as provided in clause 9.2(e), in making any report required under this Agreement, will not be considered to be making any representation or warranty as to whether in fact the Gold deposited with us contains the amount of pure gold indicated on the bars. Except for Gold deposited by us in substitution for other Gold held in the Account under clause 2.7, WE DISCLAIM ALL LIABILITY FOR THE GENUINENESS AND FINENESS OF GOLD DEPOSITED WITH US UNDER THIS AGREEMENT.

			

 

	 	
			11.2

				
			Exclusion of liability: We will use reasonable care in the performance of our duties under this Agreement and without prejudice to clause 11.1 will only be responsible for any loss or damage suffered by you as a direct result of any negligence, fraud or wilful default on our part in the performance of our duties, and in which case our liability will not exceed the aggregate of the market value of the Bullion and the balance of the Unallocated Account at the time of such negligence, fraud or wilful default.

			

 

	 	
			11.3

				
			Force majeure: Neither we, nor any of our directors, employees, agents or affiliates shall incur any liability to you if, by reason of any provision of any present or future law or regulation of the United Kingdom or any other country, or of any governmental or regulatory authority or stock exchange, or by reason of any act of God or war or terrorism or other circumstances beyond our control, we are prevented or forbidden from, or would be subject to any civil or criminal penalty on account of, or are delayed in, doing or performing any act or thing which by the terms of this Agreement it is provided shall be done or performed and accordingly we do not do that thing or do that thing at a later time than would otherwise be required.

			

 

	 	
			11.4

				
			Indemnity in favour of us: You, solely from and to the extent of the assets of the Trust, shall indemnify and keep us indemnified (on an after tax basis) on demand against all costs and expenses, damages, liabilities and losses (including but not limited to reasonable legal fees and expenses) ("Losses") which we may suffer or incur directly in connection with this Agreement except to the extent that such Losses are due directly to our negligence, wilful default or fraud.

			

 

- 12 -

 

 

	 	
			11.5

				
			Indemnity in favour of you: We shall be liable for and shall indemnify you for, and hold you harmless from, any Losses incurred by you (individually or in your capacity as trustee) directly relating to or arising from any breach of our covenants, agreements, representations and warranties contained in this Agreement, any failure by us to act or refrain from acting in accordance with instructions under clause 5 from you, or any physical loss, destruction or damage to the Bullion, except, in each case, for Losses arising from nuclear fission or fusion, radioactivity, war, terrorist event, invasion, insurrection, civil commotion, riot, strike, act of government or public authority, act of God or a similar cause that is beyond our control, provided that our liability under this clause shall be limited to the value of Gold under custody at the time of the act or omission giving rise to the claim under this clause. You will notify us promptly of any proceeding or claim for which you may seek indemnity, and we shall cooperate fully with you with respect to any such proceeding or claim. Any deposit of Gold held in the Account with a Sub-Custodian pursuant to Section 8 hereof shall not affect our responsibilities or liabilities or in any way limit or relieve us of our responsibilities or liabilities under this Section 11, and we shall remain fully liable with respect to such Gold as if we had retained physical possession of it.

			

 

	 	
			11.6

				
			Subrogation: You and the Trust will be subrogated to us with respect to any claim against a Sub-Custodian or any other person for any loss or damage suffered by you or the Trust if and to the extent that you and the Trust have not been made whole for such loss or damage, and we hereby assign all such rights to you. Your exercise of the rights granted in this clause shall not affect our liabilities under the preceding provisions of this clause 11. 

			

 

	 	
			11.7

				
			Exculpation in respect of offer document: We and our officers, directors, employees, agents and sub-custodians shall not be responsible or liable in any manner for any recitals, statements, representations or warranties made by any person other than us under or in connection with the establishment of, or sale of interests in, the Trust, including without limitation any offer document, prospectus, filings, marketing documentation or other documentation relating thereto.

			

 

	
			12. 

				
			TERMINATION

			

 

	 	
			12.1

				
			Method: Either party may terminate this Agreement by giving not less than 180 Business Days written notice to the other party, provided that we may terminate this Agreement immediately on written notice in the event that any of the statements set out in clause 9.1(a)-(e) become untrue, and you may terminate this Agreement immediately on written notice following an event specified in clause 7.8 provided that clause 11 shall survive termination of this Agreement. Any such notice given by you must specify:

			

 

	 	
			(a)

				
			the date on which the termination will take effect (the "Termination Date");

			

 

	 	
			(b)

				
			the person to whom any Bullion and any credit balance on the Unallocated Account is to be transferred; and

			

 

	 	
			(c)

				
			all other necessary arrangements for the transfer or repayment, as the case may be, of any Account Balance.

			

 

- 13 -

 

 

	 	
			12.2

				
			Redelivery arrangements: If you do not make arrangements acceptable to us for the transfer or repayment of any Bullion or credit balance in the Unallocated Account we may continue to store the Bullion or maintain that Unallocated Account (as the case may be), in which case we will continue to charge the Fees payable under clause 10. If you have not made arrangements acceptable to us for the redelivery of the Bullion or transfer or repayment of any credit balance in the Unallocated Account (as the case may be) within 6 months of the date specified in the termination notice as the date on which the termination will take effect, we will be entitled to close the Account, sell the Bullion and close the Unallocated Account and account to you for the proceeds after deducting any amounts due to us under this Agreement.

			

 

	 	
			12.3

				
			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.

			

 

	 	
			12.4

				
			eBTS: Effective the Termination Date, the use of the Website will automatically be terminated and no further access to the Website will be permitted.

			

 

	
			13. 

				
			VALUE ADDED TAX

			

 

	 	
			13.1

				
			VAT included: All sums payable or other consideration provided to us by you or the Sponsor in connection with this Agreement (including, without limitation, pursuant to the fee agreement referred to in clause 10.1) are inclusive of any VAT which is or becomes chargeable on the supply or supplies for which such sums or other consideration (or any part thereof) are the whole or part of the consideration for VAT purposes and section 89 of VATA shall not apply to affect the amount of such sums or value of such other consideration.

			

 

	 	
			13.2

				
			Supplies of Gold: Notwithstanding clause 13.1, where, pursuant to or in connection with this Agreement:

			

 

	 	
			(a)

				
			(i)      you instruct us in writing to remove any Gold from the black box; and

			

 

	 	
			 

				
			(ii)     we, or any Sub-Custodian for us, are required to account to Customs for any VAT in respect of such removal,

			

 

you shall pay to us a sum equal to the amount of such VAT, such payment to be made within 5 Business Days of receipt by you of a valid VAT invoice (or a copy of such invoice where the original of the same has been issued to the person to whom you instructed us to deliver the relevant Gold).

 

(b)     you or any other person makes a supply to us for VAT purposes and VAT is or becomes chargeable on such supply, we shall, within 5 Business Days of receipt of a valid VAT invoice in respect of such supply, pay to you a sum equal to the amount of such VAT, save to the extent that we (acting reasonably and in good faith) are not entitled to credit or repayment in respect of such VAT from Customs.

 

In this clause 13.2 the terms "remove" (and any derivation thereof) and "black box" to be construed in accordance with the HMRC Agreement.

 

- 14 -

 

 

	
			14. 

				
			NOTICES AND RECORD-KEEPING

			

 

	 	
			14.1

				
			Form: A notice or other communication under or in connection with this Agreement may be given orally unless required in writing under this Agreement. References to writing includes an electronic transmission.

			

 

	 	
			14.2

				
			Method of transmission: Any notice or other communication required to be in writing may be delivered personally or sent by first class post, pre-paid recorded delivery (or air mail if overseas), authenticated electronic transmission (including telex, fax, email and SWIFT) or such other electronic transmission as the parties may from time to time agree, to the party due to receive the notice or communication, addressed as follows, or to another address, number or destination specified by that party by written notice to the other:

			

 

	 	
			14.2.1

				
			If to us,

			

 

JPMorgan Chase Bank, N.A., London branch

25 Bank Street

6th Floor, Metalics Processing, Bullion Operations

Canary Wharf

London, E14 5JP

UK 

Attention: John-Paul Crocker

Email: Metalics.BO.Processing@chase.com (for escalation: john-paul.a.crocker@jpmorgan.com; garry.maskell@jpmorgan.com)

 

	 	
			14.2.2

				
			If to you,

			

 

The Bank of New York Mellon

2 Hanson Place

9th Floor

Brooklyn, New York 11217

Attention: ETF Services, Brooklyn

Telephone: + 718 315 5013

Facsimile: + 718 315 4850

Email: etfservicescom@bnymellon.com

 

	 	
			14.3

				
			Deemed receipt on notice: A notice or other communication under or in connection with this Agreement will be deemed received only if actually received or delivered.

			

 

	 	
			14.4

				
			Recording of calls: We may record telephone conversations without use of a warning tone. Such recordings will be our sole property and accepted by you as evidence of the orders or instructions given; provided that in case of any dispute or disagreement regarding any conversation so recorded we will promptly share the recordings with you and your representatives; and provided further, that we will have no obligations to retain any such recordings prior to becoming aware of any such dispute or disagreement.

			

 

	 	
			14.5

				
			Records: We will maintain adequate records identifying the Gold as belonging to you. Such records shall include, with respect to the Account:

			

 

- 15 -

 

 

	 	
			(a)

				
			journals or other records of original entry containing an itemised daily record in detail of all receipts and deliveries of Gold (including adequate information to uniquely identify each bar of Gold received in or delivered from the Allocated Account and the person from whom each bar was delivered; and

			

 

	 	
			(b)

				
			ledgers (or other records) reflecting:

			

 

	 	
			(i)

				
			Gold in our physical possession, or held by any Sub-Custodian; and

			

 

	 	
			(ii)

				
			Gold held in the Unallocated Account and allocations made daily in respect thereof, as provided in clause 7.5; and

			

 

	 	
			(iii)

				
			such other books and records as you may reasonably request.

			

 

	 	
			14.6

				
			Annual Certificate: We will deliver annually to you and more frequently if requested by you, a certificate dated the date of delivery, certifying that we have, since the date of this Agreement or the date of the preceding such certificate, complied with the terms and conditions of this Agreement and that our representations and warranties in clause 9 of this Agreement continue to be true and correct.

			

 

	
			15. 

				
			GENERAL

			

 

	 	
			15.1

				
			No advice: Our duties and obligations under this Agreement do not include providing you with investment advice. In asking us to open and maintain the Account, you do so in reliance upon your own judgement and we shall not owe to you any duty to exercise any judgement on your behalf as to the merits or suitability of any deposits into, or withdrawals from, an Account.

			

 

	 	
			15.2

				
			Assignment: This Agreement is for the benefit of and binding upon us both and our respective successors and assigns. You may not assign, transfer or encumber, or purport to assign, transfer or encumber, your right, title or interest in relation to any Account or any right or obligation under this Agreement or any part of any of the foregoing unless we otherwise agree in writing. Notwithstanding the forgoing, if there is any change in the identity of the Trustee in accordance with the Trust Agreement, the Custodian and the Trustee shall take such reasonable steps to execute such documents and shall take such reasonable 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.

			

 

	 	
			15.3

				
			Amendments: Any amendment to this Agreement must be agreed in writing and be signed by us both. Any amendment affecting the rights of the Sponsor under this Agreement shall require written consent of the Sponsor. Unless otherwise agreed, an amendment will not affect any legal rights or obligations which may already have arisen.

			

 

	 	
			15.4

				
			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.

			

 

	 	
			15.5

				
			Entire agreement: This document represents the entire agreement, and supersedes any previous agreements between you and us relating to the subject matter of this Agreement.

			

 

- 16 -

 

 

	 	
			15.6

				
			Joint and several liability: If there is more than one of you, your responsibilities under this Agreement apply to each of you individually as well as jointly.

			

.

	 	
			15.7

				
			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.

			

 

	 	
			15.8

				
			Contracts (Rights of Third Parties) Act 1999: Other than the Sponsor, a person who is not a party to this Agreement shall have no rights under the Contracts (Rights of Third Parties Act) 1999.

			

 

	 	
			15.9

				
			Legal opinion: We will furnish to you an opinion of counsel acceptable to you addressed to you and dated the date hereof to the effect that:

			

 

	 	
			(a)

				
			our execution, delivery and performance of this Agreement have been duly authorized by us and do not and will not violate any applicable law or regulation and do not require the consent of any governmental or other regulatory body; and

			

 

	 	
			(b)

				
			this Agreement has been duly executed and delivered by us and constitutes our legal, valid and binding obligation, enforceable in accordance with its terms subject to principles of equity.

			

 

	
			16. 

				
			PROCEDURES

			

 

The provisions of the Procedures are hereby incorporated into and made a part of this Agreement, subject to clause 2.4. You and we agree to comply with the Procedures. You, with the prior written consent of the Sponsor, may modify the Procedures from time to time upon reasonable advance notice and, if the modifications relate to our duties, after consultation with us.

 

	
			17. 

				
			GOVERNING LAW AND JURISDICTION

			

 

	 	
			17.1

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

			

 

	 	
			17.2

				
			Jurisdiction: The English courts have non-exclusive jurisdiction to settle any disputes or claims which may arise out of or in connection with this Agreement and, for these purposes you irrevocably submit to the jurisdiction of the English courts.

			

 

	 	
			17.3

				
			Waiver of immunity: To the extent that you may in any jurisdiction claim for yourself or your assets any immunity from suit, judgement, enforcement or otherwise howsoever, you agree not to claim and irrevocably waive any such immunity to which you would otherwise be entitled (whether on grounds of sovereignty or otherwise) to the full extent permitted by the laws of such jurisdiction.

			

 

	 	
			17.4

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

			

 

- 17 -

 

 

Trustee’s Address for service of process:

 

BNY Mellon

One Canada Square

London E14 5AL

England

Attention: Legal Department

 

with a copy to:

 

The Bank of New York Mellon

2 Hanson Place

Brooklyn, New York 11217

Attention: ETF Services

 

Custodian’s Address for service of process:

 

JPMorgan Chase Bank, N.A., London branch

25 Bank Street

Canary Wharf

London, E14 5JP

UK 

Attention: Legal Department (Commodities)

 

 

 

[Signature Page Follows]

 

- 18 -

 

 

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

 

 

	
			Signed on behalf of

			JPMorgan Chase Bank N.A., London Branch

			by

				 
	 	 
	
			 Signature:

				 	 
	
			 Name:

				 	 
	
			 Title:

				 	 
	 	 
	
			Signed on behalf of

			The Bank of New York Mellon

			solely in its capacity as trustee of the iShares® Gold Trust Micro

			by

				 
	 	 
	
			 Signature:

				 	 
	
			 Name:

				 	 
	
			 Title:

				 	 

 

 

 

 

Schedule 1

 

Creation and Redemption Procedures

 

 

 

 

3

 

 

iSHARES® GOLD TRUST MICRO

 

CREATION AND REDEMPTION PROCEDURES

adopted by the Sponsor and the Trustee (each as defined below) as of

 

 

ARTICLE I

 

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

 

Section 1.01.     Definitions.     For purposes of these Procedures, unless the context otherwise requires, the following terms will have the following meanings:

 

“Authorized Participant” shall have the meaning ascribed to the term in Section 1.1 of the Trust Agreement.

 

“Authorized Participant Agreement” shall mean, with respect to an Authorized Participant, such Authorized Participant's Authorized Participant Agreement with the Trustee and the Sponsor.

 

“Authorized Representative” shall mean, with respect to an Authorized Participant, each individual who, pursuant to the provisions of its Authorized Participant Agreement, has the power and authority to act on behalf of the Authorized Participant in connection with the placement of Purchase Orders or Redemption Orders and is in possession of the personal identification number (PIN) assigned by the Trustee for use in any communications regarding Purchase or Redemption Orders on behalf of such Authorized Participant.

 

“Basket” shall have the meaning ascribed to the term in Section 1.1 of the Trust Agreement.

 

“Basket Gold Amount” shall have the meaning ascribed to the term in Section 1.1 of the Trust Agreement.

 

“Business Day” shall have the meaning ascribed to the term in Section 1.1 of the Trust Agreement.

 

“Creation and Redemption Line” shall mean a telephone number designated as such by the Trustee and communicated to each Authorized Participant in compliance with the notice provisions of the respective Authorized Participant Agreement.

 

“Custodial Account” shall mean an account established by the Trustee with a Custodian pursuant to the Custodian Agreement.

 

“Custodian” shall mean a financial institution or other entity with which the Trustee shall have entered into an agreement for the custody of the Trust's property; provided, that if there is more than one Custodian at any time, a reference in these Procedures to “the Custodian” in connection with a particular Purchase Order or Redemption Order shall be to such Custodian as the Trustee shall have designated for purposes of such Purchase Order or Redemption Order.

 

“Custodian Agreement” shall mean, as of any date, the Custodian Agreement at the time in effect between the Trustee and the Custodian.

 

4

 

 

“Custodian Day” shall mean, with respect to a Custodian, a day on which the facilities at which a Delivery of Gold is to take place to or by such Custodian on behalf of the Trust are open for business.

 

“Delivery” shall mean a delivery of Gold or Shares, as applicable, in each case effected according to the definition of “Deliver” in Section 1.1 of the Trust Agreement.

 

“Depositor” shall mean any Authorized Participant that deposits Gold into the Trust, either for its own account or on behalf of another Person that is the owner or beneficial owner of that Gold.

 

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

 

“Fine Ounces” shall have the meaning ascribed to the term in Section 1.1 of the Trust Agreement.

 

“Gold” shall have the meaning ascribed to the term in Section 1.1 of the Trust Agreement.

 

“iShares” shall mean shares issued by the Trustee representing fractional, undivided interests in the net assets of the Trust.

 

“LBMA” shall mean the London Bullion Market Association.

 

“Order Cut-Off Time” shall have the meaning ascribed to the term in Section 1.1 of the Trust Agreement.

 

“Order Date” shall have, (i) with respect to a Purchase Order, the meaning ascribed to the term in Section 2.3 of the Trust Agreement; and (ii) with respect to a Redemption Order, the meaning ascribed to the term in Section 2.6 of the Trust Agreement.

 

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

 

“Procedures” shall mean these Creation and Redemption Procedures, as may be amended from time to time.

 

“Purchase Order” shall mean an order to purchase one or more Baskets in the form from time to time adopted by the Trustee.

 

“Redemption Order” shall mean an order to redeem one or more Baskets in the form from time to time adopted by the Trustee.

 

“Registered Owner” shall have the meaning ascribed to such term in Section 1.1 of the Trust Agreement.

 

“Sponsor” shall mean iShares Delaware Trust Sponsor LLC, a Delaware limited liability company, in its capacity as sponsor of the Trust, and any successor thereto in such capacity.

 

“Transaction Fee” shall mean, as of any date, the fee at the time in effect pursuant to Section 5.7(a) of the Trust Agreement.

 

“Trust” shall mean the iShares® Gold Trust Micro, a trust governed by the provisions of the Trust Agreement.

 

5

 

 

“Trustee” shall mean The Bank of New York Mellon, a New York banking corporation, in its capacity as Trustee under the Trust Agreement, and any successor thereto in compliance with the provisions thereof.

 

“Trust Agreement” shall mean, as of any date, the Depositary Trust Agreement at the time in effect among the Trustee, the Sponsor, all owners and beneficial owners from time to time of iShares and all Depositors.

 

“Unallocated Basis” shall have the meaning ascribed to the term in Section 1.1 of the Trust Agreement.

 

“Valuation Relevant Price” shall mean, as of any date, the price used by the Trustee on such date to determine in compliance with the Trust Agreement the value of the Gold held by the Trust.

 

“VAT” shall mean (a) any tax imposed pursuant to or in compliance with the Sixth Directive of the Council of the European Economic Communities (77/388/EEC) including, in relation to the United Kingdom, value added tax imposed by the Value Added Tax Act 1994 and legislation and regulations supplemental thereto; and (b) any other tax of a similar nature, whether imposed in a member state of the European Union or elsewhere, in substitution for, or levied in addition to, such tax referred to in “(a)”.

 

Section 1.02.     Interpretation. In these Procedures:

 

Unless otherwise indicated, all references to Sections, clauses, paragraphs, schedules or exhibits, are to Sections, clauses, paragraphs, schedules or exhibits in or to these Procedures.

 

The words “hereof”, “herein”, “hereunder” and words of similar import shall refer to these Procedures as a whole, and not to any individual provision in which such words may appear.

 

A reference to any statute, law, decree, rule, regulation or other applicable norm shall be construed as a reference to such statute, law, decree, rule, regulation or other applicable norm as re- enacted, re-designated or amended from time to time.

 

A reference to any agreement, instrument or document shall be construed as a reference to such agreement, instrument or document as the same may have been amended from time to time in compliance with the provisions thereof.

 

Section 1.03.     Conflicts. In case of conflict between any provision of these Procedures and the terms of the Trust Agreement, the terms of the Trust Agreement shall control.

 

6

 

 

ARTICLE II

 

CREATION PROCEDURES

 

Section 2.01.      Creation of iShares. The issuance and Delivery of iShares shall take place only in integral numbers of Baskets in compliance with the following rules:

 

a.     Authorized Participants wishing to acquire from the Trustee one or more Baskets shall place a Purchase Order with the Trustee on any Business Day; provided, however, that only Purchase Orders received by the Trustee prior to the Order Cut-Off Time on a Business Day on which a Valuation Relevant Price is announced shall have such Business Day as the Order Date. Purchase Orders received by the Trustee on or after the Order Cut-Off Time on a Business Day (except as otherwise provided in Section 2.01(b)(ii)), or on a Business Day on which the Valuation Relevant Price is not announced, will not be accepted. A new Purchase Order may be submitted in accordance with these Procedures.

 

b.     For purposes of paragraph “a” above, a Purchase Order shall be deemed “received” by the Trustee only when each of the following has occurred:

 

(i)     An Authorized Representative shall have placed a telephone call to the Trustee's Creation and Redemption Line, or entered a Purchase Order through the Trustee’s electronic order entry system, as such may be available and constituted from time to time (the use of which shall be subject to the Order Entry System Terms and Conditions attached hereto as Annex A), informing the Trustee that the Authorized Participant wishes to place a Purchase Order for a specified number of Baskets, and the location or locations where the Authorized Participant intends to make Delivery of the Basket Gold Amount corresponding to each Basket (such locations to be limited to those where, in compliance with the Custodian Agreement, a Custodian is authorized to hold Gold on behalf of the Trust and for which written procedures for the delivery of Gold to and from such locations in connection with the creation and redemption of Baskets have been agreed to by the Custodian, the Trustee and the Sponsor). If the Authorized Participant wishes to settle a Purchase Order in a time frame other than the second Business Day following the Order Date (i.e., T + 2), such request must be made to the Trustee upon placement of the Purchase Order and must be approved by the Trustee in its sole discretion.

 

(ii)     Within one hour following such telephone call, the Trustee shall have received, via electronic mail message, a duly completed, irrevocable Purchase Order executed by an Authorized Representative of such Authorized Participant (which Purchase Order may be received after the Order Cut-Off Time if such telephone call was made prior to the Order Cut-Off Time).

 

c.     The Trustee will ask the Custodian to confirm whether delivery can be made at the locations indicated by the Authorized Participant.

 

d.     Before accepting a Purchase Order, the Trustee shall make sure that there exists at least one location at which the Authorized Participant is willing to Deliver, and the Custodian is capable of accepting, the requisite amount of Gold in connection with such Purchase Order. Should the Trustee elect to accept the Purchase Order, it shall communicate its decision by sending to the Authorized Participant (with copies to the Custodian at the offices of the Custodian in London and at each location at which the Authorized Participant will be expected to Deliver Gold pursuant to paragraph “c” above), via facsimile or electronic mail message, no later than 5:00 p.m. (New York time) on the Order Date for such Purchase Order a copy of the corresponding Purchase Order endorsed “Accepted” by the Trustee and indicating the Basket Gold Amount that the Authorized Participant shall Deliver to the Custodian in respect of each Basket. For Purchase Orders submitted via the Trustee’s electronic order entry system which the Trustee has elected to accept, the Authorized Participant will receive an automated electronic mail message indicating the acceptance of the Purchase Order and indicating the Basket Gold Amount that the Authorized Participant shall Deliver to the Custodian in respect of each Basket, and the Purchase Order will be marked “Accepted” in the Trustee’s electronic order entry system. Prior to the transmission of the Trustee's acceptance as specified above, a Purchase Order will only represent the Authorized Participant's unilateral offer to deposit Gold in exchange for Baskets and will have no binding effect upon the Trust, the Trustee, the Custodian or any other party.

 

7

 

 

e.     Unless waived by the Trustee in writing, the Authorized Participant will be responsible for the cost of transportation of Gold to the location where it is to be Delivered, as well as for the cost of transportation of any Gold that has to be removed from a location at which the Authorized Participant wishes to make Delivery in order to make capacity available for such Delivery at such location. The Basket Gold Amount corresponding to each Basket must be delivered at the locations specified by the Custodian no later than 10:00 a.m. (local time at the place of Delivery) on the settlement date of the Purchase Order, which shall be the second Custodian Day following the Order Date unless prior approval for earlier settlement has been granted by the Trustee in its sole discretion. Delivery may be made for deposit either in the Trustee's Custodial Account, in an account with a subcustodian of the Custodian or in an account of the Authorized Participant with the Custodian. If delivery is made for deposit in the Authorized Participant's account with the Custodian, it will be accompanied by an irrevocable order to the Custodian authorizing the transfer of the Gold so delivered to the Trustee's Custodial Account against the delivery by the Trustee of the corresponding number of iShares as provided in paragraph “h” or “i” below, as applicable. The Authorized Participant shall contact the Custodian to obtain information regarding the location of the facilities where Delivery shall take place. The Custodian shall take all necessary measures to ensure that the facilities at which Delivery is to take place in respect of a Purchase Order are prepared to take such Delivery no later than 10:00 a.m. (local time at the place of Delivery) on the second Custodian Day following the applicable Order Date.

 

f.      Gold shall be Delivered to the Custodian in the form of Gold bars only and must be accompanied by the corresponding bar list; provided, that an amount of Gold not exceeding 430 Ounces may be Delivered to the Custodian on an Unallocated Basis. Gold that has been Delivered to the Custodian no later than 10:00 a.m. (local time at the place of Delivery) on a Custodian Day shall be allocated by the Custodian to the Trustee's Custodial Account no later than 12:00 p.m. (New York time) on the date of such Delivery. Where Gold is Delivered to the Custodian after 10:00 a.m. (local time at the place of Delivery) on a Custodian Day, the Custodian (i) will use its commercially reasonable efforts to allocate such Gold to the Trustee's Custodial Account no later than 12:00 p.m. (New York time) on the date of such Delivery and (ii) will allocate such Gold to the Trustee's Custodial Account no later than 9:00 a.m. (New York time) on the next Custodian Day following the date of such Delivery.

 

g.     The Custodian shall allocate Gold to the Trustee's Custodial Account by (i) making entries in the Custodian's books and records to identify such Gold as being held for the Trust, it being understood that such entries shall identify each bar of Gold so allocated by refiner, assay, serial number and gross and fine weight; (ii) physically segregating from Gold held by the Custodian for its own account or on behalf of other clients the Gold so allocated to the Trustee's Custodial Account; and (iii) sending to the Trustee, via electronic mail message, a written confirmation of the allocation, including the identification of the bars allocated as described above.

 

h.     On the second Business Day following the Order Date corresponding to a Purchase Order, or on such earlier date as the Trustee in its discretion may agree, the Trustee shall issue the aggregate number of iShares corresponding to the Baskets ordered by the Authorized Participant and Deliver them, by credit to the account at DTC which the Authorized Participant shall have identified for such purpose in its Purchase Order, provided that, by 1:00 p.m. (New York time) on the date such issuance and Delivery is to take place:

 

8

 

 

(i)     the Custodian shall have reported in writing or by electronic communication to the Trustee that:

 

(a)      in the case of Gold bars delivered by the Authorized Participant, it has reviewed the corresponding bar list and the Gold received from the Authorized Participant to assure that the Gold matches the description in the bar list in terms of weight, fineness, refiner's marks and bar numbers and that, based on that review and on such further examination as the Custodian customarily performs in respect of gold purchased for its own account, the Gold deposited by the Authorized Participant in respect to such Purchase Order (A) complies with (1) the “Good Delivery” Rules of the LBMA, and/or (2) such other standards as the Custodian and the Trustee, with the approval of the Sponsor, may have adopted; and (B) except as otherwise permitted pursuant to the documents governing the Custodial Account, is held by the Custodian on behalf of the Trust in allocated form; or

 

(b)     in the case of Gold delivered by the Authorized Participant on an Unallocated Basis, the corresponding amount of Gold has been credited to the Trustee’s Custodial Account and (except as otherwise permitted pursuant to the documents governing the Custodial Account) been allocated to the Trustee's Custodial Account, and the Gold so allocated is in compliance with the provisions of the paragraph above;

 

(ii)     the Trustee shall have received from the Authorized Participant the applicable Transaction Fee;

 

(iii)     the Authorized Participant shall have agreed to pay, or reimburse the Custodian, the Trustee or the Trust for the amount of any applicable taxes (including VAT) which are or become due in connection with the Delivery of Gold to the Custodian; and

 

(iv)     any other conditions to the issuance under the Trust Agreement shall have been satisfied.

 

i.     In all other cases, the Authorized Participant shall consult with the Sponsor to determine the ongoing status of the Purchase Order, and the Trustee shall issue the aggregate number of iShares corresponding to the Baskets ordered by the Authorized Participant and Deliver them by credit to the account at DTC which the Authorized Participant shall have identified for such purpose in its Purchase Order on the Business Day following the date on which the conditions set forth in clauses (i) to (iv) of paragraph “h” above shall have been met.

 

 

ARTICLE III

 

REDEMPTION PROCEDURES

 

Section 3.01.      Redemption of iShares. Redemption of iShares shall take place only in integral numbers of Baskets in compliance with the following rules:

 

9

 

 

a.     Authorized Participants wishing to redeem one or more Baskets shall place a Redemption Order with the Trustee on any Business Day; provided, however, that only Redemption Orders received by the Trustee prior to the Order Cut-Off Time on a Business Day on which a Valuation Relevant Price is announced shall have such Business Day as the Order Date. Redemption Orders received by the Trustee on or after the Order Cut-Off Time on any Business Day (except as otherwise provided in Section 3.01(b)(ii)), or on a Business Day on which the Valuation Relevant Price is not announced, will not be accepted. A new Redemption Order may be submitted in accordance with these Procedures.

 

b.     For purposes of paragraph “a” above, a Redemption Order shall be deemed “received” by the Trustee only when each of the following has occurred:

 

(i)     An Authorized Representative shall have placed a telephone call to the Trustee's Creation and Redemption Line informing the Trustee that the Authorized Participant wishes to place a Redemption Order for a specified number of Baskets, or entered a Redemption Order through the Trustee’s electronic order entry system, as such may be available and constituted from time to time (the use of which shall be subject to the Order Entry System Terms and Conditions attached hereto as Annex A). If the Authorized Participant wishes to settle a Redemption Order in a time frame other than the second Business Day following the Order Date (i.e., T + 2), such request must be made to the Trustee upon placement of the Redemption Order and must be approved by the Trustee in its sole discretion.

 

(ii)     Within one hour following such telephone call, the Trustee shall have received, via electronic mail message, a duly completed, irrevocable Redemption Order executed by an Authorized Representative of such Authorized Participant (which Redemption Order may be received after the Order Cut-Off Time if such telephone call was made prior to the Order Cut-Off Time).

 

c.     Should the Trustee elect to accept such Redemption Order, it shall communicate its decision to the Authorized Participant by sending to the Authorized Participant (with copy to the Custodian), via facsimile or electronic mail message, no later than 5:00 p.m. (New York time) on the Order Date for such Redemption Order a copy of the corresponding Redemption Order endorsed “Accepted” by the Trustee and indicating the Basket Gold Amount that the Custodian shall Deliver to the Authorized Participant in respect of each Basket being redeemed. For Redemption Orders submitted via the Trustee’s electronic order entry system that the Trustee elects to accept, the Authorized Participant will receive an automated electronic mail message indicating the acceptance of the Redemption Order and indicating the Basket Gold Amount that the Custodian shall Deliver to the Authorized Participant in respect of each Basket, and the Redemption Order will be marked “Accepted” in the Trustee’s electronic order entry system.

 

d.     Unless otherwise agreed to by the Custodian, Gold will be Delivered by the Custodian in the form of Gold bars only; provided, that an amount of Gold not exceeding 430 Ounces may be Delivered by the Custodian on an Unallocated Basis. While a redeeming Authorized Participant will be entitled to express a preference as to the city or facility where it would like to have the Basket Gold Amount delivered, the Trustee, in consultation with the Custodian and taking into account the best interests of the Trust and the Registered Owners, will have final authority to decide where such delivery will take place. The Custodian shall inform via electronic mail message or facsimile sent to an Authorized Representative of the redeeming Authorized Participant no later than 11:00 a.m. (New York time) on the first Custodian Day following the Order Date of such Redemption Order the exact location(s) where Delivery will be made, and the amount of Gold to be Delivered to the Authorized Participant at each such location.

 

e.     Provided that by 10:00 a.m. (New York time) on the second Custodian Day following the Order Date of a Redemption Order, the Trustee shall have confirmed in writing or by electronic communication to the Custodian that:

 

10

 

 

(i)     the Authorized Participant has Delivered to the Trustee's account at DTC the total number of iShares to be redeemed by such Authorized Participant pursuant to such Redemption Order;

 

(ii)     the Trustee has received the corresponding Transaction Fee;

 

(iii)     the Authorized Participant has agreed to pay, or reimburse the Custodian, the Trustee or the Trust for the amount of any applicable taxes (including VAT) which are or becomes due in connection with the Delivery of Gold to the Authorized Participant; and

 

(iv)     any other conditions to the redemption under the Trust Agreement have been satisfied,

 

the Custodian will, as applicable, on such day, at the locations and in the amounts specified in the communication sent in compliance with paragraph “d” above: (A) Deliver to such Authorized Participant the corresponding amounts of Gold which complies with (1) the “Good Delivery” Rules of the LBMA, and/or (2) such other standards as the Custodian and the Trustee, with the approval of the Sponsor, may have adopted; and, if applicable, (B) Deliver Gold to the redeeming Authorized Participant by crediting the account indicated by the redeeming Authorized Participant in its Redemption Order. Having made such Delivery, the Custodian will send written confirmation thereof to the Trustee who will then cancel the iShares so redeemed.

 

f.     In all other cases, Delivery must be completed by the Custodian as soon as, in the reasonable judgment of the Custodian, it is practicable following receipt of written confirmation from the Trustee as described in clauses “i” to “iv” of paragraph “e” above.

 

g.     The foregoing provisions notwithstanding, the Custodian shall not be liable for any failure or delay in making Delivery of Gold in respect of a Redemption Order arising from nuclear fission or fusion, radioactivity, war, terrorist event, invasion, insurrection, civil commotion, riot, strike, act of government, public authority or act of God, or a similar cause that is beyond the Custodian's control. In the event of any such delay, the time to complete Delivery in respect of a Redemption Order will be extended for a period equal to that during which the inability to perform continues.

 

h.     In the event that, by 10:00 a.m. (New York time) on the second Custodian Day following the Order Date of a Redemption Order the Trustee's account at DTC shall not have been credited with the total number of iShares corresponding to the total number of Baskets to be redeemed pursuant to such Redemption Order, the Trustee will cancel such Redemption Order and will send via electronic mail message notice of such cancellation to the respective Authorized Participant and the Custodian.

 

11

 

 

IN WITNESS WHEREOF, the Sponsor and the Trustee have executed these Creation and Redemption Procedures as of the date set forth above.

 

 

	
			THE BANK OF NEW YORK MELLON,

			in its capacity as Trustee

			
	 
	 
	By:	 	 
	 	Name:	 
	 	Title:	 
	 
	 
	 
	
			iSHARES DELAWARE TRUST SPONSOR LLC,

			in its capacity as Sponsor

			
	 
	 
	By:	 	 
	 	Name:	 
	 	Title:	 

 

 

 

 

ANNEX A

 

ORDER ENTRY SYSTEM TERMS AND CONDITIONS

 

This Annex shall govern use by an Authorized Participant of the electronic order entry system for placing Purchase Orders and Redemption Orders for iShares® Gold Trust Micro (the “System”). Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to such terms in the Authorized Participant Agreement (the “AP Agreement”). In the event of any conflict between the terms of this Annex and the main body of the AP Agreement with respect to the placing of Purchase Orders and Redemption Orders, the terms of this Annex shall control.

 

1.           (a) Authorized Participant shall provide to the Trustee a duly executed authorization letter, in a form satisfactory to Trustee, identifying those Authorized Persons who will access the System. Authorized Participant shall notify the Trustee promptly in writing, including, but not limited to, by electronic mail, in the event that any person’s status as an Authorized Person is revoked or terminated, in order to give the Trustee a reasonable opportunity to terminate such Authorized Person’s access to the System. The Trustee shall promptly revoke access of such Authorized Person to the electronic entry systems through which Purchase Orders and Redemption are submitted by such person on behalf of the Authorized Participant.

 

(b) It is understood and agreed that each Authorized Person shall be designated as an authorized user of Authorized Participant for the purpose of the AP Agreement. Upon termination of the AP Agreement, the Authorized Participant’s and each Authorized Person’s access rights with respect to System shall be immediately revoked.

 

2.     Trustee grants to Authorized Participant a personal, nontransferable and nonexclusive license to use the System solely for the purpose of transmitting Purchase Orders and Redemption Orders and otherwise communicating with Trustee in connection with the same. Authorized Participant shall use the System solely for its own internal and proper business purposes. Except as set forth herein, no license or right of any kind is granted to Authorized Participant with respect to the System. Authorized Participant acknowledges that Trustee and its suppliers retain and have title and exclusive proprietary rights to the System. Authorized Participant further acknowledges that all or a part of the System may be copyrighted or trademarked (or a registration or claim made therefor) by Trustee or its suppliers. Authorized Participant shall not take any action with respect to the System inconsistent with the foregoing acknowledgments. Authorized Participant may not copy, distribute, sell, lease or provide, directly or indirectly, the System or any portion thereof to any other person or entity without Trustee’s prior written consent. Authorized Participant may not remove any statutory copyright notice or other notice included in the System. Authorized Participant shall reproduce any such notice on any reproduction of any portion of the System and shall add any statutory copyright notice or other notice upon Trustee’s request.

 

3.         (a) Authorized Participant acknowledges that any user manual or other documentation (whether in hard copy or electronic form) (collectively, the “Material”), which is delivered or made available to Authorized Participant regarding the System is the exclusive and confidential property of Trustee. Authorized Participant shall keep the Material confidential by using the same care and discretion that Authorized Participant uses with respect to its own confidential property and trade secrets, but in no event less than reasonable care. Authorized Participant may make such copies of the Material as is reasonably necessary for Authorized Participant to use the System and shall reproduce Trustee’s proprietary markings on any such copy. The foregoing shall not in any way be deemed to affect the copyright status of any of the Material which may be copyrighted and shall apply to all Material whether or not copyrighted. TRUSTEE AND ITS SUPPLIERS MAKE NO WARRANTIES, EXPRESS OR IMPLIED, CONCERNING THE MATERIAL OR ANY PRODUCT OR SERVICE, INCLUDING BUT NOT LIMITED TO WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE.

 

 

 

 

(b) Upon termination of the AP Agreement for any reason, Authorized Participant shall return to Trustee all copies of the Material which is in Authorized Participant’s possession or under its control.

 

4.         Authorized Participant agrees that it shall have sole responsibility for maintaining adequate security and control of the user IDs, passwords and codes for access to the System, which shall not be disclosed to any third party without the prior written consent of Trustee. Trustee shall be entitled to rely on the information received by it from the Authorized Participant and Trustee may assume that all such information was transmitted by or on behalf of an Authorized Person regardless of by whom it was actually transmitted, unless the Authorized Participant shall have notified the Trustee a reasonable time prior that such person is not an Authorized Person.

 

5.         Trustee shall have no liability in connection with the use of the System, the access granted to the Authorized Participant and its Authorized Persons hereunder, or any transaction effected or attempted to be effected by the Authorized Participant hereunder, except for damages incurred by the Authorized Participant as a direct result of Trustee’s negligence or willful misconduct. WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, IT IS HEREBY AGREED THAT IN NO EVENT SHALL TRUSTEE OR ANY MANUFACTURER OR SUPPLIER OF EQUIPMENT, SOFTWARE OR SERVICES BE RESPONSIBLE OR LIABLE FOR ANY SPECIAL, INDIRECT, OR CONSEQUENTIAL DAMAGES WHICH THE AUTHORIZED PARTICIPANT MAY INCUR OR EXPERIENCE BY REASON OF ITS HAVING ENTERED INTO OR RELIED ON THIS AGREEMENT, OR IN CONNECTION WITH THE ACCESS GRANTED TO THE AUTHORIZED PARTICIPANT HEREUNDER, OR ANY TRANSACTION EFFECTED OR ATTEMPTED TO BE EFFECTED BY THE AUTHORIZED PARTICIPANT HEREUNDER, EVEN IF TRUSTEE OR SUCH MANUFACTURER OR SUPPLIER HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, NOR SHALL TRUSTEE OR ANY SUCH MANUFACTURER OR SUPPLIER BE LIABLE FOR ACTS OF GOD, MACHINE OR COMPUTER BREAKDOWN OR MALFUNCTION, INTERRUPTION OR MALFUNCTION OF COMMUNICATION FACILITIES, LABOR DIFFICULTIES OR ANY OTHER SIMILAR OR DISSIMILAR CAUSE BEYOND SUCH PERSON’S REASONABLE CONTROL.

 

6.         Trustee reserves the right to revoke Authorized Participant’s access to the System, with written notice, upon any breach by the Authorized Participant of the terms and conditions of this Annex.

 

7.        Trustee shall acknowledge through the System its receipt of each Purchase Order or Redemption Order communicated through the System, and in the absence of such acknowledgment Trustee shall not be liable for any failure to act in accordance with such Purchase Order or Redemption Order and Authorized Participant may not claim that such Purchase Order or Redemption Order was received by Trustee. Trustee may in its discretion decline to act upon any instructions or communications that are insufficient or incomplete or are not received by Trustee in sufficient time for Trustee to act upon, or in accordance with, such instructions or communications.

 

8.        Authorized Participant agrees to use reasonable efforts consistent with its own procedures used in the ordinary course of business to prevent the transmission through the System of any software or file which contains any viruses, worms, harmful component or corrupted data and agrees not to use any device, software, or routine to interfere or attempt to interfere with the proper working of the Systems.

 

9.       Authorized Participant acknowledges and agrees that encryption may not be available for every communication through the System, or for all data. Authorized Participant agrees that Trustee may deactivate any encryption features at any time, without notice or liability to Authorized Participant, for the purpose of maintaining, repairing or troubleshooting its systems.

 

 

 

 

Schedule 2

 

Authorised Persons of the Trustee

 

 

	Name 	Title
	 	 
	
			Chris Yedreyeski

			Neslinur Tarhan

			Todd Francis

			Tommy Hu

				
			Managing Director

			Vice President

			Senior Associate

			AssociateExhibit 10.3

 

AMENDED AND RESTATED WARRANT AGREEMENT

 

THIS AMENDED AND RESTATED
WARRANT AGREEMENT (the “Agreement” or “Warrant Agreement”),
dated as of November 19, 2018, is between ARYA Sciences Acquisition Corp., a Cayman Islands exempted company (the “Company”),
and Continental Stock Transfer & Trust Company, a New York corporation (the “Warrant
Agent”).

 

WHEREAS, on October
10, 2018, ARYA Sciences Holdings, a Cayman Islands exempted limited company (the “Sponsor”),
purchased 5,953,125 warrants, bearing the legend set forth in Exhibit B hereto (the “Private
Placement Warrants”), pursuant to a Private Placement Warrants Purchase Agreement (the “Private
Placement Warrants Purchase Agreement”); and

 

WHEREAS, the Company
may issue up to an additional 1,500,000 Warrants, which will be identical to the Private Placement Warrants, in consideration
of certain working capital loans that may be made by the Sponsor or the Company’s officers, directors or affiliates; and

 

WHEREAS, the Company
completed an initial public offering (the “Public Offering”) of units,
each unit comprised of one Class A Ordinary Share (as defined below) and one-half of one Public Warrant (as defined below) (the
“Units”) and, in connection therewith, issued and delivered 7,187,500
Warrants (the “Public Warrants” and, together with the Private Placement
Warrants, the “Warrants”) to the public investors, each such whole
Warrant evidencing the right of the holder thereof to purchase one Class A ordinary share of the Company, par value $0.0001 per
share (“Class A Ordinary Share(s)”), for $11.50 per whole share, subject
to adjustment as described herein; and

 

WHEREAS, a  Registration
Statement on Form S-1 (No. 333-227283) (the “Registration Statement”)
containing a prospectus (the “Prospectus”) for the registration, under
the Securities Act of 1933, as amended (the “Act”), of, among other
securities, the Warrants filed by the Company with the Securities and Exchange Commission (the “Commission”)
has been declared effective; and

 

WHEREAS, the Company
desires the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing to so act, in connection with the
issuance, registration, transfer, exchange, redemption and exercise of the Warrants; and

 

WHEREAS, the Company
and the Warrant Agent previously entered into a Warrant Agreement on October 10, 2018 (the “Initial Warrant Agreement”),
providing for the form and provisions of the Warrants, the terms upon which they were issued and exercised, and the respective
rights, limitation of rights, and immunities of the Company, the Warrant Agent, and the holders of the Warrants; and

 

WHEREAS, the Company
and the Warrant Agent now desire to amend and restate the Initial Warrant Agreement solely to provide for an amendment to Section
4.5 to conform to the description thereof in the Prospectus, in accordance with clauses (ii) and (iii) of Section 9.8;
and

 

WHEREAS, all acts
and things have been done and performed which are necessary to make the Warrants, when executed on behalf of the Company and countersigned
by or on behalf of the Warrant Agent, as provided herein, the valid, binding and legal obligations of the Company, and to authorize
the execution and delivery of this Agreement.

 

     

     

    

 

NOW, THEREFORE, in
consideration of the mutual agreements herein contained, the parties hereto agree as follows:

 

1. Appointment of
Warrant Agent. The Company hereby appoints the Warrant Agent to act as agent for the Company
for the Warrants, and the Warrant Agent hereby accepts such appointment and agrees to perform the same in accordance with the
terms and conditions set forth in this Agreement.

 

2. Warrants.

 

2.1 Form of Warrant.
Each Warrant shall be issued in registered form only, shall be in substantially the form of Exhibit A hereto, the provisions of
which are incorporated herein and shall be signed by, or bear the facsimile signature of, the Chairman of the Board of Directors
or Chief Executive Officer and Treasurer, Secretary or Assistant Secretary of the Company and shall bear a facsimile of the Company’s
seal. In the event the person whose facsimile signature has been placed upon any Warrant shall have ceased to serve in the capacity
in which such person signed the Warrant before such Warrant is issued, it may be issued with the same effect as if he or she had
not ceased to be such at the date of issuance.

 

2.2 Uncertificated
Warrants. Notwithstanding anything herein to the contrary, any Warrant, or portion thereof,
may be issued as part of, and be represented by, a Unit, and any Warrant may be issued in uncertificated or book-entry form through
the Warrant Agent and/or the facilities of The Depository Trust Company (the “Depositary”)
or other book-entry depositary system, in each case as determined by the Board of Directors of the Company or by an authorized
committee thereof. Any Warrant so issued shall have the same terms, force and effect as a certificated Warrant that has been duly
countersigned by the Warrant Agent in accordance with the terms of this Agreement.

 

2.3 Effect of Countersignature.
Except with respect to uncertificated Warrants as described above, unless and until countersigned by the Warrant Agent pursuant
to this Agreement, a Warrant shall be invalid and of no effect and may not be exercised by the holder thereof.

 

2.4 Registration.

 

2.4.1 Warrant Register.
The Warrant Agent shall maintain books (“Warrant Register”) for the
registration of original issuance and the registration of transfer of the Warrants. Upon the initial issuance of the Warrants,
the Warrant Agent shall issue and register the Warrants in the names of the respective holders thereof in such denominations and
otherwise in accordance with instructions delivered to the Warrant Agent by the Company.

 

2.4.2 Registered
Holder. Prior to due presentment for registration of transfer of any Warrant, the Company and
the Warrant Agent may deem and treat the person in whose name such Warrant shall be registered upon the Warrant Register (a “registered
holder”) as the absolute owner of such Warrant and of each Warrant represented thereby (notwithstanding any notation
of ownership or other writing on the Warrant certificate made by anyone other than the Company or the Warrant Agent), for the
purpose of any exercise thereof, and for all other purposes, and neither the Company nor the Warrant Agent shall be affected by
any notice to the contrary.

 

    2

     

    

 

2.5 Detachability
of Warrants. The securities comprising the Units will not be separately transferable until the
52nd day following the date of the Prospectus or, if such 52nd day is not on a day, other than a Saturday, Sunday or federal holiday,
on which banks in New York City are generally open for normal business (a “Business
Day”), then on the immediately succeeding Business Day following such date, or earlier with the consent of Jefferies
LLC, as representative of the several underwriters of the Public Offering (the “Representative”),
but in no event will the Representative allow separate trading of the securities comprising the Units until (A) the Company has
filed a Current Report on Form 8-K with the Commission containing an audited balance sheet reflecting the receipt by the Company
of the gross proceeds of the Public Offering, including the proceeds received by the Company from the exercise of the underwriters’
over-allotment option in the Public Offering, and (B) the Company issues a press release and files with the Commission a Current
Report on Form 8-K announcing when such separate trading shall begin. After the consummation of an initial Business Combination,
all Warrants will automatically begin separate trading.

 

2.6 Private Placement
Warrant Attributes. The Private Placement Warrants will be issued in the same form as the Public
Warrants but they (i) will not be redeemable by the Company and (ii) may be exercised for cash or on a cashless basis at the holder’s
option, in either case as long as the Private Placement Warrants are held by the initial purchasers or their affiliates and permitted
transferees (as prescribed in Section 5.6 hereof). Once a Private Placement Warrant is transferred to a holder other than an affiliate
or permitted transferee, it shall be treated as a Public Warrant hereunder for all purposes.

 

3. Terms and Exercise
of Warrants

 

3.1 Warrant Price.
Each whole Warrant shall, when countersigned by the Warrant Agent, entitle the registered holder thereof, subject to the provisions
of such Warrant and of this Warrant Agreement, to purchase from the Company the number of Class A Ordinary Shares stated therein,
at the price of $11.50 per share, subject to the adjustments provided in Section 4 hereof and in the last sentence of this Section
3.1. The term “Warrant Price” as used in this Warrant Agreement refers
to the price per share at which the Class A Ordinary Shares may be purchased at the time a Warrant is exercised. The Company in
its sole discretion may lower the Warrant Price at any time prior to the Expiration Date (as defined below) for a period of not
less than twenty (20) Business Days; provided, that the Company shall provide at least twenty (20) days’ prior written notice
of such reduction to registered holders of the Warrants and, provided further that any such reduction shall be applied consistently
to all of the Warrants.

 

3.2 Duration of
Warrants. A Warrant may be exercised only during the period (the “Exercise
Period”) commencing on the later of (i) 30 days after the consummation by the Company of its initial merger,
share exchange, asset acquisition, share purchase, reorganization or other similar business combination with one or more businesses
or entities (the “Business Combination”) (as described more fully
in the Registration Statement) or (ii) 12 months from the closing of the Public Offering, and terminating at 5:00 p.m., New York
City time on the earlier to occur of (a) five years from the consummation of the Business Combination and (ii) the Redemption
Date as provided in Section 6.2 hereof (in each case, the “Expiration Date”).
Except with respect to the right to receive the Redemption Price (as set forth in Section 6 hereunder), each Warrant not exercised
on or before the Expiration Date shall become void, and all rights thereunder and all rights in respect thereof under this Agreement
shall cease at the close of business on the Expiration Date. The Company in its sole discretion may extend the duration of the
Warrants by delaying the Expiration Date; provided, however, that the Company will provide at least twenty (20) days’ prior
written notice of any such extension to registered holders of the Warrants and, provided further that any such extension shall
be identical in duration among all the Warrants.

 

    3

     

    

 

3.3 Exercise of
Warrants.

 

3.3.1 Payment.
Subject to the provisions of the Warrant and this Warrant Agreement, a Warrant, when countersigned by the Warrant Agent, may be
exercised by the registered holder thereof by surrendering it, at the office of the Warrant Agent, or at the office of its successor
as Warrant Agent, together with (i) an election to purchase form, duly executed, electing to exercise such Warrants, as set forth
in the Warrant, and (ii) payment in full of the Warrant Price for each Ordinary Share as to which the Warrant is exercised and
any and all applicable taxes due in connection with the exercise of the Warrant, the exchange of the Warrants for the Ordinary
Shares and the issuance of such Ordinary Shares, as follows:

 

(a) by
good certified check or good bank draft payable to the order of the Warrant Agent; or

 

(b) in
the event of a redemption pursuant to Section 6 hereof in which the Company has elected to force all holders of Warrants to exercise
such Warrants on a “cashless basis,” by surrendering the Warrants for that number of Class A Ordinary Shares equal
to the quotient obtained by dividing (x) the product of the number of Class A Ordinary Shares underlying the Warrants, multiplied
by the difference between the Warrant Price and the “Fair Market Value” (as defined below) by (y) the Fair Market
Value. Solely for purposes of this Section 3.3.1(b), the “Fair Market Value” shall mean the average last reported
sale price of the Class A Ordinary Shares for the ten (10) trading days ending on the third trading day prior to the date on which
the notice of redemption is sent to the holders of Warrants pursuant to Section 6 hereof; or

 

(c) with
respect to any Private Placement Warrants, so long as such Private Placement Warrants are held by the initial purchasers of the
Private Placement Warrants or their permitted transferees, by surrendering such Warrants for that number of Class A Ordinary Shares
equal to the quotient obtained by dividing (x) the product of the number of Class A Ordinary Shares underlying the Warrants, multiplied
by the difference between the exercise price of the Warrants and the “Fair Market Value” by (y) the Fair Market Value;
provided, however, that no cashless exercise shall be permitted unless the Fair Market Value is equal to or higher than the exercise
price. Solely for purposes of this Section 3.3.1(c), the “Fair Market Value” shall mean the average last reported
sale price of the Class A Ordinary Shares for the ten (10) trading days ending on the third trading day prior to the date of exercise;
or

 

(d) in
the event the registration statement required by Section 7.4 hereof is not effective and current within sixty (60) days after
the closing of the Business Combination, by surrendering such Warrants for that number of Class A Ordinary Shares equal to the
quotient obtained by dividing (x) the product of the number of Class A Ordinary Shares underlying the Warrants, multiplied by
the difference between the exercise price of the Warrants and the “Fair Market Value” by (y) the Fair Market Value;
provided, however, that no cashless exercise shall be permitted unless the Fair Market Value is equal to or higher than the exercise
price. Solely for purposes of this Section 3.3.1(d), the “Fair Market Value” shall mean the average reported last
sale price of the Class A Ordinary Shares for the ten (10) trading days ending on the day prior to the date of exercise.

 

    4

     

    

 

3.3.2 Issuance of
Certificates. As soon as practicable after the exercise of any Warrant and the clearance of
the funds in payment of the Warrant Price (if any), the Company shall issue to the registered holder of such Warrant a book-entry
position or certificate, as applicable, for the number of Class A Ordinary Shares to which he is entitled, registered in such
name or names as may be directed by him, her or it, and if such Warrant shall not have been exercised in full, a new book-entry
position or countersigned Warrant, as applicable, for the number of shares as to which such Warrant shall not have been exercised.
Notwithstanding the foregoing, in no event will the Company be required to net cash settle the Warrant exercise. No Warrant shall
be exercisable and the Company shall not be obligated to issue Class A Ordinary Shares upon exercise of a Warrant unless the Class
A Ordinary Shares issuable upon such Warrant exercise has been registered, qualified or deemed to be exempt under the securities
laws of the state of residence of the registered holder of the Warrants. In the event that the condition in the immediately preceding
sentence is not satisfied with respect to a Warrant, the holder of such Warrant shall not be entitled to exercise such Warrant
and such Warrant may have no value and expire worthless, in which case the purchaser of a Unit containing such Public Warrants
shall have paid the full purchase price for the Unit solely for the Class A Ordinary Shares underlying such Unit. Warrants may
not be exercised by, or securities issued to, any registered holder in any state in which such exercise would be unlawful.

 

3.3.3 Valid Issuance.
All Class A Ordinary Shares issued upon the proper exercise of a Warrant in conformity with this Agreement shall be validly issued,
fully paid and nonassessable.

 

3.3.4 Date of Issuance.
Each person in whose name any such book-entry position or certificate, as applicable, for Class A Ordinary Shares is issued shall
for all purposes be deemed to have become the holder of record of such shares on the date on which the Warrant, or book-entry
position representing such Warrant, was surrendered and payment of the Warrant Price was made, irrespective of the date of delivery
of such certificate in the case of a certificated Warrant, except that, if the date of such surrender and payment is a date when
the share transfer books of the Company or book-entry system of the Warrant Agent are closed, such person shall be deemed to have
become the holder of such shares at the close of business on the next succeeding date on which the share transfer books or book-entry
system are open.

 

    5

     

    

 

3.3.5 Maximum Percentage.
A holder of a Warrant may notify the Company in writing in the event it elects to be subject to the provisions contained in this
subsection 3.3.5; however, no holder of a Warrant shall be subject to this subsection 3.3.5 unless he, she or it makes such election.
If the election is made by a holder, the Warrant Agent shall not affect the exercise of the holder’s Warrant, and such holder
shall not have the right to exercise such Warrant, to the extent that after giving effect to such exercise, such person (together
with such person’s affiliates), to the Warrant Agent’s actual knowledge, would beneficially own in excess of 4.9%
or 9.8% (as specified by the Holder) (the “Maximum Percentage”) of
the Class A Ordinary Shares outstanding immediately after giving effect to such exercise. For purposes of the foregoing sentence,
the aggregate number of Class A Ordinary Shares beneficially owned by such person and its affiliates shall include the number
of Class A Ordinary Shares issuable upon exercise of the Warrant with respect to which the determination of such sentence is being
made, but shall exclude Class A Ordinary Shares that would be issuable upon (x) exercise of the remaining, unexercised portion
of the Warrant beneficially owned by such person and its affiliates and (y) exercise or conversion of the unexercised or unconverted
portion of any other securities of the Company beneficially owned by such person and its affiliates (including, without limitation,
any convertible notes or convertible preference shares or warrants) subject to a limitation on conversion or exercise analogous
to the limitation contained herein. Except as set forth in the preceding sentence, for purposes of this paragraph, beneficial
ownership shall be calculated in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”). For purposes of the Warrant, in determining the number of issued and outstanding Class A Ordinary Shares,
the holder may rely on the number of issued and outstanding Class A Ordinary Shares as reflected in (1) the Company’s most
recent annual report on Form 10-K, quarterly report on Form 10-Q, current report on Form 8-K or other public filing with the Securities
and Exchange Commission as the case may be, (2) a more recent public announcement by the Company or (3) any other notice by the
Company or Continental Stock Transfer & Trust Company setting forth the number of Class A Ordinary Shares outstanding. For
any reason at any time, upon the written request of the holder of the Warrant, the Company shall, within two (2) Business Days,
confirm orally and in writing to such holder the number of Class A Ordinary Shares then outstanding. In any case, the number of
issued and outstanding Class A Ordinary Shares shall be determined after giving effect to the conversion or exercise of equity
securities of the Company by the holder and its affiliates since the date as of which such number of issued and outstanding Class
A Ordinary Shares was reported. By written notice to the Company, the holder of a Warrant may from time to time increase or decrease
the Maximum Percentage applicable to such holder to any other percentage specified in such notice; provided, however, that any
such increase shall not be effective until the sixty-first (61st) day after such notice is delivered to the Company.

 

4. Adjustments.

 

4.1 Share Dividends
- Split Ups. If after the date hereof, the number of issued and outstanding Class A Ordinary
Shares is increased by a share dividend payable in Class A Ordinary Shares, or by a split up of Class A Ordinary Shares, or other
similar event, then, on the effective date of such share dividend, split up or similar event, the number of Class A Ordinary Shares
issuable on exercise of each Warrant shall be increased in proportion to such increase in issued and outstanding Class A Ordinary
Shares.

 

4.2 Aggregation
of Shares. If after the date hereof, the number of issued and outstanding Class A Ordinary Shares
is decreased by a consolidation, combination, reverse share split or reclassification of Class A Ordinary Shares or other similar
event, then, on the effective date of such consolidation, combination, reverse share split, reclassification or similar event,
the number of Class A Ordinary Shares issuable on exercise of each Warrant shall be decreased in proportion to such decrease in
issued and outstanding Class A Ordinary Shares.

 

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4.3 Extraordinary
Dividends. If the Company, at any time while the Warrants are outstanding and unexpired, shall
pay a cash dividend or make a distribution in cash, securities or other assets to the holders of the Class A Ordinary Shares or
other shares of the Company’s capital stock into which the Warrants are convertible (an “Extraordinary
Dividend”), then the Warrant Price shall be decreased, effective immediately after the effective date of such
Extraordinary Dividend, by the amount of cash and the fair market value (as determined by the Company’s Board of Directors,
in good faith) of any securities or other assets paid on each Class A Ordinary Shares in respect of such Extraordinary Dividend;
provided, however, that none of the following shall be deemed an Extraordinary Dividend for purposes of this provision: (a) any
adjustment described in subsection 4.1 above, (b) any cash dividends or cash distributions which, when combined on a per share
basis with all other cash dividends and cash distributions paid on the Class A Ordinary Shares during the 365-day period ending
on the date of declaration of such dividend or distribution does not exceed $0.50 (as adjusted to appropriately reflect any of
the events referred to in other subsections of this Section 4 and excluding cash dividends or cash distributions that resulted
in an adjustment to the Warrant Price or to the number of Class A Ordinary Shares issuable on exercise of each Warrant) but only
with respect to the amount of the aggregate cash dividends or cash distributions equal to or less than $0.50 per share, (c) any
payment to satisfy the conversion rights of the holders of the Class A Ordinary Shares in connection with a proposed initial Business
Combination or (d) any payment in connection with the Company’s liquidation and the distribution of its assets upon its
failure to consummate the Business Combination. Solely for purposes of illustration, if the Company, at a time while the Warrants
are outstanding and unexpired, pays a cash dividend of $0.35 per share and previously paid an aggregate of $0.40 of cash dividends
and cash distributions on the Class A Ordinary Shares during the 365-day period ending on the date of declaration of such $0.35
per share dividend, then the Warrant Price will be decreased, effectively immediately after the effective date of such $0.35 per
share dividend, by $0.25 (the absolute value of the difference between $0.75 per share (the aggregate amount of all cash dividends
and cash distributions paid or made in such 365-day period, including such $0.35 dividend) and $0.50 per share (the greater of
(x) $0.50 per share and (y) the aggregate amount of all cash dividends and cash distributions paid or made in such 365-day period
prior to such $0.35 dividend)).

 

4.4 Adjustments
in Exercise Price. Whenever the number of Class A Ordinary Shares purchasable upon the exercise
of the Warrants is adjusted, as provided in Sections 4.1 and 4.2 above, the Warrant Price shall be adjusted (to the nearest cent)
by multiplying such Warrant Price immediately prior to such adjustment by a fraction (x) the numerator of which shall be the number
of Class A Ordinary Shares purchasable upon the exercise of the Warrants immediately prior to such adjustment, and (y) the denominator
of which shall be the number of Class A Ordinary Shares so purchasable immediately thereafter.

 

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4.5 Replacement
of Securities upon Reorganization, etc. In case of any reclassification or reorganization of
the issued and outstanding Class A Ordinary Shares (other than a change covered by Section 4.1, 4.2 or 4.3 hereof or that solely
affects the par value of the Class A Ordinary Shares), or in the case of any merger or consolidation of the Company with or into
another corporation (other than a consolidation or merger in which the Company is the continuing corporation and that does not
result in any reclassification or reorganization of the issued and outstanding Class A Ordinary Shares), or in the case of any
sale or conveyance to another corporation or entity of the assets or other property of the Company as an entirety or substantially
as an entirety in connection with which the Company is dissolved, the Warrant holders shall thereafter have the right to purchase
and receive, upon the basis and upon the terms and conditions specified in the Warrants and in lieu of the Class A Ordinary Shares
of the Company immediately theretofore purchasable and receivable upon the exercise of the rights represented thereby, the kind
and amount of shares of stock or other securities or property (including cash) receivable upon such reclassification, reorganization,
merger or consolidation, or upon a dissolution following any such sale or transfer, that the Warrant holder would have received
if such Warrant holder had exercised his, her or its Warrant(s) immediately prior to such event; and if any reclassification also
results in a change in the Class A Ordinary Shares covered by Section 4.1, 4.2 or 4.3, then such adjustment shall be made pursuant
to Sections 4.1, 4.2, 4.3, 4.4 and this Section 4.5; provided,  that if less than 70% of the consideration receivable
by the holders of the Ordinary Shares in the applicable event is payable in the form of ordinary shares in the successor entity
that is listed for trading on a national securities exchange or is quoted in an established over-the-counter market, or is to
be so listed for trading or quoted immediately following such event, and if the Registered Holder properly exercises the Warrant
within thirty (30) days following the public disclosure of the consummation of such applicable event by the Company pursuant to
a Current Report on Form 8-K filed with the Commission, the Warrant Price shall be reduced by an amount (in dollars) equal to
the difference (but in no event less than zero) of (i) the Warrant Price in effect prior to such reduction minus (ii) (A) the
Per Share Consideration (as defined below) minus (B) the Black-Scholes Warrant Value (as defined below). The “Black-Scholes
Warrant Value” means the value of a Warrant immediately prior to the consummation of the applicable event based on the
Black-Scholes Warrant Model for a Capped American Call on Bloomberg Financial Markets (“Bloomberg”). For purposes
of calculating such amount, (1) Section 6 of this Agreement shall be taken into account, (2) the price of each
Ordinary Share shall be the volume weighted average price of the Ordinary Shares as reported during the ten (10) trading day period
ending on the trading day prior to the effective date of the applicable event, (3) the assumed volatility shall be the 90 day
volatility obtained from the HVT function on Bloomberg determined as of the trading day immediately prior to the day of the announcement
of the applicable event, and (4) the assumed risk-free interest rate shall correspond to the U.S. Treasury rate for a period equal
to the remaining term of the Warrant. “Per Share Consideration” means (i) if the consideration paid to holders
of the Ordinary Shares consists exclusively of cash, the amount of such cash per Ordinary Share, and (ii) in all other cases,
the volume weighted average price of the Ordinary Shares as reported during the ten (10) trading day period ending on the trading
day prior to the effective date of the applicable event. In no event will the Warrant Price be reduced to less than the par value
per share issuable upon exercise of such Warrant. The provisions of this Section 4.5 shall similarly apply to successive reclassifications,
reorganizations, mergers or consolidations, sales or other transfers.

 

4.6 Notices of
Changes in Warrant. Upon every adjustment of the Warrant Price or the number of shares issuable
upon exercise of a Warrant, the Company shall give written notice thereof to the Warrant Agent, which notice shall state the Warrant
Price resulting from such adjustment and the increase or decrease, if any, in the number of Class A Ordinary Shares purchasable
at such price upon the exercise of a Warrant, setting forth in reasonable detail the method of calculation and the facts upon
which such calculation is based. Upon the occurrence of any event specified in Sections 4.1, 4.2, 4.3, 4.4 or 4.5, then, in any
such event, the Company shall give written notice to each Warrant holder, at the last address set forth for such holder in the
Warrant Register, of the record date or the effective date of the event. Failure to give such notice, or any defect therein, shall
not affect the legality or validity of such event.

 

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4.7 No Fractional
Warrants or Shares. No fractional Warrants will be issued hereunder. Additionally, notwithstanding
any provision contained in this Warrant Agreement to the contrary, the Company shall not issue fractional Class A Ordinary Shares
upon the exercise of Warrants. If, by reason of any adjustment made pursuant to this Section 4, the holder of any Warrant would
be entitled, upon the exercise of such Warrant, to receive a fractional interest in a share, the Company shall, upon such exercise,
round down to the nearest whole number of Class A Ordinary Shares to be issued to such Warrant holder.

 

4.8 Form of Warrant.
The form of Warrant need not be changed because of any adjustment pursuant to this Section 4, and Warrants issued after such adjustment
may state the same Warrant Price and the same number of shares as is stated in the Warrants initially issued pursuant to this
Agreement. However, the Company may at any time in its sole discretion make any change in the form of Warrant that the Company
may deem appropriate and that does not affect the substance thereof, and any Warrant thereafter issued or countersigned, whether
in exchange or substitution for an outstanding Warrant or otherwise, may be in the form as so changed.

 

4.9 No Adjustment.
For the avoidance of doubt, no adjustment shall be made to the terms of the Warrants solely as a result of an adjustment to the
conversion ratio of the Company’s Class B ordinary shares into Class A Ordinary Shares or the conversion of Class B ordinary
shares into Class A Ordinary Shares, in each case pursuant to the Company’s amended and restated memorandum and articles
of association, as amended from time to time, or for the issuance of Class A Ordinary Shares at a per share price less than the
Warrant Price.

 

5. Transfer and Exchange
of Warrants.

 

5.1 Registration
of Transfer. The Warrant Agent shall register the transfer, from time to time, of any outstanding
Warrant upon the Warrant Register, upon surrender of such Warrant for transfer, properly endorsed with signatures properly guaranteed
and accompanied by appropriate instructions for transfer. Upon any such transfer, a new Warrant representing an equal aggregate
number of Warrants shall be issued and the old Warrant shall be cancelled by the Warrant Agent. The Warrants so cancelled shall
be delivered by the Warrant Agent to the Company from time to time upon request.

 

5.2 Procedure for
Surrender of Warrants. Warrants may be surrendered to the Warrant Agent, together with a written
request for exchange or transfer, and thereupon the Warrant Agent shall issue in exchange therefor one or more new Warrants as
requested by the registered holder of the Warrants so surrendered, representing an equal aggregate number of Warrants; provided,
however, that in the event that a Warrant surrendered for transfer bears a restrictive legend (as in the case of the Private Placement
Warrants), the Warrant Agent shall not cancel such Warrant and issue new Warrants in exchange therefor until the Warrant Agent
has received an opinion of counsel for the Company stating that such transfer may be made and indicating whether the new Warrants
must also bear a restrictive legend.

 

5.3 Fractional
Warrants. The Warrant Agent shall not be required to effect any registration of transfer or
exchange which will result in the issuance of a warrant certificate or book-entry position for a fraction of a Warrant, except
as a part of the Units.

 

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5.4 Service Charges.
No service charge shall be made for any exchange or registration of transfer of Warrants.

 

5.5 Warrant Execution
and Countersignature. The Warrant Agent is hereby authorized to countersign and to deliver,
in accordance with the terms of this Agreement, the Warrants required to be issued pursuant to the provisions of this Section
5, and the Company, whenever required by the Warrant Agent, will supply the Warrant Agent with Warrants duly executed on behalf
of the Company for such purpose.

 

5.6 Private Placement
Warrants. The Warrant Agent shall not register any transfer of Private Placement Warrants until
30 days after the consummation by the Company of an initial Business Combination, except for transfers (i) to the Company’s
officers or directors, any affiliates or family members of any of the Company’s officers or directors, any members or partners
of the Sponsor or their affiliates, or any affiliates of the Sponsor, (ii) in the case of an individual, by gift to a member of
the individual’s immediate family or to a trust, the beneficiary of which is a member of one of the individual’s immediate
family, an affiliate of such person or to a charitable organization, (iii) in the case of an individual, by virtue of laws of
descent and distribution upon death of the individual, (iv) in the case of an individual, pursuant to a qualified domestic relations
order, (v) by private sales or transfers made in connection with the Business Combination at prices no greater than the price
at which the Private Placement Warrants were originally purchased, (vi) by virtue of the holder’s organizational documents
upon liquidation or dissolution of the holder, (vii) to the Company for no value for cancellation in connection with the consummation
of the Business Combination, (viii) in the event of the Company’s liquidation prior to the completion of a Business Combination,
or (ix) in the event of completion of a liquidation, merger, share exchange or other similar transaction which results in all
of the Company’s shareholders having the right to exchange their Class A Ordinary Shares for cash, securities or other property
subsequent to the completion of a Business Combination, in each case (except for clause (vii) or with the prior written consent
of the Company) on the condition that prior to such registration for transfer, the Warrant Agent shall be presented with written
documentation pursuant to which each transferee or the trustee or legal guardian for such transferee (the “permitted
transferees”) agrees to be bound by the terms of the Private Placement Warrants Purchase Agreement.

 

6. Redemption.

 

6.1 Redemption.
Subject to Section 6.4 hereof, all but not less than all of the outstanding Public Warrants may be redeemed, at the option of
the Company, at any time while they are exercisable and prior to their expiration (so long as there is a current registration
statement in effect with respect to the Class A Ordinary Shares underlying the Warrants), at the office of the Warrant Agent,
upon the notice referred to in Section 6.2, at the price of $0.01 per Warrant (“Redemption
Price”), provided that the last sales price of the Class A Ordinary Shares equals or exceeds $18.00 per share
(subject to adjustment in accordance with Section 4 hereof), on each of twenty (20) trading days within any thirty (30) trading
day period ending on the third business day prior to the date on which notice of redemption is given.

 

6.2 Date Fixed
for, and Notice of, Redemption. In the event that the Company shall elect to redeem all of the
Public Warrants, the Company shall fix a date for the redemption (the “Redemption Date”).
Notice of redemption shall be mailed by first class mail, postage prepaid, by the Company not less than 30 days prior to the Redemption
Date to the registered holders of the Public Warrants to be redeemed at their last addresses as they shall appear on the registration
books. Any notice mailed in the manner herein provided shall be conclusively presumed to have been duly given whether or not the
registered holder received such notice.

 

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6.3 Exercise After
Notice of Redemption. The Public Warrants may be exercised, for cash (or on a “cashless
basis” in accordance with Section 3 hereof) at any time after notice of redemption shall have been given by the Company
pursuant to Section 6.2 hereof and prior to the Redemption Date. In the event that the Company determines to require all holders
of Public Warrants to exercise their Warrants on a “cashless basis” pursuant to Section 3.3.1(b), the notice of redemption
will contain the information necessary to calculate the number of Class A Ordinary Shares to be received upon exercise of the
Warrants, including the “Fair Market Value” in such case. On and after the Redemption Date, the record holder of the
Warrants shall have no further rights except to receive, upon surrender of the Warrants, the Redemption Price.

 

6.4 Exclusion of
Private Placement Warrants. The Company agrees that the redemption rights provided in this Section
6 shall not apply to the Private Placement Warrants if at the time of the redemption such Private Placement Warrants continue
to be held by the initial purchasers or their permitted transferees. However, once such Private Placement Warrants are transferred
(other than to permitted transferees under Section 5.6), the Company may redeem the Private Placement Warrants, provided that
the criteria for redemption are met, including the opportunity of the holder of such Private Placement Warrants to exercise the
Private Placement Warrants prior to redemption pursuant to Section 6.3. Private Placement Warrants that are transferred to persons
other than Permitted Transferees shall upon such transfer cease to be Private Placement Warrants and shall become Public Warrants
under this Agreement.

 

7. Other Provisions
Relating to Rights of Holders of Warrants.

 

7.1 No Rights as
Shareholder. A Warrant does not entitle the registered holder thereof to any of the rights of
a shareholder of the Company, including, without limitation, the right to receive dividends, or other distributions, exercise
any preemptive rights to vote or to consent or to receive notice as shareholders in respect of the meetings of shareholders or
the election of directors of the Company or any other matter.

 

7.2 Lost, Stolen,
Mutilated, or Destroyed Warrants. If any Warrant is lost, stolen, mutilated, or destroyed, the
Company and the Warrant Agent may on such terms as to indemnity or otherwise as they may in their discretion impose (which shall,
in the case of a mutilated Warrant, include the surrender thereof), issue a new Warrant of like denomination, tenor, and date
as the Warrant so lost, stolen, mutilated, or destroyed. Any such new Warrant shall constitute a substitute contractual obligation
of the Company, whether or not the allegedly lost, stolen, mutilated, or destroyed Warrant shall be at any time enforceable by
anyone.

 

7.3 Reservation
of Class A Ordinary Shares. The Company shall at all times reserve and keep available a number
of its authorized but unissued Class A Ordinary Shares that will be sufficient to permit the exercise in full of all outstanding
Warrants issued pursuant to this Agreement.

 

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7.4 Registration
of Class A Ordinary Shares. The Company agrees that as soon as practicable, but in no event
later than twenty (20) Business Days after the closing of its initial Business Combination, it shall use its reasonable best efforts
to file with the Securities and Exchange Commission a registration statement for the registration, under the Act, of the Class
A Ordinary Shares issuable upon exercise of the Warrants, and it shall use its reasonable best efforts to take such action as
is necessary to register or qualify for sale, in those states in which the Warrants were initially offered by the Company, the
Class A Ordinary Shares issuable upon exercise of the Warrants, to the extent an exemption is not available. The Company will
use its reasonable best efforts to cause the same to become effective and to maintain the effectiveness of such registration statement
until the expiration of the Warrants in accordance with the provisions of this Agreement. In addition, the Company agrees to use
its reasonable best efforts to register such securities under the blue sky laws of the states of residence of the exercising warrant
holders to the extent an exemption is not available. If any such registration statement has not been declared effective by the
60th day following the closing of the Business Combination, holders of the Warrants shall have the right, during the period beginning
on the 61st day after the closing of the Business Combination and ending upon such registration statement being declared effective
by the Securities and Exchange Commission, and during any other period when the Company shall fail to have maintained an effective
registration statement covering the Class A Ordinary Shares issuable upon exercise of the Warrants, to exercise such Warrants
on a “cashless basis” as determined in accordance with Section 3.3.1(d). The Company shall provide the Warrant Agent
with an opinion of counsel for the Company (which shall be an outside law firm with securities law experience) stating that (i)
the exercise of the Warrants on a cashless basis in accordance with this Section 7.4 is not required to be registered under the
Act and (ii) the Class A Ordinary Shares issued upon such exercise are transferable without registration under the Act by any
holder which (a) is not an “affiliate” of the Company as defined in Rule 144(a)(1) under the Securities Act, (b) has
not been such an “affiliate” within three months of such transfer, (c) has not acquired such Class A Ordinary shares
within one year of such transfer, and (iii) will not be required to bear a restrictive legend. For the avoidance of any doubt,
unless and until all of the Warrants have been exercised on a cashless basis or have expired, the Company shall continue to be
obligated to comply with its registration obligations under the first three sentences of this Section 7.4.

 

8. Concerning the
Warrant Agent and Other Matters.

 

8.1 Payment of
Taxes. The Company will from time to time promptly pay all taxes and charges that may be imposed
upon the Company or the Warrant Agent in respect of the issuance or delivery of Class A Ordinary Shares upon the exercise of Warrants,
but the Company shall not be obligated to pay any transfer taxes in respect of the Warrants or such shares.

 

8.2 Resignation,
Consolidation, or Merger of Warrant Agent.

 

8.2.1 Appointment
of Successor Warrant Agent. The Warrant Agent, or any successor to it hereafter appointed, may
resign its duties and be discharged from all further duties and liabilities hereunder after giving sixty (60) days’ notice
in writing to the Company. If the office of the Warrant Agent becomes vacant by resignation or incapacity to act or otherwise,
the Company shall appoint in writing a successor Warrant Agent in place of the Warrant Agent. If the Company shall fail to make
such appointment within a period of 30 days after it has been notified in writing of such resignation or incapacity by the Warrant
Agent or by the holder of a Warrant (who shall, with such notice, submit his Warrant for inspection by the Company), then the
holder of any Warrant may apply to the Supreme Court of the State of New York for the County of New York for the appointment of
a successor Warrant Agent at the Company’s cost. Any successor Warrant Agent, whether appointed by the Company or by such
court, shall be a corporation organized and existing under the laws of the State of New York, in good standing, and authorized
under such laws to exercise corporate trust powers and subject to supervision or examination by federal or state authority. After
appointment, any successor Warrant Agent shall be vested with all the authority, powers, rights, immunities, duties, and obligations
of its predecessor Warrant Agent with like effect as if originally named as Warrant Agent hereunder, without any further act or
deed; but if for any reason it becomes necessary or appropriate, the predecessor Warrant Agent shall execute and deliver, at the
expense of the Company, an instrument transferring to such successor Warrant Agent all the authority, powers, and rights of such
predecessor Warrant Agent hereunder; and upon request of any successor Warrant Agent the Company shall make, execute, acknowledge,
and deliver any and all instruments in writing for more fully and effectually vesting in and confirming to such successor Warrant
Agent all such authority, powers, rights, immunities, duties, and obligations.

 

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8.2.2 Notice of Successor
Warrant Agent. In the event a successor Warrant Agent shall be appointed, the Company shall
give notice thereof to the predecessor Warrant Agent and the transfer agent for the Class A Ordinary Shares not later than the
effective date of any such appointment.

 

8.2.3 Merger or Consolidation
of Warrant Agent. Any corporation into which the Warrant Agent may be merged or with which it
may be consolidated or any corporation resulting from any merger or consolidation to which the Warrant Agent shall be a party
shall be the successor Warrant Agent under this Agreement without any further act.

 

8.3 Fees and Expenses
of Warrant Agent.

 

8.3.1 Remuneration.
The Company agrees to pay the Warrant Agent reasonable remuneration for its services as such Warrant Agent hereunder and will
reimburse the Warrant Agent upon demand for all expenditures that the Warrant Agent may reasonably incur in the execution of its
duties hereunder.

 

8.3.2 Further Assurances.
The Company agrees to perform, execute, acknowledge, and deliver or cause to be performed, executed, acknowledged, and delivered
all such further and other acts, instruments, and assurances as may reasonably be required by the Warrant Agent for the carrying
out or performing of the provisions of this Agreement.

 

8.4 Liability of
Warrant Agent.

 

8.4.1 Reliance on
Company Statement. Whenever in the performance of its duties under this Agreement, the Warrant
Agent shall deem it necessary or desirable that any fact or matter be proved or established by the Company prior to taking or
suffering any action hereunder, such fact or matter (unless other evidence in respect thereof be herein specifically prescribed)
may be deemed to be conclusively proved and established by a statement signed by the Chief Executive Officer or Chairman of the
Board of Directors of the Company and delivered to the Warrant Agent. The Warrant Agent may rely upon such statement for any action
taken or suffered in good faith by it pursuant to the provisions of this Agreement.

 

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8.4.2 Indemnity.
The Warrant Agent shall be liable hereunder only for its own gross negligence, willful misconduct or bad faith. The Company agrees
to indemnify the Warrant Agent and save it harmless against any and all liabilities, including judgments, costs and reasonable,
documented counsel fees, for anything done or omitted by the Warrant Agent in the execution of this Agreement except as a result
of the Warrant Agent’s gross negligence, willful misconduct, or bad faith.

 

8.4.3 Exclusions.
The Warrant Agent shall have no responsibility with respect to the validity of this Agreement or with respect to the validity
or execution of any Warrant (except its countersignature thereof); nor shall it be responsible for any breach by the Company of
any covenant or condition contained in this Agreement or in any Warrant; nor shall it be responsible to make any adjustments required
under the provisions of Section 4 hereof or responsible for the manner, method, or amount of any such adjustment or the ascertaining
of the existence of facts that would require any such adjustment; nor shall it by any act hereunder be deemed to make any representation
or warranty as to the authorization or reservation of any Class A Ordinary Shares to be issued pursuant to this Agreement or any
Warrant or as to whether any Class A Ordinary Shares will, when issued, be valid and fully paid and nonassessable.

 

8.5 Acceptance
of Agency. The Warrant Agent hereby accepts the agency established by this Agreement and agrees
to perform the same upon the terms and conditions herein set forth and among other things, shall account promptly to the Company
with respect to Warrants exercised and concurrently account for, and pay to the Company, all monies received by the Warrant Agent
for the purchase of Class A Ordinary Shares through the exercise of Warrants.

 

9. Miscellaneous
Provisions.

 

9.1 Successors.
All the covenants and provisions of this Agreement by or for the benefit of the Company or the Warrant Agent shall bind and inure
to the benefit of their respective successors and assigns.

 

9.2 Notices.
Any notice, statement or demand authorized by this Agreement to be given or made by the Warrant Agent or by the holder of any
Warrant to or on the Company shall be sufficiently given when so delivered if by hand or overnight delivery or if sent by certified
mail or private courier service within five days after deposit of such notice, postage prepaid, addressed (until another address
is filed in writing by the Company with the Warrant Agent), as follows:

 

ARYA Sciences Acquisition Corp.

51 Astor Place, 10th Floor

New York, NY 10003

Attn: James Mannix, Secretary

 

    14

     

    

 

Any notice, statement
or demand authorized by this Agreement to be given or made by the holder of any Warrant or by the Company to or on the Warrant
Agent shall be sufficiently given when so delivered if by hand or overnight delivery or if sent by certified mail or private courier
service within five days after deposit of such notice, postage prepaid, addressed (until another address is filed in writing by
the Warrant Agent with the Company), as follows:

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn: Compliance Department

 

with a copy in each
case to:

 

Kirkland & Ellis LLP

601 Lexington Avenue

New York, New York 10022

Attn: Christian O. Nagler

 

and

 

Skadden, Arps, Slate, Meagher & Flom LLP

525 University Avenue, Suite 1400

Palo Alto, California 94301

Attn: Gregg A. Noel, Esq.

 

and

 

Jefferies LLC

520 Madison Avenue, 2nd Floor

New York, NY 10022

Attn: General Counsel

 

9.3 Applicable
Law. The validity, interpretation, and performance of this Agreement and of the Warrants shall
be governed in all respects by the laws of the State of New York, without giving effect to conflicts of law principles that would
result in the application of the substantive laws of another jurisdiction. The Company hereby agrees that any action, proceeding
or claim against it arising out of or relating in any way to this Agreement shall be brought and enforced in the courts of the
State of New York or the United States District Court for the Southern District of New York, and irrevocably submits to such jurisdiction,
which jurisdiction shall be exclusive. The Company hereby waives any objection to such exclusive jurisdiction and that such courts
represent an inconvenient forum. Any such process or summons to be served upon the Company may be served by transmitting a copy
thereof by registered or certified mail, return receipt requested, postage prepaid, addressed to it at the address set forth in
Section 9.2 hereof. Such mailing shall be deemed personal service and shall be legal and binding upon the Company in any action,
proceeding or claim.

 

9.4 Persons Having
Rights under this Agreement. Nothing in this Agreement expressed and nothing that may be implied
from any of the provisions hereof is intended, or shall be construed, to confer upon, or give to, any person or corporation other
than the parties hereto and the registered holders of the Warrants any right, remedy, or claim under or by reason of this Warrant
Agreement or of any covenant, condition, stipulation, promise, or agreement hereof. All covenants, conditions, stipulations, promises,
and agreements contained in this Warrant Agreement shall be for the sole and exclusive benefit of the parties hereto and their
successors and assigns and of the registered holders of the Warrants.

 

    15

     

    

 

9.5 Examination
of the Warrant Agreement. A copy of this Agreement shall be available at all reasonable times
at the office of the Warrant Agent in the United States, for inspection by the registered holder of any Warrant. The Warrant Agent
may require any such holder to submit his Warrant for inspection by it.

 

9.6 Counterparts.
This Agreement may be executed in any number of original or facsimile counterparts and each of such counterparts shall for all
purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.

 

9.7 Effect of Headings.
The Section headings herein are for convenience only and are not part of this Warrant Agreement and shall not affect the interpretation
thereof.

 

9.8 Amendments.

 

This Agreement may
be amended by the parties hereto without the consent of any registered holder or any other party for the purpose of: (i) curing
any ambiguity, (ii) curing, correcting or supplementing any defective provision or mistake contained herein, (iii) adding or changing
any other provisions with respect to matters or questions arising under this Agreement as the parties may deem necessary or desirable
and that the parties deem shall not adversely affect the interest of the registered holders, and (iv) adjusting the Warrant Price
in accordance with the terms hereof.

 

All other modifications
or amendments, including any amendment to increase the Warrant Price or shorten the Exercise Period and any amendment to the terms
of only the Private Placement Warrants, shall require the written consent or vote of the registered holders of at least 50% of
the then outstanding Public Warrants. Notwithstanding the foregoing, the Company may lower the Warrant Price or extend the duration
of the Exercise Period pursuant to Sections 3.1 and 3.2, respectively, without the consent of the registered holders.

 

9.9 Trust Account
Waiver. The Warrant Agent acknowledges and agrees that it shall not make any claims or proceed
against the trust account established by the Company in connection with the Public Offering (as more fully described in the Registration
Statement) (“Trust Account”), including by way of set-off, and shall
not be entitled to any funds in the Trust Account under any circumstance. In the event that the Warrant Agent has a claim against
the Company under this Agreement, the Warrant Agent will pursue such claim solely against the Company and not against the property
held in the Trust Account.

 

9.10 Severability.
This Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect
the validity or enforceability of this Warrant Agreement or of any other term or provision hereof. Furthermore, in lieu of any
such invalid or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this Agreement
a provision as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable.

 

[Signature Page Follows]

 

    16

     

    

 

IN WITNESS WHEREOF,
this Agreement has been duly executed by the parties hereto as of the day and year first above written.

 

	 	ARYA SCIENCES ACQUISITION CORP.
	 	 	 
	 	By:	/s/ James Mannix
	 	Name:	James Mannix
	 	Title:	Secretary
	 	 	 
	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY
	 	 	 
	 	By:	/s/ Steven Vacante
	 	Name:	Steven Vacante
	 	Title:	Vice President

 

 

     

     

    

 

EXHIBIT A

 

[Form
of Warrant Certificate]

 

[FACE]

 

Number

 

Warrants

 

 

 

THIS WARRANT SHALL BE VOID IF NOT EXERCISED
PRIOR

TO THE EXPIRATION OF THE EXERCISE PERIOD PROVIDED FOR

IN THE WARRANT AGREEMENT DESCRIBED BELOW

 

ARYA SCIENCES ACQUISITION CORP.

 

A Cayman Islands Exempted Company

 

CUSIP [●]

 

Warrant Certificate

 

This Warrant
Certificate certifies that, or registered assigns, is the registered holder of warrant(s) evidenced hereby (the “Warrants”
and each, a “Warrant”) to purchase shares of Class A ordinary shares,
$0.0001 par value (“Ordinary Shares”), of ARYA Sciences Acquisition
Corp., a Cayman Islands exempted company (the “Company”). Each Warrant
entitles the holder, upon exercise during the period set forth in the Warrant Agreement referred to below, to receive from the
Company that number of fully paid and non-assessable Ordinary Shares as set forth below, at the exercise price (the “Exercise
Price”) as determined pursuant to the Warrant Agreement, payable in lawful money (or through “cashless
exercise” as provided for in the Warrant Agreement) of the United States of America upon surrender of this Warrant Certificate
and payment of the Exercise Price at the office or agency of the Warrant Agent referred to below, subject to the conditions set
forth herein and in the Warrant Agreement. Defined terms used in this Warrant Certificate but not defined herein shall have the
meanings given to them in the Warrant Agreement.

 

Each Warrant is initially
exercisable for one fully paid and non-assessable Ordinary Share. The number of Ordinary Shares issuable upon exercise of the
Warrants is subject to adjustment upon the occurrence of certain events set forth in the Warrant Agreement.

 

The initial Exercise
Price per Ordinary Share for any Warrant is equal to $11.50 per share. The Exercise Price is subject to adjustment upon the occurrence
of certain events set forth in the Warrant Agreement.

 

Subject to the conditions
set forth in the Warrant Agreement, the Warrants may be exercised only during the Exercise Period and to the extent not exercised
by the end of such Exercise Period, such Warrants shall become void.

 

    A-1

     

    

 

Reference is hereby
made to the further provisions of this Warrant Certificate set forth on the reverse hereof and such further provisions shall for
all purposes have the same effect as though fully set forth at this place.

 

This Warrant Certificate
shall not be valid unless countersigned by the Warrant Agent, as such term is used in the Warrant Agreement.

 

This Warrant Certificate
shall be governed by and construed in accordance with the internal laws of the State of New York, without regard to conflicts
of laws principles thereof.

 

	 	ARYA SCIENCES ACQUISITION CORP.
	 	 	 
	 	By:	                                      
	 	Name:	 
	 	Title:	 
	 	 	 
	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY, as Warrant Agent
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    A-2

     

    

 

[FORM OF WARRANT CERTIFICATE]

 

[REVERSE]

 

The Warrants evidenced
by this Warrant Certificate are part of a duly authorized issue of Warrants entitling the holder on exercise to receive Ordinary
Shares and are issued or to be issued pursuant to a Warrant Agreement dated as of October 10, 2018 (the “Warrant
Agreement”), duly executed and delivered by the Company to Continental Stock Transfer & Trust Company, a
New York corporation, as warrant agent (the “Warrant Agent”), which
Warrant Agreement is hereby incorporated by reference in and made a part of this instrument and is hereby referred to for a description
of the rights, limitation of rights, obligations, duties and immunities thereunder of the Warrant Agent, the Company and the holders
(the words “holders” or “holder”
meaning the Registered Holders or Registered Holder) of the Warrants. A copy of the Warrant Agreement may be obtained by the holder
hereof upon written request to the Company. Defined terms used in this Warrant Certificate but not defined herein shall have the
meanings given to them in the Warrant Agreement.

 

Warrants may be exercised
at any time during the Exercise Period set forth in the Warrant Agreement. The holder of Warrants evidenced by this Warrant Certificate
may exercise them by surrendering this Warrant Certificate, with the form of election to purchase set forth hereon properly completed
and executed, together with payment of the Exercise Price as specified in the Warrant Agreement (or through “cashless exercise”
as provided for in the Warrant Agreement) at the principal corporate trust office of the Warrant Agent. In the event that upon
any exercise of Warrants evidenced hereby the number of Warrants exercised shall be less than the total number of Warrants evidenced
hereby, there shall be issued to the holder hereof or his, her or its assignee, a new Warrant Certificate evidencing the number
of Warrants not exercised.

 

Notwithstanding anything
else in this Warrant Certificate or the Warrant Agreement, no Warrant may be exercised unless at the time of exercise (i) a registration
statement covering the Ordinary Shares to be issued upon exercise is effective under the Securities Act and (ii) a prospectus
thereunder relating to the Ordinary Shares is current, except through “cashless exercise” as provided for in the Warrant
Agreement.

 

The Warrant Agreement
provides that upon the occurrence of certain events the number of Ordinary Shares issuable upon exercise of the Warrants set forth
on the face hereof may, subject to certain conditions, be adjusted. If, upon exercise of a Warrant, the holder thereof would be
entitled to receive a fractional interest in an Ordinary Share, the Company shall, upon exercise, round down to the nearest whole
number of Ordinary Shares to be issued to the holder of the Warrant.

 

Warrant Certificates,
when surrendered at the principal corporate trust office of the Warrant Agent by the Registered Holder thereof in person or by
legal representative or attorney duly authorized in writing, may be exchanged, in the manner and subject to the limitations provided
in the Warrant Agreement, but without payment of any service charge, for another Warrant Certificate or Warrant Certificates of
like tenor evidencing in the aggregate a like number of Warrants.

 

Upon due presentation
for registration of transfer of this Warrant Certificate at the office of the Warrant Agent, a new Warrant Certificate or Warrant
Certificates of like tenor and evidencing in the aggregate a like number of Warrants shall be issued to the transferee(s) in exchange
for this Warrant Certificate, subject to the limitations provided in the Warrant Agreement, without charge except for any tax
or other governmental charge imposed in connection therewith.

 

The Company and the
Warrant Agent may deem and treat the Registered Holder(s) hereof as the absolute owner(s) of this Warrant Certificate (notwithstanding
any notation of ownership or other writing hereon made by anyone), for the purpose of any exercise hereof, of any distribution
to the holder(s) hereof, and for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice
to the contrary. Neither the Warrants nor this Warrant Certificate entitles any holder hereof to any rights of a shareholder of
the Company.

 

    A-3

     

    

 

ELECTION TO PURCHASE

 

(TO BE EXECUTED UPON EXERCISE OF WARRANT)

 

The undersigned hereby
irrevocably elects to exercise the right, represented by this Warrant Certificate, to receive Ordinary Shares and herewith tenders
payment for such Ordinary Shares to the order of ARYA Sciences Acquisition Corp. (the “Company”)
in the amount of $[●] in accordance with the terms hereof. The undersigned requests that a certificate for such Ordinary
Shares be registered in the name of [●], whose address is [●] and that such Ordinary Shares be delivered to whose
address is [●]. If said number of Ordinary Shares is less than all of the Ordinary Shares purchasable hereunder, the undersigned
requests that a new Warrant Certificate representing the remaining balance of such Ordinary Shares be registered in the name of
[●], whose address is [●] and that such Warrant Certificate be delivered to [●], whose address is [●].

 

In the event that
the Warrant has been called for redemption by the Company pursuant to Section 6 of the Warrant Agreement and the Company has required
cashless exercise pursuant to Section 6.3 of the Warrant Agreement, the number of Ordinary Shares that this Warrant is exercisable
for shall be determined in accordance with subsection 3.3.1(b) and Section 6.3 of the Warrant Agreement.

 

In the event that
the Warrant is a Private Placement Warrant that is to be exercised on a “cashless” basis pursuant to subsection 3.3.1(c)
of the Warrant Agreement, the number of Ordinary Shares that this Warrant is exercisable for shall be determined in accordance
with subsection 3.3.1(c) of the Warrant Agreement.

 

In the event that
the Warrant is to be exercised on a “cashless” basis pursuant to Section 7.4 of the Warrant Agreement, the number
of Ordinary Shares that this Warrant is exercisable for shall be determined in accordance with Section 7.4 of the Warrant Agreement.

 

In the event that
the Warrant may be exercised, to the extent allowed by the Warrant Agreement, through cashless exercise (i) the number of Ordinary
Shares that this Warrant is exercisable for would be determined in accordance with the relevant section of the Warrant Agreement
which allows for such cashless exercise and (ii) the holder hereof shall complete the following: The undersigned hereby irrevocably
elects to exercise the right, represented by this Warrant Certificate, through the cashless exercise provisions of the Warrant
Agreement, to receive Ordinary Shares. If said number of Ordinary Shares is less than all of the Ordinary Shares purchasable hereunder
(after giving effect to the cashless exercise), the undersigned requests that a new Warrant Certificate representing the remaining
balance of such Ordinary Shares be registered in the name of [●], whose address is [●] and that such Warrant Certificate
be delivered to [●], whose address is [●].

 

[Signature Page Follows]

 

    A-4

     

    

 

Date: _____________, 20__

 

	 	 
	 	(Signature)
	 	 
	 	 
	 	 
	 	 
	 	(Address)
	 	 
	 	 
	 	(Tax Identification Number)

 

	Signature Guaranteed:	 
	 	 
	 	 

 

THE SIGNATURE(S) SHOULD BE GUARANTEED
BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN
AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15 OR ANY SUCCESSOR RULE).

 

[Signature Page to Election to Purchase]

 

    A-5

     

    

 

EXHIBIT B

 

LEGEND

 

THE SECURITIES REPRESENTED BY THIS CERTIFICATE
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED, SOLD,
TRANSFERRED OR OTHERWISE DISPOSED OF UNLESS REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND ANY APPLICABLE STATE
SECURITIES LAWS OR AN EXEMPTION FROM REGISTRATION IS AVAILABLE. IN ADDITION, SUBJECT TO ANY ADDITIONAL LIMITATIONS ON TRANSFER
DESCRIBED IN THE LETTER AGREEMENT BY AND AMONG ARYA SCIENCES ACQUISITION CORP. (THE “COMPANY”),
ARYA SCIENCES HOLDINGS AND THE OTHER INDIVIDUALS PARTY THERETO, THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT BE SOLD
OR TRANSFERRED PRIOR TO THE DATE THAT IS THIRTY (30) DAYS AFTER THE DATE UPON WHICH THE COMPANY COMPLETES ITS INITIAL BUSINESS
COMBINATION (AS DEFINED IN SECTION 3 OF THE WARRANT AGREEMENT REFERRED TO HEREIN) EXCEPT TO A PERMITTED TRANSFEREE (AS DEFINED
IN SECTION 2 OF THE WARRANT AGREEMENT) WHO AGREES IN WRITING WITH THE COMPANY TO BE SUBJECT TO SUCH TRANSFER PROVISIONS.

 

SECURITIES EVIDENCED BY THIS CERTIFICATE
AND CLASS A ORDINARY SHARES OF THE COMPANY ISSUED UPON EXERCISE OF SUCH SECURITIES SHALL BE ENTITLED TO REGISTRATION RIGHTS UNDER
A REGISTRATION RIGHTS AGREEMENT TO BE EXECUTED BY THE COMPANY.

 

    B-1

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