Document:

Aberdeen Standard Gold ETF Trust S-3ASR 

Exhibit 4.1(b)

Execution
Version

AMENDMENT
TO THE

DEPOSITARY
TRUST AGREEMENT

OF

ETFS
GOLD TRUST

This
Amendment to the Depositary Trust Agreement of the ETFS Gold Trust (this “Amendment”), dated as of September
20, 2018, is made by and between Aberdeen Standard Investments ETFs Sponsor LLC (formerly, ETFS Securities USA LLC), a Delaware
limited liability company, as sponsor of the ETFS Gold Trust (the “Sponsor”), and The Bank of New York Mellon,
a New York banking corporation, as the trustee of the ETFS Gold Trust (the “Trustee”).

WITNESSETH
THAT:

WHEREAS,
the Sponsor and the Trustee entered into the Depositary Trust Agreement (the “Agreement”), dated as of September
1, 2009, which created the ETFS Gold Trust (the “Trust”);

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

	Current
    Name	New
    Name
	ETFS
    Gold Trust	Aberdeen
    Standard Gold ETF Trust
	ETFS
    Physical Swiss Gold Shares 	Aberdeen
    Standard Physical Swiss Gold Shares ETF

 

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

 

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

1.

(a)

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

 

WHEREAS
the Sponsor desires to establish a trust to be known as the “Aberdeen Standard Gold ETF Trust”, pursuant to the laws
of the State of New York; and

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

    	 	-1-	 

    	 

    

 

(b)

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

 

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

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

“Trust”
means the Aberdeen Standard Gold ETF Trust, the trust entity created by this Agreement.

(c)

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

 

The
trust created by this Agreement shall be known as the “Aberdeen Standard Gold ETF Trust.”

		(d)	Amendment
                                         to Textual References in the Agreement.

(i)

All other references to “ETFS Gold Trust” in the Agreement are hereby deleted and replaced with “Aberdeen
Standard Gold ETF Trust.”

(ii)

All other references to “ETFS Physical Swiss Gold Shares” in the Agreement
are hereby deleted and replaced with “Aberdeen Standard Physical Swiss Gold Shares ETF.”

(iii)

All other references to “ETFS Securities USA LLC” in the Agreement are hereby
deleted and replaced with “Aberdeen Standard Investments ETFs Sponsor LLC.”

2.

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

3.

The
amendments contemplated by this Amendment shall, upon execution of this Amendment by the Sponsor and the Trustee, be effective
as of October 1, 2018, and no further action shall be required to make such amendments effective.

4.

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

5.

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

6.

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

7.

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

[remainder
of page intentionally blank]

    	 	-2-	 

    	 

    

 

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

 

	Aberdeen
Standard Investments ETFs Sponsor LLC	 
	(formerly,
ETFS Securities USA LLC),	 
	as
Sponsor	 
	 	 
	 	 
	/s/ Lucia Sitar	 
	Name:	Lucia Sitar	 
	Title:	V.P.	 

 

 

 

	The
Bank of New York Mellon,	 
	as
Trustee	 
		 
	 	 
	 	 
	/s/
Phyllis A. Cietek	 
	Name:	Phyllis Cietek	 
	Title:	Vice President	 

 

[Signature
Page to Amendment to Depositary Trust Agreement]

    	 	-3-Exhibit

EXHIBIT 10.1
EXCHANGE AGREEMENT
This Exchange Agreement (the “Agreement”) is entered into as of the 22nd day of October, 2019, by and among Ascent Solar Technologies, Inc., a Delaware corporation (the “Company”), and the investor signatory hereto (the “Holder”), with reference to the following facts: 
A.    On 30th day of November, 2017, the Company issued to the Holder an unsecured promissory note of $250,000, in accordance with the terms of thereof (the “Note”). As of the date hereof, the Note remained outstanding with a balance of $226,000.00 plus accrued interest of $51,342.25 and due for immediate payment per the Holder’s demand. 
B.    The Company and the Holder desires (a) to exchange (the “Exchange”) the Note for a convertible note, convertible into shares of the Company’s common stock, $0.0001 par value per share (the “Common Stock”), in accordance with the terms of thereof (the “Convertible Note”, as converted the “Conversion Shares”) in the attached hereto as Exhibit A, and (b) to cancel the Note (the “Cancellation”).  The Convertible Note, this Agreement and such other documents and certificates related thereto are collectively referred to herein as the “Exchange Documents”.
D.     Each of the Company and the Holder desire to effectuate the Exchange and the Cancellation on the basis and subject to the terms and conditions set forth in this Agreement.
E.     The Exchange is being made in reliance upon the exemption from registration provided by Section 3(a)(9) of the Securities Act of 1933, as amended (the “Securities Act”).
F.     Capitalized terms used but not otherwise defined herein shall have the meanings set forth in the Securities Purchase Agreements.
NOW, THEREFORE, in consideration of the foregoing premises and the mutual covenants hereinafter contained, the parties hereto agree as follows:
1.Exchange and Cancellation. On the date hereof, pursuant to Section 3(a)(9) of the Securities Act, the Holder hereby agrees to convey, assign and transfer the Note to the Company in exchange for which the Company agrees to issue the Convertible Note to the Holder and, upon delivery of the Convertible Note to the Holder, the parties shall consummate the Cancellation in accordance herewith. 
(a)On the date hereof, in exchange for the Note, the Company shall deliver or cause to be delivered to the Holder (or its designee) the Convertible Note.
(b)The Convertible Note shall each be issued with the following securities act legend:
NEITHER THE ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE 

EXERCISABLE HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS.  THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL TO THE HOLDER (IF REQUESTED BY THE COMPANY), IN A FORM REASONABLY ACCEPTABLE TO THE COMPANY, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD OR ELIGIBLE TO BE SOLD PURSUANT TO RULE 144 OR RULE 144A UNDER SAID ACT.  NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES.
(c)The Holder shall deliver or cause to be delivered to the Company (or its designee) the Note (or affidavit of lost warrants, in form provided upon request by the Company and reasonably acceptable to the Holder) as soon as commercially practicable following the date hereof (the “Delivery Date”). Immediately following the delivery of the Convertible Note to the Holder (or its designee), the Holder shall relinquish all rights, title and interest in the Note assign the same to the Company, and the Note shall be cancelled. 
(d)The parties acknowledge and agree that the Convertible Note shall be issued to the Holder in exchange for the Note without the payment of any additional consideration.
(e)Notwithstanding anything herein to the contrary, on or after the date hereof, the Holder may, directly or indirectly, sell or transfer all, or any part, of the Convertible Note to any Person (an “Assignee”).
2.    Disclosure of Transaction. The Company shall promptly file a Current Report on Form 8-K describing the terms of the transactions contemplated hereby in the form required by the 1934 Act and attaching the Exchange Documents, to the extent they are required to be filed under the 1934 Act, that have not previously been filed with the SEC by the Company (including, without limitation, the Convertible Note and this Agreement) as exhibits to such filing (including all attachments, the “8-K Filing”).
3.    Holding Period. For the purposes of Rule 144, the Company acknowledges that the holding period of the Convertible Note (and the Conversion Shares issued upon conversion of the Convertible Note) may be tacked onto the holding period of the Note, and the Company agrees not to take a position contrary to this Section 3.  The Company acknowledges and agrees that (assuming the Holder is not an affiliate of the Company) (i) upon issuance in accordance with the terms of the Convertible Note, the Conversion Shares are, as of the date hereof, eligible to be resold pursuant to Rule 144, (ii) the Company is not aware of any event reasonably likely to occur that would reasonably be expected to result in the Conversion Shares becoming ineligible to be resold by the 

2

Holder pursuant to Rule 144 and (ii) in connection with any resale of Conversion Shares pursuant to Rule 144, the Holder shall solely be required to provide reasonable assurances that such Conversion Shares are eligible for resale, assignment or transfer under Rule 144, which shall not include an opinion of Holder’s counsel.
4.    Blue Sky. The Company shall make all filings and reports relating to the Exchange required under applicable securities or “Blue Sky” laws of the states of the United States following the date hereof, if any.
[The remainder of the page is intentionally left blank]

3

IN WITNESS WHEREOF, Holders and the Company have executed this Agreement as of the date set forth on the first page of this Agreement.
	
		
	

	COMPANY:
ASCENT SOLAR TECHNOLOGIES, INC.

By: /s/Victor Lee
    Title: CEO

IN WITNESS WHEREOF, Holders and the Company have executed this Agreement as of the date set forth on the first page of this Agreement.
	
		
	 
	HOLDER:

BELLRIDGE CAPITAL, LP

By: /s/Robert Klimov 

Principal Amount and Accrued Interest on the Note: 
 
$277,342.25

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