Document:

Aberdeen Standard Precious
Metals Basket ETF Trust S-3 

Exhibit
4.2

AUTHORIZED
PARTICIPANT AGREEMENT

 

AUTHORIZED
PARTICIPANT AGREEMENT (this “Agreement”) dated as of [DATE] among (i) [AUTHORIZED PARTICIPANT], a [company] organized
under the laws of [JURISDICTION OF AP] (the “Authorized Participant”), (ii) The Bank of New York Mellon, a
New York Banking corporation acting in its capacity as trustee (in such capacity, the “Trustee”) of the Trust(s)
listed on the attached Schedule A, which is a part of this Agreement (each a “Trust” and collectively, the
“Trusts”), each Trust created under New York law pursuant to its respective Depositary Trust Agreement identified
on the attached Schedule A (each a “Trust Agreement” and collectively, the “Trust Agreements”),
and (iii) Aberdeen Standard Investments ETFs Sponsor LLC, in its capacity as sponsor of each Trust (in such capacity, the “Sponsor”).

 

R
E C I T A L S

 

A.
Pursuant to the provisions of the applicable Trust Agreements, each Trust may from time to time issue or redeem equity securities
representing an interest in the assets of such Trust (“Shares”), in each case only in aggregate amounts as
set out in Schedule A (such aggregate amount, a “Basket”), and integral multiples thereof, and only in transactions
with a party who, at the time of the transaction, shall have signed and in effect an Authorized Participant Agreement with such
Trust.

 

B.
[AUTHORIZED PARTICIPANT] has requested to become an “Authorized Participant” with respect to each Trust (as such term
is defined in the applicable Trust Agreement), and the Sponsor and the Trustee have agreed to such request.

 

NOW,
THEREFORE, in consideration of the foregoing premises, and for other good and valuable consideration, the receipt of which is
hereby acknowledged, the parties, hereto, intending to be legally bound, agree as follows:

 

Section
1. Procedures. The Authorized Participant will purchase or redeem Baskets of Shares of the relevant Trust in compliance
with the relevant Trust Agreement as supplemented by the Creation and Redemption Procedures attached to this Agreement as Schedule
1 (such procedures, as the same may be amended or modified from time to time in compliance with the provisions hereof and thereof,
the “Procedures”), using either (i) the form attached thereto as Annex I (a “Purchase Order”,
in the case of an order to purchase one or more Baskets of Shares issued by a specified Trust and a “Redemption Order”,
in case of an order to redeem one or more Baskets of Shares issued by a specified Trust) or (ii) through the Trustee’s electronic
order entry system, as such may be made available and constituted from time to time, the use of which shall be subject to the
terms and conditions attached thereto as Annex II. All Purchase Orders and Redemption Orders (collectively, “Orders”)
shall be placed and executed in accordance with the relevant Trust Agreement as supplemented by the Procedures. Capitalized terms
used in this Agreement and not otherwise defined herein have the meaning ascribed to them in the Procedures.

 

Section
2. Incorporation of Standard Terms. The Standard Terms attached hereto as Schedule 2 are hereby incorporated by reference
into, and made a part of, this Agreement.

    

     

    

Section
3. Conflicts Rules. In case of any inconsistency between the provisions of this Agreement and an applicable Trust Agreement,
the provisions of such Trust Agreement shall control. In case of inconsistency between the provisions incorporated by reference
into this Agreement pursuant to Section 2 above and any other provision of this Agreement, the latter will control.

 

Section
4. Authorized Representatives. Pursuant to Section 2.01 of the Standard Terms, attached hereto as Schedule 3-A is a certificate
listing the Authorized Representatives of the Authorized Participant.

 

Section
5. Additional Covenants. The Authorized Participant covenants and agrees:

 

(a)       
To use its best efforts to ensure that any Delivery of applicable Bullion to the Custodian, or any withdrawal of applicable Bullion
from the appropriate Trust, in connection with a Purchase Order or Redemption Order placed by the Authorized Participant will
take place only through one or more members of the London Bullion Market Association and/or the London Platinum and Palladium
Market as appropriate under the terms of the applicable Trust Agreement.

 

(b)
       Promptly upon written demand therefore (accompanied by such reasonable evidence as the
Authorized Participant may request), to reimburse the relevant Trust or the Custodian the amount of any taxes (including value
added taxes) that may be imposed on the relevant Trust or the Custodian in connection with any Delivery of Bullion by or on behalf
of the Authorized Participant to the Custodian (in the case of a Purchase Order placed by the Authorized Participant), or any
Delivery of Bullion to or for the account of the Authorized Participant (in the case of a Redemption Order placed by the Authorized
Participant).

 

Section
6. Notices. Except as otherwise specifically provided in the Procedures, all notices required or permitted to be given
pursuant hereto shall be given in writing and delivered by personal delivery or by postage prepaid registered or certified United
States first class mail, return receipt requested, or by telex or facsimile (with a confirming copy by mail) addressed as follows:

 

(i)
If to the Trustee:

 

The
Bank of New York Mellon

 2
Hanson Place — Floor 9th

 Brooklyn,
NY 11217

 Attn:
Jarvis Joseph

 Telephone:
(718) 315-7500

 Facsimile:
(732) 667-9478

 E-Mail:
jarvis.joseph@bnymellon.com

 

(ii)
If to the Sponsor:

 

Aberdeen
Standard Investments ETFs Sponsor LLC

 c/o
Aberdeen Standard Investments

712
Fifth Avenue – 49th Floor, New York, NY 10019

Attn:
Adam Rezak

Telephone:
844-383-7289

E-Mail:
adam.rezak@aberdeenstandard.com

    2

     

    

(iii)
If to the Authorized Participant:

 

[AUTHORIZED
PARTICIPANT]

Attn:

[AP’S
ADDRESS]

Telephone:

Facsimile: 

Telex:

 

or
such other address as any of the parties hereto shall have communicated in writing to the remaining parties in compliance with
the provisions hereof.

 

Section
7. Effectiveness, Termination and Amendment. This Agreement shall become effective upon execution and delivery by each
of the parties hereto. This Agreement may be terminated at any time by any party upon sixty days prior written notice to the other
parties and may be terminated earlier by the Trustee or the Sponsor at any time on the event of a breach by the Authorized Participant
of any provision of this Agreement (including the Standard Terms incorporated by Section 2 hereof) or the Procedures. This Agreement,
along with any other agreement or instrument delivered pursuant to this Agreement, supersedes any prior agreement between or among
the parties concerning the matters governed hereby. This Agreement may be amended by the Trustee and the Sponsor from time to
time without the consent of the Authorized Participant or any Beneficial Owner by the following procedure: the Trustee or the
Sponsor will mail a copy of the amendment to the Authorized Participant in compliance with the notice provisions of this Agreement;
if the Authorized Participant does not object in writing to the amendment within fifteen (15) Business Days after receipt of the
proposed amendment, the amendment will become part of this Agreement in accordance with its terms. Titles and section headings
in this Agreement (and in the Standard Terms incorporated by Section 2 hereof and the Procedures) are included solely for convenient
reference and are not a part of this Agreement.

 

Section
8. Governing Law. This Agreement and all the transactions hereunder shall be governed by and interpreted in accordance
with the laws of the State of New York (regardless of the laws that might otherwise govern under applicable New York conflict
law principles) as to all matters including matters of validity, construction, effect, performance and remedies. The parties irrevocably
submit to the non-exclusive jurisdiction of any New York State or United States Federal court sitting in New York City over any
suit, action or proceeding arising out of, or relating to, this Agreement.

 

Section
9. Assignment. No party to this Agreement shall assign any rights, or delegate the performance of any obligations, arising
hereunder without the prior written consent of the other parties hereto, which shall not be unreasonably withheld; provided, that
any entity into which a party hereto may be merged or converted, or with which it may be consolidated, or any entity resulting
from any merger, consolidation or conversion to which a party hereunder shall be a party, shall be the successor of such party
hereto. The party resulting from any such merger, conversion, consolidation or succession shall promptly notify the other parties
hereto of the change. Any purported assignment or delegation in violation of these provisions shall be null and void. Notwithstanding
the foregoing, any successor Trustee appointed in compliance with the applicable Trust Agreement shall automatically become a
party hereto and shall assume all the obligations, and be entitled to all the rights and remedies of the Trustee hereunder with
respect to the applicable Trust.

    3

     

    

Section
10. No Strict Construction. The language used in this Agreement will be deemed to be the language chosen by the parties
to express their mutual intent, and no rule of strict construction will be applied against any party.

 

Section
11. Counterparts. This Agreement may be executed in several counterparts, each of which shall be an original and all of
which shall constitute but one and the same instrument.

 

[Signatures
Follow on Next Page]

    4

     

    

IN
WITNESS WHEREOF, the parties hereto have executed this Authorized Participant Agreement as of the date set forth above.

 

THE
BANK OF NEW YORK MELLON, in its capacity as

Trustee
of the Trusts listed on Schedule A hereto

 

	By:	 	 
	Name:	 
	Title:	 
	Date:	 

 

ABERDEEN
STANDARD INVESTMENTS ETFs SPONSOR LLC, in its capacity as

Sponsor
of the Trusts listed on Schedule A hereto

 

	By:	 	 
	Name:	 
	Title:	 
	Date:	 

 

[AUTHORIZED
PARTICIPANT]

 

	By:	 	 
	Name:	 
	Title:	 
	Date:	 

    5

     

    

SCHEDULE
A – APPLICABLE TRUSTS

 

		●	Aberdeen
                                         Standard Palladium ETF Trust (issuer of Aberdeen Standard Physical Palladium Shares ETF),
                                         a trust created under New York Law pursuant to that certain Depositary Trust Agreement
                                         between the Trustee and the Sponsor, as may be amended from time to time

 

		●	Aberdeen
                                         Standard Platinum ETF Trust (issuer of Aberdeen Standard Physical Platinum Shares ETF),
                                         a trust created under New York Law pursuant to that certain Depositary Trust Agreement
                                         between the Trustee and the Sponsor, as may be amended from time to time

 

		●	Aberdeen
                                         Standard Precious Metals Basket ETF Trust (issuer of Aberdeen Standard Physical Precious
                                         Metals Basket Shares ETF), a trust created under New York Law pursuant to that certain
                                         Depositary Trust Agreement between the Trustee and the Sponsor, as may be amended from
                                         time to time

 

		●	Aberdeen
                                         Standard Silver ETF Trust (issuer of Aberdeen Standard Physical Silver Shares ETF), a
                                         trust created under New York Law pursuant to that certain Depositary Trust Agreement
                                         between the Trustee and the Sponsor, as may be amended from time to time

 

		●	Aberdeen
                                         Standard Gold ETF Trust (issuer of Aberdeen Standard Physical Gold Shares ETF), a trust
                                         created under New York Law pursuant to that certain Depositary Trust Agreement between
                                         the Trustee and the Sponsor, as may be amended from time to time

 

[Delivery
Locations, Basket Sizes and Bullion Ounces per Share on Next Page]

    6

     

    

DELIVERY
LOCATIONS, BASKET SIZES

AND BULLION OUNCES PER SHARE

 

Description
of Delivery and Basket Sizes:

 

	 	Delivery
    of Bullion	Shares
    per basket	Oz.
    per Share at inception
	Aberdeen
    Standard Silver ETF Trust	Loco-London	50,000	1.0
	Aberdeen
    Standard Gold ETF Trust 	Loco-Zurich/London	100,000	0.1

        

        0.01
        (after share split effective 11/1/2019)

        

	Aberdeen
    Standard Platinum ETF Trust 	Loco-Zurich/London	50,000	0.1
	Aberdeen
    Standard Palladium ETF Trust	Loco-Zurich/London	25,000	0.1
	Aberdeen
    Standard Precious Metals Basket ETF Trust 	Loco-London

        

        (gold
        and silver)

         

        Loco-Zurich/London

        

        (platinum
        and palladium)

        
	50,000	Silver
        - 1.100

        

        Gold
        - 0.030

        

        Platinum
        - 0.004

        

        Palladium
- 0.006

         

 

    7

     

    

 

SCHEDULE
1- CREATION AND REDEMPTION PROCEDURES

    

     

    

 TABLE
OF CONTENTS - SCHEDULE 1

 

	 	Page
	ARTICLE
    I DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION 	 
	Section
    1.01	Definitions	S1-2
	Section
    1.02	Interpretation	S1-6
	 	 	 
	ARTICLE
    II CREATION PROCEDURES	 
	Section
    2.01	Initial
    Creation of Shares	S1-7
	Section
    2.02	Subsequent
    Creation of Shares	S1-7
	 	 	 
	ARTICLE
    III REDEMPTION PROCEDURES	 
	Section
    3.01	Redemption
    of Shares	S1-9
	 	 	 
	ANNEX
    I TO CREATION AND REDEMPTION PROCEDURES	 
	Creation/Redemption
    Order Form	S1-13
	 	 	 
	ANNEX
    II TO CREATION AND REDEMPTION PROCEDURES	 
	Order
    Entry System Terms and Conditions	S1-15

    S1-1

     

    

FOURTH
AMENDED AND RESTATED

CREATION AND REDEMPTION PROCEDURES

 

Adopted
by the Sponsor and Trustee (each as defined below) as of December 18, 2019

 

ARTICLE
I

 

DEFINITIONS
AND OTHER PROVISIONS OF GENERAL APPLICATION

 

Section
1.01. Definitions. For purposes of these Procedures, and the Standard Terms incorporated by reference into the Authorized
Participant Agreement to which these Procedures are attached, unless the context otherwise requires, the following terms will
have the following meanings:

 

“1933
Act” means the U.S. Securities Act of 1933, as amended.

 

“Affiliate”
shall have the meaning given to it by Rule 501(b) under the 1933 Act.

 

“AP
Indemnified Party” shall have the meaning ascribed to such term in Section 6.01.a of the Standard Terms.

 

“Authorized
Participant” shall have the meaning ascribed to the term in the introductory paragraph of the Authorized Participant
Agreement.

 

“Authorized
Participant Agreement” shall mean each Authorized Participant Agreement among the Authorized Participant, the Trustee
and the Sponsor into which these Creation and Redemption Procedures are attached as Schedule 1 and the Standard Terms and Conditions
attached as Schedule 2 shall have been incorporated by reference.

 

“Authorized
Participant Client” means any party on whose behalf the Authorized Participant acts in connection with an Order (whether
a customer or otherwise).

 

“Authorized
Representative” shall mean, with respect to an Authorized Participant, each individual who, pursuant to the provisions
of the Authorized Participant Agreement between such Authorized Participant, the Sponsor, and the Trustee, 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 relevant Trust Agreement.

 

“Basket
Amount” shall mean the specific basket amount term defined in Section 1.1 of the relevant Trust Agreement (e.g., the
“Basket Silver Amount” in the case of the Aberdeen Standard Silver ETF Trust; the “Basket Gold Amount”
in the case of the Aberdeen Standard Gold ETF Trust;

    S1-2

     

    

the
“Basket Platinum Amount” in the case of the Aberdeen Standard Platinum ETF Trust; the “Basket Palladium Amount”
in the case of the Aberdeen Standard Palladium ETF Trust; and the “Basket Bullion Amount” in the case of the Aberdeen
Standard Precious Metals Basket ETF Trust).

 

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

 

“Beneficial
Owner” shall have the meaning given to it by Rule 16a-1(a)(2) of the Securities Exchange Act of 1934.

 

“Bullion”
shall mean Silver, Gold, Platinum and/or Palladium as appropriate.

 

“Business
Day” shall mean, if and as applicable, (i) each day the exchange on which the relevant Shares trade is open for regular
trading, and/or (ii) a London Business Day, and/or (iii) a Zurich Business Day.

 

“Creation”
means the process that begins when an Authorized Participant first indicates to the Trustee its intention to purchase one or more
Baskets of a specified Trust pursuant to these Procedures and concludes with the issuance by the Trustee and Delivery to such
Authorized Participant of the corresponding number of that Trust’s Shares.

 

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

 

“Custodial
Allocated Account” shall mean the allocated bullion account established by the Trustee with the Custodian pursuant to
the relevant Custodian Agreement.

 

“Custodial
Unallocated Account” shall mean the unallocated bullion account established by the Trustee with the Custodian pursuant
to the relevant Custodian Agreement.

 

“Custodian”
shall mean, with respect to the Aberdeen Standard Gold ETF Trust, the Aberdeen Standard Platinum ETF Trust, the Aberdeen Standard
Palladium ETF Trust, the Aberdeen Standard Precious Metals Basket ETF Trust and the Aberdeen Standard Silver ETF Trust, JPMorgan
Chase Bank, N.A., in its capacity as custodian under the Custodian Agreements and any successor thereto or additional or other
custodian appointed in compliance with the provisions of the relevant Trust Agreements and relevant Custodian Agreement(s).

 

“Custodian
Agreement” or “Custodian Agreements” shall mean the applicable Custodian Agreement by and between
the Trustee and the Custodian with respect to the applicable Trust.

 

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

    S1-3

     

    

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

 

“Deposit
Property” means property which, in compliance with the provisions of the relevant Trust Agreement, must be transferred
by the Authorized Participant to the relevant Trust in exchange for that Trust’s Shares.

 

“DTC”
shall mean The Depository Trust Company, its nominees and their respective successors. “FINRA” means the Financial
Industry Regulatory Authority.

 

“Gold”
shall have the meaning ascribed to the term in Section 1.1 of the Trust Agreements of the Aberdeen Standard Gold ETF Trust and
the Aberdeen Standard Precious Metals Basket ETF Trust, as applicable, relating to gold.

 

“Initial
Creation” shall mean the initial creation of Shares pursuant to the provisions of Section 2.01 hereof.

 

“LBMA”
shall mean the London Bullion Market Association.

 

“London
Business Day” shall mean a day (other than a Saturday, Sunday or a public holiday in England) on which commercial banks
generally and the over-the-counter markets in silver, with respect to Aberdeen Standard Silver ETF Trust and the Aberdeen Standard
Precious Metals Basket ETF Trust, and gold, with respect to the Aberdeen Standard Gold ETF Trust and the Aberdeen Standard Precious
Metals Basket ETF Trust, each as coordinated by the LBMA, and in platinum, with respect to the Aberdeen Standard Platinum ETF
Trust and the Aberdeen Standard Precious Metals Basket ETF Trust, and palladium, with respect to the Aberdeen Standard Palladium
ETF Trust and the Aberdeen Standard Precious Metals Basket ETF Trust, each as coordinated by the LPPM, are open for the transaction
of business in London.

 

“LPPM”
shall mean the London Platinum and Palladium Market.

 

“Order”
shall have the meaning ascribed to it in Section 1 of the Authorized Participant Agreement.

 

“Order
Cutoff Time” shall have the meaning ascribed to the term in Section 1.1 of the relevant Trust Agreement.

 

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

 

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

    S1-4

     

    

“Palladium”
shall have the meaning ascribed to the term in Section 1.1 of the Trust Agreements of the Aberdeen Standard Palladium ETF Trust
and the Aberdeen Standard Precious Metals Basket ETF Trust, as applicable, relating to palladium.

 

“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.

 

“Platinum”
shall have the meaning ascribed to the term in Section 1.1 of the Trust Agreements of the Aberdeen Standard Platinum ETF Trust
and the Aberdeen Standard Precious Metals Basket ETF Trust, as applicable, relating to platinum.

 

“Procedures”
shall have the meaning ascribed to it in Section 1 of the Authorized Participant Agreement.

 

“Prospectus”
or “Prospectuses” means the current prospectus of the relevant Trust included in its effective registration
statement, as supplemented or amended from time to time.

 

“Purchase
Order” shall have the meaning ascribed to it in Section 1 of the Authorized Participant Agreement.

 

“Redemption
Order” shall have the meaning ascribed to it in Section 1 of the Authorized Participant Agreement.

 

“Shares”
means Shares issued by the relevant Trust pursuant to the provisions of the relevant Trust Agreement.

 

“Silver”
shall have the meaning ascribed to the term in Section 1.1 of the Trust Agreements of the Aberdeen Standard Silver ETF Trust and
the Aberdeen Standard Precious Metals Basket ETF Trust, as applicable, relating to silver.

 

“Sponsor”
shall mean Aberdeen Standard Investments ETFs Sponsor LLC, a Delaware limited liability company.

 

“Sponsor
Indemnified Party” shall have the meaning ascribed to such term in Section 6.01.b of the Standard Terms.

 

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

 

“Trust”
or “Trusts” shall have the meanings ascribed to them in the introductory paragraph of the Authorized Participant
Agreement.

    S1-5

     

    

“Trust
Agreement” or “Trust Agreements” shall have the meanings ascribed to them in the introductory paragraph
of the Authorized Participant Agreement.

 

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

 

“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)”.

 

“Zurich
Business Day” shall mean a day (other than a Saturday, Sunday or a public holiday in Switzerland) on which commercial
banks generally and the over-the-counter markets in gold, with respect to the Aberdeen Standard Gold ETF Trust, platinum, with
respect to the Aberdeen Standard Platinum ETF Trust, the Aberdeen Standard Precious Metals Basket ETF Trust, and palladium, with
respect to the Aberdeen Standard Palladium ETF Trust and the Aberdeen Standard Precious Metals Basket ETF Trust, are open for
the transaction of business in Zurich.

 

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.

 

To
the extent that term(s) defined in Section 1.01 apply to a Trust that has not commenced operations as of any relevant date and
such Trust is listed or to be listed on Schedule A of the Authorized Participant Agreement, such term(s) shall not be operative
and any provisions relating to such a Trust and its Shares contained in the Authorized Participant Agreement shall have no effect
until such Trust commences operations and its Trust Agreement and applicable Custodian Agreement have been executed and delivered
whereupon such terms and provisions shall become automatically operative and effective without any further action by the parties
to the Authorized Participant Agreement.

 

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.

    S1-6

     

    

ARTICLE
II CREATION

 

PROCEDURES

 

Section
2.01. Initial Creation of Shares. The initial creation of Shares of a Trust will take place in compliance with such procedures
as the Trustee, the Sponsor and the initial Depositor may agree.

 

Section
2.02. Subsequent Creation of Shares. After the Initial Creation, the issuance and Delivery of Shares of a specified Trust
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 no later than
3:59:59 p.m. (New York time) on any Business Day. Purchase Orders received by the Trustee on or after the Order Cutoff Time on
a Business Day shall be considered received at the opening of business on the next Business Day and shall have as their Order
Date such next Business Day.

 

b.       For
purposes of Section 2.02a. above, a Purchase Order shall be deemed “received” by the Trustee only when either of the
following has occurred no later than 3:59:59 p.m. (New York time):

 

(i)
Telephone/fax Order – An Authorized Representative shall have placed a telephone call to the Trustee’s Creation and
Redemption Line and has received an Order Number from the Trustee for insertion in the Purchase Order, or

 

(ii)
Web-based Order – An Authorized Representative shall have accessed the Trustee’s online services (www.etfservices.bankofny.com)

 

in
either case informing the Trustee that the Authorized Participant wishes to place a Purchase Order for a specified number of Baskets
and, in the case of a telephone order, within 15 minutes following such telephone call the Trustee shall have received a properly
completed, irrevocable Purchase Order in the form set out in Annex I to these Procedures executed by an Authorized Representative
of such Authorized Participant, via facsimile at the number specified in such Annex I.

 

c.       The
Trustee shall provide a written summary to the Sponsor and the Custodian of all accepted Purchase Orders for such Order Date no
later than 5:30 p.m. (New York time).

 

d.       As
soon as reasonably practicable following receipt of a properly completed Purchase Order but not later than 5:30 p.m. (New York
time) on the Order Date for such Purchase Order, the Trustee shall send to the Authorized Participant (with copy to the Custodian),
via facsimile or electronic mail message, a copy of the corresponding Purchase Order endorsed “Accepted” by the Trustee
and indicating the Basket Amount that the Authorized Participant shall Deliver to the Custodian in respect of each Basket. 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 Bullion in exchange for Baskets of Shares and will have no binding effect upon
the Trust or any other party. Following the transmission of the Trustee’s acceptance as specified above, a Purchase Order
will be a binding agreement among the Trust and the Authorized Participant for the creation and purchase of Baskets of Shares
and the deposit of Bullion pursuant to the terms of the Purchase Order and these Procedures. If a Purchase Order is rejected,
the Trustee shall send to the Authorized Participant (with copy to the Custodian), via facsimile or electronic mail message, as
soon as reasonably practicable, but not later than 5:30 p.m. (New York time) on the Order Date for such Purchase Order, a copy
of the corresponding Purchase Order endorsed “Declined” by the Trustee and indicating the reason. The preceding sentence
notwithstanding, Purchase Orders not accepted by 5:30 p.m. (New York time) on the Order Date shall be deemed cancelled. A Purchase
Order which is not properly completed will be deemed invalid and rejected by the Trustee; the Authorized Participant may submit
a corrected Purchase Order within the time period specified in Section 1.09 of the Standard Terms.

    S1-7

     

    

e.       Each
Purchase Order shall settle on the second Business Day following the Order Date. The Basket Amount corresponding to each Basket
must be deposited in the Custodial Unallocated Account in unallocated Bullion (i) loco London with respect to Silver for the Aberdeen
Standard Silver ETF Trust and the Aberdeen Standard Precious Metals Basket ETF Trust, (ii) loco London with respect to Gold for
the Aberdeen Standard Precious Metals Basket ETF Trust, (iii) loco Zurich or loco London with respect to Gold for the Aberdeen
Standard Gold ETF Trust, and (iv) loco Zurich or loco London with respect to Platinum and Palladium for the Aberdeen Standard
Platinum ETF Trust, the Aberdeen Standard Palladium ETF Trust and the Aberdeen Standard Precious Metals Basket ETF Trust, no later
than 10:00 a.m. (London time) on the second Business Day following the Order Date.

 

f.       The
Custodian shall advise the Trustee in writing of the deposits made to the Custodial Allocated Account in connection with each
Purchase Order.

 

g.       On
the second Business Day following the Order Date corresponding to a Purchase Order, or on such earlier date and time as the Trustee
in its absolute discretion may agree with the Authorized Participant, the Trustee shall issue the aggregate number of Shares 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 11:00 a.m. (New York time) on the date such issuance
and Delivery is to take place:

 

(i)
the Custodian shall have reported in writing to the Trustee that the corresponding required amount of Bullion has been deposited
in the Trustee’s Custodial Unallocated Account in compliance with the provisions of Section 2.02e. above and

 

(ii)
the Authorized Participant shall have paid or agreed to pay the Trustee a per order transaction fee in the amount of US$500, if
applicable.

 

h.       In
all other cases, the Trustee shall issue the aggregate number of Shares 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 all of the conditions set forth in clauses (i) and (ii)
of Section 2.02g. above shall have been met. In the event that, by 11:00 a.m. (New York time) on the second Business Day following
the Order Date of a Purchase Order, the Trustee’s Custodial Unallocated Account shall not have been credited with the required
amount of Bullion in compliance with the provisions of section 2.02e. above, the Trustee shall send to the Authorized Participant
and the Custodian via fax or electronic mail message notice of such fact and the Authorized Participant shall have two (2) Business
Days following receipt of such notice to correct such failure. If such failure is not cured within such two (2) Business Day period,
the Trustee shall, unless the Sponsor shall otherwise direct, cancel such Purchase Order and will send via fax or electronic mail
message notice of such cancellation to the Authorized Participant and the Custodian, and the Authorized Participant will be solely
responsible for all costs incurred by the Trust, the Trustee or the Custodian related to the cancelled Order.

    S1-8

     

    

i.       The
foregoing provisions notwithstanding, neither the Trustee nor the Custodian shall be liable for any failure or delay in making
Delivery of Shares in respect of a Purchase Order arising from nuclear fission or fusion, radioactivity, war, terrorist event,
invasion, insurrection, civil commotion, riot, strike, act of government, public authority, public service or utility problems,
power outages resulting in telephone, telecopy and computer failures, act of God such as fires, floods, extreme weather conditions,
market conditions or activities causing trading halts, systems failures involving computer or other information systems affecting
a Trust, the Trustee, the Custodian or sub-custodian, metal clearing bank delays and similar extraordinary events beyond the Trustee’s
control. In the event of any such delay, the time to complete Delivery in respect of a Purchase Order will be extended for a period
equal to that during which the inability to perform continues.

 

j.       Except
as provided in Sections 2.02d., 2.02f. and 2.02h., none of the Trustee, the Sponsor, the Custodian, nor any sub-custodian are
under any duty, to give notification of any defects or irregularities in any Purchase Order or the delivery of the Basket Amount,
and shall not incur any liability for the failure to give any such notification.

 

k.
Purchase Orders may be rejected under the circumstances specified in the applicable Prospectus.

 

ARTICLE
III REDEMPTION

 

PROCEDURES

 

Section
3.01. Redemption of Shares. Redemption of Shares of a specified Trust shall take place only in integral numbers of Baskets
in compliance with the following rules:

 

a.       Authorized
Participants wishing to redeem one or more Baskets shall place a Redemption Order with the Trustee no later than 3:59:59 p.m.
(New York time) on any Business Day. Redemption Orders received by the Trustee on or after the Order Cutoff Time on any Business
Day shall be considered received at the opening of business on the next Business Day and shall have as their Order Date such next
Business Day.

 

b.       For
purposes of Section 3.01a. above, a Redemption Order shall be deemed “received” by the Trustee only when either of
the following has occurred no later than 3:59:59 p.m. (New York time):

 

(i)
Telephone/fax Order – An Authorized Representative shall have placed a telephone call to the Trustee’s Creation and
Redemption Line and has received an Order Number from the Trustee for insertion in the Redemption Order, or

    S1-9

     

    

(ii)
Web-based Order – An Authorized Representative shall have accessed the Trustee’s online services
(www.etfservices.bankofny.com)

 

in
either case informing the Trustee that the Authorized Participant wishes to place a Redemption Order for a specified number of
Baskets and, in the case of a telephone order, within 15 minutes following such telephone call the Trustee shall have received
a duly completed, irrevocable Redemption Order in the form set out in Annex I to these Procedures executed by an Authorized Representative
of such Authorized Participant, via facsimile at the number specified in such Annex I.

 

c.       Upon
receipt of a properly completed Redemption Order, the Trustee shall send to the Authorized Participant (with copy to the Custodian),
via facsimile or electronic mail message, as soon as reasonably practicable, but not later than 5:30 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 Amount that the Custodian shall Deliver to the Authorized Participant in respect of each Basket being
redeemed

 

d.       The
Trustee shall, by 11:00 a.m. (New York time) on the second Business Day following the Order Date of a Redemption Order, confirm
in writing to the Custodian whether each of the following has occurred by 10:00 a.m. (New York time) on the second Business Day
following the Order Date of a Redemption Order:

 

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

 

(ii)
the Authorized Participant has paid or agreed to pay the Trustee a per order transaction fee of US$500, if applicable.

 

Provided
that the Custodian has received written confirmation from the Trustee that the conditions set forth in clauses (i) and (ii) of
Section 3.01d. above have been satisfied, the Custodian shall:

 

(1)
on the same Business Day, Deliver:

 

		●	unallocated
                                         Silver loco London;

		●	unallocated
                                         Gold loco London;

		●	unallocated
                                         Gold loco Zurich (for the Aberdeen Standard Gold ETF Trust only);

		●	unallocated
                                         Platinum loco Zurich;

		●	unallocated
                                         Platinum loco London;

		●	unallocated
                                         Palladium loco Zurich; and/or

		●	unallocated
                                         Palladium loco London

 

(as
applicable to the specific Redemption Order)

    S1-10

     

    

in
the amounts specified in the communication sent in compliance with Section 3.01c. above, to the account indicated by the redeeming
Authorized Participant in its Redemption Order (which shall be an appropriate bullion account with an LBMA member or LPPM member,
as applicable for the type of Bullion involved). Having made such Delivery, the Custodian shall send written confirmation thereof
to the Trustee who shall then cancel the Shares so redeemed.

 

e.       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 that the conditions set forth in clauses (i) and (ii) of Section 3.01d.
above have been satisfied.

 

f.       The
foregoing provisions notwithstanding, neither the Trustee nor the Custodian shall be liable for any failure or delay in making
Delivery of Bullion 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, public service or utility problems,
power outages resulting in telephone, telecopy and computer failures, act of God such as fires, floods, extreme weather conditions,
market conditions or activities causing trading halts, systems failures involving computer or other information systems affecting
a Trust, the Trustee, the Custodian or sub-custodian, metal clearing bank delays and similar extraordinary events beyond the Trustee’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.

 

g.       In
the event that, by 10:00 a.m. (New York time) on the second Business Day following the Order Date of a Redemption Order, Trustee’s
account at DTC shall not have been credited with the total number of Shares corresponding to the total number of Baskets to be
redeemed pursuant to such Redemption Order, the Trustee shall send to the Authorized Participant and the Custodian via fax or
electronic mail message notice of such fact and the Authorized Participant shall have two (2) Business Days following receipt
of such notice to correct such failure. If such failure is not cured within such two (2) Business Day period, the Trustee (in
consultation with the Sponsor) will cancel such Redemption Order and will send via fax or electronic mail message notice of such
cancellation to the Authorized Participant and the Custodian, and the Authorized Participant will be solely responsible for all
costs incurred by the Trust, the Trustee or the Custodian related to the cancelled Order. The Trustee is authorized to Deliver
the Basket Amount for a Redemption Order notwithstanding that the Basket(s) to be redeemed are not credited to the Trustee’s
DTC account by 10:00 a.m. (New York time) on the second Business Day following the Order Date of a Redemption Order if the Authorized
Participant has collateralized its obligation to deliver the Baskets through DTC’s book entry system on such terms as the
Sponsor and the Trustee may from time to time agree upon.

 

h.       The
redemption of Shares may be suspended or rejected under the circumstances specified in the applicable Prospectus.

 

[Signatures
Follow on Next Page]

    S1-11

     

    

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

 

THE
BANK OF NEW YORK MELLON, in its capacity as Trustee

 

	By:	/s/
    Phyllis A. Cietek	 
	Name:
    Phyllis A. Cietek	 
	Title:
    Vice President	 

 

ABERDEEN
STANDARD INVESTMENTS ETFs SPONSOR LLC, in its capacity as Sponsor

 

	By:	/s/
    Lucia Sitar	 
	Name:
    Lucia Sitar	 
	Title:
    Vice President	 

 

[Fourth
Amended and Restated Creation and Redemption Procedures Signature Page]

    S1-12

     

    

 

ANNEX
I TO CREATION AND REDEMPTION PROCEDURES

 

THE BANK OF NEW YORK MELLON, TRUSTEE

CREATION/REDEMPTION ORDER FORM

UNALLOCATED ORDERS ONLY

 

CONTACT
INFORMATION FOR ORDER EXECUTION:

	 	Telephone order number:	(718) 315-7500	 
	 	Fax order number:	(732) 667-9478	 

 

Authorized
Participant must complete all items in Part 1. The Trustee in its discretion may reject any order not submitted in proper form.

 

I.
TO BE COMPLETED BY AUTHORIZED PARTICIPANT: 

Name
of Trust:

	☐ Aberdeen Standard
    Silver ETF Trust	☐ Aberdeen Standard
    Gold ETF Trust
	☐ Aberdeen Standard Platinum ETF Trust	☐ Aberdeen Standard Palladium ETF Trust
	☐ Aberdeen Standard Precious Metals Basket
    ETF Trust	 

 

	Date:_____________________________	Time:__________________________________________
	Broker Name:______________________	Authorized Participant Firm Name:___________________
	DTC Participant Number:_____________	Fax Number:____________________________________
	Telephone Number:_________________	Symbol:________________________________________
	 	 

Type
of order (Check Creation or Redemption please) 

	Creation:  ☐	Redemption:  ☐
	 	 
	# of Baskets:______________________	Number of Baskets written out:_____________________
	 	 
	Order #__________________________	 

 

Please
indicate Bullion clearing agent:

 

	JP Morgan  ☐	Other (please specify clearing
    agent):_______________________

 

Account
number for Bullion delivery:____________________________________________

 

	(With respect to Silver only):	loco London  ☐	 
	 	 	 
	(With respect to Gold involving the Aberdeen
    Standard 

    Precious Metals Basket ETF Trust only):	loco London  ☐	 
	 	 	 
	(With respect to Gold involving the Aberdeen
    Standard

    Gold ETF Trust only):	loco London  ☐	loco Zurich      ☐
	 	 	 
	(With respect to Platinum only):	loco London  ☐	loco Zurich      ☐
	 	 	 
	(With respect to Palladium only):	loco London  ☐	loco Zurich      ☐

 

This
Purchase or Redemption Order is subject to the terms and conditions of the Trust Agreement of the Shares of the Trust as currently
in effect and the Authorized Participant Agreement between the Authorized Participant, the Trustee and the Sponsor named therein.
All representations and warranties of the Authorized Participant set forth in such Trust Agreement (including, if this is a Purchase
Order, the representations in Section 3.2 of the Trust Agreement) and in the Authorized Participant Agreement are incorporated
herein by reference and are true and accurate as of the date hereof.

 

    S1-13 

     

    

 

The
undersigned does hereby certify as of the date set forth below that he/she is an Authorized Representative under the Authorized
Participant Agreement and that he/she is authorized to deliver this Purchase or Redemption Order to the Trustee on behalf of the
Authorized Participant. The Authorized Participant acknowledges and agrees that (1) once accepted by the Trustee, this Purchase
or Redemption Order will become a legally binding contract for the delivery by the Authorized Participant of the Basket Amount
per Basket for a Purchase Order, or the number of Baskets for a Redemption Order, indicated above, and that the final Basket Amount
will be announced at the conclusion of the trading day and, (2) any taxes (including Value Added Taxes) incurred in connection
with this transaction will be the responsibility of, and will be reimbursed upon demand from the Custodian or the Trust by, the
Authorized Participant if required pursuant to the Authorized Participant Agreement.

 

	 	 	 	 	 
	 	Authorized Representative’s Signature	 	Date	 

 

II.       TO
BE COMPLETED BY TRUSTEE:

 

This
certifies that the above order has been:

 

_______________Accepted
by the Trustee

 

_______________Declined-Reason:____________________________________________________

 

Final
# of Ounces:

 

______________________________(Gold)

 

______________________________(Silver)

 

______________________________(Platinum)

 

______________________________(Palladium)

 

Final
# of Shares: _________________

 

Final
Cash Due to BNYM _______________

 

	 	 	 	 	 	 
	Date	 	Time	 	Authorized Signature of Trustee	 

 

    S1-14 

     

    

 

ANNEX
II TO CREATION AND REDEMPTION PROCEDURES

 

ORDER
ENTRY SYSTEM TERMS AND CONDITIONS

 

This
Annex II shall govern use by Authorized Participant of the electronic order entry system for placing Purchase Orders and Redemption
Orders for Shares (the “System”). Capitalized terms used but not otherwise defined herein shall have the meanings
ascribed to such terms in Schedule 1 of the Authorized Participant Agreement. In the event of any conflict between the terms of
this Annex II and the main body of the Authorized Participant Agreement with respect to the placing of Purchase Orders and Redemption
Orders, the terms of this Annex II shall control.

 

1.            (a) Authorized Participant shall provide to The Bank of New York Mellon a duly executed authorization letter, in a form satisfactory
to The Bank of New York Mellon, identifying those authorized persons who will access the System (the “Authorized Persons”).
Authorized Participant shall notify The Bank of New York Mellon in writing in the event that any person’s status as an Authorized
Person is revoked or terminated as soon as possible, in order to give The Bank of New York Mellon a reasonable opportunity to
terminate such Authorized Person’s access to the System.

 

(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 Authorized Participant Agreement. Upon termination of the Authorized Participant Agreement, the Authorized
Participant’s and each Authorized Person’s access rights with respect to System shall be immediately revoked.

 

2.            The Bank of New York Mellon 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 The Bank of New
York Mellon 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 The Bank of New York Mellon 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 The Bank of New York Mellon 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 The Bank of New York Mellon’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 The Bank of New York Mellon’s
request.

 

2.            (a) Authorized Participant acknowledges that any user manuals 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 The Bank of New York Mellon. 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 The Bank of New York Mellon’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. THE BANK OF NEW YORK MELLON 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.

 

    S1-15 

     

    

 

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

 

3.            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 The Bank of New York Mellon. The Bank of New York Mellon shall be entitled to rely on the information received by it from the
Authorized Participant and The Bank of New York Mellon may assume that all such information was transmitted by or on behalf of
an Authorized Person regardless of by whom it was actually transmitted.

 

4.            The Bank of New York Mellon 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 The Bank of New York Mellon’s
gross negligence or willful misconduct. WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, IT IS HEREBY AGREED THAT IN NO EVENT
SHALL THE BANK OF NEW YORK MELLON 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 AUTHORIZED PARTICIPANT HEREUNDER,
OR ANY TRANSACTION EFFECTED OR ATTEMPTED TO BE EFFECTED BY AUTHORIZED PARTICIPANT HEREUNDER, EVEN IF THE BANK OF NEW YORK MELLON
OR SUCH MANUFACTURER OR SUPPLIER HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, NOR SHALL THE BANK OF NEW YORK MELLON 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.

 

5.            The Bank of New York Mellon reserves the right to revoke Authorized Participant’s access to the System immediately and without
notice upon any breach by the Authorized Participant of the terms and conditions of this Annex II.

 

6.            The Bank of New York Mellon 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 The Bank of New York Mellon shall not be liable for any failure
to act in accordance with such orders and Authorized Participant may not claim that such Purchase Order or Redemption Order was
received by The Bank of New York Mellon. The Bank of New York Mellon may in its discretion decline to act upon any instructions
or communications that are insufficient or incomplete or are not received by The Bank of New York Mellon in sufficient time for
The Bank of New York Mellon to act upon, or in accordance with such instructions or communications.

 

7.          Authorized Participant agrees to use reasonable efforts 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.

 

8.          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 The Bank of New York Mellon 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.

 

    S1-16 

     

    

 

SCHEDULE
2- STANDARD TERMS

 

     

     

    

 

TABLE
OF CONTENTS - SCHEDULE 2

 

	 	 	Page
	 	 	 
	ARTICLE I ORDERS FOR PURCHASE AND REDEMPTION	 	 
	Section 1.01. Authorization to Purchase and
    Redeem Baskets	 	S2-1
	Section 1.02. Procedures for Orders	 	S2-1
	Section 1.03. Consent to Recording	 	S2-1
	Section 1.04. Irrevocability	 	S2-1
	Section 1.05. Costs and Expenses	 	S2-1
	Section 1.06. Delivery of Property to the Trust	 	S2-2
	Section 1.07. Title to Deposit Property and
    Shares Surrendered for Redemption	 	S2-2
	Section 1.08. Certain Payments or Distributions	 	S2-3
	Section 1.09. Ambiguous Instructions	 	S2-3
	 	 	 
	ARTICLE II AUTHORIZED REPRESENTATIVES	 	 
	Section 2.01. Certification	 	S2-4
	Section 2.02. PIN Numbers	 	S2-4
	Section 2.03. Termination of Authority	 	S2-5
	Section 2.04. Verification	 	S2-5
	 	 	 
	ARTICLE III STATUS OF THE AUTHORIZED PARTICIPANT	 	 
	Section 3.01. Clearing Status	 	S2-5
	Section 3.02. Broker-Dealer Status	 	S2-5
	Section 3.03. Foreign Status	 	S2-6
	Section 3.04. Compliance with Certain Laws	 	S2-6
	Section 3.05. Authorized Participant Status	 	S2-6
	 	 	 
	ARTICLE IV ROLE OF AUTHORIZED PARTICIPANT	 	 
	Section 4.01. No Agency	 	S2-6
	Section 4.02. Rights and Obligations of DTC
    Participant	 	S2-6
	Section 4.03. Beneficial Owner Communications	 	S2-6
	Section 4.04. Authorized Participant Customer
    Information	 	S2-7
	 	 	 
	ARTICLE V MARKETING MATERIALS AND REPRESENTATIONS
    AND WARRANTIES	 	 
	Section 5.01. Authorized Participant’s
    Representation	 	S2-7
	Section 5.02. Prospectus	 	S2-8
	 	 	 
	ARTICLE VI INDEMNIFICATION; LIMITATION OF LIABILITY	 	 
	Section 6.01. Indemnification	 	S2-8
	 	 	 
	ARTICLE VII MISCELLANEOUS	 	 
	Section 7.01. Commencement of Trading	 	S2-10

 

    i 

     

    

 

SECOND
AMENDED AND RESTATED STANDARD TERMS FOR AUTHORIZED PARTICIPANT AGREEMENTS (the “Standard Terms”) agreed
to as of December 18, 2019 by and between The Bank of New York Mellon, a New York banking corporation (the “Trustee”),
and Aberdeen Standard Investments ETFs Sponsor LLC, a Delaware limited liability company (the “Sponsor”).

 

ARTICLE
I

 

ORDERS
FOR PURCHASE AND REDEMPTION

 

Section
1.01. Authorization to Purchase and Redeem Baskets. Subject to the provisions of the Authorized Participant Agreement,
during the term of the Authorized Participant Agreement the Authorized Participant will be authorized to purchase and redeem Baskets
of Shares in compliance with the provisions of the relevant Prospectus.

 

Section
1.02. Procedures for Orders. Each party hereto agrees to comply with the provisions of the relevant Prospectus and the
Procedures to the extent applicable to it.

 

Section
1.03. Consent to Recording. The phone lines used by the Trustee, the Custodian, the Sponsor and/or their affiliated persons
may be recorded, and the Authorized Participant hereby consents to the recording of all calls with any of those parties. In the
event that the Trustee, the Custodian, the Sponsor or any of their affiliated persons becomes legally compelled to disclose to
any third party any recording involving communications with the Authorized Participant, the Sponsor agrees to provide the Authorized
Participant with reasonable advance written notice identifying the recordings to be so disclosed unless prohibited by applicable
rule, law or order, together with copies of such recordings, so that the Authorized Participant may seek a protective order or
other appropriate remedy with respect to the recordings or waive its right to do so. In the event that such protective order or
other remedy is not obtained or the Authorized Participant waives its right to seek such protective order or remedy, the Sponsor
will use commercially reasonable efforts to obtain reliable assurance that confidential treatment will be accorded the recorded
conversation. The Trustee, the Sponsor or any of their affiliated persons shall not otherwise disclose to any third party any
recording involving communications with the Authorized Participant without the Authorized Participant’s express written
consent, except the Trustee and the Sponsor may disclose to any regulatory or self-regulatory organization, to the extent required
by applicable rule or law, any recording involving communications with the Authorized Participant.

 

Section
1.04. Irrevocability. The Authorized Participant agrees that delivery to the Trustee of an Order shall be irrevocable;
provided that the Trust will reject any Order that is not properly completed. In the event that the purchase or redemption of
Baskets is suspended by the Trustee or the Sponsor and such suspension affects any Order submitted by the Authorized Participant,
the Trustee or Sponsor, as applicable, will promptly notify the Authorized Participant of such suspension. In such case, the Sponsor
agrees to undertake commercially reasonable efforts to accommodate any request by the Authorized Participant to cancel a previously
placed Order.

 

Section
1.05. Costs and Expenses. The Authorized Participant shall be responsible for the expenses and costs incurred by the Trust
that can be directly attributable to Orders submitted by the Authorized Participant other than ordinary course expenses and costs
which are reimbursed through payment of the fee contemplated in Section 2.02(g) of the Procedures. The Trustee or the Sponsor
shall provide the Authorized Participant with reasonably detailed information relating to such expenses and costs upon request
by the Authorized Participant.

 

    S2-1 

     

    

 

Section
1.06. Delivery of Property to the Trust and Shares Surrendered for Redemption. The Authorized Participant understands and
agrees that in the event Deposit Property is not transferred to the Trust by the time specified for the Purchase Order, or Shares
are not delivered to the Trustee by the time specified for the Redemption Order and, in each such case, in compliance with the
Procedures and the relevant Prospectus, the Purchase Order or Redemption Order may be cancelled by the Trustee and the Authorized
Participant will be solely responsible for all costs incurred by the Trust, the Trustee or the Custodian related to the cancelled
Order. The Authorized Participant will not, however, be responsible for costs incurred by the Trust, the Trustee, or the Custodian
related to cancelled Orders where the failure to transfer Deposit Property to the Trust is due to the gross negligence, bad faith,
or reckless or willful misconduct of the Trustee, the Sponsor, or the Custodian. The foregoing provisions notwithstanding, the
Authorized Participant shall not be liable for any failure or delay in making Delivery of Bullion in respect of a Purchase Order
or for any failure or delay in surrendering Shares for redemption arising from nuclear fission or fusion, radioactivity, war,
terrorist event, invasion, insurrection, civil commotion, riot, strike, act of government, public authority, public service or
utility problems, power outages resulting in telephone, telecopy and computer failures, acts of God, such as fires, floods, extreme
weather conditions, market conditions or activities causing trading halts, systems failures involving computer or other information
systems affecting the Authorized Participant, or similar extraordinary events beyond the Authorized Participant’s control.
In the event of any such delay, the time to complete Delivery in respect of a Purchase Order or Redemption Order will be extended
for a period equal to that during which the inability to perform continues. Upon the deposit of any Bullion, the Authorized Participant
as Depositor represents and warrants that (i) the Bullion meets the relevant requirements to be such Bullion and contains the
required number of Ounces, (ii) the Authorized Participant is duly authorized to make such deposit of Bullion and (iii) at the
time of delivery, the Bullion is free and clear of any lien, pledge, encumbrance, right, charge or claim.

 

Section 1.07. Title
to Deposit Property and Shares Surrendered for Redemption. The Authorized Participant represents and warrants to the Trustee
and the Sponsor that 

 

a.           in connection with each Purchase Order, the Authorized Participant will have the right and authority to transfer to the Trust
the corresponding Deposit Property, and that upon delivery of such Deposit Property to the Custodian and/or the relevant sub-
custodian in accordance with the Procedures, the Trust will acquire good and unencumbered title to such property, free and clear
of all liens, charges, duties imposed on the transfer of assets and encumbrances and not subject to any adverse claims or transferability
restrictions, whether arising by operation of law or otherwise; and

 

b.           in
connection with a Redemption Order, the Authorized Participant will have the right and authority to surrender to the Trustee for
redemption the corresponding Shares, and upon such surrender the Trust will acquire good and unencumbered title to such Shares,
free and clear of all liens, charges, duties imposed on the transfer of assets and encumbrances and not subject to any adverse
claims, transferability restrictions (whether arising by operation of law or otherwise), loan, pledge, repurchase or securities
lending agreements or other arrangements which, under such circumstances, would preclude the delivery of such Shares to the Trustee
on the second Business Day following the date of the Redemption Order.

 

    S2-2 

     

    

 

Section
1.08. Certain Payments or Distributions.

 

a.           With respect to any Purchase Order, the Trustee acknowledges and agrees to return to the Authorized Participant or any Authorized
Participant Client for which it is acting any payment, distribution or other amount paid to the Trust in respect of any Deposit
Property transferred to the Trust that, based on the valuation of such Deposit Property at the time of transfer, should have been
paid to the Authorized Participant or any Authorized Participant Client. Likewise, the Authorized Participant acknowledges and
agrees to return to the Trust any payment, distribution or other amount paid to the Authorized Participant or any Authorized Participant
Client in respect of any Deposit Property transferred to the Trust that, based on the valuation of such Deposit Property at the
time of transfer, should have been paid to the Trust.

 

b.           With respect to any Redemption Order, the Authorized Participant on behalf of itself and any Authorized Participant Client acknowledges
and agrees to return to the Trust any payment, distribution or other amount paid to it or an Authorized Participant Client in
respect of any property transferred to the Authorized Participant or any Authorized Participant Client that, based on the valuation
of such property at the time of transfer, should have been paid to the Trust. The Trustee is entitled to reduce the amount of
any property due to the Authorized Participant or any Authorized Participant Client by an amount equal to any payment, distribution
or other sum to be paid to the Authorized Participant or to the Authorized Participant Client in respect of any property transferred
to the Authorized Participant or any Authorized Participant Client that, based on the valuation of such property at the time of
transfer, should be paid to the Trust. If, however, the Trustee so reduces an amount of any property appropriately due to the
Authorized Participant, the Authorized Participant shall not be required to return to the Trust payments, distributions or other
amounts equal to such reduction that has been paid to the Authorized Participant or the Authorized Participant Client as is contemplated
in the first sentence of this Section 1.08(b). Likewise, the Trust acknowledges and agrees to return to the Authorized Participant
or any Authorized Participant Client any payment, distribution or other amount paid to it in respect of any Shares transferred
to the Trust that, based on the valuation of such Shares at the time of transfer, should have been paid to the Authorized Participant
or such Authorized Participant Client.

 

Section
1.09. Ambiguous Instructions. In the event that a Purchase Order or Redemption Order contains terms that differ from the
information provided in the related telephone call or email transmission, the Trustee will attempt to contact the Authorized Participant
to request confirmation of the terms of the order at the telephone number indicated in the Purchase Order or Redemption Order.
If an Authorized Representative confirms the terms as they appear in the Purchase Order or Redemption Order, then the order will
be accepted and processed. If an Authorized Representative contradicts the terms of the Purchase Order or Redemption Order, the
order will be deemed invalid, and a corrected Purchase Order or Redemption Order must be received by the Trustee not later than
the earlier of (i) within fifteen (15) minutes of such contact with the Authorized Representative or (ii) thirty (30) minutes
after the Order Cutoff Time. For the avoidance of doubt, notwithstanding the invalidation of the initial Purchase Order or Redemption
Order pursuant to this paragraph, a Purchase Order or Redemption Order that is otherwise in proper form shall be deemed submitted
at the time of its initial submission for purposes of determining when orders are deemed “received.” If the Trustee
is not able to contact an Authorized Person, then the Purchase Order or Redemption Order shall be accepted and processed in accordance
with its terms notwithstanding any inconsistency from the terms of the telephone information. In the event that a Purchase Order
or Redemption Order contains terms that are illegible, the submission will be deemed invalid and the Trustee will attempt to contact
the Authorized Participant to request retransmission. A corrected Purchase Order or Redemption Order must be received by the Trustee,
as applicable, not later than the earlier of (i) within fifteen (15) minutes of such contact with the Authorized Participant or
(ii) thirty (30) minutes after the Order Cutoff Time.

 

    S2-3 

     

    

 

ARTICLE
II

 

AUTHORIZED REPRESENTATIVES

 

Section
2.01. Certification. Concurrently with the execution of the Authorized Participant Agreement, the Authorized Participant
shall deliver to the Trustee a certificate in a form as attached at Schedule 3-A to the Authorized Participant Agreement (an “Authorized
Representative Certificate”) signed by the Authorized Participant’s Secretary or other duly authorized person
setting forth the names, signatures, e-mail addresses and telephone and facsimile numbers of all persons authorized to give instructions
relating to any activity contemplated hereby or any other notice, request or instruction on behalf of the Authorized Participant
(each an “Authorized Representative”). Such certificate may be accepted and relied upon by the Trustee as conclusive
evidence of the facts set forth therein and shall be considered to be in full force and effect until (i) receipt by the Trustee
of a superseding Authorized Representative Certificate, or (ii) termination of the Authorized Participant Agreement. After such
Authorized Representative Certificate is accepted by the Trustee, the Authorized Participant may authorize additional Authorized
Representatives to give instructions relating to any activity contemplated hereby or any other notice, request or instruction
on behalf of the Authorized Participant by delivering to the Trustee an addendum to the certificate described above in a form
as attached at Schedule 3-B to the Authorized Participant Agreement.

 

Section
2.02. PIN Numbers. The Trustee shall issue to each Authorized Participant a unique personal identification number (“PIN
Number”) by which such Authorized Participant shall be identified and instructions issued by the Authorized Participant
shall be authenticated. The PIN Number shall be kept confidential and only provided to Authorized Representatives. The Authorized
Participant may revoke the PIN Number at any time upon written notice to the Trustee, and the Authorized Participant shall be
responsible for doing so in the event that it becomes aware that an unauthorized person has received access to its PIN Number
or has or intends to use the PIN Number in an unauthorized manner. Upon receipt of such written request, the Trustee shall, as
promptly as practicable, de-activate the PIN Number. If an Authorized Participant’s PIN Number is changed, the new PIN Number
will become effective on a date mutually agreed upon by the Authorized Participant and the Trustee. Except as otherwise provided
in these Standard Terms, the Authorized Participant agrees that, absent the Trustee’s fraud, gross negligence, bad faith
or reckless or willful misconduct in failing to cancel the PIN Number promptly following a written request to do so from the Authorized
Participant or the termination of the Authorized Participant Agreement, none of the Trust or the Trustee shall be liable for losses
incurred by the Authorized Participant as a result of unauthorized use of the Authorized Participant’s PIN Number prior
to the time when the Authorized Participant provides notice to the Trustee of the termination or revocation of authority pursuant
to Section 2.03 and the Trustee has de-activated the PIN Number as provided for in this paragraph.

 

    S2-4 

     

    

 

Section
2.03. Termination of Authority. Upon the termination or revocation of authority of an Authorized Representative by the
Authorized Participant, the Authorized Participant shall (i) give, as promptly as practicable under the circumstances, written
notice of such fact to the Trustee and such notice shall be effective upon receipt by the Trustee; and (ii) request a new PIN
Number. The Trustee shall, as promptly as practicable, de-activate the PIN Number upon receipt of such written notice.

 

Section
2.04. Verification. The Trustee may assume that all instructions issued to it using the Authorized Participant’s
PIN Number have been properly placed by Authorized Representatives, unless the Trustee has actual knowledge to the contrary or
the Authorized Participant has revoked its PIN Number. The Trustee shall have no duty to verify that an Order is being placed
by an Authorized Representative that uses a valid PIN Number. The Authorized Participant agrees that the Trustee shall not be
responsible, absent the Trustee’s fraud, gross negligence, bad faith or reckless or willful misconduct, for any losses incurred
by the Authorized Participant as a result of an Authorized Representative identifying himself or herself as a different Authorized
Representative or an unauthorized person identifying himself or herself as an Authorized Representative, unless the Trustee previously
received from the Authorized Participant written notice to revoke its PIN Number.

 

ARTICLE
III

 

STATUS
OF THE AUTHORIZED PARTICIPANT

 

Section
3.01. Clearing Status. The Authorized Participant represents, covenants and warrants that, as of the date of execution
of the Authorized Participant Agreement, and at all times during the term of the Authorized Participant Agreement, the Authorized
Participant is and will be entitled to use the clearing and settlement services of each of the national or international clearing
and settlement organizations through which, in compliance with the Procedures, the transactions contemplated hereby will clear
and settle. Any change in the foregoing status of the Authorized Participant shall terminate the Authorized Participant Agreement
and the Authorized Participant shall give prompt written notice thereof to the Trustee.

 

Section
3.02. Broker-Dealer Status. The Authorized Participant represents and warrants that, if required under U.S. law, it is
(i) registered as a broker-dealer under the Securities Exchange Act of 1934, as amended, (ii) qualified to act as a broker or
dealer in the states or other jurisdictions where it transacts business to the extent so required by applicable law, and (iii)
a member in good standing with FINRA. The Authorized Participant agrees that it will maintain such registrations, qualifications,
and membership in good standing and in full force and effect throughout the term of the Authorized Participant Agreement. The
Authorized Participant further agrees to comply with all applicable U.S. federal laws, the laws of the states or other jurisdictions
concerned, and the rules and regulations promulgated thereunder, to the extent such laws and regulations are applicable to the
Authorized Participant’s transactions in Shares, and with the FINRA By-Laws and Conduct Rules of the NASD (or with comparable
FINRA Conduct Rules, if such NASD Conduct Rules are subsequently repealed, rescinded, or are otherwise replaced by FINRA Conduct
Rules) to the extent the foregoing relates to the Authorized Participant’s transactions in, and activities with respect
to, Shares, and that it will not offer or sell Shares in any state or jurisdiction where they may not lawfully be offered and/or
sold.

 

    S2-5 

     

    

 

Section
3.03. Foreign Status. If the Authorized Participant is offering and selling Shares in jurisdictions outside the several
states, territories and possessions of the United States and is not otherwise required to be registered, qualified, or a member
of FINRA as set forth in the preceding paragraph, the Authorized Participant nevertheless agrees to observe the applicable laws
of the jurisdiction in which such offer and/or sale is made and to conduct its business in accordance with the FINRA Conduct Rules,
to the extent the foregoing relates to the Authorized Participant’s transactions in, and activities with respect to, Shares.

 

Section
3.04. Compliance with Certain Laws. If the Authorized Participant is subject to the requirements of the Uniting and Strengthening
America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (the “U.S.A. PATRIOT
Act”), the Authorized Participant has policies and procedures reasonably designed to comply with the anti- money laundering
and related provisions of the U.S.A. PATRIOT Act.

 

Section
3.05. Authorized Participant Status. The Authorized Participant understands and acknowledges that the method by which Baskets
of Shares will be created and traded may raise certain issues under applicable securities laws. For example, because new Baskets
of Shares may be issued and sold by the Trust on an ongoing basis, at any point a “distribution”, as such term is
used in the 1933 Act, may occur.

 

ARTICLE
IV

 

ROLE
OF AUTHORIZED PARTICIPANT

 

Section
4.01. No Agency. The Authorized Participant acknowledges and agrees that for all purposes of the Authorized Participant
Agreement, the Authorized Participant will have no authority to act as agent for the Trust or the Trustee in any matter or in
any respect. The Authorized Participant agrees to make itself and its employees available, upon reasonable request, during normal
business hours to consult with the Trustee, the Sponsor or their designees concerning the performance of the Authorized Participant’s
responsibilities under the Authorized Participant Agreement; provided, however, that the Authorized Participant shall be
under no obligation to divulge or otherwise disclose any information that the Authorized Participant reasonably believes (i) the
disclosure of which to third parties is in violation of any applicable law or regulation or is otherwise prohibited, or (ii) is
confidential or proprietary in nature.

 

Section
4.02. Rights and Obligations of DTC Participant. The Authorized Participant, as a DTC Participant, agrees that it shall
be bound by all of the obligations of a DTC Participant in addition to any obligations that it undertakes hereunder or in accordance
with the Procedures.

 

Section
4.03. Beneficial Owner Communications. The Authorized Participant agrees (i) subject to any limitations arising under federal
or state securities laws relating to privacy, its internal privacy policies, or other obligations it may have to its customers,
to assist the Trustee or the Sponsor in determining certain information regarding sales of Shares made by or through the Authorized
Participant (including, without limitation, the ownership level of each beneficial owner relating to positions in Shares that
the Authorized Participant may hold as record holder) upon the request of the Trustee or the Sponsor that is necessary for the
Trustee or Sponsor to comply with their obligations to distribute information to beneficial owners of Shares under applicable
state or federal securities laws or (ii) in lieu thereof, and at the option of the Authorized Participant, to forward to such
beneficial owners written materials and communications received from the Sponsor or the Trustee in sufficient quantities to allow
mailing thereof to such beneficial owners, including notices, annual reports, disclosure or other informational materials and
any amendments or supplements thereto that may be required to be sent by the Sponsor or the Trustee to such beneficial owners
pursuant applicable law or regulation or otherwise, or that the Sponsor or the Trustee reasonably wishes to distribute to such
beneficial owners, in each case at the expense of the Sponsor and/or the Trust.

 

    S2-6 

     

    

 

Section
4.04. Authorized Participant Customer Information. The Sponsor and the Trustee agree that the names and addresses and other
information concerning the Authorized Participant’s customers are and shall remain the sole property of the Authorized Participant,
and none of the Sponsor, the Trust, or the Trustee, or any of their respective affiliates shall use such names, addresses or other
information for any purpose except in connection with the performance of their duties and responsibilities under the Authorized
Participant Agreement, the Procedures, the Standard Terms and the applicable Prospectus and except for servicing and informational
mailings related to the Trust(s) referred to in Section 4.03 above.

 

ARTICLE
V

 

MARKETING
MATERIALS AND REPRESENTATIONS AND WARRANTIES

 

Section
5.01. Authorized Participant’s Representation. The Authorized Participant represents, warrants and agrees that, in
connection with any sale or solicitation of a sale of Shares, it will not make, or permit any of its representatives to make on
its behalf, any representations concerning Shares other than those not inconsistent with the Trust’s then current Prospectus
or any promotional materials or sales literature furnished to the Authorized Participant by the Sponsor. The Authorized Participant
agrees not to furnish or cause to be furnished to any person or display or publish any information or materials relating to Shares
(excluding, without limitation, promotional materials and sales literature, advertisements, press releases, announcements, statements,
posters, signs or other similar materials not inconsistent with the Trust’s then current Prospectus and in accordance with
applicable laws and regulations, and any materials prepared and used for the Authorized Participant’s internal use only
or brokerage communications prepared by the Authorized Participant in the normal course of its business), except such information
and materials as may be furnished to the Authorized Participant by the Sponsor and such other information and materials as may
be approved in writing by the Sponsor. The Authorized Participant understands that the Trust will not be advertised as offering
redeemable securities, and that any advertising materials will prominently disclose that the Shares are not redeemable units of
beneficial interest in the Trust. Notwithstanding the foregoing, the Authorized Participant and its Affiliates and representatives
may, without the approval of the Sponsor, prepare and circulate in the regular course of their respective businesses, research,
reports, marketing materials, sales literature or similar materials that include information, opinions or recommendations relating
to Shares (i) for public dissemination, provided that such reports, research, marketing materials, sales literature or other similar
materials comply with applicable FINRA rules and (ii) for internal use by the Authorized Participant and its Affiliates and representatives.

 

    S2-7 

     

    

 

Section
5.02. Prospectus. The Sponsor will provide, or cause to be provided, to the Authorized Participant copies of the then current
Prospectus and any printed supplemental information in reasonable quantities upon request. The Sponsor will, as promptly as practicable
under the circumstances, notify the Authorized Participant when a revised, supplemented or amended Prospectus for the Shares is
available, and deliver or otherwise make available to the Authorized Participant copies of such revised, supplemented or amended
Prospectus at such time and in such quantities as may be reasonable to permit the Authorized Participant to comply with any obligation
the Authorized Participant may have to deliver such Prospectus to its customers. The Sponsor will make such revised, supplemented
or amended Prospectus available to the Authorized Participant no later than its effective date. The Sponsor shall be deemed to
have complied with this Section 5.02 when the Authorized Participant has received such revised, supplemented or amended Prospectus
by e-mail, in printable form, with such number of hard copies as may be agreed from time to time by the parties promptly thereafter

 

ARTICLE
VI

 

INDEMNIFICATION; LIMITATION OF LIABILITY

 

Section
6.01. Indemnification. The provisions of this Section 6.01 shall survive termination of the Agreement.

 

a.           The
Authorized Participant shall indemnify and hold harmless the Sponsor, in its capacity as sponsor of the applicable Trust, the
Trustee, the Trust and their respective Affiliates, subsidiaries, directors, officers, employees and agents, and each person,
if any, who controls such persons within the meaning of Section 15 of the 1933 Act (each an “AP Indemnified Party”)
from and against any direct loss, liability, cost and expense (including reasonable attorneys’ fees) incurred by such AP
Indemnified Party as a result of (i) any material breach by the Authorized Participant of any provision of the Authorized Participant
Agreement that relates to the Authorized Participant; (ii) any material failure on the part of the Authorized Participant to perform
any of its obligations set forth in the Authorized Participant Agreement applicable to it; (iii) any material failure by the Authorized
Participant to comply in all material respects with applicable laws, including rules and regulations of self-regulatory organizations
to the extent such laws, rules and regulations are applicable to the transactions being undertaken pursuant to the Authorized
Participant Agreement; or (iv) actions of such AP Indemnified Party pursuant to any instructions issued in accordance with the
relevant Prospectus, Authorized Participant Agreement, the Procedures, or the Standard Terms reasonably believed by the AP Indemnified
Party to be genuine and to have been given by the Authorized Participant except to the extent that the Authorized Participant
had previously revoked a PIN Number used in giving such instructions or representations (where applicable) and such revocation
was given by the Authorized Participant and received by the Trustee in accordance with the terms of Section 2.03 hereto. The Authorized
Participant shall not be liable under its indemnity agreement contained in this paragraph with respect to any claim made against
any AP Indemnified Party unless the AP Indemnified Party shall have notified the Authorized Participant in writing of the claim
within a reasonable time after the summons or other first written notification giving information of the nature of the claim was
served upon the AP Indemnified Party (or after the AP Indemnified Party shall have received notice of service on any designated
agent). However, failure to notify the Authorized Participant of any claim shall not relieve the Authorized Participant from any
liability which it may have to any AP Indemnified Party against whom such action is brought otherwise than on account of its indemnity
agreement contained in this paragraph and shall only release it from such liability under this paragraph to the extent it has
been materially prejudiced by such failure to give notice. The Authorized Participant shall be entitled to participate at its
own expense in the defense, or, if it so elects, to assume the defense of any suit brought to enforce any claims, but if the Authorized
Participant elects to assume the defense, the defense shall be conducted by counsel chosen by it and satisfactory to the AP Indemnified
Parties in the suit and who shall not, except with consent of the AP Indemnified Parties, be counsel to the Authorized Participant.
If the Authorized Participant does not elect to assume the defense of any suit, it will reimburse the AP Indemnified Parties in
the suit for the reasonable fees and expenses of any counsel retained by them. The Authorized Participant shall not be liable
to the AP Indemnified Party for any damages arising out of mistakes or errors in data provided to the Authorized Participant,
or mistakes or errors by, or out of interruptions or delays of communications with the AP Indemnified Parties due to any action
of a service provider to the Trust.

 

    S2-8 

     

    

 

b.           The Sponsor hereby agrees to indemnify and hold harmless the Authorized Participant, its Affiliates, subsidiaries, directors,
officers, employees and agents, and each person, if any, who controls such persons within the meaning of Section 15 of the 1933
Act (each a “Sponsor Indemnified Party”) from and against any loss, liability, cost and expense (including
reasonable attorneys' fees) incurred by such Sponsor Indemnified Party as a result of (i) any breach by the Sponsor of any provision
of the Authorized Participant Agreement that relates to the Sponsor; (ii) any failure on the part of the Sponsor to perform any
of its obligations set forth in the Authorized Participant Agreement applicable to it; (iii) any failure on the part of the Sponsor
to comply in all material respects with applicable laws, including rules and regulations of self-regulatory organizations to the
extent such laws, rules and regulations are applicable to the transactions being undertaken pursuant to the Authorized Participant
Agreement; (iv) actions of such Sponsor Indemnified Party pursuant to any instructions issued or representations made in accordance
with the relevant Prospectus, Authorized Participant Agreement, the Procedures, or the Standard Terms reasonably believed by the
Sponsor Indemnified Party to be genuine and to have been given by the Sponsor; or (v) any untrue statements or omissions made
in any promotional material or sales literature furnished to the Authorized Participant by the Sponsor or otherwise approved in
writing by the Sponsor. The Sponsor shall not be liable under its indemnity agreement contained in this paragraph with respect
to any claim made against any Sponsor Indemnified Party unless the Sponsor Indemnified Party shall have notified the Sponsor in
writing of the claim within a reasonable time after the summons or other first written notification giving information of the
nature of the claim shall have been served upon the Sponsor Indemnified Party (or after the Sponsor Indemnified Party shall have
received notice of service on any designated agent). However, failure to notify the Sponsor of any claim shall not relieve the
Sponsor from any liability which it may have to any Sponsor Indemnified Party against whom such action is brought otherwise than
on account of its indemnity agreement contained in this paragraph and shall only release it from such liability under this paragraph
to the extent it has been materially prejudiced by such failure to give notice. The Sponsor shall be entitled to participate at
its own expense in the defense, or, if it so elects, to assume the defense of any suit brought to enforce any claims, but if the
Sponsor elects to assume the defense, the defense shall be conducted by counsel chosen by it and satisfactory to the Sponsor Indemnified
Parties in the suit and who shall not, except with the consent of the Sponsor Indemnified Parties, be counsel to the Sponsor.
If the Sponsor does not elect to assume the defense of any suit, it will reimburse the Sponsor Indemnified Parties in the suit
for the reasonable fees and expenses of any counsel retained by them.

 

    S2-9 

     

    

 

c.           No indemnifying party, as described in paragraphs (a) and (b) above, shall, without the written consent of the AP Indemnified
Party or the Sponsor Indemnified Party, as the case may be, effect the settlement or compromise of, or consent to the entry of
any judgment with respect to, any pending or threatened action or claim in respect of which indemnification may be sought hereunder
(whether or not the indemnified party is an actual or potential party to such action or claim) unless such settlement, compromise
or judgment (i) includes an unconditional release of the AP Indemnified Party or Sponsor Indemnified Party, as the case may be,
from all liability arising out of such action or claim and (ii) does not include a statement as to or an admission of fault, culpability
or a failure to act, by or on behalf of any AP Indemnified Party or Sponsor Indemnified Party, as the case may be.

 

d.           The Authorized Participant shall not be liable to any AP Indemnified Party for any damages arising out of (i) mistakes or errors
in data provided in connection with purchase or redemption transactions except for data provided by the Authorized Participant,
or (ii) mistakes or errors by, or arising out of interruptions or delays of communications with, the Trustee or any AP Indemnified
Party.

 

e.           The indemnification provided for in Section 6.01(a) shall not apply to the extent any such losses, liabilities, damages, costs
and expenses are incurred as a result of any fraud, gross negligence, bad faith or reckless or willful misconduct on the part
of an AP Indemnified Party. The indemnification provided for in Section 6.01(b) shall not apply to the extent any such losses,
liabilities, damages, costs and expenses are incurred as a result of any fraud, gross negligence, bad faith or reckless or willful
misconduct on the part of a Sponsor Indemnified Party.

 

f.           The indemnity agreements contained in this Section 6.01 shall remain in full force and effect and shall survive any termination
of this Agreement. The Sponsor and the Authorized Participant agree promptly to notify each other of the commencement of any Proceeding
against it and against any of their officers or directors in connection with the issuance and sale of the Shares or in connection
with the registration statement or the relevant Prospectus.

 

ARTICLE
VII

 

MISCELLANEOUS

 

Section
7.01. Commencement of Trading. The Authorized Participant may not submit an Order prior to the effectiveness of the registration
statement, or amendment to the registration statement, filed with the Securities and Exchange Commission and pursuant to which
the Authorized Participant is identified as such in the relevant Prospectus.

 

[Signatures
Follow on Next Page]

 

    S2-10 

     

    

 

IN
WITNESS WHEREOF, the Sponsor and the Trustee have executed these Second Amended and Restated Standard Terms as of the date
set forth above.

 

THE
BANK OF NEW YORK MELLON, in its capacity as Trustee

 

	By:	/s/
    Phyllis A. Cietek	 
	Name: Phyllis A. Cietek	 
	Title: Vice President	 

 

ABERDEEN
STANDARD INVESTMENTS ETFs SPONSOR LLC, in its capacity as Sponsor

 

	By:	/s/
    Lucia Sitar	 
	Name: Lucia Sitar	 
	Title: Vice President	 

 

[Second
Amended and Restated Standard Terms Signature Page]

 

    S2-11 

     

    

 

SCHEDULE
3-A : AUTHORIZED REPRESENTATIVES OF THE AUTHORIZED PARTICIPANT

 

Certificate
of Authorized Representatives of the Authorized Participant

 

The
following are the names, titles, signatures, phone numbers, and email addresses of all persons (each, an “Authorized Representative”)
authorized to give instructions relating to any activity contemplated by the Authorized Participant Agreement between [AUTHORIZED
PARTICIPANT], The Bank of New York Mellon and Aberdeen Standard Investments ETFs Sponsor LLC dated [DATE] (the “Agreement”)
or any other notice, request or instruction on behalf of the Authorized Participant pursuant to the Agreement.

 

	Name:	 	 	Name:	 	 
	Title:	 	 	Title:	 	 
	 	 	 	 	 	 
	Signature:	 	 	Signature:	 	 
	Phone:	 	 	Phone:	 	 
	Email:	 	 	Email:	 	 

 

	Name:	 	 	Name:	 	 
	Title:	 	 	Title:	 	 
	 	 	 	 	 	 
	Signature:	 	 	Signature:	 	 
	Phone:	 	 	Phone:	 	 
	Email:	 	 	Email:	 	 

 

	Name:	 	 	Name:	 	 
	Title:	 	 	Title:	 	 
	 	 	 	 	 	 
	Signature:	 	 	Signature:	 	 
	Phone:	 	 	Phone:	 	 
	Email:	 	 	Email:	 	 

 

The
undersigned, [AP’S AUTHORIZED SIGNATORY], does hereby certify that the persons listed above have been duly authorized to
act as Authorized Representatives pursuant to the Authorized Participant Agreement.

 

	By:	                         	 
	Name:	 
	Title:	 
	Date:	 

 

    S3-1 

     

    

 

SCHEDULE
3-B : ADDENDUM TO CERTIFICATE OF AUTHORIZED 

REPRESENTATIVES OF THE AUTHORIZED PARTICIPANT

 

[On
AP’s Firm Letterhead]

 

[DATE]

Attn:
Jarvis Joseph 

The
Bank of New York Mellon 

2
Hanson Place — Floor 9th 

Brooklyn,
NY 11217 

New
York

 

		Re:	Addendum
to the Certificate of Authorized Representatives for [AUTHORIZED PARTICIPANT] under the Authorized Participant Agreement for the
relevant Trusts sponsored by Aberdeen Standard Investments ETFs Sponsor LLC dated [DATE] (the “Agreement”)

 

Ladies
and Gentlemen:

 

Pursuant
to the Agreement, the following are the names, titles, signatures, phone numbers, and email addresses of additional Authorized
Representatives of [AUTHORIZED PARTICIPANT] (the “AP”) authorized to give instructions relating to any activity contemplated
by the Agreement or any other notice, request or instruction on behalf of the AP pursuant to the Agreement. This list of Authorized
Representatives is an addendum and adds further Authorized Representatives to the AP’s most recently executed certificate
(entitled “Certificate of Authorized Representatives of the Authorized Participant”).

 

	Name:	 	 	Name:	 	 
	Title:	 	 	Title:	 	 
	 	 	 	 	 	 
	Signature:	 	 	Signature:	 	 
	Phone:	 	 	Phone:	 	 
	Email:	 	 	Email:	 	 

 

	Name:	 	 	Name:	 	 
	Title:	 	 	Title:	 	 
	 	 	 	 	 	 
	Signature:	 	 	Signature:	 	 
	Phone:	 	 	Phone:	 	 
	Email:	 	 	Email:	 	 

 

Please
provide PIN numbers for those listed above.

 

The
undersigned, [AP’S AUTHORIZED SIGNATORY], does hereby certify that the persons listed above have been duly authorized to
act as Authorized Representatives pursuant to the Authorized Participant Agreement.

 

	By:	         	 
	Name:	 
	Title:	 
	Date:	 

 

    S3-2Exhibit 10.1

 

 

	Amended and Restated

                         Revolving Line of Credit Note

                         (Daily BSBY)
	

 

 

	$5,000,000.00	 	January 4, 2022

 

 

FOR VALUE RECEIVED, ‌NORTHERN
TECHNOLOGIES INTERNATIONAL CORPORATION (the “Borrower”), with an address at 4201 WOODLAND ROAD, CIRCLE PINES, MINNESOTA
55014-1794, promises to pay to the order of PNC BANK, NATIONAL ASSOCIATION (the “Bank”), in lawful money of
the United States of America in immediately available funds at its offices located at 1900 E 9TH ST, CLEVELAND, OHIO 44114, or at such
other location as the Bank may designate from time to time, the principal sum of $5,000,000.00 (the “Facility”)
or such lesser amount as may be advanced to or for the benefit of the Borrower hereunder, together with interest accruing on the outstanding
principal balance from the date hereof, all as provided below.

 

1.       Revolving
Line of Credit Advances. This Note evidences a revolving line of credit. The Borrower may borrow,
repay and reborrow and the Bank may advance and readvance under this Note from time to time (each an “advance” and together
the “advances”) hereunder until the Expiration Date, subject to the terms and conditions of this Note and the Loan Documents
(as defined herein) in an aggregate amount at any time outstanding not to exceed the Maximum Amount.  The “Maximum
Amount” means: (a) $5,000,000.00 during the period from January 4, 2022 to and including February 22, 2022, and
(b) $3,000,000.00 during the period from February
23, 2022, until the Expiration Date. The “Expiration Date” shall mean January 07, 2023, or such later date as
may be designated by the Bank by written notice from the Bank to the Borrower. The Borrower acknowledges and agrees that in no event will
the Bank be under any obligation to extend or renew the Facility or this Note beyond the Expiration Date. In no event shall the aggregate
unpaid principal amount of advances under this Note exceed the face amount of this Note.

 

2.       Interest
Rate and Payments. Amounts outstanding under this Note will bear interest at a rate per annum which is equal to the sum of (A)
the Daily BSBY Rate (as defined below) plus (B) 250 basis points (2.50%). Accrued interest will be due and payable on the same
day of each month, beginning with the payment due on January 10, 2022. The outstanding principal balance and any accrued but unpaid interest
shall be due and payable on the Expiration Date. In addition, if at any time the
outstanding principal balance of this Note exceeds the Maximum Amount of the Facility in effect on such date, the Borrower shall immediately
be required to repay the principal by the amount necessary to reduce the outstanding principal balance to such Maximum Amount.

 

3.       Certain
Definitions. If the following terms are used in this Note, such terms shall have the meanings set forth below:

 

“Alternate Rate”
shall mean the Base Rate.

 

“Base Rate” shall
mean the higher of (A) the Prime Rate, and (B) the sum of the Overnight Bank Funding Rate plus 50 basis points (0.50%); provided,
however, if the Base Rate as determined above would be less than zero, then such rate shall be deemed to be zero. If and when the
Base Rate as determined above changes, the rate of interest with respect to any amounts hereunder to which the Base Rate applies will
change automatically without notice to the Borrower, effective on the date of any such change.

 

     

     

    

“Bloomberg” shall
mean Bloomberg Index Services Limited (or a successor administrator).

 

“BSBY” shall mean
the Bloomberg Short-Term Bank Yield Index rate administered by Bloomberg and published by Bloomberg or another commercially available
source providing such quotations as may be designated by the Bank from time to time.

 

“BSBY Reserve Percentage”
shall mean, as of any day, the maximum effective percentage in effect on such day, if any, as prescribed by the Board of Governors of
the Federal Reserve System (or any successor) for determining the reserve requirements (including, without limitation, supplemental, marginal
and emergency reserve requirements) with respect to BSBY funding.

 

“Business Day” shall
mean any day other than a Saturday or Sunday or a legal holiday on which commercial banks are authorized or required by law to be closed
for business in Pittsburgh, Pennsylvania; provided that, when used in connection with an amount that bears interest at a rate based
on BSBY or any direct or indirect calculation or determination of BSBY, the term “Business Day” means any such day that is
also a U.S. Government Securities Business Day.

 

“Daily BSBY Rate”
shall mean, for any day, the rate per annum determined by the Bank by dividing (the resulting quotient rounded upwards, at the Bank’s
discretion, to the nearest 1/100th of 1%) (A) the Published Rate for such day, by (B) a number equal to 1.00 minus the BSBY
Reserve Percentage; provided, however, if the Daily BSBY Rate determined as provided above would be less than the Floor,
then such rate shall be deemed to be the Floor. The rate of interest will be adjusted automatically as of each Business Day based on changes
in the Daily BSBY Rate without notice to the Borrower.

 

“Default Rate” shall
mean the rate per annum equal to the lesser of (A) the sum of 3% plus the interest rate otherwise in effect from time to time under
this Note and (B) the Maximum Rate.

 

“Floor” means a rate
of interest per annum equal to 50 basis points (0.50%) or, if the preceding blanks are not completed, then zero.

 

“Maximum Rate” shall
mean the maximum rate of interest allowed by applicable law.

 

“NYFRB” shall mean
the Federal Reserve Bank of New York.

 

“Overnight Bank Funding Rate”
shall mean, for any day, the rate comprised of both overnight federal funds and overnight Eurocurrency borrowings by U.S.-managed banking
offices of depository institutions, as such composite rate shall be determined by the NYFRB, as set forth on its public website from time
to time, and as published on the next succeeding Business Day as the overnight bank funding rate by the NYFRB (or by such other recognized
electronic source (such as Bloomberg) selected by the Bank for the purpose of displaying such rate); provided, that if such day is not
a Business Day, the Overnight Bank Funding Rate for such day shall be such rate on the immediately preceding Business Day; provided, further,
that if such rate shall at any time, for any reason, no longer exist, a comparable replacement rate determined by the Bank at such time
(which determination shall be conclusive absent manifest error). If the Overnight Bank Funding Rate determined as above would be less
than zero, then such rate shall be deemed to be zero. The rate of interest charged shall be adjusted as of each Business Day based on
changes in the Overnight Bank Funding Rate without notice to the Borrower.

 

     

     

    

“Prime Rate” shall
mean the rate publicly announced by the Bank from time to time as its prime rate. The Prime Rate is determined from time to time by the
Bank as a means of pricing some loans to its borrowers. The Prime Rate is not tied to any external rate of interest or index and does
not necessarily reflect the lowest rate of interest actually charged by the Bank to any particular class or category of customers.

 

“Published Rate”
shall mean the one-month Bloomberg Short-Term Bank Yield Index rate administered by Bloomberg and published by Bloomberg or another commercially
available source providing such quotations as may be designated by the Bank from time to time.

 

“U.S. Government Securities
Business Day” means any day except for (A) a Saturday or Sunday or (B) a day on which the Securities Industry and Financial
Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in
United States government securities.

 

4.       Advance
Procedures. If permitted by the Bank, a request for advance may be made by telephone or electronic mail, or delivered in accordance
with the Bank’s security procedures through any automated platform or electronic service provided by the Bank, with such confirmation
or verification (if any) as the Bank may require in its discretion from time to time. A request for advance by any Borrower shall be binding
upon Borrower, jointly and severally. The Borrower authorizes the Bank to accept telephonic, email, automated and electronic requests
for advances, and the Bank shall be entitled to rely upon the authority of any person providing such instructions. The Borrower hereby
indemnifies and holds the Bank harmless from and against any and all damages, losses, liabilities, costs and expenses (including reasonable
attorneys’ fees and expenses) which may arise or be created by the acceptance of such telephonic, email, automated and electronic
requests or by the making of such advances. The Bank will enter on its books and records, which entry when made will be presumed correct,
the date and amount of each advance, as well as the date and amount of each payment made by the Borrower.

 

5.       Interest
Calculation; Maximum Rate. Interest will be calculated based on the actual number of days that principal is outstanding over a
year of 360 days. In no event will the rate of interest hereunder exceed the Maximum Rate. Regardless of any other provision of this Note
or the other Loan Documents, if for any reason the effective interest rate should exceed the Maximum Rate, the effective interest rate
shall be deemed reduced to, and shall be, the Maximum Rate, and (i) the amount which would be excessive interest shall be deemed applied
to the reduction of the principal balance of this Note and not to the payment of interest, and (ii) if the loan evidenced by this Note
has been or is thereby paid in full, the excess shall be returned to the party paying same, such application to the principal balance
of this Note or the refunding of such excess to be a complete settlement and acquittance thereof.

 

6.       Benchmark
Replacement Provisions. If the applicable interest rate is based on a
Benchmark (as defined below) and the Bank determines (which determination shall be final and conclusive) that (A) such Benchmark cannot
be determined pursuant to its definition other than as a result of a Benchmark Transition Event (as defined below), or (B) any enactment,
promulgation or adoption of or any change in any applicable law, rule or regulation, or any change in the interpretation or administration
thereof by a governmental authority, central bank or comparable agency charged with the interpretation or administration thereof, or compliance
by the Bank with any guideline, request or directive (whether or not having the force of law) of any such authority, central bank or comparable
agency shall make it unlawful or impossible for the Bank to make or maintain or fund loans based on such Benchmark, then the Bank shall
give notice thereof to the Borrower. Thereafter, until the Bank notifies the Borrower that the circumstances giving rise to such determination
no longer exist, the interest rate for all amounts outstanding under this Note that otherwise would bear interest based on such Benchmark
shall be equal to the Alternate Rate.

 

     

     

    

Notwithstanding anything to the contrary herein
or in any other Loan Document, if the Bank determines (which determination shall be final and conclusive) that a Benchmark Transition
Event has occurred with respect to a Benchmark, the Bank may amend this Note to replace such Benchmark with a Benchmark Replacement (as
defined below); and any such amendment shall be in writing, shall specify the date that the Benchmark Replacement is effective and will
not require any further action or consent of the Borrower. Until the Benchmark Replacement is effective, amounts bearing interest with
reference to a Benchmark will continue to bear interest with reference to such Benchmark as long as such Benchmark is available, and otherwise
such amounts automatically will bear interest at the Alternate Rate. In connection with the implementation and administration of a Benchmark
Replacement, the Bank will have the right to make technical, administrative or operational changes from time to time that the Bank decides
may be appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit the administration thereof by
the Bank in a manner substantially consistent with market practice or as reasonably necessary as determined by the Bank (which
determination shall be final and conclusive) and, notwithstanding anything to the contrary herein or in any other Loan Document,
any amendments implementing such technical, administrative or operational changes will become effective without any further action or
consent of the Borrower. The Bank will promptly notify the Borrower of any such technical, administrative or operational changes.

 

For purposes of this Section, the following terms
have the meanings set forth below:

 

“Benchmark” means,
at any time, any interest rate index then used in the determination of an interest rate under the terms of this Note. Once a Benchmark
Replacement becomes effective under this Note, it is a Benchmark. The initial Benchmark under this Note is the Daily BSBY Rate.

 

“Benchmark Replacement”
means, for any Benchmark, the sum of (a) an alternate benchmark rate and (b) an adjustment (which may be a positive or negative value
or zero), in each case that has been selected by the Bank as the replacement for such Benchmark giving due consideration to any evolving
or then-prevailing market convention, including any applicable recommendations made by the official sector or any official sector-sponsored
committee or working group, for U.S. dollar-denominated credit facilities at such time; provided that, if the Benchmark Replacement
as determined pursuant to the foregoing would be less than the Floor, the Benchmark Replacement will be deemed to be the Floor for the
purposes of this Note and the other Loan Documents.

 

“Benchmark Transition Event”
shall mean a public statement or publication by or on behalf of the administrator of a Benchmark, the regulatory supervisor of such administrator,
the Board of Governors of the Federal Reserve System, NYFRB, an insolvency official or resolution authority with jurisdiction over the
administrator for such Benchmark or a court or an entity with similar insolvency or resolution authority over the administrator for such
Benchmark, announcing or stating that (a) such administrator has ceased or will cease to provide such Benchmark permanently or indefinitely,
provided that at the time of such statement or publication there is no successor administrator that will continue to provide such Benchmark
or (b) such Benchmark is or will no longer be representative.

 

     

     

    

7.       Other
Payment Terms. If any payment under this Note is due on a day of a calendar month for which there is no numerically corresponding
day in certain other months (each, a “Non-Conforming Month”), then the payment in a Non-Conforming Month shall be due
on the last day of such Non-Conforming Month. If any payment under this Note shall become due on a day other than a Business Day, such
payment shall be due on the next succeeding Business Day, except that if such day falls in the next succeeding calendar month and such
payment includes interest based on BSBY, such payment shall be due on the next preceding day that is a Business Day. Interest shall be
computed to, but excluding, the date payment is due. The Borrower hereby authorizes the Bank to charge the Borrower’s deposit account
at the Bank for any payment when due under this Note or any other Loan Document. Payments received will be applied to charges, fees and
expenses (including attorneys’ fees), accrued interest and principal in any order the Bank may choose, in its sole discretion.

 

8.       Late
Payments; Default Rate. If the Borrower fails to make any payment of principal, interest or other amount coming due pursuant to
the provisions of this Note within 15 calendar days of the date due and payable, the Borrower also shall pay to the Bank a late charge
equal to the lesser of 5% of the amount of such payment or $100.00 (the “Late Charge”). Such 15-day period shall not
be construed in any way to extend the due date of any such payment. Upon maturity, whether by acceleration, demand or otherwise, and at
the Bank’s option upon the occurrence of any Event of Default (as hereinafter defined) and during the continuance thereof, amounts
outstanding under this Note shall bear interest at the Default Rate. The Default Rate shall continue to apply whether or not judgment
shall be entered on this Note. Both the Late Charge and the Default Rate are imposed as liquidated damages for the purpose of defraying
the Bank’s expenses incident to the handling of delinquent payments, but are in addition to, and not in lieu of, the Bank’s
exercise of any rights and remedies hereunder, under the other Loan Documents or under applicable law, and any fees and expenses of any
agents or attorneys which the Bank may employ. In addition, the Default Rate reflects the increased credit risk to the Bank of carrying
a loan that is in default. The Borrower agrees that the Late Charge and Default Rate are reasonable forecasts of just compensation for
anticipated and actual harm incurred by the Bank, and that the actual harm incurred by the Bank cannot be estimated with certainty and
without difficulty.

 

9.       Prepayment.
The indebtedness evidenced by this Note may be prepaid in whole or in part at any time without penalty.

 

10.       Increased
Costs; Yield Protection. On written demand, together with written evidence of the justification therefor, the Borrower agrees
to pay the Bank all direct costs incurred, any losses suffered or payments made by the Bank as a result of any Change in Law (hereinafter
defined), imposing any reserve, deposit, allocation of capital or similar requirement (including without limitation, Regulation D of the
Board of Governors of the Federal Reserve System) on the Bank, its holding company or any of their respective assets relative to the Facility.
“Change in Law” means the occurrence, after the date of this Note, of any of the following: (a) the adoption or taking
effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation,
implementation or application thereof by any governmental authority or (c) the making or issuance of any request, rule, guideline or directive
(whether or not having the force of law) by any governmental authority; provided that notwithstanding anything herein to the contrary,
(x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued
in connection therewith and (y) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the
Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities,
in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law”, regardless of the date enacted,
adopted or issued.

 

     

     

    

11.       Other
Loan Documents. This Note is issued in connection with a letter agreement or loan agreement between the Borrower and the Bank,
dated on or before the date hereof, and the other agreements and documents executed and/or delivered in connection therewith or referred
to therein, the terms of which are incorporated herein by reference (as amended, modified or renewed from time to time, collectively the
“Loan Documents”), and is secured by the property (if any) described in the Loan Documents and by any and all mortgages,
security agreements, assignments, loan agreements, pledge agreements and other documents or instruments evidencing a security interest
or other lien in favor of the Bank and delivered by the Borrower or by any third party with reference to indebtedness of the Borrower,
whether such documents were previously or are hereafter executed, and whether given expressly as security for payment of this Note or
generally as security for any and all indebtedness of the Borrower to the Bank. Such documents may be executed contemporaneously with
the execution of this Note, or they may be executed and delivered at another time. Collateral securing other obligations of the Borrower
to the Bank may also secure this Note.

 

12.       Events
of Default. The occurrence of any of the following events will be deemed to be an “Event of Default” under
this Note: (i) the nonpayment of any principal, interest or other indebtedness under this Note when due; (ii) the occurrence of any event
of default or any default and the lapse of any notice or cure period, or any Obligor’s failure to observe or perform any covenant
or other agreement, under or contained in any Loan Document or any other document now or in the future evidencing or securing any debt,
liability or obligation of any Obligor to the Bank; (iii) the filing by or against any Obligor of any proceeding in bankruptcy, receivership,
insolvency, reorganization, liquidation, conservatorship or similar proceeding (and, in the case of any such proceeding instituted against
any Obligor, such proceeding is not dismissed or stayed within 30 days of the commencement thereof, provided that the Bank shall not be
obligated to advance additional funds hereunder during such period); (iv) any assignment by any Obligor for the benefit of creditors,
or any levy, garnishment, attachment or similar proceeding is instituted against any property of any Obligor held by or deposited with
the Bank; (v) a default with respect to any other indebtedness of any Obligor for borrowed money, if the effect of such default is to
cause or permit the acceleration of such debt; (vi) the commencement of any foreclosure or forfeiture proceeding, execution or attachment
against any collateral securing the obligations of any Obligor to the Bank; (vii) the entry of a final judgment against any Obligor and
the failure of such Obligor to discharge the judgment within 10 days of the entry thereof; (viii) any change in any Obligor’s business,
assets, operations, financial condition or results of operations that has or could reasonably be expected to have any material adverse
effect on any Obligor; (ix) any Obligor ceases doing business as a going concern; (x) any representation or warranty made by any Obligor
to the Bank in any Loan Document or any other documents now or in the future evidencing or securing the obligations of any Obligor to
the Bank, is false, erroneous or misleading in any material respect; (xi) if this Note or any guarantee executed by any Obligor is secured,
the failure of any Obligor to provide the Bank with additional collateral if in the Bank’s opinion at any time or times, the market
value of any of the collateral securing this Note or any guarantee has depreciated below that required pursuant to the Loan Documents
or, if no specific value is so required, then in an amount deemed material by the Bank; (xii) the revocation or attempted revocation,
in whole or in part, of any guarantee by any Obligor; or (xiii) the death, incarceration, indictment or legal incompetency of any individual
Obligor or, if any Obligor is a partnership or limited liability company, the death, incarceration, indictment or legal incompetency of
any individual general partner or member. As used herein, the term “Obligor” means any Borrower and any guarantor of,
or any pledgor, mortgagor or other person or entity providing collateral support for, the Borrower’s obligations to the Bank existing
on the date of this Note or arising in the future.

 

Upon the occurrence of an Event of Default: (a)
the Bank shall be under no further obligation to make advances hereunder; (b) if an Event of Default specified in clause (iii) or (iv)
above shall occur, the outstanding principal balance and accrued interest hereunder together with any additional amounts payable hereunder
shall be immediately due and payable without demand or notice of any kind; (c) if any other Event of Default shall occur, the outstanding
principal balance and accrued interest hereunder together with any additional amounts payable hereunder, at the Bank’s option and
without demand or notice of any kind, may be accelerated and become immediately due and payable; (d) at the Bank’s option,
this Note will bear interest at the Default Rate from the date of the occurrence of the Event of Default; and (e) the Bank may exercise
from time to time any of the rights and remedies available under the Loan Documents or under applicable law.

 

     

     

    

13.       Right
of Setoff. In addition to all liens upon and rights of setoff against the Borrower’s money, securities or other property
given to the Bank by law, the Bank shall have, with respect to the Borrower’s obligations to the Bank under this Note and to the
extent permitted by law, a contractual possessory security interest in and a contractual right of setoff against, and the Borrower hereby
grants the Bank a security interest in, and hereby assigns, conveys, delivers, pledges and transfers to the Bank, all of the Borrower’s
right, title and interest in and to, all of the Borrower’s deposits, moneys, securities and other property now or hereafter in the
possession of or on deposit with, or in transit to, the Bank or any other direct or indirect subsidiary of The PNC Financial Services
Group, Inc., whether held in a general or special account or deposit, whether held jointly with someone else, or whether held for safekeeping
or otherwise, excluding, however, all IRA, Keogh, and trust accounts. Every such security interest and right of setoff may be exercised
without demand upon or notice to the Borrower. Every such right of setoff shall be deemed to have been exercised immediately upon the
occurrence of an Event of Default hereunder without any action of the Bank, although the Bank may enter such setoff on its books and records
at a later time.

 

14.       Anti-Money
Laundering/International Trade Law Compliance. The Borrower represents, warrants and covenants to the Bank, as of the date hereof,
the date of each advance of proceeds under the Facility, the date of any renewal, extension or modification of the Facility, and at all
times until the Facility has been terminated and all amounts thereunder have been indefeasibly paid in full, that: (a) no Covered Entity
(i) is a Sanctioned Person; (ii) has any of its assets in a Sanctioned Jurisdiction or in the possession, custody or control of a
Sanctioned Person; or (iii) does business in or with, or derives any of its operating income from investments in or transactions with,
any Sanctioned Jurisdiction or Sanctioned Person; (b) the proceeds of the Facility will not be used to fund any operations in, finance
any investments or activities in, or, make any payments to, a Sanctioned Jurisdiction or Sanctioned Person; (c) the funds used to repay
the Facility are not derived from any unlawful activity; (d) each Covered Entity is in compliance with, and no Covered Entity engages
in any dealings or transactions prohibited by, any laws of the United States, including but not limited to any Anti-Terrorism Laws; and
(e) no Collateral is or will become Embargoed Property. The Borrower covenants and agrees that (a) it shall immediately notify the Bank
in writing upon the occurrence of a Reportable Compliance Event; and (b) if, at any time, any Collateral becomes Embargoed Property, in
addition to all other rights and remedies available to the Bank, upon request by the Bank, the Borrower shall provide substitute Collateral
acceptable to the Bank that is not Embargoed Property.

 

As used herein: “Anti-Terrorism Laws”
means any laws relating to terrorism, trade sanctions programs and embargoes, import/export licensing, money laundering, or bribery, all
as amended, supplemented or replaced from time to time; “Collateral” means any collateral securing any debt, liabilities
or other obligations of any Obligor to the Bank; “Compliance Authority” means each and all of the (a) U.S. Treasury
Department/Office of Foreign Assets Control, (b) U.S. Treasury Department/Financial Crimes Enforcement Network, (c) U.S. State Department/Directorate
of Defense Trade Controls, (d) U.S. Commerce Department/Bureau of Industry and Security, (e) U.S. Internal Revenue Service, (f) U.S. Justice
Department, and (g) U.S. Securities and Exchange Commission; “Covered Entity” means the Borrower, its affiliates and
subsidiaries, all guarantors, pledgors of collateral, all owners of the foregoing, and all brokers or other agents of the Borrower acting
in any capacity in connection with the Facility; “Embargoed Property” means any property (a) in which a Sanctioned
Person holds an interest; (b) beneficially owned, directly or indirectly, by a Sanctioned Person; (c) that is due to or from a Sanctioned
Person; (d) that is located in a Sanctioned Jurisdiction; or (e) that would otherwise cause any actual or possible violation by the Bank
of any applicable Anti-Terrorism Law if the Bank were to obtain an encumbrance on, lien on, pledge of or security interest in such property
or provide services in consideration of such property; “Reportable Compliance Event” means (1) any Covered Entity becomes
a Sanctioned Person, or is indicted, arraigned, investigated or custodially detained, or receives an inquiry from regulatory or law enforcement
officials, in connection with any Anti-Terrorism Law or any predicate crime to any Anti-Terrorism Law, or self-discovers facts or circumstances
implicating any aspect of its operations with the actual or possible violation of any Anti-Terrorism Law; (2) any Covered Entity engages
in a transaction that has caused or may cause the Bank to be in violation of any Anti-Terrorism Laws, including a Covered Entity’s
use of any proceeds of the Facility to fund any operations in, finance any investments or activities in, or, make any payments to, directly
or indirectly, a Sanctioned Jurisdiction or Sanctioned Person; or (3) any Collateral becomes Embargoed Property; “Sanctioned
Jurisdiction” means a country subject to a sanctions program maintained by any Compliance Authority; and “Sanctioned
Person” means any individual person, group, regime, entity or thing listed or otherwise recognized as a specially designated,
prohibited, sanctioned or debarred person or entity, or subject to any limitations or prohibitions (including but not limited to the blocking
of property or rejection of transactions), under any order or directive of any Compliance Authority or otherwise subject to, or specially
designated under, any sanctions program maintained by any Compliance Authority.

 

     

     

    

15.       Indemnity.
The Borrower agrees to indemnify each of the Bank, each legal entity, if any, who controls, is controlled by or is under common control
with the Bank, and each of their respective directors, officers and employees (the “Indemnified Parties”), and to defend
and hold each Indemnified Party harmless from and against any and all claims, damages, losses, liabilities and expenses (including all
fees and charges of internal or external counsel with whom any Indemnified Party may consult and all expenses of litigation and preparation
therefor) (each, a “Claim”) which any Indemnified Party may incur or which may be asserted against any Indemnified
Party by any person, entity or governmental authority (including any person or entity claiming derivatively on behalf of the Borrower),
in connection with or arising out of or relating to the matters referred to in this Note or in the other Loan Documents or the use of
any advance hereunder, whether (a) arising from or incurred in connection with any breach of a representation, warranty or covenant by
the Borrower, or (b) arising out of or resulting from any suit, action, claim, proceeding or governmental investigation, pending or threatened,
whether based on statute, regulation or order, or tort, or contract or otherwise, before any court or governmental authority; provided,
however, that the foregoing indemnity agreement shall not apply to any Claim that is determined by a court of competent jurisdiction
in a final, non-appealable judgment to have been solely attributable to an Indemnified Party's gross negligence or willful misconduct.
The indemnity agreement contained in this paragraph shall survive the termination of this Note, payment of any advance hereunder and the
assignment of any rights hereunder. The Borrower may participate at its expense in the defense of any such action or claim.

 

16.       Miscellaneous.
All notices, demands, requests, consents, approvals and other communications required or permitted hereunder (“Notices”)
must be in writing (except as may be agreed otherwise above with respect to borrowing requests or as otherwise provided in this Note).
Notices may be given in any manner to which the parties may agree. Without limiting the foregoing, first-class mail, postage prepaid,
facsimile transmission and commercial courier service are hereby agreed to as acceptable methods for giving Notices. In addition, the
parties agree that Notices may be sent electronically to any electronic address provided by a party from time to time or through an automated
platform that the Bank provides to the Borrower. Notices may be sent to a party’s address as set forth above or to such other address
as any party may give to the other for such purpose in accordance with this paragraph. Notices
will be effective upon receipt. For purposes hereof, “receipt” shall mean: (i) for notices sent by U.S. mail, the third
business day after the date such notice was sent; (ii) for notices delivered by hand or sent by overnight courier service, the date delivered;
(iii) for notices sent by facsimile or electronic communication, the date when sent; and (iv) for notices sent by any other method, the
date received. No delay or omission on the Bank’s part to exercise any right or power arising hereunder will impair any such right
or power or be considered a waiver of any such right or power, nor will the Bank’s action or inaction impair any such right or power.
The Bank’s rights and remedies hereunder are cumulative and not exclusive of any other rights or remedies which the Bank may have
under other agreements, at law or in equity. Except as otherwise
set forth in this Note, no modification, amendment or waiver of, or consent to any departure by the Borrower from, any provision
of this Note will be effective unless made in a writing signed by the Bank, and then such waiver or consent shall be effective only in
the specific instance and for the purpose for which given. Notwithstanding the foregoing, the Bank may modify this Note for the purposes
of completing missing content or correcting erroneous content, without the need for a written amendment, provided that the Bank shall
send a copy of any such modification to the Borrower (which notice may be given by electronic mail). The Borrower agrees to pay on demand,
to the extent permitted by law, all costs and expenses incurred by the Bank in the enforcement of its rights in this Note and in any security
therefor, including without limitation reasonable fees and expenses of the Bank’s counsel. If any provision of this Note is found
to be invalid, illegal or unenforceable in any respect by a court, all the other provisions of this Note will remain in full force and
effect. The Borrower and all other makers and indorsers of this Note hereby forever waive presentment, protest, notice of dishonor, notice
of non-payment, notice of intent to accelerate and notice of acceleration, and any other notice of any kind. The Borrower also waives
all defenses based on suretyship or impairment of collateral. If this Note is executed by more than one Borrower, the obligations of such
persons or entities hereunder will be joint and several. This Note shall bind the Borrower and its heirs, executors, administrators, successors
and assigns, and the benefits hereof shall inure to the benefit of the Bank and its successors and assigns; provided, however,
that the Borrower may not assign this Note in whole or in part without the Bank’s written consent and the Bank at any time may assign
this Note in whole or in part.

 

     

     

    

17.   Amendment
and Restatement.  This Note amends and restates, and is in substitution for, that certain Amended and Restated
Revolving Line of Credit Note in the original principal amount of $5,000.000.00 payable to the order of the Bank and dated
September 13, 2021 (the “Existing Note”).  However, without duplication, this Note shall in no way extinguish,
cancel or satisfy Borrower’s unconditional obligation to repay all indebtedness evidenced by the Existing Note or constitute a novation
of the Existing Note.  Nothing herein is intended to extinguish, cancel or impair the lien priority or effect of any security
agreement, pledge agreement or mortgage with respect to any Obligor’s obligations hereunder and under any other document relating
hereto.  

 

18.       Governing
Law and Venue. This Note has been delivered to and accepted by the Bank and will be deemed to be made in the State where the Bank’s
office indicated above is located (the “State”). This Note will be interpreted
and the rights and liabilities of the Bank and the Borrower determined in accordance with the laws of the state, excluding its conflict
of laws rules, including without limitation the Electronic Transactions Act (or equivalent) in effect in the state (or, to the extent
controlling, the laws of the United States Of America, including without limitation the Electronic Signatures in Global and National Commerce
Act). The Borrower hereby irrevocably consents to the exclusive jurisdiction of any state or federal court in the county or
judicial district where the Bank’s office indicated above is located; provided that nothing contained in this Note will prevent
the Bank from bringing any action, enforcing any award or judgment or exercising any rights against the Borrower individually, against
any security or against any property of the Borrower within any other county, state or other foreign or domestic jurisdiction. The Borrower
acknowledges and agrees that the venue provided above is the most convenient forum for both the Bank and the Borrower. The Borrower waives
any objection to venue and any objection based on a more convenient forum in any action instituted under this Note.

 

     

     

    

19.       Commercial
Purpose. The Borrower represents that the indebtedness evidenced by this Note is being incurred by the Borrower solely for the
purpose of acquiring or carrying on a business, professional or commercial activity, and not for personal, family or household purposes.

 

20.       USA
PATRIOT Act Notice. To help the government fight the funding of terrorism and money laundering activities, Federal law requires
all financial institutions to obtain, verify and record information that identifies each Borrower that opens an account. What this means:
when the Borrower opens an account, the Bank will ask for the business name, business address, taxpayer identifying number and other information
that will allow the Bank to identify the Borrower, such as organizational documents. For some businesses and organizations, the Bank may
also need to ask for identifying information and documentation relating to certain individuals associated with the business or organization.

 

21.       Representation
by Counsel. The Borrower hereby represents that it has been represented by competent counsel of its choice, or has knowingly
waived its right to use and retain counsel, in the negotiation and execution of this Note and the other Loan Documents; that it has read
and fully understood the terms hereof; that the Borrower and any retained counsel have been afforded an opportunity to review, negotiate
and modify the terms of this Note and the other Loan Documents; and that it intends to be bound hereby. In accordance with the foregoing,
the general rule of construction to the effect that any ambiguities in a contract are to be resolved against the party drafting the contract
shall not be employed in the construction and interpretation of this Note or any other Loan Document.

 

22.       Authorization
to Obtain Credit Reports. By signing below, each person, who is signing in his or her individual capacity, requests and provides written
authorization to the Bank or its designee (and any assignee or potential assignee hereof) to obtain such individual’s personal credit
profile from one or more national credit bureaus.  This authorization extends to obtaining a credit profile in (i) considering an
application for credit that is evidenced, guaranteed or secured by this document, (ii) assessing creditworthiness and (iii) considering
extensions of credit, including on an ongoing basis, as necessary for the purposes of (a) update, renewal or extension of such credit
or additional credit, (b) reviewing, administering or collecting the resulting account and (c) reporting on the repayment and satisfaction
of such credit obligations.  By signing below, such individual further ratifies and confirms his or her prior requests and authorizations
with respect to the matters set forth herein.  For the avoidance of doubt, this provision does not apply to persons signing below
in their capacities as officers or other authorized representatives of entities, organizations or governmental bodies.

 

23.       Counterparts;
Electronic Signatures and Records. This Note and any other Loan Document may be signed in any number of counterpart copies and
by the parties hereto on separate counterparts, but all such copies shall constitute one and the same instrument. Notwithstanding any
other provision herein, the Borrower agrees that this Note, the Loan Documents, any amendments thereto, and any other information, notice,
signature card, agreement or authorization related thereto (each, a “Communication”) may, at the Bank’s option,
be in the form of an electronic record. Any Communication may, at the Bank’s option, be signed or executed using electronic signatures.
For the avoidance of doubt, the authorization under this paragraph may include, without limitation, use or acceptance by the Bank of a
manually signed paper Communication which has been converted into electronic form (such as scanned into PDF format) for transmission,
delivery and/or retention.

‌

 

     

     

    

24.  Automatic Payment.
If due to any act or omission of the Borrower or another Obligor the Bank cannot automatically deduct payments required under this Note
or the other Loan Documents from a deposit account with the Bank (including due to the Borrower’s revocation of its authorization
to do so or failure to maintain such deposit account with the Bank or otherwise), the Bank may, at its option, upon 30 days’ notice
to the Borrower, increase the interest rate payable by the Borrower under this Note by 25 basis points (0.25%).

 

25.  Depository. The
Borrower will establish and maintain with the Bank the Borrower’s primary depository accounts. If the Borrower fails to establish
and/or maintain its primary depository accounts with the Bank, the Bank may, at its option, upon 30 days’ notice to the Borrower,
increase the interest rate payable by the Borrower under this Note by up to 100 basis points (1.00%). The Bank’s right to increase
the interest rate pursuant to this paragraph shall be in addition to any other rights or remedies the Bank may have under this Note, all
of which are hereby reserved, and shall not constitute a waiver, release or limitation upon the Bank’s exercise of any such rights
or remedies.

 

26.       State-Specific Provisions.

 

    (a)  Power
to Confess Judgment. The Borrower hereby irrevocably authorizes any attorney-at-law, including an attorney employed by or retained
and paid by the Bank, to appear in any court of record in or of the State of Ohio, or in any other state or territory of the United States,
at any time after the indebtedness evidenced by this Note becomes due, whether by acceleration or otherwise, to waive the issuing and
service of process and to confess a judgment against the Borrower in favor of the Bank, and/or any assignee or holder hereof for the amount
of principal and interest and expenses then appearing due from the Borrower under this Note, together with costs of suit and thereupon
to release all errors and waive all right of appeal or stays of execution in any court of record. The Borrower hereby expressly (i) waives
any conflict of interest of the attorney(s) retained by the Bank to confess judgment against the Borrower upon this Note, and (ii) consents
to the receipt by such attorney(s) of a reasonable legal fee from the Bank for legal services rendered for confessing judgment against
the Borrower upon this Note. A copy of this Note, certified by the Bank, may be filed in each such proceeding in place of filing the original
as a warrant of attorney.

 

 

 

 

REMAINDER OF PAGE INTENTIONALLY LEFT BLANK

 

 

     

     

    

27.       WAIVER
OF JURY TRIAL. The Borrower irrevocably waives any and all rights the Borrower may have to
a trial by jury in any action, proceeding or claim of any nature relating to this Note, any documents executed in connection with this
Note or any transaction contemplated in any of such documents. The Borrower acknowledges that the foregoing waiver is knowing and voluntary.

 

The Borrower acknowledges that it has read
and understands all the provisions of this Note, including the confession of judgment and waiver of jury trial, and has been advised by
counsel as necessary or appropriate. 

 

WITNESS the due execution hereof as a document
under seal, as of the date first written above, with the intent to be legally bound hereby.

 

	WARNING-BY SIGNING THIS PAPER YOU GIVE UP YOUR RIGHT TO NOTICE AND COURT TRIAL. IF YOU DO NOT PAY ON TIME A COURT JUDGMENT MAY BE TAKEN AGAINST YOU WITHOUT YOUR PRIOR KNOWLEDGE AND THE POWERS OF A COURT CAN BE USED TO COLLECT FROM YOU REGARDLESS OF ANY CLAIMS YOU MAY HAVE AGAINST THE CREDITOR WHETHER FOR RETURNED GOODS, FAULTY GOODS, FAILURE ON HIS PART TO COMPLY WITH THE AGREEMENT, OR ANY OTHER CAUSE.

 

 

	 	NORTHERN TECHNOLOGIES INTERNATIONAL CORPORATION
	 	 	 
	 	 	 
	 	By:	/s/Matthew Wolsfeld
	 	 	(SEAL)
	 	 	Matthew Wolsfeld, Chief Financial Officer

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